Healthcare Industry Insights: 2021

Friday 31 December 2021

Healthcare Information System Market Size is Predicted to Witness 9.9% CAGR till 2028

The global Healthcare Information System Market size is expected to reach USD 539.3 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.9% from 2021 to 2028. The demand for information systems is expected to continuously increase over the forecast period, mainly due to the increasing prevalence of chronic diseases and the aging population. The growing demand-supply gap in the healthcare industry has led to an increase in the use of IT, thereby boosting the adoption of cloud computing in healthcare companies. The rising demand for cloud-based information systems in healthcare organizations is expected to boost the market growth over the forecast period. The increase in the adoption of information systems in hospitals for improving operational efficiency, growing awareness regarding advanced services, and the growing requirements for reducing healthcare costs are among the key factors contributing to the market growth.

The COVID-19 pandemic has positively impacted the market growth and transformed the fortunes of healthcare companies. It has immensely impacted hospital systems, diagnostic centers, research centers, and the economy. The pandemic created a rapid demand for the usage of advanced technology-based healthcare information systems such as electronic health records (EHRs), electronic medical records, real-time healthcare systems, and prescription management software solutions.

Furthermore, IT companies and healthcare institutions are collaborating at a greater level to focus on the development of high-utility services and products to improve the delivery of personalized care, streamline data storage, and make effective use of data analytics. For instance, some of the advanced services implemented in hospitals using various technology platforms include real-time locating services, self-service kiosks, report monitoring tools, portal technology, and pharmacogenomics, which are helping improve the overall hospital administration and patient experience.

Related Press Release@ Healthcare Information System Market Report

Healthcare Information System Market Report Highlights

The market growth is attributed to an increase in the number of government initiatives being undertaken across the globe to develop and deploy healthcare information systems
The revenue cycle management application segment dominated the market in 2020 due to the rising need for optimization of organizational workflow in the healthcare sector
The cloud-based deployment segment is expected to register the highest CAGR over the forecast period owing to the growing adoption of cloud-based technology
The services component segment dominated the market in 2020 owing to the high demand for experts in IT and communication services and the growing adoption of technologically advanced products and IT infrastructure in healthcare organizations
North America dominated the market in 2020 owing to the high demand for technologically advanced solutions and services in healthcare systems in the U.S.

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Thursday 23 December 2021

Magnetic Resonance Imaging Coils Market Worth $13.7 Billion By 2028

The global Magnetic Resonance Imaging Coils Market size is expected to reach USD 13.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2021 to 2028. The growing prevalence of chronic diseases such as cardiovascular, neurological, cancer, and urological is expected to drive the market. Rising chronic diseases is a global healthcare concern. In the U.S., over half of the adult population suffers from these chronic diseases. Around 75.0% of the total healthcare expenditure in the U.S. is used for providing care for these chronic conditions.

For instance, as per the National Cancer Institute, in 2020, around 1,806,590 new cancer cases were diagnosed in the U.S. Similarly, as per American Heart Association, the mortality related to cardiovascular diseases is very high, with around 17.3 million deaths registered per year. This death rate is projected to reach 23.6 million by 2030. These diseases require imaging tools, mainly magnetic resonance imaging (MRI), for diagnosis and monitoring of progression as well as treatment effects. The growing demand for MRI for various applications will lead to the adoption of MRI coils, which, in turn, may propel market growth.

Additionally, growing awareness regarding early diagnosis is also expected to contribute to market growth. Cancer and cardiovascular diseases together result in the highest global mortality rate. This has captured the attention of various governments and healthcare organizations and is driving them towards creating awareness regarding these diseases. For instance, in 2010, prevention and early detection services were offered free of cost to people aged 65 years and above through Medicare under the Affordable Care Act. Similarly, the Indian Cancer Society runs a Cancer Awareness and Educational Program. Through this program, it aims to create awareness regarding signs and symptoms of the disease and commercially available cancer treatments and diagnostic tools. It also aims at creating awareness regarding the benefits of early diagnosis of disease. Growing awareness will contribute towards the adoption of MRI and MRI coils during the forecast period.

Since the demand for magnetic resonance imaging machines is increasing, market players are developing advanced and high field strength (7T) magnetic resonance imaging machines. The growing development of these machines is creating opportunities for various players manufacturing MRI coils, to develop coils that support high field strength machines. Currently, magnetic resonance imaging coils for high field strength machine is only available for head and knee application, however, various research institutes are researching to understand it’s efficiency in other applications as well. Despite these advancements, the high cost of MRI coils, new or refurbished is expected to hinder the market growth.

Related Press Release@ Magnetic Resonance Imaging Coils Market Report

Magnetic Resonance Imaging Coils Market Report Highlights

The radiofrequency coil segment held the largest revenue share in 2020 and is expected to grow at the fastest rate during the forecast period
Development of advanced radiofrequency coil for various application is expected to contribute towards segment growth
The neurology segment held the largest revenue share and is expected to grow at the fastest rate over the forecast period owing to the rising number of research activities being conducted regarding the efficiency of head coils with 7T MRI machines for neurological conditions
The pediatric segment is also expected to grow at a significant rate owing to the development of semi-flexible array coils for pediatric magnetic resonance imaging to avoid challenges associated with the imaging
The hospitals segment held the largest revenue share in the market in the end-use segment. Increasing installation of advanced MRI machines in these settings is expected to drive the demand for magnetic resonance imaging coils
The ambulatory care centers segment is expected to grow at the fastest rate during the forecast period owing to the increasing number of MRI scans performed in these settings due to reduced wait time and cost
North America held the largest revenue share in 2020 owing to the presence of a large number of market players and growing initiatives for the development of advanced MRI coils
In Asia Pacific, the market is expected to experience the fastest growth rate during the forecast period owing to the increasing prevalence of chronic diseases in the region and growing demand for MRI

Tuesday 21 December 2021

Breast Cancer Diagnostics Market Size Worth $6.8 Billion By 2028

The global Breast Cancer Diagnostics Market size is expected to reach USD 6.8 billion by 2028, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 7.0% from 2021 to 2028. The growth is largely attributable to the increasing geriatric population exposed to the risk of breast cancer and early detection coupled with increasing awareness about breast cancer.

The introduction of 3D mammography or digital breast tomosynthesis, which is more accurate than 2D mammography, supports market growth. This advanced technology can detect 40.0% more cancers than 2D mammograms and reduce patient recalls. Rapid technological advancements are a major factor expected to drive the market over the coming years.

Companies are adopting strategies that allow them to use their resources to aid in the development of new products, as well as enhance their supply chain. In November 2019, Exact Sciences Corporation announced the acquisition of Genomic Health, which was expected to help enhance the company’s market position and offerings by acquiring its product portfolio. In January 2021, Hologic Inc. announced that it has agreed to acquire Biotheranostics for approximately US$ 230 million. Biotheranostics is a commercial-stage molecular diagnostics provider for breast and metastatic cancers.

The increasing launch of predictive and companion diagnostic tests for breast cancer is expected to boost the market growth. Recent launches in the segment include BRACAnalysis CDx by Myriad Genetics, which received FDA approval in 2018 as breast cancer companion diagnostics. In May 2019, QIAGEN introduced therascreen PIK3CA RGQ PCR Kit as a companion diagnostic for Novartis proprietary PIQRAY in guiding treatment decisions from tissue and liquid biopsy.

In January 2019, the Fujifilm Holdings Corporation introduced its Tomosynthesis Biopsy option for ASPIRE Cristalle mammography system. This technique was expected to enable physicians to detect breast cancers more efficiently compared to others by providing an enhanced 3D image and a digital mammogram.

However, there are specific risk factors associated with these imaging procedures. They involve administering high doses of fluorescent and barium contrast agents, as well as radiation exposure in the case of imaging and endoscopic procedures, which can cause several adverse effects such as nausea or diarrhea. The risks of ionizing radiation exposure associated with the use of CT, MRI, and X-rays, as well as the use of radioactive tracer injections in PET can limit the adoption of such screening procedures. Therefore, factors such as adverse effects of imaging act as a challenge for the companies in this market.

Related Press Release@ : Breast Cancer Diagnostics Market Report

Breast Cancer Diagnostics Market Report Highlights

The imaging segment held the largest revenue share in 2020 and the blood tests segment is expected to grow at the fastest rate
By product, the instrument-based products segment accounted for the largest revenue share in 2020 due to government initiatives such as mandatory screening in developed countries such as the U.S., Canada, and the U.K. for women above 45 years of age, increasing the overall testing and screening of breast cancer
The platform-based products segment is expected to witness the fastest growth over the forecast period. These tests are mostly used for assessing the efficacy of chemotherapy and targeted therapy in women
By application, the diagnostic and predictive segment dominated the market in 2020 and the prognostic segment is expected to witness the fastest CAGR over the forecast period due to increasing collaborations and efforts for advancements in diagnostics
The hospitals and clinics segment dominated the market in 2020
The medical labs and diagnostics centers segment is expected to witness the fastest CAGR over the forecast period due to an increase in platform-based testing such as NGS, and PCR

Medical Device Cleaning Market by Steris plc., GetingeAB, Advanced Sterilization Products, The Ruhof Corp.

The global Medical Device Cleaning Market size is expected to reach USD 38.42 billion by 2028 registering a CAGR of 10.2% over the forecast period, according to a new report by Grand View Research, Inc. The rising incidence of Hospital Acquired Infections (HAIs), the impact of the Covid-19 outbreak, and an increasing number of surgical procedures being performed are the key factors driving the global market.

Moreover, a rise in the number of government initiatives to ensure the highest level of infection prevention is expected to be a significant factor boosting the market growth. Government organizations across the globe are involved in issuing guidelines for spreading awareness about efficient infection prevention measures, which is expected to contribute to the growth of the overall market during the forecast period. For instance, the WHO has issued guidelines for infection prevention and control of pandemic- and epidemic-prone acute respiratory diseases in healthcare. These guidelines span standard precautions, such as hand hygiene and usage of protective apparel for disinfection and sterilization.

Furthermore, the Centers for Disease Control and Prevention (CDC) released guidelines for disinfection and sterilization for efficient usage of infection control products by healthcare personnel in a wide array of healthcare settings, such as ambulatory care, home care, hospitals, and others. Thus, the overall penetration rate of infection prevention & control products is expected to increase, which is anticipated to significantly boost the growth of the overall market.

Related Press Release@ Medical Device Cleaning Market Report

Medical Device Cleaning Market Report Highlights

The semi-critical segment held the largest revenue share of over 46% in 2020 and will grow further at a steady CAGR from 2021 to 2028 due to rising usage and the need for repeated sterilization
The disinfection technique segment led the market with a share of over 52% in 2020 and is expected to maintain the largest share throughout the forecast period
The introduction of novel and advanced disinfectants is likely to drive the growth of the disinfection technique segment
The high-level EPA classification segment is expected to register the highest CAGR of 11.09% during the forecast period
Asia Pacific is anticipated to be the fastest-growing regional market during the forecast period
High demand for advanced medical equipment reprocessing equipment and materials owing to the increasing medical tourism sector in APAC is one of the primary factors responsible for regional market growth

Monday 20 December 2021

Personalized Retail Nutrition And Wellness Market Worth $3.3 Billion By 2028

The global Personalized Retail Nutrition And Wellness Market size is expected to reach USD 3.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.9% from 2021 to 2028. The market growth can be attributed to the factors such as driving nutrition strategies, growing focus on nutrigenomics and nutrigenetics, a shift in the healthcare paradigm, and integration of data science for the development of innovative personalized nutrition.

In addition, nutrigenomics is gaining momentum owing to the rising number of studies for understanding the interrelation of nutrients with an individual’s genetic make-up. For instance, in May 2020, researchers revealed the role of flavonol intake in cardiometabolic diseases with the application of systematic bioinformatics analysis. The analysis revealed genes that are involved in leukocyte adhesion, lipid metabolism, and transendothelial migration. In addition, the study also analyzed the nutrigenomic effects of the compound in intestinal cells and their role in the metabolism of circulating lipoproteins.

Moreover, the companies operating in the market for personalized retail nutrition and wellness are heavily investing in bringing innovative solutions for sufficing nutritional diet in individuals, which is further contributing to market growth. Companies are investing in enhancing technologies that can help in the development of new product lines related to microbiota, nutrition, and digital health.

For instance, in November 2020, ADM Ventures announced its investment in Seventure’s Health For Life Capital (HFLC) Fund II. The company works with the Seventure team for identifying opportunities with the application of microbiome solutions for developing dietary supplements and other food and beverage applications. Hence, companies are extensively discovering and leveraging new nutritional ingredients for treating chronic diseases and common ailments.

Furthermore, the COVID-19 pandemic has a positive impact on the growth of the market for personalized retail nutrition and wellness. The demand for vitamins, minerals, and supplements is growing at an exponential rate owing to its potential role in the management of COVID-19. Several vitamins and minerals such as vitamins C, vitamin D, and zinc, have immunomodulatory functions and have a vital role in preserving physical tissue barriers. Hence, the demand for such nutrients for optimizing the immune system to prevent or lower the risk of COVID-19 infection is further contributing to the growth of the market for personalized retail nutrition and wellness.

Related Press Release@ Personalized Retail Nutrition And Wellness Market Report

Personalized Retail Nutrition And Wellness Market Report Highlights

The repeat recommendation segment accounted for the largest revenue share in 2020 owing to the rising launch of commercial apps for monitoring an individual’s lifestyle and health
In the repeat recommendation segment, the functional foods segment dominated the market in 2020 owing to the high adoption of commercially available products for analyzing lifestyle patterns of the patients
The orthopedics, musculoskeletal, and spine segment held a substantial market share in 2020 due to the high demand for nutrient-based recommendations for the management or prevention of chronic diseases such as cardiovascular disease, obesity, and diabetes
In the fixed recommendation segment, the dietary supplements and nutraceuticals segment is expected to witness lucrative growth owing to the growing incidence of lifestyle-based diseases
North America held the largest revenue share in 2020. Growth in this region is owing to the presence of key players and extensive R&D activities
In Asia Pacific, the market is expected to witness significant growth over the forecast period owing to the reducing sequencing price and nutrigenomic testing, making it more accessible to population across the region
Companies operating in the market are launching new personalized nutrition products. For instance, in April 2020, Nestlé launched NESQINO, a personalized healthy drink series made from 100 percent natural ingredients

Corporate Wellness Market Worth $93.4 Billion By 2028

The global Corporate Wellness Market size is expected to reach USD 93.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.0% from 2021 to 2028. Medtronic (Covidien), ComPsych, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions are some of the key players in this industry. Rising obese and overweight population increases insurance costs that account for the financial burden on the employers. The corporate wellness initiatives target particular health risk factors such as stress, obesity, smoking, poor eating, and lack of exercise.

The pandemic has caused a change in the process of delivering wellness services. Although in-person sessions have resumed to some extent, the virtual platform has been made available to at-risk employees to meet their psychological and fitness needs. Initially, the lockdown imposed due to COVID19 resulted in transition to work from home, causing a great deal of stress.

Employers have started offering some kind of fitness program for the purpose of disease prevention and improve productivity. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.7 for every dollar spent on fitness programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.

Employers providing the programs have noticed a significant rise in productivity and a decline in leaves and attrition. In addition, companies in the U.K. initiated the Fit for Work service, which offers a tax benefit of USD 663.3 per year. Organizations are providing wearables, such as Fitbit, Apple watch, and Google watches, which helps in keeping track of parameters such as heart rate and blood pressure.

Related Press Release@ Corporate Wellness Market Report

Corporate Wellness Market Report Highlights

The health risk assessment segment dominated the overall market in terms of revenue share in the year 2020. The health screening activities enable employers to implement strategic initiatives to deal with the identified health risks
The stress management segment is likely to showcase the fastest growth rate from 2021 to 2028, owing to the rising preference for on-site yoga and meditation services
Large scale organizations dominated the end use segment in the market in 2020. The infrastructure in large scale companies makes conducting fitness services easier and convenient
North America dominated the market in terms of revenue share in 2020 due to popularity of corporate wellness in the region. According to a survey by Benefits Canada conducted on 1300 employers, North America had the highest number of corporate wellness programs. In this region, more than 80.0% of the employers are offering corporate wellness services to their employees
Companies around the globe are modifying their corporate wellness strategies to meet the emerging public health crisis due to COVID 19, though the effect has been surprisingly positive

Air Ambulance Services Market is Predicted to Witness 10.0% CAGR till 2028

The global Air Ambulance Services Market size is expected to reach USD 11.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.0% from 2021 to 2028. AMR, PHI Air Medical, Babcock Scandinavian Air Ambulance are some of the key players in this industry. The increasing number of accidents, the impact of COVID-19, and technological advancements are the key driving factors for the market.

Air ambulance services are used generally in case of medical emergencies. Patients or their family members have to bear high costs in case the services are availed in dire situations. Thus, reimbursement plans help patients recover costs and reduce this burden. Many companies offer reimbursement for the services such as Medicare and Medicaid. Moreover, the majority of the medical insurance guidelines and employee benefit plans offer some type of air ambulance coverage. The United States Department of Health and Human Services has included an air medical reimbursement plan in the Affordable Care Act. In February 2017, lawmakers in Montana supported two air ambulance regulation bills with an aim to reduce the economic burden on patients.

It was estimated that around 49.0% of the U.S. population will be affected by chronic diseases by 2025. Cardiac diseases and stroke account for 30.0% of the deaths in the U.S. Cardiovascular diseases are the leading cause of death globally. Stroke is the second most common cause of death worldwide. According to the WHO, it is estimated that by 2020, chronic diseases will account for 3/4th of the total deaths globally, out of which, 71% will be caused by ischemic heart diseases and 75% of deaths will be caused by stroke. India and China have a high prevalence of cardiac diseases. Chronic diseases, such as cardiac diseases and stroke, usually require an emergency medical response. The services provide rapid response in case of such emergency medical situations. Air ambulances are equipped with advanced and innovative medical care for cardiac, stroke, chronic obstructive pulmonary disorder, and trauma patients.

Related Press Release @ Air Ambulance Services Market Report

Air Ambulance Services Market Report Highlights

In terms of revenue, the rotary-wing segment held the largest revenue share in 2020. The rising number of cardiovascular diseases across the globe is the major factor propelling segment growth
The hospital-based segment held the largest market share in 2020 and is expected to witness a considerable growth rate over the forecast period due to the increasing number of emergency cases
In Asia Pacific, the market is expected to witness the fastest growth rate over the forecast period owing to the rising prevalence of chronic diseases

Blood Warmers Market Size Worth $1.7 Billion By 2028 | CAGR: 8.3%

The global Blood Warmers Market size is expected to reach USD 1.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.3% from 2021 to 2028. Stryker Corporation, Gentherm Medical, Belmont Medical, Kimberly-Clark are some of the key players in this industry. Gunshot wounds, increasing incidence of road accidents, and mishaps are the key driving factors for the market.

A rising number of road accidents is among the top factors that are driving the market. Road mishaps are the 8th leading cause of death for individuals across all ages, with a significant percentage of fatalities among victims occurring due to severe blood loss. According to the Global Status Report on Road Safety 2018, approximately 1.4 million individuals die of road accidents every year. Ambulatory and emergency paramedic services, therefore, need to provide blood/IV fluids to patients in such remote and extreme conditions.

Since these medical fluids are stored in lower temperatures to preserve their potency, directly introducing them to patients can cause induced hypothermia. With an added risk of hypothermia as a result of blood loss, stored blood is initially heated to body temperature before infusion into a patient. In developed countries, ambulatory services have advanced portable warming systems that help stabilize a patient in emergency situations. In developing countries, due to the higher cost of portable warmers, the risk of fatality due to hypothermia or blood loss is higher as the non-portable warmers are generally hospital-based.

The warmers are also required by search and rescue forces, as they deal with numerous victims of natural calamities and mishaps that often occur in the remotest or most extreme environments. This is the reason why the demand for the medical device has observed a growth among rescue forces in the international market, thereby propelling market growth over the forecast period.

Related Press Release @ Blood Warmers Market Report

Blood Warmers Market Report Highlights

The non-portable fluid warmers segment is expected to grow in the forthcoming years owing to increasing demand from ambulatory services and military/defense sectors, and increasing incidence of road accidents and mishaps
In 2020, the hospitals/clinics segment dominated the market. The defense forces and ambulatory services segments are expected to see respectable growth during the forecast period
In Asia Pacific, the market is anticipated to grow fast owing to the growing number of surgeries, the presence of huge population demography, and the increasing quality of healthcare demanded by patients

Friday 17 December 2021

High Potency Active Pharmaceutical Ingredients Market Worth $38.84 Billion By 2028

The global High Potency Active Pharmaceutical Ingredients Market size is expected to reach USD 38.84 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.4% from 2021 to 2028. The market is driven by an increased focus on targeted therapies and a surge in demand for cancer therapies.

The rising prevalence of cancer is a major factor expected to drive the market for high potency active pharmaceutical ingredients (HPAPIs). According to the WHO, cancer is the second biggest cause of death, causing over 9.6 million deaths in 2018 and the use of tobacco is responsible for 22% of cancer deaths. As per the CDC, the risk factors such as lifestyle changes including smoking, obesity, alcohol consumption, and exposure to UV radiation from the sun or tanning beds have contributed to the overall burden of the disease. Moreover, the cost of cancer care is anticipated to reach USD 174 billion by the end of 2020, which is anticipated to accelerate the market growth.

Increased demand for antiviral drugs such as remdesivir for COVID-19 treatment is fueling the demand for high potency antiviral HPAPIs. The change in supplier dynamics owing to COVID-19 and the increased focus of governments on pharmaceutical raw materials, such as HPAPIs, are driving the market.

Japan and China are among the leading countries with numerous biotech companies involved in the production of HPAPIs. The presence of major companies such as Takeda and Sankyo has boosted the development of biotechnology-derived APIs in these countries. Furthermore, the growth of the biotech segment can be attributed to the high investments in the biotechnology and biopharmaceutical sectors. This allows the innovation of new molecules that aid in the treatment of diseases, such as cancer.

Key players are leveraging various strategies to increase their production capabilities and promote the outreach of their product offerings. For instance, in July 2020, CordenPharma International announced the expansion of its peptide manufacturing unit in Colorado to address the increased demand for peptide APIs. This expansion will enable the company to grow and help in generating increased revenue.

High Potency Active Pharmaceutical Ingredients Market Report Highlights

In 2020, the synthetic product segment held the largest share of over 70.0% owing to the easy availability of raw materials and highly developed manufacturing systems
By manufacturer type, the outsourced segment is projected to grow at the fastest rate over the forecast period
Based on drug type, the innovative segment held the largest revenue share in 2020 owing to the increased focus on R&D
In terms of application, the oncology segment dominated the HPAPIs market in 2020 owing to the rising incidence of cancer worldwide
Asia Pacific is expected to witness the fastest growth during the forecast period due to the improving manufacturing infrastructure and the presence of numerous generic HPAPI manufacturing companies

Cryotherapy Market: Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The global Cryotherapy Market size is expected to reach USD 8.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.3% from 2021 to 2028. The introduction of advanced cryotherapy devices, increasing R&D investments, and the growing prevalence of chronic conditions such as cancer and arthritis are expected to propel market growth.

Approval and introduction of technologically advanced cryotherapy devices by key players operating in the space are anticipated to significantly support market growth during the forecast period. For instance, in June 2020, Beaver Visitec International (BVI), a U.S.-based ophthalmic devices manufacturer, launched its new CryoTreq, a handheld cryo-surgery device in the European market. This newly launched device is approved for the treatment of retinal tears and detachments. Similarly, in April 2019, Channel Medsystems, Inc., received the FDA approval for its Cerene Cryotherapy Device intended for the treatment of heavy menstrual bleeding. This newly approved device delivers cold therapy to freeze the lining of the uterus to significantly diminish future menstrual bleeding.

Furthermore, the high prevalence of various chronic conditions such as cancer, arthritis, pain, among others, and increasing awareness about the usage of cold therapy for their treatment has further fueled the market growth. As per the Globocan estimates, in 2020, around 19,292,789 new cases of cancer were diagnosed, globally. Also, as per the CDC estimates, in 2020, around 63.0 million adults were suffering from arthritis in the U.S. This number is expected to reach around 78.0 million by 2045.

Related Press Release@ Cryotherapy Market Report

Cryotherapy Market Report Highlights

By therapy type, the cryosurgery segment held the largest market share in 2020. This high share can be attributed to its high demand for the treatment of abnormal tumors
The cryogun segment held the largest revenue share in 2020 attributed to the high usage of these devices in the treatment of various oncology and dermatological procedures
Based on application, the oncology segment dominated the overall market in 2020 owing to the rising prevalence of cancer and growing awareness about cryotherapy-based treatment approaches
High cost of cryotherapy devices and procedures is likely to limit its adoption in underdeveloped economies, thus impeding market growth
North America held the largest revenue share in 2020 due to the high adoption of advanced devices, favorable reimbursement scenarios, and local presence of leading players
In Asia Pacific, the market is expected to witness significant growth during the forecast period. This high growth can be attributed to the presence of a huge target population and increasing initiatives by dominant players to facilitate access to novel products

Thursday 16 December 2021

Incontinence And Ostomy Care Products Market Size is Estimated to Witness 5.1% CAGR till 2028

The global Incontinence And Ostomy Care Products Market size is anticipated to reach USD 23.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.1% from 2021 to 2028. Coloplast Corp., Essity (Svenska Cellulosa Aktiebolaget), KCWW (Kimberly-Clark Corporation), B. Braun Melsungen AG, Hollister Incorporated are some of the key players in this industry. The increasing incidence of colorectal cancer and urological diseases, such as Inflammatory Bowel Disease (IBD), urinary incontinence, and benign prostatic hyperplasia is anticipated to boost the market growth.

The growing risk of colorectal and urinary bladder cancer has increased the demand for ostomy care products. For instance, the American Cancer Society has reported that in 2019, the number of colorectal cases in the U.S. has increased to 101,420. This is expected to drive the growth of the market at a global level.

Increasing awareness initiatives by several market players to raise cognizance regarding these prosthetic medical devices globally is successfully breaking the stigma and taboo associated with the use of these products. For instance, Coloplast is a leading market player and has recently published Ostomy Life Study Review to raise awareness and improve the standard of ostomy care. This helps in effective patient care, building their confidence, and inspires them to live a quality life.

Moreover, the outbreak of COVID-19 has spurred the demand for incontinence products used in home settings. Since the majority of consumers are aged/seniors, there is a higher demand for these products. Restrictions on movement at international borders have created an opportunity for local players to enter the market and meet the unmet demands of the end-users. In November 2020, NorthShore Care Supply announced a free trial of 2 bags of adult diapers and a discount on all absorbents for ICU Nurses or other COVID first responders.

Related Press Release@ Incontinence And Ostomy Care Products Market Report

Incontinence And Ostomy Care Products Market Report Highlights

Based on type, the incontinence care products segment held the largest revenue share of around 74.9% in 2020. This can be attributed to the increasing cases of urological diseases, such as IBD, colon cancer, and bladder control problems
The incontinence care products segment is further segmented into absorbents, incontinence bags, and others. Whereas, the ostomy care products segment is sub-divided into ostomy bags, deodorants, skin barriers, and irrigation products
Europe dominated the market in 2020 with the largest revenue share of around 43.2%, owing to the increasing prevalence of urological diseases, supportive government policies, and increasing awareness programs