Medical Devices Industry

  Single-use Bioprocessing Probes And Sensors Industry Overview The global single-use bioprocessing probes and sensors market size was valued at USD 1.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.9% from 2021 to 2028. The growing demand for biopharmaceuticals is consequently driving the demand for single-use systems. Thus, the adoption of disposable systems in pre-clinical scale biopharmaceutical production is expected to propel the growth of the market for single-use bioprocessing probes and sensors. The COVID-19 pandemic has created lucrative opportunities for key stakeholders of the market for single-use bioprocessing probes and sensors. The pandemic provides a new perspective on implementation of single-use systems. Major biopharmaceutical companies are experiencing increased demand for bioprocessing technologies, in turn, driving the revenue. For instance, in September 2020, ABEC’s Custom Single Run (CSR) technology was selected by...

  Flow Diverters Industry Overview The global flow diverters market size was valued at USD 252.92 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.9% from 2021 to 2028. The rising prevalence of brain aneurysm and risk factors associated with it and the growing inclination towards minimally invasive procedures are among the key factors driving the market. In addition, growing awareness among people regarding the treatment and initiatives taken by the government to prevent the rate of intracranial aneurysm are few other factors contributing to the market growth. Flow diverters have observed greater traction in 2020 as numerous products have been approved by the FDA for use in the intracranial aneurysm. This recent approval for flow diverters is expected to devour the market of embolic coils, which were earlier considered the gold standard for intracranial aneurysm treatment. Moreover, the surgical procedure for flow diverters is less complicate...

  Laryngeal Mask Industry Overview The global laryngeal mask market size was valued at USD 541.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028. The growth can be attributed to the increasing product usage during surgeries or during anesthesia procedures. The upsurge in the number of surgical procedures coupled with the increasing demand for disposable devices is the key driver of the market for laryngeal masks. In addition, the burgeoning prevalence of chronic diseases that require surgeries and anesthesia is fueling the product demand, thereby boosting the market growth. For instance, according to medico-legal data provided by the Healthcare Insurance Reciprocal of Canada (HIROC) & Canadian Medical Protective Association (CMPA), more than 1 million surgical procedures are performed yearly in the country; which, drives the demand for laryngeal masks. Gather more insights about the market drivers, restrains and grow...

  Chemiluminescence Immunoassay Industry Overview The global chemiluminescence immunoassay market size was valued at USD 7.34 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.9% from 2021 to 2028. Chemiluminescence immunoassay (CLIA) solutions are widely applied in the detection of chronic diseases, such as infectious disease, autoimmune disease, cardiovascular disease, diabetes, obesity, and cancer. CLIA is also used by various pharmaceutical companies and research institutes for therapeutic drug monitoring. The increasing awareness about the early diagnosis of chronic diseases and the rising drug discovery and development activities by pharmaceutical companies are considered to be the high-impact rendering drivers for the market. The COVID-19 pandemic has been crucial in shaping the clinical diagnostic industry research into the development of assays and molecular diagnostic research. Urgent need to aid the development of these diagnostic d...

  Contrast Enhanced Ultrasound Industry Overview The global contrast enhanced ultrasound market size was valued at USD 1.8 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2021 to 2028. Key factor attributing to the market growth include the introduction of affordable contrast agents, increasing ultrasound procedural volume, and contrast imaging modes becoming an integral feature of ultrasound systems. Furthermore, contrast enhanced ultrasound (CEUS) is more cost-efficient, radiation-free, and patient-friendly than other technologies. This is also expected to propel the market growth. The importance of integrating CEUS technology in Point-of-Care (PoC) diagnostics has been a key takeaway in the fight against COVID-19. This has contributed to growing adoption of contrast-enhanced ultrasound, owing to the advantage it provides in early diagnosis of COVID-19-related pneumonia. A sudden increase in the number of lung ultrasonography procedu...

  Dry Eye Treatment Devices Industry Overview The global dry eye treatment devices market size was valued at USD 257.4 million in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 6.3% from 2021 to 2028. The rising demand for faster and non-invasive treatment approaches that provide long-term relief from dry eye symptoms is the factor expected to drive the growth of the market for dry eye treatment devices. For instance, an intense pulsed light (IPL) per session last approximately 15-20 minutes, and 4-5 session are optimal to provide long terms relief from dry eye symptoms. Therefore, its rising preference in patients unhappy and uncomfortable with frequent application of eye drops to alleviate dry eye symptoms. The increasing prevalence of dry eye syndrome and meibomian gland dysfunction (MGD) globally is anticipated to propel the market growth. The growing burden of dry eye can be attributed to the rising incidence of causative risk factors such as over ...

  COVID-19 Detection Kits Industry Overview The global COVID-19 detection kits market size is valued at USD 3.28 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.05% from 2021 to 2027. Several nations are engaged in the development of kits and apps along with tracking programs for mass testing. The COVID-19 smartphone app established by Britain uses Bluetooth signals to identify COVID-19 affected individuals. This centralized approach also provides detailed data pertaining to the symptoms and risks of infection. Such initiatives accelerate the detection of infected patients, which further impacts revenue growth. Manual testing, pitfalls in read-out timing, and visual reporting lead to uncertain outcomes compared to automated tests. In regard to this, QIAGEN has developed an easy-to-use digital test, known as Access Anti-SARS-CoV-2 Total, in August 2020. This serology test is conducted on a portable digital device to offer reliable results in 10 ...

  CBD Pet Industry Overview The global CBD pet market size was valued at USD 125.00 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 58.9% from 2021 to 2028. The perceived benefits of cannabis, high awareness among pet owners, and preference for natural pet supplements have led to an upsurge in the market growth. The benefits of CBD-based products in fixing physical and mental issues in pets are driving the market. According to the Cannabis product news report, around 24.0% of U.S. pet owners consume CBD-based products either for themselves or for their pets. Pet CBD treatment has been found useful in treating diseases like cancer, anxiety, sleep disorders, and epilepsy. Rising incidences of anxiety disorder in pets, especially dogs, is another growth propelling factor for the market. The Covid-19 pandemic has increased pet ownership, resulting in significant spending on pets. As per the APPA estimation, 11.4 million households got a new compan...

  Vitrification Industry Overview The global vitrification market size was valued at USD 6.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 17.7% from 2021 to 2027. Expansions in fertility preservation techniques have prompted the development of vitrification. This new technique offers solutions for the preservation of specimens that not only reduce the preservation time but also minimizes the exposure to cryoprotectants. This has spurred the adoption of vitrification devices leading to lucrative revenue growth of the market. This area is considered a booming business in reproductive and women’s health domains and is expected to grow at a double-digit rate. Delayed childbearing due to sociodemographic factors, including education/career goals, the growing impact of women’s empowerment movements, financial barriers, and lack of a partner is one of the key driving factors of the market. This rising trend of delaying parenthood/childbearing has ...

  Anti-biofilm Wound Dressing Industry Overview The global anti-biofilm wound dressing market size was valued at USD 606.57 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028. The worldwide increase in the incidence of chronic diseases, such as cancer and diabetes, is fueling the market growth. Factors such as unhealthy and sedentary lifestyles, antimicrobial resistance, alcohol consumption, and smoking are contributing to the growing prevalence of non-communicable diseases. As per the studies conducted by B. Braun Melsungen AG in 2018, around 2.0% to 10.0% of diabetic people suffer from diabetic foot ulcers. In addition, as per the American College of Physicians, in 2017, the global annual incidence rate of diabetic foot ulcers is around 6.3% and the lifetime incidence rate of foot ulcers in patients suffering from diabetes ranges from 19.0%-34.0%. Since anti-biofilm wound dressing products are highly recommended for treati...

  Large Molecule Bioanalytical Testing Services Industry Overview The global large molecule bioanalytical testing services market size was valued at USD 1.4 billion in 2020 and is expected to witness a compound annual growth rate (CAGR) of 9.5% from 2021 to 2028. An increase in demand for advanced and quality large molecule bioanalytical testing services and the rising complexity of product designs and engineering are factors anticipated to boost the market growth. Rapid innovations in healthcare have increased the need for pharmaceutical companies to adopt new technologies in their services, to maintain market demand. Less time to market, increase in regulatory oversight, and high risk of product failure are some factors increasing the need for large molecule bioanalytical testing services. The nature of COVID-19 transmission has led several laboratory staff to face uncertainties, such as fears of contracting the infection along with other biosafety concerns. Thus, reduced manpow...

  Medical Supply Delivery Service Industry Overview The global medical supply delivery service market size was valued at USD 48.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2021 to 2028. An increase in the volume of surgical procedures, coupled with the surge in the adoption of medical courier services for delivering medical supplies to healthcare facilities on time, is expected to fuel the market growth. The growing need to ensure quick and secure transportation of samples and specimens for testing, declining cost of logistics, and increasing focus on improving the healthcare system are driving the demand for medical supply delivery services. In addition, the increase in the incidence of road accidents that lead to blood loss and immediate requirement for blood is boosting the market growth. The expansion of healthcare logistics and rising demand for faster and cost-effective delivery of samples and specimens for testing or diag...

  Fusion Biopsy Industry Overview The global fusion biopsy market size was valued at USD 489.1 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.6% from 2021 to 2028. Increasing prevalence of prostate cancer, growing awareness about the importance of regular clinical interventions, and developing reimbursement policies are factors likely to boost the demand for targeted MR/ultrasound biopsy systems over the forecast period. The global number of fusion biopsy procedures declined by around 50.0% during the first semester of the COVID-19 pandemic. Among the procedures that happened during this time, prostate MRI was preferred in most hospitals. The number of procedures, and thus, the demand for new devices resumed after July 2020 as the number of the cases stabilized at a global level. The low-risk patients were managed by an active surveillance strategy which helped minimize the hospital visits associated with COVID-19 risks. Availability of COV...