The global medical laser systems market is expected to reach USD 12.5 billion by 2022, according to a new report by Grand View Research, Inc. Rising demand for minimal and non-invasive procedures by patients is anticipated to be the most impact rendering driver of the market.
Increasing application of these systems for diagnostic purposes, rising geriatric population base, propelling demand for cosmetic surgeries and technological advances in pre-existing laser systems are vital factors driving the demand of this market.
Medical laser systems are being prominently applied in various branches of biology such as urology, cardiology, ophthalmology etc for the purpose of diagnosis, disease management and prevention. Augmenting cases of these disorders is expected to positively impact market growth over the forecast period.
Solid state lasers are anticipated to grow at the fastest rate during the forecast period due to higher reliability, smaller compact designs, lowered cost of purchase and prolonged life span of the systems. Diode lasers are expected to hold a significant market share owing to the introduction of next generation Optically Pumped Semiconductor Lasers (OPSLs) that provide unmatched electrical efficiency.
North America medical laser systems market, by product, 2012-2022, (USD Million)
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- Solid state lasers are expected to grow at the fastest rate of over 10% during the forecast period due to technological advances and increasing application in diagnostic field. Neodynium Yttrium Aluminum Garnet (Nd:Yag) and Potassium titanyl phosphate (KTP) are expected to drive growth over the forecast period.
- On the basis of application segments, urology, cardiology and gynecology are expected to be the top contributors of the medical laser systems market. Statistics provided by the WHO estimate that over 17.5 million people annually are reported with chronic cases of cardiovascular disorder that require surgical follow-up.
- North America held over 35.0% of the market in 2014 due to rising disposable income, rising geriatric population base coupled with increasing cases of age-related disorders and conditions.
- Asia Pacific is anticipated to witness lucrative growth and capture over 25.0% share of the global market by 2022. Rising disposal income, increasing awareness and volume of cosmetic surgeries, increasing incidences of diabetic retinopathy, rheumatoid arthritis and dental caries are key drivers for the medical laser systems market growth within the region.
- Eminent players of this market include IRIDEX Corp., Lumenis Ltd., Syneron-Candela, Photomedex Inc., Spectranetics Corp., Biolase Inc., Bioform Medica Inc., biolitec, and Cutera.
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Global tissue engineering market is expected to reach USD 11.53 billion by 2022, according to a new report by Grand View Research, Inc. The demand for tissue engineering is expected to upsurge owing to the shift of focus from stem cell therapies to immunocelluar therapies. Moreover, companies such as Caladrius and Celyad changed their names from Cardio3 Bio NeoStem respectively to reflect their focus on immunotherapies.
The market is also experiencing industry-academia collaboration to make the commercialization of viable cell therapies possible. In July 2015, Fate Therapeutics, Inc. collaborated with theUniversity of Minnesota to research on Natural Killer (NK) therapeutics, which can detectand kill the malignant cells. The research is expected to accelerate with the use of programmed therapeutics by Fate Therapeutics.
With the technological advancements, researchers are working upon custom-made body parts with the aid of biomaterials and bio 3D printing. The demand for orthopedic implants is continuously growing; however, there is a gap between the demand and supply. To address such issues, researchers are experimenting with ways to find out alternatives, which use in-vitro testing and humane substitutes.
Investigators are working on ways to develop 3D printed organs, which can offer low-cost implantation. This step can revolutionize the 3D printing industry, but many hurdles such as donor availability, technologically-advanced 3D printers, and financial barriers have to be overcome. For instance, the cost of 3D printing ranges from USD 100 for tracheal split to USD 40,000 for nose bio-printing. Thus, there is a need for scientists and researchers to work on this multidisciplinary aspect of bio-printing.
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Orthopedics dominated the application segment in 2014 owing to the continuous launch of new products and research funding. In February 2016, Geistlich Pharma launched a range of bone harvesting instrument for the efficient collection of autogenous bone. Implant of only autogenous bone causes resorption and volume depletion. With the use of Geistlich Bio-Oss-pioneered technology, the volume as well as properties of bone is restored.
North America was the largest regional market with a revenue share estimated at over 50% owing to the various mergers and acquisitions along with huge funds available for research. In March 2016, Zimmer Bimet acquired Ortho Transmission for its pioneered technology, which could restore limb amputee patients.
By acquiring the skeletal implant technology, Zimmer can efficiently work on its current project received by the U.S. Department of Defense to develop external prosthetic limbs. Moreover, in February 2016, Canadian scientists from the University of Toronto’s dentistry pioneered a 3D printed method for absorbable bone-implant.
Europe was the second largest market in 2014, due to the amount of research and the funding received by the research universities. For instance, in June 2014, the European Union funded the VascuBone project to offer an alternative to bone grafts. The University Hospital of Wurzburg developed a toolbox to bring together the solutions required to offer ideal therapy to patients.
Countries in Europe are also expanding their research knowledge by partnering with other countries’ research firms. For instance, in March 2013, Johannes Gutenberg University Mainz and Chinese Academy of Sciences formed the Chinese-German Joint Center for Bio-Inspired Materials. The scientists will work on using marine animals for osteoporosis medication.
Asia Pacific is the fastest growing regional segment on the account of increasing interest of foreign players to establish their facilities in economically developed countries such as India and Japan. In August 2013, the Japan Health Ministry approved the clinical trial of the developing induced pluriponent stem (iPS) cells for blindness. The cells are morphed into retinal cells and then given to six patients with macular degeneration (AMD).
India is in an ascent stage of research and trying to develop in the tissue engineering area. In February 2016, India Biotechnology Event was held, where experts blamed the snail pace of development to the tedious and long approval process. The suggestion was to adopt Japan’s new executed law, where the sponsor has to demonstrate only the safety and efficacy studies of the device.
Key players of this market includeMedtronic, Inc., Zimmer Biomet, Acelity, Acell, Inc., Athersys, Inc., Organogenesis, Inc., Stryker Corporation, Tissue Regenix Group Plc, RTI surgical, Inc., and ReproCell, Inc.
Industry contributors are establishing their market presence by acquiring other companies or by launching new products in the market. In November 2015, ReproCell, Inc. acquired Biopta to leverage on Bipota’s clinical network in the U.S and the UK. Biopta has worked on around 500 new medicines and has partnerships with Scottish Enterprise and the NHS. Moreover, in February 2016, RTI Surgical, Inc. received exclusive licensing rights by RTI Surgical, Inc. Through this, RTI can access the OPM’s OsteoFab technology for spinal procedures.
Rising geriatric population and prevalence of respiratory diseases owing to increasing air pollution and unhealthy dilatory habits are some of the key factors driving the demand for medical gases and equipment. On the other hand, the global scarcity of helium is impeding the growth of the market.
Implementation of favorable regulations by governments worldwide is augmenting the growth of the market. The Food and Drug Administration Safety and Innovation Act (FDASIA) is one of the examples of such regulatory guidelines supporting the market growth. FDASIA enables withdrawal of drug user fees, approval of medical gasses for clinical usage, and also offer favorable intellectual protection right for innovative products.
Oxygen gas dominated the global medical gases market with a share of more than 44% in 2013. Rising number of patients suffering from respiratory diseases has been primarily boosting the growth of the oxygen gas among other segments.
Nitrous oxide accounted for around 25% of global market in 2013. The market share of the segment is expected to shrink during the forecast period since Increasing replacement of the gas by anesthetic drugs is expected to result in slow growth of nitrous oxide over the forecast period.
Medical pure gas dominated the market with a revenue of USD 1.7 billion in 2013. Rising prevalence of various respiratory disorders in geriatric population was the key driving factor for the growth of medical pure gases market.
Medical gases mixtures are anticipated to grow at a CAGR of 11.1% from 2014 to 2020. Increasing demand for the product in various medical administrations such as bypass surgery, renal dialysis, sterilization and other particular conditions are some of the factors responsible for the growth of the segment.
Vacuum systems dominated the overall equipment segment market share of more than 30% in 2013. Extensive research and development followed by constant innovation in the products are anticipated to widen its application in the respiratory disease treatment during the forecast period.
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Medical masks are fastest growing medical equipment and is expected to show CAGR of around 9% from 2014 to 2020. Largest revenue share of the segment was majorly attributed to low production costs coupled with very high usage rates. Manifolds, regulators, and outlet are some of the segments that are also expected to witness significant gains in near future.
North America contributed to more than 40% of the overall revenue share and was worth USD 2.48 billion in 2013. The presence of anadvanced healthcare infrastructure, the high adoption rate for advanced technologies and reimbursement coverage are some of the factors resulting in the dominance of the region. Europe was the second largest regional market after North America with a market share of around 19% in 2013.
Asia Pacific is anticipated to be the fastest growing market with CAGR of 9.9% during the forecast period. High air pollution index resulting in a large pool of target population is expected to propel growth in the region over the projected period. Moreover, the booming medical tourism industry is projected to attract global patients to this region. As a result, demand for medical gases and equipment is anticipated to increase significantly in Asia Pacific.
Growing M&A, investment in R&D, and product innovations are some of the strategies implemented by market players to sustain the competition and maintain their market share. For instance, in May 2014, Medical Gas Solution introduced the Medi Quick and Medi-1st kits to its product portfolio.
Major players in the global market include Air Liquide, Linde Gas, Air Products and Chemicals Inc., Matheson Tri-Gas Inc., and Praxair Inc. In 2013, the market was dominated by Air Liquide. Efficient distribution channel coupled with broad product portfolio enabled Linde Gas to capture market share of approximately 18%.
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Pharmacy automation involves automation and mechanization of tasks that include distribution and handling medication processes carried out in heath care centers and specialty pharmacy centers. The global pharmacy automation devices industry is projected to grow at a CAGR of 7.3% from 2014 to 2020 and reach over USD 8.99 billion.
Automation systems such as packaging and labeling systems, medication dispensing system, storage and retrieval systems, table-top counters and compounding systems are employed in order improve the efficacy of regular jobs within pharmacies. The market is expected to grow owing to features including system integration that increases productivity and time to clinicians for patient care, thereby lowering medication errors.
Rising demand for pharmaceutical products, progressively growing technology and demand for precise robotic equipment & tools to perform operations at a faster rate are expected to be the key factors for market growth. Untapped growth opportunities in countries such as Brazil, China, and India coupled with escalating demand for automation in pharmacy and healthcare operations is expected to drive growth over the forecast period.
The market was dominated by automated medication dispensing systems in 2013. It accounted for a share of over 47.8% owing to growing demand for accurate medication dispensing systems. Automated dispensing systems have the ability to reduce significantly error rates and the ability to dispense hands-free. They provide storage, recording of medication, distribution to resident care and computer controlled dispensation.
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Automated compounding systems are anticipated to grow rapidly at a CAGR of 8.4% from 2014 to 2020 owing to an increasing demand for mixing of medication and substantial decrease in total time to complete a dose.
The existence of IT healthcare systems and high rate of penetration in healthcare and pharmaceutical units resulted in North America occupying the largest regional market in 2013. It accounted for about 54.8% of the market revenue. Increasing healthcare overheads and R&D relevant to pharmacy automation devices are few factors responsible for its market share.
Asia Pacific is likely to grow at a CAGR of over 9.0% during the forecast period and is the most lucrative regional markets majorly due to improving healthcare infrastructure in emerging economies of China and India. Easy access available to new entrants including multinational pharmaceutical companies and distributors in this region coupled with the introduction of healthcare reforms in these countries is expected to drive market growth.
Key industry players include AmerisourceBergen Corporation, CareFusion Corporation, Accu-Chart Healthcare, ForHealth Technologies, GSE Scale Systems, Fulcrum Inc,McKesson Corporation, Innovation PharmaAssist Robotics, Pearson Medical Technologies, Health Robotics SRL, Kirby Lester, MedDispence, Pyxis Pharmacy Automation Systems, Medacist, MTS Medication Technologies, OmnicellInc, Cerner Corporation, Rice Lake Weighing Systems, Baxter International Inc., Aesynt Inc., ScriptPro LLC, Parat Systems Pharmacy Automation, Yuyama Co. Ltd, Swisslog Holding Ltd,Talyst Inc. and ScriptPro LLC.
Grand View Research has segmented the pharmacy automation devices market on the basis of application, end-use and region:
Pharmacy Automation Devices Application Outlook
• Automated Medication Dispensing Systems
• Automated Packaging And Labeling Systems
• Automated Storage And Retrieval Systems
• Automated Medication Compounding Systems
• Table Top Tablet Counters
Pharmacy Automation Devices End-use Outlook
• Hospital Pharmacy
• Retail Pharmacy
Pharmacy Automation Devices Regional Outlook
• North America
• Asia Pacific
The U.S. DTC telehealth services market is expected to foresee a rapid rise in the next few years. Some of the key factors supporting this industry’s growth are a rise in aged and chronically ill population that would lead to increasing geriatric telehealth services, enhancement of telecommunication technology, adoption of telehealth services due to shortage of physicians in rural areas, and rise in adoption of home care. However, maintaining the doctor-patient confidentiality caused a slight barrier to the growth of this industry. Moreover, the lack of reimbursement opportunities continues to remain an obstacle, hindering the growth of the market during the forecast period.
The U.S. DTC telehealth services market is characterized into two categories, product type and delivery mode. The product segment is further segmented into remote monitoring, real time interactions, and store and forward. The remote monitoring telehealth services are estimated to account for the largest revenue growth in 2016.The delivery mode segment is categorized into web-based, cloud-based, and on premise, of which the cloud-based delivery mode is anticipated to witness the highest growth during the period of 2016 to 2025.
Further key findings from the study suggest:
- Real time interactions in the U.S. telehealth service market are anticipated to develop rapidly in the near future. This market is expected to grow at the highest CAGR of more than 50% during the forecast period. Real time interactions like virtual consultations are deemed to be more convenient and fast, translating to increased public demand. In addition, the shortage of healthcare specialists in rural areas is likely to escalate the demand for virtual online clinics during the review period.
- The revenues from the web-based delivery mode in the U.S. telehealth service market is estimated to skyrocket in 2016. The web-based delivery mode is anticipated to grow at a healthy rate in the future. The increasing demand for mobile technologies and the internet is expected to have a high impact on public over the forecast period.
- Some of the key players in this industry include American Well Corporation, Teladoc, Inc., Specialists On Call, HealthTap, Inc., and MeMD. Almost all the key players enhanced their growth by expanding their network accessibility across most of the states in the U.S. For example, MeMD, which was founded in 2010 has managed to expand its base with around 300 healthcare providers in 50 states in the U.S.by 2015.
Grand View Research has segmented the U.S. DTC telehealth services market on the basis of product and delivery mode:
U.S. DTC Telehealth Services Product Outlook(Revenue, USD Million, 2012 – 2025)
- Remote Monitoring
- Real Time Interactions
- Store & Forward
U.S. DTC Telehealth Services Delivery Mode Outlook (Revenue, USD Million, 2012 – 2025)
- On Premise
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The Augmented Reality (AR) Market size is expected to reach USD 100.24 billion by 2024, according to a new report by Grand View Research, Inc. The AR market is expected to witness a substantial growth owing to advances in hardware technologies and sophisticated mobile software.
Emerging trends such as mounting convergence between wearable devices, AR, and Internet of Things (IoT) are anticipated to drive demand. The convergence amongst these technologies is expected to provide more interactive and immersive user experience.
AR has been used efficiently in marketing and PR initiatives for television, motion picture and other media promotional campaigns. Hence, growing adoption of AR technology by the entertainment sector is projected to drive the market over the forecast period.
Rising conceptualization in entertainment-related plans is observed as a lucrative opportunity for the industry. For example, Magic Leap, an augmented reality company, is developing a technology called as Dynamic Digitized Lightfield Signal that shines on the retina of the user and allows interaction between fictional characters and the real world.
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- The hardware segment is estimated to grow at a CAGR of over 90% over the forecast period. Companies such as Sony and Microsoft are expected to commercialize their devices in 2016, which is expected to bolster growth over the forecast period. Further, several companies are working on enhancing the quality of sensors and processors used in AR devices. For instance, Google has collaborated with the chip manufacturers to build camera components and processors for Android phones.
- Increasing penetration of smartphones and tablets are expected to drive the software segment, growing at a CAGR of over 55% from 2016 to 2024. Increasing demand for AR apps in retail, gaming and entertainment is expected to contribute to the industry growth.
- The head-mounted display (HMD) segment is anticipated to dominate the market growing at a CAGR of nearly 70%from 2016 to 2024. It can be attributed to the increasing scope of applications across the military, medicine, scientific visualization, manufacturing, education, training, navigation, and entertainment. The other factors driving demand include better content connectivity, enhanced user-experience and improved Field of View (FOV).
- The adoption of smart glasses is expected to increase significantly in the consumer segment. Several companies are developing advanced smart glasses which are more user-friendly, light weight and offer better FOV.
- Automotive sectors expected to grow at CAGR of over 70% over the forecast period. Virtual technologies are increasingly used in automotive in response to the rising number of model and equipment variants in the vehicle design and development process. For instance, Volkswagen used spatial AR to put across virtual data onto the actual vehicle design models that allow the analyses of components. As a result, it saves time and cost required for product development.
- Asia Pacific AR market is estimated to reach over USD 44.30 billion by 2024. China is anticipated to drive regional growth with the increase in adoption of AR devices and mobile apps. In 2014, China witnessed a rapid enhancement in hardware manufacturing, as a result, several chipset manufacturers are planning to support AR technology by immensely investing in the technology.
- The key industry participants include AU Optronics Corp., Cambridge Display Technology Ltd., LG Display Co., Mitsubishi Electric Corporation, Panasonic Corporation, Sony Corp., and Toshiba Corp. The players engage in frequent merger & acquisitions to increase their product portfolio and geographical presence to gain competitive advantage.
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Global urinalysis market is expected to reach over USD 2.14 billion by 2022, according to a new report by Grand View Research, Inc.
Automation is a key technological advancement affecting the efficiency and accuracy delivered by the new generation urinalysis devices and hence, the persistent demand for novel urinalysis instruments and consumables. For instance, the automatic bench-top and portable biochemical urine analyzers, automated urine sediment analyzers (Aution Hybrid AU-4050 from Arkray),and automated microscopic urine analyzers (Sysmex UF-1000i) are the next generation, advanced instruments is anticipated to foster the urinalysis market growth.
The introduction of CLIA-waived urine reagent strips such as CLIA-URS-10, CLIA-URS-10-3PROMO, and CLIA-URS-10-10 provide for an effective screening tool for rapid testing in urine analysis which are estimated to enhance the usage rates of urinalysis reagents thus accentuating the market growth over the forecast period.
The target population base for urinalysis market is increasing owing to, factors such as the rising prevalence of target diseases, misdiagnosis, and low awareness levels pertaining to urine analysis in low-income countries. High incidences of obesity coupled with hypertension, diabetes, and other chronic disorders foster the growth of the urinalysis market.
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Urinary Tract Infections (UTIs)dominated the application segment in 2014. The foremost factor responsible for its high share is the rising prevalence of UTIs, especially in females. However, diabetes is estimated to be the fastest growing application segment with a CAGR of over 10% during the forecast period owing to a surge in the demand for automated and user-friendly urinalysis products for long-term diabetes management.
Consumables held the largest share with revenue generation of over USD 1 million in 2014. The increasing usage of test strips and reagents for urinalysisis one of the major factors that are attributed to its large market share. However, the instrument segment is expected to witness the fastest growth with a CAGR of over 7%. Automation of instruments with improved efficiency and reliability is expected to govern this segment’s growth.
The home healthcare segment, on the other hand, is anticipated to grow at a substantial rate over 7.5%. The availability of technologically enabled point-of-care urinalysis systems, such as CLINITEK Status, is a key factor expected to reinforce the market growth.
North America dominated the overall urinalysis market with a revenue generation of over USD 540 million in 2014. The introduction of advanced urine analyzers by key market players in the U.S., favorable government initiatives ensuring the betterment of healthcare testing, and the high amount of healthcare spending in this region are the key factors attributing to the largest market share of this region.
Key players of this market include Roche Diagnostics, Alere, Inc., Siemens Healthcare, Bio-Rad, ARKRAY, Inc., Mindray, and Sysmex.
Market participants are constantly engaged in the introduction of novel diagnostic products in an attempt to ensure their sustainability and increase the penetration of their product portfolio. For instance, in June 2014, Roche launched a fully automated urine testing analyzer named Cobas 6500 with an objective to enhance staff safety and increase the result reliability.
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