Healthcare Industry Insights: November 2021

Tuesday, 30 November 2021

Africa Mining Chemicals Market by Akzo Nobel N.V., BASF SE, DOW, Sasol

The Africa Mining Chemicals Market size is expected to reach USD 960.97 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.6% from 2021 to 2028. Factors such as the rising demand for minerals, increasing mining activities, and water treatment are likely to fuel the market growth over the forecast period. The growing market for metals such as gold, copper, and phosphate is expected to contribute to the product demand over the coming years.

Innovation in the industry is likely to increase yield and reduce the environmental hazards of mining operations. Furthermore, the deteriorating quality of mineral reserves is likely to result in the development of new and advanced mineral processing methods, which is expected to drive the demand for chemicals, such as flocculants, frothers, grinding aids, and solvent extractants, over the coming years.

Raw materials such as uranium, sulfuric acid, lead, nitric acid, mercury, and cyanide are used in the manufacturing of mining chemicals. China is a major exporter of mercury to Sub-Saharan Africa, followed by Singapore, Switzerland, Turkey, India, Mexico, United Arab Emirates, and Ukraine. In the African continent, Morocco is a major producer of Mercury. However, due to the adverse effect of mercury on the environment and human health, mineral miners are moving themselves to support mercury-free gold extraction. Countries such as Burkina Faso and Kenya have participated to support mercury-free gold extraction programs led by the United Nations.

The African market for mining chemicals is characterized by the presence of numerous manufacturing giants and local players who constantly focus on upgrading their overall business portfolio right from product development to marketing. The product demand in Africa has increased significantly since the past decade with major shifts in the mining industry, coupled with the growing wastewater activities in the region. Many end-use application manufacturers have even formed alliances with the manufacturers to maintain consistency in their production processes and eliminate the risk of uncertainty in terms of product availability and sourcing.

Related to Press Release@ Africa Mining Chemicals Market Report

Africa Mining Chemicals Market Report Highlights

By ore type, the powder gold segment is expected to expand at the fastest CAGR of 5.8% in terms of revenue over the forecast period. The growth is attributed to the increasing use of gold in different applications, including medicine, water treatment, printing paper, and making colors for painting
In 2020, the explosives and drilling segment emerged as the dominant application segment and accounted for a revenue share of more than 35.0% because drilling and explosions are major operations used in opencast mining
Ivory Coast is projected to register the fastest CAGR in terms of volume from 2021 to 2028. This growth is attributed to the growing gold mining activities in the country
The African market for mining chemicals is highly competitive due to the presence of a large number of multinationals that are engaged in constant research & development activities and local players
Some of the key local players are involved in enhancing their market presence in Africa through signing an agreement with distributors

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Hospital Information System Market Size is Predicted to Witness 5.9% CAGR till 2028

The global Hospital Information System Market size is expected to reach USD 85.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.9% from 2021 to 2028. An increase in the adoption of hospital information systems (HIS) for improving operational efficiency in administration, financial, and legal tasks in hospital settings is one of the key factors attributed to the market growth. In addition, growing awareness regarding advanced IT services and consequently growing requirements to curb healthcare costs are among other key driving factors. With the surging adoption of hospital information systems due to the several benefits of information technology, such as lower healthcare expenditure and higher operational efficiency, the demand for analytical IT solutions is increasing in healthcare.

Hospital information solutions aid in reducing medical and administration errors. Electronic Health Records (EHRs), electronic medical records, patient engagement solutions, and population health management are the key types of information systems registering high adoption among end-users. The growing need for efficient management of a large volume of healthcare data generated and its accessibility by the medical practitioners is one of the key factors driving market growth recently.

Furthermore, IT companies and healthcare settings are entering into partnerships and collaborations to streamline the data storage, curb rising costs and effectively use data analytics for better healthcare delivery and outcomes coupled with efficient management and distribution of patient data. For instance, in February 2019, IBM Watson Health announced its 10-year investment of USD 50 million in a research partnership with and Vanderbilt University Medical Center (VUMC) and Brigham and Women’s Hospital, which aimed to focus on the intersection between AI, EHR data, and the user experience.

Related Press Release@ Hospital Information System Market Report

Hospital Information System Market Report Highlights

The HIS market size is anticipated to be valued at USD 85.2 billion by 2028, owing to an increase in the number of government initiatives worldwide to develop and deploy hospital information systems
The electronic health record segment dominated the global market in 2020. It is due to growing digitalization coupled with the rising demand for centralization in healthcare administration
The web-based deployment segment dominated the market, owing to reduced business costs and improved accuracy
Software component segment dominated in 2020, owing to the presence of technologically advanced IT infrastructure in healthcare organizations
North America dominated the market in 2020 due to the presence of a large number of vendors, such as Cerner, GE Healthcare, Carestream Health, IBM, and McKesson Corporation, in the region offering information solutions

Monday, 29 November 2021

Inflammatory Bowel Disease Treatment Market by AbbVie Inc., Biogen, Johnson & Johnson Services, Inc.

The global Inflammatory Bowel Disease Treatment Market size is expected to reach USD 27.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. Increasing awareness about the disease, rise in geriatric population, and favorable initiatives undertaken by regulatory bodies are anticipated to drive the market growth over the forecast period. For instance, in January 2020, the U.S. FDA allowed ABIVAX to conduct a phase 2B clinical trial of ABX464 on U.S. patients living with moderate-to-severe ulcerative colitis.

Increasing adoption of strategies such as new product development and expansion is expected to drive market growth. For instance, in June 2020, Takeda Pharmaceutical received U.S. FDA approval to manufacture Entyvio (vedolizumab) in its U.S.-based manufacturing facility. The approval is expected to support the growing demand for the drug in the U.S. and nearby countries. Moreover, Takeda pharmaceutical is heavily investing in the development of the market in China.

An increase in initiatives undertaken by various organizations to tackle the challenges in the development of novel therapy development is expected to boost the market growth in the coming years. For instance, in May 2019, Crohn’s and Colitis Foundation released a five-year plan to mark unmet needs in IBD research and development and IBD treatment. Moreover, European Chronic Disease Alliance has taken many steps to improve the life of patients living with inflammatory bowel disease.

Implementation of favorable healthcare policies in developed countries is increasing the prescription of novel drugs for the treatment of inflammatory bowel disease. For instance, in September 2017, the Australian Therapeutic Goods Administration listed Stelara on Pharmaceutical Benefits Scheme (PBS) for the treatment of the severe condition of Crohn’s disease in adults. PBS listing of Stelara will increase the prescription of the drug in the country.

The clinical-stage companies involved in the development of innovative treatments for IBD are expected to fuel the market growth. For instance, Germany-based Sterna Biologicals, a clinical-stage company is conducting phase IIb clinical trials for the treatment of ulcerative colitis. Moreover, Galapagos NV, a research-based company is conducting phase 3 clinical trials for its JAK inhibitor, Filgotinib, for the treatment of Crohn’s disease and ulcerative colitis. The product is expected to receive approval for IBD treatment in the next 2 to 3 years.

Regulatory bodies are encouraging the manufacturers to increase research initiatives by introducing programs such as U.S. Orphan Drug Program. For instance, in August 2017, InDex Pharmaceuticals Holding AB’s drug candidate cobitolimod (intended for the treatment of ulcerative colitis) received orphan drug designation by the U.S. FDA. In August 2019, the drug met the primary endpoints of phase 2b clinical studies for the development of ulcerative colitis treatment.

Related Press Release@ Inflammatory Bowel Disease Treatment Market Report

Inflammatory Bowel Disease Treatment Market Report Highlights

In 2020, Crohn’s disease accounted for the largest revenue share of more than 60.0% and is anticipated to maintain its dominance over the forecast period
Based on drug class, the TNF inhibitors segment dominated the market in 2020 owing to the high prescription rate of Humira and Remicade globally
Pipeline candidates in the JAK inhibitors drug class such as upadacitinib, tofacitinib, and filgotinib are anticipated to drive the segment growth at the fastest rate from 2021 to 2028
The oral drugs segment is anticipated to grow at the fastest rate over the forecast period owing to an increase in approval of pipeline drugs such as upadacitinib, etrasimod, ozanimod, and others
Asia Pacific is expected to witness the fastest growth in the coming years owing to rising approval of biosimilars and increasing awareness related to the disease
North America held the largest market owing to the adoption of biologics for IBD treatment and better reimbursement scenarios in the country

Europe Glassware Market Worth $4.01 Billion By 2028

The Europe Glassware Market size is expected to reach USD 4.01 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.8% from 2021 to 2028. The market is expected to witness prominent growth in the future owing to the economic growth in emerging countries and the development of attractive glassware products.

Furthermore, the increasing urbanization is one of the prominent factors leading to a change in the purchasing behavior of consumers. The growing population due to the migration of individuals from different countries has increased the number of glassware purchases as per the individual’s preference, in turn, propelling the product demand. A majority of the population in each EU-27 Member State lived in owner-occupied dwellings in 2018, this share ranging from 51.4% in Germany to 96.4% in Romania; the EU-27 average was 70.0%. The trend of living in rental houses has resulted in individuals often changing their houses, thus triggering the product demand as individuals prefer new glassware in their new house.

A rise in alcohol consumption is also acting as a major driver for the market from both the residential and commercial sectors. According to a 2019 report by the WHO, on average, adults (aged 15 years and over) in the European Union countries drink the equivalent of more than 2 bottles of wine per week. When lifetime abstainers and former drinkers are removed, it reveals that adults drink more than 3 bottles of wine a week. Across the population, 30.4% of people report having consumed more than 60g of pure alcohol on a single occasion in the last 30 days - this is equivalent to more than 5 drinks on 1 occasion.

The growing trend of nuclear families is creating more opportunities and growth prospects for the market. In addition, the frequency of formal dining occasions at home is increasing, thereby creating more demand for luxury and premium glassware among consumers. However, the use of plastic ware in various small restaurants due to their low cost and less maintenance is projected to restrain the market growth in the commercial sector. However, increasing awareness about the health benefits of using glassware for drinking can negate the effect of the restraining factors.

The growth of the commercial sector, particularly restaurants and cafes, in the region is creating a high demand for glassware. As per the Specialty Coffee Association (SCA), in 2017, there were 301,593 cafes and 13,344 coffee-focused shops in Western Europe. The uptick in the number of café outlets is increasing the need for glassware products, which is likely to boost the growth prospects for the market over the forecast period. In Europe, the U.K. is foreseen to remain at the forefront and is projected to expand at a notable CAGR over the forecast period.

Related Press Release@ Europe Glassware Market Report

Europe Glassware Market Report Highlights

By product, the wine glass segment is projected to be the fastest-growing segment over the forecast period
Based on distribution channel, the specialty stores segment dominated the market with a share of over 37.0% in 2020
In terms of branding, the branded glassware segment is expected to expand at the fastest CAGR of 9.2% from 2021 to 2028
In Europe, the U.K. held the largest share of almost 16.0% in 2020 and is foreseen to remain at the forefront in the forthcoming years

Friday, 26 November 2021

Healthcare Automatic Identification And Data Capture Market by Datalogic S.p.A, SICK AG, Honeywell International Inc., Cognex Corporation

The global Healthcare Automatic Identification And Data Capture Market size is expected to reach USD 62.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 22.3% from 2021 to 2028. The growth is attributed majorly due to the increasing focus of pharmaceutical companies on optimizing the supply chain. For instance, in October 2020, Sandoz launched its first RFID-tagged critical injectable medicines in the U.S.

Furthermore, technological advancements by market players and favorable government policies pertaining to automatic identification and data capture (AIDC) solutions are expected to fuel the market demand in coming years. The National Health Authority of India issued new guidelines for the Ayushman Bharat scheme. These guidelines for to introduce biometric authentication at the time of admission and discharge of the patients. These types of initiatives are anticipated to propel market growth.

In recent years, RFID tools, which use wireless communication to identify and track equipment and assets, have seen strong adoption in healthcare settings. Upgrading of inventory management in pharmacies, hospitals, life and science companies, high demand for enhanced patient safety by healthcare providers, and implementation of automated processes in healthcare facilities are expected to fuel the healthcare RFID market growth during the forecast period.

The COVID-19 outbreak is also becoming an emerging driver for the adoption of biometric solutions. As the COVID-19 is revealing the importance of AIDCs around the world. Hence, it is estimated that the market will witness lucrative opportunities due to the COVID-19 outbreak.

Healthcare Automatic Identification And Data Capture Market Report Highlights

The biometric emerged as the largest revenue-generating segment of the healthcare AIDC market in 2020. Increasing adoption of RFID technology for AIDC services in the healthcare industry is estimated to drive market
The hardware segment dominated the market in 2020 owing to the growing installation of RFID systems. The rising requirement for hardware-based components in the AIDC devices such as printers, scanners, readers, cards, and other such systems is expected to drive the market
The clinical segment is expected to exhibit the fastest growth rate during the study period. Growing adoption of AIDC for clinical applications such as blood transfusion verification, medication administration, verification laboratory specimen identification is anticipated to drive the market
Asia Pacific region has emerged as the fastest-growing market during the forecast period. Existence of a large pharmaceutical industry requiring this technology for process streamlining

Disposable EEG Electrode Market by Medtronic PLC, Ambu A/S, CONMED Corporation, BIOPAC Systems Inc.

The global Disposable EEG Electrode Market size is expected to reach USD 921.3 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.6% from 2021 to 2028. Medtronic PLC, Ambu A/S, CONMED Corporation, BIOPAC Systems Inc. are some of the key players in this industry. Increasing cases of HAIs, technological advancements, and rising prevalence of neurological disorders and Acute Ischemic Stroke (AIS) are the key driving factors for the market.

Stroke is the most common cause of death, followed by heart and cancer diseases worldwide. For instance, according to the WHO, in 2016, 15.2 million deaths of the 56.9 million deaths worldwide were due to stroke. Acute Ischemic Stroke (AIS) is the most common form of stroke, caused due to reduced blood supply to the brain, making brain cells die. For instance, according to U.S. CDC, 87.0% of strokes are classified as ischemic strokes, with the U.S. being the most commonly affected country. According to Southwestern Medical Center, about 795,000 people in the U.S. suffer from a stroke every year. Furthermore, according to National Center for Biotechnology Information (NCBI), strokes occur more commonly in women than men, especially in the elderly population (aged 55 to 65).

Moreover, according to the U.K. Stroke Association, more than 100,000 strokes occur in the U.K. every year. In every 2 seconds, someone in the world is likely to have a stroke. Stroke is the fourth biggest killer in the U.K., fourth in England and wales, and third in Scotland and Northern Ireland. Around 1 in 10 patients who have a hemorrhage stroke die before reaching a hospital. In addition, according to the U.K. Stroke Association, nearly 85.0% of all strokes are AIS and 15.0% are hemorrhage stroke. Disposable EEG electrodes can be used for the early-stage detection of the stroke. Thus, the increasing prevalence of AIS is expected to drive the market over the forecast period.

Related Press Release@ Disposable EEG Electrode Market Report

Disposable EEG Electrode Market Report Highlights

In terms of revenue, the disposable needle electrode segment held the largest revenue share in 2020. The rising cases of hospital acquired infections across the globe is the major factor propelling segment growth
The diagnostic 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 neurological disorders
The hospitals segment held the largest revenue share in 2020. The segment growth is majorly driven by the increasing number of hospitals
In Asia Pacific, the market is expected to witness the fastest growth rate over the forecast period owing to the rising prevalence of chronic wounds in people living in the region

Endodontic Files Market: Industry Demand, Analysis and Future Trends 2028

The global Endodontic Files Market size is expected to reach USD 50.5 million by 2028, recording a CAGR of 4.8% over the forecast period, according to a new report by Grand View Research, Inc. Higher disposal income levels and rising awareness concerning dental care are expected to drive the market growth. In addition, the rising technological advancement in the field of alloy files and the increasing number of root canal procedures are fueling the market growth.

The government initiatives to provide dental care at subsidized rates or free of cost through the public sector for the low-income groups and dependent groups further encourages more dental visits and dental care awareness. Moreover, the regional associations dedicatedly working towards endodontic, such as the American Association of Endodontists, The Asian Pacific Endodontic Confederation, and The Australian Society of Endodontology, help in creating awareness and support and develop the members associated.

The business strategies adopted in terms of mergers and acquisitions by the key players are propelling the research and development activities resulting in the development of technologically advanced products, which are more efficient and facilitates faster treatment. In addition, it is encouraging geographical expansion, making the files available to dental hospitals, clinics, and academic hospitals worldwide.

The Covid-19 pandemic has further given a boost to the online distribution channel. However, during the initial phase of the pandemic, dental care was affected largely as the dental practices were at high risk of spreading the virus. The dental clinics had to stop the operations and later a complete structural change was needed to prevent the dentist from getting infected.

Related Press Release@ Endodontic Files Market Report

Endodontic Files Market Report Highlights

The manual files segment dominated the market, in terms of revenue share, in 2020 due to the preference for more controlled root canal procedures
The stainless steel material segment accounted for the highest revenue share in 2020
On the other hand, Ni-Ti files are expected to witness the fastest CAGR over the forecast period due to their features, such as the shape memory effect, superior elasticity, biocompatibility, and corrosion resistance
The offline distribution channel segment held a majority of the revenue share in 2020 as most of the hospitals & clinics purchase directly from the manufacturers enabling cooperation and communication to medical specialists and technicians
On the other hand, the online distribution channel is likely to witness the fastest CAGR over the forecast period due to the rising popularity of online portals as they offer convenience
The hospitals/OPDs segment led the market in 2020 owing to technological advancements and the government initiatives to provide dental care through the public sector encouraging patients to visit the hospitals
In 2020, North America held the majority of the global revenue share owing to the continuous development of files for improved efficiency, awareness regarding dental care, and a rise in disposable income levels
However, Asia Pacific is expected to be the fastest-growing regional market over the forecast period

Buttock Augmentation Market Size is Predicted to Witness 22.0% CAGR till 2028

The global Buttock Augmentation Market size is anticipated to reach USD 6.6 billion by 2028, according to the new report of Grand View Research, Inc. The market is expected to expand at a CAGR of 22.0% from 2021 to 2028. Sientra, Inc, POLYTECH Health & Aesthetics, Allergan, Sebbin are some of the key players in this industry. Buttock augmentation also called gluteal augmentation is a technique used to contour, size, and enhance the appearance. A buttock lift is reported to improve the tone of the underlying tissue and is mainly done by using implants, fat grafting, or sometimes a combination of the two.

Factors like rising technological advancement in aesthetics, rising disposable income, increasing aesthetic consciousness and the high success rate of augmentation procedures are propelling the market growth. According to the International Society of Aesthetic Plastic Surgery, around 5, 34,345 butt augmentation and lift procedures were carried out globally in 2019. Buttock augmentation accounts for 4.7% of total surgical procedures globally.

Growing social media influence, high consciousness towards aesthetic appearance, and its association with self-confidence and self-image by an individual are some of the reasons for market growth. In the light of COVID-19, the market was hampered as patient appointments for surgical treatments were temporarily suspended. However, since the government in many countries has allowed resuming elective surgical procedures, clinics have also started buttock lift and grafting procedures again. Moreover, according to the BBC network, inquiries and appointments for many surgical and non-surgical cosmetic treatments have seen a surge following the pandemic and are thus expected to propel market growth.

Related Press Release@ Buttock Augmentation Market Report

Buttock Augmentation Market Report Highlights

By procedure, the buttock implant procedure segment held the largest revenue share in 2020 as techniques like fat grafting and butt lift are more in demand and has faster post-operative healing
Based on implant type, the fat grafting segment accounted for the largest revenue share in 2020 as this procedure is less complicated, takes less operative time, and has more success rate
In North America, the market accounted for the largest revenue share in 2020 as the region has a high awareness of such procedure and there is high availability of aesthetic professionals
In Asia Pacific, the market is expected to grow significantly in the forecast period owing to technological advancements and an increase in patients opting for procedures to improve aesthetic appearances

Durable Medical Equipment Rental Market: Industry Demand, Analysis and Future Trends 2028

The global Durable Medical Equipment Rental Market size is expected to reach USD 35.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. The growth is attributable to financial benefits offered by renting durable medical equipment (DME) as it aids in bridging the gap between capital availability and clinical needs. Moreover, before buying, renting DME helps in determining whether or not they are a suitable fit.

The COVID-19 pandemic has disrupted the supply chains of various medical devices. The shelter-in-place mandates have led to a shortage in the workforce across the supply chain industry. However, there has been a sudden surge in the demand for respiratory equipment owing to the ongoing coronavirus pandemic. The DME rental players are fulfilling these demands for hospitals as well as home care patients. Looking at the short-term necessity of these products, and to boost sales, various local manufacturers have come up with a marketing strategy that involves renting out this equipment. Therefore, the market for DME rental is projected to grow with a lucrative CAGR during the pandemic crisis.

The rising number of people with disabilities across the globe is boosting the demand for wheelchairs, crutches, walkers, and other such personal mobility equipment and aids. This, in turn, boosts the demand for DME rental. According to the WHO, more than a billion people have some form of disability in the world that accounts for around 15% of the global population. Also, there is a rapid increase in the number of people with disabilities owing to rising chronic health conditions and demographic trends. For instance, over 54 million adults have arthritis in the US according to a study by the CDC. This number is projected to cross 78 million by 2040.

The market is also driven by the growing demand for therapeutic and monitoring equipment. This demand is attributable to improving healthcare infrastructure across the globe coupled with continuous technological advancements in durable medical equipment. Renting advanced durable medical equipment helps in keeping up with the changing technology in a cost-effective manner. Moreover, people who need mobility equipment temporarily mostly prefer renting.

The rise of financial services for renting DME has been beneficial for various end-users such as hospitals, institutes & laboratories, as well as home care. Moreover, renting equipment confers cost benefits to end-users, as it reduces ownership costs and in turn allows these players to adopt advanced product modules. Medical equipment insurers typically cover around 50% to 80% of the overall cost of durable medical equipment such as a wheelchair. The maintenance and insurance are taken care of by the provider. This, in turn, reduces the risk for end-user and augments the growth of the market.

Related Press Release@ Durable Medical Equipment Rental Market Report

Durable Medical Equipment Rental Market Report Highlights

The bathroom safety and medical furniture segment accounted for the largest revenue share of 56.4% in 2020 owing to growing technological innovations in such medical equipment
The hospitals’ segment accounted for the largest revenue share of 59.2% in 2020 owing to huge patient footfall in comparison to laboratories and institutes coupled with growing need to keep up with technological advancements
North America contributed for the largest revenue share of 32.5% owing to the presence of dominant market players, high healthcare expenditure, and high adoption rate for advanced medical technologies

Thursday, 25 November 2021

Healthcare Patent Filing Outsourcing Market Worth $1.8 Billion By 2028

The global Healthcare Patent Filing Outsourcing Market size is expected to reach USD 1.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.5% from 2021 to 2028. In-house departments of pharmaceutical and medical devices firms typically do not have sufficient time to carry out patent filing processes. Even if they do, it will be a costly option for the firms. Therefore, the market is significantly driven by the growing need for cost-saving and time-saving in patent filing processes.

The market suffered a hefty decline of 2.1% in 2020 owing to the COVID-19 pandemic. Organizations such as the European Patent Office (EPO) and the United State Patent and Trademark Office (USPTO) announced relaxations such as extension of deadlines in order to accommodate 2019 novel coronavirus related delays and interruptions. However, with the lifting of COVID-19 related shelter-in-place mandates and commercialization of the vaccine, the bottle necking of patent filing is clearing. The market is projected to recover from 2021 onwards and expand with a lucrative CAGR over the forecast period.

Growing innovations in the medical device and pharmaceutical space is driving the market. Surging number of start-ups in the healthcare industry with new and innovative products, will also boost market growth. Patent applications are majorly filed by the well-established players in the healthcare industry such as Novartis, Covidien, Boston Scientific, Medtronic, Ethicon, Olympus Corp. These companies innovate in-house, partner with high-tech companies for consumer-facing offerings, and also license technologies from universities. Such companies hold huge potential market growth across the globe.

Related Press Release@ Healthcare Patent Filing Outsourcing Market Report

Healthcare Patent Filing Outsourcing Market Report Highlights

Medtech accounted for the largest revenue share of 51.2% in 2020 owing to growing technological innovations in medical devices
Filing and prosecution services accounted for the largest revenue share of over 50.0% in 2020 owing to complexity, cost-efficiency, and time-saving associated with outsourcing such activities
By origin, non-resident is the fastest growing segment with a CAGR of 5.9% between 2021 to 2028 as national patent in one country might not prevent copying of a product or technology in a different country
Asia pacific region contributed for the largest share of 65.5% owing to high number of patents filed in the region coupled with availability of low cost outsourcing services in the region. Furthermore, the off-shore model is highly adopted in this industry, where such offices are majorly placed in countries such as India, Japan, Korea, Malaysia, Singapore and others

Friday, 19 November 2021

Companion Animal Health Market Size is Predicted to Witness 9.2% CAGR till 2028

The global Companion Animal Health Market size is anticipated to reach USD 37.49 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 9.2% from 2021 to 2028. Merck & Co., Inc., Ceva, Vetoquinol S.A., Zoetis are some of the key players in this industry. Growing pet adoption, rising cases of acute & chronic health conditions in pets, and availability of pet insurance are the factors responsible for the growth of this market.

Growing investments and strategic initiatives by market players to develop advanced solutions for pet care is another key contributor to the growth of the market. For instance, in February 2020, Boehringer Ingelheim received approval for Aservo Equihaler, which is its first therapy for severe equine asthma.

Furthermore, the rising adoption of pet insurance is anticipated to fuel the market growth. As per The Holland Insurance Company Pty. Ltd., 20% of GenY and 12% of baby boomer pet owners have pet insurances in Australia. The pet insurance industry is also growing steadily in countries, such as India. These factors, combined with the humanization of pets and increasing pet health concerns, are expected to increase the demand for pet health products and services.

The market was impacted by the Covid-19 pandemic. Market participants had to face several challenges, such as demand slowdown, supply chain disruptions, and operational hurdles, due to the changing norms and restrictions. The pandemic created working capital pressures across the commercial value chain. However, the growing attachment of pet owners to their pets during this pandemic resulted in increased spending on pet healthcare. This has positively impacted the industry development.

The market is highly competitive and companies are undertaking various business strategies to sustain the heavy competition. As per its March 2020 press release, Ceva, a French global veterinary health company, focused on its inventory planning to ensure continuous product availability during the pandemic. The pre-availability of several months of safety stocks of the company’s strategic vaccines and pharmaceutical products created an added buffer to combat any supply chain interruptions.

Related Press Release@ Companion Animal Health Market Report

Companion Animal Health Market Report Highlights

The pharmaceuticals product segment held the largest revenue share in 2020. Ongoing advancements and research in drug formulations is the key growth-driving factor for the segment
The diagnostics segment is expected to grow at an exponential rate owing to increasing cases of zoonotic infections, which is likely to boost the need for the establishment of diagnostic laboratories and Point-of-Care (PoC) testing
The veterinary hospitals & clinics end-use segment accounted for the largest share in 2020
This growth can be credited to an increasing number of hospitals and clinics and the availability of a wide range of treatments and diagnostic options for pets in these healthcare settings
North America led the market in 2020 owing to the presence of major players and increasing prevalence of acute & chronic diseases in pets
Asia Pacific is expected to be the fastest-growing regional market during the forecast period due to rising pet ownership and pet health concerns

Non-PVC IV Bags Market Worth $3.09 Billion By 2028 | CAGR: 9.8%

The global Non-PVC IV Bags Market size is expected to reach USD 3.09 billion by 2028, registering a CAGR of 9.8% over the forecast period, according to a new report by Grand View Research, Inc. RENOLIT, Baxter, Angiplast Pvt. Ltd., Shanghai Xin Gen Eco-Technologies Co., Ltd., Jiangxi Sanxin Medtec Co., Ltd. are some of the key players in this industry. The demand for non-PVC substitutes is expected to grow in response to increasing global demand for nontoxic medical packaging and stringent legislation banning the use of PVC (polyvinyl chloride). Significant research and development for new alternatives are also expected to drive the global market over the forecast period.

Non-PVC IV bags are majorly used for parenteral nutrition and chemotherapy. With the advent of different varieties of substitutes, such as EVA and polypropylene, PVC packaging is likely to be replaced by non-PVC substitutions, such as polypropylene and EVA. These materials can be utilized for various purposes, such as cold or frozen storage and custom mixtures. Thus, the wide applicability of non-PVC IV bags is expected to propel the market growth over the forecast period.

In addition, stringent regulatory policies related to PVC IV bags have led to an increase in the use of non-PVC materials in the medical and non-medical industries. The global movement toward non-PVC materials provides tremendous growth prospects, drawing producers and investors to the sector. Non-PVC IV bags are becoming more common in parenteral nutrition services. Since the composition varies from patient to patient, they have a high demand for multi-chambered containers. With the introduction of tailored clinical solutions, the need for customized IV bag suppliers is expected to grow.

Related Press Release@ Non-PVC IV Bags Market Report

Non-PVC IV Bags Market Report Highlights

The single-chamber product segment dominated the global market accounting for a revenue share of over 63% in 2020 due to the extensive use of IV drips and other mixtures
Ethylene Vinyl Acetate (EVA) was the largest material segment in 2020 and is likely to continue its dominance over the forecast period
Higher protection and utility of EVA in frozen mixtures, like blood banks, are expected to have a significant impact on the segment growth
The liquid mixture segment held the largest revenue share in 2020 owing to its increased usage
North America was the dominant regional market in 2020. However, Asia Pacific is estimated to showcase the fastest CAGR from 2021 to 2028
The emergence of a large number of local companies and growing Foreign Direct Investments (FDIs) in the Asia Pacific are driving the regional market