How is Surgical Staplers Market Growth a Reflection on Providing Better Post-Operative Care?

Almost 18 million people fall victim to cardiovascular diseases (CVD) each year, according to the World Health Organization (WHO), thus becoming the diseases with the highest mortality rate. Among CVDs, coronary artery disease and stroke are among the deadliest, with the former killing around 7.4 million and the latter about 6.7 million annually. A lot of these diseases require surgery, and with the increase in the prevalence of CVDs, the number of surgeries being performed around the world is also rising. Sutures, which consist of a needle and thread, are the most common instruments used to close the incisions.

But, with the increasing focus on the post-operative phase, the surgical staplers market is growing. Just like staplers are used to hold together pieces of paper, surgical staplers are used to hold together the edges of wounds and incised tissues, to promote healing. Compared to sutures, staplers are considered more efficient at the wound healing process. Additionally, they also lead to less post-operative inflammation (swelling) and pain, which is desirable among patients. Another reason staplers are replacing sutures is that they are easier to extract after serving their purpose.

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In addition to necessary surgeries, the volume of elective procedures, mostly for aesthetic and cosmetic purposes, is also rising. With the surging exposure of the digital world — social media, magazines, and TV — people around the world have become more conscious of their appearance. This is why not only are people going for surgeries with the primary purpose to enhance their appearance, but also opting for the minimally invasive approach to life-saving surgeries. Minimally invasive procedures involve operating in a way which leads to minimal cuts and scarring on the body. As staplers are better in this area than sutures, the use of the former is rising.

Across the globe, North America accounts for the highest adoption of staplers in surgery, as its geriatric population is quite high. With age, people lose their immunity and physical strength, which is why they get sick or hurt themselves quite often. Such people also have less platelets and subcutaneous tissue, which is why even a small cut can take longer to heal, thus requiring medical intervention in the form of staplers and sutures. Because of the same reason, of the increasing population of the elderly, Asia-Pacific would observe the fastest surgical staplers market growth in the coming years.

Therefore, as the healthcare fraternity takes steps to provide better post-operative care after surgeries, the number of which is rapidly escalating, the demand for surgical staplers would go up further.

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How is Stem Cell Therapy Fuelling Growth of Global Biobanking Market?

The rising incidence of chronic diseases and the surging number of research and development (R&D) activities being conducted on genome are the major factors predicted to cause the surge of the global biobanking market, from $25.8 billion to $36.8 billion from 2018 to 2024. In addition to this, the market is predicted to exhibit a CAGR of 6.2% between 2019 and 2024, as per the forecast of P&S Intelligence, a market research company based in India.  

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The soaring prevalence of diabetes, Parkinson’s disease, and Alzheimer’s disease is massively boosting the demand for stem cells and cord blood cells (that contain the stem cells) all over the globe. The treatment procedures involving stem cells have the ability to help significantly in organ transplantation, tissue grafting, drug testing, and the development of regenerative medicines. Thus, because of the various advantages of stem cell therapies, their popularity is rapidly growing, which is, in turn, boosting the demand for biobanks across the world.

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During the next several years, the Asia-Pacific biobanking market is predicted to register huge growth, on account of the rising awareness amongst the masses about biobanking, soaring population levels and surging clinical research activities in the various APAC countries. Furthermore, the advancement of the biotechnology sector, on account of increasing investments by public and private organizations and ballooning R&D activities, will majorly contribute toward the expansion of the market in the region in the forthcoming years.

Therefore, it can be safely said that the market will exhibit sharp growth in the upcoming years, on account of the increasing R&D activities in the healthcare and biotechnology sectors and the rising prevalence of chronic diseases across the world.

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Growing Incidence of Factory Deaths Augmenting Demand for Personal Protective Equipment

The implementation of strict regulations and policies regarding occupational safety and health in several countries in the recent times has positively impacted the sales of personal protective equipment. Moreover, with the outbreak of the COVID-19 pandemic and the rising awareness among people about personal safety, the demand for personal protective equipment is growing massively across the world. In many countries, the rising incidence of workplace fatalities, especially in the manufacturing sector, is rapidly becoming a major concern.

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In the U.S., the Occupational Safety and Health Administration has laid down several codes of federal regulations (CFR), which make it mandatory for the employers to enact stringent safety regulations in their workplaces for protecting their employees from various hazards that can cause deaths and injuries. The prominent CFRs include the usage of head protection, face and eye protection, electrical protective equipment, hand protection, and foot protection. The non-compliance of these regulations can attract huge fines and penalties.

Due to the aforementioned reasons, the sales of personal protective equipment are rising sharply all over the world, which is, in turn, causing the expansion of the global personal protective equipment market. Oil and gas, manufacturing, transportation and logistics, and construction are the major industries in which these protective tools are heavily required, as per the findings of P&S Intelligence, a market research firm based in India. Globally, the sales of these instruments are significantly high in the U.S.

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Apart from the U.S., the Asia-Pacific region is also observing huge sales of personal protective equipment, primarily because of the rising industrialization and the growing population levels in the regional countries such as India, Japan, and China. In the future years, the personal protective equipment market is predicted to surge sharply in Indonesia, Brazil, and Vietnam. The market is also growing explosively in several European nations such as France, Russia, the U.K., and Germany. 

Thus, it is quite clear that due to the growing enactment of stringent workplace safety regulations and policies in several countries, the rising public awareness of personal safety, and the outbreak of the COVID-19 pandemic, the demand for personal protective equipment is rising at a rapid pace throughout the world.

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How is Geriatric Population Contributing to Growth of Global Mobile Health Market?

 The increasing penetration of internet across the world is one of the key factors responsible for the surge in the demand for mobile health (mHealth) technology. Due to the development of affordable 3G and 4G spectrum and numerous mobile applications, the number of mobile phone users is soaring in several countries. As per the World Bank development indicators, 44 out of 100 people were found to use internet globally in 2016. As per the China Internet Network Information Center (CNNIC), the country had 731 million internet users in 2016, with 95% of them being mobile users.

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The rising prevalence of various lifestyle-associated diseases and ailments and rapidly growing population are the other important factors pushing the demand for mhealth technology across the globe. Since the last few years, there has been a huge growth in the number of integrated mobile applications and connected medical devices and these have significantly boosted the adoption of mobile health technology. mHealth allows the doctors to diagnose the patients and provide them personalised treatment plans with the help of effective data capturing, visualization, and analysis provided by the integrated mobile applications.

Driven by the above-mentioned factors, the global mHealth market generated revenue of $23.0 billion in 2017 and is further expected to attain a value of $132.2 billion by 2023, demonstrating a CAGR of 33.5% during the forecast period. The mHealth services available throughout the world include diagnosis and consulting, preventive services, healthcare system strengthening services, treatment services, remote monitoring, and fitness and wellness services. Additionally, connected devices and mHealth apps are also available.

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Therefore, it can be concluded that owing to the rising geriatric population levels in several countries, increasing occurrence of chronic diseases, and the growing number of internet and smartphone users, the demand for mHealth technology will increase rapidly over the next few years.

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Rising Cancer Prevalence Driving Molecular Cytogenetics Market Growth

The increasing cases of cancer, usage of pharmacogenomics for drug development and disease management, enhancements in molecular cytogenetics and its expanding application in agriculture, requirement for predicting chromosomal abnormalities based on genes, and surging geriatric population are driving the usage of molecular cytogenetics. From $1.8 billion in 2017, the global molecular cytogenetics market size is projected to reach $3.3 billion by 2023, at a 9.9% CAGR during 2018–2023 (forecast period). The term refers to the study of chromosomes, their structure, and location and function in cells, in order to detect inherited diseases.

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Consumables, instruments, and software and services are the various market categories, when segmented by offering. In 2017, consumables dominated the industry, with a 40.0% revenue share, on account of the increasing usage of antibiotic/antimycotic solutions, media, salt solutions, disposables, and ancillary reagents in laboratories, for research. During the forecast period, software and services would observe the highest CAGR in the molecular cytogenetics market, of 10.5%, due to the rapid automation of laboratory processes and outsourcing of costly services.

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North America led the molecular cytogenetics market in 2017, with a revenue share of 46.4%. This is attributed to the rise in the number of people suffering from cancer and other genetic disorders, better healthcare infrastructure than in other regions, and usage of improved technologies, including next-generation sequencing. With an 11.8% CAGR, Asia-Pacific would display the fastest industry prosperity during the forecast period, as the market here is untapped, the population is high, and global market players are entering it.

Hence, as cancer becomes an even bigger problem than presently and the agrarian community looks for ways to improve the crop, the usage of molecular cytogenetics would increase further.

This Study Covers

• Historical and the present size of the molecular cytogenetics market

• Major factors driving the market and their impact during the short, medium, and long terms

• Market restraints and their impact during the short, medium, and long terms

• Recent trends and evolving opportunities for the molecular cytogenetics market participants

• Historical and the present size of the market segments and understand their comparative future potential

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How is Growing Preference for Home Healthcare Driving Auto-Injectors Market?

These days, people are becoming more and more inclined toward home healthcare, especially elderly people. Home healthcare allows one to get better in a more comfortable and convenient way. The need for revisiting hospitals frequently for treatment is reduced significantly, and the patient is able to improve or maintain his/her condition in a more independent way. Attributed to these reasons, manufacturers across the globe are increasingly focusing on developing medical equipment which is patient-compliant and user-friendly. Moreover, due to the enhancing medical services at the bed side, the point-of-care medication administration is also increasing.

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One of the major developments in this scenario is that of auto-injectors, which are pen-like medical devices utilized for injecting a specific dose of drugs into the patient. These spring-loaded syringes are especially designed for the safe administration of drugs with ease. Auto-injectors further aid in reducing medication errors and increasing safety. It is due to these advantages of auto-injectors over traditional devices that the auto-injectors market is expected to register a significant growth in the coming years. Prefilled and fillable are two types of auto-injectors, which are available in the market currently; between these, prefilled auto-injectors were more in demand in the past.

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The prevalence of anaphylaxis, which is a potentially life-threatening allergic reaction, is growing rapidly across the globe. The reaction can occur almost immediately after being exposed to something that the person is allergic to, such as bee stings or peanuts. Anaphylaxis occurs when the immune system releases a flood of chemicals which can send the person into shock— the blood pressure drops in an instant and airways constrict, thus blocking breathing. The treatment of this condition requires an epinephrine injection. The reaction needs to be dealt with the right away or else it can be fatal. Because of this, the demand for auto-injectors is increasing as well.

Geographically, North America has emerged as the largest auto-injectors market, which is ascribed to the rising cases of diabetes, growing production of biologics, and surging geriatric population. The adoption of auto-injectors is growing rapidly in Europe as well, owing to the rising awareness regarding needle-stick injuries, increasing cases of anaphylaxis, and growing healthcare expenditure in the region. The emerging countries, including India and China, are also predicted to increasingly adopt auto-injectors in the near future, because of the rising healthcare awareness.

Hence, the need for auto-injectors is rising because of the increasing prevalence of anaphylaxis and preference for home healthcare.

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How is Increasing Usage of Drugs Driving Drug of Abuse Testing Market?

 Peer pressure, particularly among young adults and school children, can result in some bad decisions, such as usage of drugs. Drug abuse, also known as substance abuse, is the utilization of certain chemicals for pleasuring the brain, which end up causing more harm than benefits, in the long run. There are about 190 million people across the world who use drugs, and the number is increasing at a substantial pace, primarily among people under the age of 30. Among the different types of drugs, hashish, cannabis, and marijuana are the most extensively abused ones across the globe. Approximately 141 million people consume cannabis, and about 30 million people take ecstasy and amphetamines.

Because of the rising prevalence of drug abuse, the need for testing these substances in the body is increasing rapidly. Drug of abuse testing is done for both legal causes, including workplace drug testing, and for medical purposes. Testing is basically performed for detecting illicit drug use and/or for monitoring medication compliance. As per P&S Intelligence, the global drug of abuse testing market is predicted to grow significantly in the near future, on account of the surging consumption of illegal drugs and high trade and production of these substances.

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Consumables, such as assay kits & reagents and rapid test kits, and equipment, including breath analyzers, immunoassay analyzers, and chromatography instruments, are utilized for tracking drug abuse. As consumables are easily available for utilization and provide swifter test results as compared to equipment, their demand was higher in the past. Rapid test kits are projected to be in need the most in the coming years, owing to the fact that they are easy to use. Apart from this, the demand for breath analyzers is also expected to grow in the near future, because they can easily detect the presence of alcohol and drugs in the breath and are less expensive than other analyzers.

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When geographical scenario is taken into consideration, North America emerged as the largest drug of abuse testing market in the past, which is ascribed to the growing workplace monitoring activities for the consumption of illicit drugs, increased availability of banned substances, and rising drug trafficking activities in the region. According to the National Institute on Drug Abuse, about 24.6 million Americans aged above 12 years, which is 9.4% of the total population, were using illicit drugs in 2013. In addition to this, Asia-Pacific is also projected to witness a rise in drug of abuse testing in the coming years, because of the growing compliance in organizations to workplace drug of abuse testing.

This Study Covers

• Historical and the present size of the drug of abuse testing market

• Major factors driving the market and their impact during the short, medium, and long terms

• Market restraints and their impact during the short, medium, and long terms

• Historical and the present size of the market segments and understand their comparative future potential

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

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

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Why are Developed Regions Witnessing Robust Radiation Dose Management Market Advance?

With the discovery of X-rays by German physicist Wilhelm Conrad Röntgen on November 8, 1895, the field of diagnostics transformed forever. Soon, it became the go-to technology for orthopedists to see the bones inside the flesh and detect anomalies. Now, though the technology helped, it also caused problems because of the ionizing radiation contained in these rays. In the 1990s, numerous radiation-related skin injuries were reported to the U.S. Food and Drug Administration (FDA), which led to the creation on a set of guidelines for managing the radiation given off by X-ray and fluoroscopy machines (which also use X-rays).

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These concerns regarding radiation sickness, which can result in common symptoms such as fainting, nausea, confusion, diarrhea, vomiting, mouth and skin sores, hair loss, and bleeding, and, in extreme cases, cancer, have birthed the radiation dose management (RDM) market, which is now growing steadily around the world. RDM is majorly done using computer software which track, study, and report data on the radiation being given off by various radiology machines. With further enhancements in technology, the data is now being stored and shared over cloud.

As most such solutions are being used in developed countries, due to the stricter guidelines there than in other nations, North America and Europe are currently the forerunners in the adoption of this concept. North America is presently the largest radiation dose management market, because a huge number of CT and X-rays are performed here on a daily basis, which automatically raises the risk of radiation overexposure. Since medical imaging is essential here, owing to the high prevalence of chronic diseases in the region, the RDM guidelines, especially those released by the FDA and Medical Imaging and Technology Alliance (MITA), are rather strict.

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Thus, with the dangers of high radiation exposure coming to light, various new standards are expected to be set, in order to keep it to the minimum, which would ultimately impel healthcare centers to adopt RDM solutions.

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Demand for Defibrillators Highest in North America

The lifestyle of people has changed drastically over the past few years, and the surging consumption of high-calorie food, sedentary lifestyle, increased obesity levels, and growing consumption of tobacco has resulted in the rising incidence of heart-related ailments. While before heart-related diseases used to affect aged people, these days, youngsters and adults are also being affected by these diseases. As per the World Health Organization, about 17.9 million people died because of cardiovascular diseases in 2016, which represented 31% of the total number of deaths across the globe.

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Attributed to this, the demand for defibrillators is increasing around the world. Defibrillators are medical devices which are needed for restoring normal heartbeat by sending an electric shock or pulse to the heart. They are majorly utilized for preventing or correcting arrhythmia, a heartbeat which is uneven, too fast or too slow. These devices can also be of help if the heart stops suddenly. According to a report by P&S Intelligence, the global defibrillator market size is predicted to $20,281.6 million by 2030, rising from $9,621.2 million in 2019, and is projected to advance at a 7.2% CAGR during the forecast period (2020–2030).

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The two types of defibrillators are external defibrillators and implantable cardioverter defibrillators (ICD), between which, the demand for ICDs was higher in the 2019. This can be ascribed to the rising number of product launches and increasing focus of companies in the domain on technological advancements. ICDs are further of two types, namely subcutaneous implantable cardioverter defibrillators and transvenous implantable cardioverter defibrillators. These devices are made for both adult and pediatric use, however, the need for these devices is higher for adult patients and the situation is expected to remain the same in the years to come as well.Geographically, the defibrillator market is being dominated by North America, and the region is also predicted to create the largest demand for these devices in the years to come as well. This can be attributed to the rising investments by public and private organizations for supporting research and development for defibrillators. In addition to this, the presence of major companies, highly advanced healthcare infrastructure, and favorable reimbursement policies, allowing patients to afford expensive medical care, in the region are also resulting in the increasing demand for defibrillators. 

In conclusion, the changing lifestyle of people, resulting in increasing incidence of cardiovascular diseases, is resulting in the growth of the market.

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Why is Rising Chronic Disease Prevalence Significant for Healthcare Cognitive Computing Market Growth?

 Around the world, the number of clinical trials and drugs being discovered is increasing, which is leading to the generation of massive volumes of data. To assimilate and analyze all this data to understand the medical condition of patients and offer effective therapy, the use of machine learning, natural language processing (NLP), information retrieval, and automated reasoning is rising around the world. Numerous hospitals in Europe and North America have already integrated these advanced technologies in their operations. For instance, the Roald Dahl Foundation, which is a charity organization, and Alder Hey Children’s Hospital adopted these solutions in May 2016.

Thus, with the rising incorporation of these technologies in patient care, the healthcare cognitive computing market, which valued $1,722.0 million in 2017, is projected to grow to $13,300.0 million by 2024, at a CAGR of 34.0% during 2018–2024 (forecast period). Among the above mentioned technologies, NLP is the most widely used, and its integration rate in healthcare settings would also rise the fastest in the coming years. This is attributed to the ability of this cognitive computing technology to convert human speech to computer language, which ultimately results in better patient care.

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Presently, the flag bearer of the healthcare cognitive computing market is North America, on account of the rapid drug development being pursued by the major pharmaceutical companies, increasing spending on healthcare, growing geriatric population, and surging number of hospitals. Additionally, technology companies, medical research firms, and healthcare providers are rapidly entering into collaborations, regarding the various cognitive computing technologies. In the immediate future, though the net adoption of the technologies will be highest here, the fastest rise in their procurement will be seen in Asia-Pacific (APAC), for almost similar reasons as in North America.

Browse full report at: https://www.psmarketresearch.com/market-analysis/healthcare-cognitive-computing-market

This Study Covers

• Historical and the present size of the healthcare cognitive computing market

• Major factors driving the market and their impact during the short, medium, and long terms

• Market restraints and their impact during the short, medium, and long terms

• Recent trends and evolving opportunities for the healthcare cognitive computing market participants

• Historical and the present size of the market segments and understand their comparative future potential

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

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

• Major players operating in the market and their service offerings

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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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