Rising number of diabetic population and awareness level regarding the usage of insulin pens are key factors to growth pen needle market

The global pen needles market is expected to reach a value of USD 4.8 billion by 2025, according to a new report by Grand View Research, Inc. Rising prevalence of diabetes is the primary reason for the significant growth of pen needles market. According to the International Diabetes Federation (IDF), nearly 415 million people were suffering from diabetes in 2015. Such a high prevalence of diabetes across the globe has led to rising demand for pen needles. Patients suffering from diabetes commonly use injectable pen devices, which helps in easy drug delivery.

In addition, obesity is a significant cause of diabetes. Obese people often suffer from type 2 diabetes, which makes them one of the highest revenue contributors of the target market. Thus, people with type 2 diabetes are the common target population for companies manufacturing pen needles.

Rising technological advancements is also expected to drive the market growth. Pen needles allow comfort and easy mode of insulin delivery. These devices are technologically advanced and provide a superior alternative drug delivery method in comparison to syringes and vials. For instance, in 2013, Becton, Dickinson and Company launched BD Ultra-Fine Nano 4mm Pen Needles with EasyFlow Technology, which will enable diabetic patients with easy adherence of insulin therapy regimens.

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Further Key Findings from the Study Suggest:

• Standard needles dominated the market in 2015 due to the availability of cost-effective needles as compared to safety needles
• Safety pen needles are anticipated to showcase lucrative growth over the forecast period due to the continuous technological advancements
• Amongst the needle lengths, 8mm held the largest share in 2015. This is due to the convenience offered by this needle type on diabetic patients
• Needle length of 4mm are expected to witness attractive CAGR over the forecast period owing to its short length
• Insulin therapy accounted for the largest market share in 2015 due to rising awareness regarding self-administration of insulin amongst the diabetic patients
• Europe dominated the market in 2015 followed by North America owing to high prevalence of diabetes in the European region
• Asia Pacific region is anticipated to exhibit the highest growth rate over the forecast period owing to the rising awareness levels amongst the diabetic population regarding easy drug delivery
• Some of the key players include Becton, Dickinson and Company, B. Braun Melsungen AG, Novo Nordisk A/S, Owen Mumford, Ltd., Ypsomed, HTL-STREFA, and TERUMO CORPORATION.

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Breast Implants Market Growth Is Anticipated To Reach USD 2.0 Billion By 2025

Increasing focus toward enhancement of physical appearance has led to the growth of breast implants market.

Breast reconstructions are being highly adopted by women in order to enhance their physical appearances. This kind of surgery involves esthetic repair of any damage taking place after implantation procedure. According to the American Society of Plastic Surgeons, in 2015, nearly 106,000 breast reconstruction procedures have been performed in the U.S. Thus, such huge number of cases are expected to drive the growth of the market.

Breast implants are used post mastectomy to enhance esthetic appeal. Breast augmentation is another procedure requiring the application of these implants. Esthetic appeal plays an important role in increasing the demand for these procedures, thereby, making the cosmetic industry lucrative for the target population.

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Further key findings from the study suggest:

• In 2016, silicone implants dominated the market due to the fact that it has a natural resemblance to the breast tissue
• Saline implants are anticipated to showcase significant growth over the forecast period due to lesser risk of complications during implant rupture
• Round-shaped implants held the largest market share in 2016 owing to less complications involved during implant rotation
• Anatomical-shaped devices are expected to showcase lucrative growth in the future due to their design that has a natural appearance, which make them ideal for breast enhancement
• The cosmetic surgery segment dominated the market in 2016 due to the growing number of cosmetic procedures conducted globally
• North America dominated the market in 2016 due to rising number of augmentation procedures of this organ conducted in the U.S.
• Asia Pacific is expected to display lucrative growth over the forecast period owing to immense opportunities in the field of medical tourism in this region
• Some of the key players include ALLERGAN; Sientra, Inc.; GC Aesthetics; Mentor Worldwide LLC; Establishment Labs S.A.; Polytech Health & Aesthetics GmbH; GROUPE SEBBIN SAS; HANSBIOMED CO. LTD; Laboratoires Arion; and Shanghai Kangning Medical Supplies Ltd.

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Ophthalmic Lasers Market Opportunity And Their Growth Is Anticipated To Reach USD 1.6 Billion By 2025

Ophthalmic disorders are rising significantly on a global level. This rise in the prevalence rate has led to high growth of ophthalmic lasers market.

According to American Academy of Ophthalmology 2014 statistics, nearly 4.2 million people in the U.S. are visually impaired. Huge number of people suffering from visual impairment are likely to heighten the demand for ophthalmic lasers in the coming years.

Vision loss is a serious problem among people suffering from glaucoma, cataract, age-related macular degeneration (AMD), and diabetic retinopathy. This commonly occurs among the geriatric population. American Academy of Ophthalmology stated that, around 1.3 million U.S. population are blind. Hence, in order to minimize such huge rate of vision loss, there is a high need for the application of ophthalmic laser technology.

Geriatric population are the primary target for the market. Majority of the chronic ophthalmic disorders, for instance, cataract and AMD occur among this group of population. However, refractive errors are also very common among the young people. Thus, growing number of victims of chronic eye diseases has led to an expected growth of the market.

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Further key findings from the study suggest:

• In 2016, femtosecond lasers dominated the market due to rising prevalence of refractive errors among both geriatric and young population
• Amongst the application segment, refractive error corrections held the largest market share in 2016 due to large number of surgeries conducted for refractive errors
• Cataract removal is anticipated to show lucrative growth over the forecast period owing to the rising prevalence of cataract removal surgeries among the geriatric people
• In 2016, hospitals contributed towards the largest revenue share owing to the emergence of large number of hospitals in developing economies
• North America dominated the market in 2016 due to rising prevalence of ophthalmic disorders in this region
• Asia Pacific is expected to show lucrative growth over the forecast period owing to the increase in awareness levels among people in developing countries about various treatments for chronic eye disorders
• Few major companies include Carl Zeiss Meditec AG, Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Ellex Medical Lasers Limited, Lumenis, and Bausch & Lomb Incorporated.

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Joint Reconstruction Devices Market Growth Is Expected To Reach USD 30.4 Billion By 2025

High adoption of minimally invasive surgeries across the globe has given rise to technological advancement in surgical devices and procedures. In addition, growing prevalence of joint-related conditions and changing therapeutic approaches are expected to boost the market growth.

The joint reconstruction devices market is largely dependent on technological development. Ongoing studies on improving robotically-assisted surgeries and bionic implants are expected to play a pivotal role in the development of total joint replacement surgeries market. These advancements are expected to help in complex surgeries to improve success rate of these procedures and increase patient convenience.

A major share of the joint reconstruction market is captured by large joints. Knee and hip joint reconstruction together captured more than half of the revenue share in 2016. The prevalence of conditions related to these two joints is higher as compared to other joints due to overuse. Treatment of conditions related to these joints is crucial to recover the mobility of patients. Thus, a significant amount of funds are invested in R&D of large joint reconstruction techniques.

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Further key findings from the report suggest:

• Joint replacement techniques captured the largest share in 2016 and is expected to maintain dominance throughout the forecast period. High procedural volume and high price of implants are anticipated to drive growth.
• Development of operating techniques, allografts, and synthetic bone grafts are expected to boost growth of the bone graft segment. The segment is further divided into allograft and synthetic sub-segments.
• The knee segment is expected to dominate the market throughout the forecast period. Availability of a large number of treatment options and introduction of innovative surgical techniques are expected to drive the growth of the segment.
• Developing economies, increased foreign direct investment, rising demand, and emergence of local players are factors that are expected to render fastest growth in the Asia Pacific region.
• Key players of the market include Medtronic; Nuvasive, Inc.; Zimmer Biomet; Stryker; DePuy Synthes; Aesculap Implant Systems, LLC; Smith and Nephew; CONMED Corporation; and DJO Global, Inc.

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Medical Lifting Sling Market Growth Is Expected To Reach USD 1.1 Billion By 2024

Long term care is required in case of chronic disorders and surgical treatment. Medical lifting slings are essential elements in long term care and post operative recovery as they assist in patient transfer and other purposes. Increasing prevalence of chronic disorders and subsequent surgical interventions are boosting the usage of these products thus contributing toward substantial market growth.

Home healthcare has emerged as an important area where treatment cost is much lower compared to in traditional healthcare settings. In addition, long term care and post operative recovery can be efficiently achieved in these settings. Hence, in the developed as well as developing regions home healthcare services are growing swiftly resulting in the considerable growth of this vertical.

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Further Key Findings From the Study Suggest:

• Nylon-based medical lifting slings segment held a commanding share in 2015 and is anticipated to grow at a lucrative rate. This can be attributed to their durability and resistance to the infections.
• Patient transfer is the primary application of these products, which held a dominating share in 2015. Universal slings, which have multiple utility, are also expected to gain a substantial share over the forecast period.
• Reusable lifting slings were the most used products in 2015. However, with the rising incidence of infections and hygiene issues, disposable products are used to a greater extent and are expected to exhibit healthy growth over the forecast period.
• Hospitals use these products to a large extent, as they purchase in bulk and they have a greater patient pool. This makes hospitals the largest end-user of medical lifting slings.
• On the other hand, with the growing awareness and streamlined policies for home healthcare services, the usage of these services is surging. As a result, the growing home healthcare vertical is anticipated to increase the usage of medical lifting slings, thus affecting the market positively.
• Europe dominated the global medical lifting slings vertical in 2015. Larger pool of geriatric patients, rising research funding in medical devices, and steadily increasing awareness amongst patients are the key growth governing factors for this region.
• Asia Pacific is projected to witness remunerative growth in the coming eight years. Policy reforms, increasing disposable income, and economic developments are anticipated to foster the usage of advanced treatment options, and consequently engender a high demand for medical lifting slings.
• Some of the key players in this vertical are Getinge Group (ArjoHuntleigh), Invacare Corporation, Hill-Rom, Joerns Healthcare LLC, Argo Medical, Inc., Prism Medical, DJO Global, V.Guldmann A/S, Spectra Care Group, and Drive Medical. Strategic initiatives undertaken by these market players include new product development, distribution enhancement, collaborations, mergers, and acquisitions.

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Neurorehabilitation Devices Market Is Estimated To Reach USD 3.2 Billion By 2024

Around 1 billion people are suffering from neurological disorders across the globe. These neurological disorders are resulting in increased movement disabilities. The increasing prevalence of movement disability, attributed to various neurological disorders (multiple sclerosis, stroke, etc) along with need for comprehensive management is the key factors driving the market growth.

Every year around 15 million people suffer from stroke globally, of which 5 million people are affected by permanent disability. Each year Multiple sclerosis and Parkinson’s disease affect 2.5 million and 10 million patients respectively worldwide. The increasing prevalence and incidence rates of neurological disorders create a huge demand for neurorehab devices, as they ensure simplification of routine tasks for the disabled patients by reducing their dependency on others.

Furthermore, the rising awareness of neurorehab services among the care providers is contributing to the increasing adoption of these devices. In addition, consistent technological advancements are leading to introduction and commercialization of novel products in this sector. Majority of the manufacturers and distributors of neurorehab platforms are headquartered in North America region. North America dominates the market followed by Europe attributed to the rising awareness and increased adoption of novel technologies in these regions. Asia Pacific is growing at the highest CAGR among all the regions due to increasing target population and improving healthcare infrastructure.

Despite fluctuating economic conditions across different geographical regions coupled with the respective regulatory pressures, the companies offering neurorehab devices and services are exhibiting adaptability and efficacy. Some of the key market players are Bioness, Inc., Ectron Ltd., Hocoma AG, Medtronic, and Tyromotion. Collaborations for novel product development and strengthening of distribution networks constitute some of the strategic initiatives implemented by key players. For instance, Ectron Ltd. has collaborated with Bioness, Inc. and Tyromotion for distribution of their products across different geographical regions.

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Further Key Findings from the Study Suggest:

• Neurorobotics is expected to be one of the most lucrative segments in the coming years owing to the high availability of exoskeletons and prosthetics targeted for treating movement disabilities. Bioness, Inc. and Hocoma AG are few of the key manufacturers of exoskeletons and prosthetics.
•  Consistent technological sophistications in brain stimulations and machine learning brain-computer interface segment is expected to develop tremendously.
• Non invasive stimulators have the potential to modulate brain plasticity. In February 2016, USFDA approved Medtronic’s brain stimulation therapy in the treatment of Parkinson’s disease.

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Global Biological Implant Market Is Anticipated To Reach USD 9.8 Billion By 2024

Biological implant market is driven by rise in adoption of grafts and organ substitutes for reconstructive surgeries for various clinical applications such as cardiovascular, orthopedic and other soft tissue repair. The main challenge associated with the use of these products is to incorporate such a material that can specifically adapt to the biology of the surrounding environment in order to accelerate regeneration and repair. To overcome this challenge, research endeavors are carried out in order to develop such devices from biological source thus affecting industrial growth in the coming years.

Modification in the process of composite grafting is expected to play a crucial role in tackling reimplantation of amputated fingertips by bringing development in the overall process of grafting. Moreover, rising competition amongst key participants operating in this market is one of the high impact rendering factors to accelerate the growth.

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Further key findings from the report suggest:

• Depending upon the source or donor of grafts, products offered can be categorized into autograft, allografts, and xenografts. Xenografts dominated the revenue share in 2015 with a revenue share of over 50%. However, allografts are expected to witness the fastest growth owing to the fact that they are derived from same species and produce considerably less chances of foreign immune reaction, thereby influencing adoption rate.
• Biological implants serve various application domains which include cardiovascular, orthopedic, and other soft tissue implants. Soft tissue products accounted for the largest share in 2015 as a result of higher usage of the products in the field of dentistry. Even though cardiovascular implants accounted for lowest penetration in the current scenario, demand for cardiovascular stents and valves obtained from biological source is expected to expand, consequently boosting revenue generation from this segment.
• Amongst surgical and injectable mode of administration, surgical mode is estimated to hold the larger share, as a consequence of availability of several products administered via this route. Introduction of minimally invasive techniques for surgical incorporation of grafts is also one of the significant factors propelling growth in this segment.
• North America dominated the market with a revenue share of 50% due to widespread presence of participants coupled with high aesthetic and healthcare awareness levels amongst the population in this region.
• Asia Pacific is estimated to exhibit the fastest growth in the coming years due to presence of the target population and rapidly improving health care infrastructure which is attributed to drive the demand for tissue engineered products and biological implants.
• Major players operating in this industry include Medtronic, NuVasive, Inc, Stryker Corporation, Conmed Corporation, CryoLife, Edwards LifeSciences Corporation, Acelity, Integra LifeSciences Corporation, Allergan Plc, RTI Surgical, IOP Ophthalmics, Organogenesis Inc, BioPolymer GmbH & Co. KG, Osiris Therapeutics, Baxter International, Vericel, Aplhatec Spine Inc, Maxigen Biotech Inc, Auto Tissue Berlin GmbH, MiMedx Group, Inc., Biotissue Technologies,
• These players are undertaking different business strategies to boost their respective penetration and enhance market presence. These strategies include novel product developments and geographic expansion by involving in collaborative activities in order to grab the larger share of revenue. For instance, in April 2016, Stryker Corporation acquired Stanmore Implants Worldwide Limited which is expected to enable the company to provide differentiated technologies to orthopedic oncology surgeons, thus propelling growth over the forecast period.

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Automated Dispensing Machine Market Is Expected To Reach A Value of USD 5.5 Billion By 2024

The growing pressure on the pharmaceuticals due to reimbursement reduction and rapidly growing drug prices leads to inefficient supply chain and inventory management. The growing demand for automated systems, such as RFID cabinet and barcodes, facilitates real-time inventory and stock management, which is one of the pivotal factors expected to drive the market in the coming years.

Furthermore, the increase in global geriatric population and prevalence of various chronic diseases, as well as high rates of hospitalization are some of the factors increasing the burden on pharmacy of hospitals and retail drug stores. Upsurge in number of prescriptions and lack of skilled pharmacist are also few factors expected to boost automation in the medication dispensing system.

There is increasing demand for technologically advanced medication dispensing systems to mitigate long waiting hours for stock replenishment and drug mismanagement, which is one of the crucial factors expected to drive the usage rate of pharmacy automation system, such dispensing, storage, and retrieval. Based on the 2011 ASHP national survey of pharmacy practice in hospital settings, it was stated that approximately 89% of the hospitals are using automated dispensing cabinets and over 10% of the hospitals are using robots.

According to a survey conducted by Society of Actuaries, it was found that measurable medication errors cost USD 20 billion to the U.S. economy, while majority of these errors could have been easily avoided. Increase in medication dispensing errors is a significant factor driving the number of adverse drug reactions, which may lead to severe deterioration of the patient’s health and may also lead to death; this is expected to drive the demand in the coming years. For instance, in the U.S., data published by the Institute of Medicine states that around 7,000 deaths each year can be attributed to medication errors.

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Further Key Findings From the Study Suggest:

• The inpatient segment is the leading application segment and occupies the largest share of 74.4% in 2015. Increasing cases of hospitalization coupled with occurrence of large number of medication errors contribute to the growth of this segment. The outpatient segment is expected to be the fastest growing segment during the forecast period with a CAGR of 8.2%.
• The hospitals’ segment is the largest, having a share of around 56.1% in 2015. Retail drug stores and pharmacies are expected to be the fastest growing segment during the forecast period with a CAGR of 7.8%.
• In 2015, the centralized pharmacy segment was the largest operations segment and occupied a share of around 63.4%. The decentralized pharmacy is expected to be the fastest growing segment during the forecast period, with a CAGR of 8.5%.
• In 2015, North America held majority of market share of over 53.8% in global automated dispensing machines market. Increasing medication errors and rising demand for the overall reduction in operational cost by streamlining medication dispensing processes are few key factors attributed to the regions high market share.
• Some of the key market players are Omnicell, Inc.; Becton, Dickinson & Co; Baxter; Swisslog; Parata Systems; AmerisourceBergen Corporation. The other key competitors in the market include Pearson Medical Technologies; Script Pro LLC; and Capsa Solutions.
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