Global Growth Driving Factors:
The number of patients with respiratory conditions like COPD and asthma, the rise in the number of overweight and obese people, and the rising number of preterm births are the main factors driving this market's growth. Over the past 20 years, preterm birth rates have increased globally. There is an increased risk of preterm delivery when a woman becomes pregnant at an inappropriate age, usually over 40 and under 20.
Maternal health issues such as diabetes, high blood pressure, and extensive use of infertility treatments are contributing factors to preterm births. In addition, women from particular ethnic groups have a genetic predisposition to preterm births. For example, preterm births are highly likely among African-American and Hispanic populations in the United States. Preterm birth rates are further increased by obesity and smoking during pregnancy.
Market Size Estimation:
After data triangulation from two distinct approaches, the market size for respiratory care devices was determined, as will be discussed below. Based on the degree of assumptions made in each approach, a weighted average of all approaches was determined after each one.
Revenue Growth Dynamics:
Revenue from respiratory care devices was projected to reach $21.8 billion globally in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.8% to $31.8 billion by 2028.
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Objectives of this Study:
# To define, describe, segment, and forecast the global respiratory care devices market on the basis of product, disease indications, end user, and region.
# To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).
# To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall respiratory care devices market.
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players functioning in this market.
# To forecast the size of the respiratory care devices market in five main regions as well as country-wise segmentation (North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa).
# To profile key players in the respiratory care devices market and comprehensively analyze their core competencies and market shares.
# To track and analyze competitive developments such as acquisitions; product launches; expansions; collaborations, partnerships, and agreements of the leading players in the respiratory care devices market.
Opportunity: Point-of-care Diagnostics
At or close to the location of patient care, point-of-care (POC) testing is carried out. The main factors creating a niche market opportunity for POC devices in respiratory diagnostics are improvements in test accuracy and the growing number of diagnostic tests available for various conditions.
Growing patient self-testing is one of the main factors propelling the POC respiratory disease diagnostics market. In the upcoming years, technological developments that are facilitating microfabrication processes and devising miniaturization are anticipated to bolster the trend of POC testing and the treatment of respiratory disorders. Government agencies in developed and developing nations alike have realized that POC technology offers a perfect opportunity to grow public healthcare networks and meet patients' unmet medical needs. Furthermore, POC testing is becoming more and more preferred as the number of qualified technicians in the centralized system declines.
Challenge: Lack of patient compliance
A major factor impeding the market's growth is patient noncompliance with CPAP therapy. Patients with respiratory and sleep-related diseases have historically had trouble adhering to their treatment plans, primarily because of a variety of problems like comfort and cost.
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Another reason why patients are unwilling to pay for treatment is the extremely low reimbursement rates in regions like Asia (China and India) and the Rest of the World. It is discovered that non-compliance is more common among CPAP users. According to studies, the claustrophobic nature of CPAP therapy makes it difficult for between 30% and 50% of patients to continue receiving it. According to another survey, discomfort from the masks or airflow was the main cause of non-compliance with treatment, with approximately half of CPAP patients stopping their device within 1-3 weeks of starting to use it.
Geographical Growth Dynamics:
The respiratory care devices market was dominated by the North American segment.
The regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa comprise the global respiratory care devices market. The respiratory care devices market was dominated by North America in 2022. The North American market for respiratory care devices is anticipated to grow as a result of the region's sophisticated healthcare infrastructure and high healthcare spending. Throughout the forecast period, the US's high prevalence of asthma is anticipated to fuel demand for respiratory care devices.
Global Leading Players:
The global respiratory care devices market is dominated by a few globally established players such as Koninklijke Philips N.V. (Netherlands), General Electric Healthcare (US), ResMed Inc. (US), Fisher & Paykel Healthcare Corporation Limited (New Zealand), and Medtronic plc (Ireland). Major players adopt growth strategies to expand their geographical presence and garner higher shares in the global market.
Growth Strategies Opted by Them:
To stay competitive and grow their market share, these businesses are mainly focused on tactics like partnerships, product launches, acquisitions, agreements, collaborations, and expansions.
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Tuesday, January 9, 2024
Respiratory Care Devices Market: Revenue Growth Predictions by 2028
Pharmaceutical Drug Delivery Market: Emerging Trends to Boost Global Growth
Global Growth Driving Factors:
Increased R&D spending, the expanding biologics market, the emergence of new products, the growing prevalence of chronic illnesses, and technology breakthroughs are all major contributors to the growth of the pharmaceutical drug delivery sector. Additionally, research and development (R&D) is a priority for pharmaceutical and biopharmaceutical companies as they create novel molecules for a range of therapeutic uses and drug delivery systems.
The companies make significant investments in R&D in order to provide the market with innovative and high-quality products. Biopharmaceutical companies have also increased their R&D spending over time. However, it is anticipated that in the upcoming years, the risk of needlestick injuries and the increased pricing pressure will somewhat restrict the market's growth.
Market Size Estimation:
Following data triangulation from various methods, the pharmaceutical drug delivery market's overall size was determined, as will be discussed below. Based on the degree of assumptions made in each approach, a weighted average of the approaches was determined after each one.
Revenue Growth Dynamics:
With a compound annual growth rate (CAGR) of 5.9%, the global pharmaceutical drug delivery market is expected to reach $2,206.5 billion by 2026 from its estimated $1,656.9 billion in revenue in 2021.
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Objectives of this Study:
# To define, describe, and forecast the pharmaceutical drug delivery market by route of administration, facility of use, application, and region.
# To provide detailed information regarding factors influencing the market growth, such as drivers, restraints, opportunities, and challenges.
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall pharmaceutical drug delivery market.
# To analyze the market opportunities for stakeholders and provide details of the competitive landscape for key players.
# To forecast the size of the pharmaceutical drug delivery market in five main regions (along with their respective key countries), namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
# To profile the key players in the pharmaceutical drug delivery market and comprehensively analyze their core competencies and market shares.
# To track and analyze competitive developments, such as acquisitions, product launches, expansions, collaborations, agreements, partnerships, and product approvals of the leading players in the pharmaceutical drug delivery market.
# To benchmark players within the pharmaceutical drug delivery market using the competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offering.
Opportunity: Self-management and in-home care
Players in the pharmaceutical drug delivery market should see substantial growth prospects from self-administration and home care. The primary cause of this is the growing geriatric population, as they represent a significant market for home care medication delivery devices. This factor is also driving up demand for application-specific topical, injectable, inhalation, and transdermal drug products that meet patients' and caregivers' needs.
Challenge: Pressure on prices
Government agencies are pushing cost-cutting initiatives like lowering prescription reimbursement rates and encouraging the use of generics more frequently in both developed and developing nations. Government agencies, insurers, and patients are putting tremendous pressure on drug manufacturers worldwide to reduce costs. Because there is a high demand for affordable therapeutics in emerging markets, there is a greater uptake of drugs as a result of this downward pricing pressure. Still, this is hurting a number of pharmaceutical companies' bottom lines.
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Due to constant pressure from pharmacy benefit managers (PBMs), insurers, and public and private payers to lower pharmaceutical prices because they are worried about paying for more new medications to treat common conditions like diabetes and high cholesterol, this trend is anticipated to continue in the upcoming years.
Geographical Growth Dynamics:
Among companies involved in the pharmaceutical drug delivery market, Asia Pacific is anticipated to have the highest compound annual growth rate.
Asia Pacific is anticipated to grow at the fastest rate among regional markets for pharmaceutical drug delivery during the forecast period. The APAC market is anticipated to grow during the forecast period due to a number of factors, including the rapidly aging population, the rising prevalence of chronic diseases, the rise in healthcare spending, the increased R&D activities carried out in this region, the expansion of technological collaborations for pharmaceutical drug delivery technologies, the favorable reimbursement policies, and the rise in disposable incomes in the emerging Asian economies, like China and India.
Global Leading Players:
Major players in this market include Johnson & Johnson (US), Novartis International AG (Switzerland), F. Hoffmann-La Roche AG (Switzerland), Pfizer Inc. (US), Bayer AG (Germany), Antares Pharma, Inc. (US), Becton, Dickinson and Company (US), GlaxoSmithKline plc (UK), 3M (US), Merck & Co., Inc. (US), Sanofi (France), Amgen, Inc. (US), AbbVie Inc. (US), Genmab A/S (Denmark), Gilead Sciences, Inc. (US), Boehringer Ingelheim (Germany), among others.
Growth Strategies Opted by Them:
These companies are primarily focused on strategies such as agreements, product launches, acquisitions, partnerships, collaborations, and expansions in order to maintain their competitiveness and increase their market share.
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API Manufacturing: Global Opportunities & Forthcoming Trends
Global Growth Driving Factors:
Some of the key factors propelling this market's growth are the expansion of production capacity by biopharmaceutical and pharmaceutical companies, the increasing significance of generics, and technological developments in API manufacturing. However, it is anticipated that in the upcoming years, the market for active pharmaceutical ingredients will be restrained by the unfavorable drug price control policies in many different countries as well as the growing prevalence of counterfeit drugs.
Market Size Estimation:
The global API market size was estimated using the revenue-based approach separately for the consumable and instrument segments.
Revenue Growth Dynamics:
The market for active pharmaceutical ingredients is expected to grow at a compound annual growth rate (CAGR) of 8.2% from 2022 to 2027, from an estimated $145.9 billion in revenue in 2022 to $216.4 billion.
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Objectives of this Study:
# To define, describe, and forecast the global APIs market on the basis of type, potency, type of synthesis, type of drug, therapeutic application, and region.
# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges).
# To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
# To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World.
# To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies.
# To track and analyze competitive developments such as partnerships, agreements, collaborations, joint ventures, alliances, mergers & acquisitions, approvals, expansions, and R&D activities in the global APIs market.
Opportunity: Emerging biosimilars market
The main factors propelling the growth of the biosimilars market are the rising incidence of various diseases, the rise in off-patent biologic drugs, the positive results of ongoing biosimilar clinical trials, and the growing demand for biosimilars in various therapeutic applications (like blood disorders and rheumatoid arthritis). Because biosimilars are generic versions of biologics that are patented, they are less expensive than patented biologics because they are exempt from the strict regulations of many regulatory bodies. It is anticipated that over the course of the next ten years, the patents and other intellectual property rights pertaining to originator biologics will expire, providing biosimilars with an opportunity to enter the market.
Challenge: Increasing penetration of counterfeit drugs
Falsified or fake medications may contain toxic or subpar ingredients administered in the incorrect dosage amounts. The WHO estimates that less than 10% of medications are fake. It is estimated that in nations with stronger regulatory frameworks and stricter control over the pharmaceutical supply, the rate of pharmaceutical fraud is approximately 1% of all pharmaceuticals. But in low- and middle-income nations, the percentage of phony medications increases to about 50%.
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The increasing prevalence of fake medications is costing legitimate API producers money. According to estimates from the EU Intellectual Property Office (EUIPO), counterfeit drugs cost the EU pharmaceutical industry USD 30.70 billion (or EUR 26.9 billion) a year, or almost 7% of its total sales. Also, the region loses about 7,100 jobs a year as a result of fake or counterfeit medications.
The European Union's (EU) legal supply chain is intended to be kept free of counterfeit medications through the implementation of the European Falsified Medicines Directive (FMD). The European Union (EU) is concentrating on enforcing stricter safety regulations throughout Europe in areas like APIs and excipients, pharmaceutical safety features, supply chains, GDPs, and online sales.
Geographical Growth Dynamics:
North America is expected to account for the largest size of active pharmaceutical ingredient industry during the forecast period.
The market for active pharmaceutical ingredients are divided geographically into the Rest of the World (RoW), Europe, Asia Pacific, and North America. The market was dominated by North America and then by Europe. Major pharmaceutical and biopharmaceutical manufacturing facilities, a growing government emphasis on generic drugs, the growing demand for biologics and specialty drugs, and technological advancements in API manufacturing processes are the main factors propelling the overall growth of the APIs market in this region. The introduction of affordable generic versions of branded drugs, coupled with healthcare severity measures and economic factors, is expected to contribute to the modest growth of this market segment.
Global Leading Players:
The key players in the market are Pfizer, Inc. (US), Novartis AG (Switzerland), Sanofi (France), Boehringer Ingelheim (Germany), Bristol-Myers Squibb (US), Teva Pharmaceutical Industries Ltd. (Israel), Eli Lilly and Company (US), GlaxoSmithKline plc (UK), Merck & Co., Inc. (US), AbbVie Inc. (US), F. Hoffmann-La Roche Ltd. (Switzerland), and AstraZeneca plc (UK).
Growth Strategies Opted by Them:
To stay competitive and grow their market share, these businesses are primarily concentrating on tactics like agreements, product launches, acquisitions, partnerships, collaborations, and expansions.
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Monday, January 8, 2024
Healthcare IT: Global Growth Opportunities & Challenges
Global Growth Driving Factors:
Instead of using numerous tables, the updated report edition presents each listed company's financial data through 2022 in a single diagram. This will make it simple to analyze the current state of the companies that have been profiled in terms of their R&D investments, business segment focus in terms of the highest revenue-generating segments, financial strength, profitability, and important revenue-generating regions or countries. The increasing use of mHealth, telehealth, e-prescribing, and other HCIT solutions is fueling the expansion of the healthcare IT sector. But security worries and interoperability problems are hindering the expansion of the global market somewhat.
Market Size Estimation:
After data triangulation from various methods, the overall size of the healthcare IT market was determined, as will be discussed below. Based on the degree of assumptions made, a weighted average of all approaches was determined after each one.
Revenue Growth Dynamics:
Revenue-wise, the global healthcare IT market was projected to be valued at $394.6 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 19.8% to reach $974.5 billion by 2027.
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Objectives of this Study:
# To define, describe, and forecast the healthcare IT market based on product & service, component, end user, and region.
# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges).
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market.
# To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
# To forecast the size of the HCIT market with respect to five geographic regions-North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.
# To profile key players and comprehensively analyze their core competencies and market shares.
# To track and analyze competitive developments such as agreements, partnerships, collaborations, acquisitions, product / technology / service launches, and R&D activities of leading players.
Opportunity: Outpatient care facilities are increasingly utilizing healthcare IT solutions.
The industry is moving toward outpatient settings to cut costs of care in response to mounting pressure on health systems to do so. The estimated cost of a procedure in an outpatient surgery center is 30% to 60% less than that of an inpatient hospital setting. Convenience is yet another significant factor contributing to the growth of ambulatory care. The need for and use of HCIT solutions in outpatient settings will rise in tandem with the expansion of outpatient settings and the influx of new patients.
About 10% of US hospitals had specialized HCIT clinical documentation improvement programs for their outpatient settings, per a United Health (US)-sponsored survey. Within the next six months, an extra 10% is supposed to be put these services into place. In addition, 14% of hospitals intended to use cutting-edge solutions soon. In the upcoming years, it is anticipated that this trend will propel the use of HCIT solutions, like RCM solutions, in outpatient settings.
Challenge: Problems with interoperability
Healthcare providers are moving closer to coordinated value-based care, but there are still obstacles to overcome before HCIT solutions can be implemented, primarily related to information system interoperability. In the highly information-intensive healthcare sector, patient data is created in every department at every point of care within a healthcare organization. However, if it is not properly integrated to create a comprehensive and accurate patient record, the usability of this information is very low. There is a greater need to integrate IT systems to support accurate decision-making by healthcare professionals at various points of care delivery because many HCIT tools are being used within healthcare systems. Furthermore, the complete utilization of HCIT solutions is impeded by the lack of interoperability among health organizations with a regional or national health IT platform for data exchange.
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Integrating the more established solutions becomes more challenging as consumer technology companies release more and more medical apps and health information exchange solutions. Numerous healthcare institutions have already made investments in a range of medical devices and information management systems from different manufacturers, each with their own models and makes. In order to ensure optimal utilization, there is an increasing need to integrate various information technology systems into an organization's IT architecture as healthcare organizations adopt more and more different HCIT systems. Consequently, one of the main areas of concentration for IT infrastructure development projects is the effective integration of HCIT systems with other systems.
Geographical Growth Dynamics:
During the forecast period, North America held the largest share of the healthcare IT market.
North America led the healthcare IT market in 2021, with shares coming from Europe, Asia Pacific, Latin America, the Middle East, and Africa. The region's widespread adoption of healthcare IT solutions, strict laws governing healthcare quality, and the growing need to use healthcare IT solutions to slow down the rise in healthcare costs are all reasons for North America's sizeable share.
Global Leading Players:
Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips (US), Epic Systems Corporation (US), Dell Technologies (US), Allscripts (US), athenahealth (US), GE Healthcare (US), Oracle Corporation (US), Wipro (India), IBM(US), eClinicalWorks (US), Infor Systems (US), Conduent (US), Conifer (US), Nuance (US), 3M (US), SAS (US), Carestream Health (US), Inovalon (US), Practice Fusion, Inc. (US), InterSystems (US), and Tata Consultancy Services (India) are the major players in this market.
Growth Strategies Opted by Them:
These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.
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Wednesday, January 3, 2024
Peptide Synthesis Market - Revenue Growth Trends by 2028
Major Growth Driving Factors:
Over the course of the forecast period, the global market for peptide synthesis is anticipated to expand at a CAGR of 7.4%. The expanding therapeutic applications, technological advancements in peptide synthesis, and rising peptide demand are driving growth in this market. In addition, increased spending on R&D, a thriving industry, and the use of peptides in pharmaceutical products are some of the key factors expected to propel market expansion. Nonetheless, over the course of the forecast period, the absence of a single set of regulations pertaining to therapeutic peptides and the high cost of instruments are anticipated to impede the market's growth.
Driver: Peptides are being used in pharmaceutical products more often.
Peptides are very specific and very active pharmaceutical ingredients. They have a wide range of therapeutic applications because of the diversity of their biological functions. Because of their wide molecular space, high biological activity, high specificity, ease of synthesis, accessibility, and low toxicity, peptides are making their way into the drug development process as possible active pharmaceutical ingredients.
Because of their therapeutic potential, high specificity and low toxicity, versatility and diversity, improvements in peptide synthesis technologies, potential use as drug candidates, emergence of personalized medicine, and rising interest in and funding for peptide-based therapeutics, peptides are becoming more and more common in the pharmaceutical industry. All of these elements work together to make peptides a more valuable class of molecules in the creation of innovative and focused pharmaceutical treatments.
Opportunity: Creation of personalized medicines
The peptide synthesis industry has significant growth opportunities due to the emergence of personalized medicine. Peptides provide the necessary targeting, customization, and specificity to enable individualized treatment plans. It is anticipated that the need for peptide synthesis technologies, services, and products will increase dramatically as personalized medicine continues to develop and gain popularity.
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Restraint: High cost of instruments
The synthesis of proteins involves the use of rapid, high-throughput systems. Peptide synthesizers and chromatography equipment with advanced features and functionalities are generally priced at a premium. Peptide synthesizers are either fully automated, manual, or semi-automated and offer users complete control over the synthesis process. The cost of peptide synthesizers ranges from USD 300,000 to 250,000 based on the automation and advanced features accommodated. Such high prices of instruments make it difficult for developing countries to venture into peptide synthesis.
Challenge: Issues associated with the route of administration of peptide drug
The majority of therapeutic peptides are administered by the parenteral route because of insufficient absorption from the gastrointestinal tract. Peptide drugs are usually indicated for chronic conditions, and the use of injections on a daily basis during long-term treatment has significant drawbacks. In contrast to this inconvenient and potentially problematic method of drug administration, the oral route offers advantages such as self-administration with a high degree of patient acceptability and compliance. The main reasons for the low oral bioavailability of peptide drugs are pre-systemic enzymatic degradation and poor penetration of the intestinal mucosa.
Key Stakeholders:
# Life sciences instrumentation and reagent companies
# Pharmaceutical and biotechnology companies
# Proteomics database and software providers
# Peptide service providers
# Research and consulting firms
# Academic medical centers
# Government research organizations
# Clinical research institutes
# Contract Research Organizations
Market Size Estimation:
A top-down approach was used to estimate and validate the total size of the peptide synthesis market. This method was also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
# The key players in the industry and market have been identified through extensive secondary research
# The revenues generated from the peptide synthesis business of leading players have been determined through primary interviews and secondary research
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
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Projected Revenue Growth, Globally:
The global peptide synthesis market in terms of revenue was estimated to be worth $601 million in 2023 and is poised to reach $859 million by 2028, growing at a CAGR of 7.4% from 2023 to 2028.
Geographical Growth Scenario:
Asia Pacific is likely to grow at the highest growth rate during the forecast period.
Based on the region, peptide synthesis market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest regional segment. The Asia Pacific region is estimated to grow at the highest CAGR in the peptide synthesis market during the forecast period. The growth of the pharmaceuticals and life sciences market in the region is primarily driven by the rising R&D expenditure, especially in the area of drug discovery & development, the rising prevalence of chronic disease conditions, and significant investments in the development of therapeutics mAbs.
Intensity Modulated Radiotherapy Market - Emerging Trends & Global Future Forecasts
Major Growth Driving Factors:
Intensity-modulated radiotherapy has grown due to a number of factors, including an increase in the demand for intensity-modulated interventions and the expansion of non-invasive cancer management treatments. As healthcare technologies advance, more growth in this area of treatment is anticipated in the near future. But increased availability and cost are limiting the market's growth.
Driver: An increase in radiation therapy-based non-invasive cancer treatments
More accurate and focused treatments are now possible thanks to developments in radiation therapy technology. Highly targeted radiation can be delivered while sparing healthy tissues and reducing side effects, thanks to techniques like proton therapy, intensity-modulated radiation therapy (IMRT), and stereotactic body radiation therapy (SBRT). Non-invasive radiation therapy does not require tissue removal or surgical incisions, in contrast to surgery. As a result, there is less scarring and patients recover more quickly, returning to their regular activities sooner.
Opportunity: Growing costs for healthcare in developing nations
A complex web of interrelated factors, including evolving demographics, disease trends, better infrastructure, technological advancements, and an expanding healthcare workforce, is responsible for the rise in healthcare spending in developing nations. The way that financial resources are allocated for services and treatments is shaped by this dynamic interaction. In this setting, intensity-modulated radiotherapy (IMRT) stands out as a tactical option because of its cutting-edge features, which complement changing medical requirements.
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Restraint: The dearth of skilled radiologist/oncologist
The scarcity of proficient radiologists and oncologists constitutes a multifaceted challenge underscored by factors including escalating demand, shifting demographics, hurdles in training, work environment considerations, and the imperative for continuous professional advancement. This intricate interplay distinctly contributes to the advancement and market elevation of Intensity-modulated radiotherapy (IMRT), positioning it as an indispensable solution within the realm of oncological care and management.
Challenge: The accessibility of substitute technologies
The IGRT market faces a challenge in navigating the alternative technology landscape, which is fueled by ongoing technological advancements, the desire for better treatment outcomes, and the competitive dynamics inherent in cancer treatment modalities. In this complex environment, intensity-modulated radiotherapy's (IMRT) strategic ascent and market penetration are crucial since it has to successfully match its special qualities to the changing needs of cancer treatment while competing with other technological alternatives.
End User Scenario:
The market for intensity-modulated radiation therapy is expected to be dominated by hospitals between 2022 and 2028.
Hospitals and independent radiotherapy centers are the main end users in the intensity-modulated radiation market. In 2022, hospitals are anticipated to hold a significant portion of the market. The need for effective patient caseload management harmonizes with the accuracy of IMRT tumor-targeting expertise and its simplified treatment delivery. This mutually beneficial convergence enhances patient-centered care and increases the marketability of intensity-modulated radiation therapy, positioning it as a critical therapeutic option for healthcare facilities tackling the intricacies of cancer treatment.
In general, the hospital's end-user segment strategically leverages its state-of-the-art infrastructure, patient-centered care philosophy, synergistic collaborative milieu, and comprehensive healthcare offerings to drive adoption of intensity-modulated radiation therapy (IMRT). The combined effect of these facts clearly promotes the growth and increased visibility of IMRT's presence in the hospital ecosystem, which in turn enhances its market position and traction.
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Projected Revenue Growth, Globally:
Revenue from intensity-modulated radiation therapy was projected to reach $2.2 billion globally in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% to $2.8 billion by 2028.
Geographical Growth Scenario:
By 2022, North America will hold a sizable portion of the market for intensity-modulated radiation.
Over the course of the forecast period, the North American region is anticipated to experience notable growth in the market in 2022. United States and Canada make up North America. The sophisticated healthcare system in North America is linked to a higher cancer incidence. A highly developed healthcare infrastructure and easy access to cutting-edge medical technologies in North America foster an environment that is favorable to the adoption of progressive treatment modalities like intensity-modulated radiotherapy (IMRT).
Key Stakeholders:
# Radiotherapy product manufacturers
# Distributors, suppliers, and commercial service providers
# Healthcare service providers
# Clinical research organizations (CROs)
# Radiotherapy service providers
# Radiotherapy product distributors
# Medical research laboratories
# Cancer care centers
# Cancer research organizations
# Academic medical centers and universities
# Market research and consulting firms
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Vascular Access Device Market - Future Revenue Growth Dynamics
Major Growth Driving Factors:
The market's industry trends are analyzed in the latest research study. Industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and market purchasing behavior are all included in the latest research study. The government's substantial investments in state-of-the-art medical devices and the growing incidence of lifestyle diseases are the main factors propelling this market's growth. The lack of qualified workers, however, is anticipated to hinder market expansion somewhat.
Driver: Rising rates of lifestyle illnesses
The World Health Organization 2021 reports that the greatest cause of death worldwide is cardiovascular diseases, or CVDs. According to estimates, 17.9 million deaths worldwide in 2019 were attributed to CVDs, or 32% of all deaths. Heart attacks and strokes were the cause of 85% of these fatalities. For example, the number of deaths from cardiovascular disease (CVD) is expected to increase from an estimated 18,9 million in 2020 to over 22,2 million in 2030 and 32,3 million in 2050, according to the World Heart Federation's Vision 2030.Since diabetes is a major risk factor for chronic kidney disease (CKD), the number of patients with CKD is also expected to rise in the upcoming years in tandem with the growing prevalence of diabetes.
Opportunity: Technological advancements
As the most widely used method of vessel visualization, ultrasound is also the least invasive and widely available technique. It is an affordable method that enables the diagnosis of complications and the assessment of the maturity of vascular access; in recent years, image-guided vascular access has become a new, accurate method with accurate results. Ultrasound imaging has been used more frequently during VAD insertion. It increases the success rate of first-attempt insertions and lowers complications like accidental arterial punctures and hematoma formation by assisting medical professionals in real-time vein visualization.
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Restraint: High costs involved in the placement and maintenance of vascular access device
The cost of vascular access devices varies depending on the kind of device used during a procedure. Vascular access devices are rather expensive devices. Vascular access devices range in price from $150 to $900 on average. Furthermore, the cost to the physician for inserting a VAD ranges from $20 to $90 per hour. Vascular access procedures are more expensive when a patient is admitted to the hospital, and complications like occlusions or bloodstream infections from central catheters can drive up the cost of the procedure significantly.
A central catheter bloodstream infection has the potential to drive up the cost of a procedure to over USD 25,000 in the United States, according to the Canadian Association of Nurses in Oncology. Vascular access devices (VADs) have high placement and maintenance costs, which are anticipated to limit market growth over the course of the forecast period.
Challenge: Shortage of skilled professionals
Vascular access devices are handled by qualified specialists because patients may experience medical complications from an incorrect insertion. Blood vessel damage, bleeding at the site, air embolus, lung injury (pneumothorax), and bloodstream infections are among the complications that can occur when using VADs. In a National Association for Business Economics (NABE) survey on current business conditions, 35 percent of respondents said that there is a lack of qualified professionals in the US. Over the course of the forecast period, the demand for and adoption of VADs is anticipated to be impacted by the shortage of qualified professionals in key global markets.
End User Scenario:
In 2022, the hospitals segment held the highest market share.
The vascular access device market is divided into two segments based on end users: hospitals and clinics and ambulatory centers; the other segment includes home healthcare agencies, laboratories, nursing homes, and diagnostic & imaging centers. The hospitals segment will have the biggest share in 2022. There are a number of important reasons for this segment's dominance. Among these are the fact that most vascular procedures are carried out in hospital environments. VADs are also required for the administration of various medications and blood transfusions during emergency care in hospitals.
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Projected Revenue Growth, Globally:
Revenue-wise, the global vascular access device market was projected to be valued at $5.6 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.0% from 2023 to 2028, when it is expected to reach $7.9 billion.
Geographical Growth Scenario:
Asia Pacific is expected to grow at the fastest rate during the projection period.
North America held the largest market share for vascular access devices in 2022, with Europe, Asia Pacific, and the rest of the world following closely behind. Asia Pacific is expected to grow at a high rate during the forecast period. The aging of the population, the rise in the prevalence of diabetes and CKD/CKS, as well as healthcare reforms and investments in Asia-Pacific nations, are all factors contributing to this region's rapid growth.
Leading Companies Operating in This Industry:
The prominent players in this market are Becton, Dickinson and Company (US), ICU Medical, Inc. (US), Teleflex Incorporated (US), B. Braun SE (Germany), AngioDynamics, Inc. (US), Terumo Corporation (Japan), Nipro Medical Corporation (Japan), Medtronic (Ireland), Amecath (Egypt),Romsons (India), PRODIMED (France),Cook Medical (US), Access Vascular, Inc. (US), Medical Components, Inc. (US), Vygon (France), 3M (US), Argon Medical Devices (US), Guangdong Baihe Medical Technology Co., Ltd. (China), pfm medical (Germany), Medi-Tech Devices Pvt Ltd (India), Medline Industries, LP (US), Kimal (UK), Deltamed (Italy), Newtech Medical Devices (India) and Shanghai Puyi Medical Instruments Co., Ltd (China).
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Tuesday, January 2, 2024
Digital Twins in Healthcare Industry: Growth Potential, Globally..!
Digital twin technology, which entails building a virtual duplicate of a real object, system, or process, has gained popularity in recent years. Numerous industries, including manufacturing, healthcare, construction, and infrastructure management, have found extensive uses for technology. Because digital twin technology has the ability to spur innovation and boost operational effectiveness, both public and private organizations have been investing more in it. Launched in 2018, "Digi Twins" is a flagship project for Europe that involves over 200 partners from 32 countries. Universities, research centers, medical facilities, and tech firms are some of these partners. Siemens, Philips, Fraunhofer Institute, Technical University of Munich, Imperial College London, and Karolinska Institute are some of the project's major partners. For a period of ten years, it has been funded with USD 1,180 million.
Opportunity: Modern real-time data analytics are receiving more attention.
Massive volumes of data are produced by digital twins, and these data can be instantly analyzed to reveal information about patient health, resource usage, and operational effectiveness. For instance, real-time data from multiple sources, such as IoT sensors, medical devices, and electronic health records, can be gathered and analyzed by digital twins in hospitals to identify operational inefficiencies, anticipate patient outcomes, and identify possible equipment failures. Healthcare providers can also benefit from real-time data analytics by using it to inform patient care decisions, treatment plans, and resource allocation.
Data analytics is the cornerstone of the entire digital twins technology. Once established, analytics and digital twins will offer optimal and predictive operations along with more precise diagnostics. The use of digital twins in healthcare has been made easier by these developments, and in the years to come, potential will be realized.
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Restraint: Managing privacy concerns, data quality, and expensive implementation
Data privacy and quality are issues with technology that gathers and analyzes sensitive data. Numerous sources of data are gathered, such as wearable technology, electronic health records, and other medical devices. Subsequently, it is securely, dependable, and consistently incorporated into the digital twins. The digital twin's accuracy and dependability are jeopardized in the absence of high-quality data, which may have an effect on patient care and treatment results. Data privacy is yet another important issue. Organizations should implement strong data governance frameworks and security protocols to guarantee the security, dependability, and accuracy of patient data in order to prevent privacy concerns.
The cost of implementing digital twin technology can be attributed to the acquisition of hardware, software, and data storage systems that are required. Over time, it is anticipated that costs will likely decline as technology advances and is embraced by more people. It is anticipated that the aforementioned factors will have some effect on market growth.
Challenge: Issues with data management and a lack of technical expertise
Digital twin technology implementation and upkeep in the healthcare industry call for specific expertise in fields like data science, software engineering, and machine learning. It is difficult to adjust to this emerging technology, particularly in the healthcare industry with its vast repositories of unstructured data.
Healthcare organizations may experience delays, increased costs, and restricted access to the advantages of digital twins technology if there are insufficient qualified personnel to develop, implement, and maintain the technology. Healthcare organizations can work with academic institutions to develop specialized training programs to meet the growing demand for skilled professionals in this field, as well as invest in education and training programs for their current workforce.
End User Scenario:
According to end users, the research and academia sector of the digital twins in the healthcare market is anticipated to grow significantly.
End users anticipate a significant increase in the use of digital twins in the healthcare market in the research and academia sector. This growth is explained by their capacity to propel technological advancements in the healthcare industry, their cooperative research initiatives that promote knowledge exchange and improve patient care outcomes, and their access to a wealth of healthcare data as well as their proficiency in its analysis and modeling, which give research institutions a competitive edge when it comes to effectively utilizing digital twins. Finally, academic institutions' propensity to investigate new technologies puts them in a position to be early adopters and growth accelerators for the digital twins in the healthcare industry.
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Projected Revenue Growth, Globally:
The global market for digital twins in healthcare is expected to generate $1.6 billion in revenue in 2023 and $21.1 billion by 2028, growing at a compound annual growth rate (CAGR) of 67.0%.
Geographical Growth Scenario:
Throughout the forecast period, APAC is expected to grow at a significant rate.
Over the course of the projection period, the Asia Pacific market is anticipated to grow at a significant CAGR. Digital twins for healthcare applications are expected to be developed in the Asia Pacific region due to factors like rising medical tourism, growing investments that are expected to create new market participants, growing prevalence of various technologies like IoT, machine learning, etc., and the aging population.
Leading Companies Operating in This Industry:
Prominent companies in this market include Siemens Healthineers AG (Germany), Dassault Systèmes (France), Microsoft (US), Koninklijke Philips N.V. (Netherlands), Faststream Technologies (US), Twin LTD (US), IBM (US), NVIDIA Corporation (US), GE Healthcare (US), NUREA (France), ANSYS, Inc. (US), Rescale, Inc. (US), Predictiv (US), Verto Health (Canada), PrediSurge (France), Qbio (US), Virtonomy GmbH (Germany), Unlearn AI (US), Atos SE (France), ThoughtWire (Canada), Amazon Web Services, Inc.(US), Oracle(US), PTC (US), SAP (Germany), Sim and Cure (France).
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