Healthcare Industry Insights: January 2023

Monday, 23 January 2023

Pet Diabetes Care Market By Merck & Co., Inc.; Zoetis; BD; Boehringer Ingelheim International GmbH; Trividia Health, Inc.

The global Pet Diabetes Care Market size is expected to reach USD 3.28 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a lucrative CAGR of 8.26% from 2022 to 2030. The key drivers for the market growth are the increasing advancements in pet diabetes care devices, the prevalence of diabetes in pet animals, and the vulnerability of older dogs and cats to develop diabetes. According to the American Veterinary Medical Association, dogs over 7 years old and cats over 6 years old are more prone to be diagnosed with diabetes. In addition, as pets age, obesity arises among them which becomes a significant risk factor for the said condition.

The COVID-19 pandemic created barriers and challenges in the global pet animal health industry that include decreased marketing & sales activities, low veterinary clinic admission, cancellation of routine pet check-ups, and a low number of insulin administration processes performed in veterinary hospitals. However, governments and veterinary organizations of various countries implemented strategies and safety measures to resume veterinary practices during the pandemic. According to the American Veterinary Medical Association, telemedicine services were widely incorporated in veterinary clinics and hospitals to curb the impact of lockdowns and the pet parents were given digital training to inject insulin.

The increasing pet care expenditure in both developing and developed economies is a significant opportunity considered for market growth. According to the American Kennel Club (AKC), pet owners in the U.S. were seen to spend more money on their pet’s wellness and related healthcare products. The American Pet Products Association reported that the overall pet industry sale exceeded USD 100 billion by the end of 2020. The AKC also stated that online veterinary product shopping increased by 86% after the emergence of the pandemic. The trend of owning popular breeds of dogs and cats also enhanced the required routine veterinary and diabetic care services among them. These factors are expected to boost the growth of the market.

Related Press Release@ Pet Diabetes Care Market Report

Pet Diabetes Care Market Report Highlights

The pet diabetes care market was estimated to be USD 1.64 billion in 2021 and is expected to have lucrative growth at a CAGR of 8.26% over the forecast period
The dogs segment is anticipated to dominate with the highest market share based on animal type during the forecast period. This is owing to the growing adoption of dogs in developed and developing countries’ households coupled with the significant prevalence of diabetes among them
Based on the solution, the treatment segment dominated the market in 2021. This is owing to the requirement of frequent insulin injections as lifetime treatment for dogs and cats diagnosed with diabetes. In addition, the growing R&D by key players to develop novel therapeutics and pet diabetes care devices is expected to boost growth
The veterinary hospitals & clinics segment held the largest share of over 40% of the market in 2021 by distribution channel, owing to the growing number of veterinary practices with better infrastructure facilities. Developing countries such as India, Japan, and China are recruiting a significant number of trained and licensed veterinarians for better animal healthcare
By region, North America dominated the market with a share of over 35% in 2021 while Asia Pacific is anticipated to grow at the fastest CAGR in the forthcoming years. The economic, social, and technological advancements in North America are boosting the development of veterinary care in these countries
The market is relatively competitive owing to the presence of major animal health players such as Zoetis, Merck & Co., Inc., and Boehringer Ingelheim International GmbH. The various strategic initiatives implemented by companies such as collaborations, acquisitions, partnerships, and product launches are greatly contributing to the growth

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Friday, 20 January 2023

Negative Pressure Wound Therapy Market Worth $3.8 Billion By 2030

The global Negative Pressure Wound Therapy Market size is anticipated to reach a value of USD 3.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2022 to 2030. Increasing awareness in the developing regions pertaining to advanced wound care is providing a significant opportunity to the key market players to cater to the unmet needs of the target population. The primary driver associated with this market is the cost-effectiveness of single-use Negative Pressure Wound Therapy (NPWT) devices.

Major companies are also focusing on education of reimbursement coverage in such regions to further increase the affordability of these devices. However, the current reimbursement policies mostly cover conventional NPWT devices owing to their high cost. Furthermore, the geriatric population is also contributing to a great extent toward increasing the prevalence of chronic diseases. Increasing age is one of the high-risk factors leading to the development of chronic diseases such as atherosclerosis, which is one of the prime cardiovascular disorders prevalent in the geriatric population.

NPWT is one of the commonly accepted therapies employed for the treatment of arterial ulcers, which is one of the major complications of atherosclerosis. Around 50% of the people worldwide are exposed to fire-related traumas, among which, 90% of the cases occur in low to moderate-income countries. Thus, the rising incidence of traumatic events is expected to engender a high demand for negative pressure wound therapy products.

The COVID-19 pandemic significantly impacted the global NPTW market. Due to the restrictions imposed by regulatory authorities to minimize the spread of the virus, people have been restricted to their homes, resulting in a significant decrease in the incidences causing wounds to people. This has had a negative effect on the market as the demand for wound therapy significantly decreased. Although during the pandemic, diabetic wound therapy was continued due to its severity, other segments suffered a slight impact.

Related Press Release@ Negative Pressure Wound Therapy Market Report

Negative Pressure Wound Therapy Market Report Highlights

Conventional NPWT devices dominated the product segment in 2021 owing to their high cost and availability of favorable reimbursement policies
Single-use negative pressure wound therapy devices segment is considered to be the fastest growing segment over the forecast period
Pressure ulcers held the largest revenue share in 2021 owing to the increasing adoption of NPWT for the treatment of Pressure ulcers
The home care setting is anticipated to witness an attractive CAGR over the forecast period owing to the emerging applicability of single-use NPWT devices in the homecare setting and the cost-effectiveness of the therapy
North America dominated the market in 2021. This is primarily due to the increased usage of the targeted therapy in this region, which has led to a reduction in hospital stays and contributed to enhanced quality of patient lives

Monday, 16 January 2023

Vaccine Delivery Devices Market Worth $11.51 Billion By 2030

The global Vaccine Delivery Devices Market size is expected to reach USD 11.51 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.5% from 2022 to 2030. The market is primarily driven by growing immunization programs, financial support from government and non-government organizations, increasing vaccination initiatives and campaigns, and the rising prevalence of infectious diseases globally. Growing research in the field of vaccines and the development of new products are also contributing to the growth of the market.

The adoption of a needle-free approach for administering these products is gaining momentum due to the growing awareness and demand to avoid pain and injuries associated with the use of a needle stick. Data by the Centers for Disease Control and Prevention states that an estimated 385,000 sharp injuries including needle stick injuries occur every year in hospitals in the U.S. Advancing technologies in administering vaccines and their increasing adoption is propelling the market growth. The rising interest of various key players, national institutions, and organizations in novel delivery technologies is expected to further contribute to market growth.

The Covid-19 epidemic significantly boosted the market growth, especially due to the increasing demand for vaccination to tackle the spread of the virus. Increasing investment in Research & Development by vaccination device manufacturers as well as the governments has expanded the market significantly at an accelerated pace. Initiatives are undertaken by various regulatory authorities like UNICEF, Gavi, and WHO are also expected to boost the market growth.

Various governments and international organizations are increasingly investing in the development of vaccination programs. For instance, the U.K. government also announced funding of up to £1 million from its Global Challenges Research Fund through Medical Research Council to investigate the Zika virus and its transmission. Organizations such as GAVI Alliance, Bill & Melinda Gates Foundation, Path, and the WHO are actively involved in the field of vaccines. Many governments are also undertaking several immunization programs on priority.

Related Press Release@ Vaccine Delivery Devices Market Report

Vaccine Delivery Devices Market Report Highlights

By device, the syringes segment held the largest revenue share in 2021 due to the increasing vaccination programs, spreading immunization coverage, and technological advancements
By route of administration, intradermal vaccination dominated the market in 2021 as the majority of vaccines are given through this route owing to its advantages
North America dominated the global market in 2021 owing to the increasing awareness levels, high adoption of technology, and the rising prevalence of infectious diseases

Hearing Amplifiers Market Beurer GmbH; Etymotic Research, Inc.; Innerscope Hearing Technologies, Inc.; Sound World Solutions

The global Hearing Amplifiers Market size is expected to reach USD 152.1 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.6% from 2022 to 2030. The increasing prevalence of mild deafness and the high cost of hearing aids are some of the factors that are attributed to be key drivers.

Increasing initiatives undertaken by the government in order to address deafness are expected to drive the growth of the market. For instance, JobAccess, a commonwealth government initiative undertaken by the Australian Government, provides funds to companies to incorporate work-related modifications in order to provide a workplace that is conducive to employees with some degree of deafness.

Increasing investments by the key players to develop innovative and effective devices is attributed to significantly driving the growth of the market. For instance, olive union a company focused on developing Bluetooth earpieces and smart sound algorithms developed the Olive Smart Ear hearing amplifier that used AI to amplify sound settings to suit users.

Furthermore, the increasing prevalence of hearing-related conditions is attributed to be a major factor driving the growth. According to WHO, it is estimated that by 2050, around 2.5 billion people are anticipated to have some degree of deafness and more than 700 million people will require rehabilitation. On the other hand, the COVID-19 pandemic has negatively impacted the hearing amplifier market. during the nationwide lockdown period, several retail stores were shut down, which severely impacted the sales for several key players.

Related Press Release@ Hearing Amplifiers Market Report

Hearing Amplifiers Market Report Highlights

In 2021, behind-the-ear product type segment accounted for the largest revenue share of 62.1% owing to the factors such as high adoption, ease of use, and innovations by key players
Based on sales channel segment, the offline retail sales channel accounted for the largest share of 69.8% in 2021 owing to the preference of key players to launch their products through retail stores
By region, Europe dominated the market due to high prevalence of hearing loss and increasing awareness about availability of technologically advanced products, thus, leading to higher adoption of hearing amplifiers in the region

Friday, 13 January 2023

End Stage Renal Disease Market by Nipro Corp.; Fresenius Medical Care AG & Co. KGaA; Medtronic; B. Braun Melsungen AG

The global End-Stage Renal Disease Market size is anticipated to reach USD 261.64 billion by 2030, registering a CAGR of 12.9% during the forecast period, according to a new report by Grand View Research, Inc. Increasing number of patients suffering from kidney failure, rapid increase in the volume of hospitals & urgent care centers, and growing hospital admission rates are among the few factors propelling the market growth. Chronic Kidney Disease (CKD) is one of the major causes of increasing kidney failure rates among patients. According to the CDC, it is estimated that more than 37 million people in the U.S. suffer from CKD, whereas globally more than 500 million people (12-18% of the world population) are affected. As a result, increasing the demand for dialysis or kidney transplant. The COVID-19 pandemic has impacted the healthcare industry and people suffering from ESRD are at a higher risk of contracting this virus, as they have to visit the hospitals often for dialysis. Center-based hemodialysis is the main renal replacement medium in most countries, with almost 90% of the ESRD population opting for it. Hemodialysis patients have to stay in hospitals for 4 hours minimum, 3 times a week, and come in frequent contact with the medical staff and other patients. All these factors increase their risk of infection. Technological advancements in the treatment of renal failure are another factor expediting the market growth for ESRD. For instance, the innovation of Wearable Artificial Kidney (WAK) technologies, a portable dialysis device designed to enable patients to live a healthier life as it controls blood pressure, improves clearance of wastes from the blood, and allows ESRD or CKD patients to a less strict diet, and results in lower fluid weight gain in addition to lowered stress on the heart. Thus, technical advancements in WAK have the potential to reduce mortality in dialysis patients, which thereby improves an ESRD patient’s quality of life. The WAK prototypes designed and patented by innovative firms have been approved for human clinical trials by the U.S. FDA in 2016.

Related Press Release@ End Stage Renal Disease Market Report

End Stage Renal Disease Market Report Highlights

The dialysis segment dominated the global ESRD market in 2021 owing to its ease of use and emergency convenience
This segment is further sub-segmented into peritoneal, hemodialysis, and wearable artificial kidney
The Asia Pacific region dominated the market with the highest revenue share in 2021 and will expand further at the fastest CAGR from 2022 to 2030
This growth can be attributed to the large population of patients with CKD/ESRD, and the greater incidence of hypertension and diabetes in the continent

Wednesday, 11 January 2023

Veterinary Lasers Market Size is Predicted to Witness 7.7% CAGR till 2030

The global Veterinary Lasers Market size is expected to reach USD 160.8 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.7% from 2022 to 2030. The key factors driving the market include rising pet adoption, initiatives by market stakeholders, new market entrants, and rising income in emerging nations. For instance, BIOLASE, Inc., specializing in laser technology, has started to enter new markets including veterinary, pain management, and otolaryngology to address the unmet needs in these promising markets. Aesculight, on the other hand, is the only company manufacturing veterinary CO2 surgical lasers in North America.

Due to the limited access to veterinary care and dampened demand during the COVID-19 outbreak, the market for veterinary lasers was negatively impacted in 2020. Additionally, the market was impacted by the shift in healthcare priorities, a decrease in the number of surgeries, and reduced pet visits in adherence to social distancing norms. The market recovered gradually during 2021 as movement restrictions were eased and vet visits increased. The market is also anticipated to expand considerably over the forecast period as all economies open up and people adjust to the new normal.

Furthermore, the market for veterinary lasers is driven by the rise in the incidence of disorders including osteoarthritis, sprains, strains, otitis, and other chronic ailments. The prevalence of chronic diseases is also increasing due to the increasing number of risk factors such as obesity in pets. For instance, as per a study published in the Frontiers in Veterinary Science Journal in August 2020, Mesenchymal stem cells (MSC) were estimated to be beneficial in reducing lameness in arthritic dogs. The study also suggested that MSC treatment could be used as a safe, effective, and long-term therapy for canine osteoarthritis.

Related Press Release@ Veterinary Lasers Market Report

Veterinary Lasers Market Report Highlights

The dogs animal type segment held the largest revenue share of more than 40.0% in 2021 and is expected to grow at a significant rate over the forecast period owing to the increasing popularity of dogs as pets across the globe
The pain and inflammation management application segment dominated the market in 2021. The regeneration/ tissue repair segment is projected to expand at the fastest CAGR over the forecast period
By class type, the class 3 lasers segment held the largest revenue share in 2021 due to the additional benefits of these lasers over other types
The therapeutic lasers product segment is expected to exhibit a lucrative growth rate over the forecast period
The veterinary hospitals and clinics' end-use segment held the largest revenue share in 2021 owing to the increasing number of veterinarians and veterinary hospitals
North America is expected to dominate the market over the forecast period due to favorable pet insurance policies and the growing availability of laser systems and services for veterinary applications

Thursday, 5 January 2023

Medical Robotic Systems Market Worth $76.4 Billion By 2030

The global Medical Robotic Systems Market size is expected to reach USD 76.4 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 17.4% from 2022 to 2030. The major factors contributing to the industry growth are the higher per capita healthcare spending and technological advancements in surgical medical equipment. Furthermore, the surging need for surgical procedures in the elderly population, growing demand for accurate laparoscopic surgeries, and rising cases of trauma injuries are fueling the market growth.

Advancements in technology along with the growing number of FDA clearances for products are expected to further propel the market growth in the forecast period. Technologies such as motion sensors, data recorders, data analytics, HD surgical microscopic cameras, robotic catheter control system (CCS), 3D-Imaging, and remote navigation are getting incorporated into the robotic system. These technologies are increasing the demand for robotic minimally invasive surgeries as they provide greater control and higher accuracy.

With the increasing target patient population, growing medical tourism, and business-friendly regulatory strategies, emerging countries are providing large opportunities for key players to expand their market within the region. The high cost of robotic systems, along with maintenance charges, hampers the market growth. For instance, the most commonly used robotic system, the da Vinci system, costs between USD 1 million and USD 3 million, whereas the cost of the CyberKnife radiosurgery robotic system ranges from USD 4.2 to 6.2 million per unit. Furthermore, an additional USD 100,000 is required for maintenance. COVID 19 negatively impacted the market growth. The pandemic has led to a provisional ban on elective surgeries throughout the world, which resulted in withdrawals of elective surgeries. Moreover, COVID-19 caused economic disruption throughout the world, which further badly affected the market growth.

Related Press Release@ Medical Robotic Systems Market Report

Medical Robotic Systems Market Report Highlights

The market is expected to grow owing to the increasing demand for accurate laparoscopic surgeries, the growing need for surgical procedures in the geriatric population, and rising cases of trauma injuries
By type, surgical robots held the second-largest revenue share in 2021 owing to the growing adoption rate of robotic systems in hospitals and the increase in demand for minimally invasive surgeries
Asia Pacific dominated the market with a revenue share of over 50.0% in 2021. Latin America is anticipated to exhibit the fastest CAGR of 18.9% over the forecast period

Pharmaceutical Robots Market ABB Ltd.; Kawasaki Heavy Industries Ltd.; Universal Robots A/S; FANUC America Corporation; Yaskawa Electric Corporation

The global Pharmaceutical Robots Market size is expected to reach USD 357.9 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.2% from 2022 to 2030. The growing pharmaceutical industry and numerous benefits offered by robotic systems in product manufacturing, such as improved production output and product quality, increased production flexibility, lesser space utilization, no labor turnover, low operating costs, enhanced health, and safety, reduced production downtime, and better waste management, are driving the adoption of these products, thereby aiding the market growth.

According to an article published by Mint in April 2020, the adoption and usage of robotic technology are expected to increase in India across all types of healthcare settings, despite their high prices, owing to the availability of a smaller number of healthcare professionals for more than 1.3 billion population. The market is seeing opportunities due to the COVID-19 pandemic. Pharmaceutical companies looking to capitalize on prospects in North America and Europe are increasingly turning to robots. According to the Robotic Industries Association (IRA), orders for robots from North American life science companies increased by 69% in 2020 compared to 2019.

The COVID-19 outbreak has prompted the pharmaceutical industry to increase its use of robots to optimize procedures. Robots will continue to be deployed in North America and Europe to cut the process's costs and complexity. It has recently gained interest as a solution to medicine shortages caused by production delays. Pharmaceutical companies are anticipated to form partnerships with robotics solution providers to incorporate robotics into manufacturing, medication development, and anti-counterfeiting procedures. As companies increase their investments in the pharmaceutical sector, the use of robots may grow in the coming years.

In 2021, the traditional robots product segment accounted for the largest revenue share owing to its increasing adoption in material handling, picking and packaging, palletizing, and inspection. Collaborative robots are anticipated to register the fastest growth rate during the forecast period. Many companies are replacing traditional with collaborative robots or cobots, which are a combination of humans and robotics. The adoption of cobots is significantly increasing as they combine repetitive tasks of robots and the individual skills of humans to bring efficiency to manufacturing processes. These machines are also cheaper and easier to operate and maintain as compared to the traditional ones.

In 2021, the picking and packaging application segment accounted for the largest revenue share and is anticipated to witness the fastest growth during the forecast period. This growth can mainly be attributed to the high demand for personalized packaging and benefits associated with this segment, including high speed, efficient track and trace, and optimum utilization of the floor space. In addition, all the traditional robotic solutions are mainly used for picking and packaging. For instance, 6-axis articulated robots such as VP-6242G and VS-068A2 developed by Denso Wave Incorporated enable picking and packaging.

In 2021, the pharmaceutical companies end-use segment accounted for the largest revenue share and is anticipated to register the fastest growth rate during the forecast period. This is attributed to the increasing usage of robotics in drug discovery and development. In addition, pharmaceutical companies are involved in developing personalized medicine, which further supports the growth of the segment. Research laboratories are anticipated to witness significant growth during the forecast period owing to the ability of these automated solutions to perform repetitive tasks, such as moving test tubes and fluids, during drug discovery-related activities, facilitating a high rate of consistency and accuracy.

In 2021, Asia Pacific dominated the market and is anticipated to register the fastest growth rate during the forecast period. The rise in the demand for the production of drugs and the development of robotic machines for performing tasks with high speed, reduced risk of contamination, accuracy, and optimum utilization of space among pharmaceutical companies is boosting the regional market growth. Moreover, a rise in the number of initiatives undertaken by the government to increase the adoption of industrial robots is further aiding the regional market growth. For instance, in 2016, the Chinese government launched the Robotics Industry Development Plan (2016-2020), aimed at promoting robot applications to a wider range of fields and attracting foreign investment, to develop 100,000 industrial robots produced by domestic technology annually by 2020.

Related Press Release@ Pharmaceutical Robots Market Report

Pharmaceutical Robots Market Report Highlights

The market growth is attributed to various technological advancements and increasing investments in the robotics sector
In terms of product, traditional robots dominated the market in 2021 owing to the availability of different types of traditional products for specific applications
Based on application, the picking and packaging segment dominated the market in 2021 owing to a rise in demand for personalized packaging
By end-use, pharmaceutical companies dominated the market in 2021 owing to the rapid rate of drug discovery and high investments by the companies
Asia Pacific dominated the market in 2021 owing to the booming pharmaceutical and industrial robotics market in the region

Wednesday, 4 January 2023

Cleft Lip Surgery Market Children’s Hospital of Philadelphia; Medanta; Apollo; Great Ormond Street Hospital

The global Cleft Lip Surgery Market size is expected to reach USD 631.6 million by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 5.0% during the forecast period. Cleft palate or cleft lip surgery is a surgical procedure for the cleft palate (roof of the mouth), which is performed for treating the birth defects of the upper palate and upper lip. The cleft lip repair procedure aims to restore normal facial function and appearance of the upper lip. Cleft lip surgery is usually performed three to four months after birth. Cleft lip and palate repair, the most common surgery, is a surgical procedure that restores a gap in the upper lip that’s developed during fetal formation. In most countries, insurance typically covers cleft lip procedure, because it’s a congenital deformity.

The rising incidence of a defect in fetal development, growing awareness in developing countries, and increasing disposable incomes are some of the factors that are responsible for the market growth. Furthermore, reimbursement for cleft lip surgery is also a major driving factor to boost the market growth during the forecast period. Cleft lip defect with or without cleft palate is the second most prevalent birth deformity in the United States, affecting one in every 940 births and resulting in approximately 4,437 cases every year. Several reports estimated the prevalence range from 7.75 to 10.63 per 10,000 live births. In the last few years, there has been increasing evidence that cleft lip and palate could be the result of poor folic acid and vitamin B levels in the mother.

With an incidence of 7 children per 1,000, cleft lip and palate defects are one of the most common deformities in India. Thus, with the growing vitamin deficiency cases and rising population in countries like China and India, the market for cleft lip surgery is likely to grow. The COVID-19 outbreak has caused havoc and had significantly affected the market. Due to the global restrictions and lockdown being imposed in most of the countries initially, many non-emergency treatments and surgical procedures were halted. The COVID-19 pandemic has caused a huge disruption in the supply chain of the overall medical industry. The outbreak had resulted in a decrease in the number of dental procedures performed each year, resulting in an overall decline in the dental matrix systems market.

Related Press Release@ Cleft Lip Surgery Market Report

Cleft Lip Surgery Market Report Highlights

The cleft lip with palate segment dominated the market in 2021. This is because cleft lip with cleft palate is a more common condition in newborns
The hospital segment dominated the market in 2021 as hospitals are the key service provider for the cleft lip and cleft palate surgery
Asia Pacific dominated the global market in 2021 accounting for the maximum revenue share and is estimated to expand further at the fastest CAGR from 2022 to 2030
The high growth of the region can be attributed to the increasing number of newborns, rising disposable income, rising technological advancements, and growing awareness

Tuesday, 3 January 2023

Gamma Knife Market Size Worth $626.4 Million By 2030

The global Gamma Knife Market size is expected to reach USD 626.4 million by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.0% from 2022 to 2030. The increasing prevalence of cancer, brain tumors, and other neurological diseases, rising adoption of these instruments in surgery centers, growing preference for Minimally Invasive Surgeries (MIS), and technological advancements in the device are among few factors expected to drive the market.

Gamma knife therapy is used for the treatment of various brain and neurological disorders such as brain tumors, brain metastases, epilepsy, and arteriovenous malformations. Demand for these instruments in surgery centers is growing due to their various advantages such as safety, micro-precision, lack of postsurgical complications, and lack of incisions.

Technological advancements have improved precision in surgery. For instance, the up-gradation of Leksell Gamma Knife models U, B, C/4C, and Perfexion to Icon provided micro-precision in surgery and boosted the adoption of this device in surgery centers. According to reports published by Elekta AB, approximately 70,000 patients undergo gamma knife surgery each year. This number is expected to increase over the forecast period owing to the rising prevalence of target diseases and increasing preference for MIS.

In addition, the growing demand for MIS over open surgeries is one of the key factors responsible for increasing the adoption of this therapy. Gamma knife treatment procedure results in fewer traumas and faster recovery as compared to open surgeries. It helps reduce hospital stays, thus ensuring economic viability and reduction in medical expenses. Lack of incisions and post-surgical complications are key factors responsible for boosting the demand for minimally invasive surgeries.

Related Press Release@ Gamma Knife Market Report

Gamma Knife Market Report Highlights

Malignant tumors emerged as the largest indication segment in 2021. The functional disorders segment is anticipated to witness the fastest growth over the forecast period
The Asia Pacific held the largest revenue share in 2021 owing to the rising incidence of cancer, developments in healthcare infrastructure, and rapid economic development across major emerging economies
Elekta AB is the only player operating in this market since Gamma Knife is a patent-protected trademark product of the company

Monday, 2 January 2023

Biosimulation Market Key Players, Industry Share, Growth, And Forecast To 2030

The global Biosimulation Market size is expected to reach USD 9.95 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.9% from 2022 to 2030. The key factors fueling the market growth include the increasing incidence of chronic diseases, increase in healthcare digitization, and usage of biosimulation solutions in clinical trials and research.

The need for drug discovery and development amidst the prevalence of acute and chronic diseases has increased the allocation of funds for R&D activities, which has propelled the adoption of biosimulation solutions. In addition, a high drug attrition rate leads to an increase in the cost of clinical trials, which is expected to drive the clinical urgency to incorporate in silico biology approach. This approach significantly reduces the probability of drug failure by predicting biological interactions, thereby reducing overall costs.

A rise in drug relapse rates, drug resistance cases, and the limited availability of drugs to treat diseases such as AIDS have led to high clinical urgency for the adoption of biosimulation in applications such as drug development and drug discovery.

The COVID-19 pandemic also had a significant impact on the market growth. Simulations Plus, for instance, launched the StrategiesPlus COVID-19 ACT Program in March 2020 for speeding consulting assistance to any organization involved in COVID-19 research. The company declared that as of November 2020, its business was not materially adversely affected. However, the continuing spread of COVID-19 and the measures taken by governments of affected countries are likely to disrupt the supply chain and adversely impact its business and financial performance.

Surging demand for biosimulation software and services can also be attributed to their higher cost-efficiency. Biosimulation solutions enable cost-effective prediction of toxicity, adverse reactions, and efficacy of investigational drugs during the early stages of product development, thus limiting the probability of drug relapse and adverse events at later stages.

Market players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, to maintain a competitive edge in the market. For instance, in January 2022, Simulations Plus Inc. collaborated with an animal health company for validating current animal physiologically based pharmacokinetic (PBPK) models. With this funded collaboration, the company aimed to add a critical new species to its GastroPlus platform. Moreover, in November 2021, Yokogawa Electric Corporation acquired Insilico Biotechnology AG, a Germany-based company that develops and provides bioprocess software and services.

Related Press Release@ Biosimulation Market Report

Biosimulation Market Report Highlights

By product, software dominated the market in 2021. This can be attributed to the availability of a wide range of application-specific software that suits research requirements. Furthermore, biosimulation software is being used in clinical trials and it also eases modeling and targets drug identification
The drug development application segment accounted for the largest revenue share of more than 55.0% in 2021
By end-use, pharmaceutical and biotechnology companies held the largest revenue share in 2021 due to the increasing strategic initiatives
North America grabbed the largest revenue share of over 45.0% in 2021. The presence of a favorable reimbursement framework (especially post the implementation of the Affordable Care Act) and sophisticated healthcare infrastructure are expected to drive the regional market over the forecast period
The Asia Pacific region is expected to grow significantly during the forecast period owing to the increase in the number of CROs, growth in spending on healthcare IT, and rapidly evolving healthcare infrastructure

Durable Medical Equipment Market to Witness a Strong Growth During 2022 - 2030

The global Durable Medical Equipment Market size is expected to reach USD 331.1 billion and register a CAGR of 5.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is primarily driven by a rise in chronic diseases, such as kidney failure and cancer. Moreover, technological advancements along with a strong reimbursement scenario are likely to boost the durable medical equipment (DME) market over the forecast period.

The growing geriatric population across the globe is likely to contribute to the industry expansion. People aged 60 years or above are more prone to health issues, such as diabetes, mobility issues, Cardiovascular Diseases (CVDs), and other lifestyle problems. This creates demand for DME products. However, stringent regulatory guidelines in developed economies and a lack of skilled professionals may limit the market growth.

The COVID-19 pandemic has initially affected the market due to the shortage of supply of the product. The market players have resulted in a decline in operations, sales, and revenue during the pandemic. The outbreak has temporarily changed the customer’s spending habits due to the restrictions imposed by the government. The pandemic has resulted in rising costs of the product and post-sale services for the recovery of financial loss incurred by the market players.

The availability of technologically advanced products has also played an important role in positively impacting the growth of the market. Countries such as U.S., UK, and Germany are innovators and early adopters of advanced technologies, thus these are the most important customers for medical device markets with rapid technological innovations. Technological breakthroughs concentrating on increasing efficiency are expected to occur during the forecast period, thereby driving market growth.

Related Press Release@ Durable Medical Equipment Market Report

Durable Medical Equipment Market Report Highlights

Monitoring and therapeutic devices emerged as the largest segment owing to the launch of technologically advanced products with more comfort and portability.
Home healthcare is anticipated to be the fastest-growing segment in the forecast period as it is less expensive and preferred by aged people.
North America led the market with the largest share in 2021 and will witness steady growth in the future on account of the presence of major companies in the region.
Asia Pacific is expected to register the highest CAGR in the forecast period owing to the presence of a large target population base and improving healthcare facilities.