Dental Flap Surgery Market Size Worth $8.91 Billion By 2030

 

Dental Flap Surgery Market Growth & Trends

The global dental flap surgery market size is expected to reach USD 8.91 billion by 2030, registering a CAGR of 7.2% during the forecast period, according to a new report by Grand View Research, Inc. A rise in the prevalence of periodontal disease, an increase in awareness about oral hygiene, and growing demand for dental flap surgery for periodontal disease treatment are the key factors that boost the growth of the industry. The demand for triangular flap surgery is expected to witness a rise during the forecast period due to the high adoption rate. The COVID-19 pandemic had disrupted the number of dental surgical procedures due to the restrictions imposed by the governments.

In addition, the COVID-19 pandemic has negatively impacted the dental care economy. For instance, in March 2020, the American Dental Association (ADA) published guidance to postpone elective dental treatments. According to Oral Health survey results, the major impact of the COVID-19 pandemic on dental procedures in Canada has been the decrease in revenue in 2020. However, in 2021, there was no significant impact on the industry as dental clinics were re-opened in many countries and the number of dental surgical procedures also increased. The growing aging population and increase in dental tourism in developing countries have boosted the growth of the overall industry.

An increase in the number of patients suffering from periodontal disease is anticipated to drive the industry’s growth over the years to come. Periodontal flap surgery is a simple gum surgery under local anesthesia. It is indicated for conditions, such as mid-root perforation repair, repair of cervical defects, such as root perforations, root caries, and resorption. Patient satisfaction wound healing and good visibility in roots are among the key factors responsible for the growth of the industry. The North American region held the largest revenue share in the year 2021 due to the growing R&D activities in dentistry and preventive approaches toward oral care & hygiene.

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Dental Flap Surgery Market Report

Dental Flap Surgery Market Report Highlights

• Triangular flap emerged as the largest surgery type segment in 2021 due to an increase in the number of triangular flap surgeries performed across the globe
• The rectangular flap type segment is anticipated to register the fastest CAGR over the forecast period
• The growth can be attributed to the fact that this type of surgery reduces retraction tension and provides maximum access & visibility
• Based on end-users, the dental clinics segment accounted for the highest revenue share in 2021
• It is also expected to register the fastest growth rate over the forecast period due to a rise in the number of dental flap surgeries performed in dental clinics

High Level Disinfection Services Market Worth $42.12 Billion By 2030

 

High Level Disinfection Services Market Growth & Trends

The global high level disinfection services market size is expected to reach USD 42.12 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.30% from 2022 to 2030. The increasing prevalence of hospital-acquired infection and surgical site infections, the increasing number of surgeries coupled with the rise in the incidence of chronic disorders, and the impact of COVID-19 are the key driving factors for the market.

An increase in the prevalence of HAIs due to a lack of sanitation and preventive measures is a major factor expected to propel market growth over the forecast period. Unclean medical devices are a key source of hospital-acquired infections. According to the report published by CDC in 2017, hospital-acquired infections result in more than 99,000 deaths every year. Also, according to antimicrobe.org, HAP accounts for around 27.00% of all nosocomial infections acquired in medical intensive care units (ICU). Since these products are needed for disinfection and cleaning of various hospital equipment, therefore, these instances are expected to surge the demand for high level disinfectant services.

Furthermore, the sudden outbreak of COVID-19 across the globe is one of the major factors propelling the market growth. According to the Worldometer estimates, as of 26th April 2021, there are total 147,884,279 cases globally. If more people become infected with the coronavirus, there will be a significant need for critical care supplies that will boost the demand for high-level disinfectant services. Furthermore, major players operating in the market are developing HLDs that are effective against COVID-19. For instance, LANXESS developed Rely+On Virkon and Solvay’s PROXITANE, which is effective against the coronavirus. Hence, such instances indicate considerable market growth over the forecast period.

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High Level Disinfection Services Market Report

High Level Disinfection Services Market Report Highlights

• The outsource segment held the largest revenue share in 2020. Several benefits associated with outsourcing such as cost-saving, customized disinfection services and usage of advanced technology is the major factor propelling segment growth
• The glutaraldehyde segment held the largest revenue share in 2020 and is expected to witness the fastest growth over the forecast period due to the increasing number of surgeries
• The hospitals and clinics segment held the largest revenue share in 2020. The segment growth is majorly driven by the increasing number of hospital-acquired infections and the rising number of people suffering from coronavirus
• In Asia Pacific, the market is expected to witness the fastest growth rate over the forecast period owing to the rising prevalence of chronic disorders

Optical Coherence Tomography Market Worth $5.28 Billion By 2030

 

Optical Coherence Tomography Market Growth & Trends

The global optical coherence tomography market size is expected to reach USD 5.28 billion by 2030, registering a CAGR of 15.41%, according to a new report by Grand View Research, Inc. Rising demand for early diagnosis of the disease, constant innovation and development of newer technologies, higher demand from the new biomedical applications, such as drug delivery, and rising prevalence of eye disorders are expected to drive the Optical Coherence Tomography (OCT) industry growth. However, the lack of favorable reimbursement policies and clinical information can hamper the growth in the coming years.The technique has numerous uses in fields like dermatology, cancer, and ophthalmology.

It is largely used to diagnose and treat disorders affecting the eyes, including glaucoma, conditions affecting the retina, such as central serous retinopathy, Age-related Macular Degeneration (AMD), and vitreous traction. An additional definition of the market includes new technology for high-resolution cross-sectional imaging. It takes a picture with micrometer-resolution using coherent light. Other illnesses like non-melanoma prostate cancer, skin cancer, esophageal issues, cardiovascular disruptions, and diabetes have been added to the market’s reach. A significant increase in demand for the product is anticipated due to the rising incidence of these diseases.

The COVID-19 pandemic has led to a huge surge in demand for medical supplies and respiratory support devices, such as life-support machines, atomizers, oxygen generators, and monitors. OCT angiography is used for the imaging of retinal vascular changes in fully-recovered COVID-19 patients. The key manufacturers of OCT systems are struggling to maintain their production capacity, along with finding newer methods to strengthen their presence, such as mergers & acquisitions and collaborations with suitable market players. These initiatives by key players can be positive for the industry’s growth in the coming years.

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Optical Coherence Tomography Market Report

Optical Coherence Tomography Market Report Highlights

• The Frequency Domain OCT (FD-OCT) segment accounted for the largest revenue share in 2021 followed by Time Domain OCT (TD-OCT)
• The handheld OCT devices segment held the largest share in 2021 and will expand further at a steady CAGR from 2022 to 2030
• The growth can be attributed to a wide application scope in the detection of diabetic retinopathy, macular degeneration, and glaucoma
• Ophthalmology is the dominant application segment owing to increasing incidences of choroidal & retinal disorders and the high adoption of OCT devices by ophthalmologists for imaging & diagnosing purposes
• North America dominated the global industry in 2021 and held the largest share of the overall revenue

Corneal Implants Market Size Worth $695.0 Million By 2030

 

Corneal Implants Market Growth & Trends

The global corneal implants market size is anticipated to reach USD 695.0 million by 2030, registering a CAGR of 6.5% over the forecast period, according to a new report by Grand View Research, Inc. The rising prevalence of corneal diseases, such as keratoconus, Fuchs dystrophy, and infectious keratitis, is the major factor driving the industry’s growth. The gap between demand and supply is also expected to boost industry growth in the long run. Various programs spreading awareness about the importance of corneal donations are also likely to support the industry’s growth. Moreover, many European countries are adopting an “opt-out” policy for organ donation to meet the growing demand for corneal grafts.

An increasing number of R&D activities related to corneal implants is expected to foster industry growth over the forecast period. Bioengineered cornea, 3D printed cornea, and stem cell therapy are a few of the topics gaining attention from the stakeholders. Moreover, a favorable reimbursement scenario and increasing focus of manufacturers to develop new products and the expected launch of new products in the next two years are expected to boost the growth of the market over the forecast period. The COVID-19 pandemic led to a temporary lag in sales of corneal implants due to a fall in the number of procedures that were carried out as a precautionary measure to curb the spread of the virus.

However, with the world now returning to normalcy the market is expected to attain a pre-COVID growth rate over the forecast period. North America dominated the global industry in 2021 and accounted for the largest share of the overall revenue. The region is projected to expand further at a steady CAGR from 2022 to 2030 as the U.S is one of the major suppliers of corneal implants globally. On the other hand, the Asia Pacific region is estimated to register the fastest growth rate during the forecast period on account of the rising demand for corneal implants in countries, such as China, Indonesia, and the Philippines.

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Corneal Implants Market Report

Corneal Implants Market Report Highlights

• Based on type, the human cornea segment accounted for the largest share in 2021 and is estimated to remain dominant throughout the forecast period
• Lack of accessibility, shortage of human corneas, and rising number of graft rejection cases are factors expected to drive the segment growth
• The endothelial keratoplasty segment is expected to register the fastest CAGR from 2022 to 2030 owing to benefits, such as faster and better visual restoration with decreased risk of infection and accidents to the eye surface
• Based on applications, the Fuchs Dystrophy segment held the largest share in 2021 and is expected to register the fastest CAGR as well from 2022 to 2030
• This growth can be attributed to the factors, such as the rising adoption of minimally invasive surgical procedures and the high prevalence of the disease
• Based on end-user, the hospital segment held the largest market share in 2021 and is expected to have a significant growth rate over the forecast period

Europe Breast Pumps Market Size Worth $1.06 Billion By 2030

 

Europe Breast Pumps Market Growth & Trends

The Europe breast pumps market size is expected to reach USD 1.06 billion by 2030, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 8.84% during the forecast period. Increasing women’s employment, government initiatives aimed at improving consumer awareness, and improving healthcare infrastructure in emerging economies are the key driving factors.

Europe breast pump market in developed economies, such as Germany, France, and Poland is saturated owing to the increasing demand and presence of key market players. Economic development and rising disposable income are anticipated to help drive future sustainability for the regional market. Manufacturers investing in these rapidly developing markets are expected to witness high growth, provided pricing and distribution activities are undertaken effectively.

The end users in the Europe breast pump market, i.e. the lactating mothers, are becoming increasingly aware of the benefits and importance of breastfeeding. An increase in women’s employment and the neonatal mortality rate is driving the adoption of advanced medical technologies in the everyday lives of the consumers in this region. For instance, as per Global Economy, women’s employment rate in Germany increased from 54.51% in 2014 to 55.03% in 2017. Women in developed countries such as Germany and Poland are using technologically advanced devices in their everyday lives to reduce the time spent on routine activities. Such factors are anticipated to drive the regional market.

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Europe Breast Pumps Market Report

Europe Breast Pumps Market Report Highlights

• In terms of revenue, the closed system segment is projected to ascend at the fastest CAGR over the forecast period. Ease of usage and better safety than the open system breast pumps can be attributed to the segment growth
• Electric breast pumps commanded the highest market share in 2017 and are expected to witness the fastest growth over the forecast period owing to the increase in inclination toward technologically advanced products
• Hospital-grade breast pumps are expected to witness the fastest growth owing to the rising awareness regarding the benefit of breastfeeding and the high employment rate among women
• Some of the key companies present in the Europe breast pumps market are Ameda; Energizer Holdings, Inc.; Medela AG; Koninklijke Philips N.V.; Büttner-Frank GmbH; and Pigeon Corporation.

Cannabis Extract Market Size Worth $15.5 Billion By 2030

 

Cannabis Extract Market Growth & Trends

The global cannabis extract market size is expected to reach USD 15.5 billion by 2030. According to a new report by Grand View Research, Inc, it is expected to expand at a CAGR of 20.6% over the forecast period. The growth is attributed to the rising usage of cannabis for recreational and medical purposes has increased. Various nations have legalized cannabis usage which has reduced the sale in the black market and increased legal product purchases.

The industry has also opened revenue-generating opportunities for various countries through government-imposed taxes on cannabis oil and tinctures that are commonly used to treat various ailments, including anxiety, nausea, and cancer. The rising prevalence of cancer is also a significant factor. The growing burden of chronic pain has also increased the demand for treatments related to pain management and thus, positively impacting the growth.

Based on product type, the oil segment held the largest revenue share of 63.0% in 2021 and is also expected to grow at the fastest rate. The product’s rising medical application is one of the supporting aspects. Based on the extract, the full spectrum segment dominated with a revenue share of 69.7% in 2021. The segment has been exploding in the overall market expansion due to the increased usage of marijuana for medical and recreational applications. Legalizing marijuana has resulted in increased product purchases through legal channels, reducing black market sales in several nations.

North America held the largest revenue share of 78.9% in 2021. The legalization of cannabis extract in many sectors, such as pharmaceutical and other industries, has increased demand for the product throughout North America, particularly in the United States.

The economic downturn brought on by the COVID-19 pandemic has affected every industry. The cannabis industry went through a series of testing. As industries seek to position themselves through the coronavirus pandemic or even beyond whenever the pandemic scenario is finally resolved, commercial contracts, financials, and customers’ responses are being scrutinized more than ever. But the pandemic also provided an opportunity for numerous manufacturers to streamline their operational models, eliminate inefficiencies, and rethink their launch or expansion plans.

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Cannabis Extract Market Report

Cannabis Extract Market Report Highlights

• The growing cannabis legalization in several nations, demand for cannabis oil and tinctures, and the use of medical marijuana to treat chronic ailments are the factors expected to drive the growth of the industry
• The oil segment dominated with a revenue share of 63.0% in 2021, owing to the product’s rising medical applications, simplicity of availability, and low price
• The full spectrum segment held the leading revenue share of 69.7% in 2021. The entourage effect-a synergistic link between cannabinoids and terpenes that increases each cannabinoid’s therapeutic properties-is one of the key factors boosting segment share
• Based on source, marijuana held the highest revenue share in 2021 and is also expected to register the fastest CAGR over the forecast period
• North America accounted for the highest revenue share of 78.9% in 2021, owing to increased product uptake and usage due to marijuana legalization in the region

Wearable Injectors Market Size Worth $23.89 Billion By 2030

 

Wearable Injectors Market Growth & Trends

The global wearable injectors market size is expected to reach USD 23.89 billion by 2030, registering a CAGR of 15.29% during the forecast period, according to new report by Grand View Research, Inc. The market is expected to witness lucrative growth during the forecast period owing to technological advancements in wearable injectors coupled with rising demand for round-the-clock monitoring.

Technological advancements in wearable injectors, for instance, Bluetooth integrated wearable injectors, send alerts to patients, such as injection reminders and data regarding their therapy regime. Also, optional smart functionality provides connectivity to the healthcare network. Some of these devices have buttons that are accessible through clothing, and some devices prevent accidental activation. They also have audible and visual status indicators or signals. Patients can self-administer drugs subcutaneously with minimal time and effort as compared to intravenous or other routes. Patients don’t need to visit any healthcare provider for the administration.

The prevalence of lifestyle-associated diseases, such as diabetes and hypertension is expected to increase during the forecast period. These diseases demand round-the-clock monitoring of various physiological parameters, such as blood pressure and blood sugar levels. The advanced ecosystem of these devices helps healthcare care providers to access data from remote location, which reduces clinical decision time. Thus, integration of healthcare data with wearable injectors, which gets forwarded to physicians or doctors giving them real-time access to data with reduced errors, is expected to boost the wearable injectors market.

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Wearable Injectors Market Report

Wearable Injectors Market Report Highlights

• The on-body segment held a lucrative market share in 2021 owing to the growing preference of the patients for adhesive patches that release the drug conveniently and can be worn on the skin
• The motor-driven segment is expected to register the highest growth during the forecast period owing to increasing demand from hospitals, clinics, retail chain stores, and pharmacies
• The oncology segment is expected to hold the largest market share due to the globally increasing incidences of cancer
• The home care segment is expected to dominate the market with the highest market share owing to increasing inclination towards the home-based treatments onset of Covid-19 pandemic can be seen and it has positively impacted the home care segment growth
• North America is expected to dominate the wearable injectors market during the forecast period due to the rising demand for innovative IT solutions to streamline workflows, coupled with increasing regulatory requirements to ensure patient safety

Clinical Alarm Management Market Worth $5.55 Billion By 2030

 

Clinical Alarm Management Market Growth & Trends

The global clinical alarm management market size is expected to reach USD 5.55 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a lucrative CAGR of 20.8% from 2022 to 2030. The increasing prevalence of alarm fatigue is one of the primary factors augmenting the market. Furthermore, rising technological advancements coupled with the growing adoption of clinical alarm management solutions by healthcare facilities due to their benefits are also the driving factors for the market growth during the projected period.

To curb the spread of the COVID-19 pandemic, government institutions across various nations established various COVID-19 alert systems for providing policy directives and situational awareness for the general public. Various healthcare facilities also started adopting various alarm management solutions for providing timely treatment to patients. Hence, the COVID-19 pandemic positively impacted market growth in 2020 and 2021.

Alarm fatigue faced by nurses as a result of clinical alarms and false alarms is driving the need for proper alarm management solutions in healthcare facilities. This factor is providing lucrative opportunities to market players for the development of technologically advanced clinical alarm management solutions. Therefore, growing cases of alarm fatigue coupled with growing demand for advanced solutions for patient safety is also likely to boost the market growth.

Major players in the market are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, among others to maintain a competitive edge in the market. For instance, in October 2021, Ascom received a multi-million contract for providing its Telligence Nurse Call system, which will be delivered over 2 years. This contract is in partnership with Mega Datatech, a pioneering systems integrator in Macao.

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Clinical Alarm Management Market Report

Clinical Alarm Management Market Report Highlights

• The nurse call systems segment accounted for the largest revenue share of more than 24% in 2021 owing to product developments driven by wireless technology and automation and reduced operating costs.
• The services component segment is expected to witness the fastest growth rate of 21.3% during the projected period owing to initiatives by public and private health institutions, increasing service offerings by key market players, and growing demand to minimize risks to patient safety.
• By end-use, the hospitals and clinics segment held the largest revenue share of over 26% in 2021, and the long-term care facilities segment is expected to witness the fastest growth rate over the projected period.
• By region, North America is likely to hold the largest revenue share of more than 45% in 2021 owing to the increasing need for integrated Healthcare IT systems to make certain the reliability, data integrity, and efficient maintenance of data. Asia Pacific is estimated to witness the fastest CAGR of 24.4% during the forecast period owing to the growing adoption of technologically advanced solutions.
• The market is relatively competitive owing to the presence of major players such as Koninklijke Philips N.V., GE Healthcare, Ascom, and Medtronic among others. The various strategic initiatives implemented by companies such as collaborations, acquisitions, partnerships, and product launches are greatly contributing to the growth of the market.

3D Printed Wearables Market Size Worth $6.7 Billion By 2030

 

3D Printed Wearables Market Growth & Trends

The global 3D printed wearables market size is expected to reach USD 6.7 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.0% from 2022 to 2030. 3D printed wearable technology has witnessed high adoption in the healthcare industry. Due to numerous technological innovations in the sector, the market is expected to witness significant growth over the forecast period.

The demand for 3D printing is on the rise due to technological advancements such as customization of products to fit a customer’s requirement and low-cost 3D printed products. Moreover, numerous manufacturers have invested in the R&D of 3D printed wearables owing to increasing demand in the healthcare industry. Various companies such as Boeing have invested in 3D printing to gain a competitive advantage and reduce the overall manufacturing cost of an aircraft. It provides the opportunity to upsurge the life cycle of a product with the help of advanced technology.

The COVID-19 pandemic has negatively affected industry growth. The pandemic has adversely affected the business operations and financial condition of the market players. In the first quarter of 2020, the COVID-19 outbreak disrupted the global supply chain of raw materials and manufacturing parts of 3D printing products. These factors resulted in an increase in the cost of the product due to the increase in the cost of raw materials and shipping charges. The third and fourth quarters of 2020 reflected a lucrative growth in the sales and revenue of the 3D printed products, which further improved due to the launch of advanced technological products at an affordable cost.

North America accounted for the largest revenue share of over 40.0% in 2021 owing to the increasingly aging population, and numerous technological innovations in the devices such as the new hybrid 3D printing technology developed in Wyss Institute at Harvard University that provides more precision at low-cost manufacturing, and increasing investment in R&D. In addition, an increase in the scope of biomedical applications, collaborations between academic institutions and hospitals, and widespread R&D activities at the industrial and academic level have fueled the industry growth. Also, the presence of major players in the region contributed to market growth.

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3D Printed Wearables Market Report

3D Printed Wearables Market Report Highlights

• The prosthetics product type segment dominated the market in 2021 with a share of over 35.0% owing to the increasing demand for prosthetics implants in developing countries
• The orthopedic implants product type segment is anticipated to register the fastest growth rate of 10.2% over the forecast period
• The hospital end-user segment accounted for the largest revenue share of over 35.0% in 2021 and is anticipated to maintain its dominance over the forecast period as wireless sensor devices to monitor patients’ health are likely to increase the ease of patient administration and patient comfort
• The pharma and biotech companies end-user segment is expected to register the fastest growth rate of 9.0% over the forecast period
• North America held the largest revenue share of over 40.0% in 2021. This can be attributed due to the rapid increase in the development of wearable devices to meet the growing demand for efficient healthcare in the country

Synthetic Fiber Market Size Worth $98.21 Billion By 2030

 

Synthetic Fiber Market Growth & Trends

The global synthetic fiber market is expected to reach USD 98.21 billion by 2030, as per a new report by Grand View Research Inc. The market is anticipated to grow at a lucrative CAGR of 5.1% from 2022 to 2030. Increasing consumer demand for cost-effective, durable, and easy-to-wash & maintainable synthetic fabrics is expected to drive the market growth during the forecast period.

The shifting fashion trends coupled with the rising urban population with modern living standards are expected to provide opportunities for high-end polyester fibers. Synthetic fibers have been extensively used in the textile industry and exhibit superior properties as compared to natural fibers. Thus, the market for synthetic fibers is anticipated to grow with the expansion of the textile industry.

Fabrics produced from synthetic fibers, such as acrylics, polyester, nylon, and rayon, are used in an array of applications in the clothing segment. These fabrics are strong, durable, easy to dye, & soft, and act as a highly absorbent material. The factors like the digitalization of production facilities and the growing textile industry in emerging economies are expected to surge market growth during the forecasted period.

Asia Pacific is the largest market for synthetic fibers, with demand likely to rise throughout the forecast period due to the region’s high population density and rising need for synthetic fiber products in sectors such as automotive, textile, filtration, and furniture. The region’s growing economies, particularly India and China, will see an increase in demand for synthetic fibers. The presence of major multinational fashion clothing manufacturers, including H&M, Zara, Dior, Louis Vuitton, Gucci, and Hermès, has increased the demand for branded clothing, which, in turn, is anticipated to benefit the demand for synthetic fiber market in the country.

The synthetic fiber market exhibits a large number of players in the market resulting in high competitive rivalry. To gain a competitive edge many companies are adopting various strategies such as new product launches, mergers, enhancing portfolios, and adapting various technological advancements.

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Synthetic Fiber Market Report

Synthetic Fiber Market Report Highlights

• The polyester type segment accounted for USD 30.53 billion in 2021 and is projected to grow at a CAGR of 5.0% from 2022 to 2030. The growth can be attributed to its application in the production of textiles, home furnishing, and upholstery.
• The escalating e-commerce industry has provided opportunities to different sports apparel retailers to offer products like sports and gym clothing which are lightweight and have moisture-wicking properties. This is likely to boost the demand for polyester fiber during the forecast period.
• Clothing applications accounted for the revenue share of 46.5% in 2021 on account of the growing demand for gym apparel in the urban population regarding their increasing focus on fitness. The lifestyle improvements and increasing spending capacity of the consumer are further driving the demand for apparel, which is expected to provide growth opportunities to the synthetic fibers market. In addition, changing fashion trends coupled with the rising demand for artificial silk are expected to boost the market growth.
• The increase in spending capability of consumers and aspiration for better-looking interiors are projected to boost the need for home furnishings in these regions. The growth in home furnishings is, in turn, expected to result in the growing demand for synthetic fiber during the forecast period.
• The Asia Pacific is projected to witness substantial market growth of 5.5% from 2022 to 2030. The apparel and textile industry in the region is expected to witness significant growth in the coming years owing to the increasing infrastructural investments by different governments in large projects that are expected to augment the demand for synthetic textiles.
• Key market players are undertaking mergers and collaborations to expand their reach and increase production capacity, thereby advancing their market share. Additionally, the players are investing heavily in R&D to overcome environmental concerns, since breakthroughs in polyester production and synthetic fiber recycling are not a cure for all environmental issues.

Magnetic Beads Market Size Worth $7.50 Billion By 2030

 

Magnetic Beads Market Growth & Trends

The global magnetic beads market is expected to reach USD 7.50 billion by 2030, registering a CAGR of 11.6% from 2022 to 2030, as per a new report by Grand View Research Inc. This is attributable to the increasing applications of nanotechnology in different industry verticals, including electronics, automotive, and healthcare, packaging, and construction. Additionally, the market is witnessing broad in molecular biology applications owing to their easy-to-use property, minimal processing requirement, and reliability.

The global medical industry is anticipated to grow on account of various factors, such as the rapidly aging population, technological advancements, and the rising prevalence of chronic illnesses across the globe. For instance, cancer is one of the leading causes of death and a significant impediment to extending life expectancy globally. The growing prevalence of cancer has boosted the demand for diagnostics for cancer, thereby creating upswings for the magnetic beads demand.

The market growth was reduced due to the global outbreak of COVID-19 in developed countries such as Germany, France, and the U.K., among other regions. Additionally, with the spread of COVID-19, the demand for diagnostic centers and healthcare facilities increased to control the situation, which in turn, drove the demand for magnetic beads.

Magnetic beads have increasingly been adopted in many applications due to various applications of nanotechnology across multiple industry verticals. For example, medical apparatus can be made lighter, stronger, and durable using nanotechnology. In addition, increasing investments in genetic & microbiology research activities are expected to boost the demand for magnetic beads during the forecast period. For instance, nanoscale fabrics used in surface treatment of fabrics offer personal body armor from lightweight ballistic energy deflection, as well as resistance to bacterial growth, staining, and wrinkling.

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Magnetic Beads Market Report

Magnetic Beads Market Report Highlights

• The in-vitro diagnostics application segment held the largest market share of over 58% in 2021. The growth is attributed to the increasing applications of In-vitro diagnostics in the healthcare sector owing to its greater accuracy levels. An increase in demand for cellular study by various scientists and pharmaceutical companies to determine the physiological and chemical mechanisms within a molecule is further expected to increase the demand for magnetic beads.
• The bioresearch application segment of magnetic beads accounted for 32% of the total revenue in 2021, owing to the increasing applications in diverse fields, including biotechnology, biochemistry, and genetics. In addition, the use of magnetic beads in the diagnosis and targeted destruction of tumors by intercellular hyperthermia is further expected to fuel the magnetic beads demand during the forecast period.
• North America is projected to witness substantial market growth of 10.7% from 2022 to 2030. The countries in the region, including the U.S. and Canada, are heavily invested in medical and healthcare and are home to the best genetic research facilities in the world.
• The North American region is expected to have the largest market share of the total revenue in 2030 owing to the increased utilization of nanotechnology in biomedical for its unique properties offered by nanomaterials. Furthermore, growing emphasis on the use of magnetic beads in drug delivery and other biomedical is expected to positively impact market growth during the forecast period.
• The Asia Pacific region is expected to grow at a significant pace due to the rapid growth of the healthcare and diagnostics industries in the region. The growing need for the adoption of advanced diagnostic technologies due to the increasing prevalence of chronic diseases is expected to drive the magnetic beads demand.
• China and Japan have emerged as two major players in the Asia Pacific healthcare industry due to attractive government policies and regulations coupled with increasing expenditure in the medical industry. For instance, Japan is developing “National Strategic Special Zones” for neurologic, cardiac, and ophthalmic treatments. Such initiatives are expected to drive the growth of the market in the Asia Pacific.

Material Handling Equipment Market Worth $350.21 Billion By 2030

 

Material Handling Equipment Market Growth & Trends

The global material handling equipment market size is expected to reach USD 350.21 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% from 2022 to 2030. Growing demand for warehouse operational flexibility and supply chain transparency is anticipated to have a positive impact on industry growth. The market for material handling equipment was temporarily shut down due to the outbreak of COVID-19, resulting in the shutdown of manufacturing facilities and a slowdown in the logistics industry. The ongoing suspension of business operations has a negative effect on the growth of the industry, particularly in the industrial sector.

Small hand trucks, pallet jacks, automatic guided vehicles (AGVs), and shelves or racks are required in warehouses to locate the stock, move goods quickly, manage orders, and localize the stock. The rising demand for warehouse operational flexibility, combined with increased supply chain transparency, is anticipated to drive the global demand for these products. Ongoing automation and technological improvements in the market such as the introduction of robotic systems and conveyors and the increasing demand for automated products, such as automated guided vehicles automated conveyors, and robotic systems, are expected to boost the industry growth.

The material handling equipment enhances industrial operations, ensures timely material supply, and reduces labor requirements. In addition, increasing requirements of manufacturers for optimum resource utilization and surging concerns over warehouse downtime are expected to fuel the growth of the market. Manufacturers of the product adopt several strategies, including mergers and acquisitions and joint ventures, to enhance their market penetration. For instance, in June 2022, BEUMER Group acquired FAM Group, a supplier of conveyor systems. With this initiative, BEUMER Group strengthened its market position in the minerals and mining sectors.

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Material Handling Equipment Market Report

Material Handling Equipment Market Report Highlights

• By product, cranes and lifting equipment accounted for over 35.0% share of the global revenue in 2021 owing to its increased penetration across various end-use industries such as construction, manufacturing, and semiconductor and electronics
• The e-commerce application segment accounted for the largest revenue share of over 20.0% in 2021 owing to factors such as increased penetration of online shopping platforms, the existence of large online merchants, and rising logistics infrastructure
• The Asia Pacific region accounted for the largest revenue share of over 35.0% in 2021 owing to the growing food retail sector in Asia Pacific which increases the efficiency and speed of the picking and sorting processes
• Latin America is estimated to register a CAGR of 6.0% over the forecast period owing to the increasing investments in various end-use industries such as automotive, e-commerce, and food and beverages
• Manufacturers of material handling equipment adopt several strategies, including acquisitions, mergers, joint ventures, new product developments, and geographical expansions, to enhance their market penetration

Flooring Market Size Worth $398.27 Billion By 2030

 

Flooring Market Growth & Trends

The global flooring market size is expected to reach USD 398.27 billion by 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to rising construction activities like the construction of new hospitals, residential spaces, office spaces, malls, and hotels to cater to the demand of the growing global population.

The global flooring industry is growing owing to fast-paced economical and industrial development along with the growing population. In addition, the growing service sector and development of industrial clusters in emerging economies such as India are further expected to bolster the demand for flooring materials in commercial and industrial applications. Moreover, the robust industrialization and urbanization in the developing countries in the Asia Pacific and Africa have resulted in high pace construction activities, triggering the growth of the flooring market.

The construction industry in the Asia Pacific is forecasted to grow on account of the increasing per capita income, rapid urbanization, and expanding population. The expansion of residential, commercial, and industrial sectors on account of sustainable economic growth in the region is expected to boost construction activities, thereby, driving the flooring market over the forecast period.

The rising awareness regarding the use of eco-friendly building materials is estimated to propel the green retrofit or renovation activities of existing constructions in developed economies from North America and Europe. In addition, the increasing adoption of recyclable and reusable technologies by major players is expected to drive market growth over the forecast period.

Flooring products are used in numerous commercial building applications including offices, convenience stores, shopping malls, and the construction of other retail stores. The increasing construction of commercial buildings, such as drugstores, grocery, and big-box stores, over the past few years, is expected to benefit the segment growth over the forecasted period. Moreover, robust demand for office spaces, especially in urban areas of emerging economies, is also propelling demand for high-quality products in the flooring market.

The growing demand for luxury housing in European countries is one of the key drivers for the flooring market. Nearly all mid-sized and large cities such as Lisbon, Porto, Paris, Berlin, Frankfurt, Milan, and Madrid are witnessing an increase in luxury real estate investment. Furthermore, the renovation of dwellings in Europe is anticipated to create numerous opportunities for flooring vendors. Also, the booming hospitality industry in the European region is also contributing to the development of hotels, resorts, and restaurant chains which further contributes to the growth of the global flooring market. Moreover, the refurbishment and redevelopment activities in the European countries are expected to drive the market in the coming years.

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Flooring Market Report

Flooring Market Report Highlights

• The vitrified (porcelain) accounted for 27.6% of the total revenue of the flooring market in 2021. The market is estimated to reach USD 109.20 billion by 2030. This growth is attributed to the durable properties of porcelain, due to which it is highly preferred in residential and commercial structures.
• The residential application segment accounted for 49.2% of the revenue share in 2021. This is owing to the rising population in developing countries and increased spending on residential buildings in developed countries.
• The commercial application segment was estimated at USD 166.76 billion in 2021 and is expected to grow at a CAGR of 5.2% over the forecast period. This growth is attributable to growing commercialization and urbanization in developing regions in the Asia Pacific region.
• The Asia Pacific region dominated the flooring market in 2021 with a market share of 44.96% and this trend is expected to continue over the coming years. The rising population in growing economies such as India, Saudi Arabia, Japan, and Indonesia is propelling the demand for flooring in the market.
• The North American region contributed about 13.71% of the total revenue share in 2021. The flooring industry in North America is expected to witness significant growth over the coming years on account of the increasing construction of residential and commercial buildings in the region.

Hyperspectral Imaging Systems Market Worth $27.76 Billion By 2030

 

Hyperspectral Imaging Systems Market Growth & Trends

The global hyperspectral imaging systems market size is anticipated to reach USD 27.76 billion by 2030, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 10.1% during the forecast period. New product launches coupled with advancements in technology, designs, and features are driving the demand from various fields, such as military, remote sensing, healthcare, mining, vision and optical, and meteorology. There are certain advantages of hyperspectral imaging, such as the non-requirement of prior knowledge of the spectrum and sample.

In addition, it provides extensive information for analyzing and processing the image. These advantages are anticipated to drive investments from market players, which is anticipated to drive the demand during the forecast period. Hyperspectral imaging is being used extensively in the healthcare sector, mainly for ophthalmology, gastrointestinal procedures, tissue diagnosis, fluorescence microscopy, and vascular system imaging. The increasing application can be attributed mainly to the high clarity and accuracy of this imaging method.

Rapid industrialization along with demand for high bandwidth communication is poised to fuel the growth of the hyperspectral imaging systems market in the forthcoming years. In addition, existing market players are switching to advanced technologies to gain competitive advantages. A rise in R&D and growth opportunities in emerging countries and the aim to maintain international product quality standards are anticipated to drive market expansion.

Affordable electronic circuits and high-speed technologies have cascaded into the introduction of advanced sensor technologies. Furthermore, advancements in sensor technologies have improved the image quality, economic efficiency, and reliability of the technical products and thus, are anticipated to fuel the market growth.

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Hyperspectral Imaging Systems Market Report

Hyperspectral Imaging Systems Market Report Highlights

• Hyperspectral camera is estimated to hold the largest market share in the near future due to the recent advancements in sensor development, which have led to the growth of the camera segment
• The military segment accounted for the largest market share due to advancements in data management of hyperspectral imaging along with component fabrication techniques, better accuracy, and consistency compared to other conventional imaging techniques
• Asia Pacific has been estimated to be the fastest growing region due to the presence of a large pool of patients, increasing healthcare awareness, rising government funding for R&D, and upcoming research projects

Synthetic Biology Market Size Worth $55,371.1 Million By 2030

 

Synthetic Biology Market Growth & Trends

The global synthetic biology market size is expected to reach USD 55,371.1 million by 2030, registering a CAGR of 19.7% during the forecast period, according to a new report by Grand View Research, Inc. The presence of government and private funding to support research in vaccines and a strong synthetic biologic-based product pipeline in clinical trials are the key driving factors for the market. Synthetic biology processes provide crucial advantages for producing antigen and diagnostic reagents for disease identification, accelerating the speed of vaccine development, and improving overall vaccine performance and yield.

Furthermore, support from government agencies and the presence of several programs are likely to boost the market growth. For instance, in the U.S., COVID-19 vaccine R&D, manufacture, regulation, and purchase have been highly supported by collaboration between federal agencies, including the Biomedical Advanced Research and Development Authority (BARDA), the National Institutes of Health (NIH), DOD, FDA, and others (formerly OWS).

Other factors such as expanding demand in industries such as textiles and nutrition are also contributing to the market growth. Several optimal food production processes have been identified with the help of synthetic biology. In addition, synthetic biology is predicted to aid in the generation of higher agricultural yields and pest control development. It is expected to help in the production of better food yield and pest control management.

The COVID-19 pandemic is anticipated to positively impact market growth. Synthetic biology has been highlighted as a means to accelerate vaccine development by the National Institute of Health in the U.S. Therefore, synthetic biology labs and companies have been actively utilizing this technology to combat the COVID-19 pandemic. As a result, the usage of these technologies is projected to increase during the outbreak.

The growing demand for personalized medicine is expected to majorly drive market growth during the coming years. The use of engineered novel proteins for use as therapeutics has demonstrated synthetic biology in the medical segment. These proteins are designed with some modified protein structure to get the desirable properties required for the treatment. For instance, researchers are developing a therapeutic enzyme candidate that is GI-stable and can be given via oral route to treat Phenylketonuria (PKU).

On the other hand, synthetic biology has raised a few concerns regarding biosecurity and biosafety. Exposure to these products may cause unknown hazards to public health and the environment. To prevent such issues, countries of Europe, the Americas, and Asia have formulated policies to manage the application of synthetic biology techniques in basic & applied research.

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Synthetic Biology Market Report

Synthetic Biology Market Report Highlights

• By technology, the PCR segment held the largest share of the market. This is attributed to the accelerated development in modern life science, with PCR technology being widely employed in numerous fields of medical research, virus detection, and the food & beverage industry
• The genome-editing segment is expected to grow steadily during the forecast period. It enables researchers to modify the DNA of various organisms, including plants, bacteria, and animals, and their demand is expected to skyrocket in the coming years
• By product, Oligonucleotide and Synthetic DNA is anticipated to have the larger market share in 2030. The falling price of synthesis and increasing requirement for synthetic DNA, RNA, and genes that are employed in numerous applications contribute to the segment growth
• By application, the healthcare segment held a larger global market share. This is attributed to an increase in drug screening and discovery. Moreover, the use of synthetic biology can reduce the cost of drug discovery and propel market growth
• By end-user, the biotechnology and pharmaceutical companies segment held a larger share in 2021, owing to the growing availability of modern research facilities, favorable legislation, and government assistance and funding
• North America was positioned as the dominant market in 2021 due to the presence of high R&D investment, the availability of technologically advanced healthcare research frameworks, and the development of the synthetic biology market in the region
• The Asia Pacific is expected to witness considerable growth in the future owing to the rising development of personalized treatment and the presence of key players

Medical Device Testing Services Market Worth $16.3 Billion By 2030

 

Medical Device Testing Services Market Growth & Trends

The global medical device testing services market size is expected to reach USD 16.3 billion by 2030, registering a CAGR of 9.0% during the forecast period, according to a new report by Grand View Research, Inc. Complexity in product design, intensifying competition, increase in the number of small-sized medical device manufacturers, and strict approval norms are the key factors expected to drive the market.

Medical devices are crucial to the healthcare sector because they aid in disease prevention, diagnosis, and treatment. Due to the increasing complexity of the software embedded in medical devices, testing for those devices has become essential. Numerous variables, including undiscovered flaws, regulatory delays, and threat actors, among others, can have an impact on the quality of such embedded software.

Several techniques are used during medical device testing to make sure the device is secure, provides accurate readings, and performs at its peak while being used. One of the most important steps in turning a creative product design into a successful, viable product is this one. Before even being made available for actual use in the healthcare sector, these devices must meet certain regulatory requirements.

However, the COVID-19 pandemic created an unprecedented demand for medical device testing services in 2020, and the trend is expected to continue in 2021. The key products that are seeing an increase in demand for medical testing include ventilators, COVID-19 vaccines, and the systems that distribute them. Above all, regulatory agencies have continued to observe breathing gas pathway devices. The implementation of ISO 18562 standards or the increased scrutiny brought on by COVID-19 may be accountable for this. Additionally, the number of PPE barrier tests has increased by over 600%, placing pressure on labs to be open twenty-four hours a day.

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Medical Device Testing Services Market Report

Medical Device Testing Services Market Report Highlights

• The Microbiology & sterility testing segment dominated the market with a revenue share of 34.2% in 2021. It is one of the main tests included in medical device testing. These examinations aid in identifying the occurrence of microorganisms in the device
• Based on microbiology & sterility test type, sterility test and validation dominated the market with a revenue share of 45.6% in 2021
• The clinical segment led the market with a revenue share of over 68.8% during the estimation year
• Asia Pacific led the global market in 2021 and is projected to witness the fastest CAGR of 9.3% during the forecast years due to the low cost of outsourcing medical device testing services

Automated Visual Field Analyzer Market Worth $300.11 Million By 2030

 

Automated Visual Field Analyzer Market Growth & Trends

The global automated visual field analyzer market size is expected to reach USD 300.11 million by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.52% from 2022 to 2030. The market is expected to witness lucrative growth during the forecast period owing to factors such as an increase in the prevalence of ocular disorders, such as glaucoma, cataract, and diabetes retinopathy, a growing geriatric population, and the introduction of a technologically advanced automated visual field analyzer for the diagnosis. Additionally, the growing frequency of new product launches and the rise in the incidence of ocular diseases such as glaucoma and cataract are key drivers of the market.

The number of people with visual impairment and blindness is anticipated to rise significantly as a result of COVID-19’s global effects on eye health, population aging, environmental changes, and lifestyle shifts. Globally, there are at least 2.2 billion people who struggle with near or far vision. However, Covid-19 has had a negative effect on the market for automated visual field analyzers due to factors such as the postponement of elective hospital treatments, including eye exams, and the risk of infection, which has caused a decrease in the number of people visiting eye clinics. The market is also being constrained by factors like a lack of ophthalmologists, price pressure, rising competition, and excessive costs.

Many public and private organizations are taking steps to raise awareness regarding eye health and vision care among the general public, optometrists, and ophthalmologists for the diagnosis and treatment of ophthalmic diseases, such as conducting awareness and advertising campaigns and workshops. Additionally, several suppliers provide ophthalmologists and technician’s hands-on training in visual field analyzers through courses, tutorials, and workshops. Such activities assist to raise knowledge about ocular illnesses and accessible diagnostic equipment, such as ophthalmic perimeters, which will drive the market.

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Automated Visual Field Analyzer Market Report

Automated Visual Field Analyzer Market Report Highlights

• The static type segment held the largest revenue share in 2021 owing to its extensive use in capturing large data points for automated visual field testing
• The glaucoma application segment is expected to dominate the market in the forecast period owing to the high prevalence of glaucoma that leads to optic nerve damage and causes blindness or vision loss
• The hospital end-use segment held the largest revenue share in 2021 owing to the increasing number of hospitals in developing countries and growing competition among healthcare service providers
• North America is expected to lead the market over the forecast period. This can be attributed to the presence of many industry players in the region and an increase in the prevalence of ophthalmic diseases

Banking Encryption Software Market Worth $5.03 Billion By 2030

 

Banking Encryption Software Market Growth & Trends

The global banking encryption software market size is expected to reach USD 5.03 billion by 2030, expanding at a CAGR of 13.0% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growing need for modern security solutions worldwide is anticipated to drive the growth of the industry. In addition, the rising incidences of cyber-attacks also bode well for growth.

Banking encryption software facilitates the confidential exchange of vital data by encrypting the data at the sender’s end in a form not readable without a proper authentication key, which is usually in the form of a password. The receiver can use the authentication key to decrypt the data and read it. The strong emphasis banks and other financial institutions are putting on securing data transactions is driving the adoption of banking encryption software.

The growing partnerships among the encryption software providers are expected to drive market growth. For instance, In April 2021, Google Cloud and Broadcom collaborated. This collaboration increased the integration of cloud services into Broadcom’s primary software franchises. In this partnership, Broadcom was able to make enterprise operations software and its security suite available on Google Cloud, enabling organizations to encrypt and decrypt data at the column level.

The COVID-19 pandemic impacted the banking encryption software market growth positively. Due to the pandemic, the transfer of data increased as offices and businesses adopted the work-from-home model. Remote applications got overloaded with crucial data, and cloud deployment gained more popularity. Due to the increase in online data transfer, the need for encryption software that facilitated secure data transfer increased.

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Banking Encryption Software Market Report

Banking Encryption Software Market Report Highlights

• The software segment is expected to dominate the segment over the forecast period. This is due to its offered benefits such as security and privacy protection to the financial institutes
• The cloud segment is anticipated to witness the fastest growth over the projection period. The growth of the segment can be attributed to the inexpensive deployment and customization options
• The large enterprise segment dominated the market in 2021. Large organizations are adopting encryption solutions to meet the changing security needs owing to the rising incidences of cybercrimes
• The cloud encryption segment is anticipated to witness the fastest growth because of its capability to facilitate a cost-effective and scalable encryption model
• The Asia Pacific regional market is expected to witness the fastest growth over the projection period due to an increase in demand for encryption software among banks in developing countries in the Asia-Pacific, including China and India, to safeguard and ensure the privacy of data

Aortic Aneurysm Market Size Worth $6.5 Billion By 2030

 

Aortic Aneurysm Market Growth & Trends

The global aortic aneurysm market size is expected to reach USD 6.5 billion by 2030 and the global aortic aneurysm treatment market size is expected to reach USD 10.4 billion by 2030, expanding at a CAGR of 10.51% from 2022 to 2030, according to a new report by Grand View Research, Inc.

The growing geriatric population in developed countries, rapid adoption of sedentary lifestyles, and a rise in the number of tobacco smokers are expected to be the key factors driving the global market. According to a study published by the American Heart Association Inc., it was found that smoking was considered to be responsible for 75% of the excess prevalence of AAAs ≥4 cm. Furthermore, technological advancements in endovascular surgical procedures will augment the industry’s growth.

Cases of abdominal aortic aneurysms, especially in men aged 65 years and above, surpassed the number of thoracic aortic aneurysms by threefold. This has increased the demand for advanced stent-graft systems for AAA. Due to the lack of multiple treatment options and being a complex procedure, TAA procedures are fewer. This offers a lucrative opportunity to the manufacturers for developing advanced products for Thoracic Endovascular Aneurysm Repair (TEVAR).

The COVID-19 pandemic negatively impacted the AA market. Many government associations such as the American College of Surgeons and the French Vascular Surgical Society recommended the postponement of uncomplicated AA procedures. Many hospitals limited surgical activity related to aortic diseases, with EAVR being preferred over open surgery. As a result, the sales of AA devices reported a sharp decline. For instance, the endovascular segment of Microport Scientific Corporation witnessed a decline of 42.1% in revenue in 2021.

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Aortic Aneurysm Market Report

Aortic Aneurysm Market Report Highlights

• Based on type, the AAA segment dominated the market in 2021. The rising number of AAA cases, the presence of government programs for early screening, and increasing demand for minimally invasive procedures are driving the segment
• In terms of product, stent-grafts held the largest revenue share in 2021 as they have more than 50% share in the overall surgical treatment cost of a patient
• Based on end-use, the hospital’s segment is expected to flourish owing to a rise in technological advancement and high procedure volume
• By treatment, Endovascular Aortic Aneurysm Repair (EVAR), which includes minimally invasive surgeries, is expected to be the fastest-growing segment over the forecast period as it is more efficient than open repair due to fewer postsurgical adverse effects
• North America held the largest revenue share in 2021, followed by Europe, on account of well-established healthcare infrastructure, access to advanced screening and diagnostic tools for AAA, and favorable reimbursement scenario in the region
• In August 2021, Terumo Corporation received approval by the U.S. FDA for its RelayPro Thoracic Stent-Graft System to be sold in the U.S. to treat patients with thoracic aortic aneurysm and penetrating atherosclerotic ulcers

Non-alcoholic Steatohepatitis Treatment Market Worth $15.95 Billion By 2030

 

Non-Alcoholic Steatohepatitis Treatment Market Growth & Trends

The global non-alcoholic steatohepatitis treatment market size is expected to reach USD 15.95 billion by 2030, according to a new report by Grand View Research, Inc. The industry is projected to expand at a CAGR of 39.2% from 2022 to 2030. The non-alcoholic steatohepatitis (NASH) treatment market is primarily driven by the launch of drugs such as Novo Nordisk's Ozempic, Intercept's Ocaliva, and Inventiva's lanifibranor, among others.

The NASH treatment market has major unmet needs owing to factors such as the unavailability of approved drugs, high disease burden, and complex diagnostic procedures. Currently, the market is dominated by off-label drugs such as Pioglitazone and Vitamin E. These are widely prescribed drugs in this space globally. However, to address the unmet opportunity, key market players are heavily investing in R&D activities to develop novel therapeutics for NASH treatment. Currently, there are more than 50 pipeline candidates.

Some of the late-stage pipeline candidates expected to launch during the forecast period include Inventiva Pharma's Lanifibranor, Intercept Pharmaceuticals' Obeticholic acid, Galmed Pharmaceuticals Ltd.'s Aramchol, Novo Nordisk A/S's Semaglutide, and Madrigal Pharmaceuticals, Inc.'s Resmetirom. Among these, Intercept Pharmaceuticals's Obeticholic Acid (OCA), and Madrigal Pharmaceuticals, Inc.'s Resmetirom, are the most looked upon drugs and are expected to enter comparatively earlier than other pipeline candidates.

Research studies reveal that non-alcoholic steatohepatitis is strongly associated with obesity and diabetes. Research studies show that around 80% of NASH patients are obese. In countries such as the U.S., the obesity prevalence is as high as 42%, according to the latest 2021 statistics by CDC. In addition, countries such as the U.S. and Japan account for the highest prevalence of non-alcoholic steatohepatitis globally, and these countries also have a high burden of obesity and diabetes. All such factors will fuel the NASH treatment market throughout the forecast period.

Strategic initiatives by pharma giants and supportive regulatory authority policies such as fast track designation are further expected to accelerate the market growth. In May 2022, Pfizer, Inc.'s Ervogastat/Clesacostat Combination therapy received fast track designation. This is one of the potential drug combinations for the treatment of non-alcoholic steatohepatitis. Such drug designation boosts the clinical trial process for drugs.

Liver biopsy is the gold standard for the diagnosis of non-alcoholic steatohepatitis. The invasive nature of this diagnostics test limits its usage to only symptomatic cases, and as a result, the global average diagnostic rate for NASH is around 20%. The unavailability of biomarkers-based non-invasive tests for the diagnosis of non-alcoholic steatohepatitis is expected to impede the market growth.

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Non-Alcoholic Steatohepatitis Treatment Market Report

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Non-Alcoholic Steatohepatitis Treatment Market Report Highlights

• Vitamin E and Pioglitazone (Off-label) acted as the lone contributor with a 100% share of the market in 2021. This can be attributed to the unavailability of approved drugs in the market

• The retail and specialty pharmacies segment held a share of 63.8% in 2021. Retail and specialty pharmacies are more compatible with chronic diseases such as NASH, where the patients are more commonly associated with homecare settings

• North America dominated the overall NASH treatment space in terms of revenue. This can be attributed to increased disease awareness, better healthcare facilities, and comparatively higher treatment rate than in other regions