Tissue Engineered Skin Substitutes Market - Latest Trends & Insights 2023

The global market for tissue engineered skin substitutes is mostly consolidated as four companies currently maintain a strong hold over revenue shares in market value. The top three players in 2014 were Acelity, Smith & Nephew, and Molnlycke. Their collective share in market value in 2014 was 51.4%. Most commonly, the key providers of tissue engineered skin substitutes offer a wide product profile, invest heavily in research and development to stay ahead of the pack, and possess strong marketing processes and distribution networks.

As a result, although the collective share of regional tissue engineered skin substitute providers is quite large, the reach of key players coupled with the strict set of guidelines governing the release of any product in the market, have created only a moderate threat level from new entrants.

The global market for tissue engineered skin substitutes is expected to generate revenue at a highly positive CAGR of 17.2% within a forecast period from 2015 to 2023. This market is expected to generate a revenue of US$1.2 bn by the end of 2016, and US$3.87 bn by 2023.

Medical Tourism Creates Wide Revenue Stream for Tissue Engineered Skin Substitute Providers

“Medical tourism, as an industry, is already a multi-billion dollar one and is showing an annual growth rate in double digits,” states a TMR analyst. “The use of tissue engineered skin substitutes in developed nations is not only growing in numbers, but is also over-expensive and unaffordable for some without a feasible reimbursement policy. As a result, a large number of patients seeking tissue engineered skin substitute treatment are doing so through medical tourism.”

Nations such as Thailand, Malaysia, India, and Singapore are at the forefront of medical tourism and can offer state of the art technologies for tissue engineered skin substitute treatment at a much cheaper rate than that from North America or Europe.

Additionally, medspas, or medical clinics that include a day spa, are a highly preferred place for treatment and healing by the elderly, especially for cases such as treatment of ulcers and venous diseases. Their higher number in developing economies is another factor driving the scope of medical tourism in the tissue engineered skin substitute market.

Cost Effectiveness of Tissue Engineered Skin Substitutes Reduced by Intense Competition

The presence of a large number of local players adds a major layer of restraint to the globally prominent ones for the tissue engineered skin substitutes market. Local players can offer products at a much cheaper cost, thereby forcing key players to match their prices and reduce profit margins.

The profits that can be channeled into research and development, therefore, decrease, slowing down the overall growth of the market for tissue engineered skin substitutes. This is more prevalent in developing economies, where the disparity in costs between local and global tissue engineered skin substitute players is quite high.

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Asia Pacific to Scale up Demand for Tissue Engineered Skin Substitutes

Owing to a growing population and a rapidly improving healthcare infrastructure in terms of quality and outreach, Asia Pacific is expected to show the fastest growth rate for tissue engineered skin substitutes. It is expected to progress at a CAGR of 18.3% within the forecast period from 2015 to 2023.

Acellular skin substitutes have not only been the dominant type of tissue engineered skin substitutes, but have registered promising growth. From 2015 to 2023, this segment is expected to progress at a CAGR of 17.8%. The leading application for tissue engineered skin substitutes is to treat ulcers. This application segment is expected to progress at a CAGR of 17.5% from 2015 to 2023.

The information presented in this review is based on a Transparency Market Research report, titled, “Tissue Engineered Skin Substitutes Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”

Medical Disposables Market: Industry Players Shifting Focus towards Developing Economies

A new market research report has been recently published by Transparency Market Research, titled “Medical Disposables Market - Global and U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018”. According to the research study, in 2011, the global medical disposables market was worth US$144.6 bn and is anticipated to be worth US$193.9 bn by the end of 2018, growing significantly at a 4.30% CAGR between 2012 and 2018.

The research report has provided a detailed analysis of the global medical disposables market, emphasizing on the U.S. market. The report further talks about the market overview, product segmentation, growth drivers, restrains, and vendor analysis. The 50-page research report makes use of graphical representation such as tables and charts to showcase historical data and forecast figures.

Rising demand for healthcare due to the rising global aging population, rising prevalence of chronic conditions that need long-time therapies, and expanding volume of inpatient days and hospital admissions are some of the major factors boosting the demand for medical disposables in the coming years. On the other hand, rigid FDA and GMP approval norms and reduction in the prevalence of healthcare-associated infections are the factors that are expected to curb the growth of this market in the forecast period.

On the basis of product, the global medical disposables market has been segmented into nonwoven medical disposables, wound management disposables, drug delivery disposables, and others (such as laboratory and diagnostic disposables). Furthermore, the market has been classified on the basis of end use into home healthcare facilities, outpatient facilities, emergency care, hospitals, and physician offices. Among these, the hospitals segment is at the forefront of the U.S. medical disposables market. The demand for medical disposables is anticipated to rise in hospitals, thanks to the rising number of patient admissions, surgical procedures, and emergency visits.

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The global medical disposables market has been further segmented on the basis of geography into North America, Asia Pacific, Europe, and Rest of the World. Among all these regions, North America exhibited strong demand for all product segments of the market in the recent years. According to the report, the U.S. medical disposables market held around 70% of the North America medical disposables market. In 2011, North America accounted for the largest share of 35% in the global medical disposables market. On the other hand, Asia Pacific is expected to witness rapid growth owing to rising awareness for healthcare. Some of the other factors that are expected to boost the demand for medical disposables in the Asia Pacific market are the huge aging population, increasing disposable income, and rising expenditure by governments on healthcare. The substantial rise of developing nations such as China and India is anticipated to propel the Asia Pacific medical disposables market.

The report also talks about the prominent companies that are operating in the global medical disposables market. The comprehensive analysis includes company overview, product portfolio, business strategies, financial overview, SWOT analysis, and recent developments. Some of the key players are Dickinson, and Company, 3M Company, Becton, Johnson & Johnson, and Covidien plc.

New Trends of Retinal Surgery Devices Market with Worldwide Industry Analysis to 2020

The global retinal surgery devices market is dynamic in nature and is characterized by a high degree of competition among players in this market, as per the findings of a new report by Transparency Market Research (TMR). This is mainly due to the high demand for differentiator products that are technologically advanced, cost competent and easy to use as well. Some of the leading players in the global retinal surgery devices market are Synergetics Inc., Bausch + Lomb Incorporated, Optos plc, and IRIDEX Corporation.

A TMR analyst points out, “New product and technology launch is on top of the growth charts of top players in the global retinal surgery devices market.” Top players in this market are contending for commercialization and to receive positive recommendations for newly launched products and technologies. A case in point is Alcon Inc. In January 2015, the company announced that it received approval for using Jetrea as a pharmacological treatment agent and also received a positive feedback for reimbursement of the same.

Business expansion by means of acquisition is also what key players in this market are focused on. This augments the surgical portfolio and technological capabilities of the acquiring company to sustain intense competitive rivalry in this market.

Business alliances for the purpose of distribution agreement is also a key growth strategy that top players in this market are adopting. This arrangement is a win-win for both the parties to leverage the expertise of each other.

High Susceptibility of Geriatric Population to Ocular Diseases Favors Market Growth

An ever-increasing geriatric population, combined with higher life expectancy, is one of the primary factors driving the growth of the global retinal surgery devices market. This is because age is a major factor that increases the chances of ocular diseases, of which, diabetic retinopathy, macular pucker, and retinal detachment are most common. As per estimates of the World Health Organization (WHO), the global geriatric population is expected to reach 2 billion by 2050 increasing from 524 million in 2010. It is expected that developed countries would display the fastest rise in geriatric population; however, the availability of advanced healthcare in these regions has increased the life expectancy of this population. This population, however, is at a higher risk for developing ocular diseases to fuel demand for retinal surgery devices.

Technological advancement in ophthalmic surgery is also a key factor propelling the growth of this market. The periodic introduction of novel technologies is meant for enhanced treatment reliability, safety, accuracy, and for faster recovery after surgery. To cater to this, companies in this market are under constant pressure to introduce innovative products.

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High Price Factor of Retinal Surgery Devices Burdens Patients for Increased Surgical Costs

“The high cost of retinal surgery devices is detrimental to the market’s growth,” says a TMR analyst. Though novel technologies and newer equipment are available for the treatment of retinal conditions, their high price factor is restricting the use of these devices. Moreover, delay in regulatory approvals reduces returns for large companies due to the buildup of inventory. With the increase in prices of drugs and medical devices at about 4% each year, hospital charges have increased as well. These factors that are pertaining to the high price of surgical equipment are restraining the market’s growth.

The global retinal surgery devices market is expected to reach a valuation of more than US$2.0 bn by 2020. In 2013, diabetic retinopathy stood as the leading application segment due to the increasing prevalence of diabetes and its associated eye disorders. Vitrectomy packs led the equipment type segment in 2013 and is expected to register the highest CAGR in the coming years. North America is a leading market for retinal surgery devices due to increased awareness about technologically advanced treatments for retinal conditions.

The information presented in this review is based on a Transparency Market Research report, titled “Retinal Surgery Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2020.”

Neuromodulation Devices Market: Technical Expertise, Quality, Reliability and Timeliness

The neuromodulation devices market is oligopolistic in nature with the top four companies representing nearly 91% of the overall market, finds Transparency Market Research (TMR) in a new study. The key players in the global neuromodulation devices market are Boston Scientific, Cyberonics, Medtronic, and St. Judes Medical.

There are high entry barriers for new players owing to high capital investment and stringent government regulations. “However, large companies can enter the neuromodulation devices market through mergers and by acquiring smaller companies,” says the author of the report. The most lucrative way for new vendors to enter the global neuromodulation devices market is through the ownership of groundbreaking and innovative technologies, as technological advancement is a major driving force for the market.

The neuromodulation devices market is oligopolistic in nature with the top four companies representing nearly 91% of the overall market, finds Transparency Market Research (TMR) in a new study. The key players in the global neuromodulation devices market are Boston Scientific, Cyberonics, Medtronic, and St. Judes Medical.

There are high entry barriers for new players owing to high capital investment and stringent government regulations. “However, large companies can enter the neuromodulation devices market through mergers and by acquiring smaller companies,” says the author of the report. The most lucrative way for new vendors to enter the global neuromodulation devices market is through the ownership of groundbreaking and innovative technologies, as technological advancement is a major driving force for the market.

External Funding for Clinical Studies to Augur Well for Sales of Neuromodulation Devices

The rising geriatric population, especially in developed countries such as the U.S., Japan, and Germany are likely to produce notable growth opportunities for the global neuromodulation devices market. This is because of the fact that the aged people are more susceptible to neurological disorders such as Parkinson’s and Alzheimer’s. Neuromodulation devices have proven to be extremely effective in treating Parkinson’s and other chronic illnesses induced by old age.

The growth of the global neuromodulation devices market is backed by external funding to conduct clinical studies. Such initiatives pave the way for the development of technologically updated devices and also reduce the R&D costs pertaining to the development of new products.

Moreover, a rise in the prevalence of chronic diseases common in all age groups, such as migraine and epilepsy has fuelled the demand for neuromodulation devices. “Some of the neurological disorders such as migraine have unmet medical needs, which gives a further push to the growth of the global neuromodulation devices market,” says a TMR analyst.

The minimally invasive characteristic of neuromodulation devices has helped the global neuromodulation devices market tread along a promising growth path. The increasing demand for minimally invasive surgeries can be attributed to fast recovery time and scar-less treatment.

Some other factors playing a crucial role in the growth of the global neuromodulation devices market are increasing healthcare related consumer expenditure, add-on therapy nature of neuromodulation devices, and technological advancements that ensure promising treatment options.

Side effects Associated with Neuromodulation Devices to Discourage Adoption Amongst Patients

Neuromodulation devices are planted through a surgery, which can have side effects on the body such as allergy or hoarseness. Neuromodulation devices also carry the risk of damaging the surrounding nerves and blood vessels owing to the electrical impulses generated by them. These factors tend to withdraw the interest of the patients in the neuromodulation devices implantation, thereby impeding the growth of the global neuromodulation devices market. In such a case, the availability of alternate treatment procedures such as drugs and other surgeries (e.g. Pallidotomy) hampers the growth of the global neuromodulation devices market.

The neuromodulation devices have to undergo several rigorous clinical trials prior to their approval and availability in the market. This procedure increases the development cost of neuromodulation devices and challenges the vendors operating in the global neuromodulation devices market, thereby discouraging the growth of the market. Also, the rapidly changing technologies pose a threat to the growth of the market. This trend makes the market volatile and acts as a high impact restraining factor for the market as technologies get outdated and redundant at a great pace.

However, the increasing instances of outsourcing the manufacturing of neuromodulation devices are likely to curtail development costs while focusing on the development of safer technologies.

North America Market Shares to Show Downward Slide Owing to Lag in FDA Approval Process

The global neuromodulation devices market was valued at US$3.155 bn in 2012 and is anticipated to rise to US$7.072 bn in 2018, progressing at a CAGR of 14.4% from 2013 to 2018. In terms of geography, North America was the leading segment by revenue in 2013 and is anticipated to lead the market by the end of 2018 with a dominant share of 60% in the global neuromodulation devices market. However, the regional segment is expected to lose its share due to the strict government regulations mandated in the U.S. and the delays in FDA approval process.

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These factors will compel vendors to shift their focus to more conducive markets in the Asia Pacific and European regions. The APAC region will be a promising area of growth in the global neuromodulation devices market.

Based on technology, spinal cord stimulation devices was the leading segment by revenue in 2013 and is expected to retain its leadership till 2018. However, sacral nerve stimulation devices will register the fastest growth owing to growing prevalence of urinary incontinence.

The information presented in this review is based on a Transparency Market Research report, titled, ‘Neuromodulation Devices Market - Global Industry Size, Market Share, Trends, Analysis, and Forecast 2012 - 2018.’

Global Home Healthcare Market to Expand at 8.10% CAGR from 2014 to 2020 owing to Rising Prevalence of Chronic Diseases

The risk for hypertension, end-stage kidney diseases, stroke, respiratory and other chronic diseases is rising constantly worldwide. For example, in 2012, International Union Against Tuberculosis and Lung Disease stated that asthma affects nearly 235 million people worldwide and the number is projected to increase in near future. Home healthcare business offers precision-based model for personal care of these types of chronic diseases and is witnessing high acceptance among patient population. Increasing sedentary lifestyle and aging population globally would surge the demand of home healthcare devices and services market. However, accuracy and limited geographic presence of service providers are some of the factors that restrict the growth of this market. For example, home healthcare service providers like The Linde Group and Gentiva Health Services, Inc. has limited market geographic presence in economies like Asia-Pacific, Russia and Latin America. The global home healthcare market is estimated to be USD 176,107.9 million in 2013 and is expected to reach USD 303,605.9 million by 2020, growing at a CAGR of 8.1% from 2014 to 2020.

The market of global home healthcare market is categorized as device types and services. Home healthcare devices market is segmented as diagnostics and monitoring home healthcare devices, therapeutics home healthcare devices, mobility assist devices and medical supplies. The market for diagnostics and monitoring devices segment accounted for the largest share owing to rising prevalence of chronic diseases coupled with increasing healthcare awareness. However, therapeutics home healthcare devices segment is expected to grow at the highest CAGR of over 10% from 2014 to 2020. Introduction of advanced and easy to use therapeutics home healthcare devices will help this segment to record highest CAGR.

Services segment in the global home healthcare market accounted for the largest share in 2013. This dominance was majorly due to the presence of large number of home healthcare service providers and strong acquisition strategies of these healthcare service providers. For example, in October 2013, Gentiva Health Services, Inc. acquired Harden Healthcare Holdings, Inc., a healthcare service provider. The company acquired all the three business units of Harden Healthcare Holdings, Inc. namely, home health, hospice and community business. This acquisition would help the company to offer better healthcare services to their customers. Home healthcare services segment is categorized as rehabilitation, telehealth and telemedicine, respiratory therapy, infusion therapy and unskilled home healthcare services.

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Global home healthcare market, by geography is segmented as North America, Europe, Asia-Pacific and Rest of the World. In 2013, North America dominated the global home healthcare market. Favorable reimbursement policies coupled with presence of large number of small scale and large scale healthcare service providers in the region stimulates the growth of home healthcare market in North America. Europe accounted for the second largest share i.e. around 25% of the total market in 2013. High prevalence of diabetes and cardiovascular diseases and increasing healthcare investments by the European government supports the growth of home healthcare market. The home healthcare market in Asia-Pacific is expected to grow at the highest CAGR of more than 7% from 2014 to 2020. The growth of this market is mainly due to the introduction of new technologies and incessant product launch by key companies in Asia-Pacific market.

Some of the prominent players in the global home healthcare market are F. Hoffmann-La Roche Ltd, Teleflex Corporation, Phillips Healthcare, Medtronic, Inc, Abbott Laboratories, Omron Healthcare, Inc., Praxair Technologies, Inc., Bayer Healthcare, ResMed, Inc., GE Healthcare, Cardinal Health, Gentiva Health Services, Inc., Invacare Corporation, Johnson & Johnson and others.

Wheelchairs at Forefront of Demand for Personal Mobility Devices; Market to Register CAGR of 7.3% till 2023

In the past few years, there has been an alarming rise in the number of individuals with physical disabilities and/or a variety of medical conditions that affect mobility globally. Moreover, the number of individuals affected by medical conditions that lead to limited mobility for a temporary period has also significantly increased. These factors, coupled with the vast rise in the world’s geriatric population, which is more prone to mobility disabilities owing to conditions such as osteoporosis and rheumatoid arthritis, have led to a vast rise in the overall demand for a variety of mobility devices.

The present-day market for personal mobility devices caters to the specific needs of people with limited mobility with the help of a wide range of innovative, technologically improved, and highly evolved specialist products. Advancements in battery technology, sensors, software, and low-cost manufacturing of hardware have inspired vast improvements in personal mobility devices in the past few years. Transparency Market Research estimates that the personal mobility devices market will expand at a healthy CAGR of 7.2% over the period between 2016 and 2024. At this pace, the market, which held an opportunity worth US$7.7 bn in 2015, is expected to rise to US$14.6 bn by 2024.

Wheelchairs Emerge as Most Preferred Medical Mobility Aid and Ambulatory Devices

In the segment of mobility aid and ambulatory devices, the segment of wheelchairs seems to be the most preferred among the global consumer. The segment accounted for a nearly 56% share of the medical mobility aids and ambulatory devices market in 2015 and is likely to be the leading revenue generator for the market in the next few years as well.

The availability of wheelchairs with a vast range of features, specifications, and costs ranging from affordable basic manual models to expensive high-end electric and technologically advanced models allow wheelchairs to satisfy the needs of wide range of individuals with a diverse range of needs. Of the two key varieties, namely manual wheelchairs and electric wheelchairs, electric wheelchairs are the most preferred variety owing to superior performance in indoor as well as outdoor premises, ease of driving, and high stability.

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North America and Europe to Retain Dominance, Asia Pacific Most Attractive Market

In 2015, North America and Europe collectively accounted for a share of over 70% in the global personal mobility devices market. Easy availability of technologically advanced products, excellent assistive public and private infrastructure, and a decent level of affordability are the key factors working in favor of these regional markets. The future growth prospects of the personal mobility devices market in these regions are also highly positive. However, these regional markets are expected to lose their appeal to Asia Pacific, which is expected to be the fastest growing regional market for personal mobility devices from 2016 to 2024.

Asia Pacific accounted for 22% of the global market in 2015. Expanding at an over 9% CAGR from 2016 through 2024, the market for personal mobility devices in the region is expected to account for a nearly 26% of the global market by 2024. Rising awareness about the vast variety of highly efficient products available in the market, easy availability of products at affordable prices, and a promising regulatory scenario for the procurement of a variety of essential medical devices will be the key drivers of the Asia Pacific personal mobility devices market.

The market features a consolidated competitive landscape in developed economies. However, in developing regions, it is highly fragmented and is speckled with a large number of small and medium-sized companies. Some of the key vendors operating in the global personal mobility devices market are Argo Medical, Invacare Corporation, ArjoHuntleigh, Stryker Corporation, Amigo Mobility International, Inc., Drive Medical, GF Health Products, Inc., Hill-Rom Holdings, Inc., Pride Mobility Products Corporation, Ottobock Healthcare, Permobil AB, Patterson Companies, Inc., and Sunrise Medical LLC.

Companion Diagnostics Market Responds to Impressive Progress in Medicine and Healthcare

Due to the dominance of the top three players in the global companion diagnostics market, the nature of the market is highly oligopolistic, says Transparency Market Research in a new study. The leading companies operating in the market are focusing on protecting their patent rights to retain exclusivity. The top three companies in the companion diagnostics market are Roche Holdings followed by Qiagen N.V., and Agilent Technologies. Together they comprise approximately 80.4% of the overall global market in 2012.

In order to rake in a greater share of revenues, many small and large players are competing to co-develop companion diagnostics by collaborating with pharmaceutical manufacturers. In this regard, companies are also seeking defensive patents for their technology, products, and tests to restrain other companies from the usage of their exclusive tests.

Regulatory Changes to Ensure Adoption of Companion Diagnostics

Companion diagnostics include two types of tests namely tests which are developed along with target drugs and the other developed after the commercialization of drugs. Companion diagnostics combined with targeted therapeutics are being seen as a major breakthrough in the personalized medicine field. Companies operating in the companion diagnostics market are seeking an effective growth strategy in the development of this concept drug-diagnostic interaction as the healthcare sector is shifting its focus towards personalized medicine.

According to TMR analyst, the implementation of well-structured regulatory policies will help in the development of effective companion diagnostics leading to a growth in the market. As a result of the FDA guideline in the U.S. regarding the approval of targeted therapeutic along with its companion drug, two targeted therapeutics, one of Abbott Laboratories and the other of Roche Holdings, were approve along the line. Currently, various regulatory agencies around the world are in support for the use of companion diagnostics for the development and commercialization of prescription drugs used in targeted therapeutics. Thus, the change in regulatory policies is expected to boost the adoption of companion diagnostics globally.

Rising Influence of Advocacy Groups and Clinical Societies to Negatively Affect Demand for Companion Diagnostics

As the companion diagnostics field is still in its infancy, the opinions of various institutions, organizations, societies, and groups have a deep impact on the acceptance of these diagnostics.

The opinions and reviews of clinical societies and advocacy groups are likely to influence the end users leading to hampering the sales and acceptance of companion diagnostics. However, many clinical societies and advocacy groups also promote the use and acceptance of these tests.

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Demand for Companion Diagnostics in Treating Wide Range of Diseases to Help Vendors Expand Business

The expansion of companion diagnostics into new areas such as oncology, CNS disorders, infectious diseases, and metabolism disorders has provided the companies of companion diagnostics with new growth opportunities. Different pharmaceutical and diagnostics companies are investing in the development of companion drugs and due to the expansion in the application scope, these companies are expected to gain substantial growth opportunities.

The global companion drugs market is expected to grow at 18.1% CAGR from 2013 to 2019 to reach US$5.58 bn by 2019. The market was worth US$2.80 bn in 2015. North America is projected to dominate the market until 2019 with a market worth US$2.18 bn, followed by Europe. The breast cancer companion diagnostic segment is estimated to lead the global market in terms of indication by 2019 with a market worth US$2,531.4 mn.

The review has been based on the findings of a TMR report titled, “Companion Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”