In the realm of modern medicine, advancements in technology continually reshape diagnostic procedures, with biopsy devices standing at the forefront of innovation. The global biopsy devices market, as projected by the report titled “Biopsy Devices Market by Product… Global Forecasts to 2028,” is poised to reach staggering heights, driven by factors such as technological progress and growing demand for minimally invasive procedures.
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Technological Advancements Driving Market Growth:
The report highlights the significant role of technological advancements in propelling the biopsy devices market forward. With continuous progress in medical technology, biopsy instruments have become increasingly accurate and less invasive. This not only reduces patient discomfort but also expedites recovery periods, thus enhancing overall patient care.
Segment Analysis:
The market analysis delineates various segments within the biopsy devices market. Needle Based Biopsy Instruments emerge as a frontrunner, anticipated to witness substantial growth over the forecast period. Moreover, the breast biopsy segment stands out, poised to register significant expansion, underscoring the importance of early detection and diagnosis in breast health.
End User Dynamics:
End users play a pivotal role in shaping the biopsy devices market landscape. Hospitals and breast care centers emerge as major contributors, reflecting the increasing demand for diagnostic services in these settings. As cancer awareness initiatives gain traction, coupled with advancements in imaging technologies, the demand for biopsy procedures in hospitals and specialized centers surges, emphasizing the crucial role of these facilities in patient care.
Regional Outlook:
The Asia Pacific region emerges as a beacon of growth in the biopsy devices market, projected to witness significant expansion from 2023 to 2028. Factors such as a burgeoning patient population, rising geriatric demographic, and rapid economic growth contribute to the region’s market growth. Increased healthcare investment and expenditure further bolster market opportunities for key players in the Asia Pacific region.
Key Players:
Prominent players in the biopsy devices market include industry leaders such as Becton, Dickinson and Company, Devicor Medical Products, Inc. (Leica Biosystems), B. Braun Melsungen AG, Cardinal Health, Inc., and Hologic, Inc. These companies drive innovation and contribute significantly to the evolution of biopsy devices, thereby enhancing diagnostic capabilities and patient outcomes.
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Conclusion:
The trajectory of the biopsy devices market underscores the transformative impact of technological innovation on diagnostic procedures. With a focus on precision, efficiency, and patient comfort, biopsy devices continue to revolutionize the landscape of medical diagnostics. As the market surges ahead propelled by advancements in technology and expanding healthcare infrastructure, the journey towards enhanced diagnostic accuracy and improved patient care accelerates.
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The global hyperspectral imaging systems market is poised for remarkable growth, projected to reach a staggering USD 34.3 billion by 2028, according to a comprehensive report by MarketsandMarkets™. Driven by rising defense funding and increasing investments in cutting-edge technologies, the market is expected to experience a compound annual growth rate (CAGR) of 15.4% during the forecast period, rising from USD 16.8 billion in 2023.
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Hyperspectral imaging systems, capable of capturing and analyzing data across the electromagnetic spectrum, have emerged as a game-changer in various sectors, including military surveillance, remote sensing, machine vision, life sciences, and medical diagnostics. These advanced systems offer unparalleled insights and data accuracy, unlocking new possibilities for decision-making and innovation.
One of the primary drivers propelling the market’s growth is the increasing demand for hyperspectral cameras. These sophisticated devices, equipped with cutting-edge technology, are expected to account for the largest share of the market in 2022. Advancements in camera technology, coupled with efforts to make them more cost-effective, are fueling their adoption across various industries.
The military surveillance segment is poised to dominate the market, driven by the growing investments and budgets allocated by governments for defense initiatives. Hyperspectral imaging systems play a crucial role in enhancing situational awareness, target identification, and intelligence gathering, making them invaluable assets for modern military operations.
Geographically, the report highlights North America as the leading market for hyperspectral imaging systems. The region’s dominance is attributed to the rising adoption of these systems in military surveillance, life sciences, and medical diagnostics. The United States, in particular, is at the forefront of this growth, driven by its robust defense industry and commitment to technological advancement.
Europe emerges as the second-largest market, characterized by increasing awareness of the benefits of hyperspectral imaging and the growing demand for hyperspectral data acquisition. The region’s focus on building application libraries and fostering innovation is further bolstering market growth.
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Key players in the hyperspectral imaging systems market, such as Headwall Photonics (US), Corning Incorporated (US), Specim, Spectral Imaging Ltd. (Finland), Resonon, Inc. (US), and Norsk Elektro Optikk (Norway), are spearheading innovation and driving the adoption of these cutting-edge technologies.
As the demand for precise data analysis and real-time decision-making continues to escalate, the hyperspectral imaging systems market is poised to play a pivotal role in shaping the future of various industries. From military operations to environmental monitoring, and from agricultural optimization to medical diagnostics, these advanced systems are unlocking new frontiers of knowledge and driving technological breakthroughs.
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According to the report, the global infection surveillance solutions market is projected to reach $1,100 million by 2027, exhibiting a robust compound annual growth rate (CAGR) of 13.8% during the forecast period from 2022 to 2027. This remarkable growth is fueled by the increasing prevalence of HAIs, stringent Medicare policies addressing hospital-acquired conditions, and the growing adoption of advanced healthcare IT solutions.
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“Infection surveillance solutions are revolutionizing the way healthcare facilities approach infection prevention and control,” said [Analyst Name], Lead Analyst at MarketsandMarkets. “By leveraging cutting-edge technologies such as predictive analytics, machine learning, and real-time data analysis, these solutions empower healthcare providers with actionable insights to identify potential infection risks, track disease patterns, and implement targeted interventions.”
The report highlights the critical role of infection surveillance solutions in automating the surveillance process, reducing manual efforts, and ensuring consistency and accuracy in identifying potential infections. This automation enables healthcare providers to respond promptly and implement appropriate interventions, ultimately enhancing patient safety and improving overall healthcare quality.
Moreover, infection surveillance solutions are becoming increasingly vital in antimicrobial stewardship programs, which aim to promote the judicious use of antimicrobial agents and combat the growing threat of antimicrobial resistance (AMR). By monitoring antibiotic prescriptions, patient responses, and resistance patterns, these solutions provide valuable insights to healthcare professionals, enabling them to optimize antibiotic usage and minimize the risk of developing resistant strains.
Key findings from the report include:
1. Cost Optimization: By reducing the incidence of HAIs, infection surveillance solutions can significantly decrease financial burdens associated with prolonged hospital stays, additional treatments, and potential legal liabilities.
2. Technological Advancements: The market is witnessing rapid innovation, with vendors incorporating artificial intelligence, machine learning, natural language processing, and real-time location systems to enhance infection risk assessments and monitoring capabilities.
3. Implementation Challenges: Data privacy and security concerns, as well as the initial costs associated with implementing and maintaining these solutions, remain hurdles to widespread adoption, particularly for smaller healthcare organizations.
“Despite these challenges, the benefits of infection surveillance solutions are undeniable,” added [Analyst Name]. “As healthcare systems prioritize quality care and cost-effectiveness, the adoption of these solutions will become increasingly widespread, paving the way for a safer and more efficient healthcare environment.”
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The report provides a comprehensive analysis of the infection surveillance solutions market, including market size, growth projections, competitive landscape, and regional trends. It serves as a valuable resource for healthcare providers, IT vendors, policymakers, and industry stakeholders seeking to navigate the dynamic landscape of infection prevention and control.
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According to research report the ECMO Machine Market was valued at $531 million in 2021 and is expected to reach $673 million by 2026, growing at a compound annual growth rate of 4.9% during that period. ECMO machines provide prolonged cardiac and respiratory support to critically ill patients.
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The growth of this market is driven primarily by the expanding geriatric population and increasing prevalence of chronic respiratory diseases and cardiovascular diseases globally. For instance, chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide. ECMO machines are increasingly being used in lung transplantation procedures as well, especially for patients with severe acute respiratory distress syndrome (ARDS).
Technological improvements have also boosted the adoption of ECMO machines. These systems allow for faster and more accurate diagnosis and treatment compared to older equipment. However, the high cost of ECMO therapies hinders wider adoption, especially in developing countries with constrained healthcare budgets and infrastructure. The expensive equipment, hospital stays, and need for specialized medical teams make ECMO therapy unaffordable for many patients. Declining insurance reimbursements pose an additional challenge.
Nonetheless, increasing ECMO machine usage has led to higher patient survival rates for critical cardiac and respiratory cases. This positive trend presents a key growth avenue for ECMO machine manufacturers and medical providers. Developing portable and easier-to-operate ECMO devices is another opportunity to expand the target market. Training programs to increase the number of qualified ECMO specialists could also aid growth.
The respiratory care segment accounted for the largest share of the global ECMO machine market in 2020. The rising prevalence of pulmonary diseases is driving demand for respiratory ECMO therapies. By modality, the arterio-venous segment dominated the market owing to its dynamic range and diagnostic value. Based on patient type, ECMO machine usage for adults contributed the greatest market share as the technology improves outcomes for older patients with heart and lung failure.
By component, ECMO machine controllers accounted for the largest share due to their affordability compared to other components like pumps and oxygenators. Meanwhile, portable ECMO machines are expected to dominate in the coming years due to their transportability to different hospital departments and mobility for critically ill patients.
Geographically, the Asia-Pacific region is poised to register the fastest growth rate in the global ECMO machine market through 2026. Key factors include the expanding elderly population, increasing disposable incomes, high disease burden, and supportive government policies in countries like Japan, China, and India.
Leading players in the global ECMO machine market include Getinge Group, Medtronic, Fresenius Medical Care, Microport, and Terumo Cardiovascular Systems Corporation. Market leaders are focused on new product development and partnerships to enhance their competitiveness. Recent key developments include regulatory approvals for new ECMO devices in the U.S. and China.
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In summary, the rising prevalence of chronic cardiovascular and respiratory illnesses globally combined with technology improvements is propelling growth in the ECMO machine market. However, constraints around device costs, reimbursements, infrastructure and workforce availability curb faster adoption. Companies are investing in R&D and geographic expansion to tap this treatment market with strong growth potential in the coming years.
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According to research report the global ECG Market totaled an estimated $8.1 billion in revenue in 2023, but market research points to strong growth in the coming years. By 2028, the diagnostic ECG market is expected to reach $11.3 billion, reflecting a healthy compound annual growth rate of 6.9%.
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Rising prevalence of cardiovascular disease (CVD) among global populations represents a primary catalyst propelling the need for advanced ECG devices aimed at early diagnosis and monitoring. Aging populations, expanding rates of lifestyle diseases like hypertension and diabetes, and growing case numbers of conditions like atrial fibrillation are all widening the CVD burden.
Emerging technologies that enable mobile and wireless heart monitoring as well as advanced ECG devices leveraging artificial intelligence algorithms are also facilitating market expansion. These innovations allow for more patient-friendly testing, remote monitoring, and rapid analysis of screening results via smart data analytics.
However, a global shortage of skilled professionals to correctly conduct and interpret ECG tests poses a restraint. Training additional specialists to bridge this 4 million physician deficit will be key to ensuring maximum patient access to life-saving heart diagnostics.
Among different products, resting ECG devices currently hold the majority share of the diagnostic ECG market due to affordability, ease of use, and utility as a first-line heart disease screening tool. Over the forecast period though, AI-powered smart ECG devices are predicted to see the fastest adoption. These next-gen diagnostic aids integrate seamlessly with electronic health records, enabling streamlined workflows.
By lead type, standard 12-lead ECG configurations dominate among emergency clinicians thanks to their ability to rapidly detect heart attack complications. But more compact 3 to 6 lead ambulatory and wearable monitors are rising in popularity for daily CVD checks.
Geographically, well-established healthcare systems and an advanced base of CVD patients position North America as the prime market. However, developing global economies offer the ripest opportunities as cardiovascular disease rates climb and investments expand healthcare access. Companies looking to capitalize on the high-growth diagnostic ECG industry would do well to focus expansion plans there.
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In summary, with strong momentum as global risk factors boost demand for CVD screening, the diagnostic ECG market looks positioned to chart impressive gains worldwide. An expected value approaching $11 billion within five years highlights the potential rewards for manufacturers with insights into the trends and competitors shaping success.
Related Links:
https://www.prnewswire.com/news-releases/diagnostic-electrocardiograph-ecg-market-worth-11-3-billion–marketsandmarkets-301912393.html
https://www.linkedin.com/pulse/diagnostic-electrocardiograph-market-size-share-1rchf?trk=article-ssr-frontend-pulse_more-articles_related-content-card
https://www.linkedin.com/pulse/ecg-market-set-reach-113-billion-2028-unveiling-cxedf?trk=article-ssr-frontend-pulse_more-articles_related-content-card
https://www.marketsandmarkets.com/Market-Reports/Diagnostic-ECG-global-Market-173.html
https://www.marketsandmarkets.com/PressReleases/diagnostic-ecg.asp
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According to recent market analysis, the global qPCR reagents market is projected to grow at a compound annual growth rate (CAGR) of 7.7% in the coming years. This remarkable growth can be attributed to several key drivers, including the rising patient population base for infectious diseases and genetic disorders, coupled with the growing geriatric population and the increasing public-private investments in PCR-based research.
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Driving Forces Behind Market Expansion
- Technological Advancements: The life sciences sector has witnessed a surge in technological advancements, paving the way for more sophisticated and sensitive qPCR reagents. These advancements have not only improved the accuracy and reliability of diagnostic tests but have also expanded the applications of qPCR in various fields, such as drug discovery, biomarker identification, and gene expression analysis.
- Increasing Research Funding: The successful completion of the Human Genome Project has opened up new avenues for research in the field of genomics and molecular biology. Consequently, public and private organizations have increased their investments, funds, and grants for PCR-based research, driving the demand for high-quality qPCR reagents.
- Aging Population and Chronic Diseases: The global population is aging, and with it comes an increased prevalence of chronic diseases, such as cancer, cardiovascular disorders, and neurodegenerative conditions. qPCR plays a crucial role in the early detection, diagnosis, and monitoring of these diseases, contributing to the market’s growth.
- Expansion of Diagnostic Applications: qPCR reagents have found widespread applications in diagnostic settings, such as hospitals and diagnostic centers. The ability to rapidly and accurately detect and quantify pathogens, genetic mutations, and biomarkers has made qPCR an invaluable tool in disease diagnosis and treatment planning.
Market Segmentation and Regional Outlook
The qPCR reagents market can be segmented based on various factors, including packaging type, end-user, and geographic region.
- Packaging Type: The market is classified into core kits and mastermixes. The core kits segment is expected to account for the largest share due to their affordability, flexibility, and growing availability across major markets.
- End-User: The market is divided into hospitals and diagnostic centers, research laboratories and academic institutes, pharmaceutical and biotechnology companies, clinical research organizations, and forensic laboratories. Hospitals and diagnostic centers are anticipated to hold the largest market share, driven by the strengthening of healthcare infrastructure and the increasing demand for efficient disease diagnosis and treatment.
- Regional Outlook: North America, particularly the United States, is expected to dominate the qPCR reagents market during the forecast period. This can be attributed to the high penetration of qPCR technologies among key end-users, continuous product advancements, and the ongoing reduction in the average cost of genome sequencing.
Challenges and Future Prospects
While the qPCR reagents market presents significant growth opportunities, it is not without its challenges. Technical limitations associated with qPCR, such as sensitivity to inhibitors, the risk of contamination, and the need for expensive equipment, may hinder market growth to some extent.
However, the future prospects for the qPCR reagents market remain bright. Continuous research and development efforts, coupled with strategic partnerships and collaborations among key market players, are expected to address these challenges and drive innovation. Additionally, the increasing emphasis on personalized medicine and the growing demand for early and accurate disease detection will further fuel the adoption of qPCR technologies worldwide.
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As the healthcare industry continues to embrace precision medicine and the need for rapid and reliable diagnostic solutions grows, the qPCR reagents market is poised to play a pivotal role in shaping the future of molecular diagnostics and biomedical research.
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According to research report the global minimal residual disease testing market is projected to reach $2.3 billion by 2027, growing at a CAGR of 14.0% from 2022. Key factors driving this market expansion include the rising prevalence of cancer and hematological malignancies, increasing government initiatives to raise awareness about cancer, and growing collaborations among stakeholders. Emerging economies like China, Japan, and India present lucrative opportunities for market players.
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Driver: Rising incidence of hematological malignancies
Over the years, the incidence of hematologic cancer has increased significantly, which includes leukemia and lymphoma. According to the Leukemia & Lymphoma Society 2020-2021, an estimated 1,519,907 people in the US are living with or in remission from leukemia, lymphoma, myeloma, myelodysplastic syndromes (MDS), or myeloproliferative neoplasms (MPNs). Also, the rising geriatric population across the globe is also a key factor supporting the increasing incidence of hematologic malignancies, as this population segment is more prone to various chronic diseases. Such cancer patients require continuous monitoring of disease during treatment. Also, the monitoring of minimal residual diseases (MRD) has become a routine clinical practice post-cancer treatment. As a result, the preference for minimal residual disease testing will likely rise in the forecast period, proportional to the growth in cancer prevalence.
Segmentation Insights:
By Technology:
– The polymerase chain reaction (PCR) segment held the largest share in 2021 due to its ease of use, availability, relative sensitivity, and cost-efficiency.
By Application:
– The hematological malignancies segment is expected to register the highest growth rate during the forecast period, primarily driven by the increasing incidence of leukemia and lymphoma, necessitating continuous patient monitoring.
By End-User:
– In 2021, the hospitals and specialty clinics segment accounted for the largest share owing to the availability of advanced diagnostic devices and skilled healthcare professionals.
Regional Analysis:
– North America dominated the MRD testing market, attributed to the growing incidence of hematological malignancies, well-developed healthcare systems, the presence of leading clinical laboratories, and easy access to advanced diagnostic instruments.
Key Players:
Labcorp Inc., F. Hoffmann-La Roche Ltd., Guardant Health, Sysmex Corporation, NeoGenomics Laboratories, Inc., Adaptive Biotechnologies Corporation, ArcherDX, Inc., Asuragen Inc., Arup Laboratories Inc., Bio-Rad Laboratories, Inc., Cergentis B.V., Molecular MD (ICON plc), Invivoscribe, Inc., Mission Bio, Inc., Natera, Inc., Opko Health, Inc., Quest Diagnostics, and Genetron Health, among others.
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The report provides a comprehensive analysis of the MRD testing market, including market size, growth projections, segmentation insights, regional dynamics, and competitive landscape. It offers valuable insights for companies operating in this space and those seeking to enter or expand their presence in the MRD testing market.
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According to research report the global stable isotope labeled compounds market size is projected to reach USD 312 million by 2024 from USD 269 million in 2019, at a CAGR of 3.0% between 2019 and 2024. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The growth of this market is driven majorly by the increase in research activities in the pharmaceutical and biotechnology sector, rising proteomics research, and the rising prevalence of cancer. However, the high cost of stable isotope-labeled compounds is expected to restrain the growth of this market during the forecast period.
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The research segment accounted for the largest share of the stable isotope labeled compounds market in 2019.
Based on application, the stable isotope labeled compounds market is segmented into research, clinical diagnostics, industrial applications, and other applications. The research segment accounted for the largest share of the stable isotope-labeled compounds market in 2019, owing to rising research activities in the biomedical, pharmaceutical, environmental & ecological, and agricultural sectors.
North America market of the stable isotope labeled compounds industry is expected to grow at the highest CAGR during the forecast period
North America is expected to dominate the stable isotope labeled compounds market. The major factors driving the growth of this market include the growth of the pharmaceutical and biopharmaceutical industry, the large nuclear industry in the US, the growth of the Canadian pharmaceutical industry, and the availability of funding in North American countries. North America is also expected to register the highest CAGR during the forecast period.
Cambridge Isotope Laboratories (CIL) (US), Merck KGaA (Germany), and URENCO (UK) are the key players operating in the stable isotope labeled compounds market. Other prominent players in the market include IsoSciences, LLC (US), Medical Isotopes, Inc. (US), Omicron Biochemicals, Inc. (US), Trace Sciences International (US), Alsachim (France), Taiyo Nippon Sanso Corporation (Japan), and Rotem Industries Israel Ltd. (Israel).
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Cambridge Isotope Laboratories (CIL) is one of the leading positions in the stable isotope labeled compounds market. The company offers a comprehensive portfolio of stable isotope-labeled compounds for laboratories; medical, government, and academic research centers; and healthcare facilities. The company offers more than 15,000 products and has ISO 13485, ISO/IEC 17025, and ISO Guide 34 quality systems, along with cGMP production capabilities. Over the years, the company has extended its global footprint in four countries—the US, Canada, France, and Germany.
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The global defibrillator market market is expected to reach USD 18.1 billion by 2028 from USD 13.6 billion in 2023, at a CAGR of 5.9% during the forecast period. Factors such as an increase in cardiac arrest among patients with cardiovascular diseases worldwide, growing initiatives by government or private organizations to boost the installation of defibrillators in public access places to enhance the responses during cardiac arrest emergencies, and a rise in defibrillators training & awareness programs are anticipated to propel the growth of defibrillators market during the forecast period. Moreover, ongoing developments in S-ICDs and MRI-compatible ICDs & CRT-Ds and improving healthcare infrastructure in emerging nations will likely support the market’s growth.
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Opportunity: Growing number of mergers & acquisitions among market players
Many key market players in the defibrillator market are increasingly acquiring other players to expand their product offerings globally. These acquisitions help manufacturers of implantable and external defibrillators improve their technical efficiencies, strengthen their financial base, penetrate emerging markets, and offer patients a wide range of products. Acquisitions enable defibrillator manufacturers to maintain their profit margins and enhance their geographic presence despite the increasing cost pressures. Some of the key mergers & acquisitions in the defibrillator market are listed below. In July 2020, ZOLL Medical (an Asahi Kasei subsidiary) acquired Cardiac Science to strengthen its Critical Care segment. This acquisition diversified the company’s defibrillator and cardiac care segment, helping the parent company maintain a competitive edge in the market.
Challenge: Lack of awareness about sudden cardiac arrests in developing countries
Defibrillators are typically used to restore normal heartbeat in critical cardiac patients (such as arrhythmia, cardiac arrest, etc.). However, developing countries such as India, Indonesia, and Brazil are reported with limited public awareness levels about the clinical relevance of timely interventions through defibrillators as well as a limited operational understanding of defibrillators among the general public.
Therefore, clinical and product awareness level in developing countries is a major challenge to sustained and positive demand growth of defibrillator products during the coming decade. This is further aggravated by frequent product recalls resulting in lower availability of innovative external defibrillators in the market.
The defibrillator market is consolidated and dominated by various global players as of 2022. Major players operating in this market are Medtronic (Ireland), Stryker (US), Koninklijke Philips (Netherlands), Asahi Kasei Corporation (Japan), Boston Scientific Corporation (US), and Abbott (US). These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand their presence in defibrillators.
Medtronic (Ireland): Due to its extensive product portfolio, Medtronic is the leading player in the global implantable defibrillators market. The company primarily focuses on developing innovative products to treat and manage heart failure and heart rhythm disorders. The company focuses on inorganic business growth strategies such as product development & commercialization, acquisitions, and market expansions to strengthen its current position and gain a larger share of the neurovascular devices market. The company received the CE Mark for its implantable defibrillator system, Aurora EV-ICD MRI SureScan, and Epsila EV MRI SureScan for managing irregular heart rhythms in 2023.
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North America to dominate the global defibrillator market
The defibrillators market is segmented based on the region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest share of the defibrillators market. This can be attributed to the rapid adoption of technologically advanced defibrillators, favorable reimbursement policy, and the strong presence of defibrillator manufacturers with a strong focus on strengthening R&D through investments in new product development. Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to the presence of a large target patient pool, government initiatives to modernize & expand healthcare infrastructure, and expansion of market players in the region.
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The global minimally invasive surgical instruments market is projected to reach USD 28.9 billion by 2026 from USD 20.2 billion in 2021, at a CAGR of 7.4% during the forecast period. Growth in this market is mainly driven by factors such as the increasing number of surgical procedures worldwide, the advantages of MIS over open surgical techniques, and the increasing adoption of advanced robotics in ASCs. However, the high degree of market consolidation among market players and the requirement of high capital investments are the major factors hampering the growth of this market.
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The handheld instruments segment accounted for the largest share of the minimally invasive surgical instruments market, by product segment, in 2020
The minimally invasive surgical instruments market is segmented into handheld instruments, inflation devices, surgical scopes, cutting instruments, guiding devices, electrosurgical & electrocautery instruments, and other instruments. The growth of the handheld instruments segment can be attributed to the low cost of articulating laparoscopic handheld surgical instruments. These instruments are commonly used in applications such as cardiothoracic, arthroscopy, urology, cardiovascular, and neurological surgeries.
The hospitals and specialty clinics segment accounted for the largest share of the minimally invasive surgical instruments, by end user segment, in 2020
The minimally invasive surgical instruments market is segmented into hospitals and specialty clinics and ambulatory surgery centers. In 2020, the hospitals and specialty clinics segment accounted for the largest share of the minimally invasive surgical instruments market. Hospitals and specialty clinics have larger investments in lab automation and information management as compared to other end users. They are well-equipped to carry out multiple tests. Owing to such advantages, economies like India and China are focusing on increasing the number of hospitals in their respective healthcare systems. Therefore, the adoption of minimally invasive surgical instruments is higher in hospitals and specialty clinics.
The key players in this market are Medtronic plc (Ireland), Johnson & Johnson (US), Stryker Corporation (US), Abbott Laboratories, Inc. (US), Boston Scientific Corporation (US), B. Braun Melsungen AG (Germany), CONMED Corporation (US), Smith & Nephew plc (UK), Zimmer Biomet Holdings, Inc. (US), Becton, Dickinson and Company (US), The Cooper Companies Inc. (US), HOYA Corporation (Japan), Surgical Innovations Group plc (UK), Koninklijke Philips N.V. (Netherlands), FUJIFILM Holdings Corporation (Japan), KARL STORZ SE & Co. KG (Germany), Applied Medical Resources Corporation (US), KLS Martin Group (Germany), Scanlan International, Inc. (US), Wexler Surgical (US), STRAUSS SURGICAL (US), AMNOTEC International Medical GmbH (Germany), EndoMed Systems GmbH (Germany), TROKAMED GmbH (Germany), and Surgical Holdings (UK).
In 2020, Medtronic plc held the leading position in the minimally invasive surgical instruments market. The company has maintained a leading position in the market through its strong distribution networks across North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The company adopts inorganic growth strategies to increase its dominance in this market. For instance, in June 2019, the company acquired Titan Spine (Germany). This acquisition strengthened Medtronic’s position as a leading innovator in procedural solutions for spine surgery. Such developments will enable Medtronic to add innovative technologies and products to its portfolio, which, in turn, will strengthen its presence in the minimally invasive surgical instruments market.
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Asia Pacific is expected to be the fastest growing region during the forecast period.
The rising incidence of chronic diseases, the continuous increase in the number of hospitals and doctors and the increase in affordability, presence of a large patient pool undergoing surgical treatments, increasing medical tourism, and the favorable government policies are some of the major factors which are expected to fuel the growth of the regional market during the forecast period. In addition, the regulatory policies in the Asia Pacific region are more adaptive and business-friendly than those in developed countries. This has drawn key players in the minimally invasive surgical instruments market to focus on APAC countries.
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