Healthcare Industry Insights

Tuesday, 30 March 2021

Dental Implant Market Size is Predicted to Witness 11.0% CAGR till 2028

The global Dental Implant Market size is expected to reach USD 8.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.0% from 2021 to 2028. Rising demand for tooth replacement has provided good growth potential to the market. The increasing number of dental injuries owing to road accidents and sports injuries are some of the major factors boosting market growth.

With growing aesthetic awareness, people are exploring more treatment options, which is leading to the growth of the market. For instance, as per the American Academy of Cosmetic Dentistry data, more than 95.0% of individuals across the globe believe that their smile is a vital social asset and nearly 84.0% revealed to be under an increased pressure to perfect their smile, thus increasing the product demand. Dental implants are considered the only restorative technique that preserves and stimulates natural bone. Owing to the growing number of edentulous people, the demand for prosthetics is increasing, which is expected to be one of the major impact rendering drivers for the market.

Several industries have halted their services due to the COVID-19 pandemic. However, the dental care industry is greatly impacted by the significant decrease in elective procedures, many of which are being postponed or canceled so that hospitals can focus their resources on treating patients with COVID-19. Major Countries like the U.S and India procure raw materials and electronic components from China, which has disrupted the supply chain of much dental equipment and product manufacturers. However, with the decrease in the number of COVID-19 cases, hospitals are likely to begin scheduling elective procedures, depending on their capacity of admission and patients comfort level.

Related Press Release @ Dental Implant Market Report

Dental Implant Market Report Highlights

The titanium implant type segment held the largest market share in 2020 due to its wide applications, durability, and cost-effectiveness
Zirconia implants are anticipated to witness a lucrative growth rate over the forecast period due to better flexural strength, improved aesthetic appearance, and less corrosiveness as compared to titanium
North America dominated the market in 2020 owing to high awareness about restorative treatments and the presence of established market players

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Pharmacy Automation Devices Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The global Pharmacy Automation Devices Market size is expected to reach USD 9.5 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.3% from 2021 to 2028. The increasing burden of chronic diseases and the growing geriatric population are leading to an increase in the number of prescriptions. This, in turn, is resulting in a rise in the number of medication errors. For instance, 237.4 million medication errors occurred in England in 2018, according to the article published in The Pharmaceutical Journal. This is driving the demand for pharmacy automation devices. Moreover, an increase in initiatives by various organizations, such as the American Society of Health-System Pharmacists, to reduce medication errors is positively impacting the market growth.

In 2020, the medication dispensing systems product segment accounted for the largest revenue share owing to the benefits offered by these products, such as minimized medication errors, better inventory management, improved medication adherence for patients with complex treatments, improved patient care, minimized drug waste with true split-fills, improved storage capacity, and reduced administrative burden among the end-users. The automated medication compounding systems segment is anticipated to witness the fastest growth during the forecast period. Reduction in compounding errors and contamination is a major factor driving the segment. Moreover, the increasing adoption of these devices for sterile compounding is fueling the segment growth.

The retail pharmacy end-use segment accounted for the largest revenue share in 2020. The rising adoption of these solutions, the presence of a large number of retail pharmacies, and growing investments in this sector are driving the segment. For instance, in May 2018, McKesson Co., a Healthcare Information Technology (HIT) company, entered into an agreement with Discount Drug Mart, which is an Ohio-based retail drug store, to build an automated central fill pharmacy. The hospital pharmacy is anticipated to witness the fastest growth during the forecast period owing to the adoption of automated technologies by hospitals. For instance, in February 2020, Geisinger, a health provider in the U.S., partnered with Omnicell, Inc. for the implementation of an automated dispensing system.

In 2020, North America dominated the market. This is attributed to the presence of a large number of industry players, such as BD, Omnicell, Baxter, AmerisourceBergen, and Cerner. The majority of the companies such as BD and Baxter generated more than 50% of sales revenue in the U.S. Asia Pacific is anticipated to witness the fastest growth during the forecast period. Rapid adoption in automated solutions, investments in the adoption of healthcare IT infrastructure, and high healthcare spending are the key factors contributing to the growth of the market. Moreover, initiatives by public and private bodies to reduce medication errors are likely to drive the regional market.

Related Press Release @ Pharmacy Automation Devices Market Report

Pharmacy Automation Devices Market Report Highlights

The market is driven by various technological advancements and increasing investments in the automation sector
Based on product, the medication dispensing systems segment dominated the market in 2020 owing to the increasing adoption of these products to avoid errors while dispensing medication
By end-use, the retail pharmacy segment dominated the market in 2020 owing to high adoption rates of these devices and investments by major retail chains, such as CVS Health and Walgreens
North America dominated the market in 2020 owing to the presence of a large number of automation companies in the region

Clinical Laboratory Service Market Overview, Growth Prospects and Outlook Report, 2028

The global Clinical Laboratory Service Market size is expected to reach USD 288.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2021 to 2028. Growing prevalence of target diseases such as diabetes and cardiovascular diseases is expected to positively impact the market growth over the forecast period. For instance, according to the WHO, by 2030, cardiovascular diseases are estimated to cause approximately 23.6 million deaths, mainly from heart disease and stroke.

The COVID-19 pandemic, caused due to SARS-CoV-2, is affecting millions of people globally. According to WHO and CDC, the standard for laboratory diagnosis of COVID-19 is Reverse Transcriptase Polymerase Chain Reaction (RT-PCR) for samples collected from the respiratory tract. The adoption of PCR technology for the diagnosis of COVID-19 and the genetic sequencing of the virus for the development of a cure are driving the market.

Furthermore, in May 2020, the Department of Health and Human Services (HHS) provided more than USD 200 million to clinics in rural areas of the U.S. to expedite COVID-19 testing. Such robust investments by government bodies to increase adoption of COVID-19 diagnostic kits by clinics are anticipated to boost segment growth. COVID-19 walk-up clinics in San Jose are another key initiative expected to positively impact segment growth.

In addition, advancements in laboratory testing technology through incremental and breakthrough developments are expected to serve this market as a high impact rendering driver. For instance, in March 2020, a Singapore-based med-tech company, Biolidics, launched a rapid test kit for COVID-19 and entered into a manufacturing agreement with a diagnostic kit manufacturer for mass production.

Automation in clinical settings has significantly improved the data management process in labs. Improving adoption rates of laboratory automation systems is expected to boost the market throughout the forecast period. Furthermore, database management tools, patient test records, and integrated workflow management systems have received significant consideration in the healthcare industry.

Request a free sample copy or view report summary: Clinical Laboratory Service Market Report

Clinical Laboratory Service Market Report Highlights

In 2020, the clinical chemistry segment held majority of revenue share owing to presence of large number of tests due to increasing knowledge on clinical chemistry
Stand-alone laboratories is expected to witness lucrative growth rate over the forecast period due to introduction of digital support systems to manage large databases and ability to provide better clinical laboratory services at a comparatively lower rate
The bioanalytical and lab chemistry services segment dominated the market in 2020 owing to rising use of wide range of techniques and technology platforms to fulfill diagnostic needs
In Asia Pacific, the market is projected to witness the fastest growth over the forecast period owing to a growing awareness, increased government initiatives, and positive regulatory policies
North America dominated the market in 2020 due to technological advancements and high awareness on medical standards

Friday, 26 March 2021

Healthcare Contract Manufacturing Market Worth $323.6 Billion By 2028

The global Healthcare Contract Manufacturing Market size is expected to reach USD 323.6 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.7% from 2021 to 2028. The changing regulatory landscape, coupled with rising offshoring to emerging countries, is anticipated to propel the market growth over the forecast period.

Increasing demand for advanced products is a major factor driving the market. Original equipment manufacturers (OEMs) are outsourcing the manufacturing activities of medical devices to third parties, mainly to developing countries to gain economic benefits. Furthermore, these regions are witnessing rising cases of chronic conditions, such as heart disorders, thereby positively affecting the market growth. Changes in reimbursement schemes are anticipated to increase the adoption of cost containment measures by OEMs. For instance, to prevent reimbursement issues from impacting financing goals, device manufacturers are developing a well-planned reimbursement strategy in parallel with their regulatory and clinical strategies in the early phases of product development.

Moreover, the growing geriatric population across the globe and the consequent rise in age-related diseases have stimulated the progress of pharmaceutical and medical device development, thus leading to the growth of the healthcare manufacturing industry. With a rise in demand, the market now witnesses an influx of manufacturing service providers. Asia Pacific was the dominant regional market for medical device outsourcing in 2020 owing to lower cost and easy availability of skilled human resources. For instance, according to IBEF, M&A deals in the healthcare sector in India increased by 155% (USD 1.09 billion) in 2019.

A rise in the number of medical device companies vying to enter regional markets, such as India and China, is further expected to contribute to the growth of this market. For instance, the Chinese government’s Marketing Authorization Holder (MAH) scheme facilitates international healthcare players to produce their products within the local Chinese market equipped with state-of-the-art centers. The expansion of production capacity by players such as WuxiBiologics is a distinguished example of this deliberate plan.

Due to the emergence of infections, such as COVD-19, many organizations are attempting to accelerate production to meet the growing demand. Thus, these companies are appointing healthcare CMOs to speed up their production processes as well as reduce their overall costs to meet the increasing demand for medical products. The worldwide effort to develop a vaccine and therapeutic agent against COVID-19 has created the greatest opportunity for many large as well as small CMOs as the pharmaceutical companies are manufacturing vaccine doses on a large scale. Hence, we can say that the pandemic has had a positive impact on this industry.

This paradigm shift from in-house manufacturing to contract manufacturing in the pharmaceutical and medical device industry has resulted in the increased focus of the companies on contract manufacturing service vendors. These services have effectively addressed the concerns regarding pharmaceutical and medical device manufacturing as well as significantly accelerated the commercialization of products.

Request a free sample copy or view report summary: Healthcare Contract Manufacturing Market Report

Healthcare Contract Manufacturing Market Report Highlights

By type, the pharmaceutical segment dominated the market with a share of 75.2% in 2020 owing to low manufacturing budget and highly sophisticated contract manufacturing service offerings
The medical device type segment is expected to be the fastest-growing segment with a CAGR of 9.7% over the forecast period owing to increasing pressure on OEMs to reduce costs and enhance the timeline for taking a product to market
Cardiology was the dominant therapeutic area segment in the medical device contract manufacturing market in 2020 owing to rising demand for cardiovascular devices as a result of the increasing prevalence of associated heart conditions
Asia Pacific dominated the market in 2020 and is expected to witness the fastest growth over the forecast period owing to the presence of a large number of service providers, lower costs, and growing demand for medical devices in the region

Gas Sensor Market by ABB, AlphaSense Inc., City Technology Ltd., Dynament

The global Gas Sensor Market size is expected to reach USD 4.49 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 8.7% from 2021 to 2028. The growth can be attributed to the growing demand for gas sensors to monitor gas emissions from industrial facilities. The increasing demand for wearable gas sensors for human health and environmental monitoring also bodes well for the growth of the market over the forecast period.

Various government bodies worldwide are imposing limits on vehicular emissions to curb atmospheric pollution and enhance fuel efficiency. For instance, the U.S. Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration revised the Corporate Average Fuel Economy targets and the greenhouse gas emission standards for passenger cars in April 2020. The need to abide by the newer emission standards is expected to trigger the demand for gas sensors over the forecast period.

Deteriorating air quality, particularly in urban areas, is a major problem in most parts of the world. Several people worldwide are suffering from various health disorders due to harmful gases emitted from vehicles and industrial facilities. At this juncture, gas sensors can potentially help in assessing the levels of carbon monoxide, carbon dioxide, and other gases in the air and contribute favorably to curbing air pollution.

The outbreak of the COVID-19 pandemic is anticipated to create new opportunities for the market players. The demand for carbon dioxide gas sensors is expected to increase significantly in particular. Carbon dioxide gas sensors are being used widely in European countries for monitoring the indoor environment in schools to control the spread of coronavirus. Guidelines published by the Federation of European Heating, Ventilation, and Air Conditioning Associations also recommend installing carbon dioxide monitoring systems in schools.

Related Press Release @ Gas Sensor Market Report

Gas Sensor Market Report Highlights

The oxygen sensor segment is expected to witness significant growth over the forecast period. The increasing adoption of oxygen gas sensors in medical equipment is expected to drive the growth of the segment
The demand for wireless gas sensors is rising owing to the benefits, such as ease of installation and flexibility, associated with wireless devices
The demand for electrochemical gas sensors is rising owing to the ability of these sensors to detect harmful gas emissions and help in improving air quality
The increasing number of smart city projects being rolled out worldwide are driving the demand for IoT enabled gas sensors for monitoring environmental gas
Rapid urbanization in emerging economies, such as China and India, is expected to create growth opportunities for the Asia Pacific regional market

Laryngeal Mask Market by Teleflex Incorporated; Intersurgical Ltd; Dynarex Corporation

The global Laryngeal Mask Market size is expected to reach USD 863.7 million by 2028 according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.0% from 2021 to 2028. An increase in the number of surgeries that include anesthesia procedures coupled with the rising morbidity related to chronic diseases is the key contributor to market growth.

The key advantages of the product, such as ventilation management during anesthesia, induction, maintenance, and emergence, are anticipated to drive the market. Furthermore, the placement of these masks does not require laryngoscopy and muscle relaxants like succinylcholine, which is known to cause postoperative myalgia in certain patients. Hence, the usage of these masks greatly reduces the incidence of postoperative myalgia.

There is an increased demand for disposable devices in critical care units. This can be attributed to the cost-effectiveness, easy assembly, and flexible process designs of these technologies. Such factors are anticipated to increase the demand for disposable laryngeal masks over the forecast period. In addition, the products need smaller footprints and lower investment, as they are simpler and do not require sanitization and cleaning. Factors like these are expected to encourage emerging companies with low capital resources to invest in the market.

Related Press Release @ Laryngeal Mask Market Report

Laryngeal Mask Market Report Highlights

The disposable mask type segment is expected to witness the fastest CAGR of around 6.5% over the forecast period owing to the rising demand for disposable masks in critical care units
The adult patient segment led the market in 2020 with a revenue share of over 58.8% and will retain its dominant position throughout the forecast period
The hospitals and clinics end-user segment accounted for the largest revenue share of over 60.3% in 2020
This higher was attributed to rising awareness and supportive government and favorable reimbursement policies
Due to the presence of well-established companies and advanced healthcare infrastructure, North America was the leading regional market in 2020
However, Asia Pacific is anticipated to register the fastest CAGR over the forecast period owing to supportive government initiatives and rapidly developing healthcare infrastructure in emerging countries
Industry players have undertaken several business strategies, such as mergers and acquisitions, collaborative agreements, and geographic expansion, to gain a higher market share
For instance, in May 2019, Ambu A/S entered into a strategic partnership with Cook Medical; according to which, Cook Medical distributed Ambu’s products in the U.S.

Contrast Media Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2028

The global Contrast Media Market size is expected to reach USD 7.2 billion by 2028, according to a new report published by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.6% from 2021 to 2028. The increasing burden of chronic diseases is driving the demand for diagnostic imaging procedures which are anticipated to fuel market growth.

The imaging tests such as Computed Tomography (CT), Magnetic Resonance Imaging (MRI), and X-rays have become an inevitable part of the diagnosis for most diseases. The large-scale penetration of imaging technology in healthcare has increased the demand for chemical agents.

The introduction of artificial intelligence in radiology has improved image reconstruction and enabled the quantification of noninvasive imaging biomarkers. Such developments are anticipated to significantly affect the demand for the chemical agents. For instance, research conducted by Stanford University demonstrated that the use of artificial intelligence-based image reconstruction can reduce and/or eliminate the need for Gadolinium-based Contrast Agents (GBCAs).

Diagnostic imaging modalities are being increasingly used owing to advancements in the underlying technology, ranging from equipment to administration technology. Innovative products, such as syringeless injectors and innovative packaging, help achieve greater accuracy in delivering the right dose of contrast agents as well as reduce wastage. For instance, in August 2020, the U.S. FDA approved the Gadavist Imaging Bulk Package with transfer spike, thus enabling weight-based and multi-patient dosing as well as addressing the issues faced by hospitals related to vial waste. The approval of such innovative packaging is anticipated to increase the demand for the chemical agent.

Related Press Release @ Contrast Media Market Report

Contrast Media Market Report Highlights

Iodinated contrast media was the largest segment in 2020 and is anticipated to remain dominant over the forecast period as the products have excellent radio-opacity and low toxicity
X-ray/ CT was the largest modality segment in 2020, in terms of revenue share, owing to wide acceptance and cost-efficiency of the techniques
Cardiovascular diseases are projected to witness the fastest growth over the forecast period due to label extensions for ultrasound and X-ray/CT contrast agents in the U.S.
North America dominated the market and accounted for the largest revenue share of more than 40.0% in 2020 owing to the presence of well-established healthcare infrastructure and availability of advanced technology