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Medical Lasers Market Size and Growth Drivers

The global medical laser market is expected to reach $8.3 billion by 2028, representing an 11.5% compound annual growth rate (CAGR) over the next five years, according to a new report by MarketsandMarkets. Key factors driving this growth include an increase in non-surgical cosmetic procedures utilizing medical lasers and a shift towards minimally invasive medical devices.

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The rise of non-surgical treatments like laser therapy and microdermabrasion for cosmetic concerns including signs of aging is fueling growth. These procedures offer fast recovery times and natural-looking results across age groups with minimal risk and scarring. As patients increasingly prefer options viewed as convenient, accessible and customizable, demand is surging.

Growth is also attributed to patients favoring devices that are less invasive. Medical lasers present a lower risk alternative with quicker patient recovery versus traditional surgery. This "dual interaction" of greater awareness and acceptance of minimally invasive options makes medical lasers ripe for high growth through 2028, says the market research firm.

By the technology segment, solid-state laser systems accounted for the majority share of the medical lasers market in 2023. Advancing precision capabilities and desire for better sensitivity are driving utilization growth in tools like this.

In application segments, aesthetic and cosmetic uses like skin rejuvenation are expected to see the highest CAGR over the forecast period. Factors like precise targeting fuel adoption of innovations in these applications.

Hospitals and surgical centers dominated end-user segments with the largest market share in 2023. Rising use of automated systems for earlier disease detection and diagnosis are driving segment growth as clinics digitize workflows.

Geographically, North America led global market share last year. Rapid expansion of the elderly demographic and growth of dedicated aesthetic imaging centers will propel the regional market higher, says the report.

While a lucrative opportunity, medical laser companies face considerable regulations and safety standards as a key market challenge. These constraints ensure patient protections but can deter new entrants facing high compliance costs. As emerging companies navigate this landscape, incumbent leaders like Lumenis, Alma Lasers and Cynosure retain dominant positions.

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Overall industry experts predict abundant room for growth in coming years as medical lasers gain traction across clinical specialties like dermatology, urology and ophthalmology while also continuing an upward trend in aesthetic medicine.

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Medical Stick-to-Skin Adhesives Market Size and Growth Drivers

The global medical stick-to-skin adhesives market is expected to reach $3.7 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 7.5% over the next six years, according to a new report published by MarketsandMarkets. Key factors driving this steady growth include the rising prevalence of chronic wounds and surgical procedures, an aging population, and the shift toward minimally invasive medical procedures and wearable devices.

Medical stick-to-skin adhesives provide secure skin closure while promoting patient comfort. Their skin-friendly and gentle formulation allows them to be worn comfortably for extended periods without irritation. These properties make them highly suitable for closing surgical incisions, especially in minimally invasive procedures. Their use helps avoid the pain and scarring associated with sutures and staples.

The growing demand for minimally invasive techniques has significantly boosted the adoption of medical skin adhesives. Over 80% of surgeries in the US now use minimally invasive approaches, which require just small incisions. The adhesives keep these tiny incisions firmly closed, speeding up recovery. Their easy, suture-free application has made them popular in cosmetic surgery too.

An aging global population and rising chronic conditions like diabetes are increasing the patient pool needing wound care solutions. Over 15% of older adults suffer from chronic wounds, fuelling the demand for advanced skin-friendly adhesives that can manage moisture and encourage healing. Developed markets like North America and Europe currently dominate demand, but the market is expanding rapidly in emerging economies as well.

While regulatory compliance costs and safety concerns pose headwinds for manufacturers, investment in research and testing helps overcome these challenges. Top adhesive makers like 3M, Scapa Healthcare, and Avery Dennison are launching new variants targeted at medical device companies and healthcare providers. Mergers and acquisitions also allow companies to consolidate their position.

The market is competitive, with manufacturers looking to balance adhesive performance with gentleness. Backed by extensive R&D, new skin-adhesive products continue to enter the market, catering to an expanding range of medical applications. While risks remain, the market’s future prospects seem optimistic. Driven by an aging population and advances in medical technology, analysts project steady high single-digit growth over the coming years.

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Continuous Bioprocessing Market Size and Growth Drivers

The global continuous bioprocessing market is projected to grow at a rapid pace over the next several years, according to a new report from market research firm MarketsandMarkets. The market was valued at $218 million in 2023 and is expected to reach $599 million by 2028, reflecting a compound annual growth rate (CAGR) of 22.4%.

Continuous bioprocessing integrates the various steps involved in biopharmaceutical manufacturing into a single, streamlined process. This approach delivers considerable advantages over traditional batch or fed-batch techniques, enabling more efficient, cost-effective, and reliable production. The growth of the continuous bioprocessing market is being fueled by rising biopharmaceutical demand, the shift towards continuous manufacturing, and new integrated end-to-end solutions coming to market.

Key factors driving continuous bioprocessing adoption include increased biopharmaceutical production to meet growing chronic disease demand, reduced costs compared to batch methods, and new integrated systems that connect individual process steps. However, the substantial upfront capital investment required poses a barrier to entry for some players.

Filtration systems and devices are projected as the fastest growing product segment, expected to expand at the highest CAGR over the forecast period. This is attributed to the key role of filtration technology in continuous mAb production coupled with a robust clinical pipeline awaiting approval.

Geographically, North America held the largest revenue share in 2022. The region is home to many leading vendors such as Danaher, Thermo Fisher Scientific, and Repligen Corporation, along with an established biopharmaceutical sector creating significant demand pull. Strict regulations around single-use systems may constrain market expansion to a degree.

Asia Pacific represents an important growth opportunity owing to lower manufacturing costs coupled with favorable government policies aimed at advancing domestic biomanufacturing capabilities.

Key players operating in the global continuous bioprocessing marketplace include Sartorius, Merck KGaA, 3M Company, Getinge AB, and Corning Incorporated, among others. Recent developments include Sartorius teaming up with Repligen Corporation to launch an integrated bioreactor system simplifying perfusion implementations.

In summary, the continuous bioprocessing market stands primed for robust growth thanks to the operational and economic benefits of continuous production, rising industry demand, and maturing technology platforms. Companies that invest effectively stand to benefit from this rapidly evolving landscape. Those lagging the curve risk losing ground to more nimble competitors.

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Preparative and Process Chromatography Market Size and Growth Drivers

The global preparative and process chromatography market is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2028, according to a new report by MarketsandMarkets. The market, valued at $11.3 billion in 2023, is projected to reach $15.6 billion by 2028.

The growth in this market is driven by factors like the increasing need for biosimilars, rising demand for insulin and monoclonal antibodies, and growing use of liquid chromatography-mass spectrometry (LCMS) in research. However, alternative methods or techniques restrain the market growth to some extent.

The process chromatography segment dominated the global market in 2022 and is expected to grow at the highest CAGR during the forecast period. The large market share of process chromatography can be attributed to the growing number of players offering process chromatography products and the increasing number of research projects in areas like proteomics and genomics.

Based on end-user, the pharmaceutical and biotechnology segment held the largest share of the preparative and process chromatography market in 2022. The high market share of this segment is primarily due to rising investments in pharmaceutical manufacturing and the growing global production of monoclonal antibodies (mAbs) and insulin.

North America dominated the global market in 2022 owing to factors like growing R&D expenditure by biopharma companies in the region, increasing demand for insulin, and rising public and private research funding for food safety testing.

Prominent companies operating in the global preparative and process chromatography market include Thermo Fisher Scientific, Merck KGaA, Danaher Corporation, Sartorius AG and Bio-Rad Laboratories. These companies have well-established and financially stable business models and possess state-of-the-art technologies, diversified product portfolios and strong global sales and marketing networks.

Recent developments in the market include Thermo Fisher’s 2023 acquisition of MarqMetrix and Waters Corporation and Sartorius’ collaboration to develop integrated analytical solutions for downstream biomanufacturing.

The growth opportunities presented by this market include factors like the rising demand for monoclonal antibodies due to the increasing number of regulatory approvals for novel mAbs and growing investments by biotech and biopharmaceutical companies in scaling up their production capacities. However, the shortage of skilled and experienced professionals in method development, validation and system troubleshooting could be a key challenge for the preparative and process chromatography market.

https://www.marketsandmarkets.com/Market-Reports/preparative-process-chromatography-market-151748164.html

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Hemostats Market Size and Growth Drivers

According to a new report from MarketsandMarkets, the global hemostats market is expected to see healthy growth over the next five years. The market was valued at $2.7 billion in 2023 and is forecasted to reach $3.7 billion by 2028, reflecting a compound annual growth rate (CAGR) of 6.7%.

Several key factors are driving expansion in the hemostats sector. Firstly, there has been a rise in surgical procedures globally across areas like orthopedics, neurology and cardiovascular specialties. Common age-related conditions often require operations, which carry risks of bleeding that need to be controlled via hemostatic agents. The growing elderly population is further elevating surgery demand and the need for effective hemostats.

Secondly, opportunities abound within developing economies for companies operating in the hemostat niche. Healthcare infrastructure is improving across Asia Pacific, Latin America, and the Middle East and Africa. Combined with rising disposable incomes, population growth and an emerging middle class, these regions present major expansion possibilities. Currently they remain relatively underpenetrated spaces.

However, the market does face certain restraints. Side effects and allergic reactions associated with poor quality or defective hemostat products can negatively impact end user perceptions and endanger patient safety. There is also an ongoing shortage of skilled personnel globally that are properly trained to utilized advanced hemostatic agents. Keeping physicians and medical staff updated on the latest technologies and usage procedures remains an obstacle for the industry.

Currently, oxidized regenerated cellulose-based hemostats account for the dominant product segment within the global hemostats market, making up the largest revenue share in 2022. The biocompatibility and safety profile of ORC-based agents supports their popularity. Matrix and gel-based formulations were also top sellers last year, offering user-friendly and cost-effective applications.

Orthopedic surgeries also represented the key end use for the hemostat industry in 2022. Lifestyle diseases such as arthritis, osteoporosis and obesity are requiring a mounting number of orthopedic operations. The field is additionally reporting more reconstructive procedures undertaken due to rising cases of sports injuries.

On a geographical basis, North America claimed the largest regional market share over 2022. The region contains several top hemostat manufacturers along with an advanced infrastructure for R&D programs. North America also shoulders a substantial burden in treating chronic illnesses, further elevating demand dynamics.

Some notable developments within the global hemostats marketplace over recent years span:

  • Teleflex gaining expanded FDA clearance for QuikClot Control+ hemostatic products in cardiac surgical applications (August 2023)
  • Baxter launching PERCLOT Absorbable Hemostatic Powder commercially in the United States (July 2023)
  • Teleflex acquiring hemostatic device firm Z-Medica (December 2020)
  • Ethicon rolling out SURGICEL Powder Absorbable Hemostat across Australia, New Zealand and Thailand (March 2020)

The outlook going forward is highly positive for hemostat producers and ancillary firms servicing the wound closure niche. As surgical case volumes rise thanks to demographic changes and healthcare investments in developing regions, reliable hemostatic products will remain essential for controlling blood loss and enabling better patient outcomes. Strategic partnerships, regional expansion and research into innovative formulations look set to headline industry moves through 2028.

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Continuous Renal Replacement Therapy Market Size and Growth Drivers

The global continuous renal replacement therapy (CRRT) market was valued at $1.4 billion in 2023 and is expected to reach $2.1 billion by 2028, growing at a compound annual growth rate of 8.1%, according to a new report published by MarketsandMarkets. The market growth is largely driven by factors like the increasing prevalence of acute kidney injury (AKI), rising number of ICU patients with AKI, and increasing cases of sepsis around the world.

The report highlights that AKI cases are increasing rapidly worldwide. For example, the International Society of Nephrology estimates that around 13.3 million AKI cases are recorded globally every year. As the number of elderly people grows, the incidence of kidney diseases is also expected to rise considerably, further contributing to the steady growth of the CRRT market during the next 5 years.

CRRT is an extracorporeal blood purification therapy used in ICU settings to treat patients with severe acute kidney injury or fluid overload that does not respond to conventional therapy. It incorporates various techniques like hemofiltration, hemodialysis, and hemodiafiltration applied in a continuous, slow, and prolonged manner rather than intermittently.

Among the product segments, the dialysates and replacement fluids category is projected to hold the largest market share over the forecast period, driven by the high demand for removing waste products and maintaining electrolyte and acid-base balance in patients undergoing CRRT procedures.

Based on modality, continuous venovenous hemodiafiltration (CVVHDF) is likely to register the highest CAGR owing to its ability to combine ultrafiltration with solute clearance by diffusion and convection, making it effective for patients with acute renal failure or fluid overload.

By age group, the adult segment accounted for the largest revenue share in 2022 due to the higher CRRT adoption among the adult population suffering from acute renal dysfunction. The segment will retain its lead through 2028. On the other hand, the usage of CRRT in pediatrics/neonates will exhibit the highest growth rate.

Among end users, hospitals hold the leading position in terms of market share as CRRT is primarily performed in the critical care units. However, the demand for CRRT in home care settings and ambulatory surgical centers is set to grow at a rapid pace over the coming years.

In 2023, North America is the most prominent regional market for CRRT therapy. Factors such as the high burden of AKI, established presence of major market players, new product approvals, and government's increasing focus on renal care are anticipated to further consolidate North America's market leadership during the forecast period.

Some of the key companies operating in the global CRRT market are Baxter International Inc., Fresenius Medical Care AG & Co. KGaA, and B. Braun Melsungen AG. These players are increasingly investing in developing and launching advanced and cost-effective CRRT systems and solutions to gain an edge in the market.

Overall, with the rising cases of acute renal disorders across the globe, the report projects robust growth prospects for the CRRT market over the next 5 years.

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Incontinence Care Products (ICP) Market Size and Growth Drivers

The global incontinence care products market is expected to reach $16.5 billion by 2028, exhibiting a CAGR of 5.6% over the next five years, according to a new report from MarketsandMarkets. Key factors driving this growth include the aging population and rising prevalence of chronic conditions leading to incontinence. However, the social stigma surrounding incontinence products could restrain market expansion to some degree.

Currently valued at around $12.6 billion, the incontinence care products industry serves a vital need for the growing senior demographic affected by urinary and other forms of incontinence. Absorbent products like adult diapers and pads accounted for over two-thirds of the overall market in 2022, owing to their ease of use and effectiveness. Among gender segments, female incontinence represents the leading share due to higher incidence rates.

Europe held the greatest portion of market share globally last year, enabled by the strong presence of major international brands such as Essity Aktiebolag and Hartmann Group. Looking ahead, rising adoption of smart diaper technology using superabsorbent polymers promises new opportunities. Disposable products should also continue to dominate over reusable options thanks to superior convenience and hygiene.

While government healthcare programs provide some reimbursement for incontinence supplies in countries like the United States, coverage remains uneven and poses a key challenge. Manufacturers must tailor their strategies to accommodate different regulatory systems across global markets. Strong trends like e-commerce and home healthcare can further help improve access and availability for patients requiring incontinence care.

Strategic moves by leading companies are expanding production capacity and market access worldwide. Recent highlights include Cardinal Health opening a new distribution center to serve Canada’s needs and Medline partnering to become the primary supplier for hospice providers across Florida. Despite the difficulties still posed by societal attitudes, constructive collaboration and innovation point the way forward for the incontinence care industry. Meeting the needs of the elderly and infirm with dignity remains paramount.

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Biotechnology Contract Manufacturing Market Size and Growth Drivers

The global biotechnology contract manufacturing market is expected to grow at a compound annual growth rate (CAGR) of 8.3% from 2023 to 2028 to reach $24.8 billion by 2028, according to a new report from MarketsandMarkets. Key factors driving this growth include increasing outsourcing of biologics manufacturing to contract development and manufacturing organizations (CDMOs), rising demand for cell and gene therapies, and investments in production capacity expansions by contract manufacturers.

The largest segment of the biotechnology contract manufacturing market in 2022 was manufacturing services, which includes upstream and downstream manufacturing processes for biologics. As biologic manufacturing is complex, biopharma firms are outsourcing more of these operations to leverage the expertise of contract manufacturers. The manufacturing of the biologic drug substance itself accounted for the greatest market share by type in 2022 due to growing R&D into novel targeted therapies like monoclonal antibodies, cell therapies, and gene therapies. These typically require specialized equipment and techniques best handled by CDMOs.

The Asia Pacific region is forecast to exhibit the fastest growth over the period at a CAGR of XX%, aided by rising pharmaceutical R&D spend, favorable regulations, increased government healthcare investments, and a large patient pool. Meanwhile, North America and Europe are expected to continue dominating market revenue due to their advanced biopharma and biotech industries.

Key players operating in the biotechnology contract manufacturing space include Lonza Group, Thermo Fisher Scientific, Catalent Inc., Samsung BioLogics Co. Ltd., WuXi Biologics, AbbVie Inc., FUJIFILM Holdings Corporation, Boehringer Ingelheim International GmbH, and Eurofins Scientific S.E. Strategic moves being made by these companies to capitalize on growth trends include licensing deals, partnerships, and investments in additional capacity.

The growth drivers behind producing these biological drugs via outsourced manufacturing arrangements include the complexity of biologics, the growing trend toward targeted and personalized therapies, and innovations in fields like cell therapies, gene therapies, and ADCs. However, challenges remain around meeting diverse and changing global regulations efficiently. Strict vigilance around intellectual property protection between clients and contract manufacturers also persists as an area needing attention. Nevertheless, the multiple upside opportunities appear set to propel vigorous expansion for the worldwide biotechnology contract manufacturing industry over the next five years.

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Veterinary Telemedicine Market Size and Growth Drivers

The global veterinary telemedicine market is poised for strong growth over the next several years, according a new report by market research firm MarketsandMarkets. The market, valued at $530 million in 2023, is expected to reach $1.23 billion by 2028, reflecting an impressive 18.3% compound annual growth rate (CAGR).

Several key factors are contributing to the rise of veterinary telemedicine, which enables remote delivery of veterinary care through digital communication technologies. Most notably, with higher disposable incomes, pet owners are spending more on healthcare and wellness services for companion animals and livestock. This ties in with a broader trend of increasing pet ownership worldwide.

In addition, advanced technologies like artificial intelligence (AI), data analytics, and Internet of Things (IoT) devices are making telehealth more effective for animals. AI algorithms can monitor vital signs, analyze health data for trends, and aid diagnoses. Meanwhile, electronic health record systems driven by these emerging technologies allow for superior data management, monitoring, and preventative care from afar.

The Asia-Pacific region is expected to experience the fastest industry growth over the forecast period. Rising disposable incomes in countries across Asia have led to higher expenditures on pet care, supporting adoption of veterinary telemedicine to improve access and quality of care.

In terms of service types, internet-based platforms are projected to outpace telephonic services. The interactive nature of video chatting and ability to share visual documentation through internet platforms enhances the telemedicine experience for pet owners and clinicians. Additionally, artificial intelligence and other cutting-edge technologies are better integrated with internet-based, app-driven models.

While promising, there are barriers to mainstream adoption of veterinary telehealth. The high costs of implementing digital infrastructure, training staff, ensuring cybersecurity, and building user-friendly platforms contributes to expensive fee structures, which some pet owners may find prohibitive without insurance coverage or reimbursement.

Nonetheless, veterinary telemedicine alleviates many other burdens for pet owners, including saving time, increasing convenience, reducing animal transport stress, and facilitating better communication with specialists. For veterinary practices, it unlocks an array of opportunities to diversify service offerings, tap into new revenue streams, and overcome staffing and capacity challenges to meet rising pet healthcare demand.

As chronic diseases plague more pets and spending continues shifting online, forward-thinking veterinary businesses will find rewards in pivoting their care models toward tech-enabled delivery. With sound strategies backed by smart technologies, the nascent field of veterinary telemedicine is set to rapidly enter mainstream adoption.

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Digital Dentistry Market Size and Growth Drivers

The global digital dentistry market is experiencing rapid expansion, according to a new report from marketsandmarkets. The market was valued at $7.2 billion in 2023 and is expected to reach $12.2 billion by 2028, reflecting a compound annual growth rate (CAGR) of 10.9% during that period.

The growth is being fueled by several key factors, including high return on investment from digital equipment and software, increased adoption of same-day dentistry, rising cost-effectiveness, and more dental visits globally. Digital technologies like computer-aided design (CAD), computer-aided manufacturing (CAM), and 3D printing are enabling same-day dentistry by speeding up procedures like dental restoration and orthodontics. This not only saves time for dentists but also enhances patient comfort.

However, lack of insurance coverage and reimbursement for dental procedures in many countries is hindering market expansion. Most insurance providers in North America and Europe consider dental prosthetics cosmetic, providing little to no coverage. This forces patients to pay high out-of-pocket costs, restricting treatment adoption. Average costs range from $400–$700 for crowns and $3,500–$6,000 for braces in the U.S.

The software segment is poised for the highest CAGR during the forecast period. Cloud-based practice management software offers benefits like lower upfront investment, increased flexibility, and scalability. In terms of applications, diagnostics accounted for the largest market share, followed by therapeutics. More patients require diagnostic services compared to actual treatments. Orthodontics is projected to see the fastest growth among specialty areas due to innovations enabling more efficient workflows and greater patient affordability.

The Asia-Pacific region is estimated to grow at the highest rate over the next five years. Government initiatives to drive digital adoption, increased outsourcing of manufacturing to the region, more tooth procedures, and rising interest in cosmetic dentistry will all contribute to robust expansion.

The global market remains concentrated among established players like Dentsply Sirona, Envista Holdings, 3M Company, Ivoclar Vivadent, and Planmeca OY. These companies are employing strategies like product launches, mergers and acquisitions, and geographic expansions to garner greater market share. For instance, in March 2023, 3Shape launched updated intraoral scanners, platforms, and apps to simplify digital integration for professionals.

The outlook for the worldwide digital dentistry sector remains very positive for the next several years as new technologies transform workflows while making dental care more accessible and affordable across the globe. Key players will continue innovating with advanced equipment, materials, and software to improve clinical outcomes and practice efficiency.

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Medical Radiation Shielding Market Size and Growth Drivers

The global medical radiation shielding market is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2023 to 2028, reaching $1.8 billion by the end of the forecast period, according to a new report by MarketsandMarkets.

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The increasing use of nuclear medicine and radiation therapy for the diagnosis and treatment of diseases like cancer is driving the adoption of medical radiation shielding products. With cancer cases projected to rise from 19.3 million in 2020 to 30 million in 2040, the demand for radiotherapy is expected to surge. Currently, North America accounts for 50% of the global diagnostic radioisotopes market.

Medical radiation shielding includes products like shields, booths, doors, windows, sheets, and other barriers that protect from dangerous radiation exposure. MRI shielding products are projected to witness the highest growth rate among product types, fueled by the expansion of diagnostic imaging centers and increasing installation of radiology equipment.

By end user, hospitals, clinics, and ambulatory surgery centers dominate the market due to the rising cancer population. As cancer diagnoses and radiation therapy procedures increase, so does the need for medical radiation shielding in these facilities.

Geographically, North America is expected to see the highest growth rate due to surging cancer incidence and expanding use of radiation therapies for treatment. In the U.S. alone, around $183 billion was spent on cancer healthcare in 2015, expected to reach $246 billion by 2030.

However, the high cost of lead, a key ingredient in radiation shielding accessories, poses a challenge to the market. As lead is increasingly utilized in other industries like car batteries, its cost is projected to rise further. This necessitates the development of alternative, cost-effective shielding solutions.

The lack of healthcare infrastructure to support radiation treatments, especially in developing countries, also hampers adoption. Treatments like proton therapy currently only reach 1% of radiation therapy recipients worldwide.

Key players in the medical radiation shielding market include ESCO Technologies, Mirion Technologies, and Nelco Worldwide. Recent developments include ESCO partnering with IMRIS in 2022 to build an MRI facility at Boston Children’s Hospital and Mirion acquiring Sun Nuclear and Biodex Medical Systems in 2021 and 2020, respectively, to expand capabilities.

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The rising healthcare expenditure across developing countries represents a major growth opportunity. Countries like India, China, Malaysia and Mexico are investing heavily in healthcare infrastructure and treatments, driving usage of technologies like radiation shielding. Medical tourism for affordable cancer care also boosts adoption in these markets.

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RNA Analysis Market Size and Growth Drivers

The global RNA analysis market is poised for robust growth in the coming years, according to a new report by MarketsandMarkets. The market, valued at $5.3 billion in 2023, is projected to reach $9.9 billion by 2028, growing at a compound annual growth rate (CAGR) of 13.4% during the forecast period.

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The growth is attributed to several factors such as the increasing demand for personalized medicine, growing R&D activities, rising government funding for drug discovery research, and expanding pharmaceutical and biotechnology industries globally. Additionally, the RNA analysis market presents lucrative opportunities in emerging countries.

Reagents and consumables currently dominate the global RNA analysis market based on product and service segmentation. The large market share of this segment is attributed to the rising demand for genome-based studies, continuing technological advancements, and the availability of a diverse range of RNA analysis reagents.

North America held the largest share of the global RNA analysis market in 2022. The dominance of this region is ascribed to the presence of numerous pharmaceutical companies, growing demand for personalized medicine, and increased funding for protein-based research activities that are further driving the regional market growth.

The recent years have witnessed strategic developments such as partnerships, agreements, mergers, and acquisitions among market players in the RNA analysis domain. For instance, in October 2022, Agilent Technologies and CMP Scientific Corp entered a co-marketing pact to offer integrated capillary electrophoresis-mass spectrometry solutions for pharmaceutical and life sciences industries. Earlier in January 2021, Thermo Fisher acquired Phitonex to augment its portfolio of offerings for protein and cell analysis research.

While the market outlook seems optimistic, there are certain challenges that can potentially restrain the growth momentum. These include the requirement of high capital investments for advanced instrumentation and complexities involved in managing the voluminous data generated through transcriptomics research.

Nonetheless, the transforming landscape of personalized and precision medicine presents significant prospects for the burgeoning RNA analysis market in the coming decade. With continual improvements in accuracy, sensitivity, instrumentation size, and cost-efficiency, transcriptomics is poised to improve diagnosis, disease management, and treatment planning. Market participants can leverage these opportunities by introducing innovative products, expanding their geographic presence, and adopting strategic partnerships as their key growth strategies.

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Overall, with several positive indicators, favorable research scenarios, and increasing relevance of omics research worldwide, the global RNA analysis market seems well-positioned to unlock its immense revenue potential in the foreseeable future.

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Over The Counter Test Market Size and Growth Drivers

The over-the-counter (OTC) test market is projected to reach USD 22.2 billion by 2024, growing at a compound annual growth rate of 11% during the forecast period of 2018-2024, according to a recent report by MarketsandMarkets. Rising prevalence of target diseases and conditions requiring rapid testing, such as diabetes and infectious diseases, is projected to drive market growth.

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The Asia Pacific region is estimated to see the highest growth during 2018-2024 due to the increasing patient population and rapidly growing prevalence of infectious diseases. The infectious disease test segment is also projected to expand significantly, driven by the rising number of HIV-positive people worldwide and greater availability and awareness of HIV OTC testing kits in emerging economies.

Lateral Flow Assays Spearheading Growth

The lateral flow assay segment dominated the OTC test market in 2017 and is expected to maintain its leading position through 2024. In recent years, the lateral flow assay point-of-care testing market has expanded considerably as home-use LFA testing products for indications like pregnancy, ovulation, infectious diseases, and substance abuse see greater adoption. Companies increasingly focus on developing innovative LFA-based OTC devices, further propelling market growth.

Market Leaders Strategizing to Sustain Growth Trajectory

Leading OTC test manufacturers like OraSure Technologies, Roche Diagnostics, and i-Health Lab are employing both organic and inorganic strategies to strengthen their foothold. Collaborations, partnerships, acquisitions, and agreements are some of the major tactics deployed by top players to expand their product portfolio and bolster their access to end consumers.

For instance, Sinocare acquired PTS Diagnostics in 2016 to enhance its product line-up and accelerate future expansion in the diagnostic testing space. Similarly, LabStyle Innovations recently inked a deal with Better Living Now for distributing its blood glucose monitoring system and digital health platform in the US. This will likely improve insurance coverage and reimbursement eligibility for a larger consumer base domestically.

Key Takeaways from the OTC Test Industry Analysis:

  • The global OTC test market to reach USD 22.2 billion by 2024, registering an impressive 11% CAGR from 2018-2024
  • Infectious disease segment to witness the highest growth at a CAGR of 13.0%
  • Asia Pacific to emerge as the fastest-growing regional market
  • Leading companies actively pursuing strategies like partnerships and acquisitions to consolidate their market shares
  • Lateral flow assays to remain the preferred technology, immunoassays also gaining acceptance
  • Increasing approval and availability of OTC products for self-testing and home use supports overall growth

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The promising growth outlook of the OTC test market represents a lucrative opportunity for companies to invest and expand their testing product portfolios. While companies like Roche, Abbott, and Becton Dickinson already have wide proprietary test menus, regional players can also capitalize on localized demand for infectious disease testing kits and glucose monitors. Growing consumer health consciousness and preference for self-care further provide an impetus for businesses to direct R&D efforts towards high-performance rapid test solutions ideal for at-home use.

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Patient Safety Software Market Size and Growth Drivers

The global patient safety software market is projected to reach USD 2.2 billion by 2024, growing at a CAGR of 11.2%, according to a new report by MarketsandMarkets. Key factors driving this growth include the rising need to reduce healthcare costs, increasing occurrences of medical errors and hospital-acquired infections, and growing government initiatives to improve patient safety and outcomes. However, a lack of in-house IT expertise and reluctance by healthcare providers to adopt new patient safety and risk management methods could restrain market growth to some extent over the forecast period.

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The governance, risk and compliance (GRC) solutions segment is expected to register the highest CAGR during 2019-2024. The high growth rate is attributed to the increasing number of adverse events affecting patients globally and the effective use of GRC solutions to provide safe, high-quality care while maintaining compliance.

The ambulatory care centers segment is projected to witness the highest growth rate during the forecast period due to the growing need to minimize patient harm risks. Implementing patient safety and risk management software is vital for these centers as it enables effective management of patient safety events.

The Asia-Pacific market is forecast to grow at the fastest pace over the next five years. This is driven largely by the expanding patient population, rapid return on investment, and rising government initiatives to advance patient safety and outcomes. Healthcare organizations across Asia are actively moving towards digitization to streamline workflows and ensure patient care and safety. This has resulted in growing demand for patient safety and risk management software.

Key players in the global patient safety and risk management solutions market include RLDatix, Riskonnect Inc., Verge Health, Clarity Group Inc., The Patient Safety Company, RiskQual Technologies, Quantros Inc., Conduent Inc., Prista Corporation, and Smartgate Solutions Ltd.

RLDatix held the largest market share in 2018 as a leading provider of cloud-based, integrated software solutions for patient safety and risk management across healthcare and other industries. To strengthen its position, the company focuses mainly on agreements, acquisitions, and mergers. For example, in May 2019 RLDatix acquired iContracts to expand its reach in the GRC space.

Verge Health held the second largest share in 2018 and offers various patient safety solutions including GRC. To sustain its strong standing, the company works to enhance its software platform through organic and inorganic strategies like product launches and partnerships. In February 2019, Verge Health partnered with the Texas Hospital Association to improve its GRC platform.

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The patient safety software industry shows attractive growth opportunities as healthcare providers increasingly recognize the benefits of implementing advanced solutions to minimize risks, reduce costs, and improve quality of care. Key players are well positioned to capitalize on this trend through continuous enhancements of their patient safety and risk management offerings.

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Specialty PACS Market Size and Growth Drivers

The global market for specialty picture archiving and communication systems (PACS) is expected to reach $3.5 billion by 2024, representing a compound annual growth rate of 6%, according to a new report from marketsandmarkets. Specialty PACS are used to store, distribute and manage medical images within hospitals and clinics and enable doctors to access a patient's imaging records and history from anywhere in the facility.

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Key drivers propelling the growth of the specialty PACS market include the increasing geriatric population and rising incidence of diseases, benefits of specialty PACS in improving workflow efficiency and enhancing patient care, government initiatives to boost adoption of healthcare IT solutions, rising healthcare spending and medical imaging volumes globally, and growing usage of advanced medical imaging equipment. However, budget constraints faced by hospitals and imaging centers in many countries could restrain wider uptake.

Among the different specialty PACS segments, ophthalmology PACS is forecast to see the fastest growth over the next five years. Rising eye diseases and vision disorders, increasing number of ophthalmic procedures, and new innovations in ophthalmology devices underpin the strong outlook for ophthalmology PACS solutions going forward.

Currently, the on-premise deployment model accounts for the major share of the specialty PACS market. The high degree of customization and flexibility offered by on-premise solutions compared to cloud-based systems is driving its greater adoption. However, the web/cloud-based segment could record faster growth in the coming years owing to lower upfront costs and easier maintenance.

Geographically, North America commanded the largest piece of the global specialty PACS market in 2018, powered by the region's vast healthcare infrastructure, abundant medical imaging volumes, aging population, and rapid uptake of advanced imaging technologies. But the Asia Pacific market is poised to witness the highest compound annual growth rate over the 2019-2024 period, thanks largely to rising chronic disease prevalence, increasing awareness of early diagnosis benefits, and surging medical imaging procedural volumes in the region's major countries like China and India.

The leading companies operating in the global specialty PACS space include Merge Healthcare, McKesson Corporation, Agfa Healthcare, Carestream Health, Philips Healthcare and Siemens Healthineers, among others. Mergers & acquisitions, new product launches, R&D investments and global expansion constitute some of the key strategic moves adopted by these players to cement their market positions.

For instance, Merge Healthcare continues to grow its specialty PACS product portfolio and widen its global footprint through strategic partnerships, collaborations and acquisitions. Its latest imaging partnership deals, announced in June 2016, are anticipated to significantly strengthen the company's imaging technologies business.

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Overall, with rising healthcare expenditure worldwide, growing reliance on medical imaging for screening, diagnosis and treatment planning across various clinical specialties, and continuing technology advancements in imaging hardware and software, the global specialty PACS market looks well positioned to register steady gains over the coming years.

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