Refurbished Medical Imaging Equipment Market Worth $21.14 Billion By 2027 | Polaris Market Research

New York City, 6 Nov 2020: The global refurbished medical imaging equipment market size is expected to reach USD 21.14 billion by 2027 according to a new study by Polaris Market Research. Refurbished equipment is second hand old equipment restoring the devices to original condition without damage to the specifications. The safety and effectiveness of the refurbished equipment is comparable to new devices. In refurbishment process the equipment will undergo changes like decontamination, calibration, repair, software upgrade, cosmetic rehabilitation, replacement of worn parts, and other procedures to match to original OEM specifications.

The OEM refurbished equipment is good alternative to new products, as these systems undergo complete set of industrial procedures and available with high quality, lower price and manufacturer warranty. Hence, adoption of refurbished products helps hospitals and diagnostics centres to reduce the investments on infrastructure.

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The refurbished medical imaging equipment is cost-effective which can be bought for as low as 30% to 70% of the original equipment cost. The cost of these second hand devices, depending on features, age of the system and the condition. By purchasing refurbished equipment, the hospitals can upgrade their imaging capability at the lower cost.

The market growth is primarily attributed to increasing demand for cost-effective medical imaging equipment, increasing adoption of refurbished equipment in private healthcare sector, tax incentives, extended service life of refurbished equipment and growing e commerce. There is an increasing demand for low cost medical imaging equipment by small and mid-level hospitals, diagnostic centres and private medical institutions due to lack of enough financial resources.

Emerging and low income countries are the lucrative target destination for the concerned market. In India, district, municipal and less sophisticated hospitals often go for used medical devices due to budget constraints. Indian hospitals demand continuous service back-up for instruments and the spare parts being sold and international companies need to have liaison offices in the country to promote the sale of these devices.

Market participants such as GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Block Imaging, SOMA TECH INTL., US Med-Equip, Avante Health Solutions, Everx Pvt Ltd., Integrity Medical Systems, Inc., Radiology Oncology Systems, Inc., Master Medical Equipment, Hilditch Group, Fair Medical Co. Ltd., Future Health Concepts, US Medical Systems, LLC., Nationwide Imaging Services, Pacific Healthcare Imaging, LLC, Venture Medical ReQuip, Inc., Desert Tech Medical Systems, and Hi Tech International Group, Inc. are operating in the concerned market.

The companies in the market are focussing on acquisitions to increase their market share. For instance, recently in February 2020, the U.S., based supplier of refurbished medical equipment Probo Medical, announced the acquisition of Elite Medical Technologies, LLC and Future Medical Equipment, Ltd. The former is the renowned re-seller of the pre-owned digital medical devices, while the latter is specialized in de-installation and sales of second hand equipment. 

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Medical Drones Market To Reach US$ 947.6 Million By 2027 | CAGR: 31.6% | PMR

New York City, 6 Nov 2020: The global medical drones market size is expected to reach USD 947.6 million by 2027 according to a new study by Polaris Market Research. Medical drones refer to the aerodynamic pods that are being deployed to transport key medical supplies that comprises of primary medical aids, vaccines, and drugs. Through the development of highly advanced technology has resulted in notable adoption of medical drones across the hospitals and military bases.

There’s continuous ongoing research in this field to develop new products with superior accuracy and speed in delivery of medical supplies to the targeted location. These drones can be either operated manually or they can be strategically programmed for performing long-distance flights and following the designated route precisely. In addition, they also have several key benefits such as they don’t require any landing space and can be programmed to drop the supplies by flying near to the ground.

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Further, the impressive capability of these drones to make a flight over the closed zones and that too without any requirement of crew is the key reason for their high demand. Some other major benefits include, transporting blood samples or other lab samples to remote and small hospitals and clinics; medical support or telemedicine including, drugs, diagnostics, or key medical tools that include, portable ultrasound to remote locations or tough military terrain.

Apart from this, this technology also offer benefits such as medical supplies that include, anti-venom or vaccines to the disease exposed or disaster relief regions, providing medical supplies and prescriptions to people who are hard to reach such as those at home or at sea. Moreover, providing defibrillators to patients suffering from cardiac arrest and offering organs required for transplantation are some major applications of medical drones.

Market participants such as Zipline, DJI, DHL, TUDelft, Flirtey, Embention, Matternet, Vayu, and EHang are some of the key players operating in the global market. Zipline drones, the frontrunner in the market, have cumulatively flown more than 1 million kilometres in Rwanda with more than 13 thousand deliveries. In the outskirts of Kigali, drones carried 35% of blood samples to be transfused. The Ghana the company is also started delivering COVID-19 testing kits.

Players in the market have primarily adopted partnership strategy to strengthen their position in the global market. For instance, in June 2020, TechEagle has partnered with Zomato to boost the delivery of medical supplies via drones all across the regions in India that are facing floods and due to the ongoing COVID-19 pandemic situation.

The UK based research firm Nesta in its report titled “Flying High” in collaboration with NHS discussed the possibilities of rapid transportation of medical necessities in between the UK hospitals based in London. This move could bring faster delivery, reliable cost cutting, and improved timely patient care, even to the accident areas. It is being estimated that the use of medical drones could result in saving USD 21 billion in the annual cost to the country’s economy.

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Telepharmacy Market To Reach US$ 71.43 billion by 2027 | Polaris Market Research

New York City, 6 Nov 2020: The global telepharmacy market size is expected to reach USD 71.43 billion by 2027 according to a new study by Polaris Market Research. Telepharmacy refers to the process of delivering the pharmaceutical care through telecommunications to the patients across various locations where getting consultation from any healthcare professional is next to impossible. Telepharmacy is a subset of telemedicine which is a wider term used by the healthcare experts.

Certain services involved in telepharmacy includes patient counselling, drug therapy monitoring, refill authorization and prior authorization needed for the prescription drugs. Other telepharmacy services comprises of monitoring the formulary compliance through the deployment of videoconferencing or teleconferencing. Telepharmacy may also involve remote delivery of medicines through automated labelling and packaging systems. In addition, the delivery of telepharmacy services may even be performed through the assistance of healthcare facilities such as nursing homes, hospitals or other healthcare institutions. Telepharmacy may also deploy videoconferencing technique across the pharmacy in order to provide management, training and education services to pharmacy staff and pharmacists remotely.

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The prominent factors favoring the global market growth include advancement in technology, substantial investments in telepharmacy and rise in the prevalence of diseases. Telepharmacy offers medical care at minimal costs to the rural and other backward regions worldwide. For instance, the advancements in telehealth technology that includes faxes, videoconferencing, electronic healthcare information gathering techniques including, electronic health record (EHR).

These key technologies allow the pharmacists to proactively contribute novel and unique ways to enhance the usage of medicines in healthcare settings that include, hospitals, community pharmacy locations, nursing home as well as various other healthcare facilities. Moreover, the rising internet penetration worldwide has resulted in increasing preference for online healthcare services. Furthermore, the ongoing COVID-19 pandemic worldwide has driven the demand for maintaining social distancing amid lockdown which has in turn fueled the demand for online healthcare services that’s also anticipated to contribute to market growth. 

There’s significant variation in the implementation practices for telepharmacy depending on the region for implementation and its jurisdiction. Some key factors that include, economics, regulations and laws coupled with geography highly influence the implementation of telepharmacy. United States, Australia, Canada, Venezuela, Spain, Japan, Italy, Guam, Germany, England, Cuba, Belgium, and Bahrain are some of the nations that have deployed remote and automatic medical supply dispensing machines. Also, patients are being provided with medicines at the pharmacy outlets through the use of videoconferencing and that too without any requirement of a full-time pharmacist. 

Market participants such as Medication Review, Inc., North West TelePharmacy Solutions, McKesson Ventures, Pipeline Health Holdings, Mitsui & Co., Inc., MedTel Services, TelePharm, LLC, One Touch Telehealth, Comprehensive Pharmacy Services, Inc., AMN Healthcare, and Telepharmacy Solutions, Inc. are some of the key players operating in the global market. 

Players in the market are focusing on strategic partnership with other key companies to strengthen their market position across the globe. For instance, in June 2019, Pipeline Health Holdings which is a telepharmacy company has entered into a partnership agreement with YouScript Incorporated in order to provide highly-personalized prescribing software tools across its advanced platform referred to as PowerGridRx. This strategic partnership agreement is anticipated to enhance patient results through providing safe and optimal medical aid to each patient. PowerGridRx platform comprising of personalized prescribing software tools is combined with EHRs can simply offer key services to healthcare institutions such as hospitals, clinics, ambulatory surgical centers (ASCs) and other key healthcare facilities.

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Cancer/Tumor Profiling Market to Surpass $15.32 Billion By 2027 | CAGR: 7.15% | PMR

New York City, 6 Nov 2020: The global cancer/tumor profiling market size is expected to reach USD 15.32 billion by 2027 according to a new study by Polaris Market Research. The report “Cancer/Tumor Profiling Market Share, Size, Trends, Industry Analysis Report by Technology (Immunoassay, NGS, PCR, In Situ Hybridization, Microarray, Mass Spectrometry, Others); By Cancer Type (Breast, Lung, Colorectal, Prostate, Melanoma, Others); By Biomarker Type (Genomic Biomarkers, Protein Biomarkers, Others); By Application (Personalized Medicine, Diagnostics, Prognostics, Biomarker Discovery, Research); By Regions – Segment – Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Increasing demand for tumor profiling and diagnosis and therapy techniques is driven by oncologists. Increased use of biomarkers in tumor profiling and increasing use of next-generation cancer profiling sequencing methods are some of the main factors driving the growth of the tumor profiling market. Tumor profiling is used to evaluate the metabolism, properties, and mutations of the tumor that can assist discover effective therapies. Drugs that target these mutated kinases can be discovered and developed based on genetic modification. The profiling is considered a requirement to increase the sensitivity of kinases-focused medications because they rely on individual tumors genetic composition. Thus, these mutated profiles of DNA tumors help to create specific anticarcinogenic treatments.

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Globally there is a rise in cancer patients every year. According to the WHO this disease is considered to be the second leading cause mortalities in the year 2019. It is also estimated that that 1 out of 6 deaths were due to cancer. WHO has marked that one third of deaths from this disease are due to 5 leading behavioral and dietary risks. The factors include high body mass index, low fruit and vegetable intake, lack of physical activity, tobacco use, and alcohol use. Tobacco is one of the leading factors for the rise in the prevalence of cancer and mortalities that approximately 22%. According to WHO, in 2015, there were around 17.6 million cases related to cancer that increases to 18.1 million cases in 2018 and nearly 9.6 million mortalities. The rising number of patients is the major factor for the growth of global cancer/tumor profiling market.

Certified techniques have been identified that can reduce the time taken to identify tumors and stages of advancement along with improved support for cancer research. Moreover, major investments by major biotechnology companies for the development of new therapies and new techniques of drug design are being witnessed across countries. This has significantly driven market growth and is expected to sustain growth during the forecast period. Biomarkers play a significant part in the design of a drug regime for cancer patients by quickly developing gene profiling techniques and individualizing targeted therapies. Currently, genome based prognostic biomarkers can be used to prognosticate multiple kinds of cancer in the clinical phases. Researchers, however, contend that conversion difficulties are hindering the broad divide between the phase of biomarker discovery and their clinical conversion. The acquisition of tumor genomic data is seen as the most significant step in cancer prediction, diagnosis, and therapy.

Next Generation Sequencing (NGS) is a sophisticated technique for the sequence that can be used for accurate tumor DNA genomic sequencing. The interpreted data contribute much more quickly to the assessment of tumor purity and the magnitude of disease progression. The primary benefit of NGS is the complete exotic sequence which helps examine all protein-coding areas of the human genome. It also enables whole genome sequencing to be useful for analysis of protein coding and non-coding areas in the human genome. Such advances in technology are one of the primary drivers of global cancer/tumor profiling market.

Moreover, the growing demand for personalized medicine further provides substantial opportunities for the tumor profiling market. The personalized medicine is defined as typical care in the treatment that is customized as per an individual patient. There have been several types of research going on presently to develop personal medicine based on the patients.  Several factors should be considered before providing personal medicine to a patient. Firstly, the doctors have to detect the type or the symptoms of cancer that can be developed in a patient. Detection is important for the surgeon or the doctor, to find the best suited therapy that can treat the person. For developing a personalized medicine tumor profiling need to be taken into account as these tests will eventually reveal the various conditions of the patients such as detection of the individual developing a specific type of disease.

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Active Pharmaceutical Ingredient Market Size is Estimated to Reach $306.1 Billion By 2027 | PMR

 New York City, 5 Nov 2020: The global active pharmaceutical ingredient (API) market size is expected to reach USD 306.1 billion by 2027 according to a new study by Polaris Market Research. The report “Active pharmaceutical Ingredient (API) market Share, Size, Trends, Industry Analysis Report, By Product Type (Monoclonal Antibodies, Immunoglobulin, Cytokines, Insulin, Peptide Hormones, Blood Factors, Peptide Antibiotics, Vaccines, Small Molecule Antibiotics, Highly Potent Active Pharmaceutical Ingredient (HPAPI), and Others); By Form (Aqueous, Non-Aqueous Liquid, and Dry Powder); By Manufacturer Type (Captive, and Merchant); By Application (Cardiology, Oncology, CNS & Neurology, Orthopedic, Endocrinology, Pulmonology, Gastroenterology, Nephrology, Ophthalmology, and Others), By Regions; Segment Forecast, 2020 –2027”gives a detailed insight into current market dynamics and provides analysis on future market growth.

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Active Pharmaceutical Ingredient (API) is a substance involved in the finished pharmaceutical product (FPP), aimed to enhance the pharmacological activity or have direct impact in the cure, mitigation, diagnosis, treatment of disease or in modifying, correcting or restoring physiological functions in the human body. Drug products are composed of various components, API is the primary ingredient of a drug product, for instance, capsule or a tablet. APIs form used in the formulation is the most stable crystalline form, thermo-dynamically. 

The prominent factors favoring the global market include the sudden outbreak of novel corona virus, which is rapidly escalating the demand for pharmaceuticals and thereby fueling the overall market growth. Additionally, rise in aging population, rising cases of cardiovascular diseases, cancer, AIDs, other infectious diseases, are further contributing to augmenting demand for APIs that are used in drugs. For instance, according to a report published in March 2020, by World Health Organization (WHO), the number of COVID-19 patients increased to 200,000 and in almost after twelve-day period, the number would exceed by 100,000. Moreover, rising incidence of cardiovascular, oncology, diabetes and lifestyle diseases coupled with rising geriatric populace is furthermore surging the overall demand for the global market.

Market participants such as AbbVie Inc., Albemarle Corporation, AstraZeneca, Aurobindo Pharma, Boehringer Ingelheim, Bristol-Myers Squibb, Cipla Inc., Dr. Reddy’s Laboratories Ltd., ELI Lilly and Company, F. Hoffmann-La Roche, GlaxoSmithKline PLC, Lonza Group, Merck & Co., Inc., Mylan N.V., Novartis AG, Pfizer, Inc., Sanofi, Sun Pharmaceutical Industries Ltd, and Teva Pharmaceutical Industries Ltd. are some of the key players operating in the global market.

Players in the market are focusing on developing active pharmaceutical Ingredient to suffice the rising demand of critical drugs for the treatment of numerous diseases. For the treatment of various diseases such as cancer, HIV, arthritis, Hepatitis-B, diabetes, cardiovascular diseases, Aids and various others, which are responsible for the majority of deaths across the globe, the innovation and demand for pharmaceuticals has witnessed elevated graph over the few decades. This has further resulted in rise in growth of API during the past years and also over the forecast period.

Major players in the market are strengthening their capabilities to enhance their product portfolio and further establish their market place. For instance, on July, 2020, Advert International signed an agreement for the acquisition of RA Chem Pharma Ltd, an integrated pharmaceutical company by Micro Labs Ltd. for USD 1.7 billion. Advert International aims for building one of the major API platforms and is expected to leverage their operational and financial resources across the globe to scale RA Chem Pharma.

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Anti-Aging Market Size is Estimated to Reach USD 29.8 billion by 2027 | Polaris Market Research

New York City, 5 Nov 2020: The global anti-aging market size is expected to reach USD 29.8 billion by 2027 according to a new study by Polaris Market Research. Aging is associated with decline in bodily functions or changes in the human body. It is also associated with steady loss of strength, muscle mass and power, in combination with reduction in lung capacity and maximal rate of oxygen consumption. Beauty and skin health is considered one of the prominent factors that represents overall perception of health and well-being in consumers. Anti-aging products and treatments help combat the consumer skin by masking, preventing and reducing signs of aging.

The prominent factors favoring the market growth include rise in aging population, globally. As per the statistics published by the United Nations, through its World Population Prospects working group, in 2019, by 2050, there would be 1 in 6 old age people (over 65 years), as compared to 1 in 11 in 2019. These old age group accounts for one fifth of the total population in 17 countries, and it is projected to be increased by the end of this century in 155 countries, covering 61 per cent of the global population. This is mainly due to increase in life expectancy and declining fertility rates among the people.

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In 2019, there were around 703 million aged over 65+. Eastern and South East Asia accounted for the largest share of around 260 million, followed by Europe and North America with over 200 million. It is projected that in South Asia the biggest increase in old age would be seen in South Korea, Taiwan, and Singapore.

Signs of aged skin becomes gradually noticeable and is associated with loss of elasticity, loss of volume, appearance of wrinkles and fine lines. Rising consciousness among the populace regarding younger looking skin is furthermore surging the overall demand for anti-aging products and treatments, and thereby enhances the market growth.

Market participants such as Estée Lauder Companies Inc., Allergan plc, Avon Products Inc., L’Oreal SA, Procter & Gamble Co., Unilever, Shiseido Company, Limited, Beiersdorf AG, CCA Industries Inc., Christian Dior SA, Johnson & Johnson, Chanel SA, Neutrogena Corporation, Oriflame Cosmetics, La Prairie Group AG, Clarins, Ella Bache, NeoStrata Company Inc., Unity Biotechnology, Inc., Beauty Counter, Lumenis Ltd. and Revlon Inc., are some of the key players operating in the  global market.

Players in the market are focusing on developing anti-aging products and treatments to meet the rising demand of consumers to fight aging. In line with this, in January, 2020, Pure Nutrition Ltd, launched a range of cosmetic products in India, to tap the country’s booming beauty market. The range consisted one hair care and three skin care products produced from natural and organic ingredients and having anti-aging, anti-pollution and anti-fatigue properties.

Additionally, in September 2019, MONAT corp., specializing in natural anti-aging hair care products introduced MONAT skincare products. The launched facilitated eight skincare products designed to tackle anti-aging issues of the consumers with being cruelty-free, naturally based and vegan.

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Coronary Stent Market Worth $15.28 Billion By 2027 | CAGR: 7.7% | PMR

 New York City, 5 Nov 2020: The global coronary stent market size is expected to reach USD 15.28 billion by 2027 according to a new study by Polaris Market Research. The global Coronary Stent Market offers prominent opportunities for the players to flourish in the untapped low-income countries, particularly in the Asia Pacific region. Market is characterized by intense competition, flooded with many local players that develop safe, cost-effective, easy to use, and widely available products. These players adopt innovative strategies and develop full proof devices to provide product differentiation.

Cath labs or cardiac catheterization laboratories in hospitals and ambulance conduct both diagnostic and therapeutic procedures. For example, The Frankel Cardiovascular Center, has 4 cardiac catheterization laboratory that are used for coronary procedures, these labs complement two hybrid operating rooms. These medical facilities use technologically advanced such as DES, BMS and Bioresorbable Vascular Scaffold stents to improve the quality of life, offer better patient healthcare benefits like efficacy and safety profile, and minimize hospital stays. These procedures are not complex and are mostly performed in ASCs and digital cath labs. For Example, Absorb GT1 has clinically proven that the artery is able to dilate and contract, called vasomotion that is similar to healthy blood vessels.

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The incidence of CVDs is on the rise in globally. This is due to the lifestyle changes such as smoking and alcohol over consumption, un-healthy food habits, and lack of physical inactivity. These factors cause obesity, heart related ailments and diabetes that can lead to CVDs. In 2015, according to Global prevalence of Diabetes, India is seeing increasing diabetic patients which accounts for more than 62 million diabetic patients.

To treat this growing cases of CVDs, players are using advanced technologies to develop innovative products such as Bioresorbable Vascular Scaffold and nano-coated stents. Improvement in healthcare infrastructure has allowed medical facilities to adopt these advanced systems for disease treatment in spite of its cost. This will lead many people to undergo stent procedure to treat cardiac disorders. Public awareness of this procedure and associated systems and benefits will further lead many people to undergo them.

Market participants such as Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Biotronik, Terumo Corporation, Shandong JW Medical Systems, Cook Medicals, Biosensors International Group (acquired by Blue Sail Medical Co., Ltd), Stentys SA, B. Braun Melsungen AG, Liaoning Biomedical Materials, Meril Life Sciences, MicroPort Scientific Corporation, Lepu Medicals, Vascular Concepts, and Translumina GmbH are some of the key players operating in the concerned market.

For instance, in July, 2020, Blue Sail Medical Co., Ltd established its new Blue Sail Shanghai Innovation Center (BSIC), which was built after months of rigorous effort and well equipped with GMP facilities. The company entered into cardio-vascular area after acquiring Biosensors International Group. BSIC’s focus would be co-operating with the research and development based in Germany and Singapore to develop innovative coronary intervention products including stent from scratch.

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