Implantable Medical Devices Market will expand at a healthy CAGR of 4.9% over the period between 2016 and 2024

The global implantable medical devices market features a largely consolidated competitive landscape, with the top five companies accounting for a share of more than 50% in 2015, reports TMR in a recent report. These companies, including Zimmer Biomet, Johnson & Johnson, Stryker Corporation, Medtronic plc, Institut Straumann AG, hold sway owing to innovation, rapid introduction of newer and more effective product varieties, and presence across several key regional markets. Being a technology- and research-intensive field, governed by stringent approval regulations, the implantable medical devices market faces a low threat of new entrants in the next few years. However, the introduction of more promising substitutes to traditionally used materials is expected to intensify competition.

Transparency Market Research estimates that the global implantable medical devices market will witness expansion at a healthy 4.9% CAGR over the period between 2016 and 2024. At this pace, the market, which had a valuation of US$32.3 bn in 2015, is expected to rise to US$49.8 bn by 2024. Of the key materials used for manufacturing medical implants, titanium is presently the most preferred but is expected to lose its prominence to other options such as titanium alloys and zirconium. Over the period between 2016 and 2024, the market for titanium implants is expected to expand at a 4.7% CAGR. The markets for titanium alloy implants and zirconium implants are expected to expand at 5.5% and 6.4% CAGR over the same period, respectively.

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Rising Prevalence of Chronic Degenerative Disease and Dental Problems to Stimulate Demand for Implantable Medical Devices Globally

A plethora of factors are boosting the global consumption of medical implantable devices. Some of the chief ones of these are the rising numbers of people suffering from chronic degenerative diseases such as arthritis and cardiovascular issues and the high prevalence of dental problems, which could require orthodontic and periodontics interventions. While busy lifestyles, unhealthy dietary habits, lack of physical activities, and rising geriatric population are triggering chronic health diseases, the rising intake of junk/fast food is leading to the increased incidences of dental issues. Over the next few years, these factors are expected to arise as high-impact drivers of the global implantable medical devices.

Along with these factors, the rising prevalence of a number of congenital diseases and the increased awareness and consciousness regarding body’s appearance, and the alleged boost to self-esteem that cosmetic surgeries bring, have also been underlined as the key drivers of the global implantable medical devices market. The increased awareness regarding body aesthetics has given a huge boost to the market for dental surgeries involving implantations, thus driving the global implantable medical devices market.

Concerns Regarding Corrosion, Developments in Surgical Field Threaten to Hurt Demand for Conventional Implants

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Studies have demonstrated that implants made from materials such as nickel and chromium are prone to corrosion and can trigger cancers. Implants made from cobalt alloy are known to pose risks to human health owing to in vivo ion release; polyethylene implants could be a potential trigger for bone lysis and localized tissue ruptures. Owing to the potential health issues that many varieties of implants cause, patients are more prone to opt for other alternatives. Along with this, the vast developments in the surgical field could also stimulate the consumer to prefer surgeries that promise minimal risk to health.  

Moreover, the high costs of medical implants and the concerns regarding post-implantation infections, which may add to the overall cost of implanting a medical device in the body, are also restraining the overall growth prospects of the global implantable medical devices market to a certain extent.

This review is based on a recent report by Transparency Market Research, titled “Implantable Medical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024.”

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Cardiac Rhythm Management Devices Batteries Market: Emphasis on Improving Batteries Bodes Well for Global Market

Global Cardiac Rhythm Management (CRM) Devices Batteries Market: Snapshot

As the availability of safer and cheaper lithium batteries is increasing, the global market for cardiac rhythm management (CRM) devices batteries is likely to attain new heights. CRM devices are designed to improve the health of patients with either too fast or too slow heartbeats. These devices are placed in the chests of patients suffering from arrhythmias or irregular heart rhythms. When a patient suffers from arrhythmias for too long, his/her heart cannot pump enough blood to the body, resulting in emergency situations, and even death. As these devices are powered by batteries, the demand for these devices will reflect in increased demand for these batteries.

According to the findings of Transparency Market Research (TMR), the global market for CRM devices batteries was valued at US$397.3 mn in 2015. The market is expected to expand at a CAGR of 3.0% between 2015 and 2024, reaching US$518.4 mn towards the end of 2024.

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North America, Asia Pacific to Emerge as Key Markets

North America holds a strong position in the market presently, by virtue of its highly developed healthcare infrastructure and greater incidence of arrhythmias. The  rising number of CRM implants is the prominent factor boosting the market for CRM devices batteries in this region. According to the findings of the U.S. CDC, nearly 750,000 hospitalizations each year in the U.S. are attributed to atrial fibrillation, the most common form of arrhythmia. The mortality rate associated with this condition was 130,000 deaths every year. The 2014 study also highlighted that as many as 2.7 to 6.1 million American citizens had atrial fibrillation. As a result, the number of CRM devices implants are slated to increase even further.

Asia Pacific is another region with great potential. The increasing healthcare expenditures of governments, growing per capita incomes of the middle class, and high prevalence of heart diseases, and growing awareness about heart diseases has been driving the market in Asia Pacific. Moreover, the development of highly efficient, technologically advanced CRM devices has been scooping out more demand. The increasing prevalence of cardiovascular diseases and sudden cardiac arrests will ensure that the demand for these products will continue to grow in China and India.

Technological Advancements to Ensure Greater Demand for ICDs and ICPs

Based on product type, the global market for CRM devices batteries has been segmented into cardiac resynchronization therapy devices, implantable cardiac pacemakers, and implantable cardioverter defibrillator. Implantable cardioverter defibrillator (ICD) is a device that records the heart rate of patients. The ICD is connected to the chambers of heart via two thin wires. As the heart beats, electric signals are sent to the ICD. As soon as an abnormal heartbeat is detected by this device, it aids the heart restore its normal pace. Cardiac defibrillation uses an electric shock to do this.

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An implantable cardiac pacemaker (ICP), on the other hand, is a small device that assists the heart to produce more regular heartbeats with the help of a small electric stimulation. Both of these devices are typically placed under the skin of chest, below the collarbone. A cardiac resynchronization therapy device can be a half-dollar sized pacemaker that ‘resynchronizes’ the heart. As these devices improve the blood flow and efficiency of the heart, several heart patients suffering with moderate to severe symptoms are using these devices.

The efforts of ongoing research and development projects will come to fruition, producing next-generation CRM devices with efficient batteries. The batteries used in the aforementioned devices are expected to undergo significant transformations and upgrading, thereby accelerating demand.

Some of the major companies operating in the global market for CRM devices batteries are EaglePicher Technologies, Boston Scientific Corporation, BIOTRONIK SE & Co. KG, Greatbatch, Inc. (Integer), Quallion LLC, Medtronic, and St. Jude Medical, Inc.

Ventricular Assist Device Market Outlook Key Analysis and Forecast by 2024

North America Ventricular Assist Device Market: Snapshot

The market for ventricular assist devices (VAD) in North America has exhibited an excellent rate of growth and the rate of adoption of these devices continues to remain strong. Several factors are responsible for the rising demand for ventricular assist devices in the region, with the chief ones being the rising rate of incidence of cardiovascular diseases and the vast pool of patients awaiting donor hearts for transplant.

It is estimated that advance heart failure affects nearly 2.3% of the total population of North America and is a major socioeconomic burden. The rise in the region’s geriatric population, which is a demographic more susceptible to heart failures, the rising population of smokers, strong focus on R&D activities aimed at the development of more effective devices, and favorable government initiatives are also driving the market for ventricular assist devices in the region.

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Transparency Market Research states that the market will exhibit a promising 9.20% CAGR over the period between 2016 and 2024, rising from a valuation of US$0.49 bn in 2015 to US$1.07 bn by 2024.

LVADs to Continue Amass Maximum Share in North America VAD Market

The key ventricular assist devices in the North America market include bi-ventricular assist devices (Bi-VADs), left ventricular assist devices (LAVDs), right ventricular assist devices (RVADs), and total artificial hearts (TAHs).

Of these, the segment of left ventricular assist devices has been witnessing a relatively higher demand for ventricular assistance in the North America market. The trend is expected to remain strong over the next few years, with the segment expected to exhibit a promising 9.6% CAGR over the period between 2016 and 2024. The segment of total artificial hearts is also expected to exhibit growth at a promising pace over the said period as technological advances allow the development of products with excellent operational capability. The increasing availability of such products is leading to their increased use as a bridge to transplant and in destination therapy.

Increased R&D Activities and Awareness to Help U.S. Retain Dominance

From a geographical perspective, the ventricular assist devices market has been examined for the U.S. and Canada. Of these, the U.S. accounted for over 80% of the overall market in 2015 and is expected to continue to account an equally significant share over the next few years as well. The U.S. market is expected to retain its dominance owing to the presence of some of the North America and global market’s leading companies, a significant rise in new research and development activities, and increased patient awareness about the variety of products available in the market to effectively manage a number of heart disease.

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The Canada market presently accounts for a relatively meagre share in the North America ventricular assist devices market but is expected to witness growth at a steady pace in the next few years. The rising rate of incidence of cardiovascular diseases and a favorable reimbursement picture are expected to fuel the market for ventricular assist devices in the country in the next few years. Moreover, the market in Canada is also expected to benefit from the low intensity of competition in the vendor landscape, which makes the country a promising investment ground for companies aspiring to enter into the field of ventricular assist devices.

The highly competitive market for ventricular assist devices in North America features vendors such as Abiomed, Berlin Heart GmbH, Sunshine Heart Inc., St. Jude Medical, SynCardia Systems LLC, and Heart Ware International Inc. To gain a larger share in the market, companies have relied upon strategies such as product innovation and strategic alliances with new vendors and companies with technological prowess.

Latex Medical Disposables Market: Business Challenges, Emerging Technologies & Competitive Landscape

Latex Medical Disposables Market: Snapshot

The global latex medical disposables market has witnessed significant growth over the last decade primarily owing to the urgent need for infection control. The demand for latex medical disposables is not just limited to super specialty hospitals but has, of late, expanded to rural hospitals and clinics.

The opportunity in the global latex medical disposables market is expected to amount to US$6.4 bn by 2024, rising from a value of US$4.1 bn in 2015 at a modest CAGR of 4.9% therein. The growth in this market can be attributed to an expanding medical tourism industry across developing countries, vigorous growth of the healthcare sector, rising focus of the government toward the medical devices market, and growing healthcare awareness among the population.

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Hospitals Emerge as Leading End User of Latex Medical Disposables

By product, latex gloves emerged as the leading segment of the latex medical disposables market, accounting for a 60.4% share in terms of revenue in 2015. Latex foley catheters and latex probe covers also show significant scope for growth and the trend is likely to continue through 2024.

The key end users latex medical disposables include hospitals (private and public), ambulatory surgical centers, clinics, and diagnostic centers. Hospitals formed the dominant segment in terms of revenue in 2015, attributed to a significantly high demand. The consumption of latex medical disposables is high in hospitals because of the increased number of procedures carried out and the growing preference of patients toward public and private hospitals. The hospital segment is expected to account for a 28.7% share in 2024, closely followed by diagnostic centers.

Developing Markets of Asia Pacific and Latin America Show Immense Promise

North America leads the global latex medical disposables market and factors such as the increasing geriatric population and the introduction of new material variants by global players for the betterment of healthcare professionals can be attributed to the region’s dominance in the global market. In addition, a rise in infection control awareness has played a vital role in increasing healthcare expenditure in the region. The U.S. accounts for a major share in the North America as well as worldwide latex medical disposables market.

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Europe is also a prominent contributor to the global latex medical disposables market due to a well-established healthcare network in the region. The demand for latex disposables is increasing owing to the rising number of ambulatory surgical centers as well as their growing use in home-care settings. Despite the ongoing debate about latex allergies, the size of this market is likely to expand during the course of the forecast period.

The Asia Pacific latex medical disposables market is projected to expand at the fastest CAGR during the forecast period, with China as its lead contributor. Increasing population and consumption of latex products in the country is expected to provide lucrative opportunities for global players. Moreover, a rise in the demand for other latex products such as probe covers and foley catheters in Japan and India is likely to complement the growth of the latex medical disposables market in Asia Pacific.

Players in the latex medical disposables market have been focused on strengthening their presence in Latin America due to the rising number of private hospitals in Brazil, Mexico and other countries in the region.

Key players in the latex medical disposables market include B. Braun Melsungen, Medtronic plc. (Covidien), C.R. Bard, Ansell, Hartalega Holdings Bhd., Top Glove Corporation, Supermax Corporation Berhad, and Dynarex Corporation.

Pharmaceutical Hot Melt Extrusion Market is Expected to Be Biggest Emerging Market by 2024

According to a new research report by Transparency Market Research (TMR), the degree of competition in the global pharmaceutical hot melt extrusion market is very high. The presence of a large number of participants characterizes the market, which demonstrates a fragmented landscape. Led by Leistritz AG, Milacron Holdings Corp., Xtrutech Ltd., Coperion GmbH, and Gabler GmbH & Co. KG, the market is expected to continue with intense rivalry between them in the near future. The leading players are likely to invest heavily in R&D initiatives over the years to come, in order to meet the demand of consumers by offering innovative products, states the report.

TMR estimates the opportunity in the global market for pharmaceutical hot melt extrusion, which was worth US$26.6 mn in 2015, to expand at a CAGR of 3.90% between 2016 and 2024 and reach a value of US$36.4 mn by the end of the period of the forecast. During the same period of time, the market volume is anticipated to swell at a CAGR of more than 4.7%, boosting the market significantly. Twin screw extruders have emerged as the most valued products in this market and is predicted to continue to enjoy a high demand over the forthcoming years.

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On Backdrop of Large Pool of Leading Players, North America to Retain its Lead

The worldwide market for pharmaceutical hot melt extrusion boasts of a widespread presence across North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. In this research report, a regional analysis of this market has also been provided to the readers. According to the study, North America led the global market with a share of nearly 38% in 2015. Researchers predicts this regional market to maintain its dominance throughout the forecast period, thanks to the presence of a large pool of established players, especially in the U.S.

The Europe market for pharmaceutical hot melt extrusion has also been witnessing steady growth and is predicted to continue doing so in the near future on account of the increasing demand for improved medical equipment and the growing adoption of extruders. Asia Pacific, However, will present the most lucrative growth opportunities for players in this market over the forthcoming years, thanks to rising number of research and development initiatives and the improving situation of the healthcare facilities in emerging economies, such as China, India, and Japan. The heightening standard of medical and healthcare infrastructure and the increase in government initiatives is also expected to impact this regional market in the forthcoming years.

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Rising Awareness among Consumers to Reflect Positively on Demand for Pharmaceutical Hot Melt Extrusion

According to an analyst at TMR, “the rising awareness regarding the benefits hot melt extrusion offers over traditional processing techniques, is the key factor behind the significant growth of the global pharmaceutical hot melt extrusion market.” The operating parameters in hot melt extrusion can be easily changed, the segmented screw elements allow agitator designs to be easily optimized to suit a particular application, and the die plates can also be easily exchanged to alter the extrudate diameter. All these characteristics are having a positive influence on the demand for pharmaceutical hot melt extrusion, leading to a significant rise in this market. However, the rising concerns over the quality and the non-compliance of regulatory requirements may limit the growth of this market to some extent over the next few years, notes the research study.

The study presented here is based on a report by Transparency Market Research (TMR), titled “Pharmaceutical Hot Melt Extrusion Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”

Pulmonary Drug Delivery Devices Market size and Key Trends in terms of volume and value 2016-2024

Global Pulmonary Drug Delivery Devices Market: Snapshot

The global market for pulmonary drug devices has gained substantially over the last few years and, with the alarming rise in the air pollution leading to the increased incidence rate of respiratory disorders, it is likely to maintain its growth at a high pace in the years to come. The increasing number of smokers across the world is also adding to the rising pool of the patients suffering from chronic obstructive pulmonary diseases (COPD), consequently benefitting the worldwide pulmonary drug delivery devices market considerably.

Going forward, the market is expected to gain significant momentum over the next few years due to the increasing research and development activities in asthma and COPD treatments. However, various regulatory hurdles and the patent expiry of blockbuster drugs may restrict the growth of this market to some extent in the near future.

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The global market for pulmonary drug devices presented an opportunity worth US$32.2 bn in 2015. Propagating at a CAGR of 3.30% during the period from 2016 to 2024, the market is likely to attain a value of US$43.05 bn by the end of 2024.

North America and Europe to Continue to Lead Global Pulmonary Drug Delivery Devices Market

Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa are the main regional markets for pulmonary drug delivery devices. Of these, North America has acquired the top position and is followed closely by Europe. The increasing prevalence of COPD is the key factor behind the growth of these regional markets. Analysts expect both the markets to retain their position over the forthcoming years, thanks to the technological advancements in pulmonary drug delivery devices. The U.S. and Canada have surfaced as the key domestic markets in North America, whereas, the Europe market for pulmonary drug delivery devices is led by Germany.

On the other hand, the pulmonary drug delivery devices market in Asia Pacific, Latin America, and the Middle East and Africa are likely to present great opportunities to manufacturers in the near future due to the high incidence rate of respiratory disorders. The growing awareness among consumers and their increasing disposable income are also projected to drive these markets over the next few years.

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Demand for Pulmonary Drug Delivery Devices to Remain High among Asthma Patients

Pulmonary drug delivery devices find a widespread application in the treatment of asthma, COPD, and cystic fibrosis. Among these, the demand from the asthma segment is much higher than others and is likely to remain so over the next few years, thanks to the robust pipeline of drugs for the treatment of asthma.

Some the key players operating in the global market for pulmonary drug delivery devices are Boehringer Ingelheim GmbH, Novartis AG, GlaxoSmithKline Plc, AstraZeneca Plc, Teva Pharmaceutical Industries Ltd., Merck & Co. Inc., MannKind Corp., Bristol-Myers Squibb Co., Mylan N.V., Omron Corp., F. Hoffmann-La Roche Ltd., 3M Healthcare, Sunovion Pharmaceuticals Inc., Koninklijke Philips N.V., Gerresheimer AG, Bespak, AptarGroup Inc., SHL Group, Nypro Healthcare Inc., Hovione, and Chiesi Farmaceutici S.p.A.

Prostate Cancer Therapeutics Market: Industry Players Shifting Focus towards Developing Economies

Global Prostate Cancer Therapeutics Market: Snapshot

Prostate cancer is a serious health issue among men and has a large socioeconomic impact on the society. It is the most common cancer diagnosed among men in developed regions, while it is the fourth-most common cancer diagnosed globally. Routine screening, early diagnosis, and recent treatment options have enabled increased survival of prostate cancer patients. Prostate cancer is an abnormal and uncontrolled growth of cells in prostate gland of a male individual.

Approximately 75% of prostate cancers are developed sporadically, in which genetic changes occur after birth. Although, the real cause of prostate cancer is largely unknown, some of the prime factors associated with the disease include obesity, overweight, and past history of certain cancers. The global prostate cancer therapeutics market was valued at US$8.78 bn in 2015. Rising at a CAGR of 8.1% between 2016 and 2024, the market is expected to reach US$17.53 bn by the end of 2025. The overall market is segmented on the basis of therapy type, and distribution channel segments.

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Hormone Therapy to Remain Dominant Segment Based on Therapy Type

Based on therapy type, the global prostate cancer therapeutics market is segmented into hormone therapy, chemotherapy, biologic therapy, and targeted therapy. Of these, the hormone therapy segment dominated global prostate cancer therapeutics market with a share of 82.7% in 2015. Hormone therapy offers excellent efficacy in castration resistant prostate cancer patients, which is a chief factor fuelling its demand in the treatment of prostate cancer patients. The dominance of the segment is thus forecast to remain unaffected through the forecast period.

Besides this, the targeted therapy segment is anticipated to gain market share during forecast period due to expected new product launches in this segment. The biologic therapy segment is expected to have a moderate market share and is likely to expand with a high CAGR during the forecast period due to introduction of novel therapy products in prostate cancer therapeutics market and increase in prevalence of prostate cancer globally.

Based on distribution channel, the global prostate cancer therapeutics market is segmented into hospital pharmacy, online sales, retail pharmacy, and others. Of these, the hospital pharmacy segment emerged dominant in 2015. The segment is gaining momentum on account of the rising incidence of prostate cancer around the world and advancements in diagnosis techniques. As an increasing number of patients seek medical care in hospitals, the hospital pharmacy segment will witness accelerated pace of gains in response. In addition, the online sales segment is forecast to witness significant growth over the forecast period. This segment will gain from the rising use of mobile based applications for placing online orders for medicines.

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North America and Europe Cumulatively Hold Leading Market Share

Regionally, North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa constitute the key segments in the global prostate cancer therapeutics market. Among these, North America and Europe cumulatively held the leading market share in 2015. This trend is likely to continue through the forecast period. While in 2015, North America emerged dominant holding a marginally higher share of 39.8% as compared to Europe, in the coming years the table is expected to turn in favor of Europe.

The rising diseased population and a sophisticated healthcare infrastructure will support growth of the prostate cancer therapeutics market in North America and Europe. Besides this, Asia Pacific and Latin America are expected to emerge as promising market owing to the increasing awareness about prostate cancer and the available treatment and diagnosis options. The rising healthcare spending will also support the market’s expansion in Asia Pacific and Latin America.

Pfizer, Inc. dominated the global prostate cancer therapeutics market in 2015. Major factors attributed to its dominance are acquisition of leading brand, and widespread market presence. Other players in the global prostate cancer therapeutics market include Amgen, Inc., Johnson & Johnson (Janssen Biotech, Inc.), AstraZeneca, AbbVie, Inc., Bayer AG, Ipsen Group, Sanofi, Endo Pharmaceuticals, Inc., Dendreon Corporation (Sanpower Group Co. Ltd.) and others