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Mahesh Gore Smart Medical Devices Market Set for rapid growth | Trends and Demand 2018
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Prominent Players:
Key industry players include Apple, Fitbit, Abbott, Dexcom, F. Hoffmann-La Roche, Zephyr, Medtronic, and Johnson & Johnson. The major players focus on innovative product launch and strategic alliances with an aim to expand their business portfolio as main strategies. In January 2015, Medtronic announced the acquisition of Covidien. This acquisition will increase the market penetration by expanding its product portfolio and lessen the production cost.
Key Industry Trends and Driving Factors:
Smart medical devices market size is likely to witness momentous growth owing to soaring adoption of smartphones across the globe, surging demand for smartphone-compatible and wireless medical devices, rising awareness and focus on health and fitness. Moreover, steep rise in health concerns worldwide, mounting preponderance of chronic diseases, strengthening expenditure on healthcare and the high-pitched demand for wearable devices will impel the smart medical devices growth exponentially.
Companies such as Fitbit, Apple and Medtronic have been launching ingenious products, which will in turn accelerate the business growth. Smart blood pressure monitors and smart clothing will help garner a momentous market share over the forecast period.
Spiraling technological advancements, owing to whooping investments in the field of smart medical devices, smart and digitally accessed medical devices coupled with intensifying awareness among patients to manage their health conditions efficiently will drive the smart medical devices market growth.
For instance, Google’s smart contact lenses for diabetes patients wearing glasses. The novel technology originates from the fact that an individuals’ glucose level can be measured through their tears’ fluidal composition.
Regional Analysis:
North America held the largest revenue share in 2016 due to cognizance of advanced technologies and presence of a well-proportioned healthcare sector. The regional market has benefitted greatly owing to growing per capita income, favorable economic conditions and improved standard of living.
Europe smart medical devices market is foreseen to gain significant industry revenue share over the forecast period. As per the Reflection and Orientation Paper, in 2016 European Union contributed USD 43.5 million for the innovation of wearable medical devices, hence, driving the business growth. Asia Pacific is the fastest growing region due to soaring population, improvement in standard of living, owing to waxing disposable income and the demand for novel products which positively impacts the demand for smart medical devices in the region.
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Mahesh Gore Tubed Pumps, Tubeless Pumps, Pens, Pen Needles - Products to dominate the Insulin Delivery Devices Market
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Growth drivers :
-Favorable device insurance and reimbursement policies in North America and Europe
-Collaboration of public and private sectors to meet diabetes needs
-Growing diabetes burden in Latin American countries
-Increasing healthcare expenditure in Middle Eastern region
Industry pitfalls & challenges :
-Low usage of insulin pumps in Europe
-High out-of-pocket expenditure required for diabetes management in Asia Pacific region
-Limited access to public healthcare and associated high cost in Latin America
-Stringent government regulations and product approvals in Middle East
Insulin Delivery Devices Market, By Product :
Insulin pumps market was valued more than USD 1.9 billion in 2017 and is forecast to grow at a CAGR of over 7.5% from 2018 to 2024. The need for better diabetes management will drive demand for the insulin pumps during the forecast period. Minimally invasive nature of pumps will increasingly attract more consumers over the coming years, especially in industrialized nation; however, their cost will prove to be a major restraining factor for the business growth.
Insulin pen is most popular in insulin delivery devices gamut; in fact, its market valued at over USD 6.5 billion in 2017. Being available since late 1980’s, its business has grown into a multi-billion-dollar market and is expected to lead the industry during the forecast period. Insulin pen adoption is most likely to grow in developing nations having more than average diabetes patient in low income group.
Competitive Market Share :
Some of the major players of global insulin delivery devices market are Eli Lilly, Sanofi, Novo Nordisk, Beckton and Dickenson, Roche, Medtronic, Insulet Corporation and Ypsomed. Industry players are focusing on new product development to offer superior insulin delivery devices. Geographic expansion is one the major strategies adopted by big companies to gain market share.
Mahesh Gore In-vitro Diagnostics Market Trends, Business Opportunities & Growth Analysis
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Key Industry Trends and Driving Factors:
Increasing prevalence of health acquired infections and growing adoption rate of automated laboratory diagnosis machine will boost IVD market growth over the coming years. As reported in Becker’s Journal, more than 99,000 people die every year due to health acquired infections and out of the total healthcare costs, healthcare acquired infections cost around USD 35 million annually. Also, the journal mentioned that around 5% of the people admitted in the hospitals suffer from health acquired infections that will foster in-vitro diagnostics industry growth.
Growing geriatric population that is susceptible to chronic infections such as diarrhoea and tuberculosis should impact positively on business growth. According to Japan Times, as of 2017, in Japan, there are around 2 million people in the age group of 80-90 years and majority of them suffer from chronic diseases. Above-mentioned will escalate in-vitro diagnostics industry growth in foreseeable future. IVD market growth can be hampered due to high cost associated with diagnostic devices and procedures that will restrain from availing diagnosis services.
Competitive Market Share :
The Prominent industry players operating in the in-vitro diagnostics industry are Abbott, Becton Dickinson, BioRad, BioMerieux, Cephied, Danaher, Grifols, Johnson & Johnson, Luminex, Roche Diagnostics, Siemens, Sorin, Thermo Fisher and Qiagen.
New product launch, development of new technology within analytical instruments and acquisition are strategies implemented by the companies to increase their market share. For instance, in July 2017, Danaher expanded its clinical flow cytometry portfolio that is possessed by Beckman Coulter. Beckman Coulter is a subsidiary of Danaher and leveraging its expertise will aid revenue generation for Danaher.

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