Wednesday, 23 November 2016

Hematological Malignancies Market - Global Industry Analysis, Forecast 2016 - 2024

With the presence of a few but prominent players, such as Celgene, Roche, Novartis, and AbbVie, the global hematological malignancies market demonstrates an intensely competitive landscape. These four players collectively accounted for more than 58% of the overall market in 2015. Currently, they are focusing aggressively on expanding their distribution networks and geographical operations across Asia Pacific, Latin America, and the Middle East and Africa. Researchers expect the leading companies in this market to engage in mergers and acquisitions over the forthcoming years in a bid to bring about product differentiation to combat the competition. 

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As per the report, the global market for hematological malignancies offered an opportunity worth US$27.4 bn in 2015. Rising at a 7.50% CAGR between 2016 and 2024, this market is likely to increase to US$51.9 bn by the end of the forecast period. The prevalence of leukemia has been higher than lymphoma and myeloma. The trend is expected to remain so with the leukemia segment occupying nearly 50% of the overall market for hematological malignancies by 2024. 

North America to Continue to Lead Global Hematological Malignancies Market 

A regional analysis of the worldwide market for hematological malignancies has also been offered in this research report. According to the study, North America, the Middle East and Africa, Latin America, Europe, and Asia Pacific are the main regional markets for hematological malignancies across the world. In 2015, North America acquired the leading position in this market and was closely followed by Europe. The high prevalence of hematological cancers, together with state-of-art diagnostic technologies and increased awareness level of people, propelled the hematological malignancies significantly in both the regions. 

Progressing at a CAGR of 6.80%, North America is likely to retain its leadership over the forecast period. The presence of an advanced healthcare infrastructure is likely to support this regional market to register a steady rise in the near future. Apart from this, the Asia Pacific market for hematological malignancies is also projected to witness strong growth over the next few years, owing to the existing rich pipeline and the imminent launch of targeted therapies during the forecast period, states the research report. 

Technological Advancements in Diagnostic Procedures to Positively Impact Demand 

The sedentary and unhealthy lifestyle of people across the world has exposed them to a number of lifestyle-related diseases, hematological malignancies being a prominent one of them. The National Cancer Institute has stated that hematological cancer is the fifth most common cancer among people, globally, and is likely to record increased prevalence over the next few years. “With the upswing in the cases of hematological malignancies, the demand for their treatment is registering a tremendous rise, leading to a remarkable surge in the global market for hematological malignancies,” says an analyst at TMR. 

In addition to this, the technological advancements in diagnostic procedures and the growing awareness level are projected to encourage people to go for diagnostic tests, which is likely to influence this market substantially in the near future. However, high costs of branded drugs and the absence of favorable reimbursement policies in emerging nations may hamper this market from growing steadily in the years to come, notes the study. 

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Tuesday, 22 November 2016

Biosensors Market to Reach US$21.6 bn by 2020 owing to Growing Need for Monitoring Environmental Pollutants

The global market for biosensors is highly consolidated with five players accounting for 75.2% of the market as of 2013. The five companies are F. Hoffmann-La Roche Ltd., Abbott Point of Care, Inc., LifeScan, Inc., Siemens Healthcare, and Medtronic, Inc. Most of these players constantly innovate and develop technologically advanced and/or improved programs and software to maintain their position in the global market.

These market players also collaborate with pharmaceutical, life science, and medical device companies, and various other organizations through long-term agreements in order to provide innovative biosensor-based devices so as to help them achieve their market potential and experience meteoric growth. For instance, recently, Abbott Laboratories announced a collaboration with the United States Department of Defense (DoD) in order to boost their medical diagnostic sales. The global biosensors market is estimated to expand at a CAGR of 8.1% during the forecast period of 2014 to 2020, reaching a valuation of US$ 21.6 bn by 2020.

Increasing Government Support Driving Demand in Asia Pacific

The report segments the global biosensors market on the basis of technology, application, and geography. Based on technology, the market has been categorized into four major segments: electrochemical, optical, thermal, and piezoelectric. Electrochemical biosensors contributes to the most significant demand, owing to factors such as the increasing prevalence of diabetes and cardiovascular diseases and the growing demand for R&D activities in the field of pharmaceuticals.

Based on application, the global biosensors market is segmented into medical, food toxicity detection, industrial process control, agriculture, environment, and others, which includes bio-defense and drug abuse prevention. The medical application segment is projected to increase at the most robust rate during the forecast period, reaching a valuation of US$16.0 bn by 2020.

Geographically, North America dominates the market for biosensors and is projected to experience a healthy CAGR of 7.2% during the forecast period of 2014 to 2020. However, Asia Pacific is estimated for a stronger growth rate due to factors such as an increasing number of pharmaceutical and biotechnology companies conducting R&D in the region, the presence of a vast population base, and increasing government support.

Rising Diabetic Population Fueling Demand for Biosensors

As per the International Diabetes Federation (IDF), the number of diabetics in the world is projected to reach 642 million by 2040, rising from 415 million in 2015. This can be attributed to the change in lifestyle, as well as malnutrition, genetic mutations, and other factors. Biosensors find frequent application in glucose monitoring devices and diabetes management solutions. Additionally, a large number of medical applications of biosensors and the high demand for the miniaturization of diagnostic devices is fueling the global market for biosensors. Conversely, the report observes that high costs involved in R&D are likely to hinder market growth, along with unfavorable reimbursement policies in several emerging economies.

According to the author of the report, “Diabetes diagnostic devices based on biosensor technology are invasive and could cause discomfort to the patients. Hence, the introduction of non-invasive biosensors is expected to reduce the use of lancets and pinpricks for diabetes monitoring, thereby presenting a major opportunity for players in the global market for biosensors.”

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Thursday, 17 November 2016

Medical Imaging Equipment Market: Cloud Computing Primed to Revolutionize Diagnostic Processes, observes TMR

The global medical imaging equipment market is moderately concentrated with the top four players accounting for a 51.0% share as of 2014. These companies are Philips Healthcare, GE Healthcare, Siemens Healthcare, and CareStream Health, Inc. These players lead the market with wide product portfolios, robust distribution networks, and extensive geographic presence. Most of the major players in the market offer all modalities and are aggressively focusing on emerging markets through collaborations with local imaging providers and offering refurbished equipment in low-income countries.

In the medical imaging equipment market, several structural and functional imaging technologies are relatively new. However, the origin of structural imaging dates back to 1895 when x-ray imaging was developed and still continues to account for a fair share of the market as a segment. Imaging devices such as magnetic resonance imaging (MRI), computed tomography (CT or CAT), and ultrasound have allowed further options for treatment guidance, essentially with very low morbidity. More recently, nuclear imaging equipment such as PET and SPECT scanners have facilitated in achieving tasks in the field of medicine such as location tumors in the brain and heart.

The global medical imaging equipment market was valued at US$27.7 bn in 2014 and is expected to reach US$45.3 bn by 2023, expanding at a CAGR of 5.6% during the forecast period.

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Digital X-ray Systems Contributing to Significant Demand

By product, the x-ray imaging segment accounted for a 29.9% share in the market and is likely to maintain its leadership position during the forecast period from 2015 to 2023 at a healthy CAGR of 4.5%. Factors such as the increasing incidence of diseases diagnosed using this imaging technique (such as oral diseases and orthopedic conditions) and product enhancement and upgrade in the form of device portability are likely to drive the market. Moreover, digital x-ray systems are contributing to the growth of the market in terms of revenue due to a surging demand for these products across the world.

Newer and better imaging technologies such as nuclear imaging and computed tomography (CT) are expected to witness high adoption levels by the end of the forecast period. The markets for these two product categories are projected to expand at a CAGR of 6.1% each during 2015 to 2023.

Geographically, North America dominated the global medical imaging equipment market in 2014. The market in the region is anticipated to reach US$13.5 bn by 2023, expanding at a CAGR of 4.6% during the forecast period. The rising incidence of several diseases such as oral, respiratory, orthopedic, and cardiovascular diseases is propelling the demand for diagnostic imaging equipment.

3D Medical Imaging Opening New Avenues for Manufacturers

According to the report, the growth of this market is expected to be steady owing to various factors such as an increase in government initiatives to make these imaging services affordable for patient population by offering favorable reimbursement policies. In addition, a rise in the incidence of various diseases such as cancer and stroke, an increase in the global geriatric population, and the introduction of technologically advanced products will enhance the growth of this market effectively. The report notes that three-dimensional (3D) medical imaging equipment, which offer greater accuracy and rapid diagnoses are gaining popularity. However, the report remarks that this growth may be hampered due to the low adoption rate by physicians and the imposition of excise duty for the sale of equipment.

According to the author of the report, “Cloud storage services for medical imaging and information management is likely to offer plenty of opportunities to hospitals in terms of better resource and cost management and easy access to medical images and related records in and across organizations and departments. Since cloud storage does not essentially require scrapping of the existing picture archiving and communication system (PACS), imaging manufacturers have an opportunity to improve their revenue stream by providing equipment along with cloud computing services, thus ensuring a reduction in hospital costs.”