Healthcare Industry Insights: February 2022

Monday 28 February 2022

Neurological Biomarkers Market Size is Estimated to Witness 12.9% CAGR till 2028

The global Neurological Biomarkers Market size is expected to reach USD 16.14 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 12.9% from 2020 to 2028. Increasing funding for the R&D of neurological biomarkers to boost the development of new drugs is expected to accelerate market growth. Moreover, the introduction of novel innovative products for the diagnosis of neurological biomarkers is expected to propel market growth over the forecast period.

The National Institute of Neurological Disorders and Stroke provides funding, such as development grants & cooperative agreements for researchers conducting studies related to biomarker discovery, analytical validation, & clinical validation. Thus, the presence of organizations offering funds at various stages of research is anticipated to drive market growth. For instance, the University of North Texas Health Science Center (HSC) was awarded around USD 45.5 million funds from the National Institutes of Health (NIH) to support research regarding health disparities in Alzheimer’s and brain aging. NIH is offering additional funds for biomarkers research for the ongoing Health and Aging Brain Among Latino Elders (HABLE) study.

Increasing product launches are also expected to drive market growth. For instance, in January 2021, Abbott received FDA 510K clearance for its rapid handheld traumatic brain injury test that measures UCH-L1 and GFAP biomarkers. The results of this test are available within 15 minutes, and it helps clinicians assess the need to perform a CT scan. The rapid turnaround time of this test will help physicians plan and deliver treatment on time.

In August 2018, Olink Proteomics AB introduced a new biomarker panel Olink NEURO EXPLORATORY for the expansion of a portfolio of high-quality protein assays. This product includes a high-performance assay for neurofilament light polypeptide, a significant biomarker for traumatic brain injury and degenerative neurological diseases.

However, the lack of reimbursement coverage for the biomarkers impedes the market growth. Currently, only certain, restricted forms of biomarker tests for dementia symptoms are covered by Medicare and other health insurance programs and their use must be justified based on the symptoms and specific requirements of the individual.

The reimbursement for Alzheimer’s disease is also not provided by most of the insurance providers, such as the Blue Cross and Blue Shield Association. The reimbursement coverage for neurological biomarker testing in developing countries, such as India and China, is even lesser, as these countries have low insurance penetration and very little awareness about biomarker testing.

Related Press Release@ Neurological Biomarkers Market Report

Neurological Biomarkers Market Report Highlights

Increasing collaborations and public-private partnerships for research initiatives may fuel market growth
For instance, in February 2018, MJFF in collaboration with the NIH and five life-sciences companies provided USD 24 million as a research grant for the development of neurological biomarkers
In 2020, the proteomic biomarkers segment accounted for the largest market share and is anticipated to maintain its dominance over the forecast period
The Parkinson’s disease segment led the market in 2020. An increasing number of clinical trials for Parkinson’s disease drugs and the growing prevalence of the disease is expected to drive the segment growth in the years to come
North America was the largest regional market in 2020 owing to the high disease burden, acceptance of biomarkers for diagnostic, prognostics, & drug development purposes, and increase in research funding
Asia Pacific is anticipated to witness the fastest CAGR over the forecast period owing to a rising number of clinical trials being conducted in developing countries, such as India and China, increasing disease burden, and growing need for targeted drugs in the central nervous system

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Tuesday 22 February 2022

Network Point-of-Care Glucose Testing Market Analysis Insights by Product and Region, 2021-2028

The global Network Point-Of-Care Glucose Testing Market size is expected to reach USD 1.6 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.9% from 2021 to 2028. Some of the key players in this industry are F. Hoffmann-La Roche Ltd., Abbott, Nova Biomedical, Bayer AG/Ascensia Diabetes Care Holdings AG, Danaher. Increasing demand for safe and accurate remote patient monitoring options and the need for data-based treatment regimens are major factors driving the market. The integration of advanced technologies including Bluetooth Low Energy (BLE) and Infrared is expected to fuel the market growth in the upcoming years.

Expanding patient base in Asia Pacific and the Middle East and the high demand for advanced diabetes management systems are creating significant growth opportunities in these regions. These regions also include some of the highly preferred destinations for medical tourism. Increasing demand for world-class healthcare services and rising adoption of advanced technology are some of the factors boosting the market growth in these regions.

Network point-of-care glucose meters were extensively used in COVID-19 care. This enabled doctors to remotely observe glucose levels with minimal risk of infection. In addition, a large amount of data is still being used to customize treatment plans for diabetic COVID-19 patients. Preference for telemedicine and trends of home healthcare settings for chronic patients are some of the factors expected to expand the applications of network-based point-of-care devices.

Related Press Release@ Network Point-of-Care Glucose Testing Market Report

Network Point-of-Care Glucose Testing Market Report Highlights

Network point-of-care devices were in high demand during the first and second wave of COVID-19 owing to their advantage of remote patient monitoring
Based on product, the Accu-Chek Inform II segment held the largest revenue share in 2020 and is expected to expand at a lucrative growth rate during the forecast period
North America held the largest revenue share in 2020 and is predicted to maintain its lead over the forecast period owing to the factors such as the presence of major players and high adoption rate

Personal Health Record Software Market Worth $14.9 Million By 2028

The global Personal Health Record Software Market size is expected to reach USD 14.87 million by 2028, growing at a CAGR of 9.9% over the forecast period, according to a new report by Grand View Research, Inc. Some of the key players in this industry are Healthspek, Health Companion, NoMoreClipboard, Patient Ally, Records For Living, Inc., Practice Fusion, Inc. High acceptance of advanced technologies, growing demand for centralizing, and streamlining of healthcare information, rising awareness among patients for medical information storage and management, and increasing government initiatives will support the market growth during the forecast period.

For instance, in October 2019, The Union Ministry of Health and Family Welfare, Government of India developed an app, ‘My Health Record’, which permits users to store their past prescriptions, detailed health profile, lab records & diagnoses at one platform and share it with medical specialists when required. The COVID-19 has toppled the way of work and life, enforcing healthcare groups to share individual’s medical records in a format that is meaningful and easily available.

The Department of Health and Human Services Office of the National Coordinator for Health Information Technology, together with the Centers for Medicare & Medicaid Services, issued two new rules to come into force in April 2021. One rule requires healthcare groups to make health record data available electronically through broadly-used technical standards. While the other forbids “information blocking,” where healthcare groups place excessive practical, cost, and technical barriers to the sharing of health information.

The North American region held the largest revenue share of over 55% in 2020 owing to the government initiatives for eHealth and an increased need to follow regulatory guidelines and curtail the rising healthcare costs. The European region held the second-largest market share in 2020 owing to the decreased cost of care and prediction of a possible medical emergency.

Key players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, among others to maintain a competitive edge in the market. For instance, in March 2020, Knapsack Health launched a free Personal Health Record for individuals, families, and caretakers.

Related Press Release@ Personal Health Record Software Market Report

Personal Health Record Software Market Report Highlights

High acceptance of advanced technologies to cater to the growing customer needs and expansion of digital healthcare has contributed significantly to the market growth
In terms of revenue, the software & mobile apps component segment dominated the market in 2020 owing to increased supportive government initiatives
The Cloud-based deployment mode segment is expected to register the fastest CAGR over the forecast period owing to the technological up-gradation in the healthcare sector and growing focus on healthcare digitization
The standalone architecture type segment accounted for the largest revenue share in 2020 due to wide adoption on account of its benefits, such as privacy control
Key players in the personal health record software market focus on various strategies, such as new product developments and business expansions, for better market penetration
For example, in September 2020, PicnicHealth raised $25 million for its patient health record management service; thereby, strengthening its market position

Europe Veterinary Pharmaceuticals Market Worth $9.0 Billion By 2028

The Europe Veterinary Pharmaceuticals Market size is expected to reach USD 9.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2021 to 2028. The key factors anticipated to fuel the market growth include increasing demand for companion animal products, pet expenditure, the prevalence of diseases in companion as well as livestock animals, and initiatives by the market players. For instance, in September 2020, Boehringer Ingelheim collaborated with the Fraunhofer Institute for Molecular Biology and Applied Ecology IME to develop sustainable veterinary antiparasitics that are safe and effective.

The COVID-19 pandemic significantly impacted the market leading to bottlenecks in the supply chain and reduced sales for several companies. Other impacts on the market include reduced R&D activities, low demand, and operational hurdles due to changing policies and restrictions. However, soon governments, regulatory bodies, and companies began implementing measures to help the economy and businesses recover. These measures included the easing of restrictions, monetary stimulus and policy changes, conditional exemptions, and other initiatives. As on-site GMP inspection visits were disrupted due to COVID-19, the EMA extended the validity of GMP certificates till the end of 2021 without any further action from the holder. These included manufacturing or import sites of active substances as well as finished products located in the EEA region.

In addition, to ensure an uninterrupted supply of veterinary medicines in the EU Member States, product information and labeling regulations were relaxed. For instance, during the pandemic and within the boundaries of Article 61(1) of Directive 2001/82/EC, member states may allow exemptions for labeling and packaging requirements for veterinary products such as not translating labels into the official language and so on.

The rising pet population and increasing expenditure on pets have led to a surge in demand for companion animal products, such as pet foods, pharmaceuticals, and veterinary services. This trend is estimated to continue over the forecast period. For instance, a 2020 report by FEDIAF estimated the annual sales of pet food products at about EUR 21.8 billion. Across the European region, the rise in single-person or small households, along with the rising geriatric population, is also expected to contribute to the growing pet population. In addition, the COVID-19 pandemic has catalyzed market growth with a surge in pet adoption. In January 2021, Deutsche Welle— a German media company reported an exponential rise in pet ownership in the country.

Competition in the European market for veterinary medicines is expected to remain high during the forecast period. The market is highly fragmented owing to the presence of several small and large players. This results in high competition among small players to sustain their market position. Moreover, companies are increasingly adopting various strategies, such as mergers & acquisitions, regional expansion, and product launches, to grow in the market. For instance, in August 2021, Elanco accelerated its expansion strategy in the pet health industry through the acquisition of Kindred Biosciences. This complemented the company’s Innovation, Portfolio, & Productivity (IPP) strategy and added three potential dermatology blockbusters estimated to be launched by 2025, to its lineup.

Related Press Release@ Europe Veterinary Pharmaceuticals Market Report

Europe Veterinary Pharmaceuticals Market Report Highlights

The market is expected to remain innovation-led with frequent acquisitions and strategic alliances
By product, the anti-infectives segment dominated the market in 2020. This can be attributed to the rising incidence of pathogenic infections in pets due to bacteria, viruses, or fungi
The need to reduce the incidence of parasitic infections to secure food sources by safeguarding the health of livestock animals is also estimated to propel market growth in the coming years
The growing pet market is anticipated to fuel demand for companion animal pharmaceuticals targeting various pathogens and conditions. The rising concerns over zoonoses, especially since the COVID-19 pandemic, have increased concerns among pet parents regarding their pet’s health
Market players are investing in R&D activities and developing new as well as existing products for better animal health outcomes
For instance, in 2019, Dechra pharmaceuticals launched 15 products from its Le Vet pipeline. Additionally, Norbrook has launched 5 R&D projects during 2020, with plans to develop 10 more products in the next 2 years

Immune Health Supplements Market by Bayer AG, Pfizer Inc., Sun Pharmaceutical Industries Limited, Swisse Wellness Pty Ltd.

The global Immune Health Supplements Market size is expected to reach USD 132.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.3% from 2021 to 2028. The growing prevalence of various infectious diseases caused by several micro-organisms, such as bacteria, fungi, viruses, and parasites, coupled with the rising demand for supplements to increase the body's immune system, is expected to boost the immune health supplements adoption across the globe. Besides, increasing adoption of immunity-boosting products due to the COVID-19 pandemic is also anticipated to accelerate the market growth over the forecast years. According to the Council for Responsible Nutrition (CRN) report in 2020, the consumption of dietary supplements among Americans was about 73 percent. However, taking dietary supplements among individuals for immune health has been increased from 27 percent to 32 percent from 2019 to 2020.

As of 2020, the vitamin and mineral supplements segment held the largest revenue share. The increasing adoption of vitamin C, D, multivitamins, and minerals resulted in a high revenue share for the segment in the market. An unhealthy diet limited physical activity, and a sedentary lifestyle are the key factors responsible for increasing vitamin and mineral intake to improve an individual's immunity, especially in the developed regions such as North America and Europe. However, the increasing patient population and growing awareness for vitamin and mineral consumption are the major factors expected to boost market growth in emerging economies such as Asia Pacific and Latin America during the forecast period. However, the herbal supplements segment is also anticipated to be the second-largest product segment due to its popularity for long-term consumption as immunity boosters without any side effects.

By form, the tablets segment accounted for the largest revenue share in 2020. Due to its longer shelf life and high preference of adoption among the individual's tablets segment is expected to be the dominated segment. Tablets are more stable than the capsule, particularly in moist environments. In addition, tablets are largely manufactured by the key market players than the other form of supplements. Further, properties of tablets such as durability, inexpensive, can be split into two parts, and higher dosage accommodation is anticipated its high adoption and maximum value share in the market.

The respiratory tract infection segment held the largest revenue share in 2020. Due to the increasing prevalence of respiratory disorders such as COPD, asthma, COVID19, immune health supplements adoption has increased in the last couple of years. Particularly, the rapid rise in life-threatening coronavirus disease from the last year has increased the adoption of immunity-boosting products to manage respiratory tract infections. Taking supplements such as Vitamin C, D, and minerals such as zinc and probiotics offers unique properties to reduce the risk of respiratory tract infection, duration, and severity of infection.

As of 2020, the self-medication segment accounted for the largest revenue share than the prescription-based segment. It can be attributed due to the high percentage of self-medicated supplements using the population around the globe. Further, most of the vitamins and mineral supplements do not require a prescription. One can purchase them from pharmacies, groceries, and any convenience stores. Besides, the growing awareness among the individuals to use immunity-boosting products due to COVID19 is also expected to provide a high market share to the self-medication segment over the forecast years globally.

The pharmacies/drug stores segment dominated the market and accounted for the largest revenue in 2020. The availability of a wide variety of products and the high preference of consumers to buy immune health supplements from pharmacies are the factors responsible for the largest market share of this segment. Moreover, the availability of both prescriptions based and over-the-counter products for the consumers is also expected to accelerate the growth of the Pharmacies/drug stores segment over the forecast years.

North America dominated the market and accounted for the largest revenue share in 2020. The increasing prevalence of various health disorders, increasing usage of immune-enhancing products, and high spending capacity by the consumers are the factors anticipated to provide the majority of market share to the region. However, Asia Pacific countries, such as China, India, and Japan, are expected to witness significant growth over the forecast years due to the large population, increasing awareness, and growing consumer base in these countries.

Related Press Release@ Immune Health Supplements Market Report

Immune Health Supplements Market Report Highlights

The market is expected to grow well over the forecast period owing to the increasing prevalence of several infectious diseases and growing awareness to improve immune health
The vitamin and mineral supplements segment dominated the market in 2020 owing to high demand and increasing use for immune health
The respiratory tract infection application segment dominated the market in 2020 owing to the increasing adoption of immune supplements to reduce the risk of respiratory tract infection across the globe
The self-medication segment dominated the market in 2020 majorly due to a growing preference for self-medicated use of supplements than prescription-based
The pharmacies/drug stores segment dominated the market in 2020 owing to the availability of a wide range of products and high consumer preference
North America dominated the market in 2020 majorly due to high spending capacity and increasing uses of immune health supplements in the region

Monday 21 February 2022

Insufflation Devices Market by Fujifilm, Medtronic, Stryker, BD, Olympus

The global Insufflation Devices Market size is expected to reach USD 3.76 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.3% from 2021 to 2028. Increasing adoption of minimally invasive surgeries, rapidly aging population, and rising number of laparoscopic procedures are among the major factors driving this market’s growth.

The COVID-19 outbreakhas caused the global implementation of strict measures to curbthe spread, which has led to the cancelation/delayof elective surgeries, including many laparoscopic procedures world wide. A large number of medical device manufacturing companies and global suppliers have been adversely affected during this time. However, with the abundance of deferred medical procedures in the pipeline, the market is likely to rebound and grow significantly over the forecast period.

Obesity or overweight are major health concerns that lead to a number of associated diseases or complications, such as diabetes and cardiovascular diseases. As per the WHO, in 2016, over 1.9 billion adults were overweight, out of which around 650 million people were obese and around 2.8 million people die each year as a result of being overweight/obese. Such instances are expected to increase the demand for bariatric procedures and other related surgeries, thereby propelling the market growth over the forecast period.

Moreover, growing patient preference for minimally invasive surgeries owing to the reduced risk and trauma associated with these procedures is expected to strengthen the growth of this market. Additionally, minimally invasive laparoscopic surgeries are increasingly being covered by health insurance providers in selected countries. For instance, for laparoscopic surgical operations, Medicare will cover up to 75% of the fee as listed in the Medicare Benefits Schedule. These factors have led to an increased preference for minimally invasive surgeries among patients.

Related Press Release @ Insufflation Devices Market Report

Insufflation Devices Market Report Highlights

Based on application, the laparoscopic surgery segment dominated the market with a share of more than 35.0% in 2020
On the basis of end use, the hospitals segment dominated the market with a share of more than 60.0% in 2020
North America dominated the market with a revenue share of over 35.0% in 2020 owing to the increasing number of laparoscopic procedures and technological advancements
In Asia Pacific, the market is anticipated to witness remarkable growth over the forecast period due to the presence of a large patient base suffering from chronic disorders and government initiatives for minimizing risks during the treatment

Chile Ultrasound Devices Market by Canon Medical Systems Corporation, GE Healthcare, Philips Healthcare

The Chile Ultrasound Devices Market size is expected to reach USD 192.3 million by 2028. The market is expected to expand at a CAGR of 2.3% from 2021 to 2028. The increasing prevalence of lifestyle-associated diseases and technological advancements are some of the major market players. Cancer affects a considerable portion of the Chilean population, with prostate cancer ranking 1 amongst others, the adoption of ultrasound devices in the diagnosis of cancer is expected to boost the market growth. Additionally, manufacturers are using new strategies that allow them to use their resources to help develop new products and improve their supply chain. For instance, In March 2021, GE Healthcare announced the launch of Vscan Air, new wireless, hand-held ultrasound device, it is about the size of an iPhone and connects to a smartphone app to read the ultrasound images.

The Chilean government is committed to investment in health infrastructure, and in 2018 President unveiled Chile's 2018-2022 USD 10 billion hospital infrastructure plan. However, the health system in Chile is strained due to a lack of skilled medical staff. According to the ministry of foreign affairs, in 2016, there were 2.3 doctors per 1000 persons.

For medical devices and supplies, Chile is 95% reliant on imports. The medical device market in Chile is competitive, with numerous companies from around the world easily finding their way in. The rise in public hospital infrastructure will create an increased demand for ultrasound devices as the Chilean government will invest large sums in hospital construction in the future years.

Related Press Release@ Chile Ultrasound Devices Market Report

Chile Ultrasound Devices Market Report Highlights

The diagnostic imaging ultrasound segment dominated the market and accounted for the largest revenue share of more than 60.0% in 2020, as it has a wide range of applications in obstetrics, radiography, and oncology
The therapeutic ultrasound devices segment is expected to grow at a significant rate during the forecast period
The market is expected to grow as ultrasound techniques such as HIFU and ESWL are being adopted for various therapeutic treatments
The diagnostic imaging ultrasound device segment is predicted to be driven by rising demand for improved diagnostic devices such as miniaturized 2D and 3D/4D
The cart/trolley based devices segment dominated the market and accounted for the largest revenue share of 55.0% in 2020
To get a competitive advantage over competitors, leading market manufacturers are investing in Chile

Dental Suction Systems Market Size is Estimated to Witness 10.2% CAGR till 2028

The global Dental Suction Systems Market size is expected to reach USD 639.2 million by 2028, registering a CAGR of 10.2% over the forecast period, according to a new report by Grand View Research, Inc. The growth is attributable to technological advancements in dental suction products. Moreover, an increasing number of dental surgical procedures is expected to contribute to the growth of the market. Technological advancements are also expected to favor market growth. For instance, Tyscor, a new suction unit, is energy-efficient and saves more than 50% of energy. The device is also lightweight & compact and it can convert the dry suction unit to a wet suction unit. In addition, the device is the first spray mist suction unit with radial technology in the dental market.

The patients and dental staff are at high risk to get infected by the spread of harmful aerosols that are generated during dental procedures. Many people during the COVID-19 pandemic actively avoided visiting hospitals and dental clinics frequently to protect themselves from getting infected by the coronavirus. According to the Agency for Healthcare Research and Quality, in August 2020, the outbreak of coronavirus disease in 2019 had led to the closure of approximately 198,000 active dental specialists and dentists’ offices in the U.S. This has reduced the number of dental procedures and affected the overall market.

Related Press Release@ Dental Suction Systems Market Report

Dental Suction Systems Market Report Highlights

The wet suction segment accounted for the largest revenue share of more than 54% in 2020 owing to the availability of a large number of products in the market
Wet vacuum systems are compact, occupy less space, and the noise level during the procedure is low
In addition, they are more affordable as compared to dry vacuum systems. These benefits are expected to drive the wet product segment over the forecast period
The dental offices end-use segment accounted for the largest share of more than 55% in 2020 owing to the increasing number of specialists working in this work setting
North America was the largest regional market in 2020 owing to the presence of key market players, supportive reimbursement policies, and quick adoption of advanced medical technologies

Thailand Aesthetic Medicine Market Worth $1.89 Billion By 2028

The Thailand Aesthetic Medicine Market size is expected to reach USD 1.89 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 13.6% from 2021 to 2028. The market is majorly driven by the increasing adoption of minimally invasive and non-invasive procedures, coupled with the growth in the population susceptible to signs of aging. Moreover, an increase in the incidence of road accidents is driving the demand for reconstructive surgeries, which is fuelling the growth of the aesthetic medicine market in the country.

According to the International Society of Aesthetic Plastic Surgery (ISAPS), among Asian countries, Thailand is among the top ten countries with the highest number of invasive as well as non-invasive procedures. Cities such as Bangkok and Phuket are major cosmetic surgery hubs in the country, which have clusters of major aesthetic surgery hospitals and clinics.

According to a survey by the International Society of Aesthetic Plastic Surgery in 2019, around 92,597 invasive aesthetic procedures were performed in the country. Moreover, Thailand is a tourism-dependent economy where medical tourism is flourishing due to low treatment costs and high-quality post-treatment services. According to the Journal of Community Development Research, Thailand’s medical tourism industry expanded with a 10% revenue growth in 2019 from 2018. These factors might boost the growth of the aesthetic medicine market.

The advent of the Covid-19 pandemic has resulted in the cessation of medical tourism in Thailand. The majority of the medical tourists visit the country for cosmetic procedures, however, the international travel ban and lockdown restrictions due to the pandemic have resulted in the shutting down of aesthetic clinics, thereby affecting the country’s aesthetic medicine market. However, according to Bangkok Post, Thailand Centre for Covid-19 Situation Administration stated that they have resumed the country’s medical and wellness tourism program intending to attract medical tourists back into the country. The aesthetic market revenue is expected to plunge back to pre-Covid levels by the end of 2022.

Related Press Release@ Thailand Aesthetic Medicine Market Report

Thailand Aesthetic Medicine Market Report Highlights

Based on procedure type, the invasive procedures segment accounted for the largest share of 74.6% in 2020. This is because the country sees a majority of medical tourists for aesthetic surgical procedures
In the invasive procedures segment, eyelid surgery is expected to register the highest CAGR of 14.4% over the forecast period. As a majority of the Thai population does have sagging eyelids, people opt for eyelid surgeries to gain a defined eye shape and remove sagging
The non-invasive procedures segment is expected to witness the highest growth over the forecast period due to its minimally invasive characteristics, immediate results, and low recovery period
In the non-invasive procedures segment, Botox injections held the largest market share in 2020 and are expected to exhibit a significant CAGR over the forecast period. This is mainly due to the availability of wide applications of Botox injections
On the basis of end use, clinics and aesthetic centers held the largest share of 69.3% in 2020. This is due to the fact that aesthetic clinics are increasingly offering customized treatments at cost-effective prices

Clinical Trial Equipment & Ancillary Solutions Market Worth $4.4 Billion By 2028

The global Clinical Trial Equipment & Ancillary Solutions Market size is anticipated to reach USD 4.4 billion by 2028, according to the new report of Grand View Research, Inc., expanding at a CAGR of 8.2% over the forecast period. The growing pharmaceutical and medical sectors, globalization of clinical trials, and rising R&D expenditure are the factors driving the market.

The clinical trial procedure has evolved considerably in recent years. Complex clinical studies are creating new problems throughout the healthcare supply chain. Modern studies frequently involve huge numbers of patients and patient subgroups, as well as numerous nations and research sites. As a result, the number of challenges that supply chain managers confront while working with clinical trial equipment & ancillaries has increased. Renting medical equipment relieves the burden of storage, retrieval, and disposal. Another important decision-making reason is that renting equipment reduces significant upfront expenses and large investments required to furnish licensed clinical trial locations.

The COVID-19 pandemic has affected the global market, which resulted in slowing down the supply chain of the equipment & ancillary supplies. The COVID-19 pandemic has caused major changes in the clinical trial environment. Hundreds of experiments that were in progress before the pandemic have been halted, while many new trials have been launched in the hunt for effective therapies and interventions. COVID-19 has changed the way clinical trials are conducted, encouraging the digitization of healthcare and the adoption of cutting-edge technologies and techniques.

Related Press Release@ Clinical Trial Equipment & Ancillary Solutions Market Report

Clinical Trial Equipment & Ancillary Solutions Market Report Highlights

The supply/logistics product segment dominated the market with a revenue share of more than 38% in 2020 due to the high number of clinical trials globally, which resulted in increased demand for efficient logistics services
The phase III segment accounted for the maximum revenue share of the global market in 2020. Phase III studies are the most effective approach to discover a new treatment standard
North America led the global market in 2020 and is expected to remain dominant even during the forecast years due to a rise in the number of CRO and pharmaceutical & medical companies in the region
Asia Pacific is projected to be the fastest-growing regional market during the forecast period as it is becoming an increasingly significant site for clinical trial investigations