The global MedTech market size is estimated to grow from $642.5 billion in 2023 to $668.2 billion in 2024, a ~4% year-over-year increase.

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Key Growth Drivers

Continued technology innovation, mergers and acquisitions, new product launches, and new business models.

Advancements in imaging technologies and innovative surgical solutions.

Rise of ambulatory care facilities and increase in ambulatory surgical volumes.

Strategic partnerships between MedTech companies to enhance care offerings.

Adoption of AI/ML technologies to enable value-based care and personalized medicine.

Key MedTech Companies

Abbott, BD, Boston Scientific, Cardinal Health, Fresenius Medical Care, Fujifilm, GE Healthcare, Johnson & Johnson, Medtronic, Philips, Roche, Samsung Medical, Siemens Healthineers, Stryker.

2024 Growth Areas

Precision medicine playing a pivotal role, enabled by genomic data, innovative technologies, and analytics.

Continued innovation in AI-based solutions for diagnostics, patient care, therapeutics.

Growth opportunities in AI radiology, remote patient monitoring, extended reality, ESG-focused strategies.

The MedTech Industry Outlook 2024 is structured to provide:

• Analysis of factors, that influenced the performance and characteristics of the MedTech sector in 2023 as compared to 2022,
• Revenue estimations and growth rate projections for key sectors across MedTech between 2023 and 2024,
• Highlights of the key trends to watch out for in 2024,
• Recommendations and prioritized list of growth opportunities  for 2024,
• Best practices and success stories that exemplify how market participants overcame challenges to build and deploy solutions using innovative business models.
• Act as the knowledge base for an interactive session with the industry experts at MarketsandMarkets.

The MedTech Industry Outlook 2024 report is an insightful toolkit for incumbent market participants, tech players, SME’s, the investment community as well as the long list of players who form part of the upstream supply chain in this sector.

Some of the other key trends that the MedTech industry is likely to witness in 2024:

Artificial Intelligence (AI) is making significant contributions to various aspects of MedTech, enhancing diagnostics, patient screening, personalized medicine, and therapeutic modalities. According to recent data, over half of the global healthcare organizations intend to deploy AI plans and widely utilize the technology by 2025. Below are most anticipated growth areas to look out for in 2024:

• AI In radiology is emerging as “2nd opinion expert” within hospitals and diagnostic centers, with GE, Philips, and Siemens expected to be the front runners.
• Remote patient monitoring space to garner higher investor confidence in 2024: Mainly driven by higher patient adoption, greater reimbursements, and increasingly supportive govt policies.
• Augmented reality (AR) becomes extended reality (XR): AR/VR moving beyond immersive experience and moving towards key disease areas. Non-Healthcare companies such as Meta, Google, and Apple are front runners in 2024, along with traditional med-tech companies like Stryker (Mako).
• ESG becomes a foundation of MedTech strategy, shaping responsible innovation and patient-centered focus as well as institutional KPI’s.

Transdermal Patches Market in terms of revenue was estimated to be worth $6.2 billion in 2023 and is poised to reach $8.0 billion by 2029, growing at a CAGR of 4.5% from 2023 to 2029.

The factors driving the growth of the global transdermal patches market include the rising prevalence of chronic diseases, the expanding use of analgesic patches, technological developments in transdermal patches, and the shift from traditional injections to transdermal patches. However, during the expected duration, factors such as medication failures, recalls of transdermal drug delivery systems, and escalating healthcare facility expenses are anticipated to limit the market’s expansion to a certain degree.

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The transdermal patches market is further segmented based on the patch type, adhesive type, application, distribution channel, end-user, and region.

In 2022, Due to its widely accepted nature and intrinsic benefits, the drug-in-adhesive patch type holds the biggest market share in the transdermal patch industry. With this kind of patch, the therapeutic agent is combined directly with the adhesive layer, guaranteeing a steady and regulated release of medication via the skin. Since there are no more layers or components required, the design’s simplicity improves patient compliance. Drug-in-adhesive patches are particularly intriguing to people looking for non-invasive and user-friendly treatments since they provide a discreet and convenient way to deliver drugs.

The transdermal patches market is divided into Acrylic Adhesives, Silicone Adhesives, Hydrogel Adhesives and Other Adhesives based on adhesive type. The transdermal patch market is dominated by the acrylic adhesive patch type because of its remarkable performance and adaptability. Acrylic adhesives ensure that the patch is securely attached to the skin for the necessary length of time for medication administration by providing a strong yet soft connection. This kind of adhesive is well-known for being dependable and long-lasting, making it ideal for transdermal medication administration applications. When formulators are looking to create patches for different therapeutic locations, acrylic adhesives are a desirable option since they work well with a wide range of drugs.

The pharmaceutical packaging equipment market is divided into Pain Management, Smoking Cessation, Hormone Replacement Therapy, Cardiovascular Disorder, Central Nervous System Disorder and Others based on the application. During the projection period, the transdermal patch market is dominated by the pain management patch because of its effectiveness, user-friendliness, and ease of use. With the use of these patches, painkillers can be released under control and for an extended period of time via the skin and bloodstream. Transdermal patches are especially tempting to people looking for a discrete and hassle-free way to control their pain because of their ease of application and non-invasive nature. Furthermore, transdermal patches have the potential to enhance patient compliance and lower the possibility of gastrointestinal adverse effects as compared to oral drugs.

With the highest CAGR in the transdermal patch market, homecare settings have become the largest category. This is mostly because patient-centric approaches are becoming more and more important, and healthcare preferences are changing. Transdermal patches are an easy-to-use and practical way to provide medication, which makes them ideal for self-administration in the comfort of one’s own home. The need for transdermal patches in homecare settings has been fueled by their ease of use and the increasing trend of patients actively controlling their own health.

As a distribution channel for transdermal patches, hospitals have carved out the greatest market share thanks to a number of important features that complement the dynamics of healthcare delivery. Transdermal patches are among the many medical treatments that hospitals handle and supply; these facilities act as the main foci for patient care. Hospital pharmacies provide a regulated and controlled environment that guarantees the correct handling and storage of these prescription drugs.

With a share in 2022, North America will be the largest regional market for transdermal patches market. The transdermal patch market is dominated by North America in the largest sector for a number of reasons, including a substantial market share. Transdermal patches are widely used in the region due in large part to its sophisticated healthcare infrastructure, high rate of chronic illnesses, and stable pharmaceutical regulations. The need for these patches in the treatment of chronic ailments like pain, hormone imbalances, and cardiovascular diseases has increased due to the aging population and greater awareness of non-invasive drug delivery techniques.

Softgel Capsules Market in terms of revenue was estimated to be worth $1.1 billion in 2023 and is poised to reach $1.5 billion by 2028, growing at a CAGR of 6.3% from 2023 to 2028 according to a new report by MarketsandMarkets™.

Softgel Capsules Market by Material, Source (Porcine, Bovine), Application (Pharmaceuticals, Nutraceuticals & Dietary Supplements, Cosmetics & Personal Care), Region(North America, Europe, APAC, Latin America, MEA) — Global Forecast to 2028

The growth of this market is majorly driven by the benefits of softgel capsules, increasing demand for dietary supplements and nutraceuticals, and rising demand for naturally sourced ingredients.

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Softgel capsules Industry Key Market Players:

Key players in the softgel capsules market include, Gelita AG (Germany), PB Leiner (part of Tessenderlo Group) (Belgium), Nitta Gelatin, Inc. (Japan), Sterling Gelatin and Croda Colloids (India), Narmada Gelatines Limited (India), Italgel S.r.l. (Italy), Darling Ingredients Inc. (US), Lapi Gelatine S.p.a. (Italy), Trobas Gelatine B.V. (Netherlands), Weishardt (France), and India Gelatine & Chemicals Ltd. (India) among others.

In 2022, the gelatin segment accounted for the largest market share of the softgel capsules market based on material type.

Based on material type, the global softgel capsules market is segmented into gelatin and other materials, such as carrageenan (natural seaweed extract), plant-derived cellulose, hydroxypropyl methylcellulose (HPMC), pullulan (obtained from the fermentation of starch), and starch-glycerin. The gelatin segment accounted for the largest market share in 2022. The rising demand for health supplements and the benefits of soft gelatin capsules, such as easy to swallow, no taste, unit dose delivery, tamper-proof, and availability in a wide range of colors, shapes, and sizes, are supporting the growth of this market. In extension the growth of raw materials used for softgel capsules.

In 2022, the bovine segment accounted for the largest share of the softgel capsules market based on source.

Based on source, the global softgel capsules market has been segmented into porcine, bovine, and other sources (including poultry, marine, and plant sources). The bovine segment accounted for the largest share of the softgel capsules market in 2022. Bovine is one of the most widely used sources to manufacture gelatin because of its abundance and easy availability. They are known for their soft and flexible texture, which makes them easy to swallow and digest. The abundance and easy availability of bovine are supporting its growth in the market.

In 2022, the nutraceutical and dietary supplement industry segment accounted for the largest market share of the softgel capsules market based on application.

Based on application, the global softgel capsules market is segmented into pharmaceutical, nutraceutical and dietary supplement, and cosmetics & personal care industries. The nutraceutical and dietary supplement industry segment accounted for the largest market share in 2022. With rising health consciousness among consumers, the demand for health supplements is rising. Thus, the growing trend of adopting healthy lifestyles is a major driver for the nutraceutical and dietary supplement industry segment.

In 2022, the Asia Pacific region is the fastest-growing region of the softgel capsules market.

The softgel capsules market is broadly divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific is the fastest growing and most dynamic market in the world and is estimated to be the most attractive regional market for softgel capsule manufacturers. Countries such as China, India, and Japan are expected to witness high growth in the market for softgel capsule raw materials because of the large population in these countries. Also, due to rising health concerns, higher incomes, and better government initiatives, the pharmaceutical market in this region is projected to grow. Together, these factors fuel the growth of the softgel capsules market in the Asia Pacific region.

Softgel Capsules Market Dynamics:

Drivers:

1. Benefits of Softgel Capsules

2. Rising demand for naturally sourced ingredients

Restraints:

1. Negative environmental impact

Opportunities:

1. Personalization and Customization

Challenge:

1. Rising prices of raw materials

Medical Aesthetics Market in terms of revenue was estimated to be worth $15.4 billion in 2023 and is poised to reach $25.9 billion by 2028, growing at a CAGR of 11.0% from 2023 to 2028 according to a new report by MarketsandMarkets™.

Medical Aesthetics Market by Product (Botox, Filler, Peel, Implant, Liposuction, Microneedling, Hair Removal, Laser Resurfacing, RF, Phototherapy), Procedure (Surgical, Nonsurgical), End User (Hospital, Beauty Clinic, Spa), Region — Global Forecast to 2028

The market’s growth is significantly propelled by the rising popularity of aesthetic procedures among the elderly demographic. As people age, there is a heightened desire to maintain a youthful appearance, leading to increased demand for cosmetic treatments such as facelifts, Botox, and dermal fillers. Moreover, advancements in medical aesthetics have made these procedures safer and more accessible, further enticing older individuals. This trend reflects a broader societal shift towards embracing aging with vitality and confidence, contributing substantially to the market’s expansion.

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Facial Aesthetics Product segment to register significant growth rate over the forecast period of 2023–2028.

Based on the product, the global Medical Aesthetics Market is segmented into facial aesthetic products, cosmetics implants, skin aesthetic devices, body contouring devices, physician-dispensed cosmeceuticals and skin lighteners, hair removal devices, tattoo removal devices, thread lift products, physician- dispensed eyelash products and nail treatment laser devices. The facial aesthetic products segment is anticipated to register the highest growth rate over the forecast period. The facial aesthetic products segment accounted for the highest share of the Medical Aesthetics Market in 2023.

The non-surgical procedures segment accounted for the largest share of the medical aesthetics market, by procedure in 2023.

Based on procedure, the medical aesthetics market is segmented into surgical procedures — breast augmentation, rhinoplasty, facelift and body lift, other surgical procedures, non-surgical procedures — anti-aging and skin rejuvenation, tattoo and scar removal, hair removal, lipolysis, other non-surgical procedures. Non-surgical procedures segment accounted for the largest share of the market in 2022 and is also expected to grow at the highest CAGR during the forecast period.

Factors such as the Growing interest in cosmetic procedures among males of the medical aesthetics market drive the growth of the market.

The clinics, hospitals, and medical spas segment accounted for the largest share of the medical aesthetics market, by end user, in 2023

Based on end user, the global Medical Aesthetics Market is segmented into clinics, hospitals, and medicals spas, beauty centers, and home care settings. The clinics, hospitals, and medicals spas segment accounted for the largest share of the market in 2023. Significant rise in the number of hospitals and rising old-age population are driving the growth of this segment.

The Asia Pacific market to register the highest growth in the market during the forecast period

The Asia Pacific Medical Aesthetics Market is anticipated to register the highest growth from 2023 to 2028. Major players in the market are focusing on expanding their manufacturing capabilities in the APAC. This region is consistently witnessing a rise in the adoption of high-end equipment. Improvements in healthcare systems and government initiatives for modernizing the healthcare infrastructure are offering significant growth opportunities for the key players.

Medical Aesthetics Market Dynamics:

Drivers:

1. The increasing embrace of minimally invasive and non-surgical aesthetic treatments

Restraints:

1. Stringent regulatory compliance and safety standards in medical aesthetics

Opportunities:

1. Substantial prospects await market participants in developing nations

Challenge:

1. The presence of alternative beauty and cosmetic products

Key Market Players:

As of 2023, prominent players in the Medical Aesthetics Market are Abbvie Inc. (US), Bausch Health Companies Inc. (Canada), Johnson & Johnson (US), and among others.

Recent Developments:

· In March 2023, Galderma introduced “FACE by Galderma,” an augmented reality (AR) tool that empowers both aesthetic professionals and patients to preview injectable treatment results before the actual procedure, enhancing the treatment planning process.

· August 2022, AbbVie Inc. launched SkinMedica Firm & Tone Lotion for Body, the first product from the professional-grade skincare line formulated to prevent and address visible signs of the body.

· March 2021, Bausch Health Companies Inc. and its Solta Medical business announced the US launch of the Clear + Brilliant Touch laser, a next-generation product that delivers a customized and more comprehensive treatment protocol by providing patients of all ages and skin types with the benefits of two wavelengths.

Veterinary API Market in terms of revenue was estimated to be worth $5.2 billion in 2023 and is poised to reach $7.1 billion by 2028, growing at a CAGR of 6.5% from 2023 to 2028 according to a new report by MarketsandMarkets™.

Veterinary API Market by API Type (Antimicrobials (Fluoroquinolones, Tetracyclines), Vaccines, Hormones, Antimicrobials, Anti-inflammatory, Hormones), Synthesis Type, Route of Administration, and Animal Type — Global Forecast to 2028

The market for veterinary API is expanding because of factors like rising incidence of transboundary & zoonotic diseases, increasing animal population and pet ownership, and increasing disease control & disease prevention measures. The veterinary API industry is anticipated to develop because of the rising demand for veterinary medicines and other animal health products. This is also going to attract international investors to that region.

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In this report, the Veterinary API Market is segmented based on API Type, Synthesis Type, Route of Administration, Animal Type, and region.

“Oral segment in Route of administration was dominated by the highest share in Veterinary API Market”

The Veterinary API Market is divided into four types based on Route of administration such as Oral, Injectable, Topical, and Others. The Oral segment accounted for the highest share of the global Veterinary API Market in 2022. Oral administration of veterinary drugs is relatively easy and can be performed by the pet owner or veterinary professional. It typically involves the use of tablets, capsules, liquids, or treats that can be readily consumed by animals. The oral route is suitable for a wide range of veterinary drugs, including antibiotics, antiparasitic, analgesics, and medications for chronic conditions.

“Companion animal segment was dominated by the highest share in Veterinary API Market”

The Veterinary API Market is segmented based on animal type into two categories: companion animals and livestock animals. In 2022, companion animals dominated the Veterinary API Market, holding the largest market share. This can be attributed to the increasing focus on preventive healthcare for companion animals and the rise in pet ownership, among other factors. These factors have contributed significantly to the significant proportion of the market occupied by companion animals.

“North America accounted for the largest share of the Veterinary API Market in 2022”

The Veterinary API Market is categorized into five geographical regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America emerged as the dominant region, capturing the largest market share for Veterinary APIs globally. The growth of the North America market is expected to be driven by factors such as increased investments in research and development for veterinary API manufacturing and government backing for the establishment of API manufacturing facilities.

Veterinary API Market Dynamics:

Drivers:

1. Rising incidence of transboundary & zoonotic diseases

2. Increasing animal population and pet ownership

3. Increasing disease control & disease prevention measures

4. Growing demand for animal protein

Restraints:

1. High costs of veterinary diagnostic and treatment

2. Growing concerns about antibiotic resistance

Opportunities:

1. Rising awareness about animal health and welfare

2. Untapped emerging economies

Challenges:

1. Growing concerns about antibiotic resistance

2. Challenges In Large Molecule Api Synthesis

Key Market Players:

The prominent players in the global Veterinary API Market are

· Phibro Animal Health Corporation (US)

· Fabbrica Italiana Sintetici S.p.A. (Italy)

· Sequent Scientific Ltd. (India)

· Excel Industries Ltd. (India)

· NGL Fine-Chem Ltd. (India)

· Insulnsud Pharma (Spain)

· Menadiona Sl (Spain)

· Rochem International Inc. (US)

· and Shaanxi Hanjiang Pharmaceutical Group Co. Ltd. (China)

Point of Care Molecular Diagnostics Market in terms of revenue was estimated to be worth $2.0 billion in 2023 and is poised to reach $3.4 billion by 2028, growing at a CAGR of 10.6% from 2023 to 2028 according to a new report by MarketsandMarkets™.

Point of Care Molecular Diagnostics Market by Product (Assays, Kits, Instruments, Software), Application (Respiratory Diseases, HAIs, Cancer, STDs, Hepatitis), Technology (RT-PCR, INAAT), End User (Clinics, Hospitals, ICUs) & Region — Global Forecast to 2028

The growth of this market is majorly driven by increasing prevalence of infectious diseases and cancer, rising focus on decentralized diagnostics, increasing R&D funding, increasing awareness on the early detection of infectious diseases, and the increasing use of POC diagnostic tests.

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Point of Care Molecular Diagnostics Industry Key Market Players:

The major players operating in this market are Abbott Laboratories (US), F. Hoffmann-La Roche Ltd. (Switzerland), bioMérieux SA (France), Danaher Corporation (US), Quidel Corporation (US), QIAGEN N.V. (Netherlands), Co-Diagnostics, Inc. (US), Biocartis NV (Belgium), Meridian Bioscience, Inc. (US), Thermo Fisher Scientific, Inc. (US), Lucira Health, Inc. (US), Cue Health (US), OpGen, Inc. (US), Binx Health, Inc. (US), Molbio Diagnostics Pct. Ltd. (India), Genomadix (Canada), Visby Medical, Inc. (US), QuikPath PTE Ltd. (Singapore), MD-Bio (US), QuantuMDx Group Ltd. (UK), Aidian Oy (Finland), GeneSTAT Molecular Diagnostics, LLC (US), Labsystems Diagnostics Oy (Finland), Akonni Biosystems (US) and Curetis N.V. (Germany).

The Assays & Kits segment is expected to account for the largest share of the Point of Care Molecular Diagnostics Market in 2022.

The products & services in the point-of-care molecular diagnostics market are categorized into assays & kits, instruments & analyzers, and software & services. Assays & kits specifically cater to various point-of-care settings such as hospital critical care units, physicians’ offices, outpatient clinics, home care settings, and long-term care settings, among others. The continuous demand and recurring purchases of assays & kits are anticipated to fuel the growth of the point-of-care molecular diagnostics market.

The Respiratory Diseases segment accounted for the largest share of the point-of-care molecular diagnostics market in 2022.

The molecular diagnostics market is categorized into various applications, including respiratory diseases, sexually transmitted diseases, hospital-acquired infections, cancer, hepatitis, gastrointestinal disorders, and other applications. The growth of this market segment is primarily driven by the escalating prevalence of infectious diseases and the growing demand for early diagnosis and detection of these diseases. These factors are particularly significant in emerging countries, where there is a heightened need to address the challenges posed by infectious diseases through timely and accurate molecular diagnostics.

North America dominates the global point of care molecular diagnostics market.

The point-of-care molecular diagnostics market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America emerged as the leading region, capturing the largest market share in the point-of-care molecular diagnostics market. The significant share of this region can be attributed to the highly advanced healthcare systems present in the United States and Canada. In recent years, there has been a notable increase in healthcare spending across North America. According to the Centers for Medicare & Medicaid Services, national health spending is projected to grow at an average annual rate of 5.4% from 2019 to 2028, reaching a staggering USD 6.2 trillion by 2028. This growing healthcare expenditure serves as a key driver for the biotechnology sector, including the point-of-care molecular diagnostics market.

Enteral Feeding Devices Market in terms of revenue was estimated to be worth $3.7 billion in 2022 and is poised to reach $5.2 billion by 2027, growing at a CAGR of 6.9% from 2022 to 2027.

Surging growth in the elderly population; rising healthcare costs; rising prevalence of chronic diseases such as cancer, gastrointestinal diseases, diabetes, and neurological disorders; high number of preterm births and genetic disorders among pediatrics and neonatal populations; rising awareness towards nutritional therapies; and growing improvements in healthcare facilities across emerging countries are driving the growth of the enteral feeding devices market.

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Enteral Feeding Devices Industry Key Market Players:

The key players operating in the enteral feeding devices market include Nestlé S.A. (Switzerland), Fresenius Kabi (Germany), Cardinal Health, Inc. (US), Avanos Medical, Inc. (US), B. Braun Melsungen AG (Germany), and Becton, Dickinson and Company (US).

The administration sets is expected to show fastest growth during the forecast period

By type, the enteral feeding devices market is segmented into enteral feeding tubes, enteral feeding pumps, enteral syringes, administration sets, and consumables. Administration sets is expected to show fastest growth during the forecast period. The increasing focus on patient care and product safety has led to the introduction of ENFit Connectors as per the new standards to help reduce the risk of misconnections and safety issues. This, in addition to the growth in the number of patients seeking enteral nutrition across the globe, has spurred the demand for administration sets globally.

Pediatric segment in age group segment is expected to show the fastest growth during the forecast period

Based on age group, the enteral feeding devices market is segmented into adult patients (18 years and above) and pediatric patients (that includes neonates, infants, and children between 2–12 years of age, and adolescents between 12–16 years of age). Pediatric patients segment is expected to show fastest growth rate during the forecast period. Increasing cases of preterm births and genetic disorders among pediatric patients is driving the rapid growth in demand for providing enteral nutrition therapy in pediatric age group segment. Additionally, a growing number of pediatric patients have been diagnosed with conditions often associated with adults in the past, such as diabetes, obesity, and cancer. The increasing prevalence of such diseases among pediatric patients has further increased the demand for medications and nutritional feed delivery systems tailored for this segment.

Oncology segment is expected to account for the largest share in the enteral feeding devices market

In 2020, the oncology segment accounted for the largest share of the enteral feeding devices market, followed by gastrointestinal diseases, neurological disorders diabetes, hypermetabolism, and other applications. The oncology segment will continue to dominate the market by 2026, growing at a CAGR during the forecast period. The increase in the prevalence of various types of cancers — especially head & neck cancers, cancers of the gastrointestinal system, lung cancer, and liver cancer — is expected to play a major role in the higher adoption of enteral feeding devices used to provide clinical nutrition to cancer patients

Home care settings segment to show fastest growth rate in end user segment through 2027

Enteral feeding devices market by end user includes Hospitals, home care settings, and ambulatory care settings. The home care settings segment is expected to show fastest growth rate during the forecast period. Home enteral nutrition (HEN) is used in patients with a functional gastrointestinal (GI) tract and who can receive therapy outside an acute care setting. Due to the increasing pressure on hospitals to curtail the soaring healthcare costs and the COVID-19 outbreak, there has been a shift from extended hospital treatment towards treatment at home. As a result, the demand for home based nutritional care is increasing, which is expected to drive a rapid growth in the home care settings segment through 2027.

Asia Pacific to witness the highest growth rate during the forecast period

By Region, the enteral feeding devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region is expected to show the highest growth rate during the forecast period. Several factors such as rising geriatric population, increased awareness of and accessibility to advanced healthcare facilities, rising healthcare spending, growing focus of key market players on the emerging Asia Pacific countries, and rapid improvements in the health insurance sector are driving the growth of the Asia Pacific enteral feeding devices market.

Endoscopy Equipment Market is projected to reach USD 40.6 billion by 2027 from USD 28.9 billion in 2022, at a CAGR of 7.0%.

Endoscopy Equipment Market by Product (Endoscope (Flexible, Rigid, Capsule, Robot-assisted, Disposable), Visualization Systems (Video Converters, Recorders, Processors), Other endoscopic, Accessories), Application, End User — Global Forecast to 2027

The growth in this market is driven by Surging requirement for endoscopy to diagnose and treat target diseases, increasing investments, funds, and grants by governments and other organizations worldwide to improve healthcare infrastructure and research areas of endoscopy and Increasing preference for minimally invasive surgeries.

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Endoscopy Equipment Industry Key Market Players:

Prominent players in the endoscopy equipment market include Olympus Corporation (Japan), KARL STORZ SE & Co. KG (Germany), Stryker Corporation (US), Boston Scientific Corporation (US), JOHNSON & JOHNSON (US), Fujifilm Holdings Corporation (Japan), Medtronic, Inc. (Ireland), HOYA Corporation (Japan), Nipro Corporation (Japan), Intuitive Surgical, Inc. (US) and Smith & Nephew plc (UK).

Based on product, the endoscopes segment is expected to account for the largest share of the endoscopy equipment market

The endoscopes segment accounted for the largest share of the global endoscopy equipment market in the forecast period. The large share of this segment can be attributed to the rising preference of patients and doctors for minimally invasive procedures, higher adoption rate of these equipment by end users, and ongoing advancements in endoscopy technologies.

On the basis of application, gastrointestinal endoscopy segment is expected to account for the largest share of the endoscopy equipment market

Based on application, the gastrointestinal endoscopy segment accounted for the largest share of the endoscopy equipment market in the forecast period. This segment is also expected to witness the highest CAGR of 7.8% during the forecast period. The highest growth rate of this segment can be subjected to the increasing geriatric population in Asia Pacific region, rising incidence of colorectal cancer (CRC) in younger adults in US and Canada, which leads to growing screening using GI endoscopy of the target population for CRC screening.

Based on end user, hospitals segment holds the highest market share in the endoscopy equipment market

Based on end user, the hospitals segment is likely to dominate the endoscopy equipment market during the forecast period owing to the increasing government and private funding in the healthcare sector, rising adoption of endoscopy equipment in hospitals, as well as the greater availability of skilled healthcare professionals and technologically advanced facilities.

Based on Region, North America to dominate the endoscopy equipment market during the forecast period

The endoscopy equipment market in North America dominated the endoscopy equipment market in the forecast period. The largest share of North America in the global market is attributed to increased prominence of IBD, high investments by hospitals to purchase new endoscopic equipment for screening of cancers, polyps and other indications, as well as the implementation of a new funding model by Canadian hospitals.

Recent Developments:

• In February 2021. Olympus Corporation (Japan) launched SIF-H190 single balloon enteroscopy solution, a endoscopy system to reach deep into the small intestine.
• In June 2021, Johnson & Johnson (US) Launched the ENSEAL X1 Curved Jaw Tissue Sealer, an advanced bipolar energy device that increases procedural efficiency and provides stronger sealing and better access to more tissues.
• In May 2019, FUJIFILM Corporation built a new smart manufacturing facility in the site of FUJIFILM Techno Products Co., Ltd., which is one of Fujifilm’s production bases for endoscopy products. The new manufacturing facility is fully operational from September 2019. This new manufacturing facility will utilize AI and IoT technologies to achieve high production efficiency.

1. Technological advancements and increasing R&D investments
2. Growing demand for process automation for food safety
3. Standardization of workflows
4. Stringent regulatory control in healthcare industry

1. Slow adoption of automation by small and medium-sized laboratories
2. Long gestation period for workflow implementation

1. Improving healthcare infrastructure across emerging countries
2. Growth in pharmaceutical and biotechnology industries

1. Limited feasibility with technology integration in analytical labs
2. Availability of refurbished lab automation equipment

• In January 2023, Agilent Technologies, acquired Avida Biomed, an early-stage life science firm that creates high-performance target-enrichment procedures with distinctive features for clinical researchers using next-generation sequencing methods to investigate cancer.
• In November 2022, F. Hoffmann-La Roche Ltd. collaborated with PathAI for artificial intelligence-based digital pathology applications for improved patient care.
• In November 2022, PerkinElmer launched ready-to-use adeno-associated virus vector (AAV) detection kits to support researchers working on gene therapies.
• In August 2021, Becton Dickinson AG launched a fully automated high-throughput molecular diagnostic platform for laboratories in the US.

3D Cell Culture Market in terms of revenue was estimated to be worth $1.3 billion in 2023 and is poised to reach $2.5 billion by 2028, growing at a CAGR of 14.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. Major factors driving the market growth at significant CAGR are increasing adoption of 3D cell culture over, restrictions over animal testing and increased use of 3D cell culture in personalized medicine.

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Key Market Players:

The 3D cell culture market is consolidated, with a small number of players competing for market shares. Thermo Fisher Scientific. Inc. (US), Merck KGaA (Germany), Corning Incorporated (US), Lonza (Switzerland), and Avantor Inc. (US) are some of the leading players in this market.

Scaffold-based 3D cell culture accounted for the largest share of the product segment in the 3D cell culture market in 2022.

Based on product, the 3D cell culture market is segmented into scaffold-based 3D cell cultures, scaffold-free 3D cell cultures, microfluidics-based 3D cell cultures, and magnetic & bioprinted 3D cell cultures. The scaffold-based 3D cell cultures segment accounted for the largest share in 2022. The advantages of scaffolds in 3D cell cultures, such as structural rigidity, the availability of attachment points, and support, have greatly driven the preference for the segment and ensured its large share in the market.

The cancer & stem cell segment research segment accounted for the largest share of the application segment in the 3D cell culture market in 2022.

Based on application, the market is segmented into cancer & stem cell research, drug discovery & toxicology testing, and tissue engineering & regenerative medicine. Cancer & stem cell segment research accounted for the largest market share of the market in 2022. The increasing prevalence of cancer and significant funding initiatives for cancer research from the government and the private sector are major factors driving the growth of this application segment.

Asia Pacific is likely to grow at the highest growth rate during the forecast period.

Based on region, the 3D cell culture market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America dominated the market, followed by Europe. The increasing incidence of cancer and a well-established pharmaceutical & biotechnology industry are key factors supporting the growth of the North American 3D cell culture market. The Asia Pacific market is projected to grow at the highest CAGR of 16.0% during the forecast period. Most companies in the market focus on organic and inorganic growth strategies, such as product launches, expansions, acquisitions, partnerships, agreements, and collaborations, to increase their product offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.

3D Cell Culture Market Dynamics:

Drivers:

1. High focus on developing alternatives to animal testing
2. Greater adoption of personalized medicine globally for multiple diseases
3. Increased government support and funding for 3D cell culture
4. Increased industry-academia collaboration on 3D cell culture and research

Restraints:

1. High costs of implementing 3D cell culture technologies
2. Lack of widely accepted or single standardization in 3D cell culture

Opportunities:

1. Emergence of microfluidics-based 3D cell culture
2. High growth opportunities and booming biopharmaceutical sector in emerging economies

Challenges:

1. Lack of consistency in 3D cell culture products
2. High dependence on plastic waste disposals and consumables

Recent Developments:

• In October 2022, Corning launched the Elplasia 12K flask featuring a unique microcavity geometry that enables easy spheroid formation, culture, treatment, assessment, and harvest, with approximately 12,000 spheroids of uniform size and shape per flask, generating 125 times more yield than conventional 96-well spheroid plates.
• In March 2021, Thermo Fisher Scientific launched a plasma-like medium, a cell culture medium that mimics the metabolic profile of human plasma, designed to provide researchers with a realistic view of cell growth within the human body.