Healthcare Industry Insights: September 2021

Wednesday 29 September 2021

Dental Bone Void Filler Market is Predicted to Witness 5.6% CAGR till 2028

The global Dental Bone Void Filler Market size is expected to reach USD 127.0 million by 2028, registering a CAGR of 5.6%, according to a new report by Grand View Research, Inc. The growth is attributable to the biological performance of materials, such as calcium phosphate-based bone substitutes that are biocompatible, have good volume maintenance over time, and are bioabsorbable. Dental professionals are at risk of contracting COVID-19 infection due to proximity with patients during the dental procedures. This factor has created fear among the dental professionals leading to reduced patient intake, which can, in turn, hamper the market growth.

Bone grafting is being widely practiced in dentistry as poor fixation and loosening of dental implants are common complications. Thus, void fillers are used to minimize these complications and facilitate cellular growth & targeted high-quality bone formation, as well as increase the contact interface with the graft. This results in stabilization and better fixation of dental implants. Such benefits are expected to boost market growth.

The global market is also driven by the availability of advanced materials, such as hydroxyapatite. For instance, Osbone, hydroxyapatite, is a graft material indicated for augmentation of the atrophied alveolar ridge and filling bone defects. The benefit of Osbone includes a minimal residual risk of allergic and infections reactions., which, in turn, ensures long-term and fast stability of the scaffolding for bone generation. Such advantages increase the demand for the product thus boosting the market.

Related Press Release@ Dental Bone Void Filler Market Report

Dental Bone Void Filler Market Report Highlights

Technological advancements are expected to propel market growth. For instance, a three-dimensional scaffold supports new tissue growth of a Demineralized Bone Matrix (DBM) that has osteoinductive qualities
DBM provides a framework for matrix and cell protein adhesion and contains osteogenic substances that help induce new bone growth. Thus, 3D technology increases the demand for DBM, thus propelling the market growth.
The DBM segment accounted for the largest revenue share of nearly 25% in 2020 owing to growing technological advancements in the medical-dental field
North America contributed for the second-largest share of around 38.0% owing to the high healthcare expenditure
In addition, the presence of key companies and well-established reimbursement policies will boost the regional market growth

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Wednesday 22 September 2021

Preterm Birth And PROM Testing Market Size is Expected to Experience a CAGR of 3.0% till 2028

The global Preterm Birth And PROM Testing Market size is expected to reach USD 1.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.0% from 2021 to 2028. Key factors that can be attributed to market growth are rising number of preterm births in developed and emerging economies, improving access to advanced neonatal and maternal care facilities, and introduction of new POC diagnostic products over the forecast period.

Preterm births are not specific to a particular geography and have been recognized as a worldwide concern. The risk of preterm births typically escalates with increasing average age of pregnant women. With growing awareness about preterm births and its consequence, the tendency of pregnant women to enroll for Premature Rupture of Membranes (PROM) testing during their pregnancy is anticipated to increase, for reassurance and monitoring of symptoms of preterm birth.

Point-of-Care (POC) diagnostics have drastically altered the methodology of testing in various fields. With the help of advanced technology, devices are able to assess analytes in a given sample. Companies are focusing on R&D to increase specificity and sensitivity of devices, which lowers the error rate. Hence, emphasis is being given to reducing sample size required for other medical testing.

Many low-income states like Bihar, Madhya Pradesh, Rajasthan, and Uttar Pradesh have low utilization of public healthcare services for female infants. Despite the availability of free healthcare services, only approximately 41% of admissions to the SNCUs are female infants. Hence, many states have banned gender revelation to the family before birth. India is the only large country where more female infants die than males. UNICEF plans to intervene by strengthening the health infrastructure, and reducing inequities of healthcare services, and improve healthcare outcomes.

Related Press Release@ Preterm Birth And PROM Testing Market Report

Preterm Birth And PROM Testing Market Report Highlights

By test type, the ultrasound segment dominated the market in 2020, as it is one of the most preferred technologies for tracking fetal development and maternal health
Techniques such as Placental Alpha-Microglobulin-1 (PAMG-1) are gaining prominence due to better reliability in predicting the risk of preterm births
North America held the largest revenue share in 2020 owing to higher incidence of pregnancies in the above 35 years age group and well-developed infrastructure to manage high-risk pregnancies
As per the American College of Obstetricians and Gynecologists (ACOG), in the U.S., nearly 12.0% of childbirths are preterm, which lead to higher hospitalization and treatment costs
In Asia Pacific, the market is projected to witness the highest CAGR over the forecast period. This can be attributed to high population growth in countries such as India and China

Branched Stent Grafts Market by Medtronic, Biotronik, Alvimedica, Endocor GmbH

The global Branched Stent Grafts Market size is anticipated to reach USD 477.53 million by 2028, registering a CAGR of 7.9% from 2021 to 2028, according to a new report by Grand View Research, Inc. Continued robust growth in segments is an outcome of the growing diagnostic capturing of pre-ruptured aneurysms, expanding clinical coverage, and an overarching trend for endovascular aneurysm repair. In addition, the preference for endovascular treatment for aortic aneurysms further boosts the market growth.

Around 28 million vascular surgeries have been postponed or canceled globally at the peak of the COVID-19 pandemic, which can seriously affect the market. Restrictions on the movement of goods and people gradually led to a decline in the uptake of nonelective surgeries, such as those resulting from trauma or acute conditions. In addition, extended factory closures by companies in several countries slowed down the manufacturing of products.

With the rapid increase in the elderly population worldwide, the frequency of aortic aneurysms is likely to increase, which, in turn, is expected to contribute to market growth during the forecast period. In the U.S., aortic aneurysms were the leading cause of 9,923 deaths in 2018. Thoracic aortic aneurysm and AAA are types of aortic aneurysms; aneurysms can also occur in other parts of the body.

The global market is fairly competitive. The most notable participants in the market are Medtronic, Terumo Corp., and Cardinal Health (Cordis). Key players are involved in new product launches, acquisitions, and partnerships to gain a competitive edge over each other. For instance, in March 2021, Medtronic collaborated with Spectrum Health to drive value in healthcare and improve outcomes for patients in West Michigan. In September 2020, Terumo Aortic launched the TREO Abdominal Aortic Stent-Graft System to expand the company’s aortic solutions offerings.

Related Press Release@ Branched Stent Grafts Market Report

Branched Stent Grafts Market Report Highlights

Iliac stents are expected to grow at a CAGR of 5.9% during the forecast period owing to the high technological advancements in this segment
The chimney segment is anticipated to grow at the fastest CAGR of more than 8% during the forecast period owing to the growing application scope of these products
In 2021, North America held the dominant share of the global market owing to the increased burden of vascular diseases
Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028 due to the growing presence of key companies, such as Microport Scientific Corp. and Medtronic, Inc., in the region
Europe is expected to hold the second-largest market share by 2028 due to high disposable income levels, the presence of developed economies, and the availability of well-established healthcare infrastructure & skilled professionals

Tuesday 21 September 2021

U.S. Cancer Biopsy Market Size Worth $15.98 Billion By 2028

The U.S. Cancer Biopsy Market size is expected to reach USD 15.98 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 11.0% from 2021 to 2028. The increasing usage of technologically advanced devices for the early detection of diseases is one of the key factors driving the market.

A significant transaction from tumor to liquid biopsy is anticipated to increase the adoption of this technique in the market. Acknowledging this trend, several operating entities have undertaken various initiatives to expand their biopsy kits portfolio. For instance, in June 2021, Biocept, Inc. and Quest Diagnostics collaborated to offer NGS-based liquid biopsy testing for lung cancer diagnosis.

Furthermore, supportive regulatory and reimbursement scenarios in the country have supplemented the market growth. The U.S. FDA is actively engaged in supporting the commercialization of cancer biopsy products and increasing the use of these assays in clinics. For instance, in March 2021, the U.S. FDA granted a breakthrough device designation to RaDaR-a liquid biopsy assay to detect minimal residual disease in early-stage cancer.

Related Press Release@ U.S. Cancer Biopsy Market Report

U.S. Cancer Biopsy Market Report Highlights

The fine-needle aspiration type segment accounted for the largest revenue share in 2020 owing to it being a well-established approach for the initial diagnosis of most of the body lesions. Among various biopsy techniques, fine-needle aspiration has witnessed significant popularity in diagnostics
By type, the others segment is expected to expand at the fastest CAGR of 15.2% from 2021 to 2028. Liquid biopsies are anticipated to witness considerable growth over the forecast period due to the advancements and increasing regulatory approvals in the U.S.
Screening and monitoring emerged as a dominant application segment in 2020. Follow-up or repeat biopsy procedures are fueling the growth of this segment
Key players are collaborating with biopharma developers to support their product development process

miRNA Sequencing And Assay Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The global miRNA Sequencing And Assay Market size is expected to reach USD 597.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.0% from 2021 to 2028. Prominent players, such as Illumina, PerkinElmer, Qiagen, and others offer advanced miRNA sequencing products for multiple clinical applications. Moreover, these companies have collaborated with research institutes to expand the application of miRNA sequencing and assay in research studies.

The market holds a significant growth potential owing to the increasing application of miRNA sequencing and assay in the healthcare industry. For instance, several research studies demonstrate that miRNAs can be used as efficient biomarkers in the diagnosis and prognosis of cancer (breast, ovarian, cervical, and others), cardiovascular diseases, sepsis, and nervous system disorders. Therefore, miRNA sequence analysis is increasingly employed to analyze gene regulation in clinical disorders.

As plasma from COVID-19 recovered patients is rich in antiviral miRNAs and antibodies, it has been employed to treat SARS-CoV-2 infected patients. This has led to an increase in research studies that focus on the sequence analysis of miRNAs (microRNA) from the patient as well as the virus.

Related Press Release@ miRNA Sequencing And Assay Market Report

miRNA Sequencing And Assay Market Report Highlights

The product segment dominated the market and accounted for the largest revenue share in 2020. The commercial presence of multiple players that offer extensive kits, consumables, and instruments for specialized applications contribute to segment growth
Small and mid-sized research entities face financial limitations to install sequencing equipment owing to their high cost. Therefore, these organizations approach service providers. This is expected to drive the services segment with the fastest CAGR over the forecast period
Sequencing by synthesis holds a major share of the technology segment owing to its high sensitivity, fast turnaround time, and high throughput
Additionally, this technology is playing important role in the detection of mutations in tumor tissue which helps to develop targeted and personalized therapies
The sequencing workflow segment held the largest revenue share in 2020 and is expected to witness the fastest CAGR during the forecast period as it is the most important and crucial step of the workflow
The cancer application segment generated the largest revenue share in 2020 owing to ongoing extensive research in cancer using miRNA as a biomarker to study diagnosis and prognosis of cancer and to develop novel therapies
Furthermore, an increase in the number of cancer patients globally drives segment growth
Research and academic institutions are one of the major revenue generators of the market as miRNA sequencing and assay techniques and associated products are being widely used in various research studies conducted by research and academic institutes
In Asia Pacific, the market is anticipated to register a lucrative growth rate throughout the forecast owing to the presence of a huge target population, growing establishment of healthcare, and high unmet clinical needs

Membrane Oxygenators Market is Predicted to Witness 1.5% CAGR till 2028

The global Membrane Oxygenators Market size is expected to reach USD 141.5 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 1.5% from 2021 to 2028. Key factors expected to boost the market include the growing prevalence of respiratory failures and cardiopulmonary diseases. Furthermore, there has been a rise in the number of patients suffering from COVID-19 and chronic obstructive pulmonary disease, which can require membrane oxygenators for treatment, enhancing their adoption. Technological advancements in medical devices are expected to further propel their demand in hospitals.

Leading market participants operating in this industry are focusing on developing technologically advanced membrane oxygenators. For instance, in January 2019, Terumo Medical Corporation launched the smallest, lowest prime volume, full-size adult oxygenator-Capiox NX19-with Ultraprime technology. Significant features of this device are it minimizes inflammatory response and provides higher efficiency microemboli removal. Portable adaptors and compact membrane oxygenators in ECMO circuits have also been developed, which help in the transportation of critically ill patients. The recent developments in medical devices are estimated to drive market growth.

Cardiovascular diseases are among the leading causes of death across the globe. As per the WHO, in 2016, around 17.9 million CVD-related deaths were reported globally. A membrane oxygenator is used to treat patients with cardiac and respiratory diseases. ECMO machine removes carbon dioxide and delivers oxygen in patients when the lungs and heart fail to carry out the process of blood oxygenation. Hence, the rising occurrence of cardiac and respiratory disorders is anticipated to create robust growth opportunities.

Related Press Release@ Membrane Oxygenators Market Report

Membrane Oxygenators Market Report Highlights

North America accounted for the largest revenue share in 2020 owing to the growing innovation in healthcare technologies, reducing healthcare expenditure, and increasing demand for membrane oxygenator devices in hospitals
By type, the hollow fiber membrane oxygenator segment accounted for the largest revenue share in 2020, as they offer support after cardiac shock as a fast response system
By application, the cardiac segment is expected to grow at an exponential rate over the forecast period, due to the increasing incidence of cardiac conditions such as cardiac arrest and myocardial infarction
The neonates segment held a significant market share in 2020, due to increasing incidence of acute respiratory distress syndrome, congenital diaphragmatic hernia, air leak syndrome, respiratory failure, persistent pulmonary hypertension, and pneumonia
The key companies focus on new product launches, strategic acquisitions, and mergers to attain a larger market share

Alopecia Market Size Worth $14.2 Billion By 2028

The global Alopecia Market size is expected to reach USD 14.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2021 to 2028. The strong presence of pipeline products and increasing approval for laser-based therapy to treat hair loss conditions are major factors anticipated to drive growth. Moreover, rising awareness among patients about alopecia and its treatments, increasing government initiatives, supportive regulations & laws, and improvements in healthcare infrastructure are factors expected to propel market growth over the forecast period.

Technological advancements in alopecia treatment are among the key drivers of this market. There are two FDA-approved therapeutics for alopecia-Rogaine and Propecia. There has been an increase in market penetration of generics after patent expiries of both drugs. However, the launch of several promising pipeline candidates over the forecast years such as Xeljanz (tofacitinib), Breezula (clascoterone), Jakafi (ruxolitinib), SM04554, and Lumigan (Bimatoprost) is expected to substantially drive the growth of the market in the near future.

The introduction of low-level laser therapy that helps stimulate hair growth is expected to increase the treatment rate among patients facing hair loss. In addition, the launch of laser caps, helmets, combs, and bands is also anticipated to boost the market growth. For instance, Capillus Laser Cap, iGrow Laser Helmet, iRestore Hair Growth System, and Hairmax Laser devices are some of the technologically advanced products available in the market.

Moreover, the increasing prevalence of diseases such as cancer, Polycystic Ovary Syndrome, and rheumatoid arthritis which are associated with hair loss is also expected to boost the treatment rate of hair loss in the near future. For instance, as per the U.S. Department of Health and Human Services, nearly 5 million women in the U.S. are affected by PCOS. Furthermore, according to the GBD database, the prevalence of PCOS in European countries, such as France, increased from 872,351 to 882,322 in 2018 & 2019, respectively, and in the U.K., the prevalence was found to be 1,134,082 to 1,142,498.

Market players are increasingly forming partnerships and licensing agreements to enhance their product capabilities and promote the outreach of their products. For instance, the iGrow laser system has a partnership with China Central Pharmaceuticals in China. China Central Pharmaceuticals holds exclusive distribution rights over Aspira in the country. Moreover, Capillus, LLC has collaborated with Svenson, a hair loss treatment clinic to expand the distribution of laser therapy caps in Europe and Asia Pacific region. The partnership with local players and service providers is expected to increase the adoption of innovative therapy for hair loss treatment.

Additionally, companies are actively participating in scientific conferences and conducting awareness campaigns for creating brand awareness. For instance, in February 2021, Hairmax welcomed Mary Brunetti as the brand ambassador to increase brand awareness about dealing with COVID-19-induced hair loss, as well as hereditary loss. Moreover, it plans to leverage the popularity of the brand ambassador to showcase its target market as to how its products can help regrow and revitalize their hair.

However, reimbursement remains one of the major challenges in this market. Since most of the treatment modalities are considered as not medically essential and are categorized as cosmetic procedures, the treatment for hair loss is generally not covered under insurance plans. Out-of-pocket expenses for alopecia treatment usually include prescription drug copays, frequent doctor visits, and co-insurance for procedures. Moreover, increasing adoption of substitutes, such as traditional medicines-Ayurvedic, Chinese, and herbal medications may hamper the growth of the market. Based on results from the GlaxoSmithKline plc sponsored survey, around 22.7% of the patients took Chinese medications for treating male androgenetic alopecia in South Korea followed by Taiwan with 22.0% patients.

Related Press Release@ Alopecia Market Report

Alopecia Market Report Highlights

In 2020, the alopecia areata segment accounted for the largest revenue share and is anticipated to maintain its dominance over the forecast period
Key late-stage pipeline candidates in the treatment of hair loss include: Xeljanz (tofacitinib), Breezula (clascoterone), and SM04554 are expected to fuel the growth in the coming years
Alopecia universalis is anticipated to witness the fastest growth during the forecast period owing to the potential pipeline products, such as BNZ-1 (Bioniz Therapeutics), and stem cell educator therapy with minoxidil (Tianhe Stem Cell Biotechnologies, Inc.)
North America was the largest market in 2020 mainly due to a high disease prevalence, rising consumer awareness, proactive government measures, technological advancements, and improved healthcare infrastructure
Europe held the second-largest market share in 2020 given the high prevalence of AGA i.e., 80% and 50% in both the men and women of the region, respectively

Monday 20 September 2021

Asia Pacific Veterinary Equipment And Disposables Market Worth $692.8 Million By 2028

The Asia Pacific Veterinary Equipment And Disposables Market size is anticipated to reach USD 692.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.3% from 2021 to 2028. Increasing pet adoption, advancements in veterinary care and treatment, and the presence of market participants are factors likely to drive the market.

Equipment such as ventilators, patient monitors, fluid warmers, and disposables, such as wound care products and needles, are used in a variety of veterinary procedures, ranging from breeding to surgery, and diagnostics to treatment. The rising population of companion and livestock animals across the Asia Pacific region is a major driver contributing to market growth.

According to a 2019 report by Animal Medicines Australia, around 61% of Australian households own at least one pet. A similar trend is observed in South Korea as well. In 2019, 4.5 million households owned a dog in the country, while 1.1 million households owned a cat, according to Statistics Korea.

The COVID-19 pandemic significantly affected the animal health industry including the market for veterinary equipment and disposables in Asia Pacific. Some of the major points of impact include supply chain disruptions, the decline in sales, low demand, and operational hurdles due to changing policies and restrictions.

The market is dominated by many small and large players, including B. Braun Vet Care GmbH; Nonin Medical; and Midmark Corporation. There are many regional players as well, functioning as manufacturers, traders, and exporters. These organizations are undertaking various strategic initiatives, such as product launches, mergers and acquisitions, and collaborations, to gain market share. For instance, in July 2020, Midmark Corporation launched the Midmark Multiparameter Monitor for enhanced veterinary care.

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Asia Pacific Veterinary Equipment and Disposables Market Report Highlights

Advancements in monitoring and therapy equipment and disposables, such as ventilation support, IV fluid therapy, temperature management, and pain control are further impelling demand
In the product segment, major revenue share was held by critical care consumables owing to their cost-effectiveness and increasing usage in veterinary procedures
The companion animals segment dominated the market in 2020 in terms of revenue share. Growth in the pet population and rising emphasis on pet care and wellness by owners are contributing to segment growth
The veterinary hospitals/clinics segment held the largest revenue share in 2020. Factors driving this growth are the increasing number of animal hospitals and clinics, investments by the private sector, and rising pet ownership
For example, in September 2020, Tencent and Boehringer Ingelheim along with other companies invested in China’s largest animal hospital chain-New Ruipeng Pet Healthcare Group-bringing its market valuation to about USD 4.4 billion
In terms of country, China, Hong Kong, and Taiwan grabbed the largest revenue share of the market in 2020 owing to increasing research activities and the presence of market players in these countries

Contrast Enhanced Ultrasound Market – Industry Insights by End-use, 2028

The global Contrast Enhanced Ultrasound Market size is estimated to reach USD 2.71 billion by 2028, expanding at a CAGR of 4.0%, according to a new report by Grand View Research, Inc. Introduction of affordable dyes, increasing sonography procedural volume, and contrast imaging modes becoming an integral feature of ultrasound systems are the prominent factors driving the market.

The increasing prevalence of cardiovascular diseases, liver lesions, renal lesions, gastrointestinal diseases, and vascular diseases globally is anticipated to boost the market growth, as these are major areas of clinical application of Contrast-enhanced Ultrasound (CEUS) systems.

The presence of several potential benefits in CEUS such as being completely radiation-free, quick, cost-efficient, and patient-friendly, in comparison to the contrast-enhanced CT/MRI, is expected to propel the growth of the market.

Increasing approvals of CEUS by regulatory bodies for new indications are expected to propel the growth of the market during the forecast period. For instance, the ultrasound dyes which were originally indicated for cardiac imaging have received an extension of indication for pediatric and liver imaging in several countries.

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Contrast Enhanced Ultrasound Market Report Highlights

Based on product, the equipment segment held the largest revenue share in 2019. This can be attributed to the largest installed base of sonography technology compatible with CEUS
The contrast agents segment is expected to grow at the fastest rate of 4.0% during the forecast period owing to its approval of usage in the liver and pediatric imaging by the FDA
Based on type, the non-targeted segment held the largest revenue share in 2019 as most of the commercially available dyes are non-targeted agents
Numerous clinical trials conducted to determine the potential of diagnostic and therapeutic application of targeted imaging dyes in cancer care are expected to drive the segment during the forecast period
The hospitals segment held the largest market share in 2019 owing to the increasing number of emergency visits with medical conditions such as abdominal pain, abdominal/thoracic trauma, and cardiac complications
The clinics segment is anticipated to witness lucrative growth over the forecast period owing to the realization of economic and patient care benefits with the adoption of sonography devices in practice among physicians at primary and secondary care
In Asia Pacific, the market is expected to grow at the fastest rate owing to the limited accessibility to advanced CT/MRI imaging modalities such as CT and MRI, and the growing burden of cardiovascular disorders in China and India.

Fusion Biopsy Market by MedCom, ESAOTE SPA, KOELIS, Focal Healthcare

The global Fusion Biopsy Market size is estimated to reach USD 1.11 billion by 2028 registering a CAGR of 11.6%, according to a new report by Grand View Research, Inc. The increasing prevalence of prostate cancer, growing demand for targeted biopsy, and the rising utilization rate of multiparametric MRI in prostate cancer care are factors expected to drive the market during the forecast period.

High sensitivity and specificity of targeted MR/Ultrasound fusion biopsy in delineating prostate lesions compared to other traditional technologies such as TRUS biopsy, PSA test, or Digital Rectal Examination is expected to contribute to the market growth. The reliability and reproducibility of the fusion biopsy system in the diagnosis of aggressive tumors is expected to make it a standard tool in prostate biopsy.

An increasing number of radiologists gaining expertise in interpreting prostate MRI coupled with the implementation of standard image grading systems such as PI-RADS and Gleason score has increased the utilization rate of targeted MR/Ultrasound fusion biopsy systems.

The increasing number of government initiatives in terms of funding research, spreading awareness, and conducting mass screening programs related to prostate cancer are expected to play a crucial in the growth of the market. Some of the growth strategies adopted by market players include partnership, product launch, participation in trade events and conferences, and acquisitions to sustain in this highly competitive market.

Related Press Release@ Fusion Biopsy Market Report

Fusion Biopsy Market Report Highlights

The transrectal segment held the largest market share in 2019, as it is the gold standard and commonly used method of prostate fusion biopsy
The transperineal segment is expected to grow at the fastest rate during the forecast period owing to the safety, diagnostic efficiency, and ability to access the ventral prostate areas
The hospital segment accounted for the largest revenue share in 2019 because of the factors such as increasing the procurement rate of MR/US targeted fusion biopsy systems in teaching hospitals
The diagnostics centers segment is expected to grow at a significant rate over the forecast period. Shorter wait times, cost efficiency, and developing reimbursement paradigm are the factors expected to drive the growth of this segment
North America held the largest market share in the market in 2019 and is anticipated to maintain its dominance over the forecast period
Asia Pacific is anticipated to witness a CAGR of 10.5% during the forecast period owing to factors such as growing awareness about the sensitivity and specificity of MRI/US targeted fusion biopsy systems among urologists especially in countries such as Japan, Australia, and China.

Stoma Care Market Worth $785.6 Million By 2028 | CAGR: 6.6%

The global Stoma Care Market size is expected to reach USD 785.6 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2021 to 2028. Increasing cases of colorectal cancer, inflammatory bowel disease (IBD), increasing adoption of advanced technologies, and rising awareness regarding stoma care products are the key driving factors for the market.

Colorectal cancer is the most common cause of stomas, accounting for about 45.6% of all cases. More than 45.0% of colostomies are performed in ostomy patients aged 60 above, thereby surging the demand for healthcare products. In addition, colorectal cancer is the third most common form of cancer in both men and women. For instance, according to the report published by the World Health Organization (WHO), in 2020,9,35,000 deaths were reported out of 1.93 million cases due to colorectal cancer. Although it is more prevalent in adults aged 50 and older, however, the incidence rate has increased by 2.2% annually in individuals younger than 50 years.

For instance, according to the American Cancer Society, about 1.4 lakh individuals were diagnosed with colorectal cancer in 2020 of which 12.00% were individuals younger than 50. Furthermore, according to the National Center for Biotechnology Information (NCBI), colorectal cancer is the deadliest among males in UAE and deadliest among females in Japan. Therefore, such instances indicate a considerable increase in demand for healthcare products, as it is one of the essential requirements for treating such cases, thereby propelling market growth over the forecast period.

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Stoma Care Market Report Highlights

In terms of revenue, the others segment held the largest revenue share in 2020. The rising number of ostomies across the globe is the major factor propelling the segment growth
The colostomy segment held the largest revenue share in 2020 and is expected to witness a considerable growth rate over the forecast period due to the increasing prevalence of colon cancer
The home care settings segment held the largest revenue share in 2020. The segment growth is majorly driven by the outbreak of COVID-19 across the globe and the patients opting for homecare services
In Asia Pacific, the market is anticipated to witness the fastest growth rate over the forecast period due to the adoption of advanced technologies required for stoma care, high population base, and rising awareness about ostomy care

Saturday 18 September 2021

Ophthalmic Packaging Market Size Worth $17.7 Billion By 2028

The global Ophthalmic Packaging Market is expected to reach USD 17.7 billion by the end of 2028, according to a new report by Grand View Research, Inc. It is projected to expand at an 11.9% CAGR over the forecast period. The increasing global burden of ocular conditions and a growing number of ophthalmic clinics, hospitals, and ambulatory care centers are the factors driving the market growth. Additionally, the frequent introduction of new drug delivery systems and high demand for advanced packaging solutions is expected to fuel the market during the forecast period.

Increasing healthcare expenditure and rising disposable income are some of the prominent factors that are expected to drive a lot of patients towards advanced ophthalmic care. Furthermore, the growing number of advanced healthcare facilities such as eye hospitals and ophthalmic clinics across several regions and increasing awareness about preventive care, ocular disorders, and self-medications are some of the factors expected to aid the market growth.

The increasing geriatric population coupled with age-related ocular disorders is expected to increase the demand for ophthalmic products. Furthermore, the improving reimbursement policies for ocular surgeries including cataract & eye implants, and increasing awareness about ocular disorders and treatment options is expected to drive the market growth.

Government and non-government initiatives such as ocular screening programs and national healthcare programs are expected to increase the accessibility to ophthalmic healthcare. Furthermore, the initiatives such as an “economical free trade zone” & reducing approval time for the establishment of facilities will contribute to the establishment of new ophthalmic manufacturing facilities that are expected to increase the demand for the packaging materials over the forecast period.

Related Press Release@ Ophthalmic Packaging Market Report

Ophthalmic Packaging Market Report Highlights

Multiple-dose ophthalmic packages held the largest market share in 2018 and are expected to grow at a significant rate over the forecast period. Increasing usage of multiple-dose packaging in OTC preparations coupled with the growing prevalence of common ocular disorders such as red eyes, dry eyes, and conjunctivitis are the major factors expected to drive the growth.
Based on material, plastics packaging material accounted for the largest share and is expected to grow at a significant rate over the forecast period. Low-density polyethylene (LDP) is the most preferred used resin due to its advantages such as flexibility, compatibility, affordability, and safety.
Based on type the ophthalmic packaging market is segmented into prescription and over-the-counter (OTC) products. The prescription type segment held the largest share in 2018 and is expected to grow at a significant rate over the forecast period.
North America held around 38.5% of the global ophthalmic packaging material market in 2018. Developed healthcare infrastructure, rising aging population, the prevalence of eye disorders, and the presence of stringent regulatory bodies are the factors contributing to the significant share.
Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period, with the presence of several small and large-scale ophthalmic manufacturing plants and large unmet healthcare needs.