Hyperbaric Oxygen Therapy Devices Market Global Industry Insights till 2025

Hyperbaric Oxygen Therapy Devices Market Overview:

Hyperbaric oxygen therapy (HBOT) devices are used to deliver 100% pure oxygen to tissues in the body under high atmospheric pressure. During HBOT, the pressure is increased to three times the normal atmospheric pressure, creating high amount of partial pressure of oxygen. Under normal conditions, one atmosphere absolute are subjected to be around 14.7 pounds per square inch of pressure and the air we normally breathe is composed of 21% oxygen and 79% nitrogen. Breathing in 100% oxygen, the body is exposed to rise in atmospheric pressure, the oxygen molecules become condensed and this allows to breathe a higher amount of partial pressure of oxygen, where in turn oxygen dissolves in the plasma around 10 to 15 times greater than normal. This super-saturation of oxygen in the body’s tissues promotes the increase in capillary growth, increase in white blood cell (WBC) activity, new tissues development, increase oxygen tension in hypoxic areas, reduction in the size of gas bubbles and numerous other physiological effects.

HBOT devices play a vital role in the field of medicine, these devices help in the treatment of many diseases such as asthma, HIV/AIDS, bell’s palsy, Parkinson’s disease, spinal cord injuries, hepatitis, migraines, multiple sclerosis, stroke and sport injuries. Moreover, HBOT devices have Food and Drug Administration (FDA) approval for treating decompression sickness, thermal, necrotizing soft tissues infection and burn injury. HBOT devices are also used in the off-label (means the medication is not specified in the FDA’s approved packaging label) medical induction treatment such as brain injuries and cancer. Such high preference from the patients and physicians for HBOT in medical field has powered growth in the HBOT devices market. The market is expected to rise in the forecast period, especially across the North America, Europe and Asia-Pacific region.

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Hyperbaric oxygen therapy (HBOT) devices market by taxonomy

Hyperbaric Oxygen Therapy Devices Market, by Product Type:

  • Monoplace HBOT Devices

  • Topical HBOT Devices

  • Multiplace HBOT Devices

by Application:

  • Wound Healing

  • Decompression Sickness

  • Infection Treatment

  • Gas Embolism

  • Others

by Geography:

  • North America

  • Latin America

  • Europe

  • Asia Pacific

  • Middle East

  • Africa

Increase in number of wound healing treatment and cosmetic procedures is expected to support the growth of hyperbaric oxygen devices market

The growth in usage of hyperbaric oxygen therapy in healing of wound and cosmetic procedure is one of the factor to rise in demand in forecast period and also the rise in healthcare costs, increase in prevalence of diseases such as asthma, diabetes, and growth rate in aging population are some of the factors that can be accounted for the largest market share. Asia Pacific market is expected to grow in the forecast period due to the increase in income, growth in medical tourism industry, and rise in public awareness benefits HBOT devices.

People who are suffering from diabetes are at increased risk for a wound development. According to the Center for Disease Control and Prevention (CDC) in the U.S., it was diagnosed that around 21.0 million people suffered from diabetes in 2014. The U.S. is expected to be the growth engine of the global HBOT market through the forecast period. This is mainly attributed to increase in incidence rate of diabetes, and rising chronic disease and acute wounds and simultaneously growth in treatment rate due to the developed healthcare technology, healthcare expenditure by the government and high disposable income are some of the factors that are expected to support the market in future near.

As per The American Society of Plastic Surgeons (ASPS) around 15.9 million minimally invasive cosmetic procedures were performed in 2014-2015 in the U.S. Moreover, increasing number of metrosexual men is in turn expected to create a highly conducive environment for growth of the HBOT market.

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Key players in the market:

  • Fink Engineering

  • HAUX-LIFE-SUPPORT

  • Gulf Coast Hyperbarics, Inc.

  • IHC Hytech B.V. (Royal IHC)

  • HEARMEC; Hyperbaric

  • Sechrist Industries, Inc.

  • OxyHeal International

  • Haux-Life-Support GmbH

  • HYPERBARIC S.A.C.

  • Hyperbaric Technology (HyTech) B.V.

  • Sands Hyperbaric Corporation

  • SOS Medical Group Ltd.

  • Hearmec Co., Ltd. and Fink Engineering Pty. Ltd.

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Telemedicine Market – Global Industry Insights and Forecast till 2025

Telemedicine Market Overview:

Telemedicine involves the use of information technology and telecommunication for the delivery of healthcare services such as health assessments or consultations over the telecommunications infrastructure. It helps the healthcare professional to diagnose, evaluate and treat patients without the need for an in-person visit and are also very useful to save lives at time of critical care and emergency situations. Telemedicine is of great help for distant rural areas as they help in overcoming the distance barriers to avail medical services at the time of requirement. Telemedicine enables the doctors to be connected through a variety of electronic means, including video conferencing, email and electronic messaging platforms. This reduces the overall cost of medical care for patients and increase healthcare accessibility.

Seeing the potential that the telemedicine provides, the World Health Organization (WHO) established global observatory for eHealth (GOe) to analyze the benefits that information and communication technologies can bring to healthcare supporting patient’s wellbeing. In 2009, the global observatory was assigned to determine the status of telemedicine at the national, regional and global level. The survey examined the four fields of telemedicine which includes telepathology, teledermatogy, telepsychology and teleradiology along with four mechanisms that will help in the development of telemedicine across all nations.

The conventional form of telemedicine that involved the use of telephone and radio have improved by the involvement of videotelephony, advanced diagnostic methods supported by various applications and tele medical devices to support in-home care.

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Telemedicine market taxonomy:

On the basis of services provided, the telemedicine market is classified into:

  • Tele-monitoring
  • Tele-education
  • Tele-consultation
  • Tele-training
  • Tele-care
  • Tele-surgery

On the basis of application, the telemedicine market is classified into:

  • Neurology
  • Orthopedics
  • Emergency care
  • Cardiology
  • Dermatology
  • Internal medicine
  • Others

On the basis of end user, the telemedicine market is classified into:

  • Hospitals
  • Clinics
  • Others

Burgeoning growth of the internet infrastructure and smartphone proliferation creates a conducive environment for growth of the global telemedicine market. Also, the rise in demand for personalized healthcare augments market growth. In 2013, American Telemedicine Association (ATA) stated the cost effectiveness of telemedicine through various research outcomes. For instance, a research was conducted in 2011 with implementation of Health Buddy Program which integrated a telehealth tool for chronically ill Medicare beneficiaries. It was found that patients who used this telemedicine had significant savings than patients who did not use it. A similar study was done in 2012 in New Mexico, which proved that costs in ‘Hospital at Home’ were 19% lower compared to care in hospitals for similar inpatients

More than 15 million Americans received medical care through telemedicine in 2016, according to American Telemedicine Association (ATA). This number is expected to grow further by 30% in 2017. Alongside ATA also issued several acts such as CHRONIC Care Act and CONNECT for Health Act in 2017 to support the growth of telemedicine across all nations. The Assembly Health Committee of New Jersey recently in 2017 legally defined the practice of telemedicine, user eligible for it and technology that can be used. This is expected to boost the telemedicine market in the region significantly during the forecast period. Another development in North Carolina allows professionals to video monitor and collect data on every far flung ICU patient through TeleICU. Furthermore, telemedicine developments are also observed in Latin America. The Government of Paraiba, Brazil introduced a telemedicine project for remote screening of hearth defects in children in 2015.

Alongside there are various medical policies available that support the telemedicine services. For instance, the Congressional Budget Office (CBO) expanded its Medicare coverage for services like consultation, individual psychotherapy and pharmacologic management on 18th May 2017.

Lack of resources, infrastructure and high technological cost may hamper the market growth in emerging economies such as India, Brazil, and African countries.

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Strategies implemented by market players to tap the emerging markets:

Key players in telemedicine market are Siemens Healthcare, McKesson, Cardio Net Inc., Cerner, IBM Corporation, Medtronic, Inc, Philips Healthcare Honeywell Life Care Solutions, GE Healthcare, AMD Telemedicine and Cisco Systems. Market players are implementing various strategies to gain share in the telemedicine market. For instance, Doc+, a Russian digital health company combined telemedicine with digital-enabled house calls through which doctors can offer consultations, sick notes, prescriptions, and a number of diagnostic tests over electronic platform in 2016.

Furthermore, in 2017, ZH healthcare collaborated with Curavi Health Telemedicine Company to deliver workflow and electronic health records (EHR) solutions that will help deliver telemedicine solutions and physician care to the nursing-home bedside.

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Global Stairlifts Market – Global Industry Insights and Forecast till 2025

Stairlifts Market Overview:

Stairlifts are the mechanical devices that is use to lift people up and down over the staircase which runs along a rail or track in home care settings or healthcare facilities. Stairlifts are also known variously as chair lifts or stair gliders. Stairlifts are motorized seats which are powered by alternating current or batteries so they can function even when there is no power cut. Stairlifts is available for both straight and curved staircases are available in market that can be customized. Stairlifts are easy to operate and also have different features which includes safety belt or harness, flip-up rail, swivel seat, limit sensors handheld controller, rechargeable batteries and call stations. Stairlifts are installed for disabled or people suffering from musculoskeletal disorders due to aging.

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Furthermore, factors such as ease of accessibility, low cost of installation, rise in geriatric population and aging-related health conditions such as hip fractures, traumatic brain injuries, Vitamin D deficiency, vision problems or lower body weakness. According to World Population Ageing Report 2015, the number of people in the world aged 60 years or over are projected to grow by 56%, from 901 million to 1.4 billion from 2015 to 2030. Straight rails are used on domestic staircase usually made up of aluminum or steel. Whereas, carriage is also an important component which moves along the rail and normally runs on small diameter roller. Stairlifts carriage include seat with arms and a footrest which has special platform known as “perch” seat for the users with shorter legs to make the stairlifts more comfortable to sit on. Stairlifts carriage can also be customized according to needs of individual, additionally stairlifts are controlled by using a control on the arm of the lift and to satisfy the safety codes stairlifts have cut-out switches connected to safety edges and also other protective devices are provided.

Global Stairlifts Market Taxonomy

By Product Type

  • Straight Stairlifts

  • Curved Stairlifts

  • Standing Stairlifts

By Modality Type

  • Indoor

  • Outdoor

By Operation Mode

  • Alternating Current

  • Direct Current

By End-User

  • Health Care Facilities

  • Home Care Settings

Rising global geriatric population fuels the growth of global stairlifts market

Common problems faced by geriatric population include instances of falling due to vertigo or dizziness, metal deterioration, chronic diseases and reduced mobility caused due to age-related issue. According to W.H.O falls are the second leading cause of accident or unintentional injury which leads to death of people worldwide whereas adults older than 65 years suffer the greatest number of fatal falls. Furthermore, every 11 seconds, an older adult is treated in emergency room for a fall and every 19 minutes, an elderly person dies from a fall according to National Council on Aging. Where stairlifts is proving to be an essential mobility devices among the disabled people and geriatric population.

Regional growth engines of stairlifts market

There are about 18.2 million people unable to walk in U.S. according to Centers for Disease and Prevention (CDC) in year 2015 which is expected to boost the market of stairlifts market in U.S. Whereas North America is also seen to increase the market of stairlifts due to rise in geriatric population and also due to advancement in technological development for mobility device marketing. Older people had 18.9% share in Europe according to Eurostat in 2015 which as increased by 0.4% by previous year 2014 which indicates that there will be significant increase in stairlifts market in Europe. Decrease in its installation cost favors the growth in Asia Pacific market of stairlifts.

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Key players supporting the growth factor of stairlifts market

Key players operating in the global stairlifts market include Acorn Stairlifts, Bruno Independent Living Aids, Stannah Stairlifts Ltd., Inc, and Handicare. Leading brands available in the market include, Siena, Handicare Van Gogh, Starla, Elan Indoor Straight, and Acorn Superglide 120.

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Global Interventional Neurology Market – Global Industry Insights and Forecast till 2024

The Global Interventional Neurology Market is projected to reach USD 2,684.6 million by 2024, according to a new report by published by Coherent Market Insights. Recommendations from the American Heart Association and American Stroke Association to use neurointerventional devices in stroke is a major factor boosting market growth.

Increasing demand for minimally invasive procedures is one of the prime factors driving adoption of neurointerventional devices worldwide. The American Heart Association and American Stroke Association recommends use of neurointerventional devices in treating stroke, due to which there has been an augmented demand for these devices in the recent past. In order to capitalize on this highly lucrative growth opportunity, a range of new products such as Solitaire stent retriever, EmboTrap stent retriever, and Penumbra 3D Revascularization Device have been launched in the recent past.

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Developed economies such as the U.S., Canada, U.K., Australia, Japan, and Germany are witnessing rapid shift from conventional surgical methods to minimally invasive therapies. Moreover, there is a shift towards adopting detachable and bare platinum coils as against the highly priced coated coils. According to the Brain Aneurysm Foundation, around six million people in the U.S. i.e. one in 50 people suffer from brain aneurysm every year. High incidence rate of stroke and aneurysm is expected to continue strengthening demand for neurointerventional devices in the U.S. market.

The global Interventional neurology market is witnessing strategic agreements among leading players focusing on diversifying their product portfolio and increasing their market presence.

  • In 2016, Codman & Shurtleff, Inc. inked an exclusive distribution agreement with InNeuroCo, Inc. for its intermediate catheter and super distal access device in the U.S. and European markets
  • In 2015, Medtronic PLC acquired Lazarus Effect, a California-based medical device company engaged in development of acute ischemic stroke products for around US$ 100 million. Lazarus Effect was acquired with an aim to enhance Medtronic’s neurovascular business and related portfolio.

Advent of innovative solutions that enhance the outcomes of surgeries are fueling demand for neurointerventional devices

  • Medical University of South Carolina (MUSC) is investigating the safety and success rate of ADAPT – direct-aspiration first pass technique that removes the clot in a single-pass
  • FDA expanded the approval of Solitaire stent retriever device of Medtronic PLC for reduction of stroke-related disability. This device can now be used in patients with large vessel occlusion, proximal anterior circulation, and smaller core infarcts to reduce paralysis, and other stroke-related disabilities.
  • CE approved EmboTrap stent retriever platform, the EmboTrap II Revascularization Device from Neuravi Ltd. This new device enables removal of clots of different lengths with ease.

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Key takeaways of the market include:

  • There are a range of neurointerventional devices such as embolic coils, carotid stents, intracranial stents, neurovascular thrombectomy devices, embolic protection devices, and flow diverter devices available in the market. Embolic coils was the largest segment and accounted for 32.5% share (in terms of revenue) in 2015. This is mainly due to these being the mainstay of endovascular treatment for brain aneurysms and hemorrhage.
  • Demand for stent retrievers is anticipated to grow at a rapid pace during the forecast period (2016 – 2024). This is mainly attributed to these being used as a one-step technique for device deployment and clot retrieval. The launch of this device in Japan is anticipated to also contribute towards the market growth in Asia Pacific.
  • Introduction of new techniques such as flow disruption and ADAPT aspiration technique is expected reduce the revenue share of coiling technique segment, and is projected to account 34.3% of the total market revenue by 2024
  • Demand for neurointerventional devices is analyzed to be high in hospitals as compared to ambulatory centers, due to growing number of surgical procedures in hospitals. The hospitals end use segment is analyzed to expand at a CAGR of 5.2% during the forecast period.
  • In 2015, North America dominated the global Interventional neurology market, with the contribution of the region estimated at US$ 701.9 million. Increasing incidence rate of brain aneurysm and ischemic strokes along with favorable government policies such as Medicare and Medicaid is expected to bolster sales of interventional neurology devices over the forecast period.
  • Growing focus on introducing technological advanced devices is expected to drive market growth in the long run
  • Stryker Corporation’s subsidiary Concentric Medical’s Trevo XP ProVue Retriever received FDA approval for its use in strokes in November 2016
  • Penumbra 3D Revascularization Device Trial successfully met the primary trial endpoints in 2016

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Surgical Scalpel Market – Global Industry Insights and Forecast till 2025

Surgical Scalpel Market Overview:

Surgical scalpel is a small, extremely sharp bladed tool, which is used for a variety of purposes such as surgery and anatomical dissection. Scalpels may be of two types, single-use or disposable scalpel and reusable scalpel. Reusable scalpels have fixed blades that can be sharpened or may have removable single-use blades that are attached permanently. Disposable scalpels generally have a handle made of plastic with an extensible blade and only once, after which the entire instrument becomes redundant. Scalpel blades are generally packed in sterile pouches.

Scalpel blades are typically made of tempered and hardened steel, high carbon steel, or stainless steel. Ceramic, diamond, titanium, and obsidian knives are common. For instance, when a surgeon performs a surgery under MRI guidance, steel blades are unsuitable, as the blades may get attracted to the magnets and cause image artifacts. Traditionally, the material of choice for surgical scalpels used to be silver, because of its antimicrobial properties. Scalpel blades are offered by few manufacturers with a zirconium nitride-coated edge in order to improve sharpness and prolonged edge retention. Other vendors’ blades are generally polymer-coated which enhances lubricity during a cut. Some of the alternatives to scalpels in surgical applications are electrocautery and lasers, among others.

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Some of the market trends that are likely to fuel the growth of the surgical scalpel market are rising incidence of cardiovascular as well as neurological diseases. Moreover, rising demand for minimally invasive procedures coupled with recent technological developments in the field of surgical scalpel are some of the other factors that will drive the surgical scalpel market in the near future.

Another driver that the increasing demand for surgical tools owing to increasing number of surgical procedures along with rising occurrence of various chronic diseases, as well as increasing geriatric population. Furthermore, increasing healthcare expenditure, rising demand for plastic and reconstructive surgery and growing demand for innovative surgical procedures are expected to propel the surgical scalpel market growth during the forecast period. Lack of proper reimbursement for surgical equipment, especially in the developing economies may affect the market negatively.

Surgical scalpel market taxonomy

On the basis of number of type,

  • Blades

  • Number 6 to number 12

  • Number 13 to number 18

  • Number 19 to number 24

  • Number 25 to number 34

  • More than number 34

  • Handle

On the basis of end-user,

  • Hospitals

  • Clinics

  • Surgical Centers

  • Others

High growth in the number of surgeries and rise in geriatric population will drive the overall surgical scalpel market

The increasing volume of surgical procedures across the globe is likely to drive the overall growth of the surgical scalpel market during the forecast period. Surgeries are conducted to manage various diseases such as gastrointestinal diseases, cardiovascular diseases, spinal abnormalities, urological disorders, orthopedic deformities, and brain tumors. The significant growth in the number of surgeries, especially in the European countries will help in the growth of the general halogen surgical ceiling lights market in this region. For example, the amount of laparoscopic colostomy surgeries tripled in Spain and doubled in Slovenia between 2008 and 2014. Different types of surgeries performed in various ASCs or ambulatory surgical centers include hernia procedure, cervix and uterus removal, transurethral excision, lens and cataract, and hysterectomy. The increase in geriatric population as well as the growth in the number of surgeries will fuel the growth of the surgical scalpel market in the near future.

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By geography, North America held the maximum share of the market in 2016 and is likely to continue its dominance during the forecast period. The rising demand for surgery in labor patients is anticipated to propel the market growth as well. According to a report by Centers for Disease Control and Prevention (CDC), around 3,984,502 child births, including caesarean and vaginal took place in 2016 in the U.S. alone.

Some of the companies operating in the surgical scalpel market in the current scenario are Hill-Rom, KAI Group, Swann-Morton, Shanghai Surgical, Feather, Mani, Geister, Surgical Specialties, BD, Shinva, SteriLance, Ailee, Hu-Friedy, and Huaiyin Medical.

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Colostomy Bags Market – Global Industry Insights and Forecast upto 2025

Colostomy Bags Market Overview:

Colostomy is a surgical procedure in which an opening is formed by drawing the healthy end of the large intestine or colon by an incision in the anterior abdominal wall and then suturing and setting it into place. This helps the patient in better bowel motions through the stoma and collected in special disposable colostomy bag, which fits over the stoma and sticks to the skin. Colostomy can be permanent or temporary, as colostomy can be reversed by joining two ends together. Colostomy bags market is gaining traction due to increasing prevalence of diseases such as irritable bowel syndrome, multiple sclerosis, Crohn’s disease and cancer. Besides these colostomy can be performed due to birth defects or accidental injury. The broad spectrum regarding the causes for the disease is expected to favor the growth in colostomy bags market in the near future.

Colostomy bags market is backed by some of the factors as they does not bring significant changes in lifestyle as most of the people are allowed to follow the diet as earlier and perform their daily routine after the surgery. Furthermore, to avoid infections around colostomy bag due to spillage of stool, sweating, dislocation of colostomy bags wide range of accessories are provided, which includes support belts, girdles, deodorizers, skin protective wipes and stoma paste. Moreover, there are different types of colostomy bags such as closed bags, drainable bags, one piece system and two-piece system that are designed according to patients need.

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Colostomy bags market taxonomy

By Product Type

  • Closed Pouch

  • Drainable Pouch

  • Two-Piece System

  • One-Piece System

By End Users

  • Hospital

  • Ambulatory Surgical Centers

  • Homecare Settings

Rise in incidence of Crohn’s disease and bowel cancer is expected to fuel the growth of colostomy bags market in the near future

Crohn’s disease is a type of inflammatory bowel disease (IBD) which can affect any part of gastrointestinal tract from mouth to anus which increase the market of colostomy bags. According to Centers for Disease Control and Prevention (CDC), 1.0-1.3 million people suffer from inflammatory bowel disease (IBD) as Crohn’s disease is more common in smokers. Whereas each year in the U.S. around 54,000 men and 17,000 women get bladder cancer according to Centers for Disease Control and Prevention (CDC), which significantly supports the rise in growth percentage of colostomy bags industry. The statistics provided above are expected to be a set of crucial factors that supports the growth in colostomy bags market over the forecast period.

Regional growth engines of the colostomy bags market

On the basis of regional segmentation, the global colostomy bags market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The global market is projected to show growth expansion in Asia Pacific due to the rise in incidence of colorectal cancer, increase in aging population and increase in medical tourism. According to Centers for Disease Control and Prevention (CDC) report in 2014, the highest incidence of colorectal cancer was reported in Asia Pacific and Hispanic with approximately 35 people out of 100,000 in 2013.

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The key players dominating the global colostomy bags market

Providers in the market offer a broad range of colostomy bags and accessories and in increase in adoption of market strategies such as online marketing due to advanced technology to manufactures innovation in product competition in market is increasing. The key players operating the market of colostomy bag includes, Coloplast, ConvaTec, TG Eakin Hollister, Marlen, B. Braun Oakmed, and Welland Medical.

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Global Clinical Laboratory Services Market, By Test Type , Service Provider and Geography – Trends, and Forecast till 2024

The Global Clinical Laboratory Services Market was valued US$ 168.9 billion in 2015 and is projected to expand at a CAGR of 7.3% during the forecast period (2016-2024), as analyzed by Coherent Market Insights in a detailed report about the same. Increasing health consciousness leading to higher preventive measures, especially in Asia Pacific region, would be a major factor for increasing demand of the clinical laboratory services market. Increasing insurance coverage is further propelling adoption of diagnostic testing and in turn favors growth of clinical laboratory services market.

In order to capitalize on this highly lucrative opportunity, clinical laboratory service providers such as Laboratory Corporation of America Holdings (LabCorp), Quest Diagnostics, Inc., Spectra Laboratories, Sonic Healthcare Limited, and Charles River Laboratories are offering additional services such as web-based booking of test/service and free home pick-up of test samples, complementing regular packages for health check-ups. Charles River Laboratories International, Inc., analyzes samples for metabolic disorders, bone therapy, diabetes and oncology. Globally too, clinical laboratories receive large volumes of samples for analyzing metabolic disorders. The market for clinical chemistry test types is therefore positioned on a strong growth trajectory.

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Increasing competition among clinical laboratory service providers in turn is leading to rampant increase in industry consolidation and vertical/horizontal integration. Companies are focusing on establishing regional supremacy in turn improving the dynamics of clinical laboratory services market.

  • For instance, Laboratory Corporation of America Holdings (LabCorp) acquired Sequenom, Inc. in July 2016, subsequently becoming the leader in non-invasive prenatal testing (NIPT) for reproductive health. The company continues its inorganic growth roadmap and in October 2016, it acquired ClearPath Diagnostics, a leading clinical laboratory service provider in the Northeastern region of the U.S.

  • In November 2016, Sonic Healthcare Limited increased its ownership stake in GLP Systems from 25% to 80%. GLP Systems, a Germany-based company, developed an innovative laboratory automation technology that enables seamless and automated transportation of specimen tubes between storage, work areas, and diagnostic machines.

  • Furthermore, Sonic Healthcare Limited also expanded its presence in Germany by acquiring Staber Laboratory Group based in Munich, Germany, in November 2016. The Staber Group has three hub laboratories and 14 regional, specialty and hospital labs in Germany, making it one of the leading players in the country.

Increasing incidence of infectious diseases and the growing burden of non-communicable diseases is in turn driving demand for clinical tests. This is influencing clinical laboratory service providers to increase their functional capabilities to cater to the growing needs of patients. As mentioned by Quest Diagnostics, Inc., around 70% of the medical decision are based on lab results. In addition, genetic and cytology testing is increasing that enable better diagnosis of cancer. This is expected to proliferate demand and spur growth for clinical laboratory services market in emerging economies such as China and India. Core Diagnostics, Metropolis, SRL Diagnostics and Dr. Lal Pathlabs are few major diagnostic service providers in India expanding at a rapid pace.

Clinical laboratory service providers are thus, upgrading their processes and technologies to improve efficiency. Therefore, equipment manufacturers such as Abbott Laboratories, Roche and ThermoFisher Scientific also need to develop products catering to this evolving market. Seamless integration of equipment manufacturer and service provider technologies would be a great boost for the global clinical laboratory services market.

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Key takeaways of the market:

  • The global clinical laboratory services market is estimated to be valued at US$ 192.3 billion in 2017. Growing aging population and increasing incidence of infectious diseases, cardiac disorders, stroke, and liver disorders are factors attributed to growing number of patients visiting clinical laboratories to undergo preventive tests

  • Clinical chemistry test was the dominant segment in the global clinical laboratory services market, accounting for more than 40% of total revenue share in 2015. Clinical chemistry test includes testing of blood and urine samples in the patients as an initial step to diagnose a disease or preexisting health condition.

  • Among service providers, the hospital-based clinical laboratories segment generated the highest revenue in 2015. This is owing to availability of better diagnostic devices and services in hospitals as compared to other healthcare service providers.

  • However, the services offered by standalone clinical laboratories are improving rapidly, wherein accessibility to patients has increased

  • The clinical laboratory services market is expected to gain significant growth traction in Asia Pacific and Latin America, mainly attributed to high prevalence of infectious and non-communicable diseases, increasing health concerns, and new diagnostic laboratories being established to cater to the growing needs of patient for health check-ups

Consolidation is the key trend observed in order to cement the market presence and sustain the customer base – LabCorp acquired Sequenom, Inc in July 2016, and ClearPath Diagnostics in October 2016

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