U.S. Durable Medical Equipment Market To Create Business Opportunities, Due To Increasing Penetration Of Home Healthcare Services

  

U.S. Durable Medical Equipment Industry Overview

 

The U.S. durable medical equipment market size is expected to reach USD 92.8 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.7% from 2022 to 2030. The rising prevalence of chronic diseases and increasing penetration of home healthcare services and staff are the key factors driving the product demand. The demand for durable medical equipment (DME) is projected to witness a rise during the forecast period due to high adoption.

 

The COVID-19 pandemic has disrupted the transportation and supply chain of the durable medical equipment market due to the restrictions imposed by the government. As the demand for the equipment increases for medical purposes to fight against COVID-19, the supply of the product also increases. COVID-19 led to an increase in the demand for medical beds and therapeutic mattresses, and volumes were also high within the U.S. rental operations.

 

U.S. Durable Medical Equipment Market Segmentation

Grand View Research has segmented the U.S. durable medical equipment market report based on product:

 

Based on the Product Insights, the market is segmented into personal mobility devices, bathroom safety devices & medical furniture and monitoring & therapeutic devices 

• The monitoring and therapeutic devices segment held the largest revenue share of over 85.0% in 2021 due to the increasing prevalence of chronic diseases requiring long-term care.
• In addition, increasing patient preference for at-home medical treatment or remote medical services over an in-patient setting is contributing to the segment growth.
• In monitoring and therapeutic devices, neuromonitoring techniques are expected to witness growth over the forecast period as they are becoming a part of standard medical practices and are routinely used during many surgical procedures.
• The personal mobility devices segment is anticipated to register the fastest growth rate of 6.0% during the forecast period.
• The growing geriatric population and rising chronic illnesses are likely to create more need and demand for mobility products over the forecast period as these factors generally reduce the ability to move and perform physical tasks to maintain independent functioning.
• Moreover, aged people are more prone to falls, which can cause fatal or non-fatal injuries.

 

Key Companies Profile & Market Share Insights

The key companies are continuously focusing on initiatives such as mergers & acquisitions, regional expansion, and novel product development. The market players are introducing innovative technologies and products to expand their product portfolio to capture a large share in the market. The market consists of big players as well as local distributors and suppliers. The key players are focusing on providing cost-efficient products, which can be used remotely. 

 

Some prominent players in the U.S. durable medical equipment include:

• Invacare Corp.
• Sunrise Medical
• Arjo
• Medline Industries, Inc.
• GF Healthcare Products, Inc.
• Carex Health Brands, Inc.
• Cardinal Health
• Drive DeVilbiss Healthcare
• NOVA Medical Products
• Kaye Products, Inc.

 

Market Industry Development

• December 2020: Arjo completed the acquisition of AirPal, which is likely to strengthen Arjo’s Patient Handling portfolio. 

 

Order a free sample PDF of the U.S. Durable Medical Equipment Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

U.S. Home Infusion Therapy Market To Rise Up, Based On Increasing Need For Reduced Hospital Stays And The Rising Prevalence Of Chronic Disorders

  

U.S. Home Infusion Therapy Industry Overview

 

The U.S. home infusion therapy market size is expected to reach USD 31.7 billion by 2030, registering a CAGR of 7.5% during the forecast period, according to a new report by Grand View Research, Inc. The growing geriatric population and increasing prevalence of cancer, Crohn's disease, multiple sclerosis, nutritional and immune deficiencies, infections, dehydration, and nausea & vomiting are majorly driving the growth of the market. Factors such as the increasing need for reduced hospital stays and the rising prevalence of chronic disorders in the geriatric population are driving the growth.

 

Growing cases of Hospital Acquired Infections (HAI) are also driving the growth of the market for home infusion therapy in the U.S. According to the U.S. Centers for Disease Control and Prevention (CDC), annually, approximately 1.7 million admitted patients are affected by Healthcare Acquired infections (HCAI) and around 98, 000 patients (1 in 17 patients) die due to the same. Due to this, the demand for home infusion therapy is increasing substantially.

 

U.S. Home Infusion Therapy Market Segmentation

Grand View Research has segmented the U.S. home infusion therapy market report based on product and application:

 

Based on the Product Insights, the market is segmented into infusion pumps, intravenous sets, IV cannulas and needleless connectors

• Among other segments, infusion pumps held a larger share of 50.8% of the market in 2021. This can be attributed to their increasing use and efficiency in delivering nutrition, medications, and other required fluids in required amounts.
• In addition, modernized infusion pumps are equipped with alert systems to avoid the risk of adverse drug interaction or when the pump parameters are indifferently set. These factors are expected to drive the segment growth in the forthcoming years.
• Needleless connectors is expected to be the fastest-growing segment over the forecast period owing to various benefits, such as less risk of bacterial contamination and higher protection against needle stick injuries.
• Moreover, needleless connectors reduce the risk of Healthcare Associated Bloodstream Infections (HA-BSIs). Owing to these features, the demand for needleless connectors is predicted to augment over the forecast period.

 

Based on the Application Insights, the market is segmented into anti-infective, endocrinology, hydration therapy, chemotherapy, enteral nutrition, parenteral nutrition, specialty pharmaceuticals and others

• The anti-infective segment registered a significant share of 27.2% in 2021. By application, the market is divided into anti-infective, endocrinology, hydration therapy, parenteral nutrition, enteral nutrition, chemotherapy, specialty pharmaceuticals, and others.
• The anti-infective segment registered a significant revenue share in 2021, owing to its extensive use as antifungal, antibiotics, and antiviral agents in at-home care.
• Moreover, growing efforts for reducing hospital stays are also increasing the demand for anti-infective therapy, thereby driving the market growth.
• Endocrinology is predicted to be the fastest-growing segment in the forthcoming years, owing to the growing number of conditions associated with the endocrine system.
• Thyroid is one of the most common disorders prevalent in the U.S, sometimes resulting in death. According to the American Cancer Society, 2019, approximately 52,070 thyroid cancer cases have been registered (14,260 in males and 37,810 in females).
• Hence, growing cases of thyroid along with metabolic disorders in the U.S. are expected to drive the growth of the segment.

 

Key Companies Profile & Market Share Insights

The players operating in the market for home infusion therapy in the U.S. are focusing on adopting growth strategies, such as mergers and acquisitions, new product launches, innovations in the existing technologies, and more.

 

Some prominent players in the U.S. home infusion therapy market include:

• Braun Melsungen
• Baxter International
• Caesarea Medical Electronics Ltd.
• CareFusion
• Fresenius Kabi
• ICU Medical
• JMS CO., LTD.
• Smiths Medical, Inc.
• Terumo Corporation
• Coram LLC
• Option Care Enterprises, Inc.
• BioScrip, Inc.
• BriovaRx Infusion Services
• Paragon Healthcare

 

Market Industry Development

• December 2021: Baxter International completed the acquisition of Hillstrom. This acquisition will help the company in broadening its geographic footprint and integrating medical device technology that will enhance patient care, lower costs and increase workflow efficiency
• May 2021: Smiths Medical and Ivenix, Inc. announced a partnership agreement to offer a comprehensive suite of infusion management solutions in the U.S. market. This partnership is expected to evolve infusion management to improve patient safety
• April 2020: Option Care Health announced an expansion of its partnership with Regence Health (a committee that helps ease the burden on hospitals in the U.S) to increase access to healthcare at home for high-risk patients that rely on infusion services

 

Order a free sample PDF of the U.S. Home Infusion Therapy Market Intelligence Study, published by Grand View Research.

Real-time PCR, Digital PCR, And End-Point PCR Market To Expand Due To Growing Utilization Of Biomarker Profiling For Disease Diagnostics

  

Real-time PCR, Digital PCR, And End-point PCR Industry Overview

 

The global real-time PCR, digital PCR, and end-point PCR market size are expected to reach USD 14.63 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to decline at a compound annual growth rate (CAGR) of 8.2% from 2022 to 2030. However, the real global real-time PCR, digital PCR, and end-point PCR market without the impact of the COVID-19 pandemic is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2022 to 2030. Digital PCR is a novel technique for absolute quantification and analysis of minority sequences in the presence of similar majority sequences. dPCR allows for precise and sensitive nucleic acid measurement. In addition, real-time PCR provides precise and early diagnosis of diseases and rapid and targeted patient care hence anticipated to increase the demand in the coming years.

 

Real-time PCR, Digital PCR, And End-point PCR Market Segmentation

Grand View Research has segmented the global real-time PCR, digital PCR, and end-point PCR market report based on technology, product, application, and region:

 

Based on the Technology Insights, the market is segmented into quantitative, digital and end-point

• The quantitative PCR segment held the largest revenue share of over 85.0% in 2021. This segment is driven by factors such as rapid technological advancements and increasing demand for automated systems and point-of-care diagnostics.
• The high adoption of technology supported by the introduction of products based on real-time PCR for screening and diagnosis of COVID-19 has increased the segment growth at an exponential rate.
• Digital PCR is a next-generation diagnostic technology for precise nucleic acid measurement. These systems have higher sensitivity and accuracy than other PCR-based techniques, which is expected to drive the market forward throughout the forecast period.
• The increasing introduction of innovative Droplet Digital PCR tests is anticipated to increase the application expansion over the forecast period.

 

Based on the Product Insights, the market is segmented into consumables & reagents, instruments and software & services

• The consumables and reagents segment held the largest revenue share of over 60.0% in 2021. This can be attributed to the outbreak of the COVID-19 pandemic, increased demand for earlier detection of disease, and the number of significant companies manufacturing digital PCR consumables and reagents.
• The widespread use of consumables and reagents and expanding demand for healthcare, research, and other purposes are supporting the large segment share. Moreover, the segment is anticipated to maintain its lead throughout the forecast period.
• The rising incidence of chronic conditions and the growing use of PCR has increased the requirement for consumables and reagents.
• The pharmaceutical and healthcare industries' rising acceptance of technology innovations and increased research and development will generate the significant potential for this market throughout the anticipated period.

 

Based on the Application Insights, the market is segmented into clinical, research and forensic

• The clinical segment held the largest revenue share of over 85.0% in 2021. This can be attributed to various factors, such as the rising prevalence of diseases including cancer, infectious diseases, and diabetes; high precision of testing methods; increasing commercialization of reagents for diagnostics; efficient disease diagnosis, monitoring, and treatment; and additional benefits in disease detection.
• Compared to currently available digital PCR technologies, it provides highly automated workflows with substantially faster time-to-result, more multiplexing, and greater throughput flexibility.
• The forensic segment is expected to register the fastest growth rate over the forecast period. The increasing use of novel techniques in forensic applications such as DNA typing, genetic fingerprinting, and DNA testing is anticipated to drive the segment over the forecast period.
• Moreover, improvements in existing technologies to prepare the library for forensic DNA typing from difficult samples are driving the segment.

 

Real-time PCR, Digital PCR, And End-point PCR Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Major market players are adopting marketing strategies such as geographical expansion, partnerships, strategic collaborations, and mergers and acquisitions in emerging and economically favorable regions.

 

Some prominent players in the global real-time PCR, digital PCR, and end-point PCR market include:

• Abbott
• Qiagen
• Bio-Rad Laboratories Inc.
• Agilent Technologies, Inc.
• Thermo Fisher Scientific, Inc.
• GE Healthcare
• BIOMÉRIEUX
• Hoffmann-La Roche Ltd.
• Fluidigm Corporation 

 

Market Industry Development

• February 2022: Hoffmann-La Roche Ltd expanded the COVID-19 PCR tests in countries accepting the CE market. Company expansion is anticipated to increase its share in the market. 
• April 2019: The QuantStudio 6 & 7 Pro RT-PCR Systems, which incorporate additional features such as facial identification, voice assistant, and RF identification, were introduced by Thermo Fisher Scientific Inc.
• January 2019: QIAGEN has announced the development of a new generation of digital polymerase chain reaction equipment.

 

Order a free sample PDF of the Real-time PCR, Digital PCR, And End-point PCR Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Clinical Trial Imaging Market To Show Astonishing CAGR, Due To Increased Research And Development Investments

  

Clinical Trial Imaging Industry Overview

 

The global clinical trial imaging market is expected to reach USD 1.97 billion by 2030, exhibiting a CAGR of 8.7%, according to a new report by Grand View Research, Inc. Increasing research and development spending to discover new drugs and therapies to treat chronic diseases is propelling the industry growth. Images obtained from the internal examination of the body are used to determine drug activity. Clinical trial imaging provides rapid, detailed, and accurate screening. The need for clinical trial imaging is rapidly increasing in all phases of trials. Medical imaging in clinical trials is used as a primary, quantitative, and surrogate biomarker.

 

Clinical Trial Imaging Market Segmentation

Grand View Research has segmented the global clinical trial imaging market on the basis of service, application, end-use, and region:

 

Based on the Service Insights, the market is segmented into clinical trial design and consultation services, reading and analytical services, operational imaging services, system and technology support services and project and data management

• Project and Data Management Services dominated the market with 29.0% of the market share in 2021. Clinical trials that employ imaging typically require data management and workflow integration across several parties.
• The U.S. government approved a cloud-based server that protects all the medical imaging records, such as annotated & base images, and secures reports from any natural disaster, and facilitates faster & easy retrieval.
• Operational imaging services also held a significant share in the market. Operational imaging services include imaging modalities such as Magnetic Resonance Imaging, CT, ultrasound, OCT, PET, and SPECT for various therapeutic applications, such as neurology, oncology, cardiovascular diseases, gastroenterology, & musculoskeletal disorders, and medical devices to carry out the clinical trials.
• Imaging techniques are widely used in clinical trials to provide evidence for decision-making. The Food and Drug Administration Modernization Act (FDAMA) of 1997 allowed for imaging modalities to be used as a product development tool in medical devices or pharmaceutical clinical trials, by permitting data generated through imaging modalities to be included in regulatory submissions.

 

Based on the Application Insights, the market is segmented into NASH, CKD, diabetes, cardiovascular diseases and others

• Nonalcoholic Steatohepatitis (NASH) is expected to grow at the fastest CAGR of 8.4% during the forecasted period. The growing burden of NASH due to the increasing prevalence of the disease is expected to drive segment growth.
• Cardiovascular diseases held a significant share in the market. Cardiovascular diseases are one of the leading causes of death in the U.S. According to the CDC, around 647,000 Americans die yearly from cardiovascular diseases.
• To lower the risk, various clinical trials are being conducted in the field of cardiology. However, the cost of developing drugs and devices in the field of cardiology is high, which impacts the growth of clinical trials in this field.

 

Based on the End-use Insights, the market is segmented into biotechnology and pharmaceutical companies, medical devices manufacturers, academic and government research institutes, CROs and others

 

• The Contract Research Organizations (CROs) segment accounted for the largest share of 46.2% in 2021. This significant market share can be attributed to the snowballing cost of drug development along with the increased Research & Development activities.
• Additionally, mounting demand by the biotechnology and pharmaceutical companies for the outsourcing of research and development activities to reduce expenses is driving the market growth. Moreover, contract research outsourcing collaborations offer cutting-edge services.
• The biotechnology and pharmaceutical segment is expected to emerge as a significantly growing segment over the forecasted period.
• The factor attributing to the fast growth of this segment is the need to develop new drugs and therapies to cure chronic diseases. The rise in the number of biotechnology and pharmaceutical companies is making it necessary for the manufacturers to provide the best possible medicine/drug to the end-user as competition is striking the companies.
• A large number of innovative drug discoveries are being done by biotechnology and pharmaceutical companies and the need for clinical trial imaging is expected to increase, ultimately fueling the market growth.

 

Clinical Trial Imaging Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Some of the key players in this market are Parexel International Corporation, Intrinsic Imaging, Bioclinica, and ICON plc. These market players are focusing on growth strategies such as mergers & acquisitions as well as signing contracts. 

Some of the prominent players in the global clinical trial imaging market include:

• IXICO plc
• Navitas Life Sciences
• Resonance Health
• ProScan Imaging
• Radiant Sage LLC
• Medpace
• Biomedical Systems Corp
• Cardiovascular Imaging Technologies
• Intrinsic Imaging
• BioTelemetry

 

Market Industry Development

• February 2020: ICON plc acquired MedPass International, a European medical devices CRO, reimbursement, and regulatory consultancy. 
• June 2018: Bioclinica introduced the SMART technology suite available with Medical Imaging, Interactive Response Technology (IRT), and Electronic Data Capture (EDC) to submit, manage, investigate, report & transfer medical image data compliant with universal data privacy and global requirements. 

 

Order a free sample PDF of the Clinical Trial Imaging Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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Surgical Instruments Tracking Systems Market To Rise As Of Increased Frequency Of Cardiovascular Illnesses

Surgical Instruments Tracking Systems Industry Overview

 

The global surgical instruments tracking systems market size is anticipated to reach USD 513.09 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 12.1% over the forecast period. The increasing need for inventory management and implementation of Unique Device Identification (UDI) regulations formed by the FDA are some of the major factors supporting the market growth. Furthermore, surgical tool manufacturers are expected to track their products from manufacturing to distribution. The goal of device tracking is to ensure that instrument manufacturers set up mechanisms that allow them to quickly locate devices in commercial distribution. The proposed UDI regulations by the U.S. Food & Drug Administration (FDA) are projected to propel market growth.

 

Surgical Instruments Tracking Systems Market Segmentation

Grand View Research has segmented the global surgical instruments tracking systems market report based on product, technology, end use, and region:

Based on the Product Insights, the market is segmented into hardware, software and services

• The hardware product segment accounted for the largest revenue share of more than 45.00% in 2021. The segment is projected to maintain its dominance during the study period.
• Technological advancements in hardware, such as RFID chips and barcode tags, are a major factor driving the adoption of these systems for inventory as well as surgical instrument management.
• The entire system comprising the technique, RFID chips, antenna, and the visual display is designed to be wirelessly tracked & counted and to withstand repeated sterilizations.
• The services segment is also expected to grow at a considerable rate during the forecast period. Well-developed healthcare infrastructure and a rising number of surgical procedures are anticipated to contribute to this growth.

 

Based on the Technology Insights, the market is segmented into barcodes and RFID

• The barcode technology segment accounted for the largest revenue share of more than 82.00% in 2021.
• Barcode is the most commonly used type of tracking technology and its increased adoption in the medical devices industry is the key element contributing to its high revenue share in the market.
• Low installation cost of these products has resulted in their rising applications in healthcare facilities including hospitals and Ambulatory Surgery Centers(ASCs).
• The RFID segment is anticipated to register the fastest CAGR over the forecast period due to the ability of RFID tags to withstand the rigorous healthcare environment, such as harsh sterilization processes, in addition to storing additional information and documenting each instrument’s vital statistics, such as repair history and location.

 

Based on the End-use Insights, the market is segmented into hospitals and others

• The hospitals end-use segment led the market in 2021 and accounted for the maximum revenue share of more than 79.00%. Factors contributing to the share of this segment include the rising need to reduce the incidence of surgical instruments being left in the patient’s body during surgeries and effective inventory management.
• The segment is also expected to witness the fastest growth rate over the forecast period. This can be credited to the rising adoption of surgical device tracking solutions by hospitals for inventory management and tracing of medical instruments during work cycles, such as sterilization procedures and surgery.

Surgical Instruments Tracking Systems Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The leading companies are undertaking several strategic initiatives, such as product developments or launches, collaborations, and mergers & acquisitions along with regional expansions for gaining a higher market share. 

Some of the prominent players in the global surgical instruments tracking systems market include:

• Censis Technologies, Inc. (Fortive)
• SpaTrack Medical Ltd.
• Xerafy Singapore Pte Ltd.
• Fingerprint Medical Ltd.
• Getinge AB
• Braun Melsungen AG
• BD
• Haldor Advanced Technologies
• Microsystems, Inc.
• Ternio Group LLC

 

Market Industry Development

• October 2020: STERIS plc acquired Key Surgical, thus expanding its sterile processing, OR, and endoscopy offerings. This also added the latter’s KeyDot surgical instrument tracking solution to STERIS’ portfolio.

 

Order a free sample PDF of the Surgical Instruments Tracking Systems Market Intelligence Study, published by Grand View Research.

Hearing Aids Market To Forsee Commendable Growth, Based On Growing Awareness Regarding Technologically Advanced Devices For The Treatment Of Deafness And Hearing Impairment

  

Hearing Aids Industry Overview

 

The global hearing aids market size was valued at USD 10.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030.

 

The market growth can be attributed to key factors such as the increasing adoption of hearing aids devices, growing awareness regarding technologically advanced devices for the treatment of deafness and hearing impairment, and the increasing prevalence of hearing loss due to the growing geriatric population. The market is a highly technological driven market that has seen the emergence of novel products including smart linked hearing aids, invisible hearing aids, and AI- and Bluetooth-enabled hearing aids that can be connected to Android or iOS.

 

For example, in August 2021, Phonak introduced the world's first waterproof rechargeable, Audéo Life hearing aid. Hence, hearing aid companies are improving patients' experiences with new features and technology, which is expected to fuel market growth in the coming years. Moreover, in the U.S., approximately 15% of patients aged between 18 and over suffer from hearing loss. For instance, the FDA announced a proposal in October 2021 that it wants to establish a new category of low-cost over-the-counter hearing aids.

 

Gather more insights about the market drivers, restrains and growth of the Global Hearing Aids Market

 

This opens up a new revenue stream for businesses looking to acquire a foothold in the OTC hearing aid market. Such substantial government and regulatory support are projected to have a long-term positive impact on the hearing aids sector in the U.S.

 

Moreover, hearing service offices and general healthcare service associations of local governments in both developed and developing economies are emphasizing early screening of deafness and the provision of hearing aids to people. As the healthcare sector in emerging economies is moving towards privatization, healthcare infrastructure in these countries is undergoing rapid development. Education and increased awareness regarding health among people are also playing an important role in increasing the demand for these devices and their diagnostic services.

 

The COVID-19 outbreak has had a significant impact on the healthcare industry. Among COVID-19 positive patients, most hospitals are running out of beds. In addition, a number of elective procedures are being canceled or postponed in order to reallocate resources. According to the Hearing Industries Association (HIA), hearing aid sales in the U.S. has declined by 29.7% in the first half of 2020. Due to the postponement of procedures like the cochlear implantation technique, which is one of the most significant treatments to address hearing impairments, the pandemic had a detrimental influence on the total sales of hearing aid support goods. As a result, sales of hearing aids from major manufacturers have decreased. Despite all of these obstacles, the hearing aids business and other medical industries are progressively regaining ground as the COVID-19 situation throughout the world normalizes.

 

Furthermore, countries all over the world are now focused on reducing deafness and this, in turn, has led to the introduction of various initiatives that aim to promote awareness and provide free care to patients. Subsidies, grants, and funding are offered by governments all across the world to prevent and manage hearing disorders. For instance, the New South Wales (NSW) Statewide Infant Screening-Hearing (SWISH) program in Australia aims at identifying babies born with permanent bilateral deafness in NSW. Such initiatives are expected to further boost the demand for these devices globally.

 

The Virto P Black is an integrated in-the-ear hearing device that looks similar to a modern earbud and the ultra-discreet Virto P-Titanium customized titanium hearing aid is also included in this package. Virto Paradise hearing aids, which are enabled by the PRISM sound processing processor, provide unrivaled sound quality and are specifically designed for each person's ears, providing a fully unique hearing experience.

 

Browse through Grand View Research's  Medical Devices Industry Research Reports.

• Home Dialysis Systems Market - The global home dialysis systems market size was valued at USD 17.50 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 10.34% from 2022 to 2030.
• E-commerce Market - The global e-commerce market size was valued at USD 9.09 trillion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027.

 

Hearing Aids Market Segmentation

Grand View Research has segmented the global hearing aids market on the basis of product type, technology type, sales channel, and region:

Hearing Aids Product Type Outlook (Volume, ’000 Units; Revenue, USD Million, 2017 - 2030)

• In-the-Ear Hearing Aids
• Receiver-in-the-Ear Hearing Aids
• Behind-the-Ear Hearing Aids
• Canal Hearing Aids

Hearing Aids Technology Type Outlook (Volume, ’000 Units; Revenue, USD Million, 2017 - 2030)

• Digital
• Analog

Hearing Aids Sales Channel Outlook (Volume, ’000 Units; Revenue, USD Million, 2017 - 2030)

• Retail Sales
• Government Purchases
• E-commerce

Hearing Aids Regional Outlook (Volume, ’000 Units; Revenue, USD Million, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 

Market Share Insights

• March 2022: Sonova Holding AG completed the acquisition of Sennheiser electronic GmbH & Co. KG's Consumer Division.
• February 2022: Paradise technology from Phonak is included in the Virto range of customized hearing aids.

 

Key Companies profiled:

Some prominent players in the global hearing aids market include

• Phonak
• Benson Hearing
• GN Store Nord A/S
• Starkey
• MED-EL
• William Demant Holding A/S
• Medtronic
• Widex USA, Inc.
• Sivantos Pte LTD

 

Order a free sample PDF of the Hearing Aids Market Intelligence Study, published by Grand View Research.

Gas Turbine Market s Rise Up Till 2030, Owing To Increased Government Backing For Power Production Technologies

  

Gas Turbine Industry Overview

 

The global gas turbine market size was valued at USD 22.17 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030.

 

A gas turbine is an engine, which heats a mixture of fuel and outside air at a very high temperature to generate mechanical energy through the spinning of the turbine blades. The mechanical energy further drives a generator, which produces electrical energy. Rapid technological advancements in the energy industry, combined with a shift in focus toward distributed power production technologies, are propelling the worldwide market forward. This market is predicted to expand rapidly during the forecast period, owing to increased government backing for power production technologies that minimize carbon dioxide (CO2) emissions around the world.

 

Gather more insights about the market drivers, restrains and growth of the Global Gas Turbine Market

 

Gas turbines are primarily used for power generation. Operating a simple cycle turbine power plant for supplying electricity to the industry is much costlier than purchasing it from outside. Thus, mostly, combined cycle power plants are employed, which have better efficiency. CHP plant is an example of a combined cycle power plant, which can be employed for electricity production as well as for obtaining mechanical drive.

 

The paradigm shift from coal-based power generation to gas-based power generation in developed and developing countries such as the United States, Japan, China, and India, as well as supportive government policies for the construction of gas-based power plants, are the major factors driving the market's growth.

 

The U.S. market is anticipated to observe a protruding growth on account of growing government support for power generation technologies that aim to reduce carbon dioxide emissions. The major factors driving the shift from coal-based power generation to gas-based power generation are suitable economics & supporting policies for setting up gas-based power plants in the country. In addition, assured long-term fuel supply availability in the U.S. is also one of the factors supporting the market growth in the country.

 

Gas turbines play an important role in reducing greenhouse gas emissions. As compared to other combustion-based electricity generation applications, gas turbines are very proficient and also result in decreasing carbon emissions. The execution of numerous climate change initiatives along with regulations to cut down GHGs emissions are expected to lead to a surge in the potential for gas turbines during the forecast period.

 

Lockdowns in major cities and economies have caused most industries around the world to shut down, effectively halting production. As a result, demand for oil and gas has decreased over the world. Global natural gas consumption was reported to be 3,822.8 billion cubic meters in 2020, according to the bp statistical analysis of world energy 2021, a decrease of roughly 81.1 billion cubic meters from 2019. Furthermore, as a result of the global pandemic, electricity consumption from industrial and commercial end-users has decreased significantly. As a result, demand for gas turbines decreased during the pandemic.

 

Browse through Grand View Research's Conventional Energy Industry Research Reports.

• Carbon Dioxide Market - The global carbon dioxide market size was valued at USD 3.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030. Increasing utilization of Carbon Dioxide (CO2) for Enhanced Oil Recovery (EOR) and its surging usage in food & beverages and medical industries are anticipated to fuel the growth of the global market during the forecast period.
• Gas Turbine Services Market - The global gas turbine services market size was valued at USD 26.0 billion in 2019 and is projected to register a CAGR of 9.8% over the forecast period.

 

Gas Turbine Market Segmentation

Grand View Research has segmented the gas turbine market based on technology, capacity, end-use, and region :

Gas Turbine Technology Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

• Open Cycle
• Combined Cycle

Gas Turbine Capacity Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

• ≤200 MW
• >200 MW

Gas Turbine End-Use Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

• Power & Utility
• Industrial

Gas Turbine Regional Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

 

Market Share Insights

• June 2020: The consortium between Ansaldo Energia and Shanghai Electric Group signed a contract with the Bangladesh Power Development Board company named North-West Power Generation Company Ltd.

 

Key Companies profiled:

Some prominent players in the global gas turbine market include

• General Electric
• Siemens Energy
• Mitsubishi Power, Ltd.
• Kawasaki Heavy Industries, Ltd.
• Ansaldo Energia
• Solar Turbines Incorporated

 

Order a free sample PDF of the Gas Turbine Market Intelligence Study, published by Grand View Research.

Nuclear Medicine Market To Predict Global Expansion At CAGR 13.0% From 2022 To 2030

  

Nuclear Medicine Industry Overview

 

The global nuclear medicine market size was estimated at USD 8.1 billion in 2021 and is expected to expand at a compound annual growth rate of (CAGR) 13.0% from 2022 to 2030.

 

The market is witnessing growth due to the presence of a robust product pipeline and favorable government initiatives to improve access to nuclear medicine. Currently, betalutin, omburtamab, yttrium-90 microspheres, PNT2003, 177Lu-PNT2002, are some of the products under clinical trials. The nuclear medicine market has been moderately impacted due to SARS-CoV-2. The operation of reactors has been largely classified as an essential service, given its criticality. Therefore, nuclear reactors were not shut down during the SARS-CoV-2 lockdown. For instance, under Section 71 of the Labour Act 66 of 1995 in South Africa, its SAFARI-1 reactor remained operational during the lockdown enforced in the country post-March 2020.

 

Gather more insights about the market drivers, restrains and growth of the Global Nuclear Medicine Market

 

Moreover, in an article published by ANSTO in May 2020, it was reported that since its reactor provides critical medicines, it had maintained its operations during the COVID-19 crisis, with its staff returning to campus and following strict social distancing measures. According to the American Cancer Society, the estimated incidence of prostate cancer is 268,490, and around 34,500 deaths in 2022 in the U.S. In addition, around 6 out of 10 patients diagnosed are men aged 65 years and older, with a rare incidence in men under 40 years. Recently, in March 2022, the U.S. FDA approved Pluvicto (177Lu-PSMA-617) for the treatment of adults with metastatic prostate cancer. This approval is anticipated to drive market growth.

 

The presence of a favorable reimbursement scenario for radiopharmaceuticals in the U.S. is anticipated to boost market growth. In 2020, the Center for Medical Services (CMS) offered a USD 10 add-on payment for Tc-99m derived from non-highly enriched uranium (HEU) for hospital outpatient service in addition to payment for imaging procedures. The initiatives, in turn, led to greater patient access to much-needed diagnostic nuclear medicines used for life-threatening diseases.

 

Increasing advancements in the diagnosis and treatment of diseases, and approval of new nuclear-medicine-based devices help in addressing patients' treatment needs. For instance, in September 2021, GE Healthcare announced the launch of a novel scanner with a new automated workflow feature that offers an exceptional view of cardiac anatomy and pathology to help physicians to decide the right treatment for a patient.

 

Browse through Grand View Research's Pharmaceuticals Industry Research Reports.

• Active Pharmaceutical Ingredients Market - The global active pharmaceutical ingredients market size was valued at USD 209.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2022 to 2030. The growth can be attributed to the advancements in active pharmaceutical ingredient (API) manufacturing and the rising prevalence of chronic diseases, such as cardiovascular diseases and cancer.
• Microspheres Market - The global microspheres market size was valued at USD 3.2 billion in 2015 and is expected to grow at a CAGR of 10.4% over the forecast period. Growing need for advanced drug delivery systems and drug carriers is expected to be a major factor for the growth of microspheres over the forecast period.

 

Nuclear Medicine Market Segmentation

Grand View Research has segmented the global nuclear medicine market based on product type, application, and region:

Nuclear Medicine Product Outlook (Revenue, USD Million, 2018 - 2030)

• Diagnostic products
  • SPECT
    • TC-99m
    • TL-201
    • GA-67
    • I-123
    • Other SPECT products
  • PET
    • F-18
    • SR-82/RB-82
    • Other PET products
  • Therapeutic Products
    • Alpha Emitters
      • RA-223
    • Beta Emitters
      • I-131
      • Y-90
      • SM-153
      • Re-186
      • Lu-117  
      • Other beta emitters
    • Brachytherapy
      • Cesium-131
      • Iodine-125
      • Palladium-103
      • Iridium-192
      • Other brachytherapy products

Nuclear Medicine Application Type Outlook (Revenue, USD Million, 2018 - 2030)

• Cardiology
• Neurology
• Oncology
• Thyroid
• Lymphoma
• Bone Metastasis
• Endocrine Tumor
• Others

Nuclear Medicine Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 

Market Share Insights

• March 2022: Penang Adventist Hospital (PAH) announced the launch of a private nuclear medicine center in the northern part of Malaysia.
• June 2021: Curium announced the acquisition of Austrian-based pharmaceuticals company IASON intending to expand its footprint in Europe.

 

Key Companies profiled:

Some prominent players in the global nuclear medicine market include

• GE Healthcare
• Jubilant Life Sciences Ltd
• Nordion (Canada), Inc.
• Bracco Imaging S.P.A
• The institute for radioelements (IRE)
• NTP Radioisotopes SOC Ltd.
• The Australian Nuclear Science and Technology Organization
• Eczacıbaşı-Monrol
• Lantheus Medical Imaging, Inc.
• Eckert & Ziegler
• Mallinckrodt

 

Order a free sample PDF of the Nuclear Medicine Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Tumor Ablation Market To Create Business Opportunities, Owing To High Demand For Safer Therapeutic Options

  

Tumor Ablation Industry Overview

 

The global tumor ablation market size was valued at USD 1.14 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.5% from 2022 to 2030.

 

The rising prevalence of cancer and the high demand for safer therapeutic options are major factors contributing to the growth of the market. According to the WHO, it is projected that around 10-11 million cancer cases will be diagnosed each year globally by 2030. The number of new cancer cases is expected to increase by more than 80% in low-income countries compared to half the rate in high-income countries (40%) from 2008 to 2030. Lucrative growth potential in currently available therapeutic options and high demand for minimally and non-invasive therapies are the factors expected to drive the market in the upcoming years.

 

Gather more insights about the market drivers, restrains and growth of the Global Tumor Ablation Market

 

Increasing inclination of surgeons and patients toward minimally invasive procedures owing to the benefits such as speedy recovery, patient comfort, and reduced turnaround time are the factors expected to drive the demand for advanced tumor ablation techniques over the forecast period. Advanced tumor ablation procedures are generally performed on an outpatient basis and do not require any hospital admission compared with conventional therapies, thereby significantly reducing the total healthcare cost. The ablative surgeries are the preferred therapy for tumors of smaller sizes. Thus, its procedural volume is indirectly dependent on the yearly cancer screening rates. The market was significantly impacted in 2020 as the number of newly diagnosed cancer cases significantly dropped during COVID owing to fewer screening initiatives undertaken by concerned authorities.

 

According to a report by the Our World in Data (OWD), a project by Global Change Data Lab, over 70% of cancer cases occur in people aged over 50 in 2017. The number is expected to increase proportionally with the rising geriatric population. The aging population comprises the main target population for noninvasive ablation techniques as the body’s biological functions get compromised with aging. Therefore, the rapidly increasing aging population is expected to boost the demand for tumor ablation techniques during the forecast period.

 

Technological advancements to enhance accuracy, portability, and cost-effectiveness are the factors compelling market players to constantly improve and launch advanced devices. Image-guided equipment, HIFU, and cryoablation are major examples of these technological advancements. Usage of the cooled radiofrequency denervation technique with internally cooled radiofrequency probes to enlarge the size of the lesion is one of the emerging techniques that is anticipated to play a significant role in market expansion. This technique enables complete denervation of the sacroiliac joint, which helps in pain management.

 

Browse through Grand View Research's Medical Devices Industry Research Reports.

• Radiofrequency Ablation Devices Market - The global radiofrequency ablation devices market size was valued at USD 2.8 billion in 2018 and is projected to expand with a CAGR of 11.6% over the forecast period. The market is majorly driven by the growing prevalence of chronic and cardiovascular diseases and preference for minimally invasive surgeries.
• Magnetic Resonance Imaging Market - The global magnetic resonance imaging market size was valued at USD 5.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028.

 

Tumor Ablation Market Segmentation

Grand View Research has segmented the global tumor ablation market based on technology, treatment, application, and region:

Tumor Ablation Technology Outlook (Revenue, USD Million, 2017 - 2030)

• Radiofrequency Ablation
• Microwave Ablation
• Cryoablation
• Irreversible Electroporation
• Other Ablation Technologies

Tumor Ablation Treatment Outlook (Revenue, USD Million, 2017 - 2030)

• Surgical Ablation
  • Kidney Cancer
  • Liver Cancer
  • Breast Cancer
  • Lung Cancer
  • Prostate Cancer
  • Other Cancers
• Laparoscopic Ablation
  • Kidney Cancer
  • Liver Cancer
  • Breast Cancer
  • Lung Cancer
  • Prostate Cancer
  • Other Cancers
• Percutaneous Ablation
  • Kidney Cancer
  • Liver Cancer
  • Breast Cancer
  • Lung Cancer
  • Prostate Cancer
  • Other Cancers

Tumor Ablation Application Outlook (Revenue, USD Million, 2017 - 2030)

• Kidney Cancer
• Liver Cancer
• Breast Cancer
• Lung Cancer
• Prostate Cancer
• Other Cancer

Tumor Ablation Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 

Market Share Insights

• August 2019: Boston Scientific Corporation received Health Canada approval for its advanced cryoablation system named ICEfx™.
• March 2018: Auris Health announced a partnership with Ethicon to develop robotically-assisted bronchoscopy tumor ablative systems.

 

Key Companies profiled:

Some prominent players in the global tumor ablation market include

• Angiodynamics (Covidien)
• Boston Scientific Corporation
• Medtronic Plc
• Ethicon, Inc.
• Galil Medical Inc.
• Misonix Inc.
• HealthTronics
• Mermaid Medical
• Theraclion
• Chongqing Haifu Medical Technology Co., Ltd.
• HS Hospital Service S.P.A
• EDAP TMS S.A.

 

Order a free sample PDF of the Tumor Ablation Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.