Healthcare Industry Insights: March 2023

Friday 31 March 2023

Protein Engineering Market Size Worth $7.62 Billion By 2030

The global Protein Engineering Market size is expected to reach USD 7.62 billion by 2030, registering a CAGR of 16.60% during the forecast period, according to a new report by Grand View Research, Inc. One of the key factors fueling the industry’s growth is the rising demand for non-chemical medicinal alternatives for the treatment of chronic diseases globally. Furthermore, due to the favorable clinical outcomes connected to protein-based treatments, these therapeutics are now preferred over conventional synthesized pharmaceuticals, which is expected to accelerate market growth. The rising number of government activities, such as funding research and advancement for engineering novel therapeutics further influence the industry growth.

In addition, the market is positively impacted by improvements in healthcare infrastructure, an increase in healthcare spending, growth in the geriatric population, and an increase in investments in health-related research & development globally. Furthermore, key companies are expected to have profitable opportunities due to the growth in technological advancements in the protein engineering field. For instance, in February 2022, Tierra Biosciences unveiled the Tierra Protein Platform, an e-commerce platform that enables consumers to receive unique protein engineering products manufactured, verified, and dispatched to them in only a few clicks.

The platform offered by Tierra offers a quicker and more practical alternative to conventional approaches for finding thousands of proteins for use in R&D. The COVID-19 pandemic has boosted the industry growth due to applications of protein engineering in the production of COVID-19 vaccines and diagnostics. A bioluminescent diagnostic kit, for instance, was developed in July 2021 by scientists at the Eindhoven University of Technology in Germany. It can be utilized to determine whether an individual’s immune system is producing antibodies in reaction to the coronavirus. Similarly, it is anticipated that the market will witness substantial growth during the forecast period as a result of the rising R&D efforts for engineering COVID-19 treatments.

Related Press Release@ Protein Engineering Market Report

Protein Engineering Market Report Highlights

The instruments product segment accounted for the highest market share in 2022. High demand for efficient and high throughput instruments for chromatographic analysis in protein engineering applications is driving the segment
The rational protein design technology segment accounted for the largest share in 2022. Protein remodeling engineering is an emerging and important application of rational design and serves as a major factor contributing to the growth of the segment due to its highly reliable and rapid processing attributes
The monoclonal antibodies protein type segment held the largest share in 2022. Monoclonal bodies find applications in the treatment of autoimmune disorders and with the rising prevalence of such diseases, the segment is anticipated to witness a rapid growth
The pharmaceutical and biotechnology companies end-use segment held the largest share in 2022. Rising R&D expenditure by biotechnology and pharmaceutical firms and increasing government funding and support for engineering advanced therapies are boosting the segment growth
North America accounted for the largest share in 2022 due to the rising use of biological medications for the treatment of chronic diseases, as well as rising funding opportunities in the region for R&D activities

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Vacuum Blood Collection Tube Market – Industry Insights by Application and End-use

The global Vacuum Blood Collection Tube Market size is projected to reach USD 3.20 billion by 2030, registering a CAGR of 3.02% during the forecast period, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic and infectious diseases, a growing number of blood transfusions, coupled with rising hematological disorders are boosting the adoption of blood collection tubes. In addition, frequent disease outbreaks in endemic areas are anticipated to increase the demand for blood collection tubes for clinical diagnostics. The market is anticipated to witness rapid growth owing to the factors, such as the growing need for the identification of infectious agents, cancer biomarkers, cardiovascular diseases, women’s health issues, and substance abuse.

A blood test is performed for numerous indications, such as infection, anemia, hypokalemia, leukemia, and kidney function. Lab diagnostics, relying on diagnostic tests to commence the treatment of any disease condition, has played a substantial role in the demand growth of the tubes. In addition, contagious diseases have made the most important impact on any cause of hospital admissions. Currently, emerging and re-emerging infectious diseases are presenting public health danger. For instance, as per the WHO, almost 1.2 million people in the U.S. have HIV. Vacuum tubes are used routinely for the collection of blood specimens in laboratory diagnostics, globally. They have numerous advantages over the traditional method of drawing blood with the use of syringes as the closed vacuum tube assures phlebotomist safety and clean specimens due to minimal transferring and touching.

They are safer and easier to use and come with pre-added additives. The stopper's color coding is common, which makes it effortless to communicate and understand the medical community. Moreover, it also permits many tubes to be filled in one sitting; thereby lowering the chance of hemolysis. Vacutainers have other advantages as well, such as increased proficiency in diagnostic tests, shortened time of blood draws, and reduced needlestick injuries & risk of contamination. The COVID-19 pandemic has had a positive impact on industry growth owing to the increased government support for exploring the possibilities of allowing laboratories to enhance the blood testing process. However, since the beginning of the pandemic, the healthcare industry has been facing several challenges.

Currently, BD’s specimen management business is challenged by a high demand for blood collection tubes, further challenging the company’s capability to supply products and achieve necessary raw materials for its manufacturing plants. However, leading players expanded their manufacturing capabilities to fulfill the global demand for vacutainers during the pandemic. For instance, as of May 2022, BD announced that the supply of Vacutainer Citrate Tubes has been stabilized and is no longer on manual allocation or backorder. Furthermore, as per the data provided by the WHO, around 118.5 million units of donated blood are collected worldwide each year. From 2008 to 2018, an increase of 10.7 million blood donations from voluntary unpaid donors has been reported.

Thus, the rise in donations will increase the usage of the collection tubes; thereby accelerating the industry growth over the forecast period. However, the shortage of skilled personnel and lack of product awareness in low- and middle-income economies might hamper the industry growth. The growing aging population and experienced operators retiring without being replaced by lab technicians of the new generation are at the core, globally. Moreover, in 2022, a medical laboratory workforce study conducted by the University of Washington Center for Health Workforce Studies and ASCP found that challenges in the laboratory field comprise a shortage of qualified personnel, a falling number of accredited education programs, and increased demands due to vacancy rates and testing volumes.

Related Press Release@ Vacuum Blood Collection Tube Market Report

Vacuum Blood Collection Tube Market Report Highlights

The serum-separating tube segment accounted for the largest share in 2022. These tubes have gained wide acceptance due to the benefit of the barrier gel that enables rapid separation of serum from cellular constituents of blood and thus lessens the hemolysis
The PET/plastic material segment accounted for the largest share in 2022. Compared to glass, plastic decreases the exposure to biohazardous material following breakage, endures higher centrifugation speeds, has a greater shock resistance, weighs less, and is more effortlessly disposed of by incineration at a lower cost
The blood routine examination application segment dominated the industry in 2022 owing to the factors, such as the prevalence of lifestyle diseases and the rise in awareness about routine examination
The pathology laboratories end-use segment led the industry in 2022 due to the high prevalence of various diseases, such as hepatitis B, HIV AIDS, diabetes, cancer, and heart diseases, which require various blood tests to confirm the extremity of the disease
North America was the largest region in 2022 due to the presence of leading clinical diagnostics companies & well-developed healthcare infrastructure and a high number of R&D activities

Friday 24 March 2023

Advanced Therapy Medicinal Products CDMO Market Worth $18.8 Billion By 2030

The global Advanced Therapy Medicinal Products CDMO Market size is expected to reach USD 18.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 18.8% from 2023 to 2030, owing to rising clinical trials for advanced therapy medicinal products and the increasing awareness among researchers about the benefits of advanced therapies, driving the advanced therapy medicinal products (ATMP) CDMO market growth. Tissue engineering has greatly benefited in recent years from technological development. The damaged tissues and organ function are replaced or restored using this technique. Similarly, gene and cell therapy are attracting a lot of patients for the treatment of rare diseases, whose incidence is rising globally.

With rising demand for robust disease treatment therapies, key players have focused their efforts to ramp up research and development for effective gene therapies that target the cause of disorder at a genomic level. According to ASGCT, the number of cell and gene therapies in the U.S. pipeline programs (phase I-III trials) increased from 483 in 2021 to 529 in 2022. Furthermore, the FDA delivers constant support for innovations in the gene therapy field via a number of policies with regard to product manufacturing. In January 2020, the agency released six final guidelines on the manufacturing and clinical development of safe & efficient gene therapy products.

Moreover, awareness about ATMP treatment options is being driven by initiatives aimed at informing the public about the benefits of these products, which, in turn, is leading to increased adoption of advanced therapies and fueling market growth for CDMOs. For instance, Alliance for Regenerative Medicine Foundation for Cell and Gene Medicine prioritizes activities for increasing public awareness through educational programs, underlining the clinical & societal benefits of regenerative medicine.

Increasing clinical trial activity along with new product launches generates growth opportunities for the market. As of 2022, there are 1451 ATMPs in preclinical stages and 535 are being studied in Phase 1 to 3 studies. Since August 2020, EMA has approved six of these additional ATMPs, and five more will be approved by 2023. In the UK, there were approximately 168 advanced therapy medicinal product trials underway in 2021, up from the 154 studies reported the year before, which is a 9% increase. 2021 saw a 32% increase in phase 1 trials, indicating a significant shift from experimental medicines to first-in-human studies.

On the other hand, key players are undertaking various strategic initiatives to introduce novel products, which is expected to propel market growth. For instance, in March 2021, CureVac N.V. signed a partnership agreement with Celonic Group, engaged in the manufacture of CVnCoV, CureVac’s mRNA-based COVID-19 vaccine candidate. CureVac's COVID-19 vaccine candidate is manufactured at Celonic's commercial manufacturing unit for ATMPs and biologics in Heidelberg, Germany. Under the terms of the commercial supply agreement, the Celonic facility could produce over 100 million doses of CVnCoV.

Advanced Therapy Medicinal Products CDMO Market Report Highlights

By product, gene therapy accounted for a major share of market space due to increasing clinical trials for gene therapies. Moreover, collaborative efforts for the development of novel gene therapies and the resultant expansion in gene therapy applications are factors expected to drive the volume of manufacturing
Cell therapy is expected to account for a significant market share in the coming years. A rise in research interests and the adoption of advanced cell therapies are attracting increased investments. The segment is being driven by CDMOs attracting investments to keep up with growing commercial markets and support their growth and diversification prospects
By phase, the phase I segment dominated the market revenue share in 2022. This is attributed to the growing number of human trials for advanced therapies and rising R&D activities
By indication, the oncology segment held a major share of the market in 2022 due to the increasing number of cancer patients and increasing cell and gene therapy research related to cancer. Moreover, technological advancements, such as the development of cancer vaccines, are expected to further support segment growth
North America dominated the global market in 2022, owing to increasing healthcare expenditure and the presence of key players. Companies such as Novartis AG, Sanofi, Johnson & Johnson Services, Inc., and Viatris are positively influencing market growth
For instance, in June 2022, Novartis AG launched Dimethyl fumarate HEXAL for the treatment of patients with Relapsing-Remitting Multiple Sclerosis (RRMS) in Germany. This strategic launch was aimed at commercializing Hexal in Germany
The Asia Pacific region is expected to expand considerably in the future. China is one of the major markets in the region. The market growth can be attributed to increasing government investments and reforms in policies related to the manufacturing of pharmaceutical products. China ranked second in the world for cell & gene therapy development with more than 1,000 clinical trials conducted in the country

Tuesday 21 March 2023

U.S. Deep Brain Stimulation In Parkinson’s Disease Market Growth, Opportunities and Forecast To 2030

The U.S. Deep Brain Stimulation In Parkinson’s Disease Market size is expected to reach USD 849.49 million by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.30% from 2022 to 2030. The rising prevalence of neurological conditions, such as Parkinson’s Disease (PD), increasing awareness, positive research outcomes, and growing investments in the development of transcranial stimulators are among the major factors driving the overall U.S DBS devices market.

DBS devices have been observed to be greatly effective in controlling the tremors associated with PD. They provide electrical stimulation to the basal ganglia, which results in suppressed neuronal activity that is generally spontaneous in patients suffering from PD. Low dopamine levels and other genetic factors are the main causes of PD. According to the Parkinson’s Foundation, about 1 million people are expected to be living with PD in the U.S. by 2020. Men are more susceptible to this disease than women.

Increasing investments for conducting R&D on PD have helped in raising awareness and boosting the development of new and innovative products and therapies for the treatment of this disease. For instance, the National Parkinson Foundation (NPF) provides funds to researchers and scientists with an aim to make advancements in this field. Extensive research activities for the inclusion and approval of deep brain stimulators in new application areas, such as full-body MRI scans and depression, are anticipated to boost the market growth over the forecast period. The DBS procedure price in the U.S. is around USD 96,000. It is expensive as compared with the cost of DBS procedures in countries such as the U.K. and Japan.

U.S. Deep Brain Stimulation In Parkinson’s Disease Market Report Highlights

By product, the dual-channel segment accounted for the largest revenue share of over 55.0% in 2021. Dual-channel DBS offers the best overall support, exhibiting greater effectiveness in reducing patient tremors and enhancing the quality of life
The single-channel product segment is estimated to register the highest CAGR over the forecast period. This is due to the cost of dual-channel DBS is high. Single-channel DBS offers patients suffering from progressed or complicated PD a chance to recover a part of their motion at a comparatively lower cost. Single-channel DBS is also easier to program and it offers greater room for operational flexibility
The industry is highly competitive. Market players are adopting various strategies, including partnerships, mergers and acquisitions, product innovations, and product launches to improve their position in the market

Monday 20 March 2023

Foam Dressing Market Growth, Opportunities and Forecast To 2030 | 3M; Coloplast Corp.; Medline Industries; Smith & Nephew; Cardinal Health; ConvaTec Group PLC; Derma Sciences Inc

The global Foam Dressing Market size is anticipated to reach USD 2.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2022 to 2030. A few of the key drivers propelling the market growth include an increase in surgical cases, a rapidly aging population, and an increase in the number of diabetes patients. For instance, according to the World Economic Forum, the current population of Japanese people above 65 years of age is 25% of the total population. This number is further expected to rise to 40% by 2060. Older people are more likely to sustain wounds, thus, the market for foam dressing is expected to grow throughout the forecast period.

An increase in the number of obese/overweight people is another fueling factor of the market. For instance, according to an article by Sage Journals & Indian Academy of Neurosciences, 2021, the number of obese people in India is estimated to be 135 million. Similarly, as per the Obesity Evidence Hub, two-thirds of the Australian people, i.e., 35.6% are overweight, whereas, 31.3% are expected to be obese. These situations are anticipated to raise demand for bariatric treatments and other related surgeries, driving the growth of the market over the anticipated time frame.

Additionally, the industry is anticipated to grow in the upcoming years with the launch of the COVID-19 vaccine and the relaxation of lockdown restrictions. It is anticipated that many elective procedures will be performed that were delayed. Moreover, many top producers are engaged in strategic activities including new launches, partnerships, and geographic expansion that could enable them to profit from the rising demand for foam dressing products during the projection period. For instance, in February 2022, Medline Industries announced the launch of a new version of its foam dressing Optifoam Gentle EX Foam Dressing. This is specially designed to displace the pressure whenever used with a pressure injury prevention protocol. Thus, similar initiatives by other market players are anticipated to boost market growth during the post-pandemic time.

Related Press Release@ Foam Dressing Market Report

Foam Dressing Market Report Highlights

Based on type, the adhesive foam dressing segment dominated the market and accounted for a revenue share of 56.5% in 2021, owing to an increase in the number of high exudate wound patients
Based on application, the chronic wound application segment accounted for a revenue share of 59.9% in 2021 and is leading the market
Based on end-use, the hospital segment dominated the market, due to an increase in surgical site infections among hospital patients. On the other hand, during the projected period, the home healthcare segment is expected to witness a CAGR of 5.4%
North America dominated the market and accounted for the highest revenue share of 45.4% in 2021 owing to the increasing number of diabetic patients, rise in the number of obese population, and technological advancements

Surgical Tables Market: Industry Demand, Analysis And Future Trends 2030

The global Surgical Tables Market size is expected to reach USD 2.34 billion by 2030, registering a CAGR of 6.5% during the forecast period, according to a new report by Grand View Research, Inc. Rising prevalence of chronic diseases and the increasing patient population requiring surgical tables along with high adoption of advanced surgical systems are factors anticipated to augment the market growth. Recent technological advancements in surgical instrumentation have improved the operating process. Due to this, surgical procedures will become safer, faster, and less stressful in the future. While surgical tables with features that might be considered novel are being developed, basic requirements for surgical tables tend to increase. In addition, increasing patient preference for non-invasive procedures, which require advanced surgical tables and need patients to be positioned differently, is predicted to foster the overall market growth.

Advances in surgical procedures require new positioning devices including surgical tables and other new accessories. Some of the surgical tables are designed to facilitate specialty procedures, such as shoulder injury. Furthermore, the requirement for advanced surgical instruments including surgical tables is increasing specifically among various hospitals in developing and developed economies. Several market players are focusing on advancing and launching innovative surgical tables to expand their global reach. For instance, in October 2021, Stille announced a collaboration with GE Healthcare for the launch of new surgical tables across the U.S. In July 2020, Hill-Rom launched PST 500, a precision surgical table. This product launch helped the company in widening its product portfolio. Such technological advancements by major market players are expected to positively influence market growth.

Related Press Release@ Surgical Tables Market Report

Surgical Tables Market Report Highlights

The general surgical tables segment held the largest market share in 2021 owing to the rising volume of general surgeries, such as cardiovascular, gynecology, and ENT, across the globe
The powered surgical tables segment held the maximum market share in 2021 due to the advantages of these equipment over their counterparts
The carbon composite material segment is anticipated to grow at the fastest CAGR during the forecast period due to the rising number of carbon composite surgical tables manufactured by several market players
The hospitals end-use segment dominated the market in 2021 due to the increasing number of surgical procedures requiring surgical tables globally
North America dominated the global market in 2021 owing to the high product demand. However, Asia Pacific is expected to grow at the fastest CAGR during the forecast period
The fastest growth can be credited to the rising incidence of CVDs and growing bariatric cases across several countries of the APAC region

Anti-acne Cosmetics Market Size Worth $8.91 Billion By 2030

The global Anti-Acne Cosmetics Market size is expected to reach USD 8.91 billion by 2030 registering a CAGR of 9.0%, according to a new report by Grand View Research, Inc. The high psychological burden associated with acne, especially among women, is expected to be the key growth-driving factor for the market. Moreover, the easy availability of various products to treat acne is anticipated to support the market growth. According to the American Academy of Dermatology, it is one of the common skin disorders in the U.S., affecting approximately 50 million individuals every year, with nearly 85% of individuals between the age group of 12 and 24 years having minor acne. Thus, a high prevalence of this skin disorder is also anticipated to fuel the product demand, thereby augmenting the market growth.

Furthermore, according to a study conducted by SkinStore, an average American woman uses nearly 16 skincare products per day and spends approximately USD 8 each day on facial cosmetics products. Such beauty regimes are also anticipated to propel market growth. According to a University of Limerick study, the negative social stigma associated with this skin disorder reduces the quality of life of individuals, increases their psychological distress, and causes physical problems, such as headaches, sleep disturbance, and gastrointestinal issues. This is also anticipated to increase the product demand over the coming years.

Related Press Release@ Anti-acne Cosmetics Market Report

Anti-acne Cosmetics Market Report Highlights

The creams & lotions segment dominated the market in 2020 as the cream is the first line of therapy for all types of acne and it also provides skin moisturization
The others product segment is expected to register the fastest CAGR over the forecast period due to the lightness of these products on the skin and compatibility with various skin types, as compared to creams & lotions
The women end-use segment held a dominant share of the market in 2020 and is expected to grow at the fastest CAGR during the forecast period, owing to a high prevalence of acne and other skin disorders
Asia Pacific is anticipated to be the largest as well as the fastest-growing regional market from 2021 to 2028 due to increasing disposable income levels and growing population in developing countries

Friday 17 March 2023

Cellular Immunotherapy Market Growth, Opportunities and Forecast To 2030 | Bristol-Myers Squibb Company; Novartis AG; Gilead Sciences Inc. (Kite Pharma)

The global Cellular Immunotherapy Market size is expected to reach USD 37.97 billion by 2030, according to a new report by Grand View Research, Inc. It is estimated to register a CAGR of 22.41% during the forecast period, driven by the growing government support for innovative therapies research, rising prevalence of cancer, development of advanced cell-based immunotherapies, and increasing R&D investment by global players.

Growing support from government organizations and research institutes including the National Cancer Institute (NCI) and Center of Excellence in Immunology (CEI) for cellular immunotherapies research is one of the major factors driving the market growth. For instance, the CEI pulls out experts from other institutes such as NCI and NIH to promote the growth of immunotherapy for the treatment of cancer. Also, the Surgery Branch of the National Cancer Institute's Center for Cancer Research (CCR) is committed to the innovation of novel immunotherapies for the treatment of cancer patients.

The rising number of M&As, collaborations, acquisitions, and funding is a major trend observed in the market. M&A and collaboration help companies expand their existing product portfolio and regional reach in a short period. For instance, in March 2021, TrakCel received funding from Labcorp and AmerisourceBergen for cellular therapy orchestration research and global expansion. Also, in April 2020, Kite (a Gilead Company) and Teneobio, Inc. entered into a license agreement through which Kite will receive exclusive rights to specific antibodies targeted to B-cell maturation antigen (BCMA). Thus, such M&A and collaborations are expected to boost the market growth.

A substantial number of cellular immunotherapy companies are engaged in new product launches, pertaining to licensing, collaborations, & acquisitions, and regional expansion. Some of the key companies in the market are Bristol-Myers Squibb Company; Novartis AG; Gilead Sciences Inc. (Kite Pharma); F. Hoffmann-La Roche Ltd.; and Johnson & Johnson. These companies are adopting various business models to gain a competitive advantage. For instance, in February 2021, Novartis secured approval for the first Australian commercial CAR-T manufacturing site for Kymriah. With this approval, the company would be able to develop Kymriah in Australia, thereby providing easy access to Australian patients.

The COVID-19 pandemic has had a high impact on the market. Owing to stringent regulations to curb the pandemic, a slowdown in clinical trials, approval of new drugs, and delayed cancer diagnosis have been observed, affecting the industry's growth amid the pandemic. However, in several countries, the effect of COVID-19 declined after the third quarter of 2021, which helped the market regain traction.

Related Press Release@ Cellular Immunotherapy Market Report

Cellular Immunotherapy Market Report Highlights

CAR T cell therapy segment contributed a significant revenue share of 71.6% in 2021. Factors such as approval of new drugs, patent protection, and a robust product pipeline are expected to drive the segment
B-cell malignancy is the largest segment by indication in 2021 due to the high product penetration; BREYANZI and Yescarta are among the drugs that contribute to its high share
Hospitals dominated the market in 2021 due to the availability of skilled healthcare practitioners in hospital settings and ease of reimbursement
North America dominated the market in terms of revenue in 2021, owing to the availability of a well-established healthcare infrastructure, high per capita healthcare expenditure, and the increasing prevalence of cancer in the region
Some of the key players in the market space are Gilead Sciences Inc. (Kite Pharma); Bristol-Myers Squibb Company; Novartis AG; F. Hoffmann-La Roche Ltd.; GlaxoSmithKline plc.; Merck KGaA; AstraZeneca; Celyad; Pfizer Inc.; Adicet Bio, Inc.; Johnson & Johnson; and Dendreon Pharmaceuticals LLC

North America OTC Health Products Market Size is Predicted to Witness 6.04% CAGR till 2030

The North America OTC Health Products Market size is expected to reach USD 106.6 billion by 2030, expanding at a CAGR of 6.04% during the forecast period, according to a new report by Grand View Research, Inc. Rising consumer awareness and increasing consumer willingness to spend on nutritional supplements, the increasing prevalence of lifestyle diseases including obesity & diabetes, rise in disposable income, and an increase in the number of distribution channels for OTC products are some of the key factors driving growth. Consumers are increasingly realizing the benefits of nutritional supplements, which help them sustain a healthy lifestyle, thereby positively impacting the market growth. According to the National Institute of Health, Americans spend around USD 2.1 billion annually on weight-loss dietary supplements, usually in the form of pills.

The emergence of e-commerce has led to increased accessibility to dietary and nutritional supplements. Apart from the online channels, companies such as General Nutrition Centers, Inc.; Walmart; and Vitamin Shoppe are some of the major retail outlets. Thus, the easy availability of these products will provide growth opportunities to key players in this space. Moreover, shifting consumer preference to CBD due to its healing properties and limited to no psychoactive effects is expected to drive the growth potential for CBD-infused products. According to Gallup, Inc. report of 2019, approximately 14% of individuals in the U.S. have used some or the other form of CBD-infused products. About 58% of adults use it for pain-related conditions and around 42% for mental health-related conditions.

The COVID-19 pandemic resulted in a surge in consumer preference for immunity-boosting supplements. Segments such as sports nutrition, and women’s & men’s health saw a negative impact due to lockdowns imposed by governments to curb the pandemic. The effect of COVID-19 declined post the third quarter of 2020, which helped the market regain traction.

The market is fragmented with the presence of a large number of companies, intensifying the overall competitive rivalry. Companies are undertaking multiple partnerships and mergers & acquisitions to increase their portfolio & expand their footprint across the country. In addition, companies are focusing on product differentiation and bundling strategies to capture a greater market share. For instance, in March 2022, CV Sciences, Inc. launched PlusCBD Relief Softgels. The company claims that it can deliver seven times better Cannabidiol Acid (CBDA) and Cannabidiol (CBD) than its raw formula. This product has clinical significance in the treatment of inflammatory responses.

Related Press Release@ North America OTC Health Products Market Report

North America OTC Health Products Market Report Highlights

The dietary supplements and weight loss products segment accounted for 35.07% of the share in 2021. This is attributed to an increase in consumer awareness about the benefits of a healthy diet, growing self-health consciousness, and a rise in the prevalence of obesity
The sports formulation segment accounted for the largest share of 20.49% in 2021 due to rising awareness about fitness and high commercial availability of sports nutrition
Adults segment is projected to witness the fastest growth during the forecast period owing to the availability of a wide variety of OTC products for the adult demographic
Hypermarkets, supermarkets, and convenience stores dominated the market in 2021, owing to the better feasibility of buying from such places and an increase in the number of strategic initiatives like schemes such as loyalty programs
The capsules & tablets segment dominated the market in 2021. This can be attributed to the wide availability of products in capsule & tablet form in the market, the rise in innovation to enhance capsules & tablets delivery forms, and higher shelf-life

The U.S. dominated the market in terms of revenue, mainly due to the presence of key players, an increase in the prevalence of chronic diseases & obesity, and a rapidly growing geriatric population

Long-term Care Market Size Worth $1.74 Trillion By 2030

The global Long-term Care Market size is expected to reach USD 1.74 trillion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.62% from 2023 to 2030. The market is expected to grow primarily owing to the rising prevalence of target diseases, especially Alzheimer’s and dementia, among the aging population. In addition to this, increasing awareness about different long-term care (LTC) facilities and increasing medical coverage for home healthcare are likely to benefit the market growth.

Changing healthcare scenarios has created new requirements in the market that define target group preferences. As a result, the market has expanded with a wide range of options to address financing and healthcare coordination. Furthermore, an increase in life expectancy necessitates the use of LTC services. The geriatric unmet requirements are also a factor in market expansion. Unnecessary hospitalization is prevented with the provision of at-home services, reducing healthcare expenditure and economic burden.

Due to the COVID-19 pandemic, clinical visits have become more difficult and hence home healthcare services & devices became an efficient alternative for patients. Nonetheless, there was a shortage of few home healthcare products as well leading to higher costs affecting the market growth. Nursing care and assisted living facilities were severely impacted during the pandemic due to a high patient pool, a shortage of healthcare professionals and supplies, high mortality, and a reduced admission rate.

Related Press Release@ Long-term Care Market Report

Long-term Care Market Report Highlights

In terms of services, nursing care had the largest share in 2022 due to the large number of facilities that provide LTC services, medical support, and 24-hour support
The home healthcare segment accounted for the second-largest share in the service segment in 2022 due to increased awareness of such facilities, associated cost savings compared to hospitalization and active health monitoring
The hospice and palliative care services segment is expected to grow rapidly during the forecast period due to the increased incidence of Alzheimer's disease and dementia and increased post-hospitalization services. In addition, compensation provided by public and private insurance companies freed residents from the out-of-pocket costs they had to pay.
The pandemic has hit the entire healthcare system, but the care facilities of the younger and older generations' in-home care programs suffered significantly
North America dominated the market in 2022. This is primarily due to advanced health infrastructure, awareness of the benefits of home health services, an increasing elderly population, and government support. About 13% of people in the United States are 65 or older, and it is estimated that by 2050, one in six Americans will be at least 65 years old.
Market players are also undertaking several strategic initiatives such as service portfolio expansion, partnership agreements, and mergers & acquisitions to increase their market shares. For instance, In July 2021, HCA Healthcare completed a USD400 million contract to acquire a majority interest in Brookdale Senior Living's home health and hospice businesses, as the hospital chain seeks to expand into the home health industry.

Thursday 16 March 2023

Small Molecule API Market by Merck & Co., Inc., AbbVie, Inc., Bristol-Myers Squibb Company, Boehringer Ingelheim International GmbH

The global Small Molecule API Market size is expected to reach USD 282.50 billion by 2030, expanding at a CAGR of 5.44% during the forecast period, according to a new report by Grand View Research, Inc. It is driven by an increase in demand for pharmaceuticals globally and a high rate of new small molecule-based drug approval.

The increasing number of new pharmaceuticals entering the market is creating a lucrative opportunity for key players. For instance, as per NCBI in 2021, 75% of the drugs accepted by the FDA were small molecules, with the dominant therapeutic area being oncology. Over 50% of these approvals were from small and mid-sized companies which require support from CDMOs for the commercialization of products that enhance the growth rate of CDMOs.

The COVID-19 pandemic has made supply-chain shortcomings in the small-molecule API business apparent, as most of the production facilities are located in Asian nations such as India and China. This has increased the focus of players on creating an end-to-end integrated supply chain for the clients and increased the number of facilities in western countries with heightened support from the government for doing the same.

Merger and acquisition activities are frequently being undertaken by the players to meet the soaring demands globally. For instance, in April 2022, Novasep and PharmaZell announced a strategic merger for the creation of a leading technologically-driven CDMO for complex small molecules and specialty API production.

Expansion and diversification are becoming key strategies used by key players in the market to maintain their market share. For instance, in April 2021, Lonza announced its investment plan of USD 218.6 million for the construction of a manufacturing complex for small molecules in Switzerland. The facility is expected to ensure continuity and flexibility of supply for the products.

Emerging markets such as China, India, and Southeast Asia represent significant opportunities for growth. Furthermore, niche areas such as “halal API” further present growth opportunities owing to the rise in the demand for drugs in the segment, majorly in Middle Eastern and Southeast Asian nations. The synthetic small molecule API segment is largely driven by the presence of small companies and CDMOs that cater to the changing requirements of the industry.

Related Press Release@ Small Molecule API Market Report

Small Molecule API Market Report Highlights

In 2021, synthetic APIs held the largest market share attributable to the high demand for the production of pharmaceuticals that are required in high volume
The outsourced manufacturing segment held the largest market share owing to a dependency of small and mid-sized companies on outsourcing for commercial production
Oncology is projected to grow at the fastest rate in the application segment as the adoption of cancer treatments is rising, creating a strong demand for API
North America dominated the market in 2021 due to the presence of key players and rising support from the government for enhancing the API manufacturing capacity of the region