Healthcare Industry Insights

Monday, 11 April 2022

Endoscopy Devices Market Size Worth $81.0 Billion By 2030

The global Endoscopy Devices Market size is expected to reach USD 81.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a compounded annual growth rate (CAGR) of 7.4% from 2022 to 2030. Growing adoption of minimally invasive endoscopic procedures by medical professionals to look into the esophagus, colon, and stomach and also its application to perform biopsies and sclerotherapy are some of the factors boosting the market growth. In addition, the increasing trend of adopting disposable endoscopes to reduce the chances of cross contaminations is also anticipated to fuel the growth of the market over the forecast years.

In 2021, based on product, the endoscopy visualization systems segment accounted for the highest revenue share of 36.5% of the market. This is attributed to the growing adoption of High Definition (HD) visualization systems by medical professionals for better imaging results during endoscopic procedures. In addition, continuous technological advancements of endoscopy visualization systems for the treatment and diagnosis of complex health conditions such as cancer, functional gastrointestinal disorders, lung disorders, and urinary disorders also support segment growth.

Based on application, the Gastrointestinal (GI) endoscopy segment dominated the market in 2021 in terms of revenue owing to the increasing burden of gastrointestinal diseases and the rising geriatric population. In addition, increasing recommendation by medical professionals to perform endoscopic procedures as the first line of diagnosis option for gastrointestinal disorders is also one of the major factors supporting the segment growth. The hospitals segment accounted for the highest revenue share of 48.1% in 2021. This is attributed due to the larger number of endoscopic procedures performed in the hospitals than in other end-use segments.

In addition, favorable reimbursement policies and the high availability of government and private hospitals performing endoscopy procedures are some of the prominent factors anticipated to drive the segment growth. North America dominated the market in terms of the revenue share of 42.3% in 2021. The highest revenue share of this region is attributed due to the increasing adoption of advanced endoscopic devices and the high availability of modern healthcare facilities performing minimally invasive surgical procedures. In addition, growing functional gastrointestinal disorders and other chronic diseases such as cancer also are the major factors driving market growth in this region.

Furthermore, the COVID19 pandemic has significantly impacted the market owing to the cancellation and postponement of elective procedures. Moreover, the fear of getting infected with the COVID-19 virus also reduced the number of surgical procedures which in turn led to the de-growth of the endoscopy devices adoption in 2020. For instance, according to a study published in the Arab Journal of Gastroenterology in 2020, the number of endoscopy procedures decreased about 50% during the COVID19 pandemic in the majority of countries all over the globe.

Related Press Release@ Endoscopy Devices Market Report

Endoscopy Devices Market Report Highlights

The market is anticipated to be valued at USD 81.0 billion by 2030 owing to the growing adoption of minimally invasive endoscopic procedures by medical professionals in comparison with open surgeries
The endoscopy visualization systems segment dominated with highest revenue share in 2021 owing to growing adoption of High Definition (HD) visualization systems by medical professionals for better imaging results during endoscopic procedures
In 2021, the Gastrointestinal (GI) endoscopy segment accounted for the highest revenue share owing to the growing burden of functional gastrointestinal diseases and rising geriatric population
Hospitals accounted for the highest revenue share of 48.1% in 2021, owing to favorable reimbursement policies and high availability of government and private hospitals performing endoscopy procedures
North America accounted for the largest revenue share of 42.3% in 2021, owing to increasing adoption of advanced endoscopy devices and high availability of modern healthcare facilities performing minimally invasive surgical procedures

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Friday, 8 April 2022

Endoscopy Procedures Estimates Market Volume Worth 249.5 Million Procedures By 2030

The global Endoscopy Procedures Estimates Market number is expected to reach 249.5 million procedures by 2030 and is expected to expand at a CAGR of 1.3% over the forecast period, according to a new report by Grand View Research, Inc. Growing prevalence of functional gastrointestinal disorders is one of the major factors for the high adoption of minimally invasive endoscopic procedures. For example, according to the data published by the endoscopy center of the gastroenterology associates of Pensacola, each year, about 62 million Americans are diagnosed with a digestive disorder. Similarly, in 2020, another report published in the Gastroenterology journal stated that over 40% of people in the world have functional gastrointestinal disorders.

Moreover, the increasing prevalence of gastrointestinal cancers is also expected to accelerate the adoption of endoscopy procedures all over the globe. Moreover, technological advancements in endoscopy devices further accelerate the adoption of this procedure to diagnose and treat several gastrointestinal disorders. The advancement of endoscopic devices to view intra-abdominal organs using video endoscopy and the integration of computer software with endoscopic devices also supports the adoption of endoscopic procedures. In addition, the growing preference for minimally invasive surgeries owing to lesser post-surgery complications, shorter hospital stays, and a quick recovery period increases the adoption of endoscopic surgeries.

Based on application, the gastroscopy segment dominated the market in 2021. This high share is attributed mainly to the increasing number of upper gastrointestinal endoscopy procedures performed across the globe. Gastroscopic surgeries are performed to help physicians diagnose the stomach, esophagus, and upper intestine. In addition, increasing recommendations by the physicians to perform gastroscopy to identify complications, such as gastroesophageal blockage, inflammation, and gastroesophageal reflux disease, are also expected to be responsible for the high share of the segment. For example, the data published in the journal Scientific Reports stated that, globally, over 1.03 billion people suffer from gastroesophageal reflux disease.

On the other hand, the COVID-19 pandemic had drastically impacted the adoption of endoscopic procedures in 2020. The reduction in overall surgery volumes coupled with long-term shutdowns and lockdowns substantially decreased the number of endoscopic surgeries. Furthermore, increasing coronavirus infections among health workers also hindered the market growth in 2020. However, significant growth of minimally invasive endoscopic surgeries is expected with the situation moving towards normalcy over the forecast years.

Related Press Release@ Endoscopy Procedures Estimates Market Report

Endoscopy Procedures Estimates Market Report Highlights

The global market volume is anticipated to be 249.5 million procedures by 2030 owing to the growing prevalence of functional gastrointestinal disorders and increasing adoption of minimally invasive procedures
The gastroscopy segment dominated the market in 2021 due to the increasing usage of advanced automated instruments in cancer treatment and increasing recommendation by physicians to perform gastroscopy to identify complications, such as gastroesophageal blockage, inflammation, and gastroesophageal reflux disease
Asia Pacific is the dominant region with the highest number of endoscopy procedures performed with a volume share of 43.1% in 2021
This is mainly due to the large population and increasing number of target patient population in this region
Furthermore, the growing adoption of advanced endoscopic equipment and increasing demand for minimally invasive surgeries are the other prominent factors responsible for a higher share of the region

Cardiovascular And Soft Tissue Repair Patches Market Worth $7.8 Billion By 2030

The global Cardiovascular And Soft Tissue Repair Patches Market size is expected to reach USD 7.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.4% from 2022 to 2030. The rapidly rising prevalence of congenital heart diseases, such as Atrial Septal Defect (ASD)and the ventricular septal defect is expected to drive the demand for the patches. In addition, increasing implementation of patches in medical procedures and growing sports injuries is expected to support the development and growth of the market over the forthcoming years. As per studies, ASD is the second most common type of congenital heart disease and the incidence rate across the global population is recorded to be 56 per 100,000 live births.

One of the key driving market forces is the rapidly rising prevalence of cardiovascular diseases. Changing lifestyles, growing obesity levels, adoption of unhealthy lifestyle habits, increasing alcohol consumption and smoking, and growing geriatric population are driving the incidence of cardiac disorders. As per World Health Organization estimates, cardiovascular diseases account for the largest share of 32% or 17.9 million deaths annually. As per the Centers for Disease Control and Prevention estimates, approximately 695,000 deaths in the U.S. are due to underlying cardiac diseases. Coronary heart diseases are recorded in the majority of cardiac disorder-related deaths. As per the Centers for Disease Control and Prevention estimates, coronary heart diseases accounted for 360,900 deaths in the U.S. in 2019.

Another key driving force supporting growth is the rising prevalence of hernias such as inguinal hernia, umbilical hernia, congenital diaphragmatic hernia, ventral hernia, and others. Some of the risk factors associated with hernias are heavy weight lifting, abdominal surgery, ascites, constipation, and chronic cough which increases the pressure on intra-abdominal regions resulting in abdominal hernias. Inguinal hernias are the commonest abdominal hernias and the incidence rate of inguinal hernia repairs in the U.K. is 10 per 100,000 individuals and in the U.S. are 28 per 100,000 individuals. Congenital diaphragmatic hernia is caused due to genetic factors and residual embryological channel defects. The abovementioned factors are driving the demand for patches in therapeutic procedures and wound care management.

Related Press Release@ Cardiovascular And Soft Tissue Repair Patches Market Report

Cardiovascular And Soft Tissue Repair Patches Market Report Highlights

The soft tissue repair segment dominated the market in 2021 due to the rapidly growing incidence rate of hernias across the globe
The ePTFE segment dominated the market in 2021 owing to the multiple benefits associated with ePTFE, such as high durability, easy availability, and high tensile strength
North America dominated the market in 2021 owing to the growing disease burden, advancing healthcare infrastructure, rising disposable income, and growing trend of minimally invasive surgeries

Thursday, 7 April 2022

Orthopedic Regenerative Surgical Products Market Worth $5.6 Billion By 2030

The global Orthopedic Regenerative Surgical Products Market size is anticipated to reach USD 5.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a notable CAGR of 3.9% from 2022 to 2030. The key factors driving the market growth include the rising geriatric population, orthopedic procedures, research activities, and technological advancements. Osteoarthritis, for instance, has been identified as the leading cause of chronic disability in the geriatric population over the age of 70. The World Health Organization (WHO) has also designated osteoarthritis as a ‘priority disease’ promoting R&D for therapies to treat osteoarthritis and its associated symptoms.

The growth of the market was restrained during the COVID-19 pandemic due to deferred elective surgeries, low volume of patient flow for chronic conditions in clinics and hospitals, decreased sales and marketing activities, quarantine and lockdown protocols, and low demand. Vericel Corporation, for example, reported the adverse impact of COVID-19 on its business and operations during 2020. The company registered cancellations of scheduled MACI procedures; its key product used in the repair of cartilage damage of the knee. In addition, there was a slowdown in new orders. Anika Therapeutics reported challenges in patient enrollment for its clinical trials due to the pandemic, which negatively impacted the company’s revenue and operating results. However, both companies expect recovery financial performance as elective surgeries resumes to pre-COVID numbers.

According to the Centers for Disease Control and Prevention (CDC), about 26% (or 78 million) the U.S. adults are estimated to suffer from arthritis by 2040. The prevalence increases with age and is found to be more common in women. Obesity has been identified as another risk factor contributing to orthopedic conditions. The prevalence of obesity in the U.S. was estimated at 42.4% from 2017 to 2018 by the CDC. The increasing prevalence of orthopedic diseases, obesity, and geriatric population is expected to fuel market growth. Orthopedic regenerative surgical products find application in different conditions of varying severity from joint pain, gout, articular defects, fibromyalgia, and osteoarthritis, to trauma and joint replacement, this is expected to contribute to market growth.

Market players are also involved in research and development activities to launch new regenerative solutions for treatment or pain relief from orthopedic conditions. Amniox Medical, Inc. for instance, received FDA clearance to proceed with a dosing study using TTAX03- its Investigational New Drug (IND) comprising cryopreserved amniotic membrane and umbilical cord, to treat facet joint osteoarthritis pain in March 2021. Zimmer Biomet on the other hand offers an extensive portfolio of allografts and synthetic orthopedic regenerative products such as the PrimaGen Advanced allograft, InterGro DBM, and PlatFORM bioresorbable bone graft substitute.

Related Press Release@ Orthopedic Regenerative Surgical Products Market Report

Orthopedic Regenerative Surgical Products Market Report Highlights

Key factors driving the market include an aging population across the globe and a rise in the prevalence of orthopedic diseases. According to a 2019 review article published in the Elderly Health Journal, the prevalence of knee osteoarthritis in various Asian countries was found to be in a range of 13.1 - 71.1%
The viscosupplements segment dominated the market and accounted for the largest revenue share of over 42.0% in 2021 owing to the increasing prevalence of osteoarthritis and related symptoms and product availability
Monovisc and Orthovisc by Anika Therapeutics are the leading products in the viscosupplement market in the U.S. since 2018, based on combined overall revenue
In terms of application, the cartilage and tendon repair segment is estimated to witness the fastest CAGR of 4.1% owing to growing applications in sports medicine, geriatric patients, and the incidence of trauma cases
According to a 2019 study on Cartilage Restoration Surgery published by the National Library of Medicine, complications in cartilage restoration procedures have been rising for the past 2 decades. The results also indicated a paradigm shift toward osteochondral grafting procedures and other more complex cartilage procedures
As most orthopedic procedures are performed within hospital settings, the hospitals segment held the largest revenue share of over 49.0% in 2021
Drivers include a large number of populations affected by joint pain and other debilitating orthopedic conditions and supportive initiatives by governments and regulatory bodies. For example, 12 October was established as the World Arthritis Day by the Arthritis and Rheumatism International (ARI)to raise awareness about rheumatic and musculoskeletal diseases
Market players are involved in the implementation of strategic initiatives, including R&D, product development and launches, regional expansion, and expansion of distribution network
In January 2021, Stryker acquired OrthoSensor, Inc., a private company that specializes in musculoskeletal care and sensor technology

Remote Patient Monitoring System Market Worth $6.7 Billion By 2030

The global Remote Patient Monitoring System Market size is expected to reach USD 6.7 billion by 2030, according to a new report by Grand View Research Inc. It is projected to register a CAGR of 20.2% from 2022 to 2030. COVID-19 pandemic has a significant impact on the remote patient monitoring system. The main drivers for this market are the increasing geriatric population, cost-effective treatment, and the rising prevalence of chronic conditions. The breakout of Covid-19 has propelled the demand for remote patient monitoring devices and services as healthcare facilities were burdened with Covid-19 infected patients. Key players like Smiths Medical reported that the demand of their home monitoring devices substantially increased during the pandemic.

The amalgamation of telehealth with remote patient monitoring services is expected to further boost market growth. Asia Pacific is also projected to be a key revenue generator in the coming years. The region is backed by developing countries such as China, South Korea, and Thailand which are witnessing an increase in the number of chronic diseases owing to lifestyle changes. Cardiovascular disease is among the leading cause of death in these countries. The remote patient monitoring system is expected to play a key role in the early detection and timely management of these diseases.

Related Press Release@ Remote Patient Monitoring System Market Report

Remote Patient Monitoring System Market Report Highlights

The cardiac rhythm monitor segment is expected to witness a significant CAGR over the forecast period owing to the increasing incidence of cardiac conditions globally
The home healthcare segment is projected to witness a CAGR of 22.0% over the forecast period owing to a rise in the number of patients accessing remote monitoring due to the COVID-19 pandemic
In Asia Pacific, the market is expected to showcase high growth potential due to the presence of large unmet needs in emerging economies such as China and India
This region is also backed by Japan, which has one of the highest numbers of 65+ year old adults at a global level

Skincare Devices Market Size is Predicted to Witness 11.9% CAGR till 2030

The global Skincare Devices Market size is expected to reach USD 34.3 billion By 2030, registering a CAGR of 11.9%, according to a new report by Grand View Research, Inc., An increasing number of skin-related disorders such as cancer and assorted disorders are likely to increase the adoption rate of these devices.

Rising use of home-care products and growing medical spa treatments are some of the key trends stimulating market growth. Some of the key factors that are driving growth are technological advancements, growing appearance consciousness, and rising disposable income.

Growing awareness regarding the benefits of skin rejuvenation amongst patients, rising demand for aesthetics, and increasing incidence of skin disorders are among the primary growth stimulants. Syneron Medical, a U.S.-based company, is one of the biggest players in the skin rejuvenation market. Its product is known as VelaSmooth which has been approved by the U.S. FDA.

The market is projected to witness significant growth over the forecast period, owing to the rising prevalence of skin diseases. Technological advancements, extremely effective devices, and increasing acceptance of these devices as they are non-invasive, are some of the factors escalating the growth of the market.

Furthermore, surging demand for processes such as liposuction, body contouring, skin rejuvenation, and tightening is anticipated to accelerate the growth of the market. However, equipment cost and competitive pricing are limiting the market from realizing its utmost potential.

Related Press Release@ Skincare Devices Market Report

Skincare Devices Market Report Highlights

Cellulite reduction was the largest segment in 2014 owing to its wide acceptance and usage globally
The body contouring and skin tightening segment is expected to witness the fastest growth over the forecast period due to the rising demand for aesthetic procedures
North America was the largest region in 2016 owing to technological advancements, well-established infrastructure, and the presence of high-income buyers
Asia Pacific is likely to be the fastest-growing region owing to the availability of cost-effective devices and rising disposable income
Some of the prominent players of the market are Syneron Medical Ltd; Philips; Solta Medical Inc.; Alma Lasers Ltd; Schick Medical; Lumenis Ltd.; and PhotoMedex. The key players are engaging in different marketing strategies to increase their market shares.

Wednesday, 6 April 2022

Colposcopy Market is Predicted to Witness 4.8% CAGR till 2030

The global Colposcopy Market size is expected to reach USD 761.2 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2022 to 2030. Increase in the prevalence of cervical cancer, technological advancements, and the rising demand for early- diagnosis of gynecological disorders are expected to boost the market growth. According to the ICO Information Centre on HPV and Cancer, cervical cancer is the fourth most frequent cancer among women globally, with an estimated 604,127 new cases and 341,831 deaths in 2020.

An article published by the Human Papillomavirus Information Center stated that cervical cancer is reported to be the second most common cancer among women aged 15 to 44. Colposcopy helps in accurate identification of cervical pre-cancer and early invasive cancer. Moreover, colposcope directed biopsies of severe lesion visualized help in further management of the disease. Growing awareness and rise in the number of screening campaigns for cervical cancer conducted by governments of various regions are expected to fuel the market growth during the forecast period.

In the U.S., National Breast and Cervical Cancer Early Detection Program (NBCCEDP) offers breast and cervical cancer screening and diagnostic services to low-income, uninsured, and underinsured women across the country. Several obstacles arose as a result of the COVID-19 pandemic, including logistical constraints, low demand, and reduced sales and marketing activities. However, by mid-2022, the market is predicted to be steadily improving. By encouraging end-users to embrace high-end technologies for early diagnosis of the disease, aiming to lessen cervical cancer cases by 70%, and thus preventing over 4.5 million deaths (Source: WHO). This is expected to significantly boost the market in the coming years.

Related Press Release @ Colposcopy Market Report

Colposcopy Market Report Highlights

The optical colposcopy segment dominated the market and is further expected to continue its dominance over the forecast period, as the adoption of optical colposcope is high in developing regions
The video colposcopy segment is expected to grow at the fastest rate during the forecast period
Based on application, the oral examination segment is expected to grow the fastest rate during the forecast period and also held the largest revenue share in 2021
Based on portability, the handheld segment is estimated to register the fastest growth rate during the forecast period, owing to its ease of use and compact nature
The hospital segment held the largest revenue share based on end-use in 2021
North America dominated the market and accounted for the largest revenue share in 2021
In Asia Pacific, the market is anticipated to witness the fastest CAGR over the forecast period owing to the growing need for technologically advanced and cost-effective healthcare solutions