Why will Medical Coding Market Boom in Asia-Pacific in Future?

 One of the major factors boosting the demand for medical coding is the increasing prevalence of insurance frauds in the healthcare industry across the globe. These frauds cause huge financial losses to businesses, so much so, that companies record losses amounting to billions of dollars every year, as reported by the National Health Care Anti-Fraud Association (NHCAA). In the U.S., almost $3.6 trillion was spent on the healthcare industry in 2018, which included the expenditure on public health activities and healthcare services, representing billions of insurance claims. It was later found that some of those claims were fraudulent. 

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The other important factor responsible for the mushrooming adoption of medical coding in the healthcare facilities is the increasing requirement of modernized hospital billing procedures throughout the world. In addition to this, the incorporation of medical coding systems, particularly the current procedural technology (CPT) medical code, that has been created by the American Medical Association (AMA) for assisting in the standardization and facilitation of medical billing procedures, has enhanced the effectiveness of the medical billing procedure.

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Due to the above-mentioned factors, the global medical coding market will observe a huge jump in its valuation, from $15.2 billion to $42.4 billion from 2019 to 2030. The market is predicted to grow at a CAGR of 9.6% during 2020—2030. Hospitals and diagnostic centers are the main end users of medical coding solutions. Between the two, the hospitals are predicted to record higher adoption of medical coding procedure in the future years. This is ascribed to the increasing incidence of chronic diseases, increasing setting up of hospitals, and soaring number of patient visits all over the world.

Hence, it can be safely said that the adoption of medical coding will increase tremendously in the healthcare settings throughout the world over the next several years, mainly because of the increasing prevalence of insurance frauds across the globe.

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What is the Role of Technological Advancements in Growth of Benign Prostatic Hyperplasia Procedures?

According to a report by P&S Intelligence, the benign prostatic hyperplasia procedures are predicted to advance at a 2.3% CAGR during 2017–2023. The enlargement of the prostate gland is referred to as BPH. The prostate surrounds the urethra, which is the tube that carries urine from the bladder out of the body. The growth of the prostate gland may squeeze or partly block the urethra, which can cause problems while urinating. 

The condition is common in aging men and approximately half of all men between the ages of 51–60 are affected by BPH. It has further been observed that nearly 90% of men over the age of 80 years suffer from BPH. On the basis of type, the market is divided into laser-based procedure, surgical procedure, and other energy based procedure, out of which, the number of laser-based procedure is predicted to witness the fastest growth during the forecast period.

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This procedure is just as effective as surgical procedures, and further decrease the hospital stay time. The surgical procedure division held the larger share in the BPH procedures in the past, owing to the rising prevalence of BPH disorders. When end user is taken into consideration, the market is categorized into ambulatory surgery centers, hospitals, and specialty clinics. Among these, the hospitals category held the major share of the market in the past followed by ambulatory surgery centers and specialty clinics.

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A key trend being witnessed in the BPH procedures is the technological advancements in the BPH treatment due to the high number of outpatient procedures. The utilization of minimally invasive procedures, including laser-based treatments, has risen considerably owing to technological advancements in urology. Several treatment methods, including the utilization of pulsed electromagnetic field therapy and Rezum system, are being developed for treating BPH. Dr Allen’s device is one other technologically advanced BPH treatment devices.

Hence, the BPH procedures are being driven by the rising prevalence of BPH and technological advancements in the domain.

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How is Growing Preference for Minimally Invasive Procedures Driving Interventional Radiology Market?

The thought of getting a surgery done is often fearful for people, however, these days, just every other thing has become easy, conduction surgeries for treating diseases has also become comparatively simpler and safer. This is due to the advent of minimally invasive surgeries, whereby the surgeon uses a number of techniques for operating with less damage to the body than is done with open surgery. Patients prefer minimally invasive surgeries because they are associated with less pain, fewer complications, and a shorter stay at hospitals. One of the minimally invasive techniques is interventional radiology.

Interventional radiology basically refers to number of techniques that rely on the usage of radiological image guidance in order to target therapy precisely. According to a P&S Intelligence report, in 2018, the global interventional radiology market generated a revenue of $19.0 billion and is expected to attain a value of $27.3 billion by 2024, advancing at a 6.4% CAGR during the forecast period (2019–2024). Different types of products utilized for image guidance during interventional radiology procedures are angiography systems, magnetic resonance imaging systems, ultrasound systems, and computed tomography. Because of the growing prevalence of birth disorders and chronic diseases around the world, the demand ultrasound systems is predicted to increase in the coming years.

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The geriatric population in the Asia-Pacific region is surging along with the prevalence of chronic diseases, due which the need for interventional radiology systems is expected to rise in the coming years in the region. While in the past, the healthcare system in most of the countries in APAC was under developed, now the expenditure in the sector is growing for improving the healthcare infrastructure. In addition to this, scientific meetings and training programs are being conducted in the region for interventional radiology.

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For example, the APAC Society of Cardiovascular and Interventional Radiology conducted the 14th Annual Scientific Meeting for exchanging knowledge regarding cardiovascular and interventional radiology based latest applications and techniques among radiologists and medical doctors in different geographies of the region. The meeting was held on February 21st to 24th, 2019 in Indonesia, at the Bali Interventional Convention Center. Such initiatives are projected to result in the growth of the interventional radiology market in APAC.

In conclusion, the demand for interventional radiology is rising due to the rising prevalence of chronic diseases and increasing demand for minimally invasive procedures. 

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How are Increasing Government Initiatives Driving Genomics Market?

According to a study conducted by P&S Intelligence, the global genomics market is expected to generate a revenue of $68.0 billion by 2030, increasing from $18.2 billion in 2019, progressing at a 12.7% CAGR during the forecast period (2020–2030). The market is growing due to the increasing government initiatives and support, rising requirement for personalized medicine, and reduction in the cost of sequencing services. In terms of solution, the market is categorized into services, consumables, and instruments, among which, the consumables category dominated the market in 2019. 

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This can be attributed to the rising number of samples that are being processed at labs, research centers, and several other end-use settings. In addition to this, the growing number of research projects are also resulting in the rising demand for consumables. On the basis of application, the genomics market is categorized into diagnostics, agriculture and animal research, precision medicine, and drug discovery & development. Among which, the diagnostics category held the major share of the market in 2019, owing to the rising research projects related to genetic diseases, including cancer.

North America accounted for the largest share of the market in the past, which is because of the various ongoing genomics research projects, presence of major players, and increasing investments in the industry by both government and private organizations. The Asia-Pacific region is predicted to register the highest CAGR during the forecast period, as the number of research activities in the field to genomics is growing in countries including Japan, India, and China. Both public and private organizations are providing funding for innovations in genome research. 

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The increasing initiatives and support by governments is a key factor leading to the growth of the genomics market. For example, the government of India announced in 2019 that the country would launch its first human genome mapping project along with the Department of Biotechnology for helping researchers get closer to the development of effective therapies for critical illnesses, including cancer. Under the project, 20,000 Indian genomes are expected to be scanned for developing diagnostic tests and enhanced therapies for managing diseases.

In conclusion, the market is being driven by increasing need for personalized medicine and rising support and initiatives by governments across the globe.

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How will Growing Geriatric Population Propel Global Wearable Fitness Trackers Market?

One of the key factors responsible for the surge in the demand for wearable fitness trackers is the rising adoption of smartphone-based fitness tracking apps across the world. These apps, owing to their ability to provide a wide array of useful features, functions, and designs that help the consumers in their fitness journey, are witnessing a ballooning demand. Furthermore, the support granted to these apps by all the major smartphone operating systems, such as Android, Apple, and Blackberry, is resulting in their easier accessibility, thereby leading to their high utilization.

The global wearable fitness trackers market is expected to register massive growth during the forecast period (2018–2023), with a CAGR of 16.5%. The mushrooming sales of wearable fitness trackers, as a result of their escalating global demand, are expected to result in $48.2 billion revenue by 2023. In simple terms, a fitness or activity tracker monitors how well people are working on their fitness, by measuring the distance traveled, calories burnt, and also the heart rate. Many of the modern-day activity trackers are synced to a smartphone, which is why the increasing downloads of fitness apps is significant.

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Since the last few years, there has been a massive surge in the demand for wireless and continuous-health-monitoring systems and devices, primarily due to the quick growth of the geriatric population and the diseases and ailments associated with age that require continuous monitoring. In addition to this, the rising adoption of unfavorable reimbursement policies by healthcare payers and insurance firms is making modern medical devices unaffordable for a large chunk of the population, which is, in turn, propelling the popularity of wearable fitness trackers.

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Geographically, North America was the region which recorded the largest sale of such devices during 2013–2017. This was a result of the presence of prominent consumer electronics companies, such as Fitbit Inc., Apple Inc., and Fossil Group Inc., high frequency of chronic diseases, growing adoption of fitness trackers for health monitoring, and rising healthcare expenditure in the region. In the coming years, people in Asia-Pacific (APAC) are expected to purchase these devices at the highest rate, as the internet penetration is rapidly rising here.

Therefore, the demand for wearable fitness trackers, primarily on account of the growing awareness amongst the masses about health-related ailments and the increasing technological innovations, will witness a massive surge in the coming years.

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How are Increasing Government Initiatives Driving Genomics Market?

According to a study conducted by P&S Intelligence, the global genomics market is expected to generate a revenue of $68.0 billion by 2030, increasing from $18.2 billion in 2019, progressing at a 12.7% CAGR during the forecast period (2020–2030). The market is growing due to the increasing government initiatives and support, rising requirement for personalized medicine, and reduction in the cost of sequencing services. In terms of solution, the market is categorized into services, consumables, and instruments, among which, the consumables category dominated the market in 2019. 

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This can be attributed to the rising number of samples that are being processed at labs, research centers, and several other end-use settings. In addition to this, the growing number of research projects are also resulting in the rising demand for consumables. On the basis of application, the genomics market is categorized into diagnostics, agriculture and animal research, precision medicine, and drug discovery & development. Among which, the diagnostics category held the major share of the market in 2019, owing to the rising research projects related to genetic diseases, including cancer.

When technology is taken into consideration, the genomics market is classified into microarray, polymerase chain reaction, and sequencing, out of which, the sequencing classification is predicted to witness the highest CAGR during the forecast period. The demand for this technology is growing rapidly, owing to its lowering cost. As per the National Human Genome research Institute, the cost of genome sequencing was about $10,000 in the mid-2011, which decreased considerably to $1,000 in 2018. This is expected to drive the adoption of sequencing, thereby leading to the growth of the market. 

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North America accounted for the largest share of the market in the past, which is because of the various ongoing genomics research projects, presence of major players, and increasing investments in the industry by both government and private organizations. The Asia-Pacific region is predicted to register the highest CAGR during the forecast period, as the number of research activities in the field to genomics is growing in countries including Japan, India, and China. Both public and private organizations are providing funding for innovations in genome research.

In conclusion, the market is being driven by increasing need for personalized medicine and rising support and initiatives by governments across the globe.

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Global Surgical Sutures Market Set to Witness Progress due to Chronic Disease Menace

 An indispensable part of the medical sciences sector since times immemorial, surgical sutures continue to grow in demand. The increasing volume of surgeries, rapid growth in the number of hospitals, rising prevalence of chronic diseases, surging aging population, and burgeoning healthcare expenditure are some of the key factors driving the growth of the surgical sutures market. Sutures can be defined as the medical devices that are used either during a surgery or after it, to hold the tissues together, close the wounds, and stop the bleeding.

On the basis of product, the global surgical sutures market is bifurcated into automated suturing devices and sutures. Owing to their shorter operating time and comparatively easier handling, automated suturing devices are projected to experience faster growth during the forecast period. However, the market will be led by sutures, which include several kinds of synthetic and natural absorbable sutures and numerous non-absorbable products made of stainless steel, prolene, and nylon.

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Depending on application, the surgical sutures market is divided into orthopedic surgeries, gynecological surgeries, cardiovascular surgeries, general surgeries, ophthalmic surgeries, and others. Out of these, the general surgeries division, mainly due to the rapidly increasing demand for breast surgeries, pediatric surgeries, oncological surgeries, and aesthetic surgeries, is expected to experience the fastest growth during the forecast period. As per the World Bank, the U.S. had a surgery rate of 30,537 per 100,000 people in 2012, while Australia’s 2015 rate was 28,907 per 100,000 people.

Owing to the booming population, increasing health issues, and rising healthcare expenditure by governments, especially in emerging economies, such as India, China, and Brazil, the key players in the surgical sutures market are witnessing significant growth opportunities. Furthermore, a constant increase in the per capita income and standard of living in these countries has raised the purchasing power of people, thereby making surgeries more affordable. Subsequently, lucrative opportunities have been created for the players, to augment their revenue and expand their geographical footprint.

Based on the above factors, it can be concluded that the market will witness remarkable growth in the coming years.

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What are Factors Expected to Drive Progress of Biomaterials Market in North America in Future?

 The rising prevalence of diseases and the ballooning number of government and non-government initiatives being launched in several countries for increasing the healthcare expenditure are the major factors contributing toward the growing the demand for biomaterials across the world. As per the World Health Organization (WHO), the surging healthcare expenditure in many countries is causing huge improvements in the healthcare infrastructure of these countries. Additionally, the increasing healthcare spending is leading to a huge rise in the affordability and accessibility of prosthetics and implants, which is in turn, fuelling the rising adoption of biomaterials.

The other major factors responsible for the increasing utilization of biomaterials are the soaring geriatric population, rising incidence of cardiovascular diseases, increasing requirement of hip and knee replacement procedures, and the surging popularity of implantable devices. Due to these factors, the global biomaterials market is expected to register substantial growth over the next few years. In simpler terms, biomaterials are defined as the substances that have been engineered and designed for interacting with the biological systems of the human body for diagnostic and therapeutic purposes.

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Globally, North America recorded large-scale adoption of biomaterials in various diagnostic and therapeutic applications in the last few years. This region is also expected to observe wide-scale utilization of biomaterials in the coming years. This is mainly attributed to the increasing geriatric population, high healthcare expenditure, rapid technological innovations in the healthcare industry, increasing incidence of cardiovascular diseases, and the presence of a well-developed healthcare infrastructure in the region. In North America, the biomaterials market is expected to boom in the U.S. in future.

Hence, it is clear that due to the rising prevalence of diseases, increasing investments being made in the healthcare sector by the governments of many countries, and the soaring usage of advanced devices and instruments in various healthcare applications, the demand for biomaterials will skyrocket all over the world in the coming years.

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How are Increasing Data Protection Measures Fuelling Surge in Global Blockchain Technology in Healthcare Market?

 One of the key factors fuelling the rise in the demand for the blockchain technology in healthcare is the increasing implementation of stringent regulations by various governments across the world for safeguarding and protecting consumer information against data breach and theft. For instance, the European Union (EU) launched a data protection rule, known as the General Data Protection Regulation (GDPR), in May 2018, which aims to protect EU citizens from data and privacy breaches. Moreover, the numerous advantages offered by the technology, such as enhanced data integrity, security, and trust, make it highly sought-after in the healthcare industry.

The other important factors responsible for the surging implementation of blockchain in healthcare settings are the mushrooming investments and funding as well as the increasing implementation of this technology in the pharmaceutical supply chain. Powered by these factors, the global blockchain technology in healthcare market is expected to advance at a CAGR of more than 67.1% during the forecast period (2018–2023), to reach $890.5 million by 2023, from $44.6 million in 2017. A blockchain is essentially an increasing directory of records (blocks), which are connected together by cryptography.

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The biggest rage currently being witnessed in the blockchain technology in healthcare market is the rising number of collaborations and partnerships between the companies interested in incorporating the technology and the providers of the said technology. For instance, a major Estonian blockchain provider, Guardtime AS, announced a deal with NMC Health, which is a U.A.E.-based private healthcare company, in January 2018, in order to introduce the technology to the healthcare fraternity and pharma firms the Middle Eastern nation.

Globally, the highest demand for the technology in the healthcare industry was observed in North America in 2017. However, the healthcare sector of Europe is predicted to observe the highest demand for the technology in the coming years. This is primarily attributed to the surging implementation of numerous blockchain initiatives by the major private and public healthcare companies in the region. For instance, the European Platform on Changing Healthcare (EPOCH), which is the first group in the European pharmaceutical industry to adopt blockchain, is evaluating its limitations and advantages in the pharmaceutical supply chain.

Hence, due to the mushrooming need for data security across the globe, especially because of the rising data theft incidents, the demand for blockchain implementation in the healthcare industry is expected to record massive growth in the coming years.

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Surging Prevalence of Chronic Diseases Driving Biosimilars Industry

In 2018, the global biosimilars market attained a value of $6.0 billion and is projected to register a 29.6% CAGR during the forecast period (2019–2024). The market is registering growth due to the inexpensive nature of biosimilar drugs, increasing geriatric population, rising research & development (R&D) investment by biopharmaceutical companies and extensive pipeline of biosimilars, and rising prevalence of chronic diseases. Generic equivalents of biologics are referred to as biosimilars. They are highly similar and comparable version of an approved biologic medicine and undergo clinical trials for demonstrating efficacy and safety. 

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When technology is taken into consideration, the biosimilars market is divided into electrophoresis, monoclonal antibody (mAb), nuclear magnetic resonance, recombinant deoxyribonucleic acid, and bioassays. Out of these, the mAb technology dominated the market during the historical period 2014–2018 and is expected to account for the major share of the market during the forecast period as well. This is because of the increasing utilization of mAbs and technological advancements in the field. The division is further predicted to grow at the fastest pace during the forecast period.

Another major driving factor of the biosimilars market is the increasing R&D investment by biopharmaceutical companies and extensive pipeline of biosimilars. Pharmaceutical companies are considerably investing in their R&D processes, which is why several biopharmaceutical companies have biosimilars either in pipeline or are being marketed. For example, Teva Pharmaceuticals Industries Limited has two biosimilars in the pipeline, namely trastuzumab biosimilar, CT-P62 and rituximab injection, TRUXIMA. This indicates that companies are willingly investing in biologics, which is leading to the growth of the market. 

Geographically, Europe accounted for the major share of the biosimilars market during the historical period and is expected to contribute the largest revenue share to the market during the forecast period as well. This is attributed to the rising prevalence of chronic diseases, presence of established players, and growing geriatric population. Furthermore, partnerships and collaborations among the players in the region is predicted to create opportunities for the players in the market. North America is projected to advance at the fastest pace during the forecast period because of the rising number of product approvals.

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This Study Covers

• Historical and the present size of the biosimilars market

• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

• Competitive scenario of various biosimilars market segments across key countries in several regions for uncovering market opportunities for the stakeholders

• Major players operating in the biosimilars market and their service offerings

• Recent strategic developments by the major players in the market

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How is Rising Number of Aesthetic Surgical Procedures Driving Medical Lasers Market?

People across the globe are becoming increasingly conscious regarding their physical appearance, attributed to which the number of aesthetic surgical procedures has growing significantly in the past few years. According to the International Society of Aesthetic Plastic Surgery, 1,862,506 breast augmentation procedures were performed across the globe. In addition to this, as per the American Society of Plastic Surgeons, 17.7 million cosmetic procedures were performed in the U.S. in 2018, which was a growth of 2% from 2017. This growing number of aesthetic surgical procedures is creating increasing demand for medical lasers, as they are widely used during the surgical procedures. 

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Medical lasers are devices which make use of precisely focused light sources for treating or removing tissues. Laser stands for light amplification by stimulated emission of radiation. Ordinary light has many wavelengths and spread in all directions; laser light however has a specific wavelength, which is focused in a narrow beam and creates a very-high intensity light. Since lasers can focus on tiny areas accurately, they can be utilized for precise surgical work or for cutting tissues. If used properly, laser can allow the surgeons for accomplish more complex tasks, decrease postoperative discomfort, reduce blood loss, achieve better wound healing, and reduce the chance of wound infection. 

North America has been the largest use of medical lasers in the past, which is attributed to the rising number of cosmetic surgical procedures, high prevalence of chronic diseases and skin diseases, developed reimbursement policies, and presence of major companies in the region. Apart from this, the Asia-Pacific region is expected to emerge as the fastest growing medical lasers market in the near future, on account of increasing healthcare expenditure, rising awareness regarding technologically innovative laser treatments, and growing medical tourism in the region.

Hence, the demand for medical lasers in predicted to rise because of the increasing preference for minimally invasive surgeries and rising number of aesthetic surgeries. 

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How is Growing Demand for Remote Patient Monitoring Driving Internet of Things (IoT) in Healthcare Market?

 One of the major technologies that has emerged in the past few years is the internet of things (IoT). This technology allows physical devices to be connected in order to exchange data with each other. Today, IoT is a part of number of industries, including the healthcare industries. By making use of IoT, the healthcare sector is bale to enhance patient outcomes and also takes away some of the pressure off healthcare professions. Due to this technology, healthcare professionals are able to provide remote healthcare facilities to patients, which allows them to focus more on patients that need more care.

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This further allows people to get proper medical advice without having to frequently visit the hospital. Remote patient monitoring is particularly helpful when it comes to the geriatric population, people suffering from chronic diseases, and people suffering from disability. Ascribed to these factors, the global IoT in healthcare market is projected to generate a revenue of $267.6 billion by 2023, increasing from $56.1 billion, exhibiting a 30.2% CAGR during the forecast period (2018–2023). Services, medical devices, and systems & software are the IoT components in the healthcare industry, among which, the demand for medical devices was the highest in the past.

Geographically, North America has been the largest IoT in healthcare market in the past, which can be primarily ascribed to the rising initiatives by government and non-government organizations for increasing awareness and encouraging the adoption of IoT solutions in the healthcare industry. In addition to this, the rising prevalence of chronic diseases, technological innovations, and increasing research & development activities in the healthcare information technology sector in the region are also resulting in the growing adoption of IoT solutions.

In conclusion, the demand for IoT solutions in the healthcare sector is growing due to the rising need for improving patient outcomes and remote patient monitoring.

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Healthcare News: Advanced Wound Care Market to Grow due to Rising Incidence of Diabetes

The number of burn cases across the globe is rising rapidly. For example, about 180,000 deaths occur due to burns every year, and majority of these cases occur in low- and middle-income countries, as per the World Health Organization. In addition to this, the annual number of burn incidence in India is about 6–7 million. A burn injury is caused by heat because of radioactivity, radiation, friction, electricity, or contact with chemicals. The damage caused by burn can cause severe damage to the skin and other affected tissues, which is why proper treatment is required for these cases.

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Owing to this, the demand for advanced wound care products is growing rapidly. These products have a higher absorption capacity as compared to conventional wound care products, including sponge, wadding, gauze, and plaster, which is a crucial aspect for preventing wound seepage. Advanced wound care products also allow the exchange of oxygen, simultaneously blocking the entry of microbes into wounds, aid in the formation of new tissues, and retain moisture. It is due to these benefits that the global advanced wound care market is expected to progress at a significant pace in the years to come.

Geographically, North America has been the largest user of advanced wound care products in the past, owing to the rising cases of obesity and diabetes, increasing geriatric population, and surging cases of road accidents in the region. Other than this, the Asia-Pacific region is projected to emerge as the fastest-growing advanced wound care market in the coming years. This is particularly attributed to the surging number of burn case and diabetes in the region.

Hence, the demand for advanced wound care products is rising due to the growing number of burn cases around the globe.

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What Key Factors would Contribut to Surge of Portable Ultrasound Device Market in Asia-Pacific?

 Owing to the surging geriatric population, rising prevalence of chronic diseases, and soaring healthcare expenditure in several countries, the demand for portable ultrasound devices is expected to increase in the coming years. Since the last few years, there has been a massive rise in healthcare spending by the governments of various countries, especially developing nations, such as India and China, and this has resulted in the development of modern medical devices. Therefore, the improving healthcare infrastructure in numerous countries is boosting the adoption of portable ultrasound devices across the world.

Due to the above-mentioned factors, the global portable ultrasound device market is expected to register huge growth over the next few years. Ultrasound is extensively used in both therapeutic and diagnostic purposes. Ultrasound imaging is basically a medical imaging method that uses high-frequency sound waves and their echoes for producing cross-sectional images of the body. Portable ultrasound devices are used at point-of-care settings, owing to the fact that these devices are lighter and smaller, and thus convenient to carry everywhere.

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In the same vein, North America too is observing a huge rise in the demand for these medical devices. This is primarily ascribed to the surging aging population, rising healthcare costs, and increasing prevalence of chronic diseases in the region. The Asia-Pacific (APAC) region is also predicted to register tremendous growth in the adoption of portable ultrasound devices in the coming years, mainly due to the increasing incidence of chronic and lifestyle-associated diseases and rising geriatric population in the region. The huge population pool and enhancing healthcare infrastructure are the other major factors fueling the growth of the portable ultrasound device market in APAC.

Therefore, it can be concluded that owing to the rising geriatric population and the burgeoning need for advanced medical devices and diagnostic systems, the usage of portable ultrasound devices will surge in the coming years.

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How is Increasing Prevalence of Cardiovascular Diseases Driving Catheter Industry?

The prevalence of chronic diseases, such as cancer, cardiovascular diseases, urinary tract infections, and neurological diseases, is increasing rapidly across the globe, which is leading to the rising demand for medical devices, such as catheters. For example, as per the Global Cancer Observatory 2018, the third leading cause of cancers globally was gastric cancer, which accounted for 783,000 deaths in 2018, rising from 723,000 deaths in 2012. In addition to this, more than one million cases of gastric cancers are diagnosed every year across the world. Similarly, the increasing cases of cardiovascular diseases are also projected to drive the demand for catheters in the years to come.

A catheter is a medical device that is passed into the bladder for draining urine. These devices are at time important for people who are not able to empty their bladders in the usual way, which can be due to different medical conditions. As per a P&S Intelligence report, the global catheter market is projected to attain a value of $36.0 billion by 2030, rising from $14.3 billion in 2019, advancing at an 8.8% CAGR during the forecast period (2020–2030). Different types of catheters are ophthalmic, urological, cardiovascular, neurovascular, and gastrointestinal.

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Geographically, North America was the major consumer of catheters in 2019, which is ascribed to the rising healthcare expenditure, increasing prevalence of chronic diseases, growing aging population, presence of key companies, and surging number of initiatives that are being taken by private and public organizations for creating awareness regarding the usage of catheters. Apart from this, the Asia-Pacific (APAC) region is projected to emerge as the fastest-growing catheter market in the coming years. This can be primarily due to the enhancing healthcare infrastructure and presence of key companies in the region.

In conclusion, the demand for catheters is growing because of the surging prevalence of cardiovascular diseases around the world.

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What are Key Factors Responsible for Soaring Adoption of Synthetic Biology Solutions in North America?

The need for advanced and innovative drug discovery and development has increased considerably as the prevalence of various diseases, such as neurological disorders, immunological disorders, infectious diseases, and cancer is rising. Due to this, several biopharmaceutical and pharmaceutical companies are becoming more inclined toward the development of new and more effective biopharmaceutical drugs. This in turn, has been made possible because of the growing research and development investments in drug discovery and development. Since synthetic biology provides innovative solutions for drug discovery, its demand is surging as well. Using synthetic biology, living organisms are genetically developed for required functions in research laboratories. The field derives input from molecular and cell biology, biochemistry, bioinformatics, mathematics, and evolutionary systematics. Synthetic biology elucidates disease mechanisms and target identification, along with providing avenues to design and discover novel biopharmaceuticals and small chemotherapeutic molecules.

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According to a research conducted by the P&S Intelligence, the global synthetic biology market is expected to generate a revenue of $23.8 billion and advance at a CAGR of 35.4% in the near future. Among several reasons for the growth of this market is the increasing geriatric population. According to the United Nations Department of Economic and Social Affairs, the population of people aged 60 years and above is rising at a high rate; the number rose from 9.2% in 1990 to 11.7% in 2013 and is further predicted to reach 21.1% by 2050. People aged 60 years and above are more prone to illness because of low immunity and metabolic rate, due to which diseases such as cancer and immunological diseases affect elderly people more severely. The treatment of such diseases requires more effective biotherapeutics and synthetic biology helps achieve the same by enabling designing of novel strategies for the treatment as well as production of cheap drugs.

Geographically, North America dominated the global market, among all the regions in 2014; and it is expected to grow with a CAGR of 35.2% during the period 2015 – 2020. However, the Asian market is expected to witness fastest growth, with a CAGR of 39.8% during the forecast period.

The key companies operating in the global synthetic biology market include E. I. du PONT de Nemours and Company, Amyris Inc., GenScript USA Inc., Intrexon Corporation, Thermo Fisher Scientific Inc., Synthetic Genomics Inc., Royal DSM, Novozymes A/S, New England Biolabs Inc., and Integrated DNA Technologies Inc.

Source: https://www.psmarketresearch.com/market-analysis/synthetic-biology-market

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