Home infusion therapy market is expected to be USD 28.3 billion by 2024

Increasing need to contain the soaring healthcare costs has led to a higher preference for home infusion therapies amongst patients requiring long-term care.

The growing healthcare expenditure level is a key concern amongst patients and governments worldwide, necessitating the implementation of effective measures to curb these costs. Hence, the home healthcare option serves as a cost-effective alternative to expensive hospital stays, which is expected to serve this market as a high impact rendering driver throughout the forecast period. Moreover, increasing awareness about the high prevalence of hospital-acquired infections is anticipated to accentuate the importance of home healthcare.

Currently, the major chronic diseases, such as cancer, diabetes, respiratory disorders, cardiovascular diseases, and other life threatening diseases, account for 60% of the total death count and 43% of the global disease burden. The administration of medication in the home setting provides several advantages to patients, which include faster recovery, greater comfort, fewer complications, cost savings, and others. This is expected to drive the growth of the market in the near future.

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Further Key Findings From The Study Suggest:

• The product segment was dominated by infusion pumps with a market share of around 45.0% in 2015 owing to the greater number of initiatives conducted by the key players pertaining to new product development.
• Needleless connectors are projected to witness the highest CAGR over the forecast period owing to greater benefits associated with their use in comparison to needle connectors.
• Anti-infectives segment contributed to the largest market revenue in 2015. This is mainly due to the fact that it is frequently employed for patients in homecare settings.
• Chemotherapy segment is anticipated to exhibit the highest CAGR of over 9.0% over the forecast period, which is attributable to technological advancements that render their usage convenient.
• Use of injectable drug therapy in endocrinology is also estimated to gain lucrative growth over the forecast period owing to increasing awareness levels of insulin pumps among patients and healthcare providers.
• North America dominated the market in 2015 with revenue of around USD 5.0 billion. Rising government programs and initiatives to promote awareness pertaining to the benefits of home infusion therapy have resulted in the higher revenue generation in this region
• Strategic collaborations, regional expansion efforts, and mergers and acquisitions are some of the foremost strategies adopted by the key players. For instance, in January 2014, Terumo Corporation signed an eight-year agreement to collaboratively market, distribute, and co-brand their peripheral I.V. catheter series with CareFusion Corporation.

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Intracranial pressure monitoring devices market is expected to reach USD 1.9 billion 2025

The global intracranial pressure monitoring devices market is expected to reach USD 1.9 billion 2025, according to a new report by Grand View Research, Inc. Increasing neurological disorders and growing awareness regarding various treatment options available is spurring the growth of these devices on a global level. In addition, constant rise in patient numbers suffering from severe brain diseases that lead to high intracranial pressure is expected drive the growth of the market during the forecast period.

Mainly, high disease prevalence and increased research funding together are expected to positively affect the growth of the ICP monitoring devices market. However, high cost of the devices and lack of skilled professionals in the developing regions are some of the prime factors hindering growth of the market.

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Further Key Findings from the Study Suggest:

• The market study suggests that invasive technique dominated the overall market in 2015 due to accurate and continuous measurements of intracranial pressure with intermittent drainage (hourly), unless clinically indicated
• Among the invasive techniques, External Ventricular Drainage (EVD) occupied the largest share as it is considered as the gold standard for monitoring of intracranial pressure.
• EVD also enables drainage of cerebrospinal fluid and administration of medicine intrathecally, which is positively impacting the growth of this segment
• North America dominated the vertical with the largest revenue share in 2015. Presence of a large target population suffering from traumatic brain injury and high adoption rate of advanced treatment options are some of the factors driving the growth of the intracranial pressure monitoring devices in North America.
• Asia Pacific is anticipated to show significant growth during the forecast period. Growth of the region is primarily attributable to increasing government initiatives, growing awareness regarding neurological disorders, and the availability of diagnostic procedures for their treatment.
• Some of the top companies operating in this market are Medtronic plc; Codman & Shurtleff, Inc.; RAUMEDIC AG; Vittamed; Sophysa Ltd.; Orsan Medical Technologies; Integra LifeSciences Holdings Corporation; and Spiegelberg GmbH & Co. KG.

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Active Pharmaceutical Ingredients (API) Market Worth is expected to reach a value of USD 239.8 billion by 2025

The global active pharmaceutical ingredients (API) market is expected to reach a value of USD 239.8 billion by 2025, based on a new report by Grand View Research, Inc. The rising prevalence of lifestyle-induced & age-related diseases and cancer is projected to drive the market over the forecast period. Advancements in recombinant molecular technologies and high capitalization for development of novel drugs are also estimated to boost growth. 

Favorable government initiatives for increasing focus toward generic drugs is a key factor for market growth. Decrease in generic drug prices, higher acceptance in low income and decrease in reimbursement for branded drugs are the recent trends in the market affirming growth of generic drugs. 

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Further Key Findings from the Study Suggest:

• Synthetic APIs was the largest segment by revenue share in 2015 owing to high demand.
• Biotech APIs are estimated to grow lucratively over the forecast period with high R&D initiatives being undertaken for their development
• Captive manufacturers, being the conventional option of API manufacturing, held the majority of the share.
• On the other hand, the merchant manufacturers segment is expected to be fastest-growing due to growing outsourcing activities
• Generic APIs will experience lucrative growth over the forecast period attributed to patent expirations of branded drugs
• APIs are identified to have highest application in cardiovascular therapeutics. Increasing mortality caused by heart diseases and growing demand for fast-acting drugs are the major factors contributing to dominance
• North America dominated in terms of revenue share in 2015 and Asia Pacific is expected to grow at a significant growth rate over the forecast period
• Some of the major companies in the API market are AbbVie, Inc., Boehringer Ingelheim GmbH, Cipla, Inc., and Merck & Co., Inc.

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Cardiac Resynchronization Therapy (CRT) Market Growth is expected to reach USD 8.8 billion by 2025

The global cardiac resynchronization therapy (CRT) market is expected to reach USD 8.8 billion by 2025, according to a new report by Grand View Research, Inc. Increasing prevalence of cardiac disorders and rising incidences of heart failure are expected to boost the CRT market growth over the forecast period.

According to statistics published by the Sudden Cardiac Arrest Foundation, about 6.0 million people within the U.S. region suffer from cardiac disorders, of which 0.8 million are affected by atrioventricular block leading to cardiac failure. Such a huge number leads to an increased cost of about USD 20-56 billion annually. CRT devices are being predominantly used to prevent the surgical cost and readmission rate in hospitals, thereby propelling its growth.

In addition, the on-going research to develop smaller, wireless/leadless and long-lasting CRT devices is expected to be a vital impact rendering driver. For instance, in September 2016, EBR Systems Inc., announced that it had attained the FDA Investigational Device Exemption (IDE) consent for their Wireless Stimulation Endocardially (WiSE) technology in the U.S.

This technology is capable of stimulating the left ventricle internally leading to superior performance in comparison to devices with pacing systems placed near the collar bone. The study is expected to be started by mid-2017 with complete support by the FDA in terms of regulatory compliance, and financial aid.

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Further Key Findings From the Study Suggest:

• CRT-D products are expected to dominate over the forecast period. According to a paper published in the Journal of Cardiovascular Electrophysiology, more than half of the CRT product implants are done using CRT-D.
• Asia Pacific and Latin American region are expected to witness lucrative growth and contribute over 30.0% of the revenue in 2025. This has been attributed to the rapid expansion of industry players within these regions in terms of manufacturing as well as distribution.
• Competitive pricing and necessity for high operational optimization are expected to help companies strengthen their foothold in growing economies such as India, Mexico, and others.
• Additionally, countries such as Japan are also observed to register high adoption rate for quadripolar lead-based CRT-D devices. This is expected further boost market growth.
• Major market players of the industry are Medtronic Plc., BIOTRONIK, LivaNova Plc., St. Jude Medical, and Boston Scientific. However, a more assorted marketplace exists for vendors of leads (wireless and wired) that are used in the system.

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Home Healthcare Market Cost is expected to reach USD 517.2 billion by 2025

The global home healthcare market is expected to reach USD 517.2 billion by 2025, according to a new report by Grand View Research, Inc. Home healthcare products are generally applied to a broad range of equipment and services designed for exclusive use for home or other non-medical establishments by non-professional caregivers, family members, or the patients themselves.

Increasing adoption of telehealth and other emerging technologies are expected to drive market growth over the forecast period. Home healthcare is rapidly getting adopted as a cost effective alternative to healthcare establishment based therapy and therefore, growing geriatric population base and prevalence of chronic conditions requiring long term care is also expected to have a positive impact on growth. Presence of untapped potential in emerging markets such as India, Brazil and China and increasing health awareness are expected to serve home healthcare market as future growth opportunities.

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Further key findings from the study suggest:

• Home healthcare services dominated the component segment, accounting for over 85.0% of global revenue in 2015.
• Infusion therapy is expected to be the fastest growing services market. Increasing initiatives undertaken by medical service providers to curb costs associated with specialty drugs and by retail pharmacies to render efficient chronic disease management solutions are some of the drivers of this market.
• Home healthcare based diagnostics held lucrative share in the equipment segment accounting around 40.0% in 2015.
• North America was the largest regional market in 2015, accounting for over 40.0% of the revenue. Presence of sophisticated medical systems and reimbursement infrastructure, high patient awareness levels and healthcare expenditure are some of the factors accounting for its substantial share.
• Asia Pacific home healthcare market is expected to grow at the fastest CAGR of around 9.0% from 2016 to 2024 majorly owing to high unmet medical needs coupled with rapidly improving health infrastructure.
• Major players in this vertical include Almost Family Inc., B. Braun Melsungen AG, Abbott Laboratories, Sunrise Medical Inc., 3M Health Care, Baxter, Medtronic, Cardinal Health Inc., Roche diagnostics corp., Air Liquide, Arcadia Health Care, Bayer AG, Amedisys, Inc., Nxstage Medical, Inc., and Arkray Inc.

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Sepsis Diagnostics Market Worth is expected to reach a value of USD 874.6 million by 2025

Rising prevalence of sepsis is the most significant factor anticipated to drive the market growth during the forecast period.

According to the National Center for Biotechnology Information, the number of patients suffering from septic poisoning rose by an average of 5.7% each year. As a result of this, there is a rising need for early diagnosis of such blood-poisoning diseases amongst patients. High prevalence of sepsis is also leading to a huge mortality rate, which is triggering early diagnosis to execute the clinical intervention.

Rising number of hospital-acquired infections are also expected to support the growth of the market over the forecast period. Hospital-acquired infections majorly include urinary tract & surgical site infections, which result into sepsis. According to WHO, 7 out of every 100 hospitalized patients develop hospital-acquired infections in developed countries. Thus, such infections significantly cause septicemia, which will resultantly raise the need for early diagnosis. On the other hand, pneumonia is also an important driving factor for high demand of sepsis diagnostics as it is one of the major causes for septic shock.

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Further key findings from the study suggest:

• Blood culture media was the largest segment in 2015 due to higher adoption of culture media tests in laboratories for the diagnosis of septic poisoning
• Molecular diagnostics is anticipated to witness lucrative growth over the forecast period due to quick and efficient identification of microorganisms causing septicemia
• Bacterial sepsis contributed toward the largest revenue in 2015. This is due to the fact that bacterial infection is the most common cause for people suffering from septic poisoning
• In 2015, laboratory testing segment held the highest share due to the fact that majority of the sepsis diagnostic tests are being conducted in laboratory-based setting
• North America dominated in 2015 owing to the increasing mortality rate of patients suffering from septicemia
• Some of the key companies include bioMérieux SA, Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Roche Diagnostics, Cepheid Inc., Beckman Coulter, Inc., Nanosphere, Inc., and Bruker Corporation

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Botulinum toxin (BNT) market is expected to reach a value of USD 7.3 billion by 2025

The constant introduction of innovative products for enhancement of aesthetic appeal supporting minimally invasive aesthetic treatments is the prime factor driving the growth of the market.

In addition, rapid growth of the sector is attributed to the rising demand for minimally invasive or non-invasive procedures. These procedures provide advantages such as small incision, shorter hospital stay and rapid wound healing, and hence lead to larger acceptance and demand. In addition, availability of wide variety of minimally invasive or non-invasive treatment options is pushing the global botulinum toxin market towards growth.

Also, the successful completion of research projects is expected to expand the applications of presently approved products. Companies are trying to widen the application of botulinum toxin in therapeutic area through various research activities. For instance, Botox by Allergan received the U.S. FDA approval for the treatment of strabismus (crossed eyes) and blepharospasm associated with dystonia in 1989. Furthermore, in 2004, Botox was approved by the U.S. FDA for hyperidrosis, cervical dystonia, upper limb spasticity, chronic migraine and urinary incontinence in 2009, 2010 and 2011 respectively. Hence, these factors all together will aid in boosting the growth of BNT sales during the forecast period.

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Further Key Findings from the Study Suggest:

• The rapid adoption of minimally invasive treatment is augmenting the growth of neurotoxins market.
• The botulinum toxin type A segment accounted for the largest share in 2015 and is also anticipated to be the fastest growing segment during the forecast period
• In 2015, North America dominated the global space with the largest revenue share owing to high demand for minimally invasive or non-invasive aesthetic treatments
• Asia Pacific is expected to emerge as the fastest growing region during the forecast period, mainly due to growing social awareness regarding anti-wrinkle procedures in India, China, and Japan
• Major players competing in this market include but are not limited to Allergan, Inc.; Ipsen Group; Merz GmbH and Co. KGaA, Medytox,Inc.; US Worldmed, LLC; Lanzhou Institute of Biological Products. Co.Ltd. and Revance Therapeutics, Inc.

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Next generation sequencing market worth is anticipated to reach USD 21.4 billion by 2025

The global next generation sequencing market is anticipated to reach USD 21.4 billion by 2025, according to a new report by Grand View Research, Inc. Increasing coverage of NGS is expected to drive use of precision medicine in oncology from research based setting to clinical cancer setting. Commercial payers are also engaged in reviewing the existing and novel tests in order to establish appropriate medical necessity criteria for their clinical and medical policies.

Moreover, improved understanding of the genetic markers of virulence and resistance provided by next generation sequencing is expected to drive demand of the technology in infectious disease diagnosis.

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Further Key Findings from the Report suggest:

• Oncology accounted for the dominant share owing to phase-resolved and unambiguous results obtained by using single assay systems, and analysis program.
• Targeted resequencing dominated the market owing to its associated benefits such as implementation of the technique such as lower turnaround time and more manageable data sets.
• Academic usage of NGS accounted for the largest share with respect to market revenue by end uses and is anticipated to maintain its dominance.
• Higher adoption of this technology and platforms in university projects is expected to support the estimated share.
• Asia Pacific is estimated to witness the fastest growth over the forecast period owing to expected routing of a considerable portion of whole genome sequencing requirements herein.
• Key players operating in the NGS market include Illumina Inc., Agilent Technologies, BGI, Pacific Biosciences, Qiagen, Roche, Thermo Fischer Scientific, and Oxford Nanopore Technologies Ltd.
• Endeavors adopted by participants are such as acquisition of Enzymatics by Qiagen acquired solutions in order to enhance the product portfolio with respect to reagents needed in preparatory steps.

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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

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.

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Portable CT scan and X-ray device market are expected to reach USD 8.41 billion by 2020

The global portable CT scan and X-ray device market are expected to reach USD 8.41 billion by 2020. Increasing demand for home healthcare, bedside imaging, and growing use of CT scan to assess the accuracy of medical implants, post interventional medical procedures and anatomical confirmation are key factors driving industry growth.

Rising prevalence of diseases such as cancer, cardiovascular, dental and orthopedic disorder will also augment the growth of the market. Also, an increase in the number of medical implants surgeries owing to unhealthy lifestyle as well as growing base of geriatric population is expected to bolster demand.

The portable X-ray device were dominated by mobile X-ray machines on account of rising demand for core diagnostic and bedside imaging. These device also eliminate the requirement for multiple radiology departments in a healthcare institution, thus promoting industry growth. The handheld X-Ray device market is poised to experience substantial growth over the forecast period owing to high maneuverability and the introduction of products such as NOMAD Pro.

Portable CT scan device market was dominated by the medium slice scanners due to high image resolution capabilities and high usage rates. Medium slice scanner accounted for over 58% of portable CT scan by technology in 2013. Digital radiography, owing to increasing demand for manufacturing filmless X-ray and PACS based radiology device, is identified as the fastest growing technology among the overall market.

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North America is expected to dominate the market demand for these device over the forecast period owing to high expenditure on healthcare, reimbursement framework and sophisticated healthcare infrastructure. However, Asia Pacific is expected to witness the fastest growth, growing at a CAGR of more than 9% owing to improving healthcare infrastructure particularly in emerging economies such as China and India. In addition, the advent of technologically advanced and economical products catering to cost sensitive clientele in the region will fuel the growth of the market.

Supportive government regulations in Asia Pacific promoting manufacturing in the region is expected to drive demand for portable medical machines. Furthermore, low labor cost coupled with abundant tier I companies is projected to propel portable medical machines manufacturing in the region. As a result, product cost is likely to decrease over the forecast period owing to technological advancements which in turn is expected to drive demand, particularly in the emerging economies.

Philips Healthcare was the dominant player in the portable X-ray machines market with a market share of over 17% in 2013. Philips possessed an extensive product portfolio ranging from stationary X-ray systems to digital and portable X-ray systems. Some of the other key players in the industry are Hitachi Medical Systems and Varian Medical Systems, GE Healthcare, and Siemens Healthcare.

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Therapeutic Bed Market By Product (Clinical, Household, Accessories) and Segment Forecasts To 2024

The global therapeutic bed market is expected to reach USD 4.1 billion by 2024, according to a new report by Grand View Research, Inc. The growing geriatric population base coupled with the rising cases of obesity, chronic conditions, and viral infections are expected to boost market growth over the forecast period. 

As per the U.S. Bureau of Labor Statistics, the rank of home health aides and personal care aides is expected to increase to 13.0 million in 2020 (a 70.0% increase from 2010), thereby increasing the demand for home care. This growth is expected to increase the sale of household therapeutic beds and propel growth over the forecast period. Considering that the treatment costs at home are lower than other settings, many patients are now preferring home healthcare, thus, ultimately increasing the demand for therapeutic beds in these facilities. 

Another macro factor promoting the Therapeutic Bed Market is the increase in the volume of healthcare settings across the globe. With the help of this grant, 17 new hospitals and the expansion of 137 hospitals and primary health centers are anticipated, thereby increasing the sale of therapeutic beds. Similarly, in Qatar, the number of hospital beds is expected to rise from 4,980 in 2013 to 5,725 in 2018. These expansions are expected to create new avenues for market players to capitalize on. 

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Further key findings from the study suggest:

• The household bed segment is identified as the fastest growing. The growing penetration of home healthcare services for preventive care, post-operative care, and for long-term chronic therapies are expected to drive the growth over the forecast period.
• Clinical beds have been further sub-segmented into regular, ICU, pediatric, birthing, bariatric, low air loss, and other beds. Bariatric beds are expected to gain the highest application in regions such as the U.S., Canada, the UK, and Germany due to the rising number of obese population.
• North America is expected to dominate the overall market throughout the forecast period, owing to the presence of well-developed primary, secondary, tertiary care hospitals, the presence of a well-developed reimbursement network, government funding, and high public and private expenditure in the hospitals sector
• Asia Pacific is anticipated to be the fastest growing region. The market is expected to grow at a CAGR of about 7.0% over the forecast period. The hospital to beds ratio is below the WHO standards in several Asia Pacific countries and the governments are investing significant resources to improve the healthcare infrastructure in this region.
• Key players of the industry include Invacare Corporation, Hill-Rom, Inc., Stryker Corporation, ArjoHuntleigh, Gendron, Inc., Hard Manufacturing Co., Bakare, Medline Industries, Sunrise Medical, and GF Health Products, Inc. Most of these companies have been in the business for over a decade and are bringing in expertise and technological advancement that are expected to help them sustain over the forecast period.
• In order to curb competition, major market players are working towards the acquisition of emerging entrants. For instance, in January 2015, Stryker Corporation acquired the assets of CHG hospital Beds, Inc., a privately held company to enhance the low height bed designs portfolio. 

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Multiple sclerosis therapeutics market size is expected to reach USD 24.8 billion by 2024

The global multiple sclerosis therapeutics market is expected to reach USD 24.8 billion by 2024 according to a new report by Grand View Research, Inc.

The presence of high unmet clinical needs in developing regions is one of the highest impact rendering drivers of the multiple sclerosis therapeutics market. Many organizations over the globe are actively involved in spreading awareness among people regarding progressive multiple sclerosis and the symptoms associated with it. Some notable examples include the National Multiple Sclerosis Society (NMSS) in the U.S., Multiple Sclerosis International Federation in Canada, European Multiple Sclerosis Platform (EMSP), and the Multiple Sclerosis Society (MSC).

Reimbursement programs are also anticipated to enhance the penetration of multiple sclerosis drugs. For instance, In June 2014, Biogen Idec Canada, announced that its TECFIDERA drug for the treatment of MS is available for reimbursement in British Colombia through B.C PharmaCare.

The introduction of novel therapeutics with minimal dosage requirement and cost-effectiveness is further expected to favor market growth. For, instance Lemtrada by Sanofi needs to be administered 3-5 times per year as compared to Copaxone, which requires daily administration.

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Further key findings from the study suggest:

• The dominant drug class segment in 2015 was immunomodulators. Avonex, Betaseron, Copaxone, and Rebif were the key drugs capturing over 75% of market share in 2015.The introduction of Tecifedra, an oral immunomodulatory drug in 2015 has been a major breakthrough in this segment.
• The declining revenue of Copaxone, Gilenya, Avonex, and Tysabri is forecasted by considering the factors such as limited usage rates of these drugs owing to the availability of highly potent FDA-approved oral drugs, Aubigio and Tecfidera
• Immunosuppressant,on the other hand, is expected to witness significant growth of over 18.0%. The presence of a strong drug pipeline and its expected commercialization in the coming six years are some factors expected to drive market growth
• In 2015, the injectable drugs market held the largest share owing to high prescription rates & price
• North America dominated the overall multiple sclerosis therapeutics market with revenue estimates at over 13.0 billion in 2015. The increasing prevalence of multiple sclerosis, the introduction of new drugs, and high prices of drugs, such as Tysabri and Aubagio in the U.S., are some factors responsible for its dominance.
• Major companies operating in this market are Biogen Idec, Teva Pharmaceuticals, Bayer Healthcare, Pfizer, Sanofi Aventis, Merck, Novartis, and AbbVie. Market players are upgrading the product portfolio by launching generic versions to sustain its market position. For instance, in 2015, Novartis launched a generic version of Copaxone named Glatopa in the U.S.

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Molecular diagnostics market size is expected to reach over USD 17.9 billion by 2024

Global molecular diagnostics market is expected to reach over USD 17.9 billion by 2024, based on a new report by Grand View Research, Inc. Increasing prevalence of infectious diseases including human papillomavirus and influenza is expected to be the primary driving force for the growth of the molecular diagnostics market. In the underdeveloped regions of Africa and Nigeria, other infections, such as HIV and tuberculosis, are soaring at a high growth rate since the last few years. This is estimated to increase the demand for early and accurate diagnostic techniques to curb their growth rate.

Prenatal genetic testing, performed for the purpose of early detection of abnormalities that develop in the fetuses of carrier parents, is also expected to widen the client base for the molecular diagnostics market. Moreover, the high adoption of unhealthy lifestyles further resulting in a large patient count afflicted with chronic diseases, such as diabetes and cardiovascular disorders, is also projected to positively impact the growth.

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Further key findings from the study suggest:

• The overall market is dominated by reagents with revenue generation of over USD 2.3 billion in 2015 owing to their elevated usage rates. Reagents are key products used in academic and research institutes to perform various molecular biology protocols further contributing toward the dominance of this segment.
• Instruments, such as PCR and next generation sequencing platforms, are being widely preferred by central laboratories and diagnostic institutes due to the rapid nature of these tests in delivering quick & reliable results and the high volume of diagnostic procedures in this segment. Thus, this segment is expected to maintain a constant growth at a CAGR of around 9.0%.
• Central laboratories led the global molecular diagnostics market by test location with revenue generation of around USD 4.0 billion in 2015 owing to their established base in the remote and developing regions
• On the other hand, the point of care devices segment witnessed the fastest growth with a CAGR of over 14.0%. The associated advantages include the user-friendly nature of these tests and quick healthcare delivery, which are estimated to propel the molecular diagnostics market.
• Infectious diseases held the largest share of over USD 2.9 billion in 2015. Molecular testing tools provide clinicians with better alternatives to detect countless infectious bacteria, virus, and pathogens in short time while delivering highly accurate results. Initiatives led by organizations, such as the WHO, in conducting diagnostic programs in regions with high risk areas is estimated to be a high rendering driver.
• The oncology segment is expected to exhibit a CAGR of around 13.0% over the forecast period. Rising awareness levels among people as well as healthcare professionals for cancer diagnosis is a key attribute propelling the market growth.
• The PCR segment dominated the market with revenue generation of over USD 2.6 billion in 2015, attributable to the growing applications of multiplex PCR over the conventional PCR procedure and the introduction of easy-to-use PCR handling kits.
• North America was observed to be the largest regional segment in 2015 with a share of over 45.0%. Key factors contributing toward the large share are well-established healthcare infrastructure, rising healthcare spending, increasing awareness levels among patients, and expansion of R&D activities related to drug discovery and development.
• Asia Pacific is identified as a lucrative segment with a CAGR of approximately 17.0% over the forecast period. Rising demand for improved diagnostic technologies employed for the prevention of epidemics, unaddressed clinical needs, and recent activities by key players targeting expansion in this region are the major factors supporting the market growth.
• Some of the major players include Novartis AG (Grifols), Siemens Healthcare GmbH, Bio-Rad Laboratories, Inc., Alere, Inc., Danaher Corporation, bioMérieux SA, Sysmex Corporation, Becton, Dickinson and Company, Johnson & Johnson Services, Inc., Bio-Rad Laboratories, Inc., Bayer AG, Qiagen, Hologic, Inc. (Gen Probe), Cepheid, F. Hoffmann-La Roche Ltd, and Dako
• The key players are advancing strategic collaborations with major technology-based companies & diagnostic centers and expanding into the developing regions in an attempt to increase their market share and attain stability

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Clinical laboratory tests market is expected to reach USD 198.5 billion by 2024

The global clinical laboratory tests market is expected to reach USD 198.5 billion by 2024, based on a new study by Grand View Research, Inc. Introduction of innovative solutions on the grounds of maximum efficiency and minimum error is expected to serve this market as a high impact-rendering driver.

Integrated workflow management systems, database management tools and patient test records are becoming increasingly important in the healthcare industry with companies processing as many as 100 to 150 billion samples per year.

Development and implementation of various informatics and data management solutions for performing seamless operations is expected to drive the growth of this market. Availability of technologically advanced products such as chemistry analyzers with high yield, low maintenance and, ease of usage has heightened the demand for early disease detection.

Increasing prevalence of chronic diseases and the consequent need to curb healthcare expenditure is also expected to drive market growth by increasing the demand for early and regular disease diagnosis. Moreover, presence of favorable reimbursement policies and availability of CLIA waived test is anticipated to increase base of target population.

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Further Key Findings From the Study Suggest:

• The basic metabolic panel segment dominated the clinical laboratory test market in 2015 mainly due to high acceptance rate of this panel of tests
• Liver panel is estimated to witness highest growth for liver cirrhosis testing owing to high rate of alcohol consumption
• Increasing demand for testing of blood lipid levels in cardiovascular and diabetes patients is anticipated to attribute towards significant growth of liver panel over the forecast period.
• Extensive support of manpower and established infrastructure are the main factors attributing to largest share of central laboratories
• North America is the most developed clinical laboratory tests market due to factors such as high awareness levels, rising prevalence of cardiovascular disorders, and high market penetration of technologically advanced diagnostic techniques
• Asia Pacific is anticipated to witness significant growth over 9% during the forecast period with presence of huge untapped opportunities, increasing base of target population, and positive economic growth.
• Some of the key companies are Quest Diagnostics, Millipore Sigma, LabCorp, and Genoptix Medical Laboratory
• Strategic initiatives implemented by key players to maintain market position include merger and acquisition of small players and development of cost effective clinical tests.

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