Bioelectronics and Biosensors Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research

The Global Bioelectronics and Biosensors Market is projected to surpass USD 28 billion by 2024 from USD 11.4 billion in 2013. It can register a decent CAGR over 10% from 2016 to 2024 (forecast period). High incidence of target diseases may drive the industry over the next eight years. Demand for diagnostic & monitoring tools, such as cardiac pacemakers, blood sugar level, and other implantable clinical devices, could boost the worldwide market in the near future.

Growing prevalence of diabetes along with the rising need to evaluate and monitor blood glucose levels could positively influence market demand. Technological advancements coupled with focus on innovation is anticipated to fuel global demand. For instance, in 2014 ‘HealthPatch MD’ developed by Vital Connect Inc. received FDA approval. HealthPatch MD is a biosensor that captures biometric measurements when applied to the skin.

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Furthermore, the emergence of nanobiosensors will benefit the global market in the long run. For example, Fluid-Screen, a quarter-sized device, employing very small nanosensors is gaining importance in the world of biosensors. This device identifies pathogens in water & bacterial contamination in blood. Moreover, demand for home-based POC devices is anticipated to increase in the years to come. These devices are used to determine heart rate, glucose levels, and blood pressure. Patients can use these devices sitting at home and can monitor their health. Hence, the ‘convenience’ factor associated with home-based POC devices may contribute to the worldwide market significantly.

However, the sluggish pace of commercialization because of readout times, sensitivity, costs, miniaturization, and lifespan of a molecule could hamper demand. Also, high costs in research & development and the low adoption levels of novel treatments are the other market restraints.

The global market is categorized as applications, technologies, and end-uses. Applications comprise medical applications, food toxicity detection, environment, industrial process control, and agriculture. The surging popularity of biosensors for blood sugar monitoring may fuel global demand in the near future.

On the basis of technologies, the market is divided into thermal biosensors, electrochemical biosensors, optical biosensors, and piezoelectric biosensors. The global demand for optical biosensors can surge substantially over the next eight years. These devices should modernize eco-monitoring by increasing the ability to differentiate & gauge eco-pollutants. This may propel the worldwide bioelectronics and biosensors market in the forecast period.

Based on end-use, the industry is fragmented into the food industry, home healthcare diagnostics, Point-of-Care (POC) testing, and research laboratories. The POC diagnostics segment was estimated at more than USD 14 billion in 2015. The introduction of bioelectronics has revolutionized the rapidly developing POC testing industry. POC biosensor systems provide real-time health monitoring, ensuring better patient health.

Geographically, the North America bioelectronics and biosensors market may witness considerable growth from 2016 to 2024. This would be on account of extensive applications in the healthcare segment. Asia-Pacific could also expand robustly over the forecast period. Major companies in the worldwide bioelectronics and biosensors market are F. Hoffmann-La Roche A.G.; LifeSensors Inc.; Abbott Point of Care Inc.; Nova Biomedical Corp.; and AgaMatrix Inc.

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Interventional Cardiology Devices Market Size, Share, Regional Outlook, Growth, Trends and Forecasts to 2020

The Global Interventional Cardiology Devices Market is anticipated to reach around USD 25.2 billion by 2020. High incidence of heart related disorders can directly impact product demand over the forecast period (2012 to 2020). Valvuloplasty, angioplasty, and coronary thrombectomy are procedures that need such devices. Key industry drivers are popularity of minimally invasive surgeries and unhealthy lifestyles that trigger the onset of cardiovascular anomalies. Also, rising cases of congenital heart diseases may positively impact the overall market in the years to come. The use of novel devices and new drug therapies in treating cardiovascular disorders has led to higher life expectancy and better quality of life of patients. According to the World Health Organization (WHO), number of deaths caused by cardiovascular disorders is expected to be nearly 23.3 million by 2030.

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The worldwide Interventional Cardiology Devices Market is segmented on the basis of products and regions. On the basis of products, the divisions are balloon inflation devices, PTCA balloons, stents, PTCA guidewires, and interventional cardiology catheters. With a market share exceeding 70%, interventional cardiology catheters dominated the global industry in 2013. Application of novel technologies that lower the risks of post-operative complications and restenosis in angioplasty is a key factor that drives this segment. Different types of stents are bio-absorbable, drug eluting, and metal. Bare metal stents have helped in lowering the rates of restenosis by around 20 to 25 percent.

However, owing to greater effectiveness, bio-absorbable & drug eluting stents are increasingly being used in place of bare metal stents. The bio-absorbable stents segment may register the highest growth rate in the forecast period. This is attributed to increasing awareness about the benefits of such stents, such as their ability to lower the possibility of restenosis. Catheters are a rapidly growing product segment because these are utilized extensively in minimally invasive medical procedures. Due to the high incidence of cardiovascular disorders, demand for angioplasty catheters may surge in the forthcoming years. This segment is propelled by technological advancements, widespread patient awareness, and prevalence of structural & congenital heart ailments.

Geographically, the global interventional cardiology devices market is categorized into Europe, North America, Asia Pacific, and Rest of the World. With shares surpassing 35%, North America dominated the overall industry in 2013. Widespread awareness in advanced economies and the presence of large pediatric & geriatric populations are key regional drivers. According to the American Heart Association, nearly 22% of the pediatric population belonging to the 6 to 17 years age group suffers from cardiovascular disorders. This owes to the prevalence of obesity in the region. Asia Pacific can expand at the highest CAGR over the forecast period because of popularity of minimally invasive procedures that ensure quick recoveries and cause minimal trauma to patients.

Key companies in the worldwide interventional cardiology devices industry are Boston Scientific, Abbott Laboratories, Terumo Medical Corporation, B. Braun Melsungen AG, and Cordis Corporation among others. In December 2016, Boston Scientific launched the SYNERGY stent. This product has been approved by the US FDA for use in the treatment of coronary artery disease. It is the first ever stent that offers synchronized polymer & drug absorption. It enables complete & rapid arterial healing and thus lowers the risks of complications pertaining to long term polymer exposure.

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Hearing Aids Market Analysis, Growth, Trends and Forecasts to 2020| Hexa Research

Due to a rapidly expanding geriatric population, the global Hearing Aids Market may grow at a nearly 4.4% CAGR during the forecast period (2012 to 2020). The industry stood at around USD 4.6 billion in 2015. Nerve deafness and congenital hearing problems are commonly occurring hearing defects among the elderly. High incidence of hearing problems and partial or full reimbursement for hearing aids are two key factors that drive this industry. At present, the global market is led by technological advancements and innovations. Interestingly, most hearing aids being manufactured nowadays are not only equipped with bluetooth but are aesthetically appealing as well. Surging demand for waterproof & 100% undetectable ones may fuel overall industry growth in the forthcoming years.  

Products, technologies, and geographies are three parameters based on which the global industry is segmented. Based on products, the categories are ITE (In-The-Ear), RITE (Receiver-In-The-Ear), BTE (Behind-The-Ear), and Canal Hearing Aids. Canal Hearing Aids are further segmented into CIC (Completely-In-Canal), IIC (Invisible-In-Canal), and Invisible-In-Canal. Demand for BTE and ITE is by far the highest because these devices rank high on comfort, are easy to use, and offer excellent connectivity.

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The BTE segment held a more than 55% market share in 2013. Behind-The-Ear aids are used mostly in children and in cases of profound hearing loss. The market for canal hearing aids is anticipated to grow at the highest CAGR till 2020. This segment is driven by popularity of invisible & aesthetically appealing hearing aids and rapidly changing lifestyles. Moreover, high R&D investments could also have a positive impact on these over the forecast period.

On the basis of technologies, the global industry is bifurcated into analog and digital. The digital technology segment generated highest revenues in 2013. The market for digital hearing aids is positively influenced by greater relative efficiency and use of wireless technology & bluetooth. Unlike analog hearing aids, the digital ones ensure digital noise reduction and digital speech enhancement. Owing to high performance & efficiency, digital segment may expand at a nearly 5% CAGR from 2012 to 2020.

Geographically, the worldwide Hearing Aids Market is categorized into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. With a revenue share exceeding 42%, Europe led the overall industry in 2013. Surging income levels in Western Europe and rising cases of hearing impairment are factors that propel regional demand. Most European countries have effective reimbursement policies, which in turn may positively impact the regional market. Asia Pacific can expand rapidly at a CAGR over 4% during the forecast period. This region is fueled by high incidence of age-related hearing disorders among the elderly and improvements in the distribution networks of key companies.

Prominent companies operating in the global Hearing Aids Market are William Demand Holdings A/S, Widex A/S, Sonova Holding AG, Benson Hearing, and Siemens Healthcare among others. Siemens recently developed the Silk Primax, which is a Completely-In-Canal (CIC) device that can easily fit in a person’s ear without ear moulds. This device is fitted with a disposable soft & high adaptable silicone click sleeve that provides high comfort to the user all day long.

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Electronic Health Records Market Share, Growth and Forecast to 2022 | Hexa Research

The growing trend of automation & digitalization in healthcare drives the Global Electronic Health Records Market. This industry is anticipated to surpass USD 30 billion by the end of the forecast period (2015 to 2022). Need for greater efficiency, improvements in service quality, and patient safety are factors that may augment growth in the forthcoming years. Implementation of favorable government initiatives, such as the ARRA (America Recovery and Reinvestment Pack) helps foster widespread adoption of health record systems.

Technological improvements in EHR have led to greater access to critical information with the help of handheld devices, such as tablets and iPhones. EHR systems are equipped with technologies that facilitate monitoring, evaluation, management, sharing, and modifications of treatment plans. They can even track the exact patient location in times of medical emergencies.

The global electronic health records Market is segmented as per applications, end users, and geographies. Based on applications, the Market is bifurcated into web based and client server based. The web based EHR segment is projected to expand considerably over the forecast period. Organizations can reduce initial costs by adopting web based EHR. They can also have access to their systems at anytime and from anywhere because of the SaaS model. Client server based models are generally expensive because of high hardware installation costs. However, their efficiency and speed are higher than those of web based EHR.

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On the basis of end users, the worldwide industry is divided into ambulatory centers, clinics, and hospitals. Owing to lesser medical errors and efficient patient handling, hospitals may witness significant growth in the years to come. This segment can register the highest growth rate till 2022. EHR devices are employed extensively by ambulatory centers. Physicians have reported that the adoption of EHR has led to quality healthcare services and greater patient satisfaction.

Geographically, the global electronic health records market is segmented into Asia Pacific, Europe, North America, and Rest of the World. In revenue terms, North America was the largest regional market in 2013. The region may continue dominating the worldwide market because of high investments in novel technologies and widespread adoption of the EHR technology. Surging demand for quality healthcare also plays a key role in stimulating regional growth.

Ongoing industry trends suggest that Asia Pacific could be the fastest growing regional segment from 2015 to 2022. This owes to growing importance of EHR, high R&D investments, rising disposable incomes, and popularity of sophisticated healthcare devices. Price sensitivity among consumers is also key driver of the Asia Pacific market.

Main industry competitors are NextGen Healthcare; Allscripts Healthcare Solutions, Inc.; Medical Information Technology Inc.; GE Healthcare; and Epic System. Besides being highly competitive, the global market is a consolidated one and monopolistic too. Most companies engage in the development of innovative & novel devices. Business ventures and geographical expansions are common strategies adopted by companies for gaining higher market shares.

In December 2016, the IBRI (Indiana Biosciences Research Institute) declared its efforts towards understanding how Type II diabetes varies from one patient to another. This research institute has access to data on more than 800000 diabetics in Indiana. This may lead to the development of better diagnostics solutions & newer treatments. The institute may facilitate tie-ups between industry players and academic collaborators. Such collaborations aim at investigating problems from data sources & multiple perspectives.

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About Us:

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Contact Us:

Ryan Shaw

Hexa Research

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Phone: +1-800-489-3075

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