Healthcare & Medical Devices
Pharmacovigilance market to grow significantly via contract outsourcing, U.S. to be a major revenue generator over 2016-2024
The crucial need to monitor the efficiency and aftereffects of drugs will drive pharmacovigilance market. The field of pharmacovigilance globally represents the picture of drug effectiveness, safety, and associated risk detection. It is expected that even life science manufacturers will become more proactive due to adoption of pharmacovigilance services, which will stimulate the industry trends. Implementation of stringent rules and regulations regarding clinical trial management and drugs safety will also influence pharmacovigilance industry size. As per the report by Global Market Insights, Inc., “Worldwide Pharmacovigilance Market having had a revenue of USD 3 billion in 2015, is predicted to surpass a revenue collection of USD 8 billion by 2024.”
U.S. Pharmacovigilance Market size, by service provider, 2012- 2024 (USD Million)
Most of the pharmaceutical and biotechnology firms are adopting these services to maintain and manage clinical trial data, which will favorably influence pharmacovigilance market share from in-house companies, which generated a revenue of USD 1.5 billion in 2015 and is likely to increase two-fold by 2024.
Companies established in the developed countries often outsource these services, considering the operational cost reduction effectiveness and quality. The notable business participants in pharmacovigilance market are Accenture, Boehringer Ingelheim, Covance, PAREXEL, Bristol-Myers Squibb, Quintiles, Cognizant Technology Solutions Corporation, United BioSource, and ICON. Contract outsourcing covered more than 50% of the revenue share of the service provider segment in pharmacovigilance industry in 2015 and will exceed a revenue collection of USD 4.8 billion by 2024. The growing adoption of this segment by the various pharmaceutical firms will stimulate the product demand noticeably.
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Asia Pacific pharmacovigilance market having had a revenue of USD 835 million in 2015, will surpass a revenue collection of USD 2.4 billion by 2024. The attributing factors toward the market growth are stringent regulations regarding health, rise in number of clinical trials, and a massive patient base. The region will witness a surge in the number of pre-clinical trials, subject to which pharmacovigilance market from pre-clinical trials will generate a revenue of more than USD 84 million by 2024 with an annual growth rate of 10.3% over the years ahead.
U.S. pharmacovigilance industry collected a revenue of USD 1 billion in 2015 and will exceed a revenue generation of USD 2.5 billion by 2024 with an annual growth rate of 10.7% over the period of 2016 to 2024. Surging need to monitor the significant effects of medical drugs owing to the increasing mortality rate subject to adverse drug effects will stimulate the product demand. Moreover, rising concern among patients regarding the effectiveness and safety of drugs is predicted to boost pharmacovigilance market size. The need to evaluate drug efficiency based on risk benefit ratio will fuel pharmacovigilance market from phase III clinical trials, which will collect a revenue of more than USD 1,254 million by 2024, having been valued over USD 492 million in 2015. Europe pharmacovigilance market will collect a revenue of USD 1.8 billion by 2024 with a CAGR of 9.9% over the coming seven years. The growth can be attributed to the escalating requirement of personalized medicines. Germany, Spain, and UK covered more than 70% of the Europe regional revenue share in 2015.
Industry giants are engaged in strategic partnerships with research organizations to enhance the effectiveness of the product. Mergers & acquisitions is a major growth strategy adopted by the market players to comply with competitiveness of the business.
Author Name :Sunil Hebbalkar
Healthcare Artificial Intelligence Industry to amass huge share via drug delivery applications over 2017-2024, China to majorly drive the regional landscape
In a major development that can positively impact Healthcare Artificial Intelligence Market growth, Babylon Health, a UK based digital health firm has raised nearly USD 60 million in April 2017 to diagnose patient illness by creating an AI chatbot on their smartphones. High investments made by various industry players to build more robust machine learning algorithms and big data analytics applications to deliver more effective healthcare services will completely change the medical diagnosing & treatment phase of the industry. This will help in grooming the healthcare artificial intelligence business reach greater heights. Global Market Insights, Inc., reports that healthcare artificial intelligence industry value, worth USD 750 million in 2016, is predicted to hit USD 10 billion by 2024.
U.S. Healthcare Artificial Intelligence Market Size, By Application, 2013-2024 (USD Million)
New breakthroughs in the field of clinical research, genomics, robotic personal assistants, and precision medicine are expected to propel Precision Medicine Market, which in turn is creating a wide set of opportunities for healthcare artificial intelligence industry globally. Evolution of new disease monitoring and treatment methods will eventually produce huge business growth prospects for the market.
Healthcare artificial intelligence finds wide application in drug discovery, hospital workflow, medical imaging & diagnosis, and therapy planning. Drug discovery applications, which contributed more than 35% of healthcare artificial intelligence industry share in 2016, are forecast to hit USD 4 billion by 2024. The growth can be credited to the ability of machine learning and artificial intelligence technologies to favorably influence the drug design as well as drug development & delivery success rates.
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Medical imaging & diagnosis sector is expected to hit the revenue of over USD 2.5 billion by 2024, owing to its ability to identify cancer at initial phase by detecting the rapid proliferation of tumor cells. Enhanced use of artificial intelligence in this sector will further accelerate healthcare artificial intelligence market revenue.
Considering the topographical trends, U.S. healthcare artificial intelligence industry, which was estimated at USD 320 million in 2016, is projected to grow at a rate of 38% over the period of 2017-2024. Supportive government regulations encouraging the use of big data analytics coupled with new inventions in the healthcare sector will propel the regional development.
Japan healthcare artificial intelligence market, which accounted over 35% of Asia Pacific healthcare artificial intelligence industry size in 2016, is projected to witness a tremendous growth over the coming seven years. Large-scale presence of healthcare firms and universities inventing new healthcare AI technologies will contribute substantially towards the regional revenue.
Brazil industry, which contributed over 48% of LATAM healthcare artificial intelligence market revenue in 2016, is forecast to experience a huge surge over the coming timeframe. Mounting awareness about the benefits accrued due to the application of artificial intelligence technology in the healthcare sector will spur the industry expansion across the region.
Europe healthcare artificial intelligence industry, worth USD 270 million in 2016, is projected to record a CAGR of 39% over 2017-2024 subject to rising utilization of AI technology by various firms to improve the healthcare treatment along with its cost-reduction.
The UK healthcare artificial intelligence market is forecast to cross the revenue margin of USD 800 million by 2024 and will further boost the Europe industry size over the years to come. Entrepreneur-friendly environment across the country coupled with escalated use of artificial intelligence technology in genomics supported & guided by high R&D finding will drive the regional share.
Healthcare artificial intelligence industry in China is projected to record a CAGR of 45% from the period of 2017 to 2024, steered by the launching of new technologies such as artificial intelligence and big data analytics across the healthcare sector
Healthcare artificial intelligence market is highly fragmented due to the large presence of key industry players and new entrants. Welltok Incorporation, Pathway Genomics, Cyrcadia Health Incorporation, Atomwise, Enlitic, Lifegraph Limited, Insilico Medicine Incorporation, IBM Watson Health, iCarbonX, Google Incorporation, Zebra Medical Vision, Microsoft Corporation, Sophia Genetics, Modernizing Medicine Incorporation, Butterfly Network Incorporation, APIXIO, and AiCure are the major participants of healthcare artificial intelligence industry.
Author Name :Dhananjay Punekar
U.S. orthopedic devices market to witness a massive growth over 2017-2024, Advanced regional healthcare infrastructure to drive the demand
Breakthroughs in osteology which has resulted in development of cost-effective equipment coupled with rise in sports injuries will impel orthopedic devices market growth. The new inventions in 3D printing technology and robot assisted surgeries will also generate lucrative avenues for the orthopedic devices industry in the years to come. The geriatric population base which is highly susceptible to bone diseases such as arthritis, osteoporosis, etc. will substantially drive the demand for these devices. As per the WHO, the worldwide population above 60 years of age will reach 2 billion by 2050. With this escalating trend, the orthopedic devices market is certain to witness a strong growth chart ahead. Global Market Insights, Inc. projects the orthopedic devices industry to surpass USD 53 billion by 2024.
Europe Orthopedic Devices Market Size, By Product, 2013-2024 (USD Million)
Rising preference for minimally invasive surgical procedures and massive usage of novel biodegradable implants for medical treatment will contribute substantially towards orthopedic devices market share in future. Obesity, sedentary lifestyle, irregular diet, and high consumption of alcohol will further add to the growing popularity of the orthopedic devices. The orthopedic devices industry is foreseen to witness remarkable growth in developing nations as compared to developed nations, owing to large-scale acceptance of the devices in the emerging economies plus market saturation in developed economies.
Taking into consideration the regional trends, UK orthopedic devices industry, which contributed more than 15% of Europe industry revenue in 2016, will exhibit an appreciable surge over the next few years. Rising frequency of bone disorders among the increasing elderly population is predicted to spur the revenue.
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U.S. Orthopedic devices market, which was estimated at USD 20 billion in 2016, is forecast to exceed USD 25 billion by 2024. Enhanced healthcare amenities along with burgeoning demand for orthopedic services due to high incidence of ailments such as osteoporosis, musculoskeletal disorders, and osteoarthritis will accelerate the business growth.
Mexico orthopedic devices industry, worth USD 300 million in 2016, is projected to expand remarkably over the next few years subject to escalating rate of road accidents and increase in the number of the bone disorders. High research in the field of arthroscopic equipment and orthobiologics is expected to drive Germany orthopedic devices industry development which contributed over 20% to the Europe industry share in 2016.
Brazil orthopedic devices market, which accumulated a revenue of USD 750 million in 2016, is anticipated to experience a bulging growth over the coming years. Rise in the disposable income and high investments in orthopedic care activities will make the environment of the region more business & entrepreneur friendly, thereby fostering the industry expansion.
Orthopedic devices industry in China is forecast to grow significantly at a CAGR of 12% over 2017-2024, driven by swift economic development and high patient consciousness about novel orthopedic services. Japan orthopedic devices industry, which accounted for more than 40% of the APAC industry revenue in 2016, is projected to hit USD 2 billion by 2024. Acceptance of modern technologies coupled with rise in the occurrence of spinal cord disorders are few of the factors predicted to contribute prominently towards the regional revenue.
Arthroscopic devices, Joint Reconstruction, Orthobiologics, Trauma Fixation Devices, and Spinal Devices are few of the major orthopedic devices. Joint reconstruction devices, which accounted for more than 40% of orthopedic devices industry revenue in 2016, is set to grow at a rate of 3% over the coming seven years. Increase in the number of road and sports injuries will boost the product demand.
Orthopedic devices market revenue from orthobiologics is predicted to surpass USD 4 billion by 2024, driven by its immense usage as substitutes and bone grafts. Spinal devices are projected to observe a notable gains of 3.5% during the period from 2017 to 2024, owing to high occurrence of degenerative disc disorders among the aging people plus product innovation for treating disorders of spine.
Trauma fixation devices are likely to collect a revenue of USD 7 billion by 2024, subject to its high need in developing regions and product differentiation in the comparatively matured markets of developed regions.
Market players are trying to implement major business growth strategies such as product development, joint ventures, and strategic alliances to retain their position in the industry. Stryker Corporation, Medtronic, Zimmer Biomet, Smith & Nephew Plc, MicroPort Scientific Corporation, NuVasive Incorporation, DJO Global, ConforMIS, The DePuy Synthes Companies, Globus Medical, and The Medacta Group are the major participants of orthopedic devices industry.
Author Name :Dhananjay Punekar
Body fat measurement industry to collect huge revenue via healthcare applications over 2016-2024, U.S. to drive the regional landscape
High awareness about health & fitness along with the rise in the number of gyms & health clubs will spur body fat measurement market growth. Rising cases of metabolic dysfunctions and obesity along with high demand for modern BIA equipment will contribute remarkably towards the business revenue. As per CDC (Centers for disease control and prevention) over 36.5% of adult population in the U.S. were obese during the period of 2011-2014 and the projected overall medical costs in the country amounted to USD 147 billion in 2008. According to the Global Market Insights, Inc., “Body fat measurement industry revenue, worth USD 402.6 million in 2015, is set to hit USD 798 million by 2024. “
Strong economic development along with heavy healthcare funding across the developing nations is expected to sketch a new path for body fat measurement industry. Hefty utilization of DEXA bone densitometers to check body composition and high usage of four-eight sensors to improve the accuracy of the medical tests will create an escalated demand for the systems. Life threatening disorders such as cardiac arrests, strokes, and diabetes will further boost the industry trends over the years ahead.
U.S. Body Fat Measurement Market size, by Product, 2012- 2024 (USD Mn)
Taking into consideration the topographical landscape, U.S. body fat measurement industry, which accumulated a revenue of over USD 146 million in 2015, is predicted to hit USD 274 million by 2024. Large patient population affected by obesity and increase in the percentage of people undergoing fitness training activities to remain healthy will drive the regional share.
Asia Pacific body fat measurement market is predicted to grow at an annual rate of 8.9% over the coming seven years, supported by high purchasing power along with heavy investments across healthcare sector. Japan, India, and China are likely to be the major regional revenue drivers.
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Body fat measurement industry size in Europe, evaluated at USD 126.7 million in 2015, is forecast to observe a noticeable expansion over the coming years. The growth can be attributed to favorable government policies predicted to build a strong foundation/base for healthcare sector. UK and Germany are projected to drive the regional growth.
Dual Emission X-ray Absorptiometry, Bioimpedance Analyzers, Air Displacement Plethysmography, Hydrostatic Weighing, and Body Fat Skinfold Calipers are the key products of body fat measurement industry. Bioimpedance analyzers, which amassed a revenue of USD 144 million in 2015, are expected to significantly drive body fat measurement market share over the next few years. Introduction of new technologies to enhance the level of accuracy along with effective caliper & hydrostatic weighing blend will drive the product demand.
Market players will try to enhance their geographical presence and ROI through product differentiation and high investments in R&D activities for introducing new/additional product features. AccuFitness LLC, L’Accessorio Nuclear S.r.l., GE Healthcare, COSMED, Jawon Medical Company Limited, Hologic Incorporation, Beurer GmbH, Inbody Company Limited, The Diagnostic Medical Systems Group, Tanita Corporation, Exertech, and Omron Global are the major participants of body fat measurement industry.
Author Name :Dhananjay Punekar
Biomedical refrigerators and freezers market to witness substantial demand from blood banks, APAC to be a major revenue pocket
Biomedical refrigerators and freezers market is widening its horizon with the recent technological progressions in health care IT. Rising prevalence of chronic infectious diseases, especially across geriatric population base, is increasing the demand for personalized drugs, which in turn is providing lucrative business space for the overall industry. An exponential increase in the number of blood banks both across developing as well as developed nations have played a key role behind this industry’s substantial growth in past years. Another factor which is influencing the market dynamics is the growing regulatory norms regarding harmful GHG emissions control which is allowing the investors to redirect their focus from conventional refrigeration to a more ecofriendly refrigerating solution. According to Global Market Insights Inc., “Biomedical refrigerators and freezers market worth over USD 2.4 billion in 2015, is poised to exceed a revenue of USD 3.4 billion by 2024, growing at a CAGR of 4 % over the period of 2016-2024.”
U.S. Biomedical Refrigerators and Freezers Market Size, By Product, 2012- 2024 (USD Million)
The rising demand for blood transfusion and growth of advanced blood blanks has intensified the demand for plasma freezers across the globe. Of the key varieties of refrigerators and freezers used in the biomedical sector, the plasma freezer is likely to witness lucrative growth prospects, having collected revenue worth USD 774 million in 2015. Owing to the extensive use of the plasmapheresis technique across hospitals and blood banks will spur the adoption this product. The global plasma freezers market is estimated to surpass USD 1073 million by 2024. Other product segments of biomedical refrigerators and freezers market include blood bank refrigerators, lab refrigerators, ultra-low temperature freezers, and shock freezers. Amongst these, blood bank refrigerators segment was worth USD 704 million in 2015, owing to its increasing deployment in medical, scientific, and research sectors.
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The plasma freezers and blood bank refrigerator’s escalating installation across Latin America is providing lucrative business opportunities for the regional market to expand at a faster pace. Latin America biomedical refrigerators and freezers market is anticipated to generate a revenue of more than USD 200 million by 2024 with a projected annual growth rate of 4.9% over the period of 2016 -2024. Brazil covered more than 52% of the regional market share in 2015, and is slated to collect a revenue of USD 107 million by 2024. Moreover, surging investment in research activities will also favor biomedical refrigerators and freezers industry growth in this region.
Asia pacific biomedical refrigerators and freezers market will exhibit flourishing growth prospects over the years ahead, owing to growing investment in R&D activities, rising development across the biotechnology and pharmaceutical sectors.
Blood banks in biomedical refrigerators and freezers market was the dominant application segment, occupying more than 38% of overall revenue share and collecting more than USD 932 million in 2015. Blood bank refrigerators are suitable for storing whole blood or blood component products and the application segment is predicted to register a CAGR of 4.3% over the period of 2016-2024.
Hospitals turned out to be the second highest revenue generator for the biomedical refrigerators and freezers market. In 2015, this segment was worth USD 543 million. Apart from these two applications, pharmacies and diagnostic centers due to their growing popularity will also witness a considerable growth over the coming seven years.
U.S. biomedical refrigerators and freezers industry size accounted for more than 73% of regional market share in 2015 and will collect significant revenue over the coming timeframe. The growth attributing factors are surging demand for personalized medicines and escalating occurrence of infectious and chronic diseases. In addition to this, supportive initiations taken by the government will also influence biomedical refrigerators and freezers industry size.
Biomedical refrigerators and freezers industry in Europe will collect a revenue of USD 800 million by 2024, primarily driven by growing investment by prominent manufacturing companies. Germany and UK will contribute significantly toward the regional growth.
Biomedical refrigerators and freezers industry giants are shifting their focus on innovative technological advancement in the product to expand their global reach. The notable participants in biomedical refrigerators and freezers market include Eppendorf, Philipp Kirsch GmbH, Aegis Scientific, Helmer Scientific, Panasonic Healthcare, Haier Biomedical, Terumo Corporation, Leibherr Group, and Thermo Fisher Scientific.
Author Name :Satarupa De
U.S. Clinical Laboratory Services Market to witness massive gains over 2016-2024, Stand-alone laboratories to be the dominant service providers
U.S. Clinical Laboratory Services Market Size, by Test, 2012- 2024 (USD Bn)
Clinics, standalone laboratories, and hospitals are key service providers in clinical laboratory services market. Standalone laboratories were recognized as the most lucrative service providers and accounted for a revenue of USD 73 billion in 2015. Wide range of test facilities by these labs make it a preferable service provider. This segment is estimated to register an annual growth rate of 7% over the period of 2016-2024. Hospital based clinical laboratory services market had a revenue of USD 113.4 billion in 2015 and is predicted to record considerable growth rate over the years ahead.
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Based on the tests carried out, clinical laboratory services industry is mainly divided into clinical chemistry, other esoteric test, medical microbiology & cytology, and human & tumor genetics. Clinical chemistry test accounted for more than 47% of the market share in 2015 and will collect attractive revenue of more than USD 152 billion by 2024, primarily driven by its surging requirement for the treatment of invasively growing diseases such as blood disorders, diabetes, cardiovascular, and liver & kidney.
Geographically, Europe clinical laboratory services market will surpass a revenue collection of USD 62 billion by 2024. The industry growth can be attributed to the availability of advanced diagnostic test methods along with growing awareness among the people regarding early diagnosis of diseases. UK and Germany collectively accounted for 27% of the regional revenue share.
U.S. clinical laboratory services industry size contributed substantially toward the regional growth by collecting a revenue of USD 64 billion in 2015 and will exhibit considerable growth rate over the period of 2016 to 2024, owing to the surging implementation of advanced diagnostic technologies.
Asia pacific clinical laboratory services market share is anticipated to generate a revenue of more than USD 76 billion by 2024. The presence of a large aging population base across the APAC countries such as China and Japan will augment the high product demand. In addition to this, growing investments in healthcare infrastructure to develop novel and advanced diagnostic devices will also favor the industry growth.
Clinical laboratory services industry is consolidated with top four market players- Sonic Healthcare, Quest Diagnostics, LabCorp, and Genoptix Medical Laboratory having acquired more than 45% of the business space in 2015. Product differentiation, mergers & acquisitions, and regional expansion will be the key growth strategies adopted by the industry giants to sustain their market value.
Author Name :Sunil Hebbalkar