Medical Devices

Pacemaker market is anticipated to grow at a CAGR of over 9.2 % from 2014 to 2025

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A pacemaker is a small, electrically charged device which is implanted under the skin to help manage arrhythmias or irregular heartbeats. A pacemaker is required if a person’s heart is beating too slow or too fast. In any case, the body does not get adequate blood supply. This can result in shortness of breath, fatigue, damage to vital organs, lightheadedness or fainting, and eventual death. A pacemaker controls the electrical system of the heart that manages heart rhythms.

The global pacemaker market is anticipated to grow at a CAGR of over 9.2 % from 2014 to 2025, as per a new report published by Grand View Research Inc. This growth is attributed to the factors such as growing prevalence of cardiovascular conditions (heart diseases) and the availability of medical coverage.

Medtronic PLC recently launched the world’s smallest pacemaker called Micra Transcatheter Pacing System (TPS). This device provides the highly developed pacing technology and is as big as a large vitamin capsule! The Micra TPS was intended especially for patients who need more than one heart devices. The device has an exclusive feature that allows it to be permanently turned off. This enables the device to remain in the body while a new device can be implanted without any risks of electrical interaction. Approved by the United States Food & Drug Administration (FDA), TPS is the only leadless device accepted for use.

This device can be carried using a catheter and implanted into the heart, providing a safer replacement to the usual pacemakers without any of the leads-related complexities. The major advantage of the device is that it lets automatically set pacing therapy and has a battery that can last for approximately 10 years.

The global pacemaker market is said to reach USD 12.3 billion by 2025. The major factors driving the market growth are growing occurrences of Cardiovascular Diseases (CVDs) and rising awareness levels regarding CVDs and their long-term effects. This is also increasing the popularity of advanced treatment options, which is likely to increase the usage rates of the product. The key companies operating in the global pacemaker market are ZOLL Medical Corp.; MEDICO S.p.A.; Medtronic PLC; Cordis Inc.; and Boston Scientific Corp.

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Intracranial pressure (ICP) monitoring devices market is expected to witness substantial growth over the forecast period (from 2014 to 2025)

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Intracranial pressure measurements are important in the treatment and evaluation of neurological diseases such as intracerebral (ICH) hemorrhage, subarachnoid hemorrhage (SAH), hydrocephalus, traumatic brain injury (TBI), encephalitis/meningitis, and ischemic stroke. The global intracranial pressure (ICP) monitoring devices market is expected at USD 1.9 billion by 2025, according to a report by Grand View Research, Inc. This growth can be attributed to the rising neurological ailments and awareness about the treatments available for these ailments. In addition, extensive research funding and high disease occurrences together are likely to impact the market growth positively. However, the high price associated with the advanced ICP monitoring devices along with the lack of expert professionals in the upcoming regions is one of the major factors that may hamper the growth of the global industry.

There are a number of products available to efficiently carrying out the operations of the ICP monitoring device such as Integra Neuroscience Products. The Integra Neuroscience external drainage catheter is a Cerebrospinal Fluid (CSF) diversion system. This device is instrumental in evaluating the ICP. It has transparent catheter tubing with depth markings and includes a strip of radio-opaque barium sulfite. Intracranial pressure readings are based on a transduction system that is fluid-filled and puts out the ICP changes through a tube (saline-filled) to a diaphragm placed on strain gauge transducer. After insertion, this monitoring device has to be leveled with Foreman of Monro (the External Auditory Canal’s (EAC) level) and must be zero-balanced every day. The level of the drain is adjustable in order to allow less or more CSF drainage.

The global intracranial pressure (ICP) monitoring devices market is expected to witness substantial growth over the forecast period (from 2014 to 2025). The growing number of patients suffering from severe neurological disorders that can cause high intracranial pressure is said to drive the growth of the global industry over the next few years. The major intracranial pressure monitoring devices manufacturers are Codman & Shurtleff, Inc.; RAUMEDIC AG.; and Integra LifeSciences Holdings Corp. All these key companies are present globally and—due to trouble-free accessibility to the international market—are now competing with each other in order to achieve greater industry share.

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Medical Laser Systems Market Analysis, Size and Growth to 2022

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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)

medical-laser-system-market

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Further key findings from the report suggest:

  • 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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Medical Gases Market Growth, Analysis And Forecasts To 2020

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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 devices market is projected to grow at a CAGR of 7.3% from 2014 to 2020

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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
• Europe
• Asia Pacific
• RoW

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Personalized LASIK Surgery Market Analysis and Segment Forecasts to 2022

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Global personalized LASIK surgery market is expected to reach USD 3.69 billion by 2022, according to a new report by Grand View Research, Inc. Introduction of technologically advanced and minimally invasive surgical procedures for vision correction is a key driver of the personalized LASIK surgery market.

Advancements in instruments used for personalized procedures and the ability of the technology to reduce risks involved are anticipated to increase the adoption rate of personalized LASIK surgery. For instance, the iDesign platform by AMO scans the patient’s eye more than 25 times and develops a unique blueprint. Moreover, 98% of patients who have undergone personalized LASIK surgery have not witnessed any post-surgery side effects.

Gradually growing prevalence of refractive disorders such as myopia, hyperopia, and astigmatism, and rising number of R&D initiatives are expected to enhance the market growth. For instance, Carl Zeiss is evaluating its novel flapless SMILE platform for the treatment of spherical myopia in the U.S and is likely to initiate trials for severe astigmatism.

U.S. personalized LASIK surgery market, by type, 2012-2022, (USD Million)

personalized-lasik-surgery-market

View summary of “Personalized LASIK Surgery Market Analysis Report”  @  http://www.grandviewresearch.com/industry-analysis/personalized-lasik-surgery-market

Further key findings from the study suggest:

  • Topography guided LASIK surgery is identified as the fastest growing segment. The segment is anticipated to grow at a CAGR of 12.9% over the forecast period. Introduction of new topography based programs such as the CATz program in 2013 and high price associated with it are some primary factors boosting the growth of the market.
  • North America held over 45.0% of the market share in 2014.The customized LASIK surgery is gaining preference in North America majorly owing to advantages associated with personalized LASIK surgery such as less side effects and shorter procedure duration.
  • Europe was also one of the largest regional markets in 2015. Rising demand for customized LASIK surgery and huge investments in R&D programs are some growth drivers.
  • The Asia Pacific market is anticipated to witness profitable growth and capture over 18.0% share of the global industry by 2022. Increasing awareness levels, growing number of eye care centers providing customized LASIK surgeries, rising disposable income levels, and high unmet clinical needs are some regional growth factors.
  • Key players of the market include Alcon Laboratories, Inc., Abbott Medical Optics (AMO), Bausch & Lomb, Carl Zeiss, Inc., and Nidek, Inc.
  • The industry was led by Abbott Medical Optics (AMO) with a market share of over 25% in 2014. Extensive product range, wide geographical presence, and the introduction of novel iDesign technology are some factors attributing to its large share.

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Details On Medical Tourism Market Analysis, Regional Outlook And Forecasts – 2014 To 2020 | Grand View Research

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Availability of high quality and low cost medical services in developing nations such as India, China and Brazil is the highest impact rendering driver for the growth of medical tourism market. Increasing geriatric population coupled with large uninsured population base is additionally attributing for growth of the market. The cost of medical procedure in developed nations such as U.S. and UK. is very high compared to developing nations. For example, the cost of face lift surgical procedure in U.S. is nearly USD 12,000 to USD 15,000 however; in Brazil same procedure costs only USD 6,000. Furthermore, it has been estimated that the total saving for a plastic surgery in India can range up to 90% as compared to that of U.S. Countries are developing their healthcare infrastructure in order to increase medical tourism activities which will contribute significantly toward there GDP. Above mentioned factors are expected to offer lucrative growth opportunities to medical tourism industry over the forecast period.

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On the basis of medical procedure the market is segmented as cosmetic procedure, cardiovascular procedure, gastrointestinal procedure, orthopedic procedure and neurological procedure. Cosmetic procedures emerged as the most revenue generating procedure in global medical tourism market in 2013. Availability of low cost cosmetic procedures in developing nations such as India, Brazil and Thailand coupled with low risks and side effects associated these procedures are expected to drive market growth. However, Orthopedic and cardiovascular procedures are expected to grow at a lucrative CAGR over the estimated period of six years.

Key destinations analyzed in the scope of study include India, Singapore, Taiwan, Brazil, Thailand, Malaysia, Turkey, South Korea, Mexico and others. India emerged as the most profitable medical tourism destination. Availability of highly educated and skilled medical practitioner and research professional coupled with constantly developing healthcare infrastructure in the region is the key factor attributing for its large share. Taiwan was the second largest medical tourism destination in 2013.

Key players operating in medical tourism market include Apollo hospitals enterprise limited, Asian heart institute, Bumrungrad international hospital, Bangkok hospital medical center, Fortis healthcare, Min-Sheng general hospital, KPJ healthcare Berhad, Samitivej Sukhumvit hospital and Raffles Medical group.

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