Weekly Healthcare News

Key factors attributing to the growth include increase in the pediatric population, rise in congenital heart defects, neurological disorders, urinary tract infections, and lack of adequate new born screening centers in the emerging countries. The pediatric population requires specially designed catheters with smaller dimensions and advanced materials to avoid hospital acquired infections and improve patient compliance.

Introduction of advanced display modalities are expected to boost the replacement of traditional workstations. Rising number of standalone imaging facilities and ambulatory imaging centers are expected to play an important role in driving the market growth.

Introduction of predictive analytics and artificial intelligence in radiology is expected to help healthcare professional to diagnose accurately and decide effective treatment plan. Increasing awareness and introduction of favorable reimbursement policies are the factors expected to ensure swift growth of Medical Imaging Workstations Market during the forecast period.

Advent of the One Health Initiative for the enhancement of animal healthcare standards has broadened the growth prospects. This collective initiative unifies disease surveillance, clinical care, and education and research areas for better disease control.

Stroke and ischemic heart disease are the major causes of more than 80 % of all CVD-related deaths. According to a report published by CDC in 2017, about 800,000 deaths occurred due to CVDs. In addition, Coronary Heart Disease (CHD) accounted for a majority of CVD deaths, followed by heart failure and stoke. Thus, the economic burden of CVDs is likely to be around USD 1,044 billion by 2030.

Blockchain technology has grown at a rapid pace in the past few years. The technology has been utilized by the big corporations for profit maximization and cost cutting. Many leading healthcare and life science companies including Pfizer Inc.; Amerisource Bergen Corporation; McKesson Corporation; and Premier Inc. have all recently joined blockchain-powered project MediLedger to tackle the inadequacies of supply chain.

The aerospace industry has significantly progressed in terms of the increased use of innovative technologies and digital devices over the years. The consecutive rise in the need for specialized engineering skills and expertise, which can be difficult to acquire, retain, and internally develop, is expected to drive a growing need for ESO activities. The growth of the aerospace ESO industry is also facilitated by partnerships between OEMs and service providers for leveraging cost-effective access to domain-specific technical expertise and higher production capacities. For instance, in February 2019, Diehl Aviation signed a multi-year agreement with Altair Engineering, Inc., establishing the company as Diehl Aviation’s strategic computer-aided engineering supplier.

The adoption of artificial intelligence (AI) technologies such as machine learning and natural language generation has increased within enterprises across diversified verticals. Furthermore, AI has gained significant importance in applications that involve the use of data-driven information.

According to the estimations based on a 2011 - 2015 statistic report by the National Cancer Institute (NIH), the estimated number of cancer deaths in the U.S. is around 163.5 per 100,000 men and women per year. Incidence rate, mortality and survival statistics, information on cancer symptoms, risk factors, early detection, and early treatment are among the key factors for the high prevalence of the disease.

The International Cancer Genome Consortium (ICGC) is focusing on obtaining the genomic description, epigenomic changes, and transcriptomic changes in different types of tumors. The Encyclopedia of DNA Elements (ENCODE) project was launched by the U.S. national human genome research institute to identify all the human genome sequence functional elements.

Rising needs to understand epigenetic modifications at the molecular level and development of therapeutic solutions are likely to motivate these organizations to fund research and development programs. In addition, endeavors such as the Epidemiology and Genomics Research Program (EGRP) grants incentives to research activities that are working towards an understanding of cancer causes and their related outcomes.

According to NCI, the estimated number of cancer deaths in the U.S. is 163.5 per 100,000 men and women per year. The International Cancer Genome Consortium (ICGC) is focusing on obtaining genomic description, epigenomic changes, and transcriptomic changes in different types of tumors.

According to a the United Nations (UN) report published in 2017, people aged 65 and above accounted for approximately 13.0% of the total global population. This number is growing at the rate of 3.0% annually. The geriatric population is more prone to musculoskeletal diseases and joint problems. Osteoarthritis is the most common problem for old age people of more than 65 years and is accompanied by increased mortality, and decreased quality of life. The global rise in incidence of chronic and life-threatening diseases are the major drivers for the market.

The emergence of automated 3D imaging scanners and on-going R&D development in contrast agents used for 3D imaging is also expected to propel the market growth. For instance, in July 2018, GE Healthcare introduced ready to drink the oral solution, Omnipaque (Iohexol) in the U.S. The solution acts as a contrast media and aids in visualization in the gastrointestinal tract.

Plasma proteins are extensively used in replacement therapies for the treatment of conditions, such as deficiency of a coagulation factor in the field of hemostasis. This deficiency can be genetic or can occur due to autoimmune disorder. It can also occur as a complication of cancer. Fibrinogen is used as a replacement therapy for treatment of hemorrhagic diathesis in diseases, such as dysfibrinogenemia, afibrinogenemia, and hypofibrinogenemia.

Development of novel products that offer clinical benefits such as improved efficacy and easy sample plasma extraction techniques are expected to increase penetration of plasma proteins in the market. Strong demand for albumin in Asia Pacific and higher volume of immunoglobulin usage in developed countries are projected to drive the market over the forecast period.

Increasing incidence of these diseases is likely to boost the market growth in the coming years. For instance, according to the WHO, in 2016, around 18 million deaths occurred due to Cardiovascular Diseases (CVDs), which accounts for 31% of deaths globally. Increasing target population base across the globe is also expected to drive the market. Furthermore, Development in the imaging technologies and advent of advanced products is expected to boost the market growth during the forecast period.

Growing cases of substance abuse among adolescents across the globe are also contributing toward the market growth. As per the Substance Abuse and Mental Health Services Administration (SAMHSA), in 2014, around 8.0 Million American adults suffered from mental health issues due to substance abuse.

Several hospitals, clinics, and institutes are organizing campaigns to create awareness about the relevant treatments among parents and physicians. For instance, the Child Mind Institute, Inc., organized a campaign named Speak Up for Kids, in May 2018, where children’s mental health issues and various treatments and policies related to these disorders were discussed.

ADME toxicology testing is mainly used for conducting various genetic, chemical, and pharmacological tests that aid the drug discovery process, starting from drug design to drug trials and other drug interactions. This process involves control software, various devices to handle liquids, and other detectors that help rapidly identify active compounds, genetic interactions, and other biomolecular interactions. However, most of these techniques need skilled expertise and software that can handle and store multiple sets of data at a rapid pace. This could limit market growth to an extent.

Stereotactic surgery is a minimally invasive alternative for traditional invasive ablation and biopsy methods. Since, stereotactic surgery has various advantages such as higher efficacy, minimal or no surgical incisions, and lower risk of damage to healthy cells, it is replacing conventional radiotherapies. These surgical procedures have helped overcome drawbacks associated with traditional invasive surgeries, such as destruction of healthy cells and higher risk of recurrence & postoperative complications.

Only around 10.0% of the population in low and middle-income countries have access to radiation therapy, owing to dearth of radiation therapy devices. A market leader, Elekta, in its 2016 annual report stated that the number of installations of linear accelerators in high-income countries was approximately 13,000, whereas the requirement was around 25,000. Hence, huge demand-supply discrepancy of radiotherapy devices is likely to open new avenues for major market players in developing countries.

Increasing demand for minimally invasive surgery (MIS) is expected to boost demand for cannulas over the forecast period. Advanced cannulas with improved features enable shorter procedure duration and faster patient recovery. The growing availability of such devices is also likely to fuel the market.

Other factors that will benefit market growth include increasing pool of patients undergoing surgical procedures, advancement in healthcare infrastructure, increasing number of surgeries in the elderly population, and growing prevalence of lifestyle-related diseases such as obesity and diabetes.

Technological advancements and development of capabilities such as faster processing and effective sample preparation techniques are expected to boost demand for electron microscopes in the forthcoming years.

Furthermore, integration of these advancements with display modalities to enhance high definition and 3-dimensional images is expected to fuel the demand from various application segments during the forecast period.

Recently, California NanoSystems Institute developed an advanced device by integrating microscope and Artificial Intelligence (AI) to identify cancer cells. This is claimed to be the most efficient device as compared to the other commercially available techniques.

Fungal diseases are a public health problem as they can affect any individual. However, there is a severe threat of fungal infections to people with weak immune responses such as patients with AIDS. There is a high possibility of the development of opportunistic fungal infections in these patients. According to statistics published by the Centers for Disease Control and Prevention in 2016, every year, nearly 220,000 new individuals are affected by cryptococcal meningitis, which is brain infection and has resulted in 181,000 deaths per year around the world. Most of the deaths are reported in sub-Saharan Africa, as the prevalence of HIV/AIDS is more in these countries.

In addition, ongoing public-private partnership agreements in the pharmaceutical industry for the development of novel therapeutics are projected to offer tremendous growth opportunities to the market. For example, CARB-X, an international public-private partnership, is anticipated to provide around USD 350 million in the coming five years to boost the R & D pipeline. Partners involved are the U.S. Department of Health and Human Services, Antimicrobial Resistance Centre in England, and Boston University School of Law.

Rising usage of injections in healthcare settings such as hospitals, clinics, and ambulatory surgical centers has led to spread of infectious diseases such as Hepatitis B, Hepatitis C, and AIDS, especially in developing countries. This acts as a key driver for the needle-less drug delivery devices industry. Furthermore, rising collaborations between market players is further likely to increase competitiveness of this market. For instance, PharmaJet and Mundipharma entered into a partnership in 2018 for distributing its needle free injectors over 120 markets globally.

The market is majorly driven by a dramatic rise in geriatric population across the globe and an alarming surge in the number of road accidents. Severe fracture cases resulting from falls and mishaps among the elderly population are expected to contribute to the growing demand for fracture fixators.

Around 40.0% of trauma injuries are as a result of falls and motor vehicle accidents. Elderly population as well as children below the age of seven are more prone to falls. Motor vehicle accidents account for over 28% of trauma injuries. This is a key factor benefiting the global market.

Technological advancements aiming to provide transformational healthcare solutions are further anticipated to assist the market growth in the near future. In June 2020, ATAI Life sciences in an attempt to enter the market; launched IntroSpect Digital Therapeutics platform. The company will provide DTx and precision psychiatry solutions in a probe to combat the burgeoning mental health epidemic.

Increasing number of smartphone users in the U.S. is projected to drive market growth. The country has the highest smartphone and 4G adoption rates. Awareness regarding smart health tracking is also expected to increase due to rapidly rising smart healthcare devices. Digital therapeutics can offer on-demand care to patients, with the ability to diagnose and treat patients earlier. Moreover, biopharmaceutical companies are collaborating with digital therapeutic provides to give patients a better quality of care, thereby propelling the growth of the market.

Despite the advantages of DTx services and a large smartphone user base in the U.S., it never experienced mass consumer adoption before the COVID-19 outbreak. The pandemic created a major growth opportunity for this technology. The Centers for Medicare & Medicaid Services (CMS) and the Food and Drug Administration (FDA) have already mentioned the vital nature of virtual care service in the overall COVID-19 response strategy. Social distancing and self-isolation have resulted in increased anxiety and stress. According to Mental Health America, there was nearly a 19% increase in clinical anxiety in the first week of February 2020, and around a 12% increase in the first two weeks of March.

Scope for usage has widened in recent years and diversity of ecosystems explored using metagenome analysis has increased by multiple folds over the recent past. Rapid advancements in genomic technologies and ancillary protocols have enabled the study of microbial consortia within the host as a combined entity. This is anticipated to hold significant market potential in various life sciences industries. Introduction of high-throughput sequencing technologies such as iSeq 100 System, MiniSeq System, and NextSeq 550 System for amplicon sequencing has facilitated phylogeny and taxonomy studies of diverse metagenomics samples.

Bioinformatics companies play a significant role in the growth of metagenomic laboratories as they help support their workflows. For instance, in December 2018, QIAGEN launched metagenomic plugins for analysis in collaboration with CosmosID. Furthermore, De novo assembly, whole genome sequencing, shotgun metagenomics, and 16S rRNA sequencing allow simplified analysis. This increase in deployment of sequencing technologies can be attributed to declining cost in recent years.

Innovative methodological and conceptual tools such as Integrated Microbial Genome/Microbiome (IMG/M) are employed to accelerate metagenomics related workflows, thereby boosting revenue generation. IMG/M is useful in analyzing the functional capability of microbial communities based on the metagenome sequence.

Furthermore, advancements in bioinformatics programming have enabled researchers to conduct 3D metagenomics experiments. For instance, in February 2017, a team of researchers at Institut Pasteur conducted an experiment using 3D structures of DNA fragments collected from microbiota of mouse intestine to analyze interactions between phage and bacteria.

Conventional methods of injecting drugs, such as syringes and vials, are rapidly being replaced by new methods such as injectable pens and drug delivery pumps, which are known to be more convenient and flexible. Injectors have significant applications in management of various chronic diseases such as diabetes, osteoporosis, growth hormone deficiency, and arthritis. Increasing prevalence of these diseases has a direct impact on demand for injectable pens.

Most injectors available today are reusable. These require replacement of only needles and cartridges and they can be used for longer time, making them cost effective. Additionally, urgent need to reduce needlestick injuries and the presence of a wide distribution network of international players are driving the global market.

Minimally invasive procedures require specific psychomotor skills. Simulation provides a proper tool for learning and training of such skills. Various simulation modalities are used for learning and training for minimally invasive surgeries. Various animal models, virtual reality, and video trainers can be used for simulation of minimally invasive procedures. Thus, surging demand for minimally invasive surgical procedures is providing an upthrust to the market.

In addition, augmented reality is also used for training and education. AR-based applications are used to deliver improved and efficient care to patients. These apps are also used in post-operative care and assistance to elderly patients. Rise in adoption of such innovative technologies and applications, which provide revolutionary solutions for better real-time services, is projected to boost the growth of the market over the forecast period.

In addition, growing significance of various health apps, medical visualization, surgical robots, and preventive medicines is supporting increased penetration of advanced technologies in healthcare simulation. This, in turn, is likely to escalate the growth of the market.

A shift in trend from procuring to the leasing of devices has been observed over the past few decades in the healthcare industry. Healthcare providers across the globe are aiming towards improved infrastructural facilities and reduction in capital required to achieve the same. The trend is likely to stay, thereby will drive the market. However, the presence of insurance coverage for a few medical devices is expected to pose a threat to the rental/leasing market.

The shortened product lifecycle is another factor anticipated to stoke the growth of the market during the forecast period. Constant availability of advanced devices is leading to price hike and hence, causing a burden on healthcare providers. In order to keep up with the competition, healthcare providers need to pay keen attention to technological upgrades. Therefore, rising involvement in R&D is poised to propel the market.

In addition, rising need for home healthcare owing to reduced hospital stays and widening geriatric and disabled patient pool is boosting the demand for rental devices. Increasing mishaps such as muscular dystrophy, spinal malfunctioning, and brain or skeletal injury/ disorders are leading to a rise in the pool of the disabled population. All these factors are working in favor of the market.

Availability of various grants and government provisions for the disabled population is projected to impede the growth of the market. Provision grants such as financial support for the procurement of equipment and funds for building infrastructural facilities for the disabled are lowering the need for renting equipment. This, in turn, is estimated to limit the market from realizing its utmost potential.