IoT in healthcare market size is expected to reach nearly USD 410 billion by 2022 - Grand View Research, Inc.

Global IoT in healthcare market is expected to reach nearly USD 410 billion by 2022 according to a new report by Grand View Research Inc. The introduction of technologically advanced connected medical devices, penetration of smart phones, and use of software automation, to enable faster patient testing, and provide better accuracy, ease of usage, and portability are expected to serve the Internet of Things in healthcare market as high-impact rendering drivers over the forecast period.

Increasing prevalence of chronic diseases such as heart failure, obesity, diabetes and hypertension are boosting the demand for technologically advanced medical devices. The new generation connected medical devices enable real-time patient monitoring and help the medical professionals to swiftly respond to the patient needs. For instance, the vital sign monitors, activity monitors, safety monitors and medication monitors are routinely used for patent monitoring and medication management.

The growing geriatric population, and the high unmet medical needs for home healthcare and long term healthcare services are driving the growth of telemedicine and remote patient monitoring and these factors are expected to positively reinforce theIoT in Healthcare market over the forecast period.

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According to the data published by the U.S. based Family Caregiver Alliance (FCA) in 2015, nearly 63% of the population availing long term healthcare services are people aged above 65 years. This population is expected to drive the demand for technology enabled healthcare services.

The healthcare practitioners are increasingly using technology platforms to serve the growing hospital and patient needs. Moreover, various routine activities such as patient data recording, data storage and data analysis have been streamlined using software’s and cloud storage systems, leading to significant reduction in healthcare operational costs and errors.

The growth of big data analytics, cloud services and artificial intelligence for healthcare applications is gaining significant traction. Several leading technology firms are investing huge resources to tap the potential of the IoT in healthcare market. For instance, IBM has developed the Watson platform for oncology, drug discovery, and clinical trial matching. This platform has combined the power of supercomputing with the huge amount of healthcare research and patient data.

Further more, the use of RFID tags for medication management, asset tracking and asset transportation and development of novel products such as smart pills and smart beds are expected to boost the IoT in Healthcare market over the forecast period.

Further key findings from the study suggest:

• In 2014, systems and software segment accounted for the maximum revenue of USD 22.8billion. Key factors attributed include growing awareness regarding remote patient monitoring, preventative maintenance, diagnostics and software up gradation.
•  However, Medical devices is expected to be the fastest growing segment with a CAGR of 28.3% over the forecast period, on account of growing demand for remote and continuous physiological data management and growing interest from various private and public companies in the IoT-MD domain. (Internet of Thing in Medical Device)
• In 2014, North America held the maximum share of 32.4%. Key factors attributed for the high market share include growing prevalence of chronic diseases, increasing geriatric population prone to various chronic diseases.
• Active collaboration between the high tech software industries and the medical device manufacturers, healthcare practitioners, and technology universities, is a key factor for building the right eco-system for the market growth and expansion.
• Moreover, the IoT in healthcare market is gaining significant interest from the venture capitalists and hedge fund managers owing to the huge potential in changing the healthcare delivery models and improving patient outcomes.
• Asia Pacific is expected to register lucrative growth over the forecast period with a CAGR of over31%. Key factors attributing to its rapid growth include growing penetration of connected medical devices, presence of high unmet clinical needs, and constant economic developments in the region.
• The governments are proactively engaging in using digital health solutions to transform this regions healthcare services capability and improve access to healthcare. Increase use of cloud, SAS, big data and other software platforms for electronic data management, real time patient monitoring, and telemedicine is expected to drive the market growth in this region over the forecast period.
• Major companies such as Medtronic Inc., Philips, Cisco Systems, IBM Corporation, GE Healthcare, Microsoft Corporation, Qualcomm Life Inc., and Stanley Healthcare are investing a huge amount in R&D of connected diagnostic laboratories. These companies are more focused in the development of software with their devices in an attempt to stabilize their market position.

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Diabetes devices market size is expected to reach USD 35.5 billion by the year 2024 - Grand View Research, Inc.

The global diabetes devices market is expected to reach USD 35.5 billion by the year 2024, according to a new report published by Grand View Research, Inc. Major drivers of the market include the growing number of diabetic patients owing to the sedentary lifestyles and unhealthy food habits. The growing demand for the advanced and minimally invasive, diagnostic as well as monitoring devices is expected to propel the market growth during the forecast period.

The rising awareness with regard to the technologically advanced monitoring tools, such as the continuous glucose monitor, is a crucial factor expected to spur the growth of the market. The demand for affordable monitoring devices in the developed as well as the less-developed countries is expected to propel the market growth of products, such as glucose test strips.

The existence of relatively smooth product approval procedures in most of the developed countries including the U.S and European countries are expected to boost the insulin devices market. The view summary of this report, click the link below: 

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Further key findings from the study suggest:

• The demand for the diabetes devices is expected to surge owing to the factors such as the constantly increasing geriatric population prone to diabetes, the government initiatives taken to support better management of diabetes, and the growing awareness regarding diabetes devices
• In 2015, the test-strips sub-segment captured the largest market share in the blood glucose monitoring and diagnostic devices segment. The insulin pens accounted for the largest share of the insulin delivery devices segment. The global diabetes devices market is expected to reach USD 35.4 billion in 2024.
• The monitoring and diagnostic devices segment captured the largest market share of the overall market in 2015. The segment accounted for around 71% of the total market owing to repeat purchases.
• The monitoring and diagnostic devices segment is expected to maintain its dominance during the forecast period owing to the introduction of technologically advanced products coupled with the high adoption of these products in the near future
• North America captured the largest market share of around 32% in the year 2015. The domination of the market is expected to continue with a CAGR of 5.9%. The growing diabetic population, the availability of technologically advanced devices, and the presence of skilled professionals are the factors contributing to the growth of the market in North America.
• Asia Pacific is the fastest growing segment of the market. Countries, such as China and India are expected to show a swift growth owing to the high prevalence of diabetes, the rising awareness regarding commercially available devices, and the growing disposable income in these countries
• The key players in diabetes devices market include Abbott Laboratories, Inc., Bayer Healthcare AG, Johnson& Johnson, F. Hoffmann La-Roche Ltd., Becton Dickinson and Company, Medtronic, Inc., Novo Nordisk A/S, and Sanofi. 

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Biophotonics market valued is estimated to reach USD 91.31 billion by 2024

The global biophotonics market was valued at USD 34.29 billion in 2015, which is estimated to reach USD 91.31 billion by 2024, according to a new report by Grand View Research, Inc. The developments in optical technologies, increasing investigations by researchers, and mounting demand for early diagnosis are anticipated to drive the market growth over the forecast period. Biophotonics, being an evolving area of scientific research, has several applications due its ability to harnesses light for comprehending the functioning of cells and tissue in living organisms. This further aids in the better diagnosis of health problems.

Biophotonics market is projected to witness a high growth during the forecast period, owing to its application in optical techniques while simultaneously preserving the integrity of the biological cells under surveillance. New laser microscopes are being developed which permit measurements of distinct molecules and tissues at exceptional resolutions.

Biophotonics also finds applications in numerous procedures including new laser microscopes, which allow exceptional specifications of molecules & single tissues, optical coherence tomography that assists in the minute imaging of biomaterials, and novel light-activated chemicals utilized for welding tissues through surgical procedures.

Considering the enormous application areas, it is becoming perplexing for the key market players to commercialize this technology. However, the market is confronted with a slow commercialization rate due to the low acceptance from end-users, price sensitivity, and concerns pertaining to authenticity, quality, and reliability of the products.

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Further key findings from the report suggest:

• The non-medical end-use segment is expected to emerge as the fastest-growing segment over the forecast period. The snowballing demand in the non-medical applications is predicted to offer several growth avenues over the next few years. The usage of biophotonics to examine tissues at macro and micro levels and diagnose diseases effectively is expected to be a key reason for its surging end-use applications.
• The light therapy segment is projected to grow at a CAGR of 14.88% over the forecast period. It accounted for 3.6% of the total market revenue in 2014. This is followed by the surface imaging segment, which is expected to exhibit a high market growth. In addition to this, the market is expected to observe growth with increasing adoption of this technology across various industries, such as biotechnology, therapeutics, agriculture, diagnostics, and life sciences R&D. Other impact rendering applications include environmental monitoring, food analysis, dosimetry, dentistry, and medical imaging utilizing endoscopy and Raman spectroscopy.
• The Asia Pacific biophotonics market is expected to grow at a CAGR exceeding 13% over the next few years. Due to the augmented investment in R&D activities, coupled with the increasing prevalence of cancer, the market is expected to witness a substantial growth. The increasing healthcare expenditure and rising government initiatives are expected to fuel the demand for the regional market.
• The prominent industry participants include IPG Photonics Corp., Idex Corp., Toshiba, Procter & Gamble, Horiba, Precision Photonics Corp. (PPC), Roche, GE, Philips, and Danone. The market is projected to exhibit an aggressive competition in the arena of technological development, leading to the application of biophotonic devices in households.

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Needle free drug delivery devices market is expected to reach USD 14.6 billion by 2024 - GVR

The global needle free drug delivery devices market is expected to reach USD 14.6 billion by 2024, according to a new report published by Grand View Research, Inc. The increasing prevalence of chronic diseases such as Hepatitis B, Hepatitis C, and AIDS due to the extensive use of injections is a potent driver of the needle-free drug delivery devices market. 

Additionally, the rising need for self-administration of drugs as in the case of diabetes and pain-free drug delivery have consequentially boosted the industry share of needle-free drug delivery devices. 

Moreover, controlled dosing ability, minimal damage to skin and rapid drug administration are the key associated benefits driving the physician preference thereby fueling the demand for the market. Furthermore, the increasing focus on the development of portable delivery devices has a high, positive impact on the needle-free drug delivery devices market. 

These aforementioned advantages related to needle-free drug delivery devices are expected to serve as key driving factors spurring the growth of the needle-free drug delivery devices market over the forecast period.

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Further key findings from the study suggest:

• Jet injectors dominated the technology segment with a market share of over 30.0%, with respect to revenue in 2015, owing to its high usage rate and wide applicability in delivering a large range of drugs 

• On the basis of application, the insulin delivery devices segment held the largest share of over 33.0% in 2015 owing to the high demand for painless insulin delivery by patients coupled with the requirement of insulin at regular intervals in diabetic patients, thus facilitating the growth of this segment. As per the WHO, the global diabetes prevalence is rising at a rate of 8.5%, thereby propelling the demand for needle-free insulin delivery devices. 

• In 2015, North America dominated the needle-free drug delivery devices market at over 43.0%. The presence of multinational conglomerates, favorable reimbursement policies, and sophisticated healthcare infrastructure are key growth drivers of this regional market 

• Asia Pacific is expected to be growing at the fastest CAGR of over 12.0% during the forecast period owing to the rising disposable income and the increasing number of investments by the western manufactures in the emerging economies pertinent to manufacturing facilities and untapped opportunities 

• Some key players operational in this industry include PharmaJet, Valeritas, Antares Pharma, Inc., Bioject Medical Technologies, Inc., 3M, Glide Pharmaceutical Technologies Ltd., Zogenix, Inc., Akra Dermojet, Injex Pharma AG, PenJet Corporation, and D'Antonio Consultants International, Inc. 

• These industry players are adopting strategies such as technology-oriented advancements, new product development, and strategic collaborations, such as mergers & acquisitions to maximize their industry share. In April 2014, Bioject medical Technologies, Inc. appointed Needle Free Solutions LLC as the exclusive distributor of its product Biojector 2000 with a view to enhance its distribution channel across North America.

Reference Links:

http://www.grandviewresearch.com/industry-analysis/needle-free-drug-delivery-devices-market

Point of care molecular diagnostics market is anticipated to reach USD 3.9 billion by 2024

Global point of care molecular diagnostics market is anticipated to reach USD 3.9 billion by 2024, according to a new report by Grand View Research, Inc. Ongoing research & development to miniaturize molecular diagnostics testing that provides enhanced near patient testing with high accuracy & lesser turnaround times are major factors expected to reinforce the high growth potential for POC MDx products.

Growing demand for CLIA tests that are, by definition, portable and safe enough to be used in non-laboratory settings such as pharmacy clinics, physician offices, and home-care settings, is expected to drive demand in the market over the forecast period. Ongoing research and development is continually supported and funded by a number of major international entities including the national governments of developed countries and high-value private funding agencies such as the Bill & Melinda Gates Foundation.

Furthermore, a growing portfolio of point-of-care testing capabilities that, had initially been focused on screening, testing, and diagnosis of infectious diseases in low-income developing countries, has been developing at a rapid pace over the past decade to expand its potential market to a broader range of medical faculties. Consequently, POC and molecular diagnosis tests are available and/or are under development for cardiology monitoring, oncology testing, and hematology testing.

Recent advances in the development of microfluidics and genetic sequencing instrumentation pave the way for development of cost-effective, highly accurate and rapid testing platforms, which are able to be used as true POC systems. This is a key factor that significantly contributes towards the favorably funded, high growth potential environment prevalent in the point of care molecular diagnostics market.

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Further key findings from the report suggest:

• Application of POC MDx tests for infectious diseases accounted for over 45% of market revenue in 2015. The large share can be accounted for by the presence of an extensive portfolio of the concerned tests with a number of major market entities. Furthermore, growing disease burden of infectious diseases in developing as well as developed countries is another factor the reinforces the dominance of this segment.

• PCR-based POC tests accounted for the largest share of the market in 2015. Widespread usage of PCR-based techniques for molecular diagnosis and commercialization of POC real time PCR products such as the cobas LIAT by Roche have provided this segment with ample opportunities for revenue generation and are expected to maintain a favorable market environment over the forecast period.

• North America was observed to be the most lucrative region on this market and estimated to account for over 40% of the global revenue. presence of a technologically advanced medical framework, sophisticated insurance & copayment system & high R&D investment by governments and private funding organizations for the development of POC MDx tests are major factors responsible for the region’s dominant market position.

• Key players operating in this industry include Johnson & Johnson, Danaher Corp., Cepheid, Bio-Rad Laboratories, bioMerieux, Becton Dickinson, Roche Diagnostics, Bayer Healthcare, Alere Inc (Abbott), Abbott Laboratories among others.

Reference Links:

http://www.grandviewresearch.com/industry-analysis/point-of-care-poc-molecular-diagnostics-market

Continuous glucose monitoring (CGM) devices market size is expected to reach USD 1.01 billion by 2024

The continuous glucose monitoring (CGM) devices market is expected to reach USD 1.01 billion by 2024, according to a new report published by Grand View Research, Inc.

The CGM devices market is anticipated to witness a lucrative growth during the period 2016 to 2024.The prevalence of diabetes is increasing worldwide and calls for the continuous monitoring of blood glucose levels. The traditional methods of blood glucose monitoring have been compromised by the advent of continuous glucose monitoring systems.

These devices come with an innovative technology allowing quick and easy detection of blood glucose levels in the tissue fluid utilizing a small sensor for observation. By continuously observing readings at regular intervals, the continuous glucose monitoring systems allow patients to take adequate measures before hyperglycemic or hypoglycemic levels are reached.

Factors that support the growth of CGM devices market are its benefits over the other blood glucose monitoring systems, early detection of glucose levels, an increase in the number of diabetics worldwide, and growing awareness among developing and under-developing countries about such devices. The restraints for CGM devices market are stringent regulatory impositions and expensive systems. One of the key opportunities for this market would be the approval of the artificial pancreas that would accelerate the application of CGM devices.

The CGM devices industry, by product, is segmented into three types, transmitters and receivers, sensors, and insulin pumps. On the basis of end-user, the continuous glucose monitoring industry is categorized into hospitals, homecare diagnostics, research institutes, diagnostics, and clinical laboratories.

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Further key findings from the study suggest:

• North America is expected to lead the market for CGM systems throughout the forecast period, owing to the presence of a large patient base and the growing demand for patient monitoring devices in the region. The U.S. leads the regional market due to its technological supremacy and ground breaking research innovations.
• Asia Pacific is anticipated to grow at the highest CAGR owing to an increase in market potential along with partnerships with well-established organizations in the region. Additionally, the emerging economies, such as India, is estimated to fuel the market growth during the forecast period.
• The homecare diagnostics segment is set to garner most of the revenue in this market owing to the utilization of these products at a primary level by patients on the grounds of efficacy and user-friendliness.
• Some key market players include Novo Nordisk, Abbott Laboratories, Dexcom, Inc., Roche Diagnostics, Medtronic, and Animas Corporation.

Reference Links:

http://www.grandviewresearch.com/industry-analysis/continuous-glucose-monitoring-market

eClinical Solutions Market is expected to reach USD 10.5 billion by 2024 - Grand View Research Inc.

eClinical Solutions Market is expected to reach USD 10.5 billion by 2024, according to a new report published by Grand View Research Inc. The eClinical solutions market is anticipated to witness a lucrative growth during the period 2016 to 2024. The factors attributing towards the growth of the market are increase in the research and development activities by numerous biopharma and pharma companies, increasing application of software solutions in clinical trials, upsurge in the government funding to promote clinical research programs, rise in the number of Contract Research Organizations (CROs) and life sciences organizations, and increasing customer base. 

Additionally, factors such as increasing outsourcing of clinical trials to CROs, escalating clinical research programs in Asian countries, as well as, the development of cost-effective modules are expected to be opportunistic for the industry growth. However, the shortage of skilled labor force, high implementation costs of the eClinical solutions and the lack of awareness of clinical data sciences software in the research community are likely to hinder the growth of the market in the near future. 

The eClinical solutions market is segmented on the basis of product, delivery mode, clinical trial phase, end-user, and region. Based on the product, the industry is categorized into clinical analytics platforms, electronic Clinical Outcome Assessment (eCOA), Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS), clinical data integration platforms, safety solutions, Clinical Trial Management Systems (CTMS), Randomization and Trial Supply Management (RTSM), and electronic Trial Master File (eTMF). 

The other segments of the market include delivery mode (web-hosted, licensed enterprise, and cloud-based), clinical trial phases (phase I, phase II, phase III, and phase IV), and end-user application (consulting service companies, medical device manufacturers, hospitals, contract research organizations, pharmaceutical, and biopharmaceutical companies). On the basis of regions, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).

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Further key findings from the study suggest:

• In 2016, North America is estimated to lead the market with the largest share in the eClinical solutions industry. The rising number of ongoing clinical trials, high demand for technologically advanced products, and increasing financial support from the government is anticipated to boost the industry growth.
• The eCOA segment is anticipated to witness the highest growth rate during the forecast period, whereas the EDC and CDMS segment is estimated to lead the market in the year 2016. Factors attributing to the growth of the industry are the increasing application of mobile and digital technologies, as well as, an upsurge in the demand for eDiaries in clinical trials for the collection of patient’s self-reports by pharmaceutical companies.
• The eClinical solutions industry comprises several local as well as global players. Some of the major players in this industry include Oracle Corporation, Medidata Solutions Inc., Parexel International, Inc., and Datatrak, among others.

Reference Links:

http://www.grandviewresearch.com/industry-analysis/eclinical-solutions-market