Healthcare Industry Insights: October 2022

Friday 28 October 2022

Sterile Tubing Welder Market Size Worth $3.46 Billion By 2030

The global Sterile Tubing Welder Market size is expected to reach USD 3.46 billion by 2030, expanding at a CAGR of 5.8% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for blood, blood products, and biopharmaceutical products is anticipated to drive the market for sterile tubing welder.

Blood transfusion is one of the frequently performed medical procedures. Severe road traffic injuries, major surgical procedures, and hematology diseases, such as thalassemia, anemia, and leukemia, are some of the key reasons for the transfusion procedure. According to the Association for Safe International Road Travel (ASIRT) article, nearly 20 to 50 million individuals are injured or disabled in road accidents. Thus, high cases of road traffic injuries are anticipated to fuel sterile tubing welder market growth.

Wastage of collected blood due to contamination, blood bag leakages, improper storage, and lack of proper handling facilities and qualified professionals are anticipated to increase the demand for innovative and medically advanced sterile instruments, such as automated sterile tubing welders. For instance, in India, nearly 10% of blood components and around 71% of whole blood are wasted each year due to the above-stated reasons.

Related Press Release@ Sterile Tubing Welder Market Report

Sterile Tubing Welder Market Report Highlights

Based on mode, the automatic sterile tubing welders dominated the market in 2019 and is anticipated to witness the highest growth over the forecast period due to ease of operation and reduced labor costs
On the basis of application, the blood processing segment held a substantial share in 2019 due to a large number of patients being treated using apheresis annually across the globe
By end-use, hospitals held a significant share in 2019 owing to rise in the adoption of advanced instruments and enhanced services in these settings
North America dominated the market for sterile tubing welder in 2019. This can be attributed to the presence of numerous biopharmaceutical companies and high demand for biopharmaceutical products
The Asia Pacific is anticipated to witness lucrative growth over the forecast period due to a large number of clinical trials being conducted and rise in the number of medical device companies in the region
Mergers & acquisitions are the key strategies adopted by the market players

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Endodontic Devices Market: Future Trends, Revenue Growth & Leading Players, Forecast To 2030

The global Endodontic Devices Market size is expected to reach USD 2.55 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 4.3% during the forecast period. Growing dental tourism, the prevalence of dental caries, and high dental care expenditure are some of the key growth drivers for the market. According to the ADA Health Policy Institute’s second annual Dental Industry Report, dental spending in the U.S. reached an all-time high of $136 billion in 2018, accounting for 3.7% of total health spending (HPI). The role of endodontists has evolved during the past decade due to the introduction of sophisticated techniques and devices in dental practice.

According to a research study published by the ADA, the number of dentists in the U.S. is projected to grow rapidly, leading to an increased volume of procedures in the country. A rise in the cases of untreated tooth decay, high consumption of sugar, tobacco, & alcohol, lack of good oral hygiene & regular dental check-ups, and a lack of fluoridation in water supplies or the use of a fluoride dentifrice, are some of the key factors driving the market. According to the U.S. Oral Health Division of the U.S. Department of Health & Human Services, more than 27% of adults and 20% of children have at least one untreated tooth decay.

Related Press Release@ Endodontic Devices Market Report

Endodontic Devices Market Report Highlights

In 2021, the dental hospital end-use segment held the largest market share. A rise in government funding and reimbursement coverage were the key factors responsible for the segment’s growth
North America was the largest regional market in 2021 and is likely to retain its position over the forecast period due to a rise in dental expenditure and the number of dental practices
Asia Pacific is expected to witness the fastest growth rate during the forecast years owing to rapidly expanding dental tourism and improving healthcare infrastructure in the region
Due to the onset of COVID-19, the global market was affected as the footfall of patient appointments for dental treatments was temporarily suspended due to the high risk of transmission
However, the market is recovering and companies like Dentsply Sirona reported an increase in sales of their Technologies & Equipment segment in 2021

Urinary Drainage Bags Market Size is Estimated to Witness 4.79% CAGR till 2030

The global Urinary Drainage Bags Market size is anticipated to reach USD 2.92 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.79% from 2022 to 2030. The increasing geriatric population, favorable reimbursement policies, and rising prevalence of urological diseases are the key factors driving the market. There has been a constant rise in the prevalence of urologic disorders, such as urinary retention, cystitis, benign prostatic hyperplasia, Urinary Incontinence (UI), and kidney stones, which lead to bladder dysfunction. A report published by the National Center for Biotechnology Information (NCBI) in 2020 states that the prevalence of acute urinary retention is more common in men than in women and around 10.00% of men in the age group 70 to 80 years are more likely to develop acute urinary retention.

Therefore, such instances indicate that the demand for urinary drainage bags may increase, thereby propelling the market growth over the forecast period. The COVID-19 pandemic has restricted access to medical services, which has led to inadequate medical facilities for patients with various conditions. Older patients with multiple comorbidities are at a higher risk of acquiring COVID-19 due to low immunity. Older people majorly prefer using urinary drainage bags during hospital admissions due to several advantages. Therefore, a surge in hospital admission rate due to rising cases of COVID-19 is anticipated to propel the product demand to offer efficient patient care across hospital settings. Thus, the market is expected to witness significant and continuous growth post-pandemic.

Related Press Release@ Urinary Drainage Bags Market Report

Urinary Drainage Bags Market Report Highlights

In terms of product, the leg bags segment held the largest share in 2020. An increase in the use of leg bags owing to its several advantages is boosting the segment growth
In terms of usage, the disposable segment held the largest market share in 2020 owing to the increase in adoption of home care treatments
In terms of capacity, the 500-1000 ml segment is anticipated to witness the fastest growth rate over the forecast period as it is the standard measure for leg bags and thus is widely used
In terms of end use, the hospitals segment held the largest market share in 2020 owing to the increase in hospital admissions across the globe due to the high number of COVID-19 cases
Asia Pacific is anticipated to witness the fastest CAGR over the forecast period owing to the rising number of surgeries performed and the strong presence of many local players

Thursday 27 October 2022

Biotechnology Market Size is Estimated to Witness 13.9% CAGR till 2030

The global Biotechnology Market size is expected to reach USD 3,879.51 billion by 2030, registering a CAGR of 13.9% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by factors including the advent of innovative and advanced technologies, significant investments & government initiatives favoring the biotechnology industry, and rising demand for synthetic biology applications. Biotechnology startups are acquiring robust funding support and venture capital investments, which, in 2021, amounted to USD 41 billion; an increase of over 11% as compared to the previous year’s USD 36.7 billion. Notable funding rounds included Caris Life Sciences’ $830 million in May 2021 for its precision medicine platform expansion, Abogen’s $700 million Series C funding in August 2021 for its COVID-19 vaccine candidate’s clinical development, & ElevateBio’s $525 million Series C funding in March 2021 for advancing its cell & gene therapy technologies.

In addition, 28 new biotech unicorns were created in 2021, leading to a total of 192 unicorns present in the sector. Government support for the development of biotechnological infrastructure is also contributing to market growth. For instance, India’s Union Budget 2021-22 consisted of a provision of USD 227.94 million for biotechnology R&D, along with plans for the setting up of nine biosafety level-3 laboratories in the country. Furthermore, initiatives, such as Illumina Accelerator, are providing access to seed investment, genomics expertise, and Illumina sequencing systems & reagents to selected emerging companies and propelling the market growth.

Due to the COVID-19 pandemic, novel solutions are being explored in the development of vaccines & diagnostic tools for combating the disease. For instance, the advent of mRNA vaccines was supported by cutting-edge technologies in the biotechnology sector, including molecular research tools & genetic sequencing methods that accelerated the timelines for vaccine development. Furthermore, in March 2022, the Diagnostic Analyzer for Specific Hybridization (DASH), a highly sensitive and easy-to-perform PCR test for COVID-19, received FDA emergency use authorization. The test is commercialized by Minute Molecular Diagnostics and can deliver results within 15 minutes. Such advancements in molecular diagnostics are expected to fuel market growth.

Related Press Release@ Biotechnology Market Report

Biotechnology Market Report Highlights

The health application segment accounted for the largest share in 2021 due to high disease prevalence, increasing focus on regenerative medicines, innovations in technologies fueled by the COVID-19 pandemic, and improvements in healthcare infrastructure
The DNA sequencing technology segment accounted for the second-largest share in 2021 as a result of declining costs of sequencing and its increasing adoption in precision medicine development
North America held the largest share of the global market in 2021 owing to the launch of advanced biotechnological solutions facilitated by key players operating in the region
Asia Pacific is expected to register the fastest CAGR from 2022 to 2030 due to promising government initiatives and favorable regulatory changes in drug approval processes in India and China

Deep Brain Stimulation Devices Market Worth $2.50 Billion By 2030

The global Deep Brain Stimulation Devices Market is anticipated to reach USD 2.50 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.8% from 2022 to 2030. The surge in incidences of neurological disorders, growing awareness about deep brain stimulation therapy, and the introduction of technologically advanced products are attributing to the growth of the market. The COVID-19 outbreak had a negative impact on the market as the majority of elective neuro procedures including DBS surgery were suspended to free-up limited space in healthcare settings to treat COVID-19 patients. However, patients suffering from the COVID-19 - have subsequently shown neurologic symptoms that are expected to create a favorable environment for the market growth in the coming years. For instance, as per the study in Lancet, 1 in 3 COVID-19 patients who recovered have neurological, or mental health disorders. Such instances will surge the demand for deep brain stimulation (DBS) devices.

The incidence of neurological disorders such as Parkinson's disease, epilepsy, and depression is increasing globally, which is expected to positively impact the market growth. For instance, as per the Depression and Bipolar Support Alliance, about 17.3 million people in the U.S. are suffering from a major depressive disorder. As a result, a large number of people suffering from such conditions & disorders is expected to boost the demand for DBS devices during the forecast period.

Related Press Release@ Deep Brain Stimulation Devices Market Report

Deep Brain Stimulation Devices Market Report Highlights

Based on product, the dual channel segment dominated the market in 2021 with a share of 57.12%. Growing adoption of double-channel DBS devices for the treatment of numerous neurological disorders, such as PD, dystonia, Alzheimer’s, & epilepsy driving the segment growth.
Based on application, Parkinson’s disease segment dominated the market in 2021 with a share of 65.13% owing to the rising prevalence of PD globally. According to the UCB report, around 100,000 people in Canada are living with PD, and more than 6,600 new cases are diagnosed yearly.
In the end-use scope, the hospitals dominated the market in 2021 with a share of 51.88% owing to an increase in the number of DBS surgeries performed in hospitals and a surge in the prevalence of neurological disorders.
North America dominated the market with the highest revenue share of 51.59% in 2021. This is due high prevalence of psychological disorders, availability of highly skilled physicians, and rise in awareness about treatments in this continent.

Wednesday 19 October 2022

Medical Billing Outsourcing Market Future Trends, Revenue Growth & Leading Players, Forecast To 2030

The global Medical Billing Outsourcing Market size is expected to reach USD 30.2 billion by 2030, exhibiting a CAGR of 12.03% during the forecast period, according to a new report by Grand View Research, Inc. The market is driven primarily by factors such as the increasing importance of regulatory compliance and risk management, the growing need to streamline the medical billing process, and efforts to reduce internal processing costs.

A large amount of clinical code representation for diagnosis and treatment coupled with the presence of multiple payers renders medical billing an intricate part of any clinical practice. Currently, the healthcare system is witnessing a subsequent rise in the outsourcing of clinical billing services by hospitals and physicians due to the obligatory implementation of complex ICD-11 coding systems, increasing healthcare costs, and a federal mandate to implement Electronic Medical Records (EMR) to maintain reimbursement levels.

The COVID-19 pandemic is expected to have a significant impact on the market, although the healthcare industry was trailing in embracing innovative and digital technologies to improve healthcare. The COVID-19 scenario has put an enormous burden on healthcare providers/organizations to become accustomed to the change. The need for proactive action and the construction of a comprehensive, collaborative, scalable, and adaptable digital healthcare infrastructure has been emphasized by the pandemic crisis. As a result, many organizations are developing a new strategy that includes digitization and outsourcing non-core functions such as billing and accounting, which is expected to boost the market growth.

Furthermore, clinics/physician offices are gradually outsourcing their revenue management to cut unnecessary costs and prevent the burden of managing an administrative team to ensure effective handling of in-house billing functions. In addition, multispecialty healthcare groups are implementing consolidation requiring EHR integration and building large healthcare networks. This integration creates a need for revenue cycle management (RCM), which, in turn, demands additional expertise and trained personnel to manage the same. Thus, the consolidation of large healthcare practices is also expected to be one of the factors fueling market growth.

Related Press Release@ Medical Billing Outsourcing Market Report

Medical Billing Outsourcing Market Report Highlights

Based on the components, the outsourced segment held the largest revenue market share in 2021 due to the rising preference of hospitals, physician offices, and startups for outsourced medical billing services for hassle-free claim management at a low cost
The front-end services segment held the largest revenue market share in 2021. However, the middle-end services segment is expected to register the highest CAGR during the forecast period due to the growing demand for Revenue Cycle Management (RCM) services offering Electronic Health Records (EHR) software
North America held the largest revenue share in 2021. It is projected to expand further as the U.S. has witnessed a change in the healthcare system with the introduction of ICD-11 coding in 2019 and pressure from the government to incorporate the Electronic Medical Record (EMR) management system
In November 2020, Conduent Incorporated announced a commercial agreement with Experian Health, a leading provider of RCM solutions that spans patient retention, patient access, and patient collection. The agreement will enable Conducent's IntelliHealth Digital Platform to connect with Experian's consumer data and electronic revenue verification tools to accelerate prescription drug approval and reduce the time to prescription drug fulfillment and treatment

Tuesday 18 October 2022

AI-based Clinical Trials Solution Provider Market Worth $7.8 Billion By 2030

The global AI-Based Clinical Trials Solution Provider Market size is expected to reach USD 7.8 billion by 2030 and is expected to expand at a CAGR of 22.0% over the forecast period, according to a new report by Grand View Research, Inc. AI is a versatile tool and is being increasingly utilized to improve the operational efficacy of drug studies and accelerate the drug discovery process. Also, it is highly adopted to minimize the cost of the drug development process. Various academia and pharmaceutical companies are actively adopting AI-based platforms and technologies. For instance, in January 2020, Bayer entered into a partnership with an AI-driven drug discovery company based in the UK to work on early research projects using the AI drug discovery platform. Furthermore, the initiatives by the public and private sectors to boost the R&D coupled with the diverse applications provided by AI in the field of drug studies are impelling the growth.

Based on the phase of the clinical trial, Phase II dominated the market with a share of 47.2% in 2021 owing to the rising number of drug discoveries and a large number of studies active in the second phase. Moreover, the increasing adoption of AI-based tools for the collection of data and the analysis of immediate outcomes of the overall desired outcome through the clinical trials in this phase is contributing to the segment growth. Furthermore, the segment holds a higher revenue share as the improvement, determination, and validation of measures with respect to the AI-based tool can be carried out in this phase.

In 2021, based on therapeutic applications, oncology accounted for the highest revenue share in the AI-based clinical trials solution provider market. The increasing prevalence of cancer across the globe and the rising number of drug studies in the field of oncology is contributing to the adoption of AI enables technologies. Also, an increasing number of players are developing and adopting advanced oncology-based AI tools for drug studies, thereby propelling the segment growth.

In 2021, pharmaceutical companies accounted for the highest revenue share in the market, based on end-use. The rising adoption of AI-based technologies for the better development of diagnostic and biomarkers, to identify the new drug target and the overall process of drug development and drug trials by major pharmaceutical players is one of the major factors contributing to the segment growth. Moreover, these major pharmaceutical players are collaborating with the AI vendor for leveraging the AI technology for R&D and the overall drug discovery process, thereby, impelling the growth.

North America dominated the market and accounted for a revenue share of 43.8% in 2021. This dominance is attributed to the rising number of start-ups in the region. For instance, Bullfrog AI is a U.S.-based startup that develops bfLEAP, a proprietary AI platform to enable precision medicine. Also, the growing awareness of AI-based technologies and their adoption to enhance the drug studies’ outcomes is impelling the market growth in the region. Furthermore, the supportive government initiatives and increasing strategic initiatives by major players are driving the demand for AI-based clinical trial solutions in the region.

The AI-based technologies witnessed a surge in their adoption due to the outbreak of COVID-19. This increasing adoption of technologically advanced solutions for drug development and for the analyses of the recruited patient’s data contributed to the upsurge in the adoption of AI-enabled solutions. Moreover, many drug development processes were on hold during the pandemic. Therefore, many key companies in the market shifted their focus on the utilization of AI-based solutions, thereby boosting decentralized drug trials. Furthermore, the effective analysis of a large amount of patient data through these solutions supported the market growth.

Related Press Release@ AI-based Clinical Trials Solution Provider Market Report

AI-based Clinical Trials Solution Provider Market Report Highlights

The market size is anticipated to be valued at USD 7.8 billion by 2030, owing to various applications provided by AI in the field of clinical trials and the growing adoption of such platforms by pharmaceutical companies
The phase-II trials segment dominated the market in 2021, owing to the increasing number of active drug studies in this phase
The oncology segment dominated the market in 2021, owing to the rising prevalence of cancer and the growing number of drug studies in the oncology field
The pharmaceutical companies segment accounted for the highest revenue share in the market owing to the increasing adoption of artificial intelligence technologies for drug development by major pharmaceutical players
North America dominated the market and accounted for a revenue share of 43.8% in 2021, owing to various factors including the increasing number of clinical trials in the region, growing adoption of artificial intelligence platforms and tools, rising number of start-ups and companies based on artificial intelligence in drug development and growing awareness regarding AI-based tools and technologies

Next-generation Sequencing Market Worth $14.8 Billion By 2030

The global Next-Generation Sequencing Market size is expected to reach USD 14.8 billion by 2030, registering a CAGR of 12.4% over the forecast period, according to a new report by Grand View Research, Inc. Next-generation Sequencing (NGS) is a parallel processing technique that can establish the sequence of nucleotides in a whole genome with scalability, ultra-high capacity, and fast speed. Furthermore, in the healthcare industry, NGS is gradually being incorporated into medical laboratory research, screening, and disease diagnoses. In personalized medicine, it has been frequently utilized to accelerate the drug research process.

Different potential sequencing methods such as RNA sequencing, whole-genome sequencing, and whole-exome and targeted sequencing amongst others are prominently used by researchers to get comprehensive sample analysis. When compared to the traditional Sanger sequencing technology, NGS is less expensive and provides higher throughput for DNA sequencing. The growing automation in the pre-sequencing protocols, post-sequencing protocols, and data analysis is also projected to have a positive impact on the NGS market. The utilization of novel platforms for the development of personalized medicine by medical analysis at a genetic level is also a significant factor, which is expected to enhance demand for NGS over the forecast period.

Besides, there are other significant growth trends that are being witnessed in the sequencing industry, such as the development of personalized medicine and companion diagnostics, growing advancements in cloud computing, and data integration. Furthermore, the easy availability of genomic and proteomic data has poised this market to exhibit potentially high-value avenues and opportunities for growth over the forecast period. The market growth is also being fueled by an increase in the global prevalence of cancer and the availability of sophisticated healthcare facilities. As per GLOBOCAN 2020, there have been 1,92,92,789 new cancer cases in 2020, with the number expected to rise to 2,88,87,940 by 2040. Such a substantial rise in the number of cancer cases is estimated to leverage cancer research which will eventually accelerate the NGS market growth.

The NGS diagnostic techniques have the potential to determine a virus's genomic sequence and aid scientists in their understanding of mutations. Furthermore, throughout the COVID-19 epidemic, governments across the globe have been collaborating with the corporate sector to introduce NGS technology to the market as a viable diagnostic tool. The US Food and Drug Administration granted Illumina Inc. a case of emergency use permit for the first COVID-19 diagnostic using the next-generation sequence technique in June 2020. The Illumina COVIDSeq Test for qualitative identification of SARS-CoV-2 RNA has been approved by the FDA. As a result, the usage of next-generation sequencing (NGS) technologies is projected to increase during the pandemic.

Related Press Release@ Next-generation Sequencing Market Report

Next-generation Sequencing Market Report Highlights

By application, the oncology segment held the largest revenue share of the market in 2021. The segment growth is prominently attributed to increasing in the prevalence of cancer and advancements in sequencing technologies
The academic research segment is expected to grow lucratively over the forecast period due to an increase in application-based usage in these institutes and a rise in oncology research. In addition, advancements in R&D for therapeutics, oncology, and genomics research led to the growth of the market
North America dominated the market in 2021, due to the presence of high R&D investment, and availability of technologically advanced healthcare research framework, the development of WGS in the region is also expected to serve as a critical factor for the growth of the North America NGS market throughout the forecast period
In Asia Pacific, the market is expected to grow considerably during the forecast period owing to extensive developments in healthcare infrastructure, the positive approach of respective countries for adoption of advanced technologies, and the presence of key players

Friday 14 October 2022

Teeth Whitening Market by Colgate Palmolive; GlaxoSmithKline Plc; Johnson & Johnson; Procter & Gamble; Brodie & Stone

The global Teeth Whitening Market size is anticipated to reach USD 10.6 billion by 2030, according to the new report of Grand View Research, Inc. The market is expected to expand at a CAGR of 5.0% from 2022 to 2030. Factors such as an increase in awareness concerning oral hygiene and advancements in cosmetic dentistry procedures are driving the demand for teeth whitening products.

A recent survey by Mintel/Greenfield Online showed that 67% of American adults have tried to whiten their teeth in one way or another. Almost 24% of them have used an over-the-counter product for the same indicating the rising popularity of teeth whitening procedures.

Remedent Inc., which is a dental product manufacturer and distributor specializing in cosmetic dentistry, stated that 86% of people opt for cosmetic dentistry to improve physical attractiveness and self-esteem. It also stated that teeth whitening is the most popular cosmetic procedure accounting for 32% of the cosmetic procedure in practice.

Initially, as a short-term impact of COVID-19, global in-office teeth whitening was hampered. Most of the dental clinics had stopped seeing their patients, with only emergency treatments given a permit. This resulted in a lower volume of patient visits and impacted revenue to a great extent.

It was reported that there were 19 million fewer routine check-ups at NHS registered dental practices. However, telemedicine became an effective mode of communication for both patients and doctors. Moreover, new product launches by key players like P&G through online sales channel is expected to increase the market growth.

Related Press Release@ Teeth Whitening Market Report

Teeth Whitening Market Report Highlights

By product, whitening toothpaste held the largest market share in 2021. The segment is expected to grow at a lucrative CAGR of over 5.3% from 2022 to 2030
Based on the distribution channel, the online segment is expected to grow with the highest CAGR over the forecast period, due to the increase in product launches on e-commerce and the availability of a variety of teeth whitening products
North America is set to lead the market over the forecast period, owing to technological advancements and an increase in patients opting for procedures to improve dental aesthetics
The Asia Pacific region is bound to grow significantly during the forecast period. This is majorly contributed by the large population base and rising disposable income in this region
The industry is highly competitive with players including Colgate Palmolive; GlaxoSmithKline Plc; Johnson & Johnson; Procter & Gamble; Brodie & Stone; Unilever; Church & Dwight Co

Wednesday 12 October 2022

Cryotherapy Market Size is Estimated to Witness 7.2% CAGR till 2030

The global Cryotherapy Market size is expected to reach USD 11.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 7.2% from 2022 to 2030. This growth is due to a rise in demand for cryotherapy in fitness, beauty & wellness, increased prevalence of chronic diseases, and the high demand for minimally invasive procedures. A rise in the demand for minimally invasive procedures for the treatment of chronic diseases is also among the primary factors driving the market growth. Cryosurgery is a minimally invasive procedure. It has various advantages over conventional surgeries, including lesser pain, rapid wound healing, minimal surgical wounds, shorter hospital stays, and lower risk of complications.

Cardio Clinic at Asklepios St. Georg, one of the top heart centers in Germany, claims to perform around 300 cardiac cryoablation procedures every year. In fitness, beauty, and wellness treatments, there is a high demand for cryotherapy. Due to the high incidence of sports injuries, several sports clubs and sports teams are using cryo chambers for quicker recovery of injuries. For instance, the German rowing team, Wales Rugby Team, and the Chinese Olympic team have their own cryo chambers. All these factors are anticipated to boost market growth over the coming years. The COVID-19 pandemic adversely affected the market. Amid the pandemic, owing to stringent government regulations and lockdown to control the pandemic, a slowdown in the demand for cryotherapy was observed in the initial phase of the pandemic.

However, the market regained its pace by the end of 2020 in most countries. Companies are adopting strategies, such as new product development and partnerships. For instance, in August 2020, Cryoport, Inc. acquired CRYOPDP in an all-cash transaction of approximately USD 56.0 million. CRYOPDP-a French pioneer company-provides temperature-controlled logistics solutions for cell & gene therapy and clinical research communities. In October 2021, CARE Innovative Solutions announced the launch of the Slynarski Knee Clinic. It is the first clinic in Poland to provide computer-controlled cryotherapy solutions for knee-associated treatments.

Related Press Release@ Cryotherapy Market Report

Cryotherapy Market Report Highlights

The cryosurgery segment held the largest revenue share in 2021 due to a rise in demand for surgical procedures
Cryochamber is expected to grow at a significant CAGR over the forecast period, due to its high adoption by beauty clinics & fitness centers
Cold storage held the largest revenue share in 2021due to the high demand for pharmaceutical cold chain logistics
In addition, various applications of cold storage in healthcare, such as bone marrow transplantation, in vitro fertilization, and cord blood banking, are another factor contributing to its largest share
North America is projected to be the dominant region due to high disposable income, well-established healthcare infrastructure, and high per capita healthcare expenditure

Monday 10 October 2022

Sepsis Diagnostics Market Size Worth $1.4 Billion By 2030

The global Sepsis Diagnostics Market size is expected to reach USD 1.4 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.6% over the forecast period. The high prevalence of sepsis, the introduction of technologically advanced diagnostic systems, and increasing government initiatives are expected to propel market growth over the forecast period. Sepsis is a bloodstream disease that occurs as a result of a response to pathogenic microorganisms present in the blood. Patients suffering from this disease experience severe inflammation, which leads to prolonged hospitalization.

According to the WHO, around 30 million people are estimated to be affected by this disease every year. The NCBI stated that the largest number of this condition have been observed in the youngest and oldest age groups. Thus, there is a rising need for the early diagnosis of this disease. The WHO reported that every year, 1.2 million children and 3 million newborns are affected by this disease across the world. This has further boosted the demand for its diagnostic tools for quick results and improved patient outcomes. Increasing regulatory approval and the introduction of technologically advanced diagnostic solutions for sepsis are expected to facilitate market growth over the forecast period.

In May 2018, T2 Biosystems, Inc., a U.S.-based emerging diagnostic solutions company, received the U.S. FDA approval for its T2Bacteria Panel, intended for the detection of specific sepsis-causing bacterial pathogens in human whole blood specimens. The COVID-19 pandemic affected the growth of diagnostics products for sepsis in a moderately positive way. The worldwide spread of Coronavirus and the arising instances of sepsis among COVID-19 patients are probably going to expand the interest for fast detection, speeding up the use of instruments, reagents, and assay kits for recognition of sepsis. Pandemic-induced lockdown and other restrictions made individuals delay going through wellbeing checkups, influencing the number of tests performed and reagent deals.

The pandemic has featured the risk upon elders, who are more defenseless to complications, including intense respiratory distress condition, typically because of pneumonia, which builds the risk of creating sepsis. This has created a need for the early detection of sepsis among patients with COVID-19. Symptoms of sepsis, such as multiorgan injuries, develop in around 2.0 to 5.0% of COVID-19 cases 8 to 10 days post-hospitalization, based on the estimates of the Global Sepsis Alliance. To manage this situation, the Biomedical Advanced Research and Development Authority, in May 2020, extended its partnership with Beckman Coulter for the development of a digital algorithm to detect sepsis in patients with COVID-19.

Related Press Release@ Sepsis Diagnostics Market Report

Sepsis Diagnostics Market Report Highlights

By product, blood culture media held the largest share in 2021 as it is the most accurate mode of testing for the diagnosis of this disease. It is also anticipated to witness the fastest CAGR over the forecast period owing to new product developments in this field
The microbiology technology segment had the largest share in 2021 and the molecular diagnostics segment is anticipated to exhibit a lucrative CAGR over the forecast period owing to its high sensitivity, accuracy, and less turnaround time
The bacterial pathogen segment held the largest revenue share in 2021 owing to the high prevalence of bacterial sepsis
The laboratory testing type segment dominated the market in 2021 and accounted for the maximum revenue share on account of the better accuracy of these tests
North America dominated the market in 2021 due to a favorable reimbursement scenario, the presence of established players, and high awareness about sepsis & its diagnosis
Middle East Africa is projected to witness a lucrative growth rate over the forecast period owing to the presence of a large target population in emerging economies, such as Algeria and Morocco