Healthcare Industry Insights: March 2021

Tuesday 30 March 2021

Aesthetic Medicine Market Overview, Growth Prospects and Outlook Report, 2028

The global Aesthetic Medicine Market size is expected to reach USD 124.7 billion by 2028 according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.8% from 2021 to 2028. According to the International Association for Physicians in Aesthetic Medicine (IAPAM), aesthetic medicine is ‘a branch of medicine focused on satisfying the aesthetic desires and goals of patient. The major aim of aesthetic medicine is to improve the physical appearance of the patient. Key drivers of the market include introduction of non-invasive medical devices for cosmetic procedures, growing focus on physical appearance, and rise in adoption among geriatric individuals.

Based on procedure type, the market is mainly divided into invasive and non-invasive procedures. Invasive procedures include breast augmentation, liposuction, and nose reshaping while non-invasive procedures include popular technology such as Botox injections, soft tissue fillers, and chemical peel. Rise in number of obesity cases in the U.S. has urged patients to opt for cosmetic treatments in the country.

In Asia Pacific, rise in income level of the adult population in countries such as China and India is expected to create lucrative opportunity for the market. The region is also backed by South Korea, which is the hub of cosmetic surgeries.

Related Press Release @ Aesthetic Medicine Market Report

Aesthetic Medicine Market Report Highlights

The non-invasive procedures segment is projected to dominate throughout the forecast period owing to its quicker and accurate results along with ease of usage compared to invasive procedures
Breast augmentation and liposuction are among the fastest growing under the invasive procedures segment in the forecast years
In Asia Pacific, the market is projected to witness a CAGR of 10.9% during the forecast period. Countries such as South Korea and India are expected to serve as key revenue pockets

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Medical Device Outsourcing Market by SGS SA, IQVIA, Toxikon, Inc., Eurofins Scientific SE

The global Medical Device Outsourcing Market size is expected to reach USD 227.1 billion by 2028 registering a CAGR of 11.2%, according to a new report by Grand View Research, Inc. Rising demand for advanced medical products is the key factor fueling the market growth. Regulatory bodies are emphasizing the quality of the healthcare devices provided to the public. Thus, to meet the regulatory standards, market players are using various services like regulatory consulting. For example, the European Medical Device Regulation undertakes special spontaneous inspection of outsourced products to test the quality as well as conformity with the standards.

Contract manufacturers in developed countries like the EU nations comply with the international standards for a quality management system, which makes them a preferred option as compared to the ones in developing countries like India and China. However, the regulatory changes anticipated in the developing countries ensure compliance by contract manufacturers. Demand for regulatory compliance is expected to boost the growth of consulting services, such as remediation, compliance, and QMS, thereby contributing to the growth of the global market.

However, the current pandemic has put the MedTech industry at the center stage with unmatched demand for PPE, diagnostic tests, ventilators, and other critical supplies. Besides the ongoing extraordinary measures to promptly ramp up the manufacturing capacity & capabilities, Medtech leaders are seeking outside their boundaries of the normal sector to explore innovative solutions to supplement the capacity, such as open-source equipment design, as well as partnerships with firms outside the sector.

Related Press Release @ Medical Device Outsourcing Market Report

Medical Device Outsourcing Market Report Highlights

The contract manufacturing segment led the market in 2020 with a revenue share of 55.4% and will retain its position throughout the forecast period
This growth is due to the increasing trend of outsourcing by OEMs to third-party manufacturers, especially in emerging countries
The quality assurance services segment is projected to exhibit the fastest CAGR over the forecast period
Asia Pacific was the dominant regional market in 2020 owing to the easy availability of skilled human resources

Dental Implant Market Size is Predicted to Witness 11.0% CAGR till 2028

The global Dental Implant Market size is expected to reach USD 8.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.0% from 2021 to 2028. Rising demand for tooth replacement has provided good growth potential to the market. The increasing number of dental injuries owing to road accidents and sports injuries are some of the major factors boosting market growth.

With growing aesthetic awareness, people are exploring more treatment options, which is leading to the growth of the market. For instance, as per the American Academy of Cosmetic Dentistry data, more than 95.0% of individuals across the globe believe that their smile is a vital social asset and nearly 84.0% revealed to be under an increased pressure to perfect their smile, thus increasing the product demand. Dental implants are considered the only restorative technique that preserves and stimulates natural bone. Owing to the growing number of edentulous people, the demand for prosthetics is increasing, which is expected to be one of the major impact rendering drivers for the market.

Several industries have halted their services due to the COVID-19 pandemic. However, the dental care industry is greatly impacted by the significant decrease in elective procedures, many of which are being postponed or canceled so that hospitals can focus their resources on treating patients with COVID-19. Major Countries like the U.S and India procure raw materials and electronic components from China, which has disrupted the supply chain of much dental equipment and product manufacturers. However, with the decrease in the number of COVID-19 cases, hospitals are likely to begin scheduling elective procedures, depending on their capacity of admission and patients comfort level.

Related Press Release @ Dental Implant Market Report

Dental Implant Market Report Highlights

The titanium implant type segment held the largest market share in 2020 due to its wide applications, durability, and cost-effectiveness
Zirconia implants are anticipated to witness a lucrative growth rate over the forecast period due to better flexural strength, improved aesthetic appearance, and less corrosiveness as compared to titanium
North America dominated the market in 2020 owing to high awareness about restorative treatments and the presence of established market players

Pharmacy Automation Devices Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The global Pharmacy Automation Devices Market size is expected to reach USD 9.5 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.3% from 2021 to 2028. The increasing burden of chronic diseases and the growing geriatric population are leading to an increase in the number of prescriptions. This, in turn, is resulting in a rise in the number of medication errors. For instance, 237.4 million medication errors occurred in England in 2018, according to the article published in The Pharmaceutical Journal. This is driving the demand for pharmacy automation devices. Moreover, an increase in initiatives by various organizations, such as the American Society of Health-System Pharmacists, to reduce medication errors is positively impacting the market growth.

In 2020, the medication dispensing systems product segment accounted for the largest revenue share owing to the benefits offered by these products, such as minimized medication errors, better inventory management, improved medication adherence for patients with complex treatments, improved patient care, minimized drug waste with true split-fills, improved storage capacity, and reduced administrative burden among the end-users. The automated medication compounding systems segment is anticipated to witness the fastest growth during the forecast period. Reduction in compounding errors and contamination is a major factor driving the segment. Moreover, the increasing adoption of these devices for sterile compounding is fueling the segment growth.

The retail pharmacy end-use segment accounted for the largest revenue share in 2020. The rising adoption of these solutions, the presence of a large number of retail pharmacies, and growing investments in this sector are driving the segment. For instance, in May 2018, McKesson Co., a Healthcare Information Technology (HIT) company, entered into an agreement with Discount Drug Mart, which is an Ohio-based retail drug store, to build an automated central fill pharmacy. The hospital pharmacy is anticipated to witness the fastest growth during the forecast period owing to the adoption of automated technologies by hospitals. For instance, in February 2020, Geisinger, a health provider in the U.S., partnered with Omnicell, Inc. for the implementation of an automated dispensing system.

In 2020, North America dominated the market. This is attributed to the presence of a large number of industry players, such as BD, Omnicell, Baxter, AmerisourceBergen, and Cerner. The majority of the companies such as BD and Baxter generated more than 50% of sales revenue in the U.S. Asia Pacific is anticipated to witness the fastest growth during the forecast period. Rapid adoption in automated solutions, investments in the adoption of healthcare IT infrastructure, and high healthcare spending are the key factors contributing to the growth of the market. Moreover, initiatives by public and private bodies to reduce medication errors are likely to drive the regional market.

Related Press Release @ Pharmacy Automation Devices Market Report

Pharmacy Automation Devices Market Report Highlights

The market is driven by various technological advancements and increasing investments in the automation sector
Based on product, the medication dispensing systems segment dominated the market in 2020 owing to the increasing adoption of these products to avoid errors while dispensing medication
By end-use, the retail pharmacy segment dominated the market in 2020 owing to high adoption rates of these devices and investments by major retail chains, such as CVS Health and Walgreens
North America dominated the market in 2020 owing to the presence of a large number of automation companies in the region

Clinical Laboratory Service Market Overview, Growth Prospects and Outlook Report, 2028

The global Clinical Laboratory Service Market size is expected to reach USD 288.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2021 to 2028. Growing prevalence of target diseases such as diabetes and cardiovascular diseases is expected to positively impact the market growth over the forecast period. For instance, according to the WHO, by 2030, cardiovascular diseases are estimated to cause approximately 23.6 million deaths, mainly from heart disease and stroke.

The COVID-19 pandemic, caused due to SARS-CoV-2, is affecting millions of people globally. According to WHO and CDC, the standard for laboratory diagnosis of COVID-19 is Reverse Transcriptase Polymerase Chain Reaction (RT-PCR) for samples collected from the respiratory tract. The adoption of PCR technology for the diagnosis of COVID-19 and the genetic sequencing of the virus for the development of a cure are driving the market.

Furthermore, in May 2020, the Department of Health and Human Services (HHS) provided more than USD 200 million to clinics in rural areas of the U.S. to expedite COVID-19 testing. Such robust investments by government bodies to increase adoption of COVID-19 diagnostic kits by clinics are anticipated to boost segment growth. COVID-19 walk-up clinics in San Jose are another key initiative expected to positively impact segment growth.

In addition, advancements in laboratory testing technology through incremental and breakthrough developments are expected to serve this market as a high impact rendering driver. For instance, in March 2020, a Singapore-based med-tech company, Biolidics, launched a rapid test kit for COVID-19 and entered into a manufacturing agreement with a diagnostic kit manufacturer for mass production.

Automation in clinical settings has significantly improved the data management process in labs. Improving adoption rates of laboratory automation systems is expected to boost the market throughout the forecast period. Furthermore, database management tools, patient test records, and integrated workflow management systems have received significant consideration in the healthcare industry.

Request a free sample copy or view report summary: Clinical Laboratory Service Market Report

Clinical Laboratory Service Market Report Highlights

In 2020, the clinical chemistry segment held majority of revenue share owing to presence of large number of tests due to increasing knowledge on clinical chemistry
Stand-alone laboratories is expected to witness lucrative growth rate over the forecast period due to introduction of digital support systems to manage large databases and ability to provide better clinical laboratory services at a comparatively lower rate
The bioanalytical and lab chemistry services segment dominated the market in 2020 owing to rising use of wide range of techniques and technology platforms to fulfill diagnostic needs
In Asia Pacific, the market is projected to witness the fastest growth over the forecast period owing to a growing awareness, increased government initiatives, and positive regulatory policies
North America dominated the market in 2020 due to technological advancements and high awareness on medical standards

Friday 26 March 2021

Healthcare Contract Manufacturing Market Worth $323.6 Billion By 2028

The global Healthcare Contract Manufacturing Market size is expected to reach USD 323.6 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.7% from 2021 to 2028. The changing regulatory landscape, coupled with rising offshoring to emerging countries, is anticipated to propel the market growth over the forecast period.

Increasing demand for advanced products is a major factor driving the market. Original equipment manufacturers (OEMs) are outsourcing the manufacturing activities of medical devices to third parties, mainly to developing countries to gain economic benefits. Furthermore, these regions are witnessing rising cases of chronic conditions, such as heart disorders, thereby positively affecting the market growth. Changes in reimbursement schemes are anticipated to increase the adoption of cost containment measures by OEMs. For instance, to prevent reimbursement issues from impacting financing goals, device manufacturers are developing a well-planned reimbursement strategy in parallel with their regulatory and clinical strategies in the early phases of product development.

Moreover, the growing geriatric population across the globe and the consequent rise in age-related diseases have stimulated the progress of pharmaceutical and medical device development, thus leading to the growth of the healthcare manufacturing industry. With a rise in demand, the market now witnesses an influx of manufacturing service providers. Asia Pacific was the dominant regional market for medical device outsourcing in 2020 owing to lower cost and easy availability of skilled human resources. For instance, according to IBEF, M&A deals in the healthcare sector in India increased by 155% (USD 1.09 billion) in 2019.

A rise in the number of medical device companies vying to enter regional markets, such as India and China, is further expected to contribute to the growth of this market. For instance, the Chinese government’s Marketing Authorization Holder (MAH) scheme facilitates international healthcare players to produce their products within the local Chinese market equipped with state-of-the-art centers. The expansion of production capacity by players such as WuxiBiologics is a distinguished example of this deliberate plan.

Due to the emergence of infections, such as COVD-19, many organizations are attempting to accelerate production to meet the growing demand. Thus, these companies are appointing healthcare CMOs to speed up their production processes as well as reduce their overall costs to meet the increasing demand for medical products. The worldwide effort to develop a vaccine and therapeutic agent against COVID-19 has created the greatest opportunity for many large as well as small CMOs as the pharmaceutical companies are manufacturing vaccine doses on a large scale. Hence, we can say that the pandemic has had a positive impact on this industry.

This paradigm shift from in-house manufacturing to contract manufacturing in the pharmaceutical and medical device industry has resulted in the increased focus of the companies on contract manufacturing service vendors. These services have effectively addressed the concerns regarding pharmaceutical and medical device manufacturing as well as significantly accelerated the commercialization of products.

Request a free sample copy or view report summary: Healthcare Contract Manufacturing Market Report

Healthcare Contract Manufacturing Market Report Highlights

By type, the pharmaceutical segment dominated the market with a share of 75.2% in 2020 owing to low manufacturing budget and highly sophisticated contract manufacturing service offerings
The medical device type segment is expected to be the fastest-growing segment with a CAGR of 9.7% over the forecast period owing to increasing pressure on OEMs to reduce costs and enhance the timeline for taking a product to market
Cardiology was the dominant therapeutic area segment in the medical device contract manufacturing market in 2020 owing to rising demand for cardiovascular devices as a result of the increasing prevalence of associated heart conditions
Asia Pacific dominated the market in 2020 and is expected to witness the fastest growth over the forecast period owing to the presence of a large number of service providers, lower costs, and growing demand for medical devices in the region

Gas Sensor Market by ABB, AlphaSense Inc., City Technology Ltd., Dynament

The global Gas Sensor Market size is expected to reach USD 4.49 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 8.7% from 2021 to 2028. The growth can be attributed to the growing demand for gas sensors to monitor gas emissions from industrial facilities. The increasing demand for wearable gas sensors for human health and environmental monitoring also bodes well for the growth of the market over the forecast period.

Various government bodies worldwide are imposing limits on vehicular emissions to curb atmospheric pollution and enhance fuel efficiency. For instance, the U.S. Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration revised the Corporate Average Fuel Economy targets and the greenhouse gas emission standards for passenger cars in April 2020. The need to abide by the newer emission standards is expected to trigger the demand for gas sensors over the forecast period.

Deteriorating air quality, particularly in urban areas, is a major problem in most parts of the world. Several people worldwide are suffering from various health disorders due to harmful gases emitted from vehicles and industrial facilities. At this juncture, gas sensors can potentially help in assessing the levels of carbon monoxide, carbon dioxide, and other gases in the air and contribute favorably to curbing air pollution.

The outbreak of the COVID-19 pandemic is anticipated to create new opportunities for the market players. The demand for carbon dioxide gas sensors is expected to increase significantly in particular. Carbon dioxide gas sensors are being used widely in European countries for monitoring the indoor environment in schools to control the spread of coronavirus. Guidelines published by the Federation of European Heating, Ventilation, and Air Conditioning Associations also recommend installing carbon dioxide monitoring systems in schools.

Related Press Release @ Gas Sensor Market Report

Gas Sensor Market Report Highlights

The oxygen sensor segment is expected to witness significant growth over the forecast period. The increasing adoption of oxygen gas sensors in medical equipment is expected to drive the growth of the segment
The demand for wireless gas sensors is rising owing to the benefits, such as ease of installation and flexibility, associated with wireless devices
The demand for electrochemical gas sensors is rising owing to the ability of these sensors to detect harmful gas emissions and help in improving air quality
The increasing number of smart city projects being rolled out worldwide are driving the demand for IoT enabled gas sensors for monitoring environmental gas
Rapid urbanization in emerging economies, such as China and India, is expected to create growth opportunities for the Asia Pacific regional market

Laryngeal Mask Market by Teleflex Incorporated; Intersurgical Ltd; Dynarex Corporation

The global Laryngeal Mask Market size is expected to reach USD 863.7 million by 2028 according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.0% from 2021 to 2028. An increase in the number of surgeries that include anesthesia procedures coupled with the rising morbidity related to chronic diseases is the key contributor to market growth.

The key advantages of the product, such as ventilation management during anesthesia, induction, maintenance, and emergence, are anticipated to drive the market. Furthermore, the placement of these masks does not require laryngoscopy and muscle relaxants like succinylcholine, which is known to cause postoperative myalgia in certain patients. Hence, the usage of these masks greatly reduces the incidence of postoperative myalgia.

There is an increased demand for disposable devices in critical care units. This can be attributed to the cost-effectiveness, easy assembly, and flexible process designs of these technologies. Such factors are anticipated to increase the demand for disposable laryngeal masks over the forecast period. In addition, the products need smaller footprints and lower investment, as they are simpler and do not require sanitization and cleaning. Factors like these are expected to encourage emerging companies with low capital resources to invest in the market.

Related Press Release @ Laryngeal Mask Market Report

Laryngeal Mask Market Report Highlights

The disposable mask type segment is expected to witness the fastest CAGR of around 6.5% over the forecast period owing to the rising demand for disposable masks in critical care units
The adult patient segment led the market in 2020 with a revenue share of over 58.8% and will retain its dominant position throughout the forecast period
The hospitals and clinics end-user segment accounted for the largest revenue share of over 60.3% in 2020
This higher was attributed to rising awareness and supportive government and favorable reimbursement policies
Due to the presence of well-established companies and advanced healthcare infrastructure, North America was the leading regional market in 2020
However, Asia Pacific is anticipated to register the fastest CAGR over the forecast period owing to supportive government initiatives and rapidly developing healthcare infrastructure in emerging countries
Industry players have undertaken several business strategies, such as mergers and acquisitions, collaborative agreements, and geographic expansion, to gain a higher market share
For instance, in May 2019, Ambu A/S entered into a strategic partnership with Cook Medical; according to which, Cook Medical distributed Ambu’s products in the U.S.

Contrast Media Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The global Contrast Media Market size is expected to reach USD 7.2 billion by 2028, according to a new report published by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.6% from 2021 to 2028. The increasing burden of chronic diseases is driving the demand for diagnostic imaging procedures which are anticipated to fuel market growth.

The imaging tests such as Computed Tomography (CT), Magnetic Resonance Imaging (MRI), and X-rays have become an inevitable part of the diagnosis for most diseases. The large-scale penetration of imaging technology in healthcare has increased the demand for chemical agents.

The introduction of artificial intelligence in radiology has improved image reconstruction and enabled the quantification of noninvasive imaging biomarkers. Such developments are anticipated to significantly affect the demand for the chemical agents. For instance, research conducted by Stanford University demonstrated that the use of artificial intelligence-based image reconstruction can reduce and/or eliminate the need for Gadolinium-based Contrast Agents (GBCAs).

Diagnostic imaging modalities are being increasingly used owing to advancements in the underlying technology, ranging from equipment to administration technology. Innovative products, such as syringeless injectors and innovative packaging, help achieve greater accuracy in delivering the right dose of contrast agents as well as reduce wastage. For instance, in August 2020, the U.S. FDA approved the Gadavist Imaging Bulk Package with transfer spike, thus enabling weight-based and multi-patient dosing as well as addressing the issues faced by hospitals related to vial waste. The approval of such innovative packaging is anticipated to increase the demand for the chemical agent.

Related Press Release @ Contrast Media Market Report

Contrast Media Market Report Highlights

Iodinated contrast media was the largest segment in 2020 and is anticipated to remain dominant over the forecast period as the products have excellent radio-opacity and low toxicity
X-ray/ CT was the largest modality segment in 2020, in terms of revenue share, owing to wide acceptance and cost-efficiency of the techniques
Cardiovascular diseases are projected to witness the fastest growth over the forecast period due to label extensions for ultrasound and X-ray/CT contrast agents in the U.S.
North America dominated the market and accounted for the largest revenue share of more than 40.0% in 2020 owing to the presence of well-established healthcare infrastructure and availability of advanced technology

Dental X-ray Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The global Dental X-Ray Market size is expected to reach USD 3.35 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 18.6% from 2021 to 2028. The increasing prevalence of oral diseases as well rising geriatric population are some of the factors that have led to the growth of the market.

Dental x-ray systems are useful in detecting and recording areas of decay that are undetectable by oral examination, especially minor areas of decay present between teeth. The rising prevalence of periodontitis is also accelerating the demand for these instruments. According to the CDC, 47.2% of adults aged 30 years in the U.S. have some form of periodontal disease with the condition being more common in men than women as they are more prone to smoking and health conditions, like diabetes. Other oral diseases contributing to the high demand for dental x-ray units are oral infections, gum diseases, oral cavities, periodontitis, tooth decay, and tumor or cyst detection. Early diagnosis of severe dental problems helps in treating them at the nascent stage, thus leading to potential cost savings.

The geriatric population plays a significant role in the growth of the market. This group of population is highly susceptible to various kinds of oral problems, thus considered to be a lucrative target population for the market. Furthermore, major companies are undertaking initiatives such as new product development. For instance, in 2019, Dentsply Sirona introduced Orthophos Systems 2D/3D extraoral imaging system that allows the practitioners to image, diagnose, and treat (IDT) for higher case acceptance and expand their treatment procedures into implantology, endodontics, etc.

Related Press Release @ Dental X-ray Market Report

Dental X-ray Market Report Highlights

By product, analog radiographs held the largest market share in 2020 as they are easier to use as compared to digital systems. Digital radiography is anticipated to grow at a significant rate over the forecast period as it is an environmentally friendly technology, requiring no film or chemicals and generating no waste
Based on type, intraoral x-ray imaging held the largest share in 2020 as it is the most widely used diagnostic method in the field of dentistry. Extraoral imaging is anticipated to register the highest CAGR over the forecast period due to the rising incidence of temporomandibular disorders
The medical application segment held the largest share in 2020 due to its increasing use in the diagnosis and treatment of diseases of the oral cavity, which includes gums, bone, teeth, and other oral tissues
In North America, the U.S. held the largest revenue share in 2020 as the country is witnessing a gradual shift toward the incorporation of digital imaging systems
Asia Pacific is expected to be the fastest-growing regional market over the forecast period owing to the presence of densely populated countries, such as China and India

Bone Graft And Substitutes Market Size is Predicted to Witness 5.8% CAGR till 2028

The global Bone Graft And Substitutes Market size is expected to reach USD 4.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.8% from 2021 to 2028. The synthetic segment is anticipated to show significant growth over the forecast period. This growth is due to the lesser risk of disease transmission, better acceptance among patients as compared to allografts, and products’ better biocompatibility. However, the demand for orthopedic devices, which include bone graft and substitutes observed a radical decrease because of the rescheduling of elective surgeries during COVID-19.

Growing cases of spinal deformities are the key driver of this market. According to a CDC report, approximately 60.0% of the aged population and 32.0% of the adult population is suffering from spinal deformities, in the U.S., as of 2017. Around 488,000 spinal procedures were performed in the U.S. Moreover, the introduction of biocompatible synthetic grafts is also expected to drive the market.

Additionally, technological advancements and the growing geriatric population are also boosting the market growth. According to Population Reference Bureau’s 2018 statistics, from 13 countries to around 82 countries across the globe are expected to have more than 20% of the geriatric population (65 years and above) by 2050. Thus, perpetual growth in the population aged 60 years and above is anticipated to result in an increased prevalence of arthritis and joint disorders.

The market in various countries is expected to witness diverse trends because of ethical issues in some of the Muslim and Jewish population dominated countries. These countries include majorly the Middle Eastern countries, which are apprehensive about using xenografts for their orthopedic surgeries. Such factors hamper market growth drastically.

Key players in the market are investing in the launch of new products and product approvals for sustaining in the market. For instance, AlloSource stated that ProChondrix CR would have 2 years of shelf life based on the results of real-time testing, as of March 2019. ProChondrix CR helps in cartilage healing and is intended to match biochemical and biomechanical properties of normal hyaline cartilage, improve patient symptoms, and restore a smooth articular cartilage surface.

Related Press Release @ Bone Graft And Substitutes Market Report

Bone Graft And Substitutes Market Report Highlights

The allograft segment dominated the market in terms of revenue share as of 2020 and is projected to witness a CAGR of over 4.8% from 2021 to 2028. Adoption of allografts is rising due to their characteristics such as osteoconductivity and immediate structural support.
North America held a major market share as of 2020, due to the growing awareness related to the commercially available advanced products, higher healthcare expenditure of 16.4% in 2018, and accessibility of a well-developed healthcare structure
The synthetic segment which includes ceramics, composites, polymers, and BMPs is expected to exhibit the fastest growth over the forecast period owing to its increasing adoption
The spinal fusion segment held a considerable revenue share of about 60.5% in the market in 2020 owing to the rising geriatric population
In North America, the U.S. is generating the maximum demand for bone grafts and substitutes because of the high prevalence of trauma-related injuries and orthopedic diseases
The industry participants are focusing on product launch, partnership, and acquisitions to sustain the competition
In Asia Pacific, the market is anticipated to witness lucrative growth of more than 7.5% owing to the rising medical tourism and favorable government initiatives

Intravenous Solutions Market by Hospira, Terumo Corporation, B. Braun Melsungen AG

The global Intravenous Solutions Market size is expected to reach USD 18.9 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 growing incidence rate of chronic diseases such as cancer, increase in the number of premature births, and shortage of I.V. solutions in the U.S. are some of the key factors expected to drive the market.

One of the prime areas wherein intravenous (IV) fluids find usage is severe dehydration. Severe dehydration is seen in diseases such as diarrhea, resulting in the depletion of fluids from the body. According to the WHO, in 2017, diarrhea was the second leading cause of death in children under 5 years of age with around 5,25,000 lives lost each year. Intravenous (IV) fluids can play a key role in the treatment and prevention of deaths caused due to the dehydration/fluid loss associated with diarrhea. Other cases where intravenous fluids find application include surgeries and emergency situations.

The ongoing COVID-19 pandemic is expected to have a positive impact on the market. Intensive Care Units (ICU) worldwide are either operating at full capacity or are overcrowded due to the high influx of patients infected with severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). As per an article published by BBC, in January 2021, critical care wards across England were running in full capacity. Nutritional care is one of the essential elements in managing these patients. This has increased the demand for intravenous (IV) fluids, as many of the patients, especially the elderly population are placed on ventilators and are unable to consume food orally.

Related Press Release @ IV Solutions Market Report

IV Solutions Market Report Highlights

The Total Parenteral Nutrition (TPN) segment led the segment in terms of revenue share in 2020 owing to its growing applications in the management of chronic diseases
The increasing number of surgeries and post-operative nutritional management is a prime factor driving the vitamins and minerals (salt and electrolyte) segment’s growth
North America dominated the market with a revenue share of nearly 40.8% in 2020 due to the high usage of IV fluids in the U.S.

Thursday 25 March 2021

Active Pharmaceutical Ingredient Market Worth $312.56 Billion By 2028

The global Active Pharmaceutical Ingredients Market size is expected to reach USD 312.56 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.6% from 2021 to 2028. The market is driven by the growth of the biopharmaceutical sector, advancements in active pharmaceutical ingredient (API) manufacturing, and an increase in the geriatric population.

The growth of the captive API segment is propelled by companies investing in solving challenges and developing new chemical ways for the production of APIs in house. This aids in reducing costs and the risk of contamination. Artificial intelligence and protein synthesis are expected to facilitate faster development with greater control over the process.

The rising prevalence of chronic and lifestyle-based conditions, such as cardiovascular diseases, is accelerating the demand for API. For instance, as per U.S. Pharmacist in 2020, 47% of adults have at least one risk factor that supports cardiovascular disease development. Cardiovascular diseases are one of the global, critical public health burdens driving extensive R&D for APIs in the field.

The generic API segment is gaining share in the market owing to its cost effectiveness, which helps in catering to the needs of the rising number of patients in developing regions with a low-income population. According to the Association for Accessible Medicines (AAM), in 2017, there was a considerable rise in manufacturing units in Asia, Australia, and EU5. There has also been an increase in the market share of generic drugs.

Developing nations like India are receiving an increased preference in the market over dominant API market countries, like China, owing to geopolitical situations. Furthermore, other factors favoring India include quality raw materials and products, large workforce, vast distribution network, and government subsidies under schemes like “Make in India”.

For addressing unmet medical needs, companies are collaborating to develop novel treatments. This allows firms to use their resources to aid in the development of products and enhance the supply chain. In August 2019, OmniChem Private Limited was acquired by Ajinomoto Bio-Pharma Services (earlier they were in a joint venture since 2011 for the manufacturing of APIs). The acquisition was completed in June 2020.

Related Press Release @ Active Pharmaceutical Ingredient Market Report

Active Pharmaceutical Ingredient Market Report Highlights

According to the WHO, around 17.5 million people die each year due to cardiovascular diseases, accounting for 31% of all deaths across the globe
The growing geriatric population in Asian countries, such as Japan and China, along with high untapped opportunities, is expected to drive the market during the forecast period. It is estimated that over 20% of the Japanese population is aged 65 and above
According to the CDC, about 795,000 people in the U.S. suffer from stroke every year, out of which 87% cases are of ischemic stroke
Companies are looking to diversify their API suppliers and manufacturers to different locations instead of outsourcing it to just one manufacturer or country
Key players are increasingly focusing on vaccines, for instance, Sanofi announced an investment of USD 601.37 million for vaccine production and research in France. These investments are anticipated to drive the development of new vaccine APIs in the coming years to help facilitate readiness to deliver new products

Digital Health Market is Projected to Register 15.1% CAGR till 2028

The global Digital Health Market size is expected to reach USD 295.4 billion by 2028 and is projected to expand at a CAGR of 15.1% over the forecast period, according to a new report by Grand View Research, Inc. Rising smartphone penetration & integration of advanced technologies, such as the internet of things (IoT) & artificial intelligence (AI), and increasing implementation of mHealth technologies for self-management of chronic diseases, such as diabetes, are some of the major factors driving the market. In addition, increasing demand for enhancing workflow efficiency in clinics, hospitals, and other healthcare centers is further boosting the demand for mHealth services thereby, aiding the market growth.

Moreover, ongoing technological advancements for developing advanced digital solutions coupled with a growing number of favorable initiatives by the government & private sectors are contributing to the overall market growth. For instance, as per the data published in 2017, researchers at the University of Illinois have developed a camera to improve the diagnostic features of smartphones. In 2020, the mHealth technology type segment accounted for the highest revenue share. A rise in the number of health apps has significantly contributed to the segment growth in recent years. As per the data published by the My Health Apps blog in May 2018, a total of 325,000 health, fitness, and medical apps were available in 2017.

Mobile operators are constantly leveraging mHealth technologies and solutions by supporting services, such as diagnosis, monitoring, and patient management. In addition, they are increasingly adopting strategies in the form of partnerships and agreements to enhance their product offerings, which, in turn, is contributing to the segment growth. For instance, in 2019, OneLife, a mobile medical software company, partnered with AT&T for the development of a health-tracking watch to monitor a patient’s heart rate, location, sleep, and movements. In 2020, the services component segment accounted for the highest revenue share.

System integration, training & education, maintenance & support, and consulting are among the few service offerings that are covered in this segment. Growing demand for continuous M2P data flows, to boost the efficiency of the medical systems, improve informed decision-making in real-time, and enhance security, is driving the segment growth. On the other hand, software is anticipated to register the fastest growth during the forecast period. The key factors that can be attributed to this growth are rising investments by the market participants to develop innovative connected solutions for the healthcare industry, technological advancements, and rising adoption of digital technologies & connected systems in the health centers.

Related Press Release@ Digital Health Market Report

Digital Health Market Report Highlights

The mHealth technology segment dominated the global market in 2020 owing to the increasing penetration of smartphones and rising number of strategic alliances among mobile operators & mHealth startups.
The services component segment accounted for the highest revenue share of the global market in 2020
North America was the leading regional market in 2020 owing to rise in the geriatric population and awareness regarding health & fitness among consumers
High internet and smartphones penetration along with growing usage of medical/health-related apps is one of the key factors responsible for the market growth in North America
However, APAC is expected to register the fastest CAGR from 2021 to 2028 due to the rising usage of tablets, smartphones, and other mobile platforms
The rising geriatric population in countries, such as India and China, and the growing burden of chronic conditions are further boosting the demand for mHealth technologies in the region

Pulse Oximeter Market by Medtronic (Covidien), Carefusion Corp., GE Healthcare

The global Pulse Oximeter Market size is expected to reach USD 3.4 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. Technological advancements in products, growing healthcare costs, and readmission, and increasing adoption of pulse oximetry devices are expected to boost market growth during the forecast period. Market players are introducing devices that are more efficient and support telehealth approaches. For instance, in February 2017, the company received a CE mark for Rad-97 Pulse CO-Oximeter used to monitor blood pressure at set intervals. It is also capable of transferring the data to a remotely connected device.

There are various other types of oximeters such as wrist-worn oximeters, bedside, or desktop oximeters, and mobile phone pulse oximeters, the latest addition. These oximetry devices are equipped with a sensor that is compatible with the software installed in a user’s mobile phone, which analyzes data to display information. For instance, iHealth Labs, a subsidiary of a China-based company, Andon Health, offers such products. In October 2013, the company received FDA approval for its wireless pulse oximetry device.

Related Press Release @ Pulse Oximeter Market Report

Pulse Oximeter Market Report Highlights

The fingertip pulse oximetry devices are being used by customers to self-monitor symptoms of COVID-19 contributing to segment growth since the onset of the pandemic
In handheld pulse oximetry devices, the probe, which is very delicate and prone to damage, can be replaced, unlike in fingertip oximeters, and is expected to be in high demand due to the advantage of reduced risk of COVID-19 transmission
There is an upward trend in the use of the medical device in homecare settings as it enables tracking and storing of patient's oxygen level readings, which reduces the need for hospital readmissions
North America held the largest share in the market in 2020 due to factors such as availability of funds for R&D. The sales for fingertip pulse oximetry devices soared in January 2020 and March 2020 in the U.S. post the country-wide spread of the novel coronavirus and release of the WHO guidelines citing the oximeter as an essential device for monitoring blood oxygen during self-management
In Asia Pacific, the demand for medical devices has increased from hospitals for monitoring critically ill COVID-19 patients. As the spread of the novel coronavirus has progressed significantly, the Ministry of Health and Family Welfare in India has notified all healthcare facilities to make necessary arrangements for devices used in diagnostics, treatment, and management of Severe Acute Respiratory Syndrome (SARS)
The industry is also witnessing mergers, acquisitions, and licensing agreements. For instance, in December 2016, Nihon Kohden announced an absorption-type merger of 11 wholly-owned consolidated subsidiaries to improve management and efficiency of operations