Cardiovascular Devices Market: Emerging Trends in Minimally Invasive Solutions

 The global cardiovascular devices market was valued at USD 53.67 billion in 2024 and is projected to reach USD 86.36 billion by 2030, reflecting a compound annual growth rate (CAGR) of 8.4% from 2025 to 2030. Cardiovascular disease (CVD) is one of the most widespread medical conditions globally.

 

In January 2024, the American Heart Association reported that CVD was the leading cause of death in the U.S., claiming 931,578 lives—more than the combined fatalities from all cancers and chronic respiratory diseases. Consequently, cardiovascular devices play a crucial role in accurately detecting and managing heart disorders, driving market growth. Key factors propelling this market include rapid technological advancements, the availability of affordable and effective devices, and a rising preference for minimally invasive procedures.

 

The increasing incidence of chronic cardiovascular disorders is significantly contributing to market expansion. Conditions such as heart attacks, coronary artery disease, and atrial fibrillation necessitate the use of cardiovascular devices, particularly coronary artery stents, which are vital for treating life-threatening cardiac issues. A May 2024 report from the WHO indicated that CVDs are the primary cause of disability and premature death in Europe, accounting for over 42.5% of annual deaths—approximately 10,000 daily. Notably, men are nearly 2.5 times more likely to die from CVDs than women, with individuals aged 30-69 in Eastern Europe and Central Asia facing a nearly fivefold higher risk compared to their Western European peers.

 

Over the past decade, advancements in cardiac device technologies and their applications have significantly improved treatment outcomes. Artificial intelligence has emerged as a pivotal development in cardiology, enhancing monitoring capabilities for specific heart conditions. For example, in May 2024, Medtronic announced the integration of AI into its Reveal Linq ICM devices in the U.S., Australia, and New Zealand, with plans for a European rollout by the end of 2024.

 

Key Market Trends & Insights

• Market Leadership in North America: North America dominated the cardiovascular devices market, accounting for 47.7% of the revenue share in 2024. This is driven by the increasing incidence of Atrial Fibrillation (AFib) and cardiovascular diseases, supportive government initiatives, and technological advancements. A February 2024 article in The Lancet Regional Health - Europe noted that AF is common, with a lifetime risk of approximately 1 in 3 to 5 individuals over the age of 45.
• Growth in the U.S. Market: The U.S. market is expected to grow substantially during the forecast period due to the rising number of CVD cases. An article from the American Heart Association published in January 2024 indicated that CVD results in about 2,552 deaths daily in the U.S., highlighting the urgent need for effective management and treatment options.
• Product Segment Insights: The surgical devices segment accounted for the largest revenue share of 68.8% in 2024. The diagnostics and monitoring devices segment is anticipated to experience the fastest CAGR of 9.6% during the forecast period, indicating a growing focus on diagnostic and monitoring solutions within the cardiovascular devices market.

 

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Market Size & Forecast

• 2024 Market Size: USD 53.67 Billion
• 2030 Projected Market Size: USD 86.36 Billion
• CAGR (2025-2030): 8.4%
• North America: Largest market in 2024

 

Key Companies & Market Share Insights

Market participants employ various strategies, including product launches, approvals, strategic acquisitions, and innovations, to enhance their global presence. In August 2024, GE HealthCare announced that its Vscan Air SL, a wireless handheld ultrasound system featuring Caption AI, received CE certification. This AI-driven technology facilitates rapid cardiac evaluations. Additionally, their Revolution Apex platform enables ECG-less cardiac CT scanning, allowing healthcare providers to capture cardiac images without requiring the patient's electrocardiogram.

 

Key Players

• ATI Abbott
• GE HealthCare
• Edwards Lifesciences Corporation
• W. L. Gore & Associates, Inc.
• Siemens Healthcare GmbH
• BIOTRONIK SE & Co. KG
• Canon Medical Systems Asia Pte. Ltd.
• B. Braun SE
• LivaNova PLC
• Cardinal Health
• Medtronic
• Boston Scientific Corporation

 

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Conclusion

The global cardiovascular devices market is set for significant growth, driven by the rising prevalence of cardiovascular diseases and ongoing technological advancements. As healthcare systems prioritize effective management of these conditions, the demand for innovative cardiovascular devices will continue to rise, offering substantial opportunities for companies in this sector. The integration of advanced technologies, such as artificial intelligence, is expected to further enhance treatment outcomes and monitoring capabilities, solidifying the importance of cardiovascular devices in modern healthcare.

Cannabis Tourism Market: Exploring Key Destinations and Experiences

 The cannabis tourism market was valued at approximately USD 10.23 billion in 2023 and is projected to grow to USD 23.73 billion by 2030, with a compound annual growth rate (CAGR) of 12.38% from 2024 to 2030. This growth is driven by increasing demand for unique experiences alongside growing legalization and regulation of cannabis.

 

As more countries and states legalize cannabis for recreational use, the market is set for expansion. A study by the Dutch government indicated that 58% of international tourists visit Amsterdam specifically to consume recreational cannabis, and business in Dutch coffee shops has seen a boost since the onset of the pandemic. With the rising acceptance of cannabis globally, the market is expected to continue its upward trajectory throughout the forecast period.

 

However, new regulations regarding cannabis usage in Amsterdam may significantly impact the cannabis tourism sector. Historically a leading destination for marijuana enthusiasts, Amsterdam's changing regulations could shift the landscape, allowing emerging destinations in Asia, Africa, and the Americas to capitalize on evolving market dynamics. Countries such as South Africa, Uruguay, Germany, Jamaica, Malta, Canada, and the U.S. are already relaxing their cannabis laws to attract an increasing number of tourists seeking cannabis-friendly experiences.

 

In the U.S., over 19 states and Washington D.C. now allow recreational cannabis use, drawing visitors from neighboring states and abroad. According to an article from MJBizDaily, Michigan's cannabis industry experienced a notable 30% increase in total sales in 2023, driven by a 15.7% rise in adult-use cannabis sales.

 

Key Market Trends & Insights

 

• The U.S. cannabis tourism market dominated the sector, accounting for over 50% of total revenue. With 19 states and Washington D.C. permitting recreational use, the U.S. is a key driver of growth. Millennials increasingly favor destinations where cannabis is legal, with 50% considering it essential for vacation planning. This legalization opens opportunities for destinations to integrate cannabis tourism into their broader visitor economy and enhance community engagement.
• The 25 to 44 age group led the market with a revenue share exceeding 44% in 2023 and is expected to grow at the fastest rate during the forecast period. This demographic comprises a significant portion of current cannabis consumers and will likely continue to seek cannabis-friendly destinations, fueling the rise of cannabis tourism worldwide.
• The privately-owned distribution channel segment accounted for the largest revenue share of over 38% in 2023 and is predicted to experience the fastest CAGR during the forecast period. Privately owned dispensaries and tour operators are poised to provide more personalized experiences for cannabis tourists, catering to their specific preferences.

 

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Market Size & Forecast

• 2023 Market Size: USD 10.23 billion
• 2030 Projected Market Size: USD 23.73 billion
• CAGR (2024-2030): 12.38%

 

Key Companies & Market Share Insights

 

The market is highly fragmented, with the presence of many country-level players. Key market participants are divided into various strategic initiatives to expand their business footprint and gain a competitive edge in the global market. Some of the emerging players in the market include GanjaVacations, USA Weed.org, Aurora Cannabis, and Tilray Brands.

 

Key Players

 

• VISIT MODESTO
• Discover Southern Humboldt
• Bud and Breakfast
• Emerald Farm Tours, LLC.
• Niagara Weed & Wine.
• Okanagan Cannabis Tours
• Victoria Cannabis Tours Ltd.
• Del Mundo Cannabis
• Canopy Growth Corp.
• TPCO Holding Corp.

 

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Conclusion

 

The cannabis tourism market is on a significant growth trajectory, driven by legalization trends, changing consumer preferences, and the rise of new destinations. As more regions embrace cannabis-friendly regulations, the opportunity for market expansion will continue to grow, providing a rich landscape for both established and emerging players in the industry.

Body Contouring Devices Market: Forecasting Growth Trends and Challenges Ahead

 The global body contouring devices market was valued at approximately USD 1.50 billion in 2023 and is projected to reach USD 3.86 billion by 2030, reflecting a compound annual growth rate (CAGR) of 14.3% from 2024 to 2030. Body contouring devices can be classified as invasive, non-invasive, or minimally invasive, and are designed to reshape specific areas of the body. This reshaping can be achieved through surgical methods such as liposuction or through less invasive techniques like cryo lipolysis, injection lipolysis, radiofrequency lipolysis, and laser lipolysis. The primary objective of body contouring procedures is to eliminate unwanted fat and enhance firmness in the targeted treatment area.

The rising prevalence of obesity worldwide, driven by unhealthy lifestyles, is expected to propel the growth of the global market. Additionally, the improved safety and efficacy of these techniques, which contribute to increased life expectancy, are anticipated to further boost demand. Initiatives such as mergers and acquisitions, new product launches, and partnerships undertaken by major companies for product research and distribution are also expected to drive market expansion in the coming years.

Non-invasive fat reduction, or nonsurgical fat reduction, encompasses minimally invasive treatments that effectively break down stubborn subcutaneous fat pockets beneath the skin. Key factors contributing to market growth include the rising demand for body contouring treatments, which are non-invasive and require no downtime after the procedure. For instance, SculpSure, developed by Cynosure, Inc., is a non-invasive body contouring laser device that targets and destroys approximately 24% of unwanted fat cells in just 25 minutes.

 

Key Market Trends & Insights

• The North America body contouring devices market led the industry, capturing a revenue share of 35.2% in 2023. This dominance can be attributed to factors such as a rising geriatric population, strong medical infrastructure, well-established reimbursement policies, the presence of key market players, and advancements in aesthetic body contouring procedures.
• The Asia Pacific body contouring devices market is expected to record the fastest compound annual growth rate (CAGR) during the forecast period. Countries like China, Japan, and India are emerging economies with well-developed healthcare infrastructures and are increasingly focusing on research and development activities.
• In terms of device type, non-invasive and minimally invasive devices dominated the market, accounting for a share of 77.5% in 2023. The introduction of various products, investments from market players, and high demand for non-invasive and minimally invasive procedures—due to their safety and cost-effectiveness—are driving market growth. The expansion of the market is further fueled by the rising popularity of non-invasive body contouring treatments that require no recovery time.

 

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Market Size & Forecast

• 2023 Market Size: USD 1.50 Billion
• 2030 Projected Market Size: USD 3.86 Billion
• CAGR (2024-2030): 14.3%
• North America: Largest market in 2023

 

Key Companies & Market Share Insights

Some of the key companies in the body contouring devices market include Cynosure, Inc., Alma Lasers, Merz Pharma Gmbh, Allergan, Syneron Medical Ltd. and others. Key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies.

• Cynosure, Inc. offers various body contouring devices for noninvasive fat reduction and skin tightening. One of their products is SculpSure, a laser system explicitly focused on reducing fat cells. Another device is the TempSure Firm handpiece, designed to enhance skin tightness and texture. These products are included in Cynosure's more comprehensive range of aesthetic devices, which also target hair removal, skin rejuvenation, and other issues.

• Alma Lasers offers diverse body contouring devices designed to address various aesthetic concerns, including fat reduction, skin tightening, and cellulite treatment. Their products include the Accent Prime system, which utilizes ultrasound and radiofrequency technologies to deliver effective body sculpting results with minimal downtime.

 

Key Players

• Cynosure, Inc.
• Alma Lasers
• Allergan Plc
• Merz Pharma Gmbh
• Candela Medical Ltd.
• Solta Medical Bausch Health Companies, Inc.
• Lutronic Corporation
• InMode Ltd
• Fotona
• Sofwave Medical LTD
• Sciton Inc
• Lumenis

 

Conclusion

 

The body contouring devices market is poised for significant growth, driven by increasing obesity rates, advancements in treatment safety and efficacy, and the rising popularity of non-invasive procedures. As consumer demand for effective body reshaping solutions continues to rise, innovations in technology and strategic initiatives by key players will play a crucial role in shaping the future of this market.

 

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Bone Grafts And Substitutes Market: Technological Advancements and Their Impact

 The global bone grafts and substitutes market was valued at approximately USD 3.16 billion in 2024 and is expected to reach USD 4.60 billion by 2030, reflecting a compound annual growth rate (CAGR) of 6.6% from 2025 to 2030. The growth is primarily driven by the rising demand for synthetic substitutes and an increasing number of product approvals from regulatory bodies across various regions.

 

A significant factor contributing to market expansion is the growing application of bone grafts in dentistry. These grafts are predominantly used as scaffolds and fillers to enhance bone formation and promote healing. The popularity of dental implant surgeries has surged, aided by advanced surgical techniques that incorporate bone grafts and regeneration. Dental implants are increasingly becoming the preferred solution for tooth loss, fueled by advancements in practitioner skills and dental technology. According to a WHO report from 2023, the global average prevalence of total tooth loss is nearly 7% among individuals aged 20 and older, rising to an estimated 23% for those aged 60 and above. This increasing incidence of tooth loss is further propelling market growth.

 

Moreover, a supportive regulatory environment and ongoing initiatives by market players to develop innovative products with enhanced bioactivity, biocompatibility, and favorable mechanical properties are additional factors driving market growth. For example, in March 2022, Molecular Matrix, Inc. launched the Osteo-P Synthetic Bone Graft Substitute for musculoskeletal applications, utilizing HCCP technology beneficial for bone regeneration. Similarly, in October 2020, Graftys achieved Medical Device Single Audit Program (MDSAP) certification for its Sterile Calcium Phosphate Resorbable Bone Void Fillers and delivery systems in multiple countries, including Australia, Brazil, Canada, and the U.S.

 

Key Market Trends & Insights

 

• Regional Dominance: North America led the global bone grafts and substitutes market in 2024, capturing the largest revenue share of 42.1%. Contributing factors include a growing geriatric population and an increase in sports injuries and accidents.
• U.S. Market Growth: The market for bone grafts and substitutes in the U.S. is projected to experience significant growth, driven by rising sports injuries. Approximately 30 million children and teenagers participate in organized sports in the U.S., leading to over 3.5 million injuries annually.
• Material Type Trends: The allograft segment accounted for the largest revenue share of 60.2% in 2024 and is expected to see substantial growth. The increasing adoption of allografts is attributed to their osteoconductivity and immediate structural support.
• Application Insights: The spinal fusion sub-segment held the largest market share at 60.1% in 2024. The growing use of bone graft materials for spondylosyndesis and an aging population susceptible to orthopedic conditions are driving revenue in this segment.

 

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Market Size & Forecast

• 2024 Market Size: USD 3.16 Billion
• 2030 Projected Market Size: USD 4.60 Billion
• CAGR (2025-2030): 6.6%
• North America: Largest market in 2024
• Asia Pacific: Fastest growing market

 

Key Companies & Market Share Insights

The industry is marked by the presence of various large and small business operators. It is competitive and dominated by participants such as Orthofix, Stryker, Nuvasive, Medtronic, DePuy Synthes, and Wright Medical, among others. Key players are emphasizing executing innovative strategies such as market penetration, mergers and acquisitions, partnerships, and distribution agreements to bolster their revenue.

 

Key Players

• AlloSource
• DePuy Synthes (Johnson & Johnson)
• Baxter
• NuVasive, Inc.
• Smith + Nephew
• Medtronic
• Orthofix Medical, Inc.
• OST Laboratories
• Zimmer Biomet
• Geistlich Pharma AG
• Stryker
• Biobank

 

Conclusion

The bone grafts and substitutes market is poised for robust growth driven by technological advancements, increasing applications in dentistry, and a supportive regulatory framework. As the demand for innovative and effective solutions continues to rise, the market is likely to witness significant developments and opportunities in the coming years. 

 

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Breast MRI Market: Insights into Cost-Effectiveness and Accessibility

 In 2024, the global breast MRI market was valued at USD 2.30 billion and is projected to grow to USD 5.28 billion by 2033, reflecting a compound annual growth rate (CAGR) of 9.70% from 2025 to 2033. This growth is driven by advancements in MRI technology and the increasing global burden of breast cancer.

 

Rising awareness and widespread breast cancer screening initiatives are key factors contributing to market expansion. The growing incidence of breast cancer continues to be a major driver of demand for breast MRI, which serves as a critical diagnostic and screening tool, especially for individuals at high risk. Breast MRI is instrumental in identifying additional malignant lesions within the breast.

 

According to the World Health Organization (February 2025), approximately 1 in 20 women globally will be diagnosed with breast cancer in their lifetime. If current trends persist, annual new breast cancer cases could reach 3.2 million by 2050, with an estimated 1.1 million related deaths per year. In 2022, approximately 2.3 million new cases and 670,000 deaths were reported globally. This rising prevalence significantly boosts the need for effective imaging tools like breast MRI.

 

In addition to global growth, key regions—including Asia, Europe, North America, and Latin America—are experiencing high rates of breast cancer, with incidence projected to rise sharply by 2030. This highlights the increasing regional demand for advanced diagnostic technologies such as breast MRI, which aids in early detection, thorough evaluation, and effective disease management.

 

Key Market Trends & Insights

 

• Regional Insights: North America held the largest market share in 2024, accounting for 44.79% of the global market. The region is projected to continue growing at the fastest pace due to the strong presence of major players like GE Healthcare, Siemens Healthineers, and Philips Healthcare, as well as the widespread use of advanced imaging infrastructure.
• By Product: The systems segment dominated the market with a 75.44% revenue share in 2024. This is driven by the increasing adoption of high-tech MRI systems and innovations in imaging. Notably, in February 2025, researchers at the University of Waterloo unveiled an AI-enhanced MRI method.
• By Condition: The malignant segment led with 84.18% of the market share in 2024 and is expected to grow fastest, due to the widespread use of breast MRI in detecting, characterizing, and staging cancerous tumors.
• By Imaging Technique/Contrast Use: Contrast-Enhanced MRI (CE-MRI) was the leading segment in 2024, supported by growing approvals for contrast agents. For example, Guerbet’s Elucirem (Gadopiclenol) received European Commission approval in December 2023 for use in breast and other organ imaging.
• By End Use: Hospitals and clinics dominated with a 42.46% market share in 2024, benefiting from established imaging infrastructure, skilled radiologists, and high patient throughput.

 

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Market Size & Forecast

 

• 2024 Market Size: USD 2.30 Billion
• 2033 Projected Market Size: USD 5.28 Billion
• CAGR (2025-2033): 9.70%
• North America: Largest market in 2024

 

Key Companies & Market Share Insights

 

Leading players in the breast MRI market are focusing on strategic initiatives such as regional expansion, product innovation, and partnerships to enhance their market position. Companies like GE Healthcare, Siemens Healthineers, and Philips Healthcare continue to play a pivotal role in shaping the industry.

 

Key Players

 

• GE HealthCare
• Siemens Medical Solutions USA, Inc.
• Koninklijke Philips N.V.
• CANON MEDICAL SYSTEMS USA, INC.
• FUJIFILM
• United Imaging Healthcare Co., Ltd.
• AURORA HEALTHCARE US CORP
• Quality Electrodynamics (QED)
• MR Instruments, Inc.
• iCAD, Inc
• Subtle Medical, Inc.
• Arterys (Tempus)
• Esaote

 

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Conclusion

 

The global breast MRI market is set for substantial growth, driven by technological advancements and the escalating global burden of breast cancer. Increased awareness, enhanced screening programs, and a strong push for early diagnosis are propelling demand for MRI as a vital diagnostic tool. With North America leading the way and technological innovations such as AI-enhanced imaging on the rise, the breast MRI market is well-positioned to experience significant expansion through 2033.

Biosensors Market Research: Insights into Emerging Applications

 The global biosensors market was estimated at USD 30.0 billion in 2024 and is projected to reach USD 48.6 billion by 2030, with a compound annual growth rate (CAGR) of 8.6% from 2025 to 2030. The rising demand for biosensors can be attributed to their diverse medical applications, the increasing number of diabetic patients, a high demand for compact diagnostic devices, and rapid technological advancements.

Early and accurate disease diagnosis is crucial for positive prognoses and patient survival. In recent years, there has been a significant increase in the demand for disposable, convenient, and cost-effective devices that offer fast response times. The emergence of COVID-19 positively impacted the medical device industry, as various methods were employed to scan for early symptoms of the virus. The biosensors market is poised for substantial growth, propelled by notable technological innovations and strategic initiatives from key market players. For example, in January 2023, Intricon, a developer and manufacturer of medical devices utilizing smart miniaturized electronics, inaugurated a Biosensors Center of Excellence (CoE).

This strategic initiative underscores Intricon's dedication to integrating its expertise and capabilities within a vertically integrated business unit focused on introducing biosensor devices to the medical market. The combination of technological innovation and targeted efforts is driving positive growth in the biosensors market.
Nanotechnology-based biosensors are anticipated to have a broad range of applications across various industries, including food analysis, imaging, and monitoring microbial activity. The global market is consolidating, driven by a growing preference for non-invasive biosensors, the increasing popularity of medical devices and specialty drugs, as well as rising research collaborations and contracts among manufacturers. For instance, Ethicon Endo-Surgery Inc. operates under contracts administered by Johnson & Johnson Innovation. Additionally, the growing awareness surrounding continuous health monitoring is contributing to industry growth, particularly among athletes, many of whom utilize Electromyography (EMG) biosensors to monitor their health and receive alerts if issues arise.

Key Market Trends & Insights

• North America held the largest share of more than 40.2% of the revenue in 2024 owing to the presence of key players and high incidence of targeted diseases in the region. Over the projected period, technological improvements, such as the introduction of miniaturized diagnostic equipment that provides increased market penetration of Electronic Medical Records (EMR), as well as precise & quick findings, are expected to fuel market expansion.
• As Asia Pacific is expected to witness the fastest CAGR of 9.9% from 2025 to 2030. The presence of significant unmet medical requirements for target diseases, such as cancer, diabetes, and other infectious diseases, as well as continuously improving healthcare expenditure in the region and increasing patient awareness, drive the regional market growth.
• Based on technology, the industry is categorized into piezoelectric, electrochemical, thermal, and optical. The electrochemical segment captured the largest market share of around 71.7% in 2024 and is expected to grow at the fastest CAGR of 8.7% from 2025 to 2030.
• Based on applications, the industry is segmented into bioreactor, medical, agriculture, environment, food toxicity, and others. In 2024, the medical segment dominated the industry and accounted for around 66.8% of the total revenue share. Biosensors are used in the fields of cholesterol testing, blood glucose monitoring, drug discovery, pregnancy testing, blood gas analyzer, and infectious disorders in the medical segment.
• The end-user segment includes research laboratories, the food industry, home healthcare diagnostics and security POC testing, and bio-defense. Biosensors in point-of-care testing led the market in 2024 accounting for a revenue share of 47.9%. Key factors driving the segment growth include technological advancements that create innovative products, such as ultra-sensitive printable biosensors for PoC applications that help detect or monitor organic fluids like urine, saliva, blood, and sweat.

 

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Market Size & Forecast

• 2024 Market Size: USD 30.0 billion
• 2030 Projected Market Size: USD 48.6 billion
• CAGR (2025-2030): 8.6%
• North America: Largest market in 2024
• Asia Pacific: Fastest growing market

 

Key Companies & Market Share Insights

The biosensors market is characterized by intense competition, with key players employing various strategic initiatives to enhance their industry share. These strategies include new product launches, geographical expansion, mergers and acquisitions, collaborations, product upgrades, and partnerships.

Medtronic is a global health solutions provider engaged in the development, manufacturing, distribution, and commercialization of device-based medical therapies and services. The company is organized into four segments: minimally invasive therapies, cardiac and vascular group, restorative therapies, and diabetes group. With operations in over 370 locations across approximately 160 countries, Medtronic's products are utilized in surgical centers, hospitals, home care, and long-term care facilities. In the U.S., the company markets its diverse medical solutions through direct representatives, while using independent distributors and direct marketing in international markets.

Abbott is a leading global healthcare company focused on the development, manufacturing, and commercialization of healthcare products. It operates through four main segments: pharmaceutical products, diagnostic products, nutritional products, and medical devices. Abbott is also a prominent provider of blood glucose monitoring systems, with a presence in over 160 countries. The company's commitment to addressing global healthcare needs is further strengthened by its subsidiary, St. Jude Medical, which enhances Abbott's diverse portfolio and overall impact in the healthcare industry.

 

Key Players

• Abbott Laboratories
• Medtronic
• Biosensors International Group
• Pinnacle Technology, Inc.
• Dupont.
• Sensirion AG
• Thermo Fisher Scientific, Inc.
• F. Hoffmann-La Roche AG
• Siemens Healthineers
• Zimmer & Peacock AS
• Metrohm AG
• DexCom, Inc.
• Universal Biosensors, Inc.
• Johnson & Johnson Services, Inc.
• Nix Biosensors
• Cyrcadia Health
• Lifescan

 

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Conclusion

The biosensors market is on the brink of significant expansion, fueled by technological advancements and increasing demand across various sectors. As the industry evolves, a focus on innovation and strategic partnerships will be essential for meeting the growing needs of healthcare and monitoring applications, particularly in light of rising health awareness among consumers.

 

Australia Legal Cannabis Market Segmentation To Understand Consumer Preferences

 The Australia legal cannabis market was valued at USD 123.9 million in 2024 and is projected to reach USD 815.1 million by 2033, expanding at a CAGR of 20.3% from 2025 to 2033. The market is primarily driven by the increasing awareness of the health benefits of cannabis and the progressive legalization of marijuana, especially for medical purposes.

The surge in medical marijuana production due to rising demand in the pharmaceutical sector is also contributing to market growth. Since 2016, the Australian Government has legalized cannabis for medicinal use across all six states and two territories. Regulation of medicinal cannabis products is overseen by the Therapeutic Goods Administration (TGA).

 

Australia’s legal cannabis framework is dynamic and continues to evolve. In recent years, new legislation has allowed residents of the Australian Capital Territory (ACT) to cultivate up to four cannabis plants per household for personal use. In October 2023, ACT implemented updated regulations permitting adults over 18 to possess cannabis—up to 150 grams fresh or 50 grams dried—further contributing to increased usage and acceptance of cannabis products in the country.

 

Key Market Trends & Insights

 

• By Source: The hemp segment led the market in 2024, accounting for 67.1% of total revenue. This is attributed to the rising prevalence of health issues such as epilepsy and sleep disorders, along with increasing demand for hemp-derived products, including CBD oils and supplements known for their therapeutic benefits.
• By Derivatives: The CBD segment held the largest share at 63.5% in 2024. This growth stems from the legalization of low-dose CBD products by the TGA. Although these products are not yet registered on the Australian Register of Therapeutic Goods (ARTG), they are accessible under the Authorised Prescriber and Special Access schemes, allowing medical professionals to provide patients with CBD-based treatments.
• By End Use: The industrial application segment dominated the market, contributing 63.6% of revenue in 2024. There is growing demand for hemp fibers and oil in various sectors including construction, personal care, food and beverage, automotive, and textiles. Hemp is increasingly used in products such as varnishes, lubricants, solvents, coatings, printing inks, and paints, supporting segment expansion.

 

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Market Size & Forecast

 

• 2024 Market Size: USD 123.9 Million
• 2033 Projected Market Size: USD 815.1 Million
• CAGR (2025-2033): 20.3%

 

Key Companies & Market Share Insights

 

The Australian legal cannabis market is witnessing increasing competition as companies adopt strategies such as product innovation, partnerships, and mergers and acquisitions to grow their market share.

 

In October 2023, AgriFutures Australia, a Research and Development Corporation, announced an investment of USD 2.5 million over five years to fund research in key areas including hemp primary production, hemp seeds and varieties, sustainability, and product development.

 

Notable players in the market include:

• Zelira Therapeutics
• AusCann Group Holdings Ltd.

These companies focus on supplying cannabis for medicinal use.

Emerging players such as ECOFIBRE and Bod Australia are actively involved in partnerships and clinical research, aiming to advance the development and accessibility of cannabis-based medical products in the country.

 

Key Players

• Cann Group Limited
• Zelira Therapeutics
• AusCann Group Holdings Ltd.
• Bod Australia
• Althea Group
• ECOFIBRE
• Botanix Pharmaceuticals
• EPSILON
• Little Green Pharma
• Incannex

 

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Conclusion

 

The Australia legal cannabis market is poised for strong and sustained growth, driven by increasing medical acceptance, evolving legislation, and expanding industrial applications of hemp and cannabis-derived products. With favorable regulatory frameworks, especially in regions like the ACT, and growing investment in research and product development, the industry is expected to witness significant transformation through 2033. As both established and emerging players invest in innovation and partnerships, the market is set to expand rapidly, creating new opportunities across the medical, industrial, and wellness sectors.