Interventional Radiology Market - Latest Innovations, Drivers, Restraints, Challenges and Forecast 2016 - 2024

The global interventional radiology market features a largely consolidated competitive landscape, with the top five players accounting for around 60% of the market in 2015, observes a recent report by Transparency Market Research. These top five vendors, namely Philips Healthcare, Hitachi Medical Corporation, GE Healthcare, Toshiba Medical Systems Corporation, and Siemens Healthcare lead the global market owing to diversified product portfolios, extensive geographical presence, and acquisition strategies. Strong new product development capabilities have also worked in the favor of these companies over the years. With launch of innovative equipment such as the interventional x-ray equipment varieties EchoNavigator, Allura 3D, and FlexVision, these companies are expected to retain their dominance in the next few years as well.

Transparency market Research (TMR) states that the global interventional radiology market was valued at US$13.8 bn in 2015 and is expected to expand at a CAGR of 5.8 % over the period between 2016 and 2024. If the prediction holds true, the market is expected to reach US$22.9 bn by 2024. Of the key applications of interventional radiology, the segment of embolization presently dominates and held a nearly 24% of the market’s overall valuation in 2015. From a geographical perspective, North America dominated, acquiring a nearly 38% of the global market in 2015.

Rising Prevalence of Chronic Diseases and Mounting Global Population of Geriatrics Key to Market Growth

Busy lifestyles, lack of physical activities, and unhealthy habits such as smoking and poor diet are resulting in an epidemic of obesity, associated cardiac conditions, and several other chronic diseases. Chronic diseases are one of the leading causes of mortality and disabilities across the world. The increasing incidence of such conditions is expected to one of the foremost causes of the rising demand for interventional radiology procedures during the forecast period. Moreover, the evolution of new techniques such as optical coherence tomography (OCT) as well as fractional flow reserve (FFR), which is used for stenting patients with multi-vessel disease, are likely to increase the global adoption of interventional radiology techniques over the forecast period.

In addition to these factors, the rising global population of geriatrics is also expected to be one of the key factors driving the global interventional radiology market over the forecast period. Aging is associated with a large number of diseases and disorders. A majority of the geriatric population suffers from cardiovascular, neurological, and orthopedic disorders. The rising number of elderly individuals, therefore, is expected result in the increased demand for surgical interventions or acute care services in the near future.

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Lack of Encouraging Reimbursement Policies to Deter Adoption across Several Economies

Several countries on a global front have very limited or almost no reimbursement for intervention radiology products or procedures. Across several key developing economies such as Brazil and India, there has been a reduction in the already low reimbursement for procedures such as angioplasty and products such as cardiac stents owing to the high cost of the surgery and equipment of late. The situation is likely to hamper the growth of the intervention radiology market in the next few years.

In addition to this factor, the global interventional radiology market is also expected to be hampered owing to the high excise duties levied on the manufacturers of medical devices globally. The reduction in the profits of manufacturers owing to such taxes reflect in the increased costs of interventional radiology equipment, adding to the already high cost of procedures.

This review of the market is based on a recent market research report published by Transparency Market Research, titled “Interventional Radiology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”

Orthopedic Braces & Support, Casting & Splints Market is projected to expand at a CAGR of 6.4% till 2024

The global orthopedic braces and support, casting, and splints market is highly fragmented and is marked by the presence of a large number of international as well as local players. Distributors around the world are collaborating with small manufacturers to offer off-label products with a high profit margin, notes Transparency Market Research.

“Technological advancements and product diversity are the two key growth strategies adopted by players in this market,” the author of the report notes. For instance, in May 2015, BSN Medical GmbH launched six new wound care products, of which, three are based on the company’s dialkyl carbamoyl chloride (DACC) technology. These new products have contributed significantly to the company’s annual revenue.

The global orthopedic braces and support, casting, and splints market was valued at US$4.6 bn in 2015 and is projected to expand at a CAGR of 6.4% from 2016 to 2024 to reach US$7.9 bn by 2024.

Orthopedic Braces and Support Segment to Register Strong Y-o-Y Growth through 2024

In terms of product, the orthopedic braces and support, casting, and splints market is led by the orthopedic braces and support segment, accounting for a 58.4% share by 2024. Companies are consistently working on new materials and technologies in order to develop braces that are as per the requirements of the patient. This is expected to enable the orthopedic braces and support segment to register the highest year-on-year growth over the course of the forecast period.

By distribution channel, the orthopedic clinics segment accounted for the major share in the global orthopedic braces and support, casting, and splints market. Accounting for an estimated 37.4% share in 2016, North America dominates the global orthopedic braces and support, casting, and splints market on the basis of geography and is likely to retain its lead throughout the forecast period. The market in Asia Pacific is projected to reflect a CAGR of 7.3% from 2016 to 2024, emerging as one of the most attractive regional segments.

Rise in Geriatric and Obese Population Supporting Demand for Orthopedic Braces & Supports, Casts, & Splints

One of the main factors driving the demand for orthopedic braces and supports, casts, and splints is the reported rise in sports injuries across the globe. This factor is most likely to impact the market for foot and ankle devices in particular. The American Academy of Orthopedic Surgeons (AAOS) states that an estimated 25% of sports injuries are related to lower extremities such as ankle and foot.

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According to the Centers for Disease Control and Prevention (CDC), each year, over 2.6 million children between the ages of 0 and 19 are treated in the emergency department for sports and recreation-related injuries. Serious bone injuries have also been reported among professionals as well as amateur sportsmen, strengthening the demand for orthopedic braces and supports, casts, and splints.

“A continuous growth in geriatric as well as obese population is also a major factor driving the demand for orthopedic braces and supports, casts, and splints,” the lead analyst states. Geriatrics are more susceptible to bone disorders such as arthritis, back pain, and osteoporosis. The same is true for the obese, wherein the accumulation of excessive fat and cholesterol results in the increase in body weight, causing severe pressure on the joints in the lower extremity.

This review is based on the findings of a TMR report titled “Orthopedic Braces & Support, Casting & Splints Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024.”

Defibrillators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019

The report is titled “Defibrillators Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”.Studies state that sudden cardiac arrest leads to more than 300,000 deaths per year in U.S. alone and is also a major cause of deaths across the globe. Defibrillators are used for treating sudden cardiac arrest caused due to pulseless ventricular tachycardia, ventricular fibrillation, and cardiac arrhythmias.The report segments the global defibrillators market based on three major criteria: product type, key end-use segments and key regional markets.

A new research report on the global defibrillators market published by Transparency Market Research states that the market will grow at a modest pace over the report’s forecast period. The market, which was valued at US$9.3 billion in 2012, is projected to grow at an excellent 6.2% CAGR between 2013 and 2019 and reach US$14.2 billion by 2019. The key factors driving the market’s growth are the rising global incidence of cardiovascular diseases and disorders, ageing population of baby boomers in the U.S., growing preference for installation of automated external defibrillators (AEDs) at workplaces by many businesses, and rising demand from emerging economies of Asia Pacific and the Middle East.

Based on the type of defibrillator, the report further segments the market into automated external defibrillators (AEDs), advanced life support (ALS) defibrillators, wearable defibrillators, and implantable cardioverter defibrillators (ICDs). Amongst these product types, the segment of implantable defibrillator devices acquired the largest share of revenue in the overall defibrillators market in 2012, followed by the segment of advanced life support defibrillators. The rise in ICD implantations across the globe as a precautionary measure towards the prevention of sudden cardiac arrests is a leading factor backing the high global demand for ICDs.According to the various end-use segments of defibrillator devices, the market is segmented into public or community access, homes, business workplaces, hospitals, and emergency medical services. Over the report’s review period, the segment of hospitals led to more than 90% revenue of the market. The number of AED installations at large hospitals and at business workplaces is also projected to rise over the report’s forecast period, leading to a substantial boost to the overall market in the near future.

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Among the key regional markets studied by the report, the market in North America accounted for the largest share of the overall market during the review period. Over the report’s forecast period, however, this market segment is projected to grow at a slower CAGR of 5.7%. The global market is expected to achieve a boost from the Asia Pacific and Middle East regions.

The competitive landscape of the global defibrillators market is consolidated and features a very small number of large players. Some of the key businesses operating in the market include Boston Scientific Corporation, Medtronic, Inc., Biotronik SE& Co.KG, HeartSine Technologies Inc., Defibtech LLC, Philips Healthcare, GE Healthcare Ltd., Nihon Kohden Corporation, Zoll Medical Corporation, and St. Jude Medical Inc.

A brief review of Canada Home Healthcare Market

Canada home healthcare market represents a wide range of home medical devices and services to support patients with chronic disease conditions. The risk and prevalence of chronic and lifestyle related diseases are constantly increasing in Canada which would drive the acceptance of home medical devices and services, consequently leading to the growth of the market. Moreover, changing demographics in Canada further supports the growth of Canada home healthcare market. Statistics Canada projected that around 5 million people in Canada were aged over 60– 65 years in 2011 and the number is expected to double in the next 25 years (10.4 million). Such change in demographics will shift a substantial portion of population to the higher risk level for illnesses that demand continuous medical intervention. Thus, this factor would in turn increase the utilization of home healthcare devices and services hence driving the market growth. Moreover, advancement in technologies, increasing sedentary lifestyle and growing preference for alternatives to hospital based long-term care also supports the Canada home healthcare market growth. However, high costs coupled with strict regulatory environment restraints the market growth. The Canada home healthcare market is estimated to be USD 10,449.1 million in 2013 and is expected to reach USD 18,939.9 million by 2020, growing at a CAGR of 8.9% from 2014 to 2020.

The Canada home healthcare market has been studied from three perspectives: by device types, by services and by provinces. Based on device types, the market has been segmented into four categories: diagnostic and monitoring devices, therapeutic home healthcare devices, home mobility assist devices and medical supplies. Among these, diagnostics and monitoring devices are accounted for the largest market, capturing over 30% of the total Canada home medical devices market in 2013. Efforts of the Canadian government to increase awareness about hypertension, diabetes and sleep apnea management through home monitoring drives the growth of diagnostics and monitoring devices segment. Moreover, home mobility assist devices market segment recorded the lowest revenue in 2013 owing to the low cost of market constituents such as cranes and crutches, walkers and rollators and others.

Based on services, the Canada home healthcare market is categorized into rehabilitation, telehealth and telemedicine, respiratory therapy, infusion therapy and unskilled home healthcare services. In 2013, unskilled home healthcare services market accounted for the largest market and is expected to dominate the market in future. Growing geriatric population coupled with increasing uptake of nonprofessional home care services in Canada helps this segment to grow consistently during the forecast period. Moreover, telehealth and telemedicine services only accounted for 2% revenue of the total home healthcare services market in 2013 but is expected to grow with the highest CAGR of around 11% during the forecast period from 2014 to 2020. Fundamental benefits availed from these services such as high cost-effectiveness, quality health care and access to health care services throughout rural and urban areas supports the growth of the market in Canada.

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In terms of geographic distribution, the Canada home healthcare market has been segmented into four provinces i.e. Ontario, Quebec, Alberta and Rest of Canada. The Ontario home healthcare market in 2013 accounted for the largest market share due to high demand for home healthcare devices and services. Moreover, consistent rise in geriatric population and favorable government policies propels the growth of home healthcare market in Ontario. Followed by Ontario, Rest of Canada turned out to be the second largest market due to increasing number of obese population over the last few years. The Canada home healthcare market in Quebec is expected to grow at the highest CAGR of 9.2% from 2014 to 2020. The growth of this province is mainly attributed to the large population base and increasing incidence rate of chronic diseases.

The Canada home healthcare market is fragmented in nature, having presence of large number of small scale and large scale home medical device and services providers. Some of the prominent home healthcare devices and service providers in the Canada home healthcare market are Johnson & Johnson, Omron Healthcare, 3M Healthcare, GM Healthcare, We Care Health Services, The Canadian Home Care Association, Home Care Ontario and others.

Asia Pacific Transcatheter Embolization and Occlusion Devices Market to expand at Impressive CAGR during Forecast Period: Transparency Market Research

Transparency Market Research (www.transparencymarketresearch.com) has published a new market report titled, “Transcatheter Embolization and Occlusion Devices Market: (Product Type – Embolization Coils, Coiling Assist Devices, Embolization Particles, Flow Diverter Devices, Liquid Embolics, and Accessories; Application – Peripheral Vascular Disease, Neurology, Oncology, Urology, and Others; End-user – Hospitals, Ambulatory Surgical Centers, and Clinics) – Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast, 2016–2024”. According to the report, the transcatheter embolization and occlusion devices market is projected to reach US$ 4,811.2 Mn in 2024 at a CAGR of 7.9% from 2016 to 2024.

The report provides detailed analysis of the current and emerging trends in the transcatheter embolization and occlusion devices market. The market size has been provided for product type, application, and end-user. Geographically, the market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Increase in adoption of minimally invasive surgeries due to technological innovations and rise in cancer prevalence is projected to drive the transcatheter embolization and occlusion devices market.

North America accounted for a major share of the transcatheter embolization and occlusion devices market in 2015 due to presence of major market players in the region. Most of the major players operating in the region have made a series of strategic acquisitions, which contributes to the increase in their market share. Increasing cancer prevalence in the region is the one of the key factors contributing to the growth of market. According to the American Cancer Society, over 1,658,370 new cancer cases were diagnosed and 589,430 cancer deaths reported in the U.S. in 2015. Well-established reimbursement policies by private or public organization for TEO devices is a major factor increasing the adoption of these devices in the region.

Europe was the second largest market for transcatheter embolization and occlusion devices in 2015 due to increasing adoption of minimally invasive procedures for treatment. Embolization procedures have fewer side effects due to their minimal invasive nature and faster wound healing process. Rising awareness among the patients regarding embolization procedures and its associated benefits such as short hospital stay and fast healing process also contributes to market growth. Technological innovations and significant product launches also drive the market in the region.

Asia Pacific is expected to expand at a high CAGR during the forecast period from 2016 to 2024. Large patient pool and rising awareness about transcatheter embolization procedures in the region are the key growth factor of the TEO devices market. The booming medical tourism driven by rising government support and incorporation of different schemes by government to avail better treatment for patients is also expected to propel the market in the region. Increase in the number of localized manufacturers and strengthening of distribution network in Asia Pacific due to growing economy offer significant benefits for market players regarding investment purpose. Moreover, increase in neurovascular diseases and rise in cancer prevalence in countries in Asia Pacific are projected to propel the market.

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Brazil dominated the TEO devices market in Latin America in 2015 and will be the focus area for market players due to large investments by government in health care infrastructure. Rising awareness among physicians about embolization and its benefits is anticipated to drive the TEO devices market in the region.

Middle East & Africa accounts for negligible share of the global transcatheter embolization and occlusion devices market due to low availability of treatment options and lesser awareness among the people. However, global players have been entering Middle East & Africa through various distribution agreements to enhance the reach of their products and to establish their foothold in the region.

Key players operating in the global transcatheter embolization and occlusion devices market include Medtronic, Cook Medical, Terumo Corporation, Boston Scientific, Johnson & Johnson (DePuy Synthes), and Abbott Laboratories.

Urinalysis Market Shifts to High Gear due to Rising R&D by Healthcare Industries

According to a new market report published by Transparency Market Research “Urinalysis Market – (By Product Type – Instruments and Consumables; By Test Type – Macroscopic, Biochemical, and Sediment/Microscopic; By Test Settings – Point-of-care and Laboratory-based; By End-user – Hospitals, Independent Laboratories, Physician Practices, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014–2024): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024”, the global urinalysis market is anticipated to expand at a CAGR of 5.4% from 2016 to 2024 to reach US$ 1.5 Bn by 2024.

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Diabetes is considered to be the leading cause of kidney failure and end-stage renal disease (ESRD) globally. According to the International Diabetes Federation (IDF), around 338 million people in the world were diagnosed with diabetes in 2014. About 3.2 million people were diagnosed with ESRD in 2015. This has resulted in larger number of patients requiring urine diagnosis and increase in usage of consumables for urinalysis. According to the WHO, diabetes accounted for an estimated 422 million deaths globally in 2014. Rising incidence of renal disease, increasing prevalence of diabetes, and other disorders are the major factors accelerating the growth of the global urinalysis market.

North America dominated the global urinalysis market, accounting for a share of over 30% in 2015. Increasing geriatric population, rapid innovation in technology, and high R&D expenditure are attributed to the growth of the urinalysis market in the region. According to National Kidney Foundation, Inc., 26 million people in the U.S. have kidney disease. These factors collectively drive the urinalysis market in North America.

Europe is a developed market for urinalysis, accounting for a share of over 20% in terms of revenue in 2015. According to the International Diabetes Federation, 387 million people across the globe have diabetes. Europe has the highest prevalence of type 1 diabetes in children. Growing number of patients requiring proper diagnosis is likely to augment the urinalysis market in the next few years. Rising prevalence of chronic diseases in Europe and development of novel laboratory testing methodologies are expected to drive the urinalysis market from 2016 to 2024.

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Asia Pacific accounted for the second largest share of 30% of the urinalysis market in 2015. According to the UN, there are 901 million people aged 60 and above globally. Japan has the largest geriatric population, which is expected to increase in the next few years. The rise in the geriatric population, increasing number of laboratory diagnosis tests and, increasing point of care tests lead to the upswing of urinalysis market. Rapid pace of industrialization and infrastructure development activities, and increased awareness about product safety and quality in countries such as China and India are also expected to spur demand for testing services in the region.

The market in Latin America is projected to expand at a high CAGR during the forecast period from 2016 to 2024. Large population base, high target patient pool, and increasing government initiatives to provide better health care facilities are driving the urinalysis market in Latin America.

Major players in the global urinalysis market are ARKRAY, Inc., Bio-Rad Laboratories, Inc. Danaher Corporation (Beckman Coulter, Inc.), F. Hoffmann-La Roche Ltd., Mindray Medical International Limited, Siemens Healthineers, Sysmex Corporation, and 77 Elektronika Kft.

Global Cell Culture Market to Reach US$11.3 bn by 2022 due to Rising Demand in Stem Cell, Cancer Research

The global cell culture market is currently dominated by three major companies who together hold 52% of the market share. Thermo Fisher Scientific ranks on top with 32.9% of the market share, followed by BD Biosciences and EMD Millipore respectively. BD Biosciences has a strong presence in developed economies such as EU5 nations and U.S. Sigma-Aldrich is also a key player in the cell culture consumables business such as media, reagents, and sera. Corning Life Sciences offers economical platforms as compared to other companies. The report finds that high product differentiation plays a major role in determining the market position of the players. A large number of small players are entering the market too, especially in emerging economies, and the outsourcing of cell culture processes to cell culture companies has also increased the competition.

The global cell culture market was valued at US$6.0 bn in 2013 and is projected to reach US$11.3 bn by 2022, expanding at a CAGR of 7.1% during the forecast period.

Geographically, North America accounted for US$2.2 bn in 2013 and is expected to continue as the primary market for cell culture. Asia Pacific is projected to experience the strongest overall growth rate. By product type, consumables had the most significant demand valuation at US$3.4 bn in 2013 and the pattern is anticipated to continue.

Massive Investments Driving Cell Culture Market

Numerous sectors such as research, bioprocessing and manufacturing, academics, and regenerative medicines use cell culture, which has led to a growing demand for these products. As a result, leading pharmaceutical companies are now focusing on increasing their capabilities into biopharmaceutical manufacturing by entering into alliances with biotech companies. For instance, Thermo Fisher Scientific acquired Life Technologies in February 2014 to establish a stronghold over the cell culture market.

Massive capital investments and specificity of each bio-manufacturing process is leading to a shift toward contract manufacturing and research. Furthermore, the expanding scope of cell culture in areas such as stem cell research is also proving to be a positive influence on the market.

Artificial organs are engineered biological substitutes used to replace the structure and restore the functions of an impaired or diseased organ. The market for artificial organs is projected to expand at a double-digit CAGR during the forecast period. Moreover, the trend toward serum-free, specialty and customized media solutions is expected to boost market growth and the applicability of cell culture technology.

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Demand for Advanced Manufacturing Capabilities to Fulfill Requirements

The process of cell culture is complex and requires monitoring several parameters such as temperature, humidity, nutrients, and toxins. Any deviation from the precise handling technique could have an impact on the efficacy of the end product. These constraints are expected to bottleneck the process of cell culture development and manufacturing.

Moreover, the growth of the cell culture market is also likely to be affected by the development of alternative technologies such as transgenic animals and plants for biopharmaceutical production. Ethical concerns over the use of animal sources is another aspect that may curtail the cell culture market growth.

“Cell culture model systems in drug discovery and drug evaluation is opening up significant possibilities for market growth and 3D cell culture is acting as a future opportunity in in vitro analysis too,” reveals the author of the report.

The information presented in this review is based on a Transparency Market Research report, titled, “Cell Culture Market : Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022.”