Wednesday, 13 March 2019

Healthcare Revenue Cycle Management Market size and Key Trends in terms of volume and value 2018

Market Scenario
Many healthcare organizations are using robotic process automation, intelligent EDI integration, insurance discovery and patient solutions for a superior collection process. This integration in the healthcare sector has increased the need for RCM software considerably which has led to an increased profit. Major companies are trying much to bank on this system. Emerging economies are also looking at it as a must-needed option to gain more.
The burgeoning healthcare industry is now heavily banking on the efficient financial transaction. A well-ensured future in terms of finance is needed if the market seeks further advancements in service and innovation in technologies. Healthcare revenue cycle management (RCM) is software that conforms to the demands of the industry and fortifies the financial aspect of it furthering development. Claim processing, payment and revenue generation are what constitutes the entire system, and by maintaining the patient revenue cycle, it fetches a favorable record for hospitals and healthcare sectors. Its impact is so profound and far-reaching that market valuation of USD 1,75,163.5 million seems to be an easily achievable target by 2027, almost a four-times increase from its previous market estimation of 2016. Market Research Future (MRFR), while gathering information for the same market, implemented a holistic approach to have a precise report predicting the forthcoming period backed by in-depth knowledge of the same field.
Simplification of the financial status made possible by the RCM software of various hospitals is spurring the growth of the global RCM software market. By easing the process of managing, identification, and collection of data, it has substantially assisted the healthcare sector in benefitting much. And the increasing fund allotment to the healthcare segment can vouch for its growing adoption. This is evident from the reports, published by the U.S. Census Bureau, where it had been highlighted that the hospital care expenditure in 2015 in the U.S. alone had touched USD 831.5 billion.
Various institutions are showing signs of an inclination towards integrated healthcare system where the all-inclusive service depends majorly on access, quality, user satisfaction, and efficiency. Its structure is founded upon services related to diagnosis, treatment, care, rehabilitation, and health promotion. The trend is gaining momentum in the U.S. and Europe, where it has become popular with the massive patient pool. E-healthcare is also getting enough foothold to substantially assist the market. These developments have only led to a better implementation of quality research, treatment, and management. At the same time, individual healthcare spending is witnessing an increase in figures which is bolstering the RCM software market’s growth.     
However, RCM software’s efficient implementation requires adept professionals in-charge of its operation. But, a dearth in their number can impede the market growth as slight errors could lead to an altogether different result. This works like a supply chain and a faulty figure on one end can trigger a landslide on the other.
Segmentation:
Based on the product type, the market can be segmented into advanced integrated software and standalone software. The advanced integrated software accrues almost 81.4% of the total revenue generated in the market and is blessed with the fastest CAGR of 12.3% during the forecast period.   
Component-based segmentation of the market includes software and services. The software segment is gaining precedence considerably in the global market owing to its applicational ease, and it commanded the largest market share in 2016.
Deployment-wise segmentation comprises on-premise and on-cloud/web-based. On-cloud section is gaining much traction. However, on-premise application held the largest share of the market in 2016 as many still find complete cloud solution a bit difficult to operate.
Based on end-users, the market can be segmented into hospitals and ambulatory services. Hospitals hold the major share, and many rely heavily on its assistance in cases of emergency. 
Regional Analysis:
The geographical analysis of the market covers namely the Americas, Europe, Asia Pacific (APAC) and the Middle East & Africa (MEA).
The Americas take the onus of generating the maximum revenue as the region has this tendency to rely heavily on advanced technology. Advanced infrastructure accommodates such a wide-spread implementation of RCM software which benefits all. In addition, the market is profiting much from several major players presence in the segment, along with a scheduled substantial healthcare expenditure every year.
Europe is holding the second position, and it can be attributed to increasing government support in research and development. Other features such as well-developed healthcare infrastructure and considerable healthcare funding are quite similar in their impact to that of the Americas.
The APAC is all set to register the fastest growth. Emerging economies of the region are changing the healthcare sector remarkable, and many of them are evolving as a medical tourism hub which as a consequence, is assertively impacting the global RCM market. However, the MEA is still lagging much behind as the region has quite a few poor and slow developing countries.
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Surgical Equipment Market to Observe Significant Growth by 2018

Surgical equipment have wide applications in distinctive surgical techniques, for example, neurosurgery, plastic and reconstructive surgeries, wound closure, urology, obstetrics and gynaecology, thoracic surgery, micro-vascular, cardiovascular, orthopaedic surgery, laparoscopy and others. The market is driven by increasing number of surgeries, & hospitals, increasing prevalence of different diseases and increasing geriatric population have boosted the market growth. Moreover, technological advancement, increasing number of ambulatory services and government initiatives have a synergistic effect on the market. However, high cost of the devices, shortage of skilled labour and strict regulatory policies are the major restraints for the market
The global surgical equipment market is driven by the increasing prevalence of chronic diseases such as cardiovascular diseases, obesity, skin diseases, increasing number of surgeries in ambulatory surgical centers and hospitals, and rising geriatric population. Additionally, the growth of the medical device market, increasing number of surgical centers, and government initiatives have a synergistic effect on the market. However, the growth of the market is restrained by various factors such as high cost of surgical devices and strict regulatory policies for various regulatory authorities.
The global surgical equipment market is expected to grow at a CAGR of 6.2% during the forecast period.
Key Players
The key players in the global surgical equipment market include B. Braun Melsungen AG (Germany), CONMED Corporation (USA), COVIDIEN (USA), Erbe Elektromedizin GmbH (Germany), Ethicon USA, LLC. (USA), Integra LifeSciences Corporation (USA), KARL STORZ & Co. (USA), KLS Martin (Germany) MEDICON (USA), Smith & Nephew (UK), and Stryker Corporation (USA).
Segmentation
The global surgical equipment market is divided into product type, application, and end-user.
On the basis of product type, the market is segmented into surgical sutures and staplers, handheld instruments, electrosurgical devices, electrosurgical generators, monitoring devices, and others. Surgical sutures and staplers are further segmented into absorbable and non-absorbable sutures. Handheld instruments are sub-segmented into forceps, sutures, visual scope, and others. Electrosurgical devices are further categorized into electrosurgical instruments such as HET bipolar system, electrosurgical pencils, smoke evacuation system, electrosurgical generators, and others.
On the basis of application, the market is segmented into neurosurgery, wound closure, urology, cardiovascular surgeries, orthopedic surgery, and others.
On the basis of end-user, the market is segmented into hospitals, ambulatory surgical centers, and others.
Regional Analysis
Americas holds the largest share of the surgical equipment market. The growth of the medical device sector, increasing emphasis on quality care, and the availability of technologically-advanced surgical devices are the major drivers for the growth of the market. North America holds the largest share, with the U.S. being the largest contributor to the growth of the market. In the U.S., the presence of key players in the medical device industry and extensive use of surgical devices drive the market. South America also exhibits tremendous growth opportunities with an increase in the demand for surgical devices. The Agency for Healthcare Research and Quality reported that nearly 11 million and 10 million invasive and therapeutic surgeries were carried out in ambulatory and inpatient settings, respectively, in the U.S. in 2014.
Europe, Germany, the U.K., and France are the major contributors to the growth of the market. The increasing number of market players manufacturing surgical equipment, growing government support, and increase in outpatient surgeries drive the market in the European nations. Additionally, increasing healthcare spending by European nations such as the U.K. and Germany also contributes to the growth of the market.
The Asia Pacific, surgical equipment market, is driven by the huge demand for surgical devices and instruments, increasing awareness about quality care in hospitals and surgical centers, and the ever-increasing prevalence of chronic diseases such as cardiovascular diseases. India and Australia exhibit the fastest growth in the market owing to the availability of qualified and skilled medical professionals and growing healthcare expenditure.
In the Middle East and Africa, the market growth is attributed to the increasing availability of specialty care services in countries such as the United Arab Emirates and Saudi Arabia. Africa exhibits a steady growth with the demand for primary care services in the region.
Latest Industry News
  • Surgical services at the Georgetown Public Hospital have received a donation of medical equipment and supplies from the government of China. 28 DEC 2018
  • AppOrtho is utilizing the High Country’s first robot-assisted surgery system to aid with knee replacement surgeries. 3 JAN 2019
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Detailed Table of Contents:
  1. Report Prologue
  2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
  1. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
  1. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
...Continued!
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Genetic Testing Market to Observe Strong Development by 2018

Market Scenario:
Genetic testing has gained popularity over the last few years for detection and prevention of genetic diseases, cancer, etc. The increasing awareness among the population regarding early diagnosis coupled with rising expenditure on preventive measures has fueled demand in the market. It is likely to continue favoring the genetic testing market over the next couple of years.
The technological advancements introduced in the genetic testing market that offers enhanced efficiency and accuracy is expected to fuel demand during the projection period. Adoption of non-invasive genetic testing technology is projected to accelerate revenue creation for market players across the review period.
The Global Genetic testing market is growing moderately. It is growing at the CAGR of ~9.8% during the forecast period. The global genetic testing market expected to reach USD 10,033.4 million by 2023 from USD 4,683 in 2016.
Key Players         
  • Abbott Laboratories (US)
  • Bio-Rad Laboratories, Inc. (US)
  • Illumina Inc. (US)
  • Myriad Genetics (US)
  • PerkinElmer Inc. (US)
  • QIAGEN N.V. (Germany)
  • Quest Diagnostics (US)
Intended Audience
  • Genetic testing products manufacturers and suppliers
  • Genetic testing services providers
  • Hospitals and clinics
  • Medical Research laboratories
  • Research and Development (R&D) Companies
  • Government authorities
  • Market Research and Consulting Service Providers
  • Potential Investors
Genetic testing involves the use of laboratory methods to study the genes inherited from mother or father. These tests may be used to identify increased risks of health problems, to diagnose the mutations in the genes, to choose treatments, or to assess responses to treatment.
Segmentation                                                                                                                                        
Global genetic testing market has been segmented on the basis of type which prescribed genetic testing, and direct to consumer (DTC) genetic testing. Prescribed Genetic Testing accounted for the largest market share in 2016. On the basis of method, it is segmented into Molecular Genetic Test/ DNA Test, Chromosomal Genetic Test, Biochemical Genetic Test. Molecular Genetic tests/DNA was holding largest market share in 2016. On the basis of type of test, the market is segmented into Diagnostic Test, Predictive Test, Family DNA Test, and others. Diagnostic test accounted for the largest market share in 2016. On the basis of indication it is segmented into Cancer Testing, Neurogenetic Disorder Testing, Autoimmune Disorder Testing, Muscular dystrophies, and others. Cancer Testing accounted for the largest market share in 2016.

Regional Analysis         
By region, the global genetic testing market has been segmented into America, Europe, Asia Pacific, and the Middle East & Africa. America held the largest share of the market in 2016 which accounted for 46.3% share. It is likely to retain a significant share towards the end of the forecast period. The growth in the region is attributable to the accelerated adoption of technology, increasing awareness about genetic testing, continuous innovation, etc. Europe is a significant growth pocket in the genetic testing market. The regional market is estimated to reach a valuation of USD 2,553.10 Mn by the end of 2023. Asia Pacific is projected to exhibit the steepest rise in market proliferation striking a CAGR of 10.1% through the assessment period. However, the Middle East & Africa region is poised to stage restricted growth due to lack of infrastructure and limited awareness.
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Microbiology Testing Market 2018 Share, Trend, Segmentation and Forecast to 2023

Market Scenario
The global microbiology testing market is expecting a more than twofold rise from USD 2706.1 million in 2016 to USD 5409.1 million by 2023, reports Market Research Future (MRFR). The extensively studied report covers the drivers that are going to impact the market decidedly during the forecast period (2014-2023) and delivers a much-precise predictive analysis of the coming years of the market. Infectious diseases are on the rise, and several outbreaks of epidemics across the globe have spurred the demand for microbiology testing. Healthcare segment is witnessing a significant increase in expenditure all over the world, and an increase in research allotments are a positive sign for the microbiology testing market.
However, the market can witness a slight pullback caused by stringent regulatory frameworks, and patient reimbursement policies can impede the market growth for a short span of time. But the bottlenecked market can see a wider scope of possibility with improving technologies in the field of product enhancement which can ease the market growth considerably.
The key factor supporting the global microbiology testing market growth is the increasing prevalence of various infectious diseases. The global microbiology testing market has been segmented into application, end user, product type, and lastly, region. The application-based segmentation of this market comprises of gastrointestinal infections, respiratory infections, sexually transmitted infections, urinary tract infections, and others.
On the basis of end users, the market has been segmented into academics & research institutes, hospital-based laboratory, and independent laboratory. Based on product type, the market has been segmented into chemicals & reagents, consumables & accessories, instruments, and others.
The regional segmentation of the global microbiology testing market can segment the global market into regional markets by the names of Asia Pacific, North America, Europe, and the Middle East & Africa (MEA). In 2016, North America held the largest share market in the global market which was 37.9%. During the forecast period, North America is expected to continue as the largest regional market because the advanced medical facilities are available in this region and support from government regarding investment on the research & development (R&D) is available. The indispensable country-specific markets in this region are USA and Canada. Many key market players are based in North America, especially in the USA.
In 2016, Europe was the second largest microbiology testing market. During the forecast period, there are expectations regarding steady and positive market growth. However, Europe may not retain its spot by the end of forecast period. European government support R&D investment in the medical sector and in terms of technological advancement in the medical sector, Europe is second only to North America. This makes Europe an important regional market. The most significant country-specific markets in this region are France, Germany, Italy, Spain, and the UK, followed by the remaining countries of Europe.
Right now, Asia Pacific is the second largest and fastest growing market in the global microbiology testing market this is to continue till the end of forecast period. This market is expected to grow at 12.1% CAGR between 2017 and 2023. The priority country-specific markets in this region are Australia, China, India, South Korea, and Japan, followed by the remaining countries of the Asia Pacific region.
The MEA region has the least market share due to poor countries, lack of awareness, lack of education, low standard of medical facilities, lack of advanced technology, lack of healthcare facilities, and majority governments not considering healthcare a priority. In this region, the primary country-specific markets are Egypt, Saudi Arabia, and UAE, followed by the remaining countries of the MEA region.
Key Players
The key players in the global microbiology testing market include Alere (USA), Beckman Coulter Inc. (USA), Becton Dickinson (BD) (USA), Biomérieux SA (France), Cepheid (USA), F. Hoffmann-La Roche Ltd (Switzerland), and Thermo Fisher Scientific Inc. (USA).
Latest Industry News
  • Leading small molecule innovator and generic Active Pharmaceutical Ingredients (APIs) manufacturer Cambrex Corporation, who also specialize in finished dosage forms, has acquired Avista Pharma Solutions (“Avista”), a contract development, manufacturing, and testing organization, from Ampersand Capital Partners. Avista is also a microbiology testing leader. 2 JAN 2019
  • Clear Safety, the flagship product of Clear Labs has received AOAC Performance Tested certification for Salmonella enterica Clear Labs is a unique automated and intelligent next-generation sequencing (NGS) platform purpose-built for food safety testing. Clear Safety combines advanced microbiology, data science, robotic automation, software analytics, and state-of-the-art NGS sequencing, to not only to lower the costs significantly but to also achieve greater than 99.9% accuracy. 4 DEC 2018
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Tuesday, 12 March 2019

Palliative Care Market 2018 Share, Trend, Segmentation and Forecast to 2023

Market Scenario
Global Palliative Care market is expected to grow during the forecast period (2018–2023) at a CAGR ~8.1 %.
Palliative care helps to improve the quality of life of patients and their families facing the problems of serious illness. The main focus of Palliative care is to provide relief from symptoms and stress of a serious illness. Their main goal is to improve the quality of life for both the patient and the family. Palliative care treats people living with a serious illness such as cancer, cardiac diseases such as congestive heath failure, kidney failure, Alzheimer’s and many more. It improves the quality of life of the patient and supports the primary physician, patient, and family. In last 15 years, the Palliative care market has a stunning growth and the factors that have led to the growth of this market are growing the aging population, increase in chronic life-threatening disease, initiative taken by the government and non- profit organization, and rise in government funding.  
However, the high cost of treatment, misuse of funding and lack of awareness are some of the factors which are hampering the growth of the market during the forecast period.
Segmentation
The Global Palliative Care Market is segmented into types such as private residence care, hospice inpatient care, hospital inpatient care, nursing home and residential facility care and others. On the basis of application, the market is further segmented into cancer, cardiac diseases such as congestive heart failure (CHF), chronic obstructive pulmonary disease (COPD), kidney failure, Alzheimer’s, Parkinson’s, Amyotrophic Lateral Sclerosis (ALS) and many more. On basis of end-user, the market is further segmented into hospitals, home care settings, palliative care centers, long-term care centers & rehabilitation centers.
Regional Market Summary

The market has been segmented, by region, into the Americas, Europe, Asia Pacific, and the Middle East and Africa. The Global Palliative Care Market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada. The European Global Palliative Care Market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The Global Palliative Care Market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The Palliative care market in the Middle East and Africa has been segmented into the Middle East and Africa.
In terms of market value, North America will dominate the Palliative care market during the forecast period. Increasing incidences of life-threatening illness such as cancer, cardiovascular diseases, Alzheimer’s disease, kidney failure, chronic obstructive pulmonary disease and many more are some of the factors which are responsible for the growth of the market during the forecast period. In 2015 on average 90 % of US hospitals containing 300 beds or more provide Palliative care services to their patients. This has led to the growth of the market in coming years. The European market is expected to be the second-largest Palliative care market. The market growth in this region can be attributed to government funding and support of the healthcare sector coupled with increasing research and development. Moreover, a growing number of Palliative care centers worldwide, extending application for homecare, increasing number of qualified physicians for Palliative care center and expanding aging demographics are some of the factors responsible for the rise in the global Palliative care market. Asia-Pacific is expected to be the fastest-growing Palliative care market during the forecast period owing to the increasing prevalence of cardiac diseases, rising investments in healthcare, increasing geriatric population, and expansions by market players in the region. Asia-Pacific is giving the strong competition in the global Palliative care market by producing a cost-effective treatment that is high in demand in local as well as in the global market. The market in the Middle East and Africa is expected to account for the smallest share in the global Palliative care market due to the underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
Key Players
Some of the key players in the Global Palliative Care market are Vitas Healthcare Corporation, Skilled Healthcare Group Incorporated, Sunrise Senior Living LLC, Kindred Healthcare Incorporated, Gentiva Health Services Incorporated, Home Instead Senior Care Incorporated, Amedisys Incorporated, Genesis HealthCare Corporation.
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Healthcare Asset Management Market Segments, Opportunity, Growth and Forecast by End-use Industry 2018

Healthcare asset management is used to reduce human error in the healthcare sector and to increase the efficient use of available resources. The increasing demand for easy to use healthcare asset management services, growing acceptance of new technology in the healthcare sector and growing concerns about patient safety are the major factors driving the growth of the Healthcare asset management market. Additionally, increasing R&D spending and aggressive strategies adopted by the top players, such as mergers and acquisitions, are contributing to the growth of the market. For instance, in March 2018, Motorola solutions announced the acquisition of Avigilon for USD 1 billion. By this acquisition Motorola will get access to Avigilon’s public safety, government and commercial customers.
The high costs associated with installation, patient safety, and issues related to device accuracy are likely to hinder the market growth during the forecast period.
The healthcare asset management market is expected to grow during the forecast period (2018–2023) at a CAGR ~18.2%.
The rising concerns about patient safety, accuracy issues with the devices, the high installation cost of healthcare asset management tools, and poor implementation due to organizational and infrastructure issues may hamper the growth of the market during the assessment period.
Regional Market Summary
Asia-Pacific is expected to be the fastest-growing healthcare asset management market during the forecast period owing to the increasing demand for easy to use asset management software’s, increasing digitalization in the region, and investments in healthcare and expansions by market players in the region.
The Americas are likely to dominate the healthcare asset management market owing to the adoption of highly advanced technology, increasing demand for new technology to stop fake drugs(Drug counterfeiting) and the presence of a well-established healthcare system as well as the presence of a huge network of healthcare service providers. According to the American hospital association, in the year 2016, a number of registered hospitals in the US was 5,534, roughly 2000 hospitals were present in the rural area and 3000+ hospitals were operating in the urban area.
The European market is expected to be the second-largest healthcare asset management market. The market growth in this region can be attributed to government funding and support of the healthcare sector coupled with increasing research and development. Moreover, increasing cases of drug counterfeiting is responsible for rising demand for healthcare asset management services and it is also contributing to the growth of the market in this region. According to the European intellectual property office drug, the counterfeit is a major problem in the healthcare sector. Revenue of USD 11.5 billion is lost per year because of drug counterfeiting and 10% of all medicines supplied globally are falsified.
The market in the Middle East & Africa is expected to account for the smallest share of the healthcare asset management market due to an underdeveloped healthcare sector, poor medical facilities and lack of technical knowledge
Key Players
Some of the key players in the healthcare asset management market are cenTrak, Airista Flow, GE Healthcare, IBM Corporation, Infor Inc., Tyco Security Products., Intelligent InSites, Motorola Solutions, Inc., Radianse, JADAK (a Novanta Company), Siemens Healthineers, Sonitor Technologies, Stanley Black & Decker, Inc., Ekahau, Inc.
Segmentation
The healthcare asset management market has been segmented on the basis of product, application, and end-user.
On the basis of product, the market has been classified as real-time location systems (RTLS), radiofrequency identification (RFID) devices and ultrasound & infrared tags. The real-time location systems (RTLS) segment has been further divided into hardware, software and services. The hardware segment has been further divided into tags/badges and readers/interrogators.
The radiofrequency identification (RFID) devices have been classified as hardware, and software and services. the hardware segment has been divided tags, readers/interrogators, and accessories. The tags sub-segment has been segmented into passive tags and active tags. The passive tags segment has been divided into high-frequency (HF) tags, ultra-high-frequency (UHF) tags and low-frequency (LF) tags. Furthermore, the application segment has been sub-segmented into hospital asset management and pharmaceutical asset management. The hospital asset management segment includes equipment tracking and management, patient management, temperature and humidity monitoring, staff management and infection control and hand hygiene compliance. The pharmaceutical asset management segment includes drug anti-counterfeiting and supply chain management.
The market, by end-user, has been segmented into Hospital/Clinic, Laboratories, Pharmaceutical companies, Biotechnology.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The healthcare asset management market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The healthcare asset management market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The healthcare asset management market in the Middle East & Africa has been segmented into the Middle East and Africa.
The European healthcare asset management market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. 
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Top trends in Cardiac Monitoring and Cardiac Rhythm Management Device Market by 2018

Market Scenario:
Bone implants are used to heal bone fractures or as fillers and scaffolds to facilitate the bone formation. Bone implants are surgically placed into the body and designed to restore the function by replacing or reinforcing a damaged structure. The rapid growth in aged population, increasing number of orthopedic surgeries, and rising occurrences of sports-related injuries are expected to drive the growth of the market. Moreover, rising R&D spending and aggressive strategies adopted by top players such as new product launches are contributing to the growth of the market. For instance, in May 2018, NN Inc. acquired Paragon Medical for USD 375 million. Paragon Medical is a medical device manufacturer which focuses on orthopedics, case and tray, and implant and instrument markets.  The acquisition supports NNs Inc.’s strategy to grow its life science revenue and positions NN Inc. as one of the ten largest contract manufacturers in orthopedics.
The rising cost of orthopedic surgeries, the high price of bone implant products, corrosion and instability of bioimplants, and stringent government policies may hinder the growth of the market during the assessment period.
The Global Bone Implant Market is expected to grow during the forecast period (2018–2023) at a CAGR ~6.8%.
Key Players
Some of the key players in the global bone implant market are Depuy Synthes Inc. (Johnson & Johnson), Globus Medical, Inc., NuVasive, Inc., Smith & Nephew plc. , Stryker Corporation, Zimmer Biomet Holdings, Inc., Integra LifeSciences Holdings Corporation, Medtronic, plc, The Orthopedic Implant Company, Wright Medical Group N.V., Aesculap Implant Systems, BioTek Instruments, Inc., Conmed Corporation, Arthrocare Corporation, and others.
Segmentation
The global bone implant market has been segmented on the basis of biomaterial, product, application, device, and end-user.
On the basis of biomaterial, the market has been classified as metals, ceramics, and polymers. The metal segment has been further divided into titanium, stainless steel, cobalt chromium alloy, gold alloys, and Tantalum. The ceramics segment has been further divided into alumina, hydroxyapatite, beta-tricalcium, phosphate, carbon, bioglass, zirconia, and zirconia-toughened alumina. The polymers segment has been classified into polymethylmethacrylate, polytetrafluoroethylene, polyethylene, polysulfone, polyurethane, and polyether ether ketone.
The market, by products, is divided into orthopedic screws, orthopedic plates, interlocking nails (rods), and others. The market, by application, has been classified into hip orthopedic implants, knee orthopedic implants, spine orthopedic implants, dental orthopedic implants, and others.
The market, by device, is divided into external fixators and internal fixators.
The market, by end-user, has been segmented into orthopedic clinics, hospitals, and others.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The bone implant market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European bone implant market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The bone implant market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The bone implant market in the Middle East and Africa has been segmented into the Middle East and Africa.
Regional Market Summary
The Americas is likely to dominate the global bone implant market. The rising occurrence of osteoarthritis and osteoporosis in the aging population, increase in the number of surgical procedures, the presence of a well-established healthcare system, growing prevalence of sports injuries, and adoption of highly advanced technology are contributing to the growth of the market. According to the Annual Report of the American Joint Replacement Registry (AJRR), 860,080 hip and knee replacement procedures from 4,755 surgeons at 654 institutions were conducted in 2017.
Asia-Pacific is expected to be the fastest-growing bone implant market during the forecast period owing to the increasing prevalence of medical tourism, orthopedic diseases along with bone-related issues, and rising investments in healthcare and expansions by market players in the region. Asia-Pacific is anticipated to show significant growth from 2018 to 2023
The European market is expected to be the second-largest bone implant market. The market growth in this region can be attributed to the rising prevalence of orthopedic diseases. Moreover, the increasing demand for orthopedic implants and spinal treatment devices during the forecast period are contributing to the growth of the market in this region. Major players are adapting inorganic growth policies to expand their portfolio. For instance, Stryker Corporation, a major player in the orthopedic market acquired Vexim for USD 215 million in 2017. Vexim offers spine related products, which helped Stryker Corporation to capture the new segment.
The market in the Middle East and Africa is expected to account for the smallest share of the global bone implant market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
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