Healthcare & Medical Devices
Europe in-vitro diagnostic services market to gain traction over 2018-2024, increasing investments in healthcare R&D programs to stimulate the regional landscape
In-vitro diagnostic services market has evolved rapidly in the recent years as scientific understanding of health and well-being has drastically improved owing to the dynamic advancements in technology. For nearly half a century, there has been consistent and considerable innovation in the area of in-vitro diagnostic (IVD) as a result of which there has been remarkable increase of early recognition, diagnosis and management of disease.
According to experts in the field of IVD, the in-vitro diagnostic services market is at the threshold of an explosion in the development of diagnostic technology as knowledge of the molecular interactions increases. In-vitro diagnostic services market has gained appreciable traction as healthcare specialists have begun discovering fundamental markers of disease and predisposition to disease that have been facilitated by advanced diagnostic tests. Better diagnostic tests have led to development of more targeted therapies, further developing the scope for better healthcare facilities and increasing investments in in-vitro diagnostic services industry.
U.S. In-vitro Diagnostic Services Market, By Software, 2013 – 2024 (USD Billion)
With the revolution in IVD technology, tests will be able to identify an individual’s predisposition to disease, detect the presence of the disease at a molecular level, identify the best therapy for the disease and then monitor compliance of patient’s health with the therapy. Efficacy for therapy for diseases like diabetes, that have come close to assume the characteristics of a global endemic, is fundamental to the success of controlling the such diseases and developing better solutions for them. With IVD technologies being able to discern better patient compliance, it is presumed that in-vitro diagnostic services industry will attract increased attention in the sphere of healthcare.
With the progress of the in-vitro diagnostic services industry, the patient will benefit from better support and education, gain access to better tests and receive faster delivery of care. In-vitro diagnostic services market has witnessed attention from healthcare providers as well due to the fact that improved customer satisfaction automatically leads to more efficient use of resources and more effectual services. With the rising awareness about the value of in-vitro diagnostic services, it is being anticipated that such services will come to be regarded as facilitators for the healthcare industry rather than a cost center bringing in greater investments in in-vitro diagnostic services market. With a broader view of resource allocation for patients and care-givers, in-vitro diagnostic services industry specialist hope that focus will be shifted from costs to outcomes, positive results from which will lead to greater contribution in the advancement of IVD.
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Europe is likely to emerge as a lucrative growth ground for in-vitro diagnostic services market. According to WHO Global Health Expenditure Database, healthcare costs account for more than 10% of GDP in Europe as advancement in healthcare technology has increased the life expectancy of the average European citizen by 30 years. But it has been estimated that IVD can make significant contribution towards addressing this problem and that too at a minimal cost.
It is a point to be noted that more than 40,000 different IVDs products are available in the in-vitro diagnostic services market at present that can provide doctors and patients reliable information on a huge range of conditions for a total expenditure of approximately €21 per person per year as has been cited by the European Federation of Pharmaceutical Associations and Industries. Apparently, people spend more than that amount on their mobile phones and it amounts to less than 1% of all healthcare expenditure of Europe. By comparison, healthcare expenditure on pharmaceuticals is almost €230 billion – more than €450 per head of population per year.
With the rising in awareness of the benefits of in vitro diagnostics, the value of the information that the tests provide and the positive benefit that it can have on decision-making, it is anticipated that in-vitro diagnostics services market will reap substantial proceeds and forge better growth avenues through patients who will approach doctors about availing such services. It is a fact of significance that the in-vitro diagnostic services industry players have been able to establish close contacts with the professional lab medicine associations to promote awareness about in-vitro diagnostics. With the backing of establishments such as the European Diagnostics Manufacturers Association (EDMA), a forum called European Laboratory Medicine (ELM) with the purpose for uniting many professional organizations in lab medicine to increase awareness of the value of in-vitro diagnostics and lab medicines it is expected that in-vitro diagnostic services market will attain hefty momentum over 2018-2024.
Author Name : Paroma Bhattacharya
Vascular graft market to be driven by a supportive regulatory landscape, surging development of innovative products to augment the industry growth over 2018-2024
Shifting trends toward the use of prosthetic implants to repair or bypass blood vessels have influenced vascular graft market since the last several years. While vascular surgery has commanded significance ever since its inception, its importance has now grown tremendously among healthcare service providers, given that it is used for treating patients suffering from traumatic brachial artery aneurysm, artery damage, and endovascular aneurysm. Polymeric vascular prosthesis has been developed long ago and has been preferred for various prosthetic implants, however, biocompatible vascular grafts are now gaining traction, on the grounds of which companies have been conducting on-going research studies to develop infection free, durable, and easy to handle vascular grafts.
China Vascular Graft Market Size, By Raw Material, 2013 – 2024, (USD Million)
It is indeed imperative to state that surging number of cases related to cardiovascular diseases owing to a rise in sedentary lifestyles that has led to an increase in the obese population across the globe, has been propelling vascular graft market share. Indeed, in the U.S. alone, pertaining to an unhealthy lifestyle, the number of patients suffering from chronic kidney related and cardiovascular diseases has increased by an incredible proportion over the last few years. In order to encourage patients who need to undergo a bypass surgery, the government has included suitable Mediclaim reimbursement policies that will have a positive impact on the U.S. vascular graft industry trends over the years ahead.
Vascular grafts are known to save patients with a high risk of heart attack and other artery damages. The advent of advanced bypass surgeries has made it easier for vascular graft industry to amass commendable returns. It is rather prudent to mention that regulatory bodies and research institutes have also played a significant role in the growth of this vertical. Recently, in 2018, the FDA provided the green signal for a device developed to treat endovascular aortic aneurysm that demands a minimally invasive surgical procedure. Driven by the fact that endovascular aneurysm repair offers a cost-effective treatment to patients afflicted with abdominal aortic aneurysm as compared to open repair, endovascular aneurysm repair accounted for USD 996.5 million in vascular graft industry share.
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As of now, with the rapid invention in the vascular grafts, leading players in the vascular graft market have been extending their product reach, aided by regulatory bodies. The worldwide acceptance for their innovative products will have a remarkable influence on the industry growth over the years ahead. The recent approval for GORE®’s Molding & Occlusion Balloon, that can be used for endovascular aortic repair, from Japan, U.S., and Europe, validates the aforementioned fact. With this approval, GORE® has successfully expanded its reach across three leading regions of the vascular graft market. The capability of these devices to reduce possible complications related to the ease of access, as well as excellent ability in assisting self-expanding stent grafts are poised to stimulate vascular graft industry size.
Speaking along the same line, in addition to regulatory approval, W. L. Gore & Associates, Inc. has taken a step ahead to strengthen its position in the medical sector by acquiring medical technology companies. For instance, in 2018, GORE® acquired privately owned medical technology company, Pipeline Medical Technologies, Inc. which was involved in the advancement of chordal repair for degenerative mitral regurgitation. It would prove rather beneficial for GORE® to extend its potential and commitment toward the innovation of several cardiac therapies. The ever growing advent of innovative product ranges will thus propel vascular graft market share over the years ahead.
The increasing availability of high-quality medical facilities related to vascular grafts across the globe will have a remarkable influence on the product demand. In addition, the rise in the number of patients having kidney and cardiovascular diseases will further enhance the industry growth. Powered by the implementation of supportive healthcare policies by the governments of myriad geographies, the overall vascular graft market will surpass revenue collection of USD 3.6 billion by the end of 2024.
Author Name : Sunil Hebbalkar
Medical marijuana market to register an appreciable CAGR of 36% over 2018-2024, Germany to emerge as a vital regional contender
A news that has lately set the global medical marijuana market ablaze, is that of the Canadian Government passing the Cannabis Act for the official legalization of the marijuana drug. According to reports, Justin Trudeau, the Canadian Prime Minister, has set October 17, 2018 as the official date for the announcement, following which adult marijuana will be available for the sale in authorized dispensaries. After Uruguay, Canada is only the second country in the world, and the first among the G7 nations to permit a legal market for marijuana. The instance clearly throws light on the vast market potential Canada will be holding for investors of both medical and recreational marijuana.
U.S. Medical Marijuana Market, By Application, 2013 – 2024 (USD Billion)
Meanwhile in the United States, reports claim that marijuana is legalized for medical purposes in 30 states and Puerto Rico, the District of Columbia, and Guam. Reliable studies have demonstrated the effective usage of medical marijuana in the treatment of chronic pain, migraines, and melancholia. The drug moreover, is also used in relieving the symptoms of multiple sclerosis, HIV/AIDS, glaucoma, and cancer. This in turn has substantially backed the modifications & relaxations in the drug policies of several governments. The National Health Interview Survey (NHIS), has estimated that there are around 25 million people across the U.S. suffering from pain on daily basis that in turn has triggered a surge regional medical marijuana market share & legalization of the drug for therapeutic purposes in the recent years. The relaxations in the law have also uplifted several companies to pour billions of dollars in research as well as in the commercialization of the product.
Recently for instance, WeedMD Inc., a licensed producer and distributor of medical cannabis has announced that it has collaborated with Revive Therapeutics Ltd. to focus on research and development & commercialization of novel cannabinoid-based therapies. Reports reveal that WeedMD will supply Revive with cannabidiol (CBD) and delta-9-tetrahydrocannabinol (THC), which are the two main chemicals used for medical purposes that will in turn evaluate the treatment of liver disease, autoimmune hepatitis, and non-alcoholic steatohepatitis.
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In another turn of events, WeedMD, has also signed a joint agreement with Phivida Holdings Inc., to develop & operate Cannabis Beverages Inc., at its Strathroy-based greenhouse facility, Ontario. According to reports, the joint venture will focus on product manufacturing, marketing, development, and supply of cannabis-infused beverages for Canada as well as to licensed international markets. The CBD-infused products market valuation in Canada alone is about USD 5.6 billion – according to the Consumer Health Products Canada. And the duo, leveraging the proven product demand, is expected to position themselves well enough in the growing marijuana market.
The presence of such a large number of recreational and medical marijuana companies in Canada, have indeed significantly impelled the Canada medical marijuana market. Reports further claim that the Canada medical marijuana market is forecast to register a CAGR of 32% over 2018-2024. Across the European continent, Germany being the first country to legalize medical marijuana recently in 2017, is expected to be a lucrative investment spot for potential stakeholders. Having accounted for USD 805.5 million in 2017, the Germany medical marijuana industry is projected to grow at a striking rate of 49.5% over 2018-2024.
The rigorous relaxations and modifications in drug policies to increase the access to the drug from several countries have led to an extraordinary expansion of the online medical marijuana market. The legalization has further paved way for customers & patients to opt for more convenient ways such as mail orders. The online buying process is further gaining traction, given the complete privacy and discreetness this distribution channel provides.
All in all, with support from the regional governments and emergence of new business opportunities through e-commerce, this market is expected to emerge as one of the most profitable business spaces of its time. Further shedding light on the commercialization matrix, a report by Global Market Insights, Inc., claims the global medical marijuana industry to hit USD 55 billion by 2024.
Author Name : Ojaswita Kutepatil
U.S. hair transplant market to accumulate hefty returns by 2024, rising cases of premature hair loss to stimulate the regional landscape
The revenue graph of hair transplant market has been rising exponentially, primarily subject to the massive prevalence of hair loss in men and woman occurring on account of stress, illnesses, genetics, and myriad other physiological factors. According to a survey carried out by the International Society of Hair Restoration Surgery, with 87% male participants and 13% female participants, it was detected that in 2016 more than 635,000 hair transplant surgeries had been performed. The survey further expounded the extensive growth prospects of hair transplant market, the size of which was pegged at USD 5 billion in 2017.
U.S. Hair Transplant Market, By Product, 2013 – 2024 (USD Million)
With body image issues becoming a universal problem, it is not surprising that more than 87% of the patients were reported to opt for hair transplant. In fact, hair loss has been estimated to be the number one cause for body image issues among men, followed by weight gain. Lifestyle choices like improper diet, smoking, stress and inadequate amount of sleep have been confirmed as factors responsible for hair loss. Technological advancements however, have made it possible to regain a head full of hair in spite of the negative effects of such choices, thereby driving hair transplant industry growth.
Celebrities conforming to body image stereotypes have further added significant impetus to the hair transplant industry as their choice to undergo successful hair transplant surgeries and uphold a youthful appearance has urged the masses to go in for hair transplant procedures.
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The recent surge in technological developments in North America will massively aid the expansion of hair transplant market across this continent. As per estimates, the United States U.S. dominated the regional hair transplant industry in 2017, with a mammoth valuation of USD 1,744.4 million. Driven by the adoption of advanced robotic surgical hair transplant system such as ARTAS, that assure safety and visible results, U.S. hair transplant market is certain to depict commendable gains in the ensuing years.
Incidentally, the United States is a witness to the phenomenal success rate of surgeries such as follicular unit transplantation (FUT) and follicular unit extraction (FUE). These procedures have been performed on a tremendously large scale across the country, on account of exponential hair loss rate among the American populace. Apparently, the American Academy of Dermatology reports that hereditary hair loss is one of the most common causes of hair loss impacting close to 80 million people in the U.S. Aided by a vast consumer pool demanding successful hair transplants, in tandem with the rising number of technological developments in hair transplant therapy, the U.S. hair transplant market is forecast to accrue appreciable proceeds by 2024.
It will be prudent to mention here that though technological advancements have been afloat in the developed nations, countries such as Turkey and specially the city of Istanbul has lately emerged as a hub for hair transplant surgeries. Istanbul not only boosts of 300 clinics specializing in hair transplant but also employs talented surgeons who deliver a neat hair transplant experience for a third of the normal market price. Patients from Europe and Middle East are known to flock to Turkey for hair transplant surgeries, thereby augmenting the regional hair transplant industry.
Though traditionally women have been much more concerned with physical appearances, the male populace has lately depicted much more proactiveness to get hair transplants. With celebrities, footballers and other famous personalities coming forward to admit that they had hair transplants to better their appearances, the stigma related to hair transplant is on the verge of elimination, increasing the number of such surgeries among the general populace across the globe. Driven by rising disposable incomes and the increasing affordability for this procedure, hair transplant industry is anticipated to register a CAGR of 25% over 2018-2024.
Author Name : Krithika Krishnan
Global in-vitro diagnostics market to witness massive demand from infectious disease treatment applications over 2018-2024
With incredible rise in the occurrence of diseases all around the world, in-vitro diagnostics (IVD) market has gained substantial momentum owing to its significance in detecting varied medical conditions and to expedite treatments. Different tests performed on human blood or tissue samples assist medical professionals to monitor the health of patients and treat, cure or prevent diseases. Prevalence of cancer, diabetes, autoimmune diseases, hepatitis, kidney disorders and a large number of infectious diseases have immensely transformed the in-vitro diagnostics industry landscape, along with influencing vital technological developments. Valued at nearly USD 62.8 billion in 2017, the global in-vitro diagnostics market has been witnessing massive expansion in the diagnosis and treatment of infectious diseases among the growing geriatric population.
U.S. In-vitro Diagnostics Market, By Type, 2013 – 2024 (USD Billion)
According to WHO estimates, the total population of people aged 60 years or more, will almost double from 900 million in 2015 to approx. 2 billion in 2050. It is a known fact that older people have lower immune systems and are more prone to getting infected, requiring consistent testing for diseases and necessitating the in-vitro diagnostics industry intervention. Mounting cases of infections in younger patients have also mandated the use of efficient diagnostic processes for recognizing and managing the diseases. Heavy R&D investments by healthcare companies and medical institutes have resulted in the discovery of several techniques for testing infections that cause respiratory disorders, diarrheal problems, tuberculosis and AIDS. Infectious diseases are a leading cause of fatalities worldwide and the need for appropriate methods of identifying and dealing with them will profusely advance the in-vitro diagnostics market.
As each disease is attributed to different causes, no unique method can be applied to test for every kind of infection. Considered to be one of the most advanced technology for testing available in the in-vitro diagnostics market, molecular diagnostics has grabbed the attention of key industry players who are seeking to capitalize on its extensive application scope. Becoming a go-to solution in clinical testing for infections, cancers and other disorders, molecular diagnostics has allowed for improved and faster detection of harmful agents in the blood stream. Molecular testing is able to detect even minute amounts of infectious elements in the body, enabling the identification of diseases faster than what was previously possible. Increasingly deployed in detecting infectious diseases as it is a less invasive technique in comparison to performing biopsies, molecular diagnostics technology has presented an extremely lucrative vertical within the in-vitro diagnostics market.
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Elaborating on the potential of molecular diagnostics for managing infections, further WHO reports show that three categories of infectious diseases had been ranked in the top ten causes of deaths worldwide in 2016, namely tuberculosis, diarrheal diseases and lower respiratory infections. Tuberculosis (TB), in particular, had resulted in over 1.7 million deaths from the total of 10.4 million TB cases recorded in the year. Mostly affecting the lungs, TB easily spreads through air and inhaling only a small amount of infectious germs can cause the disease to build up. As such, the in-vitro diagnostics industry has experienced rapid progress in development of efficient testing solutions for early detection of this curable airborne disease. Notable industry collaborations have permitted the advent of affordable and easily accessible molecular diagnostic services to prevent the spread of TB and other infectious illnesses.
A reputed medical research foundation, LifeArc and the University of St Andrews Infection Group recently unveiled a new molecular diagnostic test, which they collaboratively developed for detecting and quantifying TB bacteria among affected patients. The Molecular Bacterial Load Assay (MBLA) test will purportedly use molecular techniques to count the live bacteria and the process is up to get CE-marked so that it can be made available to patients in every region. It is important to detect the onset of TB early and the MBLA is designed to achieve results within hours what traditional methods did in weeks. The in-vitro diagnostics market will largely benefit from the application of molecular diagnostics in treating TB, since international health agencies and governments have committed themselves towards eradicating the TB epidemic by 2030.
All in all, the in-vitro diagnostics industry has made unequivocal contributions towards diagnosing infectious diseases and enabled doctors to create targeted therapies and treatments for patients. Convenient access to superior quality equipment and the emergence of integrated monitoring technologies will further drive the in-vitro diagnostics market, which consists of leading healthcare companies like Abbot, BioRad, Cepheid, Danaher, Johnson & Johnson, Roche Diagnostics, Siemens and Qiagen.
Author Name : Pankaj Singh
Self-monitoring blood glucose devices market to witness robust growth from home settings application over 2018-2024
Proven to be a critical component in the diabetes management process, the self-monitoring blood glucose devices market has registered an impressive growth rate owing to the prevalence of diabetes worldwide and the availability of diverse monitoring solutions. According to reliable data, about 8.8 percent of the global adult population in 2017 had diabetes, and this number is estimated to crawl up to 9.9 percent by 2045. Considering the total number of diabetic patients this percentage amounts to, the self-monitoring blood glucose devices industry could cater to virtually millions of consumers over the coming years. Unrestricted fast-food consumption among the millennials supplemented by the rising disposable income could accelerate the prevailing issue of obesity, which greatly indicates the onset of diabetes. The global self-monitoring blood glucose devices market, amassing a remuneration of over USD 14.3 billion in 2017, will be further boosted by the rising geriatric population that commonly experiences difficulty in controlling sugar levels.
India Self-Monitoring Blood Glucose Devices Market, By Product, 2013 – 2024, (USD Million)
It is reported that nearly 25 percent of American people aged 65 years or more have type 2 diabetes and spend approx. USD 104 billion annually on healthcare, with the number gradually soaring every year and building up a steady consumer base for the self-monitoring blood glucose devices industry. These devices are vastly utilized by medical professionals as well as home caregivers to administer insulin, determine diets, reduce anxiety and avoid cases of hypo or hyperglycemia in both type 1 and type 2 diabetic patients. Glucose monitoring helps in informing the doctor and patients if the planned treatment or medical regimen in working, enabling a better control over one’s sugar level and performance of daily tasks. Researches into the benefits of self-monitoring of glucose have been extensively conducted for many years, and international medical agencies have promoted these benefits by recommending self-monitoring to anyone living with diabetes. As a result, the self-monitoring blood glucose devices market has promulgated by increased use in home environment, due to affordability and portability of these devices.
Although clinic tests offer a comprehensive understanding of blood glucose levels and make effective comparison with past data, these tests are only done a few times in a year by diabetic patients, whereas glucose levels actually fluctuate throughout the day. Awareness pertaining to the usefulness of data provided by daily blood tests and the motivating output given by them has expanded the self-monitoring blood glucose devices market penetration in the home care segment. Key factors that induce a sense of comfort for diabetic patients while using these devices include ease of handling, clear and bigger displays, accurate figures and ability to double check for ensuring correct measurement. Adherence to internationally recognized standards has also encouraged the acceptance of self-monitoring devices as part of everyday life. With greater access to advanced portable devices that meet the expectations of diabetic patients and the need for maintaining a healthy personal and work lifestyle, the self-monitoring blood glucose devices market from use in home settings will register a CAGR of 5.7% from 2018 to 2024.
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Initially, the segment was bursting with a slew of monitoring devices that required fine needle-pricks to get blood for testing, but the advent of continuous glucose monitors (CGM) help to develop less invasive methods to monitor glucose levels. In essence, CGMs are critical in discerning patterns in glucose level changes and assist in predicting the occurrence of low or high blood sugar levels in home as well as hospital patient, making them a significant part of the self-monitoring blood glucose devices industry. With sensors inserted under the skin to deliver real-time glucose level readings and charting out the changes to recognize glucose level triggers, CGMs offer a competent solution to allow for necessary adjustments required for improved living.
Innovative CGMs are constantly redefining the self-monitoring blood glucose devices market dynamics, such as Abbot’s novel flash glucose monitoring system. The American healthcare company’s FreeStyle Libre is a self-applied personal glucose sensor that diabetic patients can wear for up to 14 days at a time. The highly accurate device is approved by the FDA and is more affordable when compared to other CGM alternatives in the market. Using the sensor, which is worn on the backside of the upper arm, diabetics are able to read real-time data and identify trends in glucose fluctuation by studying eight hours of glucose level information.
With over 800,000 people in more than 43 countries using Abbot’s FreeStyle Libre, it is an example of the growing popularity of continuous glucose monitors, giving enormous propulsion to the self-monitoring blood glucose devices market. Along with Abbott Laboratories, Bayer Healthcare, All Medicus, Dexcom, Arkray, Bionime Corporation, F. Hoffmann-La Roche, LifeScan, Medtronic, Nova Biomedical and Trividia Health are some of the major industry participants providing advanced glucose self-monitoring devices.
Author Name : Pankaj Singh
Total knee replacement market to perceive commendable receipts via partial surgeries over 2018-2024, infusion of tech innovations in implants to drive industry progression
The commercialization scale of total knee replacement market seems to have gained an unprecedented momentum, of late, owing to the rising prevalence of chronic bone disorders such as rheumatoid arthritis and osteoporosis in geriatric population globally. As per the statistics released by International Osteoporosis Foundation, a Switzerland based global alliance of healthcare professionals, research organizations, patient societies, and international companies, osteoporosis causes more than 8.9 million fractures annually across the world with an osteoporotic fracture being recorded every 3 seconds. In addition to such an overwhelming number of patients suffering from bone degenerative disorders, the technological advancements in customized implant material has emerged as one of the major factors driving total knee replacement industry trends in the recent years.
U.S. Total Knee Replacement Market, By Product, 2013 – 2024 (USD Million)
Speaking along similar lines, there has been a considerable shift in patient preference from conventional surgical procedures toward technologically-advanced minimally invasive surgeries. Drastic improvements in the accuracy and precision of surgical procedures being carried out in the recent years have proved to be instrumental in propelling the growth prospects of total knee replacement market on a global scale. Moreover, numerous prominent medical device manufacturers have increasingly focused on launching an assortment of new applications that are augmenting the efficiency of existing surgical tools. Smith & Nephew for instance, announced the expansion of its NAVIO platform to total knees by unveiling NAVIO handheld robotics-assisted total knee arthroplasty (TKA) application last year. The latest application supports various knee replacement systems such as GENESIS II Total Knee Systems, LEGION Primary, and JOURNEY II.
Additionally, the TKA application lowers the cost of surgery and allows patients to receive the benefits of robotics-assistance without going through preoperative imaging procedures such as CT scan. Furthermore, the application has been garnering considerable attention across total knee replacement industry as it provides an efficient and streamlined workflow along with thorough manuals that guide handheld robotics-assisted surgeries. Apparently, the advent of such next-gen applications equipped with robotic-assisted systems is certain to assist total knee replacement market acquires a commendable presence in the healthcare and medical devices space in the ensuing years.
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Speaking in terms of the product landscape, the total knee replacement industry accrued an excellent revenue of close to USD 3.9 billion from the partial knee replacement surgeries in 2017, as per reliable estimates. This amounts to a humongous 49 percent of the total remuneration portfolio of the total knee replacement market during that year. Owing to its many advantages such as replacement of only the damaged portion of the knee along with a spurt in the development of customized implants that ensure minimal erosion of healthy tissues, partial knee replacement surgeries are being increasingly preferred by healthcare professionals and patients alike in the recent years.
In this regard, it would be prudent to cite the instance of the recently launched water-resistant X3® Advanced Bearing Technology by one of the foremost medical equipment manufacturers, Stryker Orthopaedics. Reportedly, the new premium bearing technology has achieved a significant 96 percent wear reduction than the current leading implants available on the total knee replacement market. For the record, the firm is one of the major providers of partial knee replacement implants across the globe. The technology would improve the longevity and efficiency of new implants that are anticipated to be developed by Stryker in the near future. Apparently, the incorporation such high-grade tech innovations in implants is certain to reinforce the position of partial knee replacement segment in the overall product landscape of total knee replacement industry.
Lately, the prevalence of chronic bone degenerative disorders such as osteoporosis and rheumatoid arthritis has been on the rise in the younger populace as well. As per reliable estimates, more than 600,000 residents of the United States have knee replacement surgeries annually and around half of these patients are currently less than the age of 65. It is being stated by trusted sources that the number of knee replacement surgeries is anticipated to surpass 3 million each year in the U.S. by 2030. These statistics aptly demonstrate the business opportunities for the total knee replacement market in the developed economies across the globe. In fact, as per a research report compiled by Global Market Insights, Inc., the overall revenue share of the total knee replacement industry is slated to exceed the USD 10 billion-dollar benchmark by 2024.
Author Name : Saif Ali Bepari