Healthcare Industry Insights

Wednesday, 14 December 2022

Compound Management Market Size is Estimated to Witness 15.6% CAGR till 2030

The global Compound Management Market size is expected to reach USD 1.49 billion by the end of 2030, expanding at a CAGR of 15.6%, according to a new report by Grand View Research, Inc. Growing biopharmaceutical industry and biobanking sector is fueling the market growth. The growth of translational research and personalized medicine is driving the market.

Efficient compound management is tremendously important for the success of drug discovery, where traceability, reliability, speed, and throughput are fundamental. Maintaining samples at the precise temperature, under nitrogen or dry air to prevent fluctuations of stock concentrations, and in a dark environment to avoid photodegradation, can help ensure consistency and longevity of samples.

Compounds of high integrity lead to reliable results while locating drug candidates. Moreover, the collection, storage, and distribution of human biological samples support the development of the R&D industry. In addition, it aids to understand the mechanisms of diseases as well as supports the trend to provide personalized medicines.

Automated storage systems eliminate or reduce the risks and provide reliable and correct environmental conditions to protect samples from precipitation or degradation. A management system like Verso tracks sample data, including location and type, which enables the quick and easy finding of the sample. The fully automated systems improve the process of drug discovery by eliminating error-prone and time-consuming tasks.

North America dominated the market in 2018 owing to a strong base of biotechnology and pharmaceutical companies in the region. These companies are involved in drug discovery activities, which, in turn, led to the growth of the market in the region. The Asia Pacific market is anticipated to grow fast over the forecast period. This is attributed to ongoing studies in private-public collaborations, drug discovery, and government initiatives in the region.

Related Press Release@ Compound Management Market Report

Compound Management Market Report Highlights

The automated compound/sample storage systems segment was the largest in 2018 accounting for 45.2% of the market share. This is attributed to the fact that it eliminates or reduces error and saves time
Based on sample type, chemical compounds dominated the market in 2018 with the largest share of 53.0% due to the increasing drug discovery activities, resulting in an increased demand for compounds and positively affecting the compound management market growth
The biobanking segment is anticipated to exhibit the fastest CAGR of 17.1% over the forecast period. There has been increasing in the number of organizations involved in the collection and storage of human biomaterials in line with the increasing use of human biomaterials in research as a replacement for animal models. It is anticipated to support the market growth
North America led the market owing to the presence of large biopharmaceutical companies engaged in drug discovery and require huge maintenance of chemical libraries. Thus, to maintain the productivity of such biologics and drugs, most of the leading biopharma and pharma companies have started building storage facilities
Some of the players operating in the market are Tecan, Roche, Brooks Life Sciences, Evotec, Hamiltons, BioAscent, Titian Software Limited, AXXAM S.p.A., and TTP Labtech, TCG Lifesciences Private Limited, WuXi AppTec, and HDC GmbH.

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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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Monday, 12 December 2022

Micro-pumps Market Size is Estimated to Witness 17.4% CAGR till 2030

The global Micro-Pumps Market size is expected to reach USD 6.79 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 17.4% from 2022 to 2030. Increasing demand for Point-Of-Care-Testing (POCT) kits, rising awareness of controlled drug delivery systems, increasing miniaturization of medical devices, and increase in the research and development of pharmaceutical companies, are expected to drive the market.

In the product segment, the mechanical micro-pumps segment that dominated the market in 2021 is expected to serve as a key revenue-generating product owing to their extensive use in microfabrication technology and the rise in microfluidics research. Drug Delivery held a lucrative share in the application segment and is expected to grow substantially. The rising adoption of implanted drug delivery systems and medical devices, as well as the increasing research in the field of drug delivery, supported the growth of this segment. For instance, Sensile AG (A Subsidiary of Gerresheimer) Medical announced it had developed a wearable micro-pump for a European pharmaceutical company that is designed to treat Parkinson’s disease.

The onset of the pandemic positively affected the medical devices market by the end of 2020. The use of Micro-pumps in biomedical and pharmaceutical research for Covid-19 treatments increased. Individuals with chronic diseases required frequent monitoring of vital signs from time to time which led to the adoption of Point-Of-Care-Testing (POCT) kits. Even after the pandemic, there is a rise in the adoption of POCT kits at hospitals, clinics, and homes and hence, they are expected to support the growth of the market.

Related Press Release@ Micro-pumps Market Report

Micro-Pumps Market Report Highlights

The Mechanical Micro-pumps segment is projected to dominate the market throughout the forecast period owing to its extensive use in microfabrication technology, miniaturization of devices, and microfluidics
The drug delivery segment is projected to grow fast over the forecast period owing to the rise in the use of micro-pumps for the production of implanted drug delivery systems
Biotechnological and Pharmaceutical Companies dominated the market with a revenue share of 39.1% owing to the increasing demand for research and development.
North American region contributed the largest share to the market in the year 2021 attributing to its technological advancements and increasing quality research and development

Friday, 9 December 2022

Medical Imaging Market Size Worth $47.4 Billion By 2030

The global Medical Imaging Market size is expected to reach USD 47.4 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.9% from 2022 to 2030. Increasing demand for advanced diagnostic systems in developing countries and growing trends of market player collaborations are some of the key factors driving the market.

Developing countries have shown a surge in the volume of imaging procedures in the past few years. The low density of installed imaging systems in these regions is expected to provide significant growth potential during the forecast period. Favorable government policies and booming medical tourism in these countries are expected to attract global market players in the untapped market. The integration of multiple imaging modalities is expected to play an important role in market growth. These systems have accurate diagnostic capabilities and are available at affordable prices. The integration of imaging modalities with surgical suites is anticipated to open a new avenue for the market at the global level.

The development of portable diagnostic tools is important to expand the applications of imaging devices in ambulatory care, clinics, and emergency care departments. Handheld ultrasound devices provide quick and safer images that are critical in emergency care. Ongoing trials and studies to explore the potential of MRI technology for the early detection of neurological conditions are showing positive results. The development of new radiofrequency coils is anticipated to expand these applications during the forecast period.

Related Press Release@ Medical Imaging Market Report

Medical Imaging Market Report Highlights

The ultrasound product segment captured the largest market share in 2021. The segment is expected to dominate the market throughout the forecast period
The Computed Tomography (CT) segment is expected to grow at the fastest CAGR during the forecast period
This is due to the rapid technological advancements, such as the development of hybrid imaging modalities and the integration of AI
Based on end-uses, the hospital segment dominated the market in 2021 due to the blooming healthcare service industry in developing countries
North America led the global market and accounted for the largest revenue share in 2021
The region’s growth is credited to the presence of a large number of industry players and the high frequency of new product launches

Friday, 25 November 2022

Moist Wound Dressings Market Size is Estimated to Witness 5.4% CAGR till 2030

The global Moist Wound Dressings Market size is expected to reach USD 6.51 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.4% from 2022 to 2030. The increasing cases of acute and chronic wounds such as surgical, diabetic, and traumatic wounds, lacerations, and diabetic ulcers are driving the market. As per the estimates provided by Elsevier, about 300 million acute wound injuries occur per year.

The COVID-19 pandemic had a negative impact on the market. According to a study, patients with chronic leg ulcers were on the receiving end of collateral damage caused by the restricted access to non-essential health services and overburdened healthcare systems during the pandemic. The same study showed that almost 75% of patients suffering from ulcers discontinued their treatment due to pandemic restrictions.

Ongoing R&D in the healthcare field is leading to the development of new products, for instance, the advent of keratin-based wound care products. These products facilitate wound re-epithelialization but also form part of dressings and aid in wound healing as the keratin matrix in them gets absorbed in the wound, thereby eliminating the need to change the dressing. Furthermore, the introduction of novel therapies, such as electromagnetic therapy, electrical stimulation, nanotechnology, and the use of silver and other combination dressings are boosting the market growth.

These advancements ensure better wound care during any trauma, thereby supporting the market growth. Similarly, new products in the pipeline are anticipated to augment the market growth over the forecast period. For instance, Researchers at the Massachusetts Institute of Technology in the U.S., the University of Nebraska-Lincoln, and Harvard Medical School have developed a bandage that provides precise and scheduled drug delivery, which can be customized as per requirement. Such innovations are expected to create growth opportunities for the market players.

Related Press Release@ Moist Wound Dressings Market Report

Moist Wound Dressings Market Report Highlights

Based on product, foam wound dressings accounted for the largest revenue share in 2021 owing to their ability to maintain moisture, which facilitates the healing process
In the acute wounds application segment, the surgical and traumatic wounds segment accounted for the largest revenue share in 2021 due to the increasing number of surgical procedures being performed as all types of wound dressings are required during surgeries
The Asia Pacific is expected to witness significant growth during the forecast period as the region holds potential growth opportunities due to the presence of emerging nations like Indonesia and Thailand
In the chronic wounds application segment, the pressure ulcers segment is anticipated to register the highest CAGR during the forecast period on account of the increasing prevalence of the disease and related complications

Wellness Tourism Market Size is Estimated to Witness 9.93% CAGR till 2030

The global Wellness Tourism Market size is expected to reach USD 1.02 trillion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.93% from 2022 to 2030. Increasing patient awareness regarding health and wellbeing and personal care will be one of the major drivers for the market. Promotional campaigns arranged by various governments are also encouraging wellness tourism across the globe. Wellbeing services offered by players help customers find solutions to improve or maintain their health and wellbeing. The rising number of health-conscious people is contributing to the increasing demand for wellness activities at popular travel destinations.

The increase in lifestyle-related diseases such as diabetes, obesity, and high cholesterol due to busy work schedules and sedentary lifestyles is propelling the market growth. The market is heavily influenced by factors such as increasing awareness regarding healthcare tourism and the rising burden of disease. Furthermore, the growing prevalence of mental illnesses such as depression and anxiety, rise in disposable income, increasing adoption of online travel services, growing influence of social media, and raised government investment to attract tourists are propelling the market growth.

The overall tourism industry was adversely hit by the COVID-19 pandemic. The market witnessed a significant decline in the number of travelers owing to restrictions on travel and the entry of international tourists. According to Global Wellness Institute, the number of wellness trips in North America declined by 43.8% in 2020. Increasing number of secondary travelers and resume of activities by spas and resorts are expected to boost the market growth post-pandemic.

Related Press Release@ Wellness Tourism Market Report

Wellness Tourism Market Report Highlights

In terms of service, the lodging segment dominated the market in 2021. This can be attributed to the rapid expansion of large hotel chains that provide exotic therapies including rejuvenation programs, spa treatments, and other services
Based on travel type, the domestic segment accounted for the maximum revenue share in 2021. This can be attributed to the increased expenditure by domestic tourists on wellness activities
North America is estimated to dominate the market throughout the forecast period. This can be attributed to the high demand for physical and mental health, increasing disposable income, and growing awareness about spa benefits
Marriott International, Inc. established an all-inclusive platform in August 2019 to cater to the growing demand during the holiday season. Marriott International also announced that it has secured management agreements with hotel developers who aim to invest over USD 800 million in five new all-inclusive resorts, underscoring its confidence in its size and client base
Marriott International launched a hotel development program named “Marriott's Bridging the Gap" in June 2022

Fill-finish Pharmaceutical Contract Manufacturing Market Worth $14.0 Billion By 2030

The global Fill-finish Pharmaceutical Contract Manufacturing Market size is expected to reach USD 14.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.1% from 2022 to 2030. Increasing demand for drugs across the global market and the advantage of the reduction in the overall investment for developing drugs with contract manufacturing are the key factors driving the growth of the market. Contract fill-and-finish services are one of the most commonly outsourced services presently. Almost all pharmaceutical and biotech firms outsource at least some of their fill-and-finish requirements.

Unpredicted demand, second source policies, and better matching scale with need are all factors to consider when utilizing a CMO's capacity. Highly specialized capabilities like prefilled syringes, lyophilization, and cartridges, as well as novel therapeutics, necessitate specialized manufacturing that is more cost-effective to outsource. Firms with in-house aseptic fill/finish capacity outsource 39% of their fill and finish requirements, according to contract pharma. Furthermore, filling accounts for 59% of the market, while lyophilization accounts for 24%.

However, the COVID-19 pandemic spurred the development of COVID-19 vaccines, antibody therapy, antiviral drugs, and a variety of other related pharmaceutical products. The pandemic severely impacted countries such as Brazil, India, the U.S., and major European countries, increasing demand for biopharmaceutical products and, as a result, drug production. Vaccines and biologics require special manufacturing and fill-finish equipment and procedures to ensure product quality and safety, necessitating advanced analytical competencies and adaptable aseptic fill-finish technologies. This resulted in the positive impact of covid-19 on the market.

Fill-finish Pharmaceutical Contract Manufacturing Market Report Highlights

The large molecules segment dominated the market with a revenue share of 67.3% in 2021. Rising investment by pharmaceutical companies in R&D for large molecules and biosimilar would drive market growth
The vials segment accounted for the largest revenue share of 52.9% in 2021. They are the most versatile and easy-to-use dosage form. It is observed that the vial filling reduces the product loss and maximizes yield
Based on end-user, the biopharmaceutical companies segment accounted for the largest share of 54.9% in 2021. The increased demand for biopharmaceutical drugs, as well as funding for the biotech sector drive market growth
Asia Pacific led the market in 2021 and is projected to witness the fastest CAGR of 6.3% during the forecast years due to the rising number of CMOs expanding in the region and a huge number of fill-finish facilities being constructed. For instance, Thermo Fisher would increase sterile filling capacity with a new facility in Singapore. The facility would then initially provide a high-speed sterilized line approved for live virus having to fill first large-scale expertise in Singapore followed by an additional feature for standard fill/finish

Wednesday, 23 November 2022

Regulatory Affairs Market Worth $27.0 Billion By 2030 | CAGR 8.7%

The global Regulatory Affairs Market size is expected to reach USD 27.0 billion by 2030, registering a CAGR of 8.7% over the forecast years, according to a new report by Grand View Research, Inc. The factors expected to contribute to the growth of this market include changing regulatory requirements based on business activities and geographies, an increase in clinical trials & drug approvals along with accelerated regulatory approval, and technological advancement in regulatory software. Also, the evolution of personalized medicines, the increasing need for companies to focus on core business activities, and economic and competitive pressures are other factors that are contributing to the growth of the market. The global market showed lucrative growth during the COVID-19 pandemic.

The pharmaceutical and regulatory agencies joined forces to rapidly develop vaccines and medical products required to fight against COVID-19. The regulatory authorities take numerous precautions to ensure patient and personnel safety during a clinical trial, as well as data integrity and good laboratory practices, are maintained. Growth in markets for biosimilars, orphan drugs, personalized medicines, companion diagnostics, and adaptive trial designs are projected to boost the demand for regulatory specialization in these areas. As companies venture into newer fields, the growing need to comply with regulations is boosting the demand for specialized service providers with expertise in regulatory affairs. Patent expiration of biologics, such as Simulect, Vectibix, Mircera, and Kineret, is increasing the demand and development of biosimilars, thereby contributing to the demand for regulatory services in this segment.

Related Press Release@ Regulatory Affairs Market Report

Regulatory Affairs Market Report Highlights

The regulatory writing & publishing segment dominated the market in 2021 due to an increase in the outsourcing of these services by large- and mid-size medical device and biopharmaceutical companies
Based on indications, the oncology segment accounted for the largest revenue share in 2021. The segment share is attributed to the high prevalence of cancer, which is creating the need for safe and effective treatments
Based on end-uses, the pharmaceutical companies segment accounted for the largest market share in 2021. A rise in the number of approved pharmaceutical products is the key factor responsible for the segment’s growth
Asia Pacific is projected to witness the fastest growth rate during the forecast period on account of the improved regulatory landscape and growing venture activities by biopharmaceutical companies