Ventricular Assist Device Industry Overview The global ventricular assist device market size was valued at USD 1.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2021 to 2028. Some of the major factors anticipated to drive the demand for Ventricular Assist Devices (VADs) include the growing global geriatric population suffering from the rising prevalence of chronic disorders like diabetes, neurological disorders, cardiovascular diseases, hypertension, and stroke. Rapid globalization coupled with the pursual of unhealthy lifestyles in both developed and developing nations are contributing to the growing risk of chronic ailments. The growing prevalence of cardiovascular diseases is, in turn, expected to drive the demand for ventricular assist devices. Moreover, these diseases increase the risk of organ failure and due to the deficiency of organ donors and delay in organ transplantations, the demand for VADs is expected to rise over the forthcoming years. The surge in the prevalence of chronic conditions and decline in organ transplantations is one of the key factors responsible for the growth of the market for VAD. In addition, the rapid growth in the geriatric population and increasing natality are key impact-rendering drivers for the market over the forecast period. The market for VAD is constantly evolving, and the key players are investing in product innovation and development. Technological advancements coupled with timely regulatory approvals, in the form of small-size devices with features like infection control are expected to drive the market for VAD. In June 2020 Berlin Heart announced the completion of the requirement for the Post Market Approval (PMA) by the U.S. FDA in June 2017 for EXCOR Pediatric VAD. In addition, benefits associated with the adoption of VADs include improved abidance rate, functionality, and durability enhance the product adoption rate and thereby, support market growth. Gather more insights about the market drivers, restrains and growth of the Global Ventricular Assist Device Market The rising prevalence of cardiovascular diseases and increasing risks of organ failures is supporting the growth in organ transplant demand. The shortage of organ donors delays the organ transplantation procedure. As per United Network for Organ Sharing, nearly 121,016 people need organ transplantation and approximately 77,725 people are on the active waiting list. According to Organ Procurement and Transplantation Network, 3,582 candidates are registered on the waiting list for heart transplants as of June 2020. The rapidly growing patient pool suffering from irreversible end-stage heart failure and waiting for heart transplantation have led to an increase in demand for ventricular assist devices due to a shortage of donor organs. As per estimates, 20 million Americans and Europeans suffer from degenerative cardiac illnesses and most of them are on the waiting list for a heart transplant. The abovementioned factors are accelerating the growth of the market for VAD. Furthermore, VAD procedures have proven improved results and have increased applicability and durability associated with left ventricular assist devices (LVAD) have enhanced treatment options for end-stage heart failure. Advancements in the novel VADs for surgical interventions, especially in the pediatric patient population suffering from cardiac disorders are expected to boost the demand for these. For instance, the U.S. FDA graded the continuous-flow LVADs, Micromed HeartAssist 5TM Pediatric VAD, and the Berlin HeartTM EXCOR pediatric VAD for pediatric patients. Berlin HeartTM EXCOR is approved for use as a bridge-to-transplantation device since 2011. Treatment options available for bi-ventricle failure due to end-stage heart failure are bi-ventricular assist devices or total artificial heart. The total artificial heart (TAH) is an automatic device replacing the ventricles, is recommended in end-stage heart failure patients. The benefits associated with total artificial heart are blood flow restoration, increased survival, and improved quality of life. The growing VAD market is receiving recognition in the form of investments by private equity firms and venture capitalists to promote product development. For instance, in January 2021, CorWave raised USD 40.0 million in a Series C funding round led by three new investors and returning investors, including Novo Holdings, Bpifrance, Sofinnova Partners, Seventure, Ysios Capital, European Commission, the Singaporean family office M&L Healthcare, and Financière Arbevel for its implantable heart pump based on a novel technology, the wave membrane pump. The ongoing Covid-19 pandemic has negatively impacted the market for VAD with the temporary lockdowns and travel restrictions imposed by the government which led to a decline in the number of surgical procedures. For instance, ABIOMED Impella heart pump's global revenue was impacted in Q4 of FY2020 owing to lower patient utilization and the significant impact of the COVID-19 pandemic on surgeries, elective medical procedures, and fewer patients seeking treatment at hospitals. The continuous strain of the pandemic caused deferrals of elective surgical interventions and negatively impacted the growth of the market for VAD by decreasing the product demand. Browse through Grand View Research's Medical Devices Industry Research Reports.
Ventricular Assist Device Market Segmentation Grand View Research, Inc. has segmented the global ventricular assist device market report on the basis of product, type of flow, design, application, and region:
Market Share Insights
Key Companies profiled: Some of the prominent players in the ventricular assist device (VAD) market include:
Order a free sample PDF of the Ventricular Assist Device Market Intelligence Study, published by Grand View Research. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected] Web: https://www.grandviewresearch.com Follow Us: LinkedIn | Twitter
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Virtual Clinical Trials Industry Overview
The global virtual clinical trials market size was estimated at 7.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2030. The COVID-19 pandemic has significantly impacted the market. The market is majorly driven by a rise in R&D activities, the increasing healthcare digitization, as well as adoption of telehealth. Besides, technological advancements, alliances between clinical research organizations, pharmaceutical, and biotechnology companies as well as supportive government initiatives are anticipated to drive the market. The pandemic of COVID-19 is making the clinical trial industry change the way of conducting ongoing or upcoming trials. Gather more insights about the market drivers, restrains and growth of the Global Virtual Clinical Trials Market As per the continuum clinical report published in April 2020, approximately 30% of the surveyed clinical trial places are projected to have a huge impact on recruiting patients for new trial studies as well as retaining already-enrolled patients compliant with their study schedules. Also, 81% of the European clinical trial study sites and 56% of the U.S. sites indicated that the patients are less likely to continue participating in studies. Besides, as of March 30, around 30 pharma or biotech companies have reported disruption to a trial as a result of the crisis. Virtual trials are also known as decentralized trials had a significant role to play in the COVID-19 crisis and are set to become a norm in the way trials and real-world studies are run. A virtual method lets people take part in the trial from their homes ensuring research can continue even when site visits cannot, hence, representing a novel approach of collecting safety and efficacy data from participants of clinical studies. Virtual visits and remote patient monitoring of in-person site visits give participants a choice and peace of mind of not being exposed to unnecessary risks. The virtual studies enable sponsors to include a larger population in the study, thus improving recruitment, engagement, and retention. Also, it enables continuous real-time data collection through digital health technologies. Eventually, virtual connectivity, monitoring as well as management can significantly decrease the effort, time commitment, and burden on the participants, CRCs, and investigators. Browse through Grand View Research's Medical Devices Industry Research Reports.
Virtual Clinical Trials Market Segmentation Grand View Research has segmented the global virtual clinical trials market report on the basis of study design, indication, and region:
Market Share Insights
Some of the prominent players in the virtual clinical trials market include:
Order a free sample PDF of the Virtual Clinical Trials Market Intelligence Study, published by Grand View Research. Viscosupplementation Industry Overview
The global viscosupplementation market size was valued at USD 3.76 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.37% from 2021 to 2028. The increasing demand for non-surgical treatments for osteoarthritis, the prevalence of lifestyle-induced disorders, and advancements in the development of hyaluronic acid-based therapies are some of the factors expected to drive the market. Viscosupplements available in the market have shown clinical efficacy and are proven to be the most effective treatment for knee osteoarthritis. Osteoarthritis is a chronic painful degenerative joint disease and is the leading cause of chronic disability. The onset of the condition is mostly after 30 years of age, which may progress to develop into a disability after 10 years of diagnosis. Gather more insights about the market drivers, restrains and growth of the Global Viscosupplementation Market Estimates published by the WHO suggest that the global population aged 65 years and over is projected to increase from 7% in 2000 to 16% in 2050, which, in turn, will lead to a rise in the incidence of obesity and osteoarthritis. Thus, the global increase in the target population along with a growing preference for alternative treatment options for corticosteroid for joint pain management is expected to significantly propel the product demand during the forecast period. The reimbursement scenario is likely to become favorable globally making treatment for osteoarthritis affordable. In the U.S., products, such as Orthovisc, Supartz Hyalgan, Synvisc, and others, are approved by the FDA as Class III medical devices to treat OA knee pain and are reimbursed by Medicaid, Medicare, and other state healthcare programs. France also has a well-defined reimbursement policy for viscosupplements. In France, out of the 13 products available for the treatment of knee osteoarthritis, 12 are reimbursed up to 65% by Social Security. Thus, favorable reimbursement policies with respect to the geriatric population are expected to offer growth opportunities to the key players. Browse through Grand View Research's Medical Devices Industry Research Reports.
Viscosupplementation Market Segmentation Grand View Research has segmented the global viscosupplementation market report on the basis of product, end-use, and region:
Market Share Insights
Key Companies profiled: Some of the prominent players in the global viscosupplementation market include:
Order a free sample PDF of the Viscosupplementation Market Intelligence Study, published by Grand View Research. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Bone Grafts And Substitutes Industry Overview
The global bone grafts and substitutes market size was valued at USD 2.91 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030. One of the key factors fueling the growth of the market is the rising incidence of bone and joint disorders. According to the CDC report, the global incidence rate of hip fracture is expected to rise by 240% in women and 310% in men. Osteoporosis is estimated to affect around 200 million women worldwide. Moreover, the rising demand for dental bone grafts is expected to drive the market for bone grafts and substitutes over the forecast period. Gather more insights about the market drivers, restrains and growth of the Global Bone Grafts And Substitutes Market Bone grafts are widely adopted for orthopedic surgeries. These surgeries are classified as elective surgeries and most of the elective surgeries were postponed or canceled during the COVID-19 pandemic. This resulted in drastically decreasing demand for devices required for orthopedic surgeries, including bone graft and substitutes. Furthermore, extended factory closures by market players in various nations slowed down the production of the devices. However, since the last quarter of 2020, the infection rate is expected to decline, which will slowly restore the production cycles, hence increasing the production of bone grafts and substitutes. Additionally, many countries have started to ease their lockdown by lifting certain restrictions related to healthcare facilities. This is expected to boost the demand for orthopedic surgeries, hence restoring the growth of the market. The launch of biocompatible synthetic grafts is also expected to fuel the growth of the market. Market players are investing in the development of such grafts to gain a stronger foothold. For instance, in October 2019, McGill University developed a biocompatible and toughened multilayered bone graft for the treatment of large bone defects, which was anticipated to provide a competitive edge over other players in the market. Moreover, rising requirements for dental bone grafts and technological advancements are boosting the market growth. Minim Invasive Surg in 2018, stated that minimally invasive procedures are being adopted for the treatment of a varied range of bone disorders in the year. It also stated that about 400,000 spinal fusion cases were done in the U.S. annually. Such factors are likely to positively impact the market growth in the years to come. Moreover, increasing demand for developing biocompatible bone grafts to reduce adverse reactions is fueling market growth. Various players in the industry are continuously making investments for the development of new products with better bioactivity, biocompatibility, and suitable mechanical properties. Browse through Grand View Research's Medical Devices Industry Research Reports.
Bone Grafts And Substitutes Market Segmentation Grand View Research has segmented the global bone grafts and substitutes market report on the basis of material type, application, and region:
Market Share Insights
Key Companies profiled: Some prominent players in the global bone grafts and substitutes market include:
Order a free sample PDF of the Bone Grafts And Substitutes Market Intelligence Study, published by Grand View Research. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Laboratory Informatics Industry Overview
The global laboratory informatics market size was valued at USD 3.21 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. An increase in demand for laboratory automation is expected to fuel the adoption in the coming years. Data generated by laboratories has dramatically risen in the past few decades owing to the rising technological advancements in molecular genomics and genetic testing practices. In addition, the shift of preference toward personalized medicine, cancer genomics studies, and increasing patient engagement requirements is expected to upsurge the demand for lab automation systems. Software solutions are becoming more user-friendly, data is moving to the cloud, and the number of startups in the field of laboratory informatics is on the rise. The cloud is becoming the norm for laboratory informatics software. Informatics providers must now have a cloud and SaaS strategy. In addition, the number of research laboratories implementing cloud, mobile, and voice technologies is increasing over time, which is boosting the demand for lab automation solutions. Gather more insights about the market drivers, restrains and growth of the Global Laboratory Informatics Market The outbreak of the Coronavirus has turned the spotlight on the healthcare sector. Shortages of critical medical supplies during this pandemic have severely impacted the overall market. Almost half of the laboratories around the world were shut down and an estimated 14% of the laboratories were fully functional. Subsequently, government measures like stay-at-home orders, social distancing norms, movement restrictions, and supply chain disruptions have created a logistical problem for companies, leading to the shortages of on-premise delivery of the product in the worldwide marketplace. On the other hand, with an unprecedented demand for COVID-19 testing worldwide, clinical labs have scaled up their operations and faced new challenges comprising development, standardization, and validation of the new methods for testing and administration of large volumes of patient specimens and test data, besides rapid and reliable reporting of test outcomes. To speed up the high demand for COVID-19 tests in clinical labs, a LIMS plays an essential role, which led to the adoption of the product. Moreover, laboratory information systems are gaining popularity in biobanks, academic research institutes, and Contract Research Organizations (CROs) owing to the associated benefits. The benefits of using these systems include process optimization, improved regulatory compliance, intellectual property rights protection, and reduced throughput time. Paperless information management reduces labor costs and offers improved data quality through the elimination of errors and faster and effective data analytics. Laboratories are critical to both manufacturing and research organizations across the life sciences and medical research industries. The primary objective of a laboratory is to ensure the generation of high-quality and reliable experiment data that conforms to the regulatory guidelines of the industry. Advances in technology combined with stringent regulatory needs and increasing commercial pressures have led to the rapid generation of vast amounts of data from various aspects comprising research and development, quality assurance, and manufacturing. Furthermore, an increasing burden from the regulatory authorities for the implementation of lab automation systems is expected to serve this market with lucrative growth opportunities. The increasing adoption of robotics and process automation in healthcare has rendered operations reproducible and repeatable. It is now possible to set up, run, and analyze the experimental results in a shorter time. Rising penetration of high throughput systems has enabled efficient evaluation of experimental results, which increases the overall efficiency of laboratory operations. Browse through Grand View Research's Healthcare IT Industry Research Reports.
Laboratory Informatics Market Segmentation Grand View Research has segmented the global laboratory informatics market report on the basis of product, delivery mode, component, end-use, and region:
Market Share Insights
Key Companies profiled: Some prominent players in the global laboratory informatics market include:
Order a free sample PDF of the Laboratory Informatics Market Intelligence Study, published by Grand View Research. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Patient Engagement Solutions Industry Overview The global patient engagement solutions market size was valued at USD 16.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.4% from 2022 to 2030. Growing technological developments, adoption of EHR and mhealth solutions, the prevalence of chronic diseases, supportive initiatives by key market stakeholders, and consumerism in healthcare are some of the key drivers of this market. As per a 2021 survey by NextGen Healthcare,83% of ambulatory healthcare survey respondents believed that patient engagement solutions played a key role in organizational financial success and patient outcomes. The survey also indicated that the COVID-19 pandemic fueled the market growth. The COVID-19 pandemic has made unprecedented consequences on daily lives in addition to the worldwide economy. A significant burden is formed on healthcare systems across the globe. Providers, payers, and life science companies began looking for solutions to increase engagement with patients in various settings such as remote home monitoring, virtual consultations, and clinical trials. The pandemic and the resulting movement restrictions propelled the need to facilitate virtual communication between customers and their care providers. This led to a surge in demand for patient engagement solutions during 2020. This growth, however, was observed to have dampened during 2021 and the market is anticipated to grow notably at a steady rate over the forecast period. Gather more insights about the market drivers, restrains and growth of the Global Patient Engagement Solutions Market The COVID-19 outbreak has encouraged innovations in patient monitoring and cloud computing. For instance, in April 2020, GE Healthcare announced an innovative cloud-based remote-monitoring tool intended to assist clinicians to look after ventilated COVID-19 patients. The growing number of smartphone users around the globe expedited the adoption of mHealth across the sector both from providers and consumers. Healthcare apps are rising and they are easy to download on smartphones. These apps can be connected with wearable devices and they support the users in overall health management, which, in turn, has augmented the dependability of patients on mHealth apps. Hence, the COVID-19 pandemic is anticipated to play a substantial role in digital transformation. Favorable government initiatives are likely to impact the market growth in the coming years. For instance, in 2018, the FDA established the Patient and Caregiver Connection program. The program was aimed to foster engagement with patients, patient advocates, and caregivers all through the evaluation and surveillance of the treatment. Furthermore, the adoption of these solutions in developing countries like India is supported by favorable government initiatives. For instance, in March 2019, Columbia Asia Hospitals situated across Malaysia, India, Indonesia, and Vietnam launched a patient engagement application suite in collaboration with MphRx. This program is aimed to digitally transform healthcare services, enhance patient engagement, and lead to clinical excellence. Factors such as the growing burden of chronic diseases and a rise in the geriatric population have led to the adoption of patient engagement solutions worldwide. For instance, as per the American Diabetes Association 2020, there were 1.5 million new cases of diabetes in the U.S. annually. In response to the growing number of diabetic patients, companies are focusing on the development of patient-centric engagement solutions. For instance, in December 2020, Roche released a digital platform to personalize diabetes management in Thailand. In Thailand, there are 4.3 million individuals with diabetes, out of which half are analyzed, and from those analyzed and treated, only a third are attaining their treatment targets. Roche Diabetes Care's digital platform collects and holds all patient-related health data and it facilitates communication between patients and their healthcare team. Moreover, programs like these help in cost evaluation, operational effectiveness, and clinical outcomes. Browse through Grand View Research's Healthcare IT Industry Research Reports.
Patient Engagement Solutions Market Segmentation Grand View Research has segmented the global patient engagement solutions market report on the basis of delivery type, component, functionality, therapeutic area, application, end user, and region:
Market Share Insights
Key Companies profiled: Some prominent players in the global patient engagement solutions market include:
Order a free sample PDF of the Patient Engagement Solutions Market Intelligence Study, published by Grand View Research. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Veterinary Diagnostics Industry Overview The global veterinary diagnostics market size was valued at USD 6.63 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 11.2% from 2022 to 2030. The growth in this market is attributed to factors, such as increased expenditure on animal health, rising incidence of zoonotic diseases & number of veterinary practitioners, technological advancement in point of care diagnostics, and increasing disposable income levels in developing regions. The growing incidence of infectious animal ailments is further poised to augment the demand for veterinary diagnostics. Moreover, advancements in diagnostics together with the growing acceptance of innovative techniques in most of the laboratories are driving the market growth. Gather more insights about the market drivers, restrains and growth of the Global Veterinary Diagnostics Market For instance, in August 2021, FORCE Technology established a new subsidiary called AeroCollect A/S. AeroCollect technology with simple air samples offers a picture of the diseases in a herd. This is a revolution in animal diagnostics developed in Denmark by the GTS institute FORCE Technology. AeroCollect technology is presently used in the swine, poultry, and mink industries. The global COVID-19 pandemic has impacted all industries. OIE has confirmed that no animals can spread this virus. However, human-to-animal transmission has been reported in a few countries. During the COVID-19 pandemic, limited operation of veterinary clinics due to stringent lockdown norms consequently resulted in a decline in veterinary visits, thus impacting the market. However, the market has shown a V-shaped recovery during the 3rd quarter of 2020 due to the resumption of pet clinic visits and ease of norms. According to IDEXX, U.S. clinic visits increased by 6% in Q4 2020 from the last quarter, which is expected to drive the market growth over the forecast period. An increase in pet adoption will also support the market growth. For instance, shelters, nonprofit rescues, and private breeders all reported high consumer demand post-COVID-19 in the U.S. Strong product pipeline By IDEXX, Zoetis, and Heska Corp. is expected to propel the growth over the forecast period. For instance, Zoetis acquired Scandinavian Micro Biodevices in August 2020 to expand its revenue in veterinary diagnostics. Moreover, veterinarians have been gradually increasing the frequency of diagnostic testing. This trend was highlighted during the COVID-19 pandemic when hospitals had to focus on essential pet services. Continued growth in the population of pets and the increased penetration of veterinary diagnostic products at veterinary clinics further promote market growth. For instance, IDEXX showed improved utilization of diagnostics supported a 21% surge in same-store diagnostic revenue per practice, and a 15% surge in same-store veterinary clinic revenue in its Q1 2021 earning call. Browse through Grand View Research's Animal Health Industry Research Reports.
Veterinary Diagnostics Market Segmentation Grand View Research has segmented the global veterinary diagnostics market report on the basis of product, species, disease type, testing type, end-use, and region:
Market Share Insights
Key Companies profiled: Some of the prominent players in the global veterinary diagnostics market include:
Order a free sample PDF of the Veterinary Diagnostics Market Intelligence Study, published by Grand View Research. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected] Web: https://www.grandviewresearch.com Follow Us: LinkedIn | Twitter About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected] Web: https://www.grandviewresearch.com Follow Us: LinkedIn | Twitter Disposable Endoscopes Industry Overview The global disposable endoscopes market size was valued at USD 1.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.0% from 2022 to 2030. The growing cross-contamination issue of reusable endoscopes is one of the major factors expected to drive market growth. In 2020, Mr. Brian Dunkin MD, CMO of Boston Scientific Endoscopy stated that one in 20 patients has a pathogen contamination concern. Moreover, several tedious sterilization steps to eliminate all kinds of microorganisms from the reusable endoscopes are also expected to increase the adoption of disposable endoscopes. For instance, according to Boston Scientific, cleaning of endoscopes during ERCP procedures requires over 100 series of manual steps to reuse and it’s also vulnerable to error. Furthermore, the increasing preference of medical professionals to use single-use or disposable endoscopic devices is supporting the market growth. For instance, The Centers for Medicare & Medicaid Services (CMS) 2020 has released a new device passcode for single-use endoscopes. Hospitals and Ambulatory Surgical Centers (ASCs) use this code for treating Medicare patients in the U.S using single-use duodenoscopes. Gather more insights about the market drivers, restrains and growth of the Global Disposable Endoscopes Market A moderate impact has been observed during the COVID-19 outbreak on the disposable endoscope market growth. The decrease in the number of surgical procedures due to the COVID-19 pandemic also hampered product adoption. In addition, the shortage of medical staff due to the increased infection risks associated with the cleaning of endoscopes also increase the adoption of single-use devices during the COVID-19 pandemic. For instance, according to a study reported in the Journal of Bronchology & Interventional Pulmonology in 2021, in the U.S., about 11% of health workers were infected with COVID-19 and in Italy, the percentage is approximately 20%. However, the demand for single-use endoscopes is expected to increase with the gradual depart of COVID-19 due to its safety and elimination of the possibilities of infection. Furthermore, single-use devices are more cost-effective than reusable ones, which is expected to drive market growth. For instance, according to the data published by the Association of Anesthetics in November 2019, the mean cost per patient for reusable flexible bronchoscopes is £511.00 with an associated risk of infection of 2.8%. The estimated mean cost of single-use flexible bronchoscopes per patient is £220.00 and a 0% risk of infection. Similarly, in 2019, a study published in Chest Journal reported that reusable bronchoscopes used by hospitals are paying about 21% to 155% more per instrument as compared to disposable endoscopes. Consequently, the cost-effectiveness, lower chances of cross-contamination, and minimum resource utilization are in turn expected to propel the market growth over the forecast years. Rapid technological advancements coupled with the growing investments by key manufacturers to develop new, innovative products are anticipated to drive the market further. For instance, in May 2020, Ambu A/S, a single-use endoscope manufacturer, launched Ambu aView 2 Advance, a display unit for single-use endoscopes. Browse through Grand View Research's Medical Devices Industry Research Reports.
Disposable Endoscopes Market Segmentation Grand View Research, Inc. has segmented the global disposable endoscopes market report based on application, end-use, and region:
Market Share Insights
Key Companies profiled: Some of the prominent players in the global disposable endoscopes market include:
Order a free sample PDF of the Disposable Endoscopes Market Intelligence Study, published by Grand View Research. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. ePharmacy Market Is Expected To Rise Due To Increasing Penetration Of Smartphones Till 20305/20/2022 ePharmacy Industry Overview The global ePharmacy market size was valued at USD 52.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 19.5% from 2022 to 2030. Rising penetration of the internet across the globe, improving digitalization of healthcare services, and an increasing number of tech-savvy consumers are the key factors boosting the market growth. Rising consumer preference for online purchases with an increased focus on convenience is also aiding the growth. The increasing adoption of digital technologies and e-commerce in the healthcare sector is anticipated to propel overall growth. In January 2022, Mark Cuban, the venture capitalist, launched a digital pharmacy that sells more than 100 generic pharmaceuticals at a low cost, to be radically transparent. ePharmacy offers easier access that significantly benefits chronic elderly patients from nuclear families, as well as patients that are not in a condition to go out. Increasing penetration of smartphones is further aiding the market growth. As per The Mobile Economy 2020, smartphone penetration was 65.0% in 2019 and is expected to reach 80.0% by 2025. The boom in the healthcare sector coupled with high operational costs has created the need to cut operational costs with the implementation of ePharmacy solutions. The increasing prevalence of chronic conditions is leading to a rise in the demand for various healthcare products, including drugs. This signifies the increasing penetration of online modes of drug procurement across the globe. Gather more insights about the market drivers, restrains and growth of the Global ePharmacy Market The pandemic has transformed the priorities of health systems worldwide. It has encouraged developing economies to rethink their infrastructure priorities in urban centers. Many countries faced the challenge of tackling the pandemic while making progress on other healthcare goals. Countries including India are rendering the urgency to combat the spread of COVID-19 into opportunities to make more resilient health systems. Increasing government focus on advancement and improvement in the overall healthcare system can contribute to market growth. Although medical stores were classified as vital services, online pharmacies emerged as one of the largest beneficiaries of the pandemic-induced lockdown, as individuals preferred to buy medicines online to avoid the risk of disease spreading. In March 2022, Walgreens and Labcorp, a prominent global life sciences firm introduced Pixel by Labcorp, its (COVID-19 at-home collection kit), PCR test. Moreover, many communities can obtain easy testing services owing to Walgreens' inclusion of the kits, which are supplied in conjunction with the US Department of Health and Human Services (HHS). The ePharmacy market increased by 38.0% from 2019 to 2020. High caseloads in countries coupled with regional lockdown had pushed consumers to adopt the ePharmacy platforms to order medicines online from the comfort of their homes, rather than visiting offline pharmacies and diagnostic centers. ePharmacy has gained significant growth during the pandemic owing to a rise in the number of government initiatives supporting the adoption of online purchase of medicines. The COVID-19 pandemic has led to an increase in the strategic initiatives by many market players. The market will continue to grow post-pandemic, mainly owing to increasing adoption among consumers due to the convenience, affordability, and accessibility offered by these platforms. Increasing digitization and benefits associated with the adoption of ePharmacy over traditional pharmacies are anticipated to drive market growth in the coming years. Moreover, the second wave of the COVID-19 epidemic has prompted a spike in demand for medical gadgets, personal protective equipment (PPE), as well as health supplements, and frequently accessible medications in the ePharmacy market. High caseloads in cities, along with regional lockdowns, have prompted customers to purchase online rather than visit offline pharmacies and diagnostic centers, especially in big metros. Furthermore, the increasing geriatric population is expected to fuel the growth of the market. Ease of operation, increasing digitalization, and rising number of beneficiaries registering under Medicare are some of the factors supporting the growth. For instance, according to the data published by Kaiser Family Foundation in June 2021, the total enrollment in a Medicare Advantage plan is over 26 million people, accounting for 42.0% of the total Medicare population. In addition, high funding, increasing investments, and rising strategic initiatives being undertaken by several funding agencies, governments, and companies are contributing to the market growth. However, the presence of some illegitimate online pharmacies is limiting the growth of the market. These unlicensed pharmacies sell medicines that have not been authorized by the FDA, which, in turn, increases the possibility of obtaining counterfeit and adulterated medications with incorrect active ingredients from these pharmacies. For instance, as per a warning issued by the FDA in 2020, some online pharmacies were caught to be engaged in illegal activity and violating the U.S. Federal Food, Drug, and Cosmetic Act, which included some points, such as the sale of unapproved prescription drugs, sale of prescription drugs without prescription, inadequate explanation of directions for safe use of some prescription drugs, etc. In addition, in June 2021, the FDA also published a list of illegally operating online pharmacies (not all-inclusive), such as Buy Pharma, Rx 2 Go Pharmacy, Pharmacy Geoff’ and Sandra Pharma, that have been issued warning letters. Browse through Grand View Research's Healthcare Industry Research Reports.
Grand View Research has segmented the global ePharmacy market report based on region:
Market Share Insights
Key Companies profiled: Some prominent players in the global ePharmacy market include:
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