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The use of monoclonal antibody custom service has grown at an increased pace because of increased consumption demand. Market concentrated reports associated with the healthcare industry amid others recently have been made available by Market Research Future which issues reports on this industry. The market for monoclonal antibody custom service market globally is anticipated to earn revenues worth USD 1,461.93 million by 2023 while expanding at a CAGR of 10.84% in the forecast period.
The inclusive services for expression, antibody cloning, engineering, and purification are the main factors that are contributing to the progress of the market in the forecast period. Amplified focus on research & development related to this market is powering the growth of the market at an enhanced pace in the forecast period. The Monoclonal Antibody Therapy market also has gained a significant push due to growth in the number of cases for chronic diseases that are being detected around the world.
Global Competitive Analysis
The opportunities for growth and innovation have increased at a rapid pace transforming the landscape of the market. The competitors in the market have been spurred to devise strategic road-maps that capitalize on the positive market cues. Engaging and converting prospective opportunities is modifying the growth pace of the market considerably. The momentum of the market’s growth has altered the competitive background of the market. The vital trends and players have established a positive tone for development. By guaranteeing demand and supply are in balance the competitors can unlock new opportunities for growth. The key players and trends have created a positive tone for development.
GenScript, Thermo Fisher Scientific, Creative-Biolabs, Abnova Corporation, ProMab Biotechnologies Inc, Abcam plc, Envigo, and others are the significant contenders shaping the growth of the market in the forecast period.
Industry Segments
The monoclonal antibody custom service market globally is segmented on the basis of application, type, and end-users. The type segment of the market is segmented into rabbit custom monoclonal antibody, rat custom monoclonal antibody, and others. The rabbit monoclonal antibody market is expected to grow at the fastest CAGR of 11.48% during the forecast period. The segmentation based on application consists of therapeutic application, diagnostic application, and protein purification. The diagnostic application is additionally sub-segmented into diagnostic imaging and biochemical analysis. The biochemical analysis is furthermore segmented into cancer, hormonal disorder, pregnancy, and infectious diseases. The diagnostic imaging segment is moreover segmented into cancer, cardiovascular diseases and bacterial infections. The therapeutic application is additionally segmented into MAb as targeting agents and MAb as therapeutic agents. The segment of end users in the market is segmented into pharmaceutical & biotechnology companies, customized monoclonal antibodies hospital, research & academic laboratories, and others.
Detailed Regional Analysis
The Americas region leads the market for monoclonal antibody custom service due to the presence of a large base of the patient population, well-developed technology, increased healthcare expenditure and the existence of the top contenders in the market. The European region occupies the next position in the monoclonal antibody custom service market. It is anticipated that the backup provided by the government bodies for research & development is fuelling the market in the European region. The Asia Pacific region is projected to surge rapidly during the forecast period. The high growth rate is owing to rising risk of infectious diseases in this region. The Middle East and Africa region controls the least portion of the market due to the existence of slow developing and economically backward countries, particularly, in the African region.
Industry Updates:
Immunoprecise Antibodies has announced of late that it has signed a binding letter of intent with U-Protein Express BV. The Company has approved to acquire all of the outstanding and issued shares of U-Protein. This denotes a key step in the board of directors' constant review of potential strategic acquisition opportunities for the Company. This transformative acquisition is an outstanding strategic fit for ImmunoPrecise as it is corresponding to our expertise in custom monoclonal antibody production as well as offering an exceptional opportunity to grow their business into the European marketplace.
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Market Insights:
The rising burden of cancer globally has necessitated the adoption of developed cancer diagnostic solutions in the healthcare sector. It has a positive impact on the growth and expansion of the cancer diagnostics market.
Early detection of cancer is the key area of focus for the market players. Technological advancements and innovations are being focused on for the development of precise and efficient cancer diagnostics, thus, fueling demand in the market. The growth trajectory of the cancer diagnostic market is guided by the strategies implemented by the key players for accelerated revenue creation such as mergers and acquisitions, collaborations, etc.
Competitive Dashboard:
Some of the key players profiled in the report are Armune BioScience, Inc. (U.S.), BioMark Diagnostics Inc. (Canada), Biotheranostics, Inc. (U.S.), Cancer Diagnostics, Inc. (U.S.), Arquer Diagnostics Ltd (U.K), Agilent Technologies, Inc. (U.S.), Becton, Dickinson and Company (U.S.), GE Healthcare (U.K), QIAGEN N.V. (Netherlands), Thermo Fisher Scientific, Inc. (U.S.), Illumina, Inc. (Denmark), Abbott Laboratories, Inc. (U.S.), Siemens Healthcare (Germany), Philips Healthcare (U.K.), Roche Diagnostics (Switzerland), and C.R. Bard, Inc. (U.S.).
Market Segmentation:
By type, the cancer diagnostics market has been segmented into biopsy based, endoscopy based, imaging procedure, tumor cancer diagnostics, and others.
By application, the global cancer diagnostics market is segmented into lung cancer, breast cancer, colorectal cancer, cervical cancer, prostate cancer, skin cancer, blood cancer, kidney cancer, liver cancer, pancreatic cancer, and others.
By end-user, the cancer diagnostics market has been segmented into diagnostic center, clinic, hospital, research institutes, and others.
Regional Analysis:
By region, the global cancer diagnostics market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas currently dominate the global market and is expected to retain a substantial share of the market towards the end of 2023. The factors favoring the growth of the market in the region include increasing patient pool, technological advancements, growing government support and funding in research & development, etc.
Europe is an important growth pocket in the global cancer diagnostic market. The regional market is supposed to exhibit healthy growth due to catalyzed research & development activities supported by the governments. Asia Pacific is projected to be the fastest growing regional market owing to factors such as developing healthcare sector, booming medical tourism, increasing healthcare expenditure, etc. Meanwhile, the Middle East & Africa holds the least share of the market due to poor healthcare infrastructure.
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The global healthcare supplements market is projected to grow steadily and generate incredible revenues over the forecast period of 2017-2023, reveals a research report by Market Research Future (MRFR). Prevalence of lifestyle diseases such as diabetes, obesity and cardiovascular disorders which leads to an adoption preventive healthcare approach which, in turn, results in increased demand for health supplements. The intake of health supplements is particularly prevalent among athletes who are primarily reliant upon health supplements to compensate for inadequate diet and meet the high demands of rigorous training.
The health supplement market faces a unique challenge from varying regulations and enforcement process across the globe. Regulations and enforcement practices pertaining to health supplements vary across nations, and products and ingredients often have to be tailored to facilitate sales. Lack of standardization in the market and sale of fake, unregistered and unapproved products i9s also a challenge to the growth of the industry.
Increased practice of self-diagnosis and self-medication coupled with the availability of active nutrition supplements over the counter has augmented the market growth. Additionally, the rise in geriatric population and adoption of preventive health care among them also spur the market growth. Rise in promotional activities through social media has been able to popularize health supplements and has driven the market. However, lack of awareness regarding dosage of supplements and health hazards associated with over or improper consumption of health supplements might limit the market growth.
Competitive Landscape
The global health supplements market is highly competitive. The entry of industry players into the market has intensified the competition, and the market players are implementing various strategies to capture a considerable share of the market. The key players functioning in the market include Herblife International (U.S.), E. I. du Pont de Nemours and Company (U.S.), Abbott Laboratories (U.S.), The Nature's Bounty Co. (U.S.), GlaxoSmithKline Limited (U.K), BASF SE (Germany), Glanbia plc (Republic of Ireland), Alticor Inc. (U.S.), Bayer AG (Germany).
Segmentation
The global health supplement market has been segmented based on type, application, ingredient, and end-user. By type, the market has been segmented into dietary supplements, bodybuilding supplements, eye health supplements, specialty supplements, and others. By application, the market has been segmented into cardiology, rheumatic disorders, allergy, and others. By ingredients, the market has been segmented into vitamins & minerals, amino acids, botanicals, enzymes, and others. By end-user, the market has been segmented into hospitals, clinics, research centers, and others.
Regional Analysis
The key markets of the global health supplement market include the Americas, Europe, Asia-Pacific and the Middle East & Africa. The Americas account for the most significant share of the market owing to the concentration of key players in the region coupled with the availability of funds for research and development due to government support. Increasing investment in healthcare is also supporting the growth of the market in the region. Europe is the second largest market for health supplements. High healthcare expenditure, government funding for R&D activities and presence of key players in the region can be attributed for the position. Asia-pacific market is projected to exhibit substantial growth over the forecast period owing to the availability of the massive patient pool, increasing healthcare spending and rising disposable income in emerging countries of the region. The Middle East &Africa market holds a small share of the market and is foreseen to progress slowing due to lack of awareness regarding healthcare and unavailability of funds.
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Market Overview
The Medical Second Opinion Market is expected to reach $7.12 billion by 2025, with a CAGR of 19.1% over the forecast period of 2020-2025. After the original diagnosis, the patient may seek a second opinion from a medical professional. When the patient is unsatisfied with the prognosis or if there is a more need for validation within the case of some critical surgical operations, the patient might request a medical second opinion. Post the original diagnosis; the patient may seek a second opinion from a medical professional. Chronic diseases like ocular disorders, pulmonary disorders, neurological disorders, and nephrological disorders, which are driving the medical second opinion market growth over the projected period, have a significant need for a second opinion.
Market Segmentation
Medical second opinion depending on disorder kind Cardiac disorder, neurologic disorder, organ transplant, COPD, skin disorder, ocular disorder, kidney, nephrological disorder, urological disorder, and others are some of the market segments. In terms of revenue, the neurological illness segment had the highest share in 2019. It is due to a growing emphasis on lowering healthcare costs and increasing the incidence of neurological illnesses. During the projected period 2020-2025, COPD is expected to increase at the fastest rate of 19.7%. It is due to the rise in the prevalence and incidence of asthma, COPD patients, technological developments, and an ageing population.
The Medical Second Opinion Market is divided into Health Insurance Companies, Hospitals, Online and Offline Second Opinion Service Providers, medical second opinion services, Private Clinics, and Others based on the kind of service provided. In 2019, the hospital segment accounted for the majority of the market. This is due to the convenience they offer patients and the rising prevalence and incidence of technological breakthroughs, asthma and COPD, and the aging population. Throughout the forecast period 2020-2025, the market for online and offline second opinion service providers is expected to develop at the quickest rate. It is due to the increasing number of hospitals and online provider services and increased efficiency and service provider features, all of which are adding to the segment's development.
Regional Classification
The Medical Second Opinion Market is divided into Europe, North America, Asia-Pacific, and the World, depending on geography. In terms of revenue, North America dominated with an overall share of XX percent in 2019. It's due to a well-informed population, advanced healthcare infrastructure, and supportive government policies. During the prediction year 2020-2025, Europe is expected to have the highest CAGR. This is due to a rising need in European nations for enhanced diagnostic and treatment planning and lower financial costs and easier contact.
Industry News
The purpose of a medical second opinion is to provide useful information regarding a patient's present treatment choices. The notion is important in addressing the misunderstanding which might arise when multiple treatment options are suggested for a single instance. Furthermore, the opinion is sought to obtain additional information that may improve the illness's treatment outcomes.
Superior treatment outcomes and a growing inclination for healthcare cost-efficiency are driving the worldwide medical second opinion market. The medical second opinion can help confirm a diagnosis, which helps to improve the treatment's accuracy. However, a lack of understanding and apprehension about seeking a second opinion from a doctor stymies market growth in developing markets. Furthermore, increased investments in telemedicine technology are providing market participants with growth potential.
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Market Overview
Electronic Trial Master File Systems have grown in favor across a variety of enterprises, including pharmaceutical and biotechnology firms, in the digital age. The eTMF Systems market is growing in popularity since the novel solution allows customers to get a real-time view of clinical papers and manage them effectively. The global eTMF systems market is growing due to a number of factors, including increased acquisitions, new solution and service deployments, and partnerships by leading market participants, as well as an increase in the number of clinical trial studies.
Electronic Trial Master File Systems Market growth is expected to reach a value of USD 1825 Million by 2025, at a CAGR of 13.11% during the assessment period of 2019 to 2025.
However, small and medium-sized businesses' budget constraints, as well as a scarcity of experienced people to operate electronic systems, may make such solutions less appealing. As a result, such factors may limit the market's expansion throughout the forecast period.
The etmf clinical trials has changed dramatically as a result of Covid 19. It has heightened the necessity to integrate digital technologies into therapeutic activities in order to reduce reliance on manual processes. The epidemic has provided an opportunity to efficiently and creatively record and maintain clinical trial documents. Organizations have turned to the eTMF systems idea to combine digitalization while handling clinical data to capitalize on the new opportunities in the post-Covid era.
Competitive Dynamics
The notable players of the market are Aurea, Inc. (US), Covance Inc. (US), ePharmaSolutions (US), MasterControl, Inc. (US), Oracle (US), Phlexglobal (UK), SureClinical Inc. (US), TransPerfect (US), Veeva Systems (US), and Wingspan (IQVIA) (US).
Segmental Analysis
The eTMF Systems Market can be divided into two categories based on their components: software and services. Both market categories have been performing well, and they are expected to contribute to the Electronic Trial Master File (eTMF) Systems Market's growth over the anticipated time.
The eTMF Systems Market can be divided into on-premise and web/cloud-based systems based on the deployment model. According to the eTMF Systems Market Forecast, the web/cloud segment will likely be the fastest-growing segment in the near future.
According on the end-user, the eTMF Systems Market can be segmented into contract research organizations, biotechnology and pharmaceutical businesses, and others. Due to the increased demand for exact master file solutions, contract research companies are likely to acquire a significant chunk of the Electronic Trial Master File (eTMF) Systems Market Share throughout the forecasted period.
Regional Overview
The global eTMF Systems Market is segmented into four regions: the Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas is the most important regional sector in terms of market growth on a worldwide scale. Oracle and Veeva Systems are two key players that control a considerable percentage of the Electronic Trial Master File (eTMF) Systems Market Value.
On a worldwide scale, the European market has been performing admirably. The high level of support from regulatory bodies is one of the market's primary drivers. The adoption of quickly growing technology in the market is one of the primary Electronic Trial Master File (eTMF) Systems market trends that is consistent across various regional sectors.
The Asia Pacific region is expected to perform well in the market over the anticipated period. Due to the rising adoption rate of eTMF software and services in Asian countries, the eTMF systems market in this region is expected to develop at the quickest rate throughout the assessment period.
The Middle East and Africa regional division is the smallest in terms of geographical area. The inadequate development of the region's healthcare infrastructure, as well as a lack of exposure to digital technologies and innovations, are the key factors for the eTMF Systems Market's limited growth. Each geographical division is projected to contribute to global market performance during the forecasted time.
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Market Analysis
The global healthcare enterprise software market is expected to touch USD 76.45 billion at a staggering 13.0 % CAGR during the forecast period. Healthcare software is used by nursing homes and hospitals for managing data both clinical and non-clinical. It helps in maintaining patient records electronically resulting in hassle-free storage and retrieval. Such software aids in managing, securing and analyzing information precisely in healthcare environment. Ample data can be stored here rather than handling records manually.
There are abundant factors that is propelling the growth of the healthcare enterprise software solution market. These factors as per the MRFR (Market Research Future) report include increase in software solutions available exclusively for healthcare management, increasing global competition, increasing awareness about enterprises software, introduction of new software services, technological advancement and innovation, entry of novel industry players, increasing number of enterprises across the world, strict rule governing the patient information management and attention on electronic health records. On the contrary, price of the software solution is likely to impede the growth of the many healthcare facilities now use voice recognition software for transcription.
Market Segmentation
MRFR report offers a broad segmental analysis of the healthcare enterprise software market on the basis of types, mode of delivery, applications and end users.
Based on types, it is segmented into billing, HR management software, laboratory management software, OT management software, scheduling software, inventory management software, patient registration software and others.
Based on mode of delivery, the healthcare enterprise software market is segmented into cloud base and on-premise.
Based on application, it is segmented into non-clinical, clinical and others.
Based on end users, the healthcare enterprise software market is segmented into pharmacy, clinics, hospitals and others.
Regional Analysis
By region, the healthcare enterprise software market covers growth opportunities and latest trends across Americas, Europe, Asia Pacific and Middle East and Africa. Of these, Americas will remain the largest market over the forecast period owing to growing need for software solutions to manage patient’s medical records coupled with increasing utilization of information technology (IT) in hospitals. Factors that are imparting towards the growth of the healthcare enterprise software market in this region include extensive utilization of software solutions for healthcare management, use of electronic records over manual records, growing significance of electronic health records, advancement in technology in software development, health record maintenance, awareness amid patients regarding significance of their medical records as well as, legal applications, and demand for software solutions that are user friendly. In the US the leading healthcare IT and medical device companies are global leaders in offering healthcare software solutions and manufacturing medical components and devices. The healthcare enterprise software market in Europe will have the second major share due to rise in use of IT for healthcare management. This market is expanding constantly and catching up slowly with the market in North America. In the APAC region, the healthcare enterprise software market is expected to grow at the fastest pace owing to increasing awareness regarding the software coupled with use of electronic records over manual records. Diagnostic devices are showing an increasing and positive growth in the market. Toshiba Medical Systems Corporation is one of the key market players in this region. The demand for healthcare outreaching supplies, population growth and increasing disease burden is driving the growth of the market in this region. On the other hand, the healthcare enterprise software market in the Middle East and Africa is anticipated to show a steady growth over the forecast period.
Key Players
Leading players profiled in the healthcare enterprise software market include CompuGroup (UK), Medidata Solutions (US), Athenahealth (US), Cerner Corporations (US), McKesson Corporation (US), Infosys Ltd. (U.S), Cognizant Technology Solutions Corporation (U.S.), IBM Corporation (U.S), Allscripts Healthcare Solutions (U.S), and Microsoft Corporation (U.S).
April 2019- Amazon has come up with its latest software which makes the Alexa voice assistant Health Insurance Portability and Accountability Act (HIPAA) compliant. This will pave the way for technical giants in strengthening their foothold in healthcare.
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Market Insights
According to the latest reports published by Market Research Future Reports, the global oral thin film drugs market is all set to expand at a CAGR of 8.10% from during forecast period. Oral drug delivery considered as an essential part of drug delivery and pharmaceutical industry. Patients with dysphagia (which means difficulty in swallowing) require oral administration of drugs. Thus, oral thin film medication is established for a smooth swallow of medicines than capsules or tablets. The fast dissolving medicines are a better alternative than capsules, syrups, and tablets. These drugs are beneficial for patients on the go or patients with swallowing problems. To improve patient compliance various types of vaccines and hormones, the market players are continually making developments in this field, which is, in turn, contributing tremendously to the global oral thin film drugs market growth to rise in the years to come.
Global Oral Thin Film Drugs Market: Drivers & Trends
The boosting factor for the growth of oral thin film manufacturer can be credited to the expanding geriatric population coupling with the need for advanced drug delivery methods. Even, factors such as continuous investments that are being made in research and development (R&D) by companies and manufacturers to create easy dissolvable solutions for other diseases is highly expected to spur the market growth over the assessment period. With that, the introduction of oral thin film drugs in developing countries can act as a good revenue source for the oral thin film drugs market in the years to come.
The sharp rise in the oral thin film drugs market is noticed in the numbers of the elderly population, where the demands of it are likely to evoke 2018 to 2023 (forecast period). The pharmaceutical companies and the manufacturers are actively carrying out tremendous research and development to switch from their existing drugs to the fast-dissolving oral thin films drugs. This factor is also highly valuing the market in the years to come with substantial proliferation rate.
The oral thin film drugs delivery system has been used for both systemic and local action with the help of several routes such as oral, buccal, sublingual, ocular, and transdermal routes. Thus, the production of oral thin films is continually upgraded to the next level with the advancement in technology. These are being used extensively to offer enhanced taste masking and with easy absorption. Therefore, the growing reputation of oral thin films as an emerging, and effective drug delivery system is foreseen to push the growth of the oral thin film market in the projected time.
Key Players
Some prominent players in the oral thin film drugs market include Johnson & Johnson Services, Inc. (U.S.), Pfizer Inc. (U.S.), CURE Pharmaceutical (U.S.), Novartis AG (Switzerland), LTS Lohmann Therapie-Systeme AG (Germany), GlaxoSmithKline Plc (U.K.), and Indivior Plc (U.S.).
On the flip side, the expensive cost of treatments that involves oral thin films is projected to loom over the market as a serious threat that could discourage the rise in demand for oral thin films drugs. Other factors such as the requirement of enormous research investment and challenges related to the development of drug could hamper the demand in the global oral thin films market. On the other hand, however, the market is prognosticated to exhibit stable growth with penetration rate, approval, and development of more drugs with more advanced characteristics.
Segmental Overview
According to the research done by Market Research Future Reports, the global oral thin film drugs market has been segmented by product, disease indication, and distribution channel.
By the mode of product, the market is categorized into sublingual and fast dissolving buccal film.
By the mode of disease indication, the market is segmented into opioid dependence, migraine, schizophrenia, and nausea and vomiting, and others.
By the mode of distribution channel in the report includes hospital pharmacies, retail pharmacies, online drug stores, and others.
Regional Analysis
In the reports of MRFR, geographically the oral thin film drugs market is analyzed among essential regions such as Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa.
Among these, the Americas accounts the lion's share of the market in 2017 owing to the factors such as the existence of well-known players in the healthcare sector, increased healthcare expenditure of nations such as the U.S., as well as sophisticated healthcare expenditure.
Then comes the European oral thin film drugs market, which is also expanding at a higher CAGR over the forecast period owing to some supportive government healthcare funds that are helping the patients to overcome diseases. The strong economies of France, Germany, and the U.K. generally contribute to market revenue, which will extend until 2023 as well.
The Asia Pacific region is also touted to experience a robust growth rate of the market owing to developing economies in India, China, Japan, and more, changing the healthcare sector, and increasing geriatric population.
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Mental health has come into focus due to changing lifestyles of patients and unhealthy work hours. Mental health software and devices utilizes the power of information technology to keep a check on mental or behavioral disorders. The global mental health software and devices market report by Market Research Future (MRFR) focuses on various issues plaguing the market as well as efforts by manufacturers.
Market Outlook
The global mental health software and devices market size can expand from 2017 to 2023 (forecast period) due to the rapid adoption of software by mental health professionals. Change in health practices due to availability of patient records and mental health history can lead to effective management of patients. Collection and analysis of information, elimination of errors, rise in patient income levels, and demand for effective solutions for management of pharmacies are mental health are other drivers of the market.
Development of wearables, changing attitudes of patients and doctors towards information technology, and pressure on hospitals to reduce operational costs can drive the global mental health software and devices market. Real-time monitoring of patient health and provision of advice and medicines via telemedicine can bode well for the market growth in the coming years.
Competition Outlook
Prominent mental health software vendors and device manufacturers profiled in the report include Athena Health, Mindlinc, Mentegram, WRS Health, Kareo, Nextgen Healthcare, ICANotes, Core Solutions, InSync Healthcare Solutions, Compulink, Allscripts, Nuesoft Technologies, NextStep Solutions, Valant, Credible Behavioral Health, Welligent, Raintree Systems, Netsmart, Meditab Software, Orion Health, The Echo Group, Sigmund Software, IBM, TheraNest, Advanced Data Systems, AdvancedMD, Qualifacts, McKesson Corporation, iSalus Healthcare, and Cerner Corporation.
Segmentation Analysis
the global mental health software and devices market is segmented on the basis of solution, deployment, end users and regions.
By component, the market has been segmented by software and devices. The software has been sub-segmented into web based and standalone software.
By functionality, the market has been segmented by clinical, administrative, financial and others. The clinical segment has been categorized into tele-health, electronic health records (EHRs), E-prescribing, clinical decision support, health management, and others. The administrative has been sub segmented into information management, scheduling, workforce management, and others.
The financial has been sub segmented into accounting, revenue cycle management, business intelligence, and others.
Regional Analysis
Region-wise, the global market comprises North America, Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.
North America accounted for the largest market led by the U.S. due to focus on mental health by governments. According to the American Psychological Association in 2019, the number of young U.S. citizens with an increase of mental health disorders has risen due to shift in mood disorders. Other drivers include rapid adoption of technology and development of healthcare infrastructure by governments.
Europe is the second largest region of the market driven by large number of burnout cases and mental health issues of employees. Governments in the region have developed a common platform for collection of mental health issues and records of patients for implementation of good policies as well as welfare schemes. On the other hand, the APAC region is expected to exhibit the fastest growth rate during the forecast period due to being driven by economies of China, India, and Japan. International brands in the region are giving mental health insurance for preventing burnouts and reducing stress in the workplace.
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Market Insights
The non-invasive nature of optical coherence tomography (OCT) and its ability to generate a false-color depiction of tissue structure has made the global market for OCT highly lucrative. OCT is comparable to ultrasound imaging, with the principal difference that the technology uses light instead of sound. Research & development of the technology has led to efficient, fast and accurate OCT devices which have branched out from ophthalmology to include medical applications in dermatology, and cardiology among others, thus facilitating growth. Market Research Future's report on OCT predicts an estimated evaluation of USD 1.48 billion by 2023 and an impressive CAGR of 8.9% during the forecast period of 2017 to 2023.
Prevalence of eye diseases and the rising occurrence of cardiac conditions have motivated market growth. Rising demand for OCT market share has led to R&D for technological advancements which in turn is expected to increase market growth further. Presently, although there are many applications for OCT devices, they are primarily used in ophthalmology, this indicates unrealized potential yet to be explored which will likely push demand for this technology in the coming years.
High costs associated with portable optical coherence tomography may hamper growth. However, increasing use in various applications, supportive government regulations and favorable reimbursements are likely to mitigate this challenge to a great extent.
Key Players
Market leaders have been featured in the report to provide a comprehensive understanding of the competitive landscape. Prominent players included in the report are Imalux Corporation, Optovue, Michelson Diagnostics, Carl Zeiss AG, Alcon, Abbott Laboratories, Terumo Corporation, KONINKLIJKE PHILIPS N.V, B. Braun Melsungen AG, Boston Scientific Corporation, OPTOPOL Technology S.A, Heidelberg Engineering GmbH, Topcon Corporation, NIDEK Co., Ltd, Novacam Technologies Inc, Thorlabs Inc., and Agfa Healthcare
Market Segmentation
The optical coherence tomography market has been segmented by technology, application, type of devices and region.
By technology, the market has been segmented into spectral-domain OCT (SD-OCT), swept-source OCT, and others. The SD-OCT segment is predicted to dominate with approximately 60% share of the total market during the forecast period. Meanwhile, swept-source OCT is the fastest growing segmented and is expected to grow at CAGR of 9.1% during the review period.
By application, the market has been segmented into cardiology, ophthalmology, dermatology, oncology, and others. Ophthalmology has the most significant segment with over 53% of the market share. However, dermatology is the fastest growing application segment and is expected to grow at a considerable 9.3% CAGR during the forecast period.
By type of devices, the market has been segmented into handheld OCT devices, tabletop OCT devices, catheter-based OCT devices, and others.
By region, the market has been segmented into the Americas, Europe, Asia Pacific and the Middle East and Africa.
Regional Analysis
The Americas hold the largest share with nearly 37% of the global market share. Increasing occurrence of diabetic retinopathy and other eye diseases is one of the key factors driving the growth of the market. Moreover, there is a strong presence of market leaders. MRFR as predicted that region will reach an evaluation of approximately USD 558.34 million by 2023.
Europe follows the Americas lead and is expected to maintain a strong second lead due to supportive government policies and research & development carried out by private players is the primary propeller for the growth of the OCT market over the forecast period. The region is expected to closely follow the growth pattern of the Americas.
The Asia-Pacific region, is predicted to be the fastest growing region with a CAGR of 9.4% during the forecast period. A massive patient population in the region with a rising incidence of eye diseases and diabetic retinopathy is expected to fuel rapid growth for the region. International market leaders are trying to enter this region, and this is likely to facilitate growth in the coming years further.
The Middle East & Africa are expected to experience limited growth. This is primarily due to the passive development in the African continent.
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Diabetic nephropathy, known as diabetic kidney disease (DKD), is a kidney malady frequently found in patients with type 1 and type 2 diabetes. High prevalence of diabetes globally has culminated in diabetes co-morbidities. It can cause nephropathy which would require dialysis or a transplant. The global diabetic nephropathy market report by Market Research Future (MRFR) provides a quantitative and qualitative analysis by listing out trends, factors, and restraints with ample figures and statistics to back up the evidence.
Market Outlook
The global diabetic nephropathy market growth is expected to reach a mammoth valuation by exhibiting 5.2% CAGR from 2018 to 2023 (forecast period). This can be attributed to rising cases of obesity and diabetes. Immense demand for diagnostic and imaging tests such as kidney biopsy, blood test, urine test, CT scan, and MRI scans can fuel the market demand. According to the World Health Organization, patients with chronic diseases touched a high of 35 million globally.
Competitive Outlook
Bayer AG, Siemens AG, AbbVie Inc., Eli Lilly and Company, Mitsubishi Tanabe Pharma Corporation, Reata Pharmaceuticals, Inc., Pfizer Inc., Abbott, Merck & Co., Inc., General Electric Company, Novartis AG, Sanofi, and others are some of the noteworthy players in the global diabetic nephropathy market. Increased investments in research and development and drug discovery pertaining to chronic kidney disorders are the main focus of these players.
Segmentation Analysis
The global diabetic nephropathy market is segmented by diagnosis, treatment, indication, and end-user.
By diagnosis, it is segmented into imaging tests, urine tests, blood tests, renal function testing, and kidney biopsy. By treatment, it is segmented into kidney dialysis, medications, and transplant. By indication, it is segmented into diabetes 1 and diabetes 2. By end-user, it is segmented into research institutes, hospitals & clinics, diagnostic centers, and others.
Regional Analysis
Europe, the Americas, Asia Pacific (APAC), and the Middle East & Africa (MEA) are regions covered in the diabetic nephropathy market report.
The Americas are pegged to lead the global market till 2023 due to emphasis on diagnostic tests, constant monitoring of insulin levels, and large prevalence of chronic kidney disease (CKD). According to the U.S. National Chronic Kidney Disease, nearly 39 million Americans have CKD as of 2019. Large awareness levels can drive the regional market demand. This is exemplified with the American Diabetes Association for creating programs among diabetics for diabetes management.
The European region is deemed to be driven by kidney diagnosis tests for the geriatric populace combined with demand for diagnostic services. Germany is touted to be one of the biggest regions due to investment in new technologies and favorable reimbursement policies. High awareness of diabetes and its negligence which can cause kidney disorders is likely to drive the regional diabetic nephropathy market.
About US:
Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.