Pharmacy Automation Devices Market To Reach $11.6 Billion By 2030

 

Pharmacy Automation Devices Market Growth & Trends

The global pharmacy automation devices market size is expected to reach USD 11.6 billion by 2030, expanding at a CAGR of 9.9%, based on a new report by Grand View Research, Inc. This growth can be attributed to the rising adoption of pharmacy automation devices, such as automated dispensing systems, packaging systems, and storage and retrieval systems for pharmaceutical purposes. Pharmacy automation has increased the efficiency and productivity of pharmacies as well as improved patient safety. It reduces the time required for counting, filling, packaging, and labeling of patient prescriptions.

In addition, according to a report published by Omnicell Inc., 75% of the pharmacist’s time is spent on nonclinical operations, such as order review & verification (41%), drug distribution (19%), administrative management (8%), education & other (7%), and clinical (25%). Through automation, pharmacists can spend more time on patient care. Moreover, it helps to prevent product contamination and errors, thereby reducing the risk of liabilities and increasing patient safety.

The COVID-19 pandemic has significantly impacted the market. Many pharmacy automation players witnessed a decline in revenue from the second quarter of 2020 owing to the COVID-19 pandemic. For instance, Omnicell Inc. witnessed a decline in its revenue by -0.13% in the second quarter of 2020. However, the pandemic has exposed gaps and challenges across the pharmacy supply chain, making more sophisticated automation and intelligence capabilities critical to effectively manage medications in the post-COVID world.

Request a free sample copy or view report summary: 
Pharmacy Automation Devices Market Report

Report Attribute Details
Market size value in 2023 — USD 6.0 billion
Revenue forecast in 2030 — USD 11.6 billion
Growth Rate — CAGR of 9.9% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030

Pharmacy Automation Devices Market Report Highlights

• In 2022, the medication dispensing segment dominated the market in 2022. Medication dispensing systems are often used to distribute medication, which helps to decrease mistakes and improve how fast and accurate the process is. These advantages of medication dispensing devices are increasing their use, leading to growth in the market
• The automated medication compounding systems segment is expected to witness significant growth over the forecast period. This can be attributed to growing adoption of personalized medication for chemotherapy and rising demand to minimize medication errors are boosting the adoption of automated medication compounding systems among end users
• The retail pharmacy segment held the largest revenue share of market in 2022. The segment is being driven by the rise in the number of independent and chain pharmacies, and the presence of prescription drugs in supermarkets and large retailers in countries like the U.S. and UK
• The North America region dominated the market in 2022. Technological advancements in medication management in hospitals and pharmacies are expected to drive the demand for pharmacy automation devices to the market in the region
• The presence of large number of key players such BD, Omnicell, Baxter, AmerisourceBergen, and Cerner. Majority of the global pharmacy automation companies such as BD and Baxter generated more than 50% of sales revenue from the developed countries such as, the U.S
• In July 2022, BD acquired Parata Systems, LLC, to entire the pharmacy automation market

Business-to-Business E-commerce Market Worth $33,317.37 Billion By 2030

 

Business-to-Business E-commerce Market Growth & Trends

The global business-to-business e-commerce market size is anticipated to reach USD 33,317.37 billion by 2030 expanding at a CAGR of 20.2%, according to a new study by Grand View Research Inc. Technologies enabling the adoption of B2B e-commerce platforms are favoring the market growth. For instance, the proliferation of 5G and smartphones worldwide is expected to be a key growth driver for the market. Moreover, the COVID-19 pandemic has resulted in an increased acceptance of B2B e-commerce among end-users. Companies across the globe are focused on adopting a mixed-channel strategy with an emphasis on online channels to drive revenue.

In addition to the demand generated for online e-commerce amidst the pandemic, proactive government support, such as tax waiver, improved transport infrastructure, and reforms supporting excise/customs duty, is also expected to support business to business e-commerce market growth. Moreover, various laws have been reinforced to protect data privacy for both consumers and businesses, such as the law drafted in California, U.S. Such initiatives are likely to improve online trade penetration.

The market is also expected to experience numerous growth opportunities due to the increasing benefits of technologies such as AR, VR, and AI in influencing consumer purchase decisions. The deployment of such technologies helps vendors to enhance the user experience while offering detailed product information in an interactive format. While chatbots have already made their way into the e-commerce market, technologies such as voice commerce are expected to further boost business to business e-commerce market growth.

The COVID-19 outbreak has created unique challenges in most sectors, including business-to-business e-commerce. Businesses changed their business models as supply chains faced a bipolar effect of either excess inventory or shortage of inventory. Moreover, the aftereffects of the pandemic, such as salary cuts, minimized disposable incomes, and loss of jobs, have resulted in reduced spending by promising customers. To overcome these challenges, B2B businesses have shifted their focus to new online strategies, thus contributing to the transformation of the B2B e-commerce industry.

Request a free sample copy or view report summary: 
Business-to-Business E-commerce Market Report

Business-to-Business E-commerce Market Report Highlights

• The intermediary-oriented model dominated the market in 2022 and is expected to continue leading the market over the forecast period. This can be attributed to the presence of numerous suppliers and buyers, lower logistics and support costs, and a higher flow of goods & services in this segment.
• The home & kitchen segment captured a sizeable revenue share in 2022. The lockdowns and restrictions imposed to curb the spread of coronavirus encouraged people to spend more time at home, thus contributing to the demand for home appliances around the globe.
• The Asia Pacific market is anticipated to attain a healthy CAGR in the forecast period. This is attributed to rising investments in the telecommunication infrastructure, increasing proliferation of the internet, and a growing number of smartphone users in the region.
• Since the outbreak of COVID-19, key players in the market are focused on strengthening their foothold in the market by implementing strategies such as mergers & acquisitions, partnerships, and geographical expansion. For instance, in October 2020, eBay Inc. partnered with Google LLC’s Google Assistant and introduced voice control to eBay’s Android App. This new partnership was anticipated to bring voice control capabilities to the marketplace to meet the customers’ needs.

Business Process Outsourcing Market Worth $525.2 Billion By 2030

 

Business Process Outsourcing Market Growth & Trends

The global business process outsourcing market size is anticipated to reach USD 525.2 billion by 2030 and expand at a CAGR of 9.4% from 2023 to 2030, according to a new study by Grand View Research Inc. Factors such as the increasing demand for outsourcing services across human resources, BFSI, and IT & telecommunication industries and the rising inclination of organizations to focus on their core competencies are anticipated to drive the Business Process Outsourcing (BPO) market. Moreover, the evolution of next-generation services such as personalized consumer experience, smart self-service, and rising consumer demand for multi-channel communication is anticipated to create opportunities for the market over the forecast period.

Over the last decade, the business process outsourcing industry has experienced tremendous growth owing to benefits offered by business process outsourcing services, such as cost savings and increased flexibility. The global service industry has witnessed a dynamic shift with the advancement of the information and communication technology industry. Outsourcing business processes enables organizations to cut costs by shifting operations to nearshore or offshore locations, leveraging a low-cost and dynamic talent pool to meet business requirements. Additionally, the rising adoption of cloud-based services, artificial intelligence, and robotic process automation in the BPO sector is expected to favor market growth over the forecast period. Online interactions, cross-channel campaigns, and omnichannel communications are expected to be pivotal in improving customer engagement processes.

The COVID-19 pandemic adversely affected the BPO industry. Varying degrees of lockdowns and travel restrictions significantly led to disruptions in the supply chain, forcing many enterprises to work remotely. BPO companies faced challenges such as data security and lowered productivity due to a lack of supervision or inadequate infrastructure at employees’ homes. Other issues included difficulties encountered while recording calls from remote work locations and the exposure of employee data to clients.

Request a free sample copy or view report summary: 
Business Process Outsourcing Market Report

Report Attribute Details
Market size value in 2023 — USD 280.6 billion
Revenue forecast in 2030 — USD 525.2 billion
Growth rate — CAGR of 9.4% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030

Business Process Outsourcing Market Report Highlights

• In terms of service type, the customer services segment dominated the market in 2022. The segment is also predicted to dominate the market over the forecast period owing to the increasing demand for service centers across the globe that need both offline and online technical support
• With the steady growth of the global IT & telecommunication sector, the segment captured a sizeable revenue share in 2022. The segment is anticipated to grow at a steady pace over the forecast period owing to a rise in the number of IT companies and rapid industrialization globally
• The Asia Pacific regional market is expected to attain a healthy CAGR over the forecast period. This growth can be attributed to the significant investments in infrastructure development by governments of developing countries such as India
• Due to COVID-19, major players operating in the market and third-party service providers faced issues coping with changing work conditions. However, with the switch of BPO organizations from single-function operations to multi-functional to decrease the risk impact at any particular location, the market is expected to have lucrative opportunities in the forthcoming years

Robotic Process Automation Market Worth $30,850.0 Million By 2030

 

Robotic Process Automation Market Growth & Trends

The global robotic process automation market size is anticipated to reach USD 30,850.0 million by 2030 and expand at a CAGR of 39.9% from 2023 to 2030, according to a new Grand View Research Inc. The rise in demand for lower operating costs is among the major accelerating factors for the growth of the robotic process automation market. Furthermore, the ease of tackling complex processes while using RPA with business processes has boosted market growth. Constant improvement and automation have been at the top of the short-term strategic plan for most businesses. Adopting some form of automation within an organization is among the top priorities for firms. Implementing RPA to lower costs, improve compliance and productivity, and increase returns are becoming the top priorities for businesses.

Additionally, RPA technology, on multiple occasions, has proven to reduce the expenses of a full-time offshore worker by half. RPA can reduce labor costs by 25 to 40 % in the IT environment and business processes. Additionally, the software robot is expected to replace two to five full-time employees and their share of work, thereby increasing the efficiency of business processes.

The COVID-19 pandemic has raised the need for employees with digital skills across businesses and has also opened up new space for RPA vendors to capture the market. The positive result of implementing RPA during a recession influenced by the pandemic is also expected to increase the demand for RPA solutions in the market.

Request a free sample copy or view report summary: 
Robotic Process Automation Market Report

Report Attribute Details
Market size value in 2023 — USD 2,942.7 million
Revenue forecast in 2030 — USD 30,850.0 million
Growth Rate — CAGR of 39.9% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2020
Forecast period — 2023–2030

Robotic Process Automation Market Report Highlights

• The service segment dominated the market in 2022 and is estimated to continue dominance with the increasing demand to achieve continuous high-volume tasks by outsourcing RPA
• Cloud deployment is growing at a high CAGR during the forecasting period in the deployment segment. The segment is estimated to grow at a steady pace in the coming years, driven by increasing RPA adoption through the cloud
• Asia Pacific is anticipated to rise at a healthy CAGR over the forecast period. This growth is attributed to the rising demand for automation in the Business Process Outsourcing (BPO) sector in the region
• Due to the coronavirus outbreak, top players participating in the market are concentrated on introducing solutions and services with the latest technologies. In May 2022, UiPath launched Automation Cloud Robots, which offers businesses comprehensive automation for achieving accurate outcomes and fast

Point-of-Sale Terminal Market Size Worth $181.5 Billion By 2030

 

Point-of-Sale Terminal Market Growth & Trends

The global point-of-sale terminal market size is expected to reach USD 181.5 billion by 2030, registering a CAGR of 8.3% over the forecast period, according to a new study by Grand View Research Inc. Increasing demand for Point-of-Sale (POS) terminals from various end-use industries, an increase of modern drive-thru, and rising preference for affordable wireless technologies is anticipated to be among the significant factors driving the industry growth over the forecast period. Furthermore, shifts in customer payment preferences and purchasing behavior also bode well with the market growth. The POS system has become a multifaceted and vital tool for many companies because of numerous useful features across different end-use industries, such as healthcare, restaurant, hospitality, retail, and other industries.

Enterprises in the retail and hospitality sectors use POS terminals for payments as well as additional operational applications, such as inventory management, sales tracking, accounting, and among others. For instance, bars, restaurants, and food service providers depend highly on POS technology to track operations, inventory, sales, and products. These factors are driving the industry across several end-use industries. Mobile applications have introduced a new revenue growth channel by decreasing the payment turnaround time, freeing up floor space, expanding security, eliminating queues, and providing paper-free receipting services. The flexibility of having a smartphone POS or tablet-based POS has encouraged Small and Mid-sized Businesses (SMBs) to invest in mobile POS (mPOS) terminals due to the low deployment costs.

Hence, the demand for contactless payment and mPOS terminals is anticipated to increase in the coming years. The pandemic negatively impacted the tourism sector worldwide. Along with discontinuity in tourist activities in 2020, sectors, such as hospitality, restaurants, and entertainment, and a huge market for POS vendors also suffered considerable losses. In the first quarter of 2020, due to the shutting down of manufacturing facilities worldwide, several players in the market recorded substantial revenue drops in the H1 and H2 of the same year. However, the industry regained its foothold in late 2020 and early 2021. In the wake of the pandemic, the declining trend of cash payments provided avenues for contactless payments, thereby augmenting market growth.

Request a free sample copy or view report summary: 
Point-of-Sale Terminal Market Report

Point-of-Sale Terminal Market Report Scope

Report Attribute Details
Market size value in 2023 — USD 103.83 billion
Revenue forecast in 2030 — USD 181.5 billion
Growth rate — CAGR of 8.3% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030

Point-of-Sale Terminal Market Report Highlights

• The fixed POS segment dominated the industry in 2022. Fixed POS is mainly used by large-scale vendors owing to high procurement and installation costs, which have contributed significantly to segment growth
• On-premise was the most significant deployment segment in 2022 and is anticipated to grow steadily in the coming years as large enterprises are often conscious of data security. They choose on-premises deployed POS solutions to make sure of on-premises critical data storage
• Latin America is anticipated to grow at a significant CAGR over the forecast period due to the rising base of micro-merchants and SMBs, along with the growing penetration of tablet devices
• Since the pandemic, key players have been focused on introducing products that can improve product quality. For instance, Hewlett-Packard Inc. launched the EliteOne 800 G8 All-in-One (AiO) for meaningful connections and engaging collaboration in hybrid work environments. It is a virtual conference power station for the office and the home

Pharmaceutical Filtration Market To Reach $21.96 Billion By 2030

 

Pharmaceutical Filtration Market Growth & Trends

The global pharmaceutical filtration market size is estimated to reach USD 21.96 billion by 2030, registering a CAGR of 8.03% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.03% from 2023 to 2030.The growing biopharmaceutical industry provides the necessary impetus for market expansion. Additionally, the rampant growth and approvals by regulatory bodies in the field of biologics and biosimilar medicines have extrapolated the need for filtration at various stages of production. For example, nearly ten large molecule drugs or biologics were approved by the U.S. FDA in 2021, which increased by 30% in the year 2022 as thirteen biologics were approved. Thereby, the increasing approvals will propel the market’s growth.

Various players involved in biopharmaceutical manufacturing are entering into collaborations or regional regulatory bodies are allowing for offshore manufacturing of large molecule drugs which provides a strong impetus to the market growth. For instance, in August 2022, Europe Medicines Agency provided Good Manufacturing Practice (GMP) certification to a CDMO, Charles River Laboratories of the U.S.

The following certification will now allow for offshore manufacturing of allogenic cell therapy products, thereby increasing the demand for pharmaceutical filtration products. Additionally, various market players are introducing filtration technology at both upstream and downstream levels of biopharmaceutical manufacturing, hence, proportionating the demand for pharmaceutical filter products. For example, in November 2022, Alfa Laval launched a multipurpose membrane filtration system for upstream and downstream application levels for both food and pharmaceutical manufacturing.

Due to the onset of the pandemic, a surge in the development of vaccines and biologics led to a positive impact on pharmaceutical filtration products as biopharmaceutical manufacturing requiring the usage of vaccines necessitate filtration processes. Furthermore, the utilization of single-use filtration products provided immense traction to the market, as manufacturers and researchers had to avoid any chance of cross-contamination with the viral strains used.

For instance, in September 2022, Pall Corporation announced the launch of three new Allegro Connect Systems, in continuation with the single-use portfolio of filter systems. The following product will provide automation control and control the risks, adding immense value to the pharmaceutical production of therapeutic drugs and vaccines. However, the pandemic also imposed various issues in the supply chain, which in turn negatively impacted the manufacturing and commercialization process of the COVID-19 vaccines to a certain extent.

Request a free sample copy or view report summary: 
Pharmaceutical Filtration Market Report

Pharmaceutical Filtration Market Report Scope

Report Attribute Details
Market size value in 2023 — USD 12.79 billion
Revenue forecast in 2030 — USD 21.96 billion
Growth rate — CAGR of 8.03% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030

Pharmaceutical Filtration Market Report Highlights

• By product, the membrane filter segment held the largest share of 26.08% in 2022. The product provides precise and uniform pore size distribution along with consistent purification capacity, ensuring pharmaceutical manufacturing standards
• By technique, microfiltration held the major share of 34.41% in 2022, due to the versatility to remove a wide range of impurities from biopharma products. Additionally, the technique removes impurities without impacting the biological activities of the medium
• By type, the sterile segment captured a dominant share of 55.79% in 2022 as it provides a critical manufacturing step in a plethora of pharmaceutical products. Additionally, the inclusion of automation in the process of sterile pharmaceutical filtration propels the segment
• The final product processing application segment accounted for the largest market share of 41.55% in 2022. It is primarily to ensure the safety and efficacy of the product by removing any form of impurity for patients partaking in it. Additionally, strong regulatory guidelines propel the segment hold
• By scale of operations, the manufacturing segment captured the largest share of 64.95% in 2022. The dominant share is due to an immense scale of drug manufacturing and various process control in place to ensure safety, thereby, increasing the usage of pharmaceutical filtration products at the manufacturing scale
• North America holds a key position in the pharmaceutical filtration industry with a share of 43.23% in 2022. It can be attributed to the presence of various large-scale manufacturers in the region along with a strong healthcare infrastructure, supporting both the development and consumption of biopharmaceuticals
• Some key players include Meissner Filtration Products, Inc.; Merck KGaA; Sartorius AG; Danaher; 3M; Parker Hannifin Corp; Amazon Filters Ltd; Graver Technologies; Eaton; and Thermo Fisher Scientific Inc.

Wound Care Market Worth $29.57 Billion By 2030 |CAGR: 4.15%

 

Wound Care Market Growth & Trends

The global wound care market size is anticipated to reach USD 29.57 billion by 2030, expanding at 4.15% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing number of surgical cases, a rapidly aging population, as well as a rising number of diabetic patients, are among the major factors driving this market’s growth. For instance, according to Ageing Asia, as of 2019, more than 139 million people, i.e., about 10% of India’s total population, were over 60. This is expected to increase to 19.5% by 2050. The geriatric population is more susceptible to wounds. Hence, due to the increasing number of elderly patients, the wound care industry is anticipated to witness growth during the forecast period.

The wound care industry has seen significant technological advancements in recent years, leading to the development of new and innovative products for treating various types of wounds. Growth factors are naturally occurring proteins that stimulate cell growth and division. These proteins can be used in wound care to promote healing and tissue regeneration. For example, platelet-derived growth factor (PDGF) is effective in promoting the healing of chronic wounds. Similarly, 3D printing technology has revolutionized the production of custom-made wound care products, such as prosthetic limbs, orthotics, and wound dressings.

In addition, many leading manufacturers are undertaking strategic initiatives such as product launches, partnerships, and geographic expansion, which may help them capitalize on the increasing demand for wound care products during the forecast period. For instance, Human Biosciences planned on launching two new wound care products in the Indian market. The launch of these products in the Indian market is expected to help the company to capture the post-pandemic wound care industry in India. Thus, similar initiatives by other market players are anticipated to boost the wound care industry’s growth post-pandemic.

Request a free sample copy or view report summary: 
Wound Care Market Report

Wound Care Market Report Scope

Report Attribute Details
Market size value in 2023 — USD 22.25 billion
Revenue forecast in 2030 — USD 29.57 billion
Growth Rate — CAGR of 4.15% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030

Wound Care Market Report Highlights

• Based on product, advanced wound dressing dominated the market with a share of 34.7% in 2022, owing to the advantages offered by these dressings over traditional dressings
• Based on application, the chronic wound segment dominated the market with a revenue share of 59.9% in 2022, owing to increased diabetic foot ulcers and pressure ulcers worldwide
• Based on end-use, the hospital segment dominated the market in 2022, owing to the increasing number of surgical site infections among hospital patients. On the other hand, the home care segment is anticipated to witness the fastest growth during the forecast period
• Based on the mode of purchase, the prescribed segment dominated the wound care market, with a share of 62.2% in 2022
• Based on the distribution channel, the institutional sales segment dominated the market in 2022. However, the retail sales segment is anticipated to witness the fastest growth, with a CAGR of 4.53% over the forecast period
• North America dominated the wound care market with the highest revenue share of 45.4% in 2022 owing to the increasing number of surgical procedures and technological advancements

Cannabidiol Market Size To Reach $22.05 Billion By 2030

 

Cannabidiol Market Growth & Trends

The global cannabidiol market size is expected to reach USD 22.05 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.2% from 2023 to 2030. The growing recognition of the health benefits of cannabidiol, changing consumer attitudes towards CBD products, and shifting public opinion are some of the main factors contributing to the market’s growth. Cannabidiol, a chemical found in the cannabis Sativa plant, is mainly derived from hemp due to its high CBD content. The cannabis Sativa plant contains over 80 cannabinoids, but cannabidiol is the most commonly used for medical purposes as it has no psychoactive effects. The COVID-19 pandemic impacted numerous industries, including the cannabis industry, causing disruptions in production and leading to a halt in the supply of cannabis products.

Quarantine measures have caused many retail stores to close, leading to a slowdown in the market. However, the demand for CBD is expected to rise in the coming years, potentially leading to a rebound in the industry in 2021. With the growing concern regarding the quality and safety of CBD, companies are investing in advanced testing and certification procedures to ensure they meet the highest standards. Consumers are becoming more aware of the impact of their purchasing decisions on the environment and are increasingly choosing organic and sustainably-sourced CBD. Major players in the industry are focused on introducing CBD-infused products.

Companies are exploring opportunities in international markets as the demand for CBD grows globally. Furthermore, they are investing in research and development to enhance the effectiveness and efficiency of their products, as well as to expand their offerings. The players are introducing new and innovative products, such as edibles, topicals, and beverages, to cater to the rising demand. For instance, in June 2021, Vertical Wellness announced its merger with CanaFarma Hemp Products Corp., a Canadian company offering multiple hemp-related products and services. The merger would result in Vertical Wellness, a U.S.-based CBD company, becoming a public entity with a combined value of USD 50 million.

Request a free sample copy or view report summary: 
Cannabidiol Market Report

Cannabidiol Market Report Scope

Report Attribute Details
Market size value in 2023 — USD 7.7 billion
Revenue forecast in 2030 — USD 22.05 billion
Growth rate — CAGR of 16.2% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030

Cannabidiol Market Report Highlights

• North America accounted for the largest revenue share of 87.7% in 2022 owing to the presence of major manufacturers, and approval of the U.S. Farm Bill
• Hemp-derived CBD dominated the market in 2022 with a revenue share of 54.5% owing to its higher purity and potential health benefits
• The B2B segment accounted for the largest share of 54.7% in 2022 owing to the increasing demand and rising number of businesses using cannabidiol as raw materials
• In 2022, the pharmaceuticals end-use segment accounted for the largest share of 73.5% owing to the rising use of cannabis derivate for various medical conditions

Pharmaceutical Analytical Testing Outsourcing Market Outlook: Analyst Perspe

 Pharmaceutical analytical testing outsourcing services market is driven by innovation in pharmaceutical industry, increasing focus on regulatory, safety & quality, end-user volume, and pricing. Various categories of tests which are outsourced include bioanalytical tests, method development & validation, and stability testing.

Bioanalytical testing involves the examination of drugs/formulation or active ingredients within a biological system such as blood, urine, serum, tissue, and others. This analysis is performed in order to characterize and quantify the drug activity and provide evidence for a therapeutic action. These tests also help in creation of the drug monograph for reference during preclinical and clinical trial testing. Broadly, the segment is further classified into clinical and non-clinical bioanalytical testing and is expected to witness lucrative growth over the forecast period.

An increasing number of clinical trial registrations and entry of new participants within the marketspace since the past ten years has contributed to the growth of the bioanalytical testing needs. These tests are solely focused on understanding the quantitative aspects of the drug discovery and development process.

Besides offering the analytical services, vendors also perform method development and validation services in order to provide pharmaceutical firms with a complete package and a hassle-free experience. The analytical tests are crucial for introduction of the product for next phase of research. Hence, their method development & validation is expected to generate higher reliability and maintain proof of the results. With rising growth of outsourcing of testing processes, an ancillary growth may be witnessed for this service too, over the forecast period.

Asia Pacific is the fastest growing market owing to many developed countries investing in Asia Pacific regions and owing to the various amendments made by the regulatory market to change the clinical trials evaluation standards according to the global platform. In October 2014, the Australian service provider Novotech started a new office in China, its ninth office in Asia. Novotech, as a company, has expanded in many developing nations owing to the request by its U.S and EU clients. In addition, in February 2014, the Charles River Laboratories declared China as a country having disproportionate growth and expressed interest in merging with potential regions in the country.

In August 2015, WuXi Pharma Tech signed a strategic partnership with Lee Pharmaceutical for laboratory testing. The CRO will provide chemistry analytical services, oncology, in-vivo and in-vitro biology, immunology, pharmacokinetic/pharmacodynamics, in-vitro ADME, clinical bioanalysis, and toxicology for its R&D programs. Moreover, the Government of India has realized the potential in the CRO sector and has laid some action plans for boosting the CRO business India.

India is one of the favored destinations for outsourcing as it has many advantages such as trained manpower, reduced cost, time difference, and IT superpower. It is estimated that by 2020, India would be among the top healthcare economies in the world. Contract research and manufacturing outsourcing are the major factors driving the Indian outsourcing market. Availability of skill and expertise, low cost service models, increasing CROs, large patient pool are the advantage India possesses which is attracting the healthcare research outsourcing market.

In-depth report on global pharmaceutical analytical testing outsourcing market by Grand View Research:
www.grandviewresearch.com/industry-analysis/pharmaceutical-analytical-testing-outsourcing-market

Pharmaceutical Analytical Testing Outsourcing Market Report Scope

Report Attribute Details
Market size value in 2023 — USD 8.2 billion
Revenue forecast in 2030 — USD 14.5 billion
Growth rate — CAGR of 8.4% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030

Pharmaceutical Analytical Testing Outsourcing Market Report Highlights

• The bioanalytical testing segment is expected to witness the fastest CAGR of 8.9% over the forecast due to the high number of clinical trial registrations and entry of new drug participants into the pharmaceutical market
• The pharmaceutical segment gained the largest revenue share of 47.3% in 2022. The growing demand among pharmaceutical companies to focus on their core competencies is one of the major reasons for the largest segment share
• North America is expected to hold the largest revenue share of 53.4% owing to the presence of a significant number of pharmaceutical companies in the region
• Asia Pacific is anticipated to be the fastest-growing regional market from 2022 to 2030 due to the low-cost service offerings by third-party service providers in the region

Advanced Wound Dressing Market Worth $10.5 Billion By 2030

 

Advanced Wound Dressing Market Growth & Trends

The global advanced wound dressing market size is expected to reach USD 10.5 billion by 2030, registering a CAGR of 4.5% according to a new report by Grand View Research, Inc. An increasing number of accidents, the impact of COVID-19, and technological advancements are the key driving factors for the market. The increasing incidence of accidents such as road accidents, burns, and trauma events across the globe is anticipated to drive the market. For instance, as per the WHO (2018), around 1,000,000 people are severely or moderately burnt in India per year. In addition, as per NCBI, in 2017, countries such as Bulgaria, Finland, the Netherlands, China, Australia, and the U.K. reported a rise in the incidence of burn injuries.

Furthermore, as per the American Association for the Surgery of Trauma, in 2017, around 1.2 million people died globally, accounting for the deaths of around 3,242 people per day in road accidents every year. Road accidents mostly occur in middle- or low-income countries. The advanced wound dressing is majorly used for the faster healing of all kinds of burns injuries. Moreover, bandages and gauze are also used for the treatment of minor injuries. Thus, the rising number of accidents is expected to boost the demand for advanced wound dressing, which is expected to lead to considerable market growth over the forecast period.

The rising number of surgical procedures is also expected to boost the demand for home healthcare services. According to the American Society for Metabolic and Bariatric Surgery (ASMB) in 2018, the number of people who underwent sleeve gastrectomy increased by 8.05% from 2016 to 2017 in the U.S. Patients undergoing surgeries are required to stay at hospitals for a longer period; thus, most patients prefer home healthcare services over hospital stays. Therefore, these factors are likely to boost the demand for home healthcare services, thereby fueling market growth during the forecast period.

Request a free sample copy or view the report summary: 
Advanced Wound Dressing Market Report

Advanced Wound Dressing Market Report Scope

Report Attribute Details
Market size value in 2023 — USD 7.7 billion
Revenue forecast in 2030 — USD 10.5 billion
Growth Rate — CAGR of 4.5% from 2023 to 2030
Base year for estimation — 2022
Historical data — 2018–2021
Forecast period — 2023–2030

Advanced Wound Dressing Market Report Highlights

• In terms of revenue, the foam dressings segment held the largest revenue share in 2020. The rising number of road accidents across the globe is the major factor propelling segment growth
• The acute wounds segment held the largest revenue share in 2020 and is expected to witness the fastest growth rate over the forecast period due to the increasing number of surgeries
• The hospitals segment held the largest revenue share in 2020. The growth of the segment is majorly driven by the increasing number of hospitals
• In Asia Pacific, the market is expected to witness the fastest growth rate over the forecast period owing to the rising prevalence of chronic injuries

Dental Lasers Market Size To Reach $589.1 Million By 2030

 

Dental Lasers Market Growth & Trends

The global dental lasers market size is expected to reach USD 589.1 million by 2030, registering a CAGR of 7.6% over the forecast period, according to a new report by Grand View Research, Inc. The primary factor driving the industry is the rising prevalence of dental disorders and growing global awareness regarding oral hygiene. The development of the market can also be attributed to technological advancements that manufacture more efficient dental laser systems. Studies show that diode laser treatment significantly reduces gum bleeding, edema, pain, and inflammation. These technical developments have increased the precision, safety, and flexibility of laser dentistry, making it a more enticing option for dental professionals. Increasing dental tourism in emerging economies also drives product demand as these countries provide inexpensive treatments.

According to an article titled “The Future of Medical Tourism in France,” the cost of tooth extraction in the United States for an average person is approximately USD 300 per tooth without insurance. In contrast, in France, the estimated cost for tooth extraction is around USD 40 per tooth, which typically covers the majority of necessary additional dental work as well. The market was significantly impacted by the pandemic. Dental clinics utilize air to aid in the visibility of cavities, plaque, and fracture lines by blowing away saliva, however, this practice also generates aerosols that may contain microbes. The government implemented guidelines into place requiring the closure of dental clinics to reduce the spread of Covid-19 infection.

Request a free sample copy or view report summary: 
Dental Lasers Market Report

Dental Lasers Market Report Highlights

• In 2022, North America dominated the global market with a revenue share of 44.5% due to the emphasis on advanced and minimally invasive dental treatments
• By product, dental surgical lasers dominated the market in 2022 and accounted for a revenue share of 89.8%
• Dental surgical lasers provide enhanced precision and control during surgical procedures. This allows dentists to precisely target and remove diseased or damaged tissue while preserving healthy tissue, resulting in improved surgical outcomes and faster healing times
• The periodontics application segment dominated the market with a revenue share of 17.8% in 2022 due to the high prevalence of periodontal diseases, such as gingivitis and periodontitis, caused due to poor oral hygiene and unhealthy lifestyle
• The dental clinics end-use segment dominated the global industry and accounted for a revenue share of 54.0% in 2022

Skin Antiseptic Products Market Size Worth $8.2 Billion By 2030

 

Skin Antiseptic Products Market Growth & Trends

The global skin antiseptic products market size is expected to reach USD 8.2 billion by 2030, registering a CAGR of 6.9%, from 2023 to 2030, according to a new report by Grand View Research, Inc. Rising incidences of Hospital-Acquired Infections (HAIs) and increasing usage of surgical units and endoscope reprocesses are the key driving factors for the market. Infections caused by bacteria, viruses, and other microorganisms are becoming increasingly common. This has led to an increase in the use of skin antiseptic products for preventing infections and promoting wound healing. The rising number of surgeries being performed is also expected to drive the market during the forecast period.

The demand for alcohol antiseptics for pre-injection and pre-operative skin preparations is increasing significantly. In addition, alcohol antiseptics are being used as a base along with various formulations, such as iodine and chlorhexidine. Exceptional properties of alcohol-based antiseptics for surgical purposes are driving the market. Growing awareness regarding the benefits of skin antiseptic products and increasing R&D funding are creating opportunities for market entrants. Moreover, various programs and informational advertisements conducted by manufacturers and promoters in several countries have boosted awareness about the importance of using antiseptic products for the skin.

Request a free sample copy or view the report summary: 
Skin Antiseptic Products Market Report

Skin Antiseptic Products Market Report Highlights

• Octenidine is anticipated to be the fastest-growing formulation segment during the forecast period. Octenidine is an internal substitute for chlorhexidine and iodine.
• The injection segment led the market in 2022 owing to a rise in the incidence of spinal injuries and the usage of skin antiseptic products for pre-injection skin preparation.
• The wipes segment is expected to witness the fastest growth during the forecast period, as wipes are easy to use and possess a lesser risk of contamination.
• North America led the global market in 2022 and is anticipated to maintain its position throughout the forecast years, owing to a rise in the number of surgeries being performed and the presence of key companies in the region.

E-Prescribing Market Size Worth $19.28 Billion By 2030

 

E-Prescribing Market Growth & Trends

The global E-Prescribing market size is expected to reach USD 19.28 billion by 2030, expanding at a CAGR of 26.8%, according to a new report by Grand View Research, Inc. Increasing emphasis on reduction of drug abuse & fraud, rising initiatives by the government to digitalize healthcare systems, and growing efforts on reducing medication errors are the major factors driving growth. However, high initial investment and resistance to the adoption of new technology, by both patients & healthcare providers, restrain growth. On the other hand, improving healthcare infrastructure and increasing healthcare expenditure in developing countries are anticipated to provide numerous growth opportunities for the market. Moreover, using Electronic Healthcare Records (EHRs) with e-prescribing increases the growth potential.

Healthcare providers have increased interoperability tool adoption for boosting price transparency, healthcare management, and specialty medications, during the COVID-19 pandemic. The pandemic sparked the adoption of virtual healthcare and the e-prescribing market witnessed a 72.5% increase in the number of electronic prescriptions, along with the adoption of telehealth, during the starting months of the outbreak.

E-prescribing is widely used in the preparation and maintenance of complete medication lists. Moreover, the technology also aids the extraction of complete patient information and formulary with continuous data security checks. These services are gaining traction due to the increasing application of technology in the healthcare sector and significant support from governments across the world. For instance, government initiatives include incentive programs to promote e-prescribing, such as the National Council for Prescription Drugs Program and the Clinical Health Act in North America.

Key players in the market are investing in the launch of new products and collaborations for sustaining the market. For instance, in August 2021, Surescripts collaborated with GoodRx, an American company that allows resources to ensure healthcare savings. The collaboration delivered drug discount price information to prescribers using the Surescripts Real-Time Prescription Benefit while prescribing medications for patients who do not have insurance.

Request a free sample copy or view report summary: 
E-Prescribing Market Report

E-Prescribing Market Report Highlights

• As a result of increasing adoption and growing preference, integrated solutions are expected to expand at a CAGR of 26.8%
• The standalone system segment is expected to exhibit steady growth during the forecast period, owing to the lower price and easy installation
• Implementation and support services are expected to hold significant shares. This can be attributed to high initial investment followed by an ongoing need for support services
• Web/cloud-based systems held the maximum market share by delivery mode in 2022
• North America held a major market share of over 40% in 2022, owing to government initiatives and incentive programs
• According to the U.S. Department of Health and Human Services, medical errors are the third biggest cause of death in the U.S.
• Hospitals accounted for the maximum market share in the end-user segment due to the high degree of implementation of the technology in these settings

Digital Health Market Size Worth $809.2 Billion By 2030

 

Digital Health Market Growth & Trends

The global digital health market size is expected to reach USD 809.2 billion by 2030. According to a new report by Grand View Research, Inc, it is expected to expand at a CAGR of 18.6% during the forecast period. Rising smartphone adoption, improved internet connectivity with the launching of 4G/5G, advancement in healthcare IT infrastructure, rising healthcare costs, the rising penetration rate of chronic diseases, increasing adoption rate of remote patient monitoring services, and rising accessibility of virtual care are some of the major factors that fuel the industry growth. Furthermore, key players are focusing on introducing advanced applications to track daily activities, get information about medical queries, connect to physicians and store their health information. Tech giants like Apple, Google, and IBM are working to improve user experience by launching numerous subscription plans and improving data security features.

At present, telehealth and telemedicine services are receiving recognition from the healthcare industry and government bodies. Governments across the globe are introducing new initiatives to promote digital health. For instance, during the 2022 budget session, the Government of India introduced a digital health ecosystem under Ayushman Bharat Digital Health Mission (ABDM). The government invested more than 3.5 million in this program in order to advance the digital healthcare infrastructure.

The growing penetration rate of chronic diseases such as CVD, cancer, diabetes, and others further fuels the market growth as chronic conditions require continuous monitoring and digital health platforms help in monitoring chronic conditions from any place and at any time. Furthermore, COVID-19 impacted the market positively as a large percentage of the patient population opted for telemedicine and telehealth solutions due to infection risks and lockdown scenarios.

In 2022, telehealthcare dominated the market with a revenue share of 41.5%. The market growth can be attributed to the rising penetration of smartphones, and improvement in internet connectivity. Advancements in the healthcare IT infrastructure and the launching of new platforms and solutions further fuelled the segment’s growth.

In 2022, North America dominated the industry with a revenue share of 44.3%. North America is one of the very first regions to adopt smart healthcare solutions, including various technologies such as mobile apps, smart wearables, and eHealth services, like EHR & telemedicine services, for remote access to information on serious & chronic healthcare conditions. Factors such as rapid growth in the adoption of smartphones, advancements in coverage networks, rise in the prevalence of chronic diseases, increase in geriatric population, rise in costs of health care, acute shortage of primary caregivers, and increase in need for improved prevention & management of chronic conditions are responsible for the growth of digital health services in the region.

Request a free sample copy or view report summary: 
Digital Health Market Report

Digital Health Market Report Highlights

• The global digital health market size is anticipated to be valued at USD 809.2 billion by 2030 due to the growing penetration of smartphones, improvement in internet connectivity, and advancement in healthcare infrastructure
• The telehealthcare segment dominated the market with a revenue share of 41.5% in 2022, owing to an increasing prevalence rate of chronic conditions and constant advancement in telehealth applications
• The services segment dominated the market with a revenue share of 45.4% in 2022. Growing demand for installation, maintenance, training, and other services drives the market growth. However, the software segment is projected to grow with the fastest CAGR value over the forecast period
• North America accounted for a high revenue share of 44.3% in 2022. However, Asia Pacific is estimated to exhibit the fastest CAGR value of 21.8% during the forecast period. Growing investment in healthcare infrastructure, an increasing number of start-ups, and increasing penetration of smartphones and internet connectivity are projected to fuel the market growth

Body Fat Measurement Market Size Worth $1.04 Billion By 2030

 

Body Fat Measurement Market Growth & Trends

The global body fat measurement market is expected to reach USD 1.04 billion by 2030, registering a CAGR of 6.4% of the overall revenue, according to a new report by Grand View Research, Inc.Key factors driving the market growth include the growing prevalence of obesity and metabolism-related diseases and rising awareness about bodyweight management. For instance, according to the World Health Organization (WHO), globally, more than 1.0 billion people are suffering from obesity; among them, 650 million are adults, 340 are adolescents, and 39 million are children as of March 2022. Obesity is not a lifestyle choice. It is recognized as a chronic disease with about 240 different medical disorders. For instance, according to the Harvard School of Public Health, maintaining a healthy weight is important for good health.

It decreases the chances of developing high-risk non-communicable diseases. The lack of awareness about obesity and weight management among people are a few major factors contributing to the rise in disease burden. The COVID-19 pandemic has significantly impacted the industry due to unhealthy dietary habits and sedentary lifestyles. In July 2020, according to an article mentioned in medRxiv, obesity was one of the crucial factors for COVID-19. Thus, the demand for body fat measurement devices is anticipated to increase as the contraction risk among obese patients is high. Moreover, complete lockdowns and a resultant rise in the adoption of the work-from-home model have immobilized people’s lifestyles. However, many consumers seek exercise plans with increased health consciousness and home fitness workshops. These would drive the industry in the coming years.

Request a free sample copy or view report summary: 
Body Fat Measurement Market Report

Body Fat Measurement Market Report Highlights

• Bioimpedance analyzers accounted for the largest share in 2022. The rising number of fitness clubs and increasing technological advancements, such as AI, are the key factors contributing to the segment growth
• Based on end-user, the fitness centers & gymnasiums segment is anticipated to register the fastest CAGR during the forecast period
• According to International Health, Racquet & Sports Club Association (IHRSA), there were around 31,028 registered fitness club centers in the U.S. in 2022
• North America accounted for the largest revenue share in 2022 due to the high prevalence of obesity-related diseases and the presence of key manufacturers in the U.S.
• Asia Pacific is anticipated to register the fastest CAGR during the forecast period owing to the rising prevalence of obesity in the region
• For instance, according to a report by MDPI in 2022, obesity is a global health crisis that has reached countries, such as China, Japan, and South Korea. There is an estimated 40.9% overweight/obese adult population in Asia Pacific

Remote Patient Monitoring System Market Worth $16.9 Billion By 2030

 

Remote Patient Monitoring System Market Growth & Trends

The global remote patient monitoring system market size is expected to reach USD 16.9 billion by 2030, according to a new report by Grand View Research Inc. It is projected to register a CAGR of 18.5% from 2023 to 2030. The COVID-19 pandemic has had a significant impact on the remote patient monitoring system. The main drivers for this market are the increasing geriatric population, cost-effective treatment, and the rising prevalence of chronic conditions. The breakout of COVID-19 has propelled the demand for remote patient monitoring devices and services as healthcare facilities were burdened with COVID-19-infected patients. Key players like Smiths Medical reported that the demand for their home monitoring devices substantially increased during the pandemic.

The amalgamation of telehealth with remote patient monitoring services is expected to further boost market growth. The Asia Pacific is also projected to be a key revenue generator in the coming years. The region is backed by developing countries such as China, South Korea, and Thailand which are witnessing an increase in the number of chronic diseases owing to lifestyle changes. Cardiovascular disease is among the leading cause of death in these countries. The remote patient monitoring system is expected to play a key role in the early detection and timely management of these diseases.

Request a free sample copy or view report summary: 
Remote Patient Monitoring System Market Report

Remote Patient Monitoring System Market Report Highlights

• The cardiac rhythm monitor segment is expected to witness a significant CAGR over the forecast period owing to the increasing incidence of cardiac conditions globally
• The home healthcare segment is projected to witness a CAGR of 22.0% over the forecast period owing to a rise in the number of patients accessing remote monitoring due to the COVID-19 pandemic
• In Asia Pacific, the market is expected to showcase high growth potential due to the presence of large unmet needs in emerging economies such as China and India
• This region is also backed by Japan, which has one of the highest numbers of 65+ year-old adults at a global level

Clinical Laboratory Tests Market Worth $213.04 Billion By 2030

 

Clinical Laboratory Tests Market Growth & Trends

The global clinical laboratory tests market size is expected to reach USD 213.04 billion by 2030, expanding at a CAGR of 9.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growth of the clinical laboratory tests market is attributable to the rising prevalence of target diseases. The use of clinical laboratory tests is on a rise owing to the use of tests in a wide variety of diagnostic purposes that primarily focus on patient health leading to evaluating and formulating proper diagnosis and treatment.

The global geriatric population is increasing and is considered as being the greatest risk factor for the development of conditions, such as cardiovascular diseases and kidney dysfunction. According to WHO, the population aged above 60 years is expected to be 1 in every 6 people by 2030, which accounts for an increase from 1 billion in 2020 to 1.4 billion by 2030. In addition, the number of people aged 80 and above is projected to double to over 1.5 billion by 2050, and people aged above 80 years are expected to triple and reach 426 Billion. Thus, the growing geriatric population is expected to be a high-impact rendering driver for this market over the forecast period.

The growing prevalence of target diseases, such as CVD and diabetes, is anticipated to boost the market over the forecast period. CVD is fatal and leading cause of death worldwide. Presence of high unmet medical needs pertaining to cardiovascular diseases and the subsequent rise in patient awareness are among factors expected to boost the demand for point-of-care lipid testing. According to WHO, in 2021, cardiovascular diseases have been leading cause of mortality and morbidity worldwide in the last three decades, 17.7 Billion people die every year due to cardiovascular diseases, which is 31% of all the deaths worldwide.

Furthermore, key players involved in developing and formulating clinical laboratory tests are focusing on collaborations and partnerships to develop novel tuberculosis therapeutics and to maintain their competitive position in the market. In addition, increasing adoption of laboratory automation systems is expected to boost the market over the forecast period. For instance, in January 2023[, BD launched a third-generation total laboratory automation system, which automates lab specimen processing for microbiology laboratories. Moreover, in January 2023, NovoPath LLC expanded its LIS solutions for oncology laboratories.

Request a free sample copy or view report summary: 
Clinical Laboratory Tests Market Report

Clinical Laboratory Tests Market Report Highlights

• HbA1c tests segment held largest revenue share in 2022 and is attributable to the increasing prevalence of diabetic population
• HGB/HCT tests segment is expected to show fastest growth rate over the forecast period owing to the growing prevalence of blood-related disorders
• Central laboratories segment dominated the market in 2022 attributable to the high market penetration and procedure volumes
• North America held the largest market share in 2022 which can be attributed to the growing regulatory support and increase in investments in clinical laboratory tests

Cardiac Resynchronization Therapy Market Worth $6.23 Billion By 2030

 

Cardiac Resynchronization Therapy Market Growth & Trends

The global cardiac resynchronization therapy market size is anticipated to reach USD 6.23 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 4.8% from 2023 to 2030. The key factors driving the market growth include growing initiatives by key companies, rising product advancements, and increasing product adoption by end users

The CRT market was significantly impacted by the COVID-19 pandemic. Some of the major impacts of COVID-19 on the market include demand slowdown, fall in sales, and supply chain disruption due to the cancellation of operational hurdles and elective procedures. For instance, Abbott, one of the major players in the cardiac rhythm management device business, reported a decline in revenue growth of the cardiovascular business in 2020. Boston Scientific has reported a decline in sales across all regions in 2020. By Q3 2021, the company’s sales recovered gradually with the cardiac rhythm management segment accounting for USD 1.5 billion in total revenue.

Furthermore, COVID-19 had a negative impact on Medtronic’s fourth-quarter financial performance, which ended on April 24, 2020. Postponed elective and semi-elective treatments using Medtronic devices had an impact on the corporation. People’s reluctance to undertake non-COVID-19 emergency procedures has an impact on the company’s emerging product lines. By 2021, the company’s sales had returned to positive territory. Its cardiac & rhythm management portfolio revenues increased by 11% year on year for the six months ending in October 2021.

Increasing product advancements and initiatives by key market players are expected to propel market growth in the coming years. For instance, in February 2020, Medtronic received the CE mark clearance for its cardiac resynchronization therapy defibrillators (CRT-Ds) combined with smart features such as AdaptivCRT and EffectivCRT algorithms. Similarly, in July 2020, Abbott received approval from the US FDA for its cardiac resynchronization therapy defibrillator (CRT-D) devices equipped with Bluetooth features.

Request a free sample copy or view report summary: 
Cardiac Resynchronization Therapy Market Report

Cardiac Resynchronization Therapy Market Report Highlights

• The Cardiac Resynchronization Therapy market was valued at USD 4.26 billion in 2022 and is expected to grow at a CAGR of 4.8% during the forecast period
• Rapid technological advancements are one of the key trends escalating market growth. The adoption of a sedentary lifestyle, the growing geriatric population along with the increasing prevalence of cardiovascular diseases is also stimulating the growth of the market
• CRT-D segment dominated the market by product in 2022, owing to the high adoption of these devices, wider applications, and growing prevalence of cardiovascular diseases
• CRT-P held a notable share of the market in 2022 and is projected to grow at the fastest rate over the forecast period. This is owing to growing indications and the high prevalence of heart failure across the globe
• The hospitals’ segment held the largest market share of over 52.08% in 2022, as these centers are the main point of care for CRT device installation after diagnosis
• North America held the largest market share of over 49.9% in 2022, owing to the well-established healthcare system, and per capita, healthcare spending in this region is expected to fuel the market growth over the forecast period

In-vitro Toxicology Testing Market Worth $64.7 Billion By 2030

 

In-vitro Toxicology Testing Market Growth & Trends

The global in-vitro toxicology testing market size is projected to reach USD 64.7 billion by 2030, at a CAGR of 11.10% over the forecast period, according to a new report by Grand View Research, Inc. Over the years, acceptance of in-vitro toxicology testing methods by regulatory authorities is increasing at a faster pace & thus validation of these tests methods opposed to conventional testing is even rising. Also, development of technologies to substitute animal use for toxicology tests has fueled the usage of in-vitro models such as in-silico simulation, assays, 3D cell cultures and many more, thereby boosting market growth.

Screening of a new drug candidate involves the use of animals for preclinical studies which is very tedious and expensive. However, in recent times, several jurisdictions are promoting ban for animal-based chemical testing. For example, for several years, the EU has been promoting the reduction, replacement, and refinement of animal tests. The Regulation on cosmetic products (1223/2009), REACH (2007/2006), the Directive on the protection of animals used for scientific purposes (2010/63), and Classification, Labelling and Packaging (CLP) (1272/2008) are some examples of EU legislation that are engaged in strongly encouraging the replacement of animal toxicology testing. Furthermore, in June 2018, the Cruelty-Free Cosmetics Act was passed in California to ban the selling of animal-tested products after 2020.

Many governments and private organization are taking actions to minimize conventional testing models, providing funds to support & develop in-vitro toxicology assays and form conducive government policies. Thus, increase in government initiatives that are focused on banning animal testing can be attributed to the rise in adoption of in-vitro toxicological models and creates many opportunities within the market. For instance, approximately USD 3.2 million were contributed by People for the Ethical Treatment of Animals (PETA) and its international associates to promote the development of non-animal test methods.

The advancements in computational and screening methods such as biological, high throughput, and chemical coupled with the vast number of public databases for toxicity analysis has expanded largely. This has allowed researchers to access information for drug discovery studies, toxicology profiling, and drug development programs. For instance, the MetaTox HS project by Agilent Technologies, Inc. brings advanced solutions for toxicity assays & high sensitivity metabolism during drug development procedures.

Request a free sample copy or view report summary: 
In-vitro Toxicology Testing Market Report

In-vitro Toxicology Testing Market Report Highlights

• Based on technology, the cell culture segment held the largest revenue share in 2022, owing to the increased demand for accurate & cost-effective analysis. Moreover, the adoption of 3D cell culture is also propelling the growth of this segment
• On basis of application, the system toxicology segment dominated the market for in-vitro toxicology testing in 2022. Generation of toxicology data points such as minimum dose, tolerated dose, risk assessment and many more will contribute to the revenue generation
• The cellular assays segment accounted for the highest revenue share in 2022, owing to the developments in cell-based imaging assays, high throughput screening & label-free detection
• The pharmaceutical industry as an end-user contributed the largest revenue to the market in 2022. The importance of toxicology testing during drug development stages coupled with high number of product pipeline attributes to the revenue generation
• North America accounted for the highest revenue share in 2022 due to prevalence of animal testing bans & supportive government initiatives for toxicology research. In addition, aggregation of players in this regions to provide in-vitro testing product and services will continue the revenue generation during the forecast

Healthcare Information System Market Worth $1,097.0 Billion By 2030

 

Healthcare Information System Market Growth & Trends

The global healthcare information system market size is expected to reach USD 1,097.0 billion by 2030, expanding at a CAGR of 13.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The large penetration of smartphones, and rising capabilities of smartphones such as large storage capacity, ease of use, and portability, make them an optimal solution for monitoring and diagnostic services. Reduction in hardware costs and growing affordability are the key factors driving the demand for smartphones in the market, which in turn is anticipated to boost the growth of the market. Machine learning techniques & AI functionality and deep learning can improve the personalization of healthcare. For instance, a doctor can diagnose patients accurately by availing patients’ ancestral records and DNA information from an AI-based database.

Increasing usage of the internet, recent advancements in video conferencing systems, significant developments in 4G or 5G networks, and rising healthcare costs driving the need to curb overall expenses. Furthermore, the surging demand for real-time data to provide quality care to patients & support decision-making is driving the need for remote patient monitoring services. Growing demand for specialty and personalized care, especially in remote areas, is another key factor propelling the adoption of the software and services to support patients connect with certified medical professionals and specialty experts.

The demand for healthcare information systems is expected to continuously increase over the forecast period majorly due to the increase in the prevalence of chronic diseases and the aging population. The growing demand-supply gap in the healthcare industry has led to an increase in the use of IT, thereby boosting the adoption of cloud computing in this industry. The rising demand for cloud-based information systems in healthcare organizations is expected to boost the overall market over the forecast period. An increase in investments by several private and public organizations in healthcare IT infrastructure is also one of the factors expected to positively impact market growth.

The pandemic created multiple challenges for global healthcare services. However, this challenge also provided a much-needed boost to digital health technologies in the field of disease surveillance, new strategy development, and frontline care services. This led to a change in its product life cycle trajectory. Outpatient hospital care and primary care are two promising areas in this situation that can be delivered digitally, which has boosted the adoption of digital solutions. Today, a surge in the digital health technology market space is observed across the board.

The growth is especially visible in telehealth and mHealth services. As per the regional director for Europe, WHO, the pandemic triggered various countries to accelerate the adoption of digital health technologies. Despite privacy concerns, 30 out of 53 countries offered some form of digital contact tracing during COVID-19. Thus, the COVID-19 pandemic made way for lucrative opportunities for players in the healthcare information system industry.

Request a free sample copy or view report summary: 
Healthcare Information System Market Report

Healthcare Information System Market Report Highlights

• Growing demand for effective clinical outcomes and reducing healthcare costs is one of the key factors responsible for the adoption of information systems in hospitals of emerging economies and developed economies, thereby, generating maximum revenue in this segment
• Web-based deployments segment held the largest market share in 2022, owing to its larger number of users as compared to the other two deployments
• The services segment held the largest revenue share in 2022 owing to a lack of knowledge about IT applications among healthcare professionals
• Growing demand to reduce rising production costs and high per capita healthcare costs by many product manufacturers have resulted in the rapid adoption of these systems in North America