Healthcare Industry Insights

Tuesday, 2 November 2021

Pharmaceutical Manufacturing Market Worth $957.59 Billion By 2028

The global Pharmaceutical Manufacturing Market size is expected to reach USD 957.59 billion by 2028, registering a CAGR of 11.34% over the forecast years, according to a new report by Grand View Research, Inc. Some of the key industries in this market include F. Hoffmann-La Roche Ltd., Novartis AG, GlaxoSmithKline plc, Pfizer, Inc.; Merck & Co., Inc. The presence of supportive regulatory legislations, patentability norms, and high funding and investments in the pharmaceutical industry are anticipated to drive market growth. In addition, the broadening of preventive care has created significant opportunities in the market.

The high burden of diseases, economic growth leading to a rise in disposable incomes, improvements in healthcare infrastructure, better healthcare financing, and a rise in the geriatric population have spurred the demand for pharmaceutical manufacturing techniques in biotechnology and pharmaceutical companies. These factors have also prompted many individuals to use medications to improve their quality of life and wellness. In addition, the emergence of new pandemics, viruses, and drug-resistant infections has provided potential avenues for pharmaceutical manufacturers to accelerate their drug production.

Several drug developers have shifted their preferences towards continuous manufacturing approaches to minimize production costs, overcome medicine shortages, and improve efficiencies. For instance, in March 2021, CONTINUUS Pharmaceuticals announced the construction of the first GMP facility using continuous manufacturing equipment. The company has received a contract from the U.S. government for the production of finished dosage forms and critical APIs. North America accounted for the highest revenue share in 2029 as the U.S. market represents the largest pharmaceutical industry with a substantial number of drug manufacturers.

Related Press Release@ Pharmaceutical Manufacturing Market Report

Pharmaceutical Manufacturing Market Report Highlights

Conventional drug manufacturing captured a significant revenue share in 2020 owing to the high penetration of small molecules in terms of usage. An increasing number of regulatory approvals has also positively impacted the segment growth
Outsource drug development accounted for the largest revenue share in 2020 due to continuous efforts undertaken by the key service providers to expand their production capacities
The Over-the-Counter (OTC) medicines segment is anticipated to grow at the fastest CAGR from 2021 to 2028 due to the continuous transition from prescription to OTC. This shift from prescription medicines to OTC medicines has potentially benefitted the patients both financially and in terms of better health
The children & adolescents segment is expected to grow at the fastest CAGR from 2021 to 2028 due to the presence of supportive government initiatives that encourage pediatric studies. The Pediatric Research Equity Act and Best Practices for Children Act are among the few initiatives of the FDA that focus on the development of drugs for children
The retail sale channel segment held the maximum revenue share as a large percentage of individuals use a retail pharmacy as their one-stop-shop for pharmaceutical products

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Microneedling Market Size Worth $992.5 Million By 2028 | CAGR: 7.9%

The global Microneedling Market size is expected to reach USD 992.49 million by 2028, registering a CAGR of 7.9% over the forecast period, according to a new report by Grand View Research, Inc. Some of the key industries in this market include Lumenis, Cutera, Cynosure, Endymed Medical, Candela Medical. It is a minimally invasive aesthetic procedure that involves superficial and controlled puncturing (micro-puncturing) to the skin by using a rolling device embedded with small fine needles made of either metal or silicon and is performed under local anesthesia. According to NCBI, it was initially introduced for skin rejuvenation; however, recently it has been used for treating skin conditions like acne scar, post-traumatic burn, alopecia, stretch marks, hyperpigmentation, etc. due to the proven effectiveness of the treatment.

As stated by Healthline, microneedling, also known as collagen induction therapy, boosts the production of collagen in the epidermis by breaking down hardened scar strands and allows the epidermis to revascularize. The introduction of at-home devices like dermarollers (0.2 to 0.3mm) has further boosted the market growth. Moreover, factors like rising aesthetic consciousness among the population, high procedure effectiveness, lower costs as compared to other aesthetic procedures, and availability of at-home products are expected to propel market growth.

The COVID-19 pandemic has adversely affected the overall aesthetic industry along with this market, especially in the first and second quarters of 2020, due to restrictions on the elective aesthetic procedure. However, many dermatologists believe that COVID-19 may act as a springboard that will drastically increase patient footfall for aesthetic treatments post-pandemic. For instance, post-lockdown, the number of first-time attendees to dermatology clinics increased by 78% in the U.K. Moreover, the online sales of beauty tools and products including dermarollers increased during the pandemic.

Related Press Release@ Microneedling Market Report

Microneedling Market Report Highlights

The RF microneedling product segment accounted for the highest revenue share in 2020 due to high demand for these products as they provide more prominent results and safety than manual procedures
Dermapen segment accounted for the largest share of over 38% in 2020 and is expected to retain the leading position over the forecast period
The skin rejuvenation application segment held the highest revenue share in 2020. Skin rejuvenation procedures are among the most frequently carried out minimally aesthetic procedures globally
North America held the highest market share in 2020. However, Asia Pacific is expected to register the fastest CAGR over the forecast period due to the availability of skilled professionals, advanced techniques, and cheaper treatment costs

Monday, 1 November 2021

Cone Beam Computed Tomography Market is Predicted to Witness 12.2% CAGR till 2028

The global Cone Beam Computed Tomography Market size is expected to reach USD 1.07 billion by 2028, based on a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 12.2% from 2021 to 2028. The market is driven by a rise in the volume of digital imaging procedures, especially in the field of dentistry. Dental surgeries and other diagnostic imaging fields are undergoing a digital transformation process with intraoral optical scanners, 3D imaging technologies, and software applications designed for smooth operations of the imaging devices.

Cone beam CT imaging is performed with the help of a rotating platform with the X-ray source and detector and uses a single flat panel. Cone beam computed tomography (CBCT) produces a cone beam of radiation instead of a fan beam. The entire scanning process of the target area is done in a single rotation, hence reducing the radiation exposure significantly. These highly accurate, low radiation dose, and small footprint CBCT systems have transformed daily clinical practices.

As per the American Cancer Society, about 35,000 cases of mouth, tongue, and throat cancers are diagnosed in the U.S. annually, with the average age of most people diagnosed with these cancers is over 60 years. According to the World Dental Federation, globally, about 30% of people aged 65 to 74 years have no natural tooth, and this burden is expected to increase with the aging of the population. The growing incidence rate of such oral diseases in this age group is likely to increase the demand for digital diagnostic imaging in the coming years.

Related Press Release@ Cone Beam Computed Tomography Market Report

Cone Beam Computed Tomography Market Report Highlights

Based on application, the dental implantology segment held the largest share in 2020 as the implants offer patients feasible options for teeth replacement treatments. With the rising R&D in this field, dental implants are available with better biomaterials and improved designs
The orthodontics application segment is likely to witness the fastest growth over the forecast period from 2021 to 2028 as this segment covers complex dental treatments, including misaligned teeth, smile gaps, and crooked teeth
By patient position, the seated position segment dominated the market in terms of revenue in 2020 as patients can be still in a seating position than a standing position. CBCT imaging can be done easily in a seating position
In terms of end use, the dental clinics segment dominated the market in terms of revenue in 2020 and is likely to witness the fastest growth over the forecast period. Most of the patients prefer visiting clinics due to the availability of specialists, cost efficiency, and improved technology
In 2020, North America dominated the CBCT market in terms of revenue owing to the factors such as the presence of independent clinics and rising R&D activities in digital imaging. Asia Pacific is expected to witness the fastest growth over the forecast period due to the rising awareness about 3D imaging procedures and expanding healthcare infrastructure in the region

U.S. Stethoscope Market: Key Companies & Market Share Insights

The U.S. Stethoscope Market size is expected to reach USD 211.06 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.0% from 2021 to 2028. The increasing application of digital stethoscopes in the diagnosis of chronic conditions and rapid technological advancements in stethoscopes are expected to significantly boost the adoption of these devices over the forecast period.

In addition, with the rise in the number of COVID-19 cases, there will be a significant increase in the use of stethoscopes in the country. Since COVID-19 is extremely infectious and a respiratory ailment, initial detection by listening to the lungs and heart is of the utmost importance in any clinical setting. Hence, the market is expected to witness significant and continuous growth even after the end of the pandemic. Moreover, the launch of a digital/smart stethoscope that uses Artificial Intelligence (AI) to record and send recordings to physicians virtually allows them to maintain social distancing and reduce exposure to COVID-19.

The incorporation of new technologies and the introduction of innovative products by key market players are expected to propel market growth during the forecast period. For instance, 3M has launched ‘Single-Patient Stethoscope’ to overcome the issues associated with current disposable stethoscope options such as inadequate audibility and uncomfortableness faced by healthcare professionals. It also helps in minimizing the risk of cross-contamination in an isolation environment.

Related Press Release@ U.S. Stethoscope Market Report

U.S. Stethoscope Market Report Highlights

On the basis of technology type, the traditional acoustic stethoscope segment dominated the market with a revenue share of 72.79% in 2020 as it is comparatively inexpensive, simple to use, and widely available for use by paramedics and nurses
Based on the sales channel, the distributors' segment dominated the market with a revenue share of 43.03% in 2020. This is because hospitals and clinics usually have long-term contracts and tie-ups with distributors and manufacturers, which save on consignment and other delivery costs
On the basis of end use, the hospitals' segment dominated the market with a revenue share of 41.99% in 2020 and is expected to expand at the highest CAGR during the forecast period
The expansion of distribution network across the U.S.is also expected to endorse key players to increase market penetration

Clinical Trial Biorepository & Archiving Solutions Market Size, Share, Analysis and Forecast to 2028

The global Clinical Trial Biorepository And Archiving Solutions Market size is expected to reach USD 6.0 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.2% from 2021 to 2028. This is largely due to the increasing importance of biological sample management in clinical trials and the desire to streamline the collection and reporting of data.

Biorepositories have entered the Big Data era, which requires new IT technologies, artificial intelligence (AI) techniques, and machine learning and deep learning tools and algorithms. These features help to the paradigm shift toward data-driven science by higher-quality biobanking data. Cloud storage and other new data storage technologies help to solve the problem of limited local storage capacity.

New IT solutions such as the sample/data negotiator and locator, which are part of the BBMRI-ERIC infrastructure, make it easier to discover samples and data that meet specific criteria. This new level of biobanking activity contributes to basic research, translational research, and therapy of a wide range of human disorders, including cancer, CVD rare diseases, diabetes, and neurodegenerative diseases.

Besides, the COVID-19 pandemic has created opportunities for local players. To enhance their foothold in the market, key companies are adopting various plans and policies to gain a greater market share. The important step that key players can incorporate is to partner with relevant third-party vendors. It can be achieved by proper communication and adjustments in the frequency and volume of clinical trial biorepository and archiving solutions.

Clinical Trial Biorepository & Archiving Solutions Market Report Highlights

By service, biorepository services dominated the market with a revenue share of 67.2% in 2020. This can be attributed to the rise in R&D of advanced therapies such as personalized medicine and the requirement of high-quality biorepository practices for the collection, processing, testing, and storage of samples
In terms of phase, the phase III segment dominated the market with a revenue share of 52.1% in 2020
Based on product, clinical products held the largest share of 63.1% in 2020. This can be attributed to the fact that most clinical trial protocols depend largely on the analysis of biological specimens to meet the study endpoints
Asia Pacific is anticipated to register the fastest growth rate of 15.3% over the forecast period. The shift of clinical trial sites from Western regions, such as Europe and North America, to Asia Pacific is a major driver for the regional market

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

The global High Pressure Contrast Media Injectors Market size is expected to reach USD 362.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.1% from 2021 to 2028. The market is primarily driven by the factors such as the increasing number of target diseases, such as cardiovascular diseases, neurovascular, and cancer also the rising demand for minimally invasive surgical procedures is a major factor expected to boost the market during the forecast period.

Technological advances have contributed to the expansion of the market. For instance, several advancements in contrast media injector technology have been made to reduce contrast media waste and automate data collection about the dose a patient receives. Automated injector systems, for example, precisely gather the amount of contrast media used, and companies have begun to offer personalized doses for patients based on data from EMR or PACS. Syringeless injectors are one such advancement in lowering contrast media waste.

The increasing prevalence of cardiovascular diseases, cancer, orthopedic cases, gastrointestinal diseases, and vascular diseases globally is anticipated to boost the demand for contrast injectors, as they are the most common clinical applications for contrast-enhanced imaging systems. As a result of major companies' continued R&D spending and efforts to launch their products at a low cost, Asia Pacific is predicted to have the fastest CAGR from 2021 to 2028. In addition, the medical tourism business in the region is rapidly developing. The regional market will be boosted even higher by expanding healthcare infrastructure and increased per capita spending.

Related Press Release@ High Pressure Contrast Media Injectors Market Report

High Pressure Contrast Media Injectors Market Report Highlights

The consumable segment was the largest revenue-generating segment in 2020 owing to its benefits such as user-friendly, high efficiency, and minimal contrast media wastage
The single head injectors segment accounted for the largest revenue share in 2020, whereas the dual-head injector segment is expected to grow at a significant rate during the forecast period
The interventional cardiology segment held the largest revenue share in 2020 because of the rising prevalence of cardiac diseases, such as coronary artery disease, heart valve disease, and peripheral vascular disease
In 2020, North America dominated the market owing to the growing prevalence of chronic diseases and the presence of highly advanced medical infrastructure
In Asia Pacific, the market is anticipated to witness significant growth over the forecast period owing to improving healthcare systems, rising healthcare expenditure, and growing awareness

Switzerland Healthcare & Medical Tourism Market Worth $90.3 Billion By 2028

The Switzerland Healthcare And Medical Tourism Market size is expected to reach USD 90.3 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2021 to 2028. The high quality of care, the expansion of the service portfolio by care providers, and initiatives to promote medical tourism are expected to boost the market growth during the forecast period.

As medical tourism is a key contributor to market growth, the government is taking efforts to improve the quality of care. The total number of tourists traveling to Switzerland for medical treatment is rapidly increasing. Even though the cost of medical care is high compared to other European countries, Switzerland has always been a popular destination for medical tourism. This can be attributed to the well-established healthcare infrastructure with the presence of trained healthcare professionals, high quality and patient privacy standards, and beautiful locations. The COVID-19 pandemic has negatively impacted the medical tourism industry. Due to travel restrictions and fear of contracting the infected, many patients postponed their plans and/or had to seek treatment in their own countries. Many wellness resorts and hospitals witnessed a decline in overnight stays due to the pandemic.

Partnerships and collaborations to provide care enable service providers to compete with other players to a strong foothold in the market. In August 2020, Berit Klinik announced a collaboration with Appenzell Ausserrhoden Hospital Association to set up a private-public partnership. As part of the partnership, the two hospitals will jointly operate an orthopedic department at Heiden Hospital. The market also witnessed certain investments in establishing new healthcare centers. For instance, in January 2019, Clinique de Montchoisi, in collaboration with Dr. Piet Noé, funded the construction of Rwanda Charity Eye Hospital, a 100-bed hospital in Rwanda. Such measures assist in fulfilling the increasing demand for care services in the market.

Related Press Release@ Switzerland Healthcare & Medical Tourism Market Report

Switzerland Healthcare & Medical Tourism Market Report Highlights

Switzerland is emerging as a rising star in medical tourism. It is among the leading European countries in terms of the number of international visitors. The healthcare providers are focusing on providing a wholesome medical tourism experience combining medical treatment with luxurious natural retreats, mountain resorts, and spa traditions
By end-use, public care led the market in 2020. Private care is expected to grow at the fastest rate during the forecast period. When compared to public hospitals, private hospitals in Switzerland offer inpatient hospital treatments at a much lower tariff, thus increasing the inclination toward private hospitals amid the cost of medical care in the country
Based on service, the aesthetic medicine segment is expected to exhibit the fastest growth rate during the forecast period due to the availability of products and increasing awareness regarding cosmetic treatments
The industry is witnessing product launches and initiatives for business expansion. For instance, in September 2018, SIS Medical launched three balloon catheters viz. NIC Nano hydro, NIC 1.1 hydro, and EasyT, which are used to dilate closed and narrow vessels during interventional cardiology. The efforts for product innovation will help meet the demand for cardiovascular treatment and improve the quality of care
After the detection of the first COVID-19 positive case in February 2020, the government in Switzerland declared a “special situation” as per the Epidemics Act. In the first quarter of 2020, the COVID-19 pandemic brought international travel to an abrupt halt and significantly impacted Switzerland’s medical tourism industry. However, the gradual easing of COVID-19 restrictions and opening of clinics and hospitals for international patients are factors expected to impel market growth in the coming years