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Friday, 18 June 2021

Smart Insulin Pens Market 2020 Analysis, Industry Size, Share Leaders, Current Status by Major vendors and Trends by Forecast to 2027

Market Research Future (MRFR) confirms that the Smart Insulin Pens Market 2020 was worth USD 72.97 Million in 2019, market can record a decent CAGR of 10.77% between 2020 and 2027, thanks to the escalating cases of diabetes, surge in product approvals and launches, expanding geriatric population and more.

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COVID-19 Analysis

The COVID-19 outbreak has been an impactful event, with the diabetes community facing a host of challenges, since SARS-CoV-2 affected individuals with diabetes are more prone to developing adverse symptoms and have a greater fatality rate compared to patients with no comorbidities. The novel coronavirus and the subsequent lockdown have also affected the diabetes community in the form of drug repurposing, weakened manufacturing processes and shortage of essential medical devices like smart insulin pens.

However, studies are being conducted and notable advancements are taking place in the diabetes space, with clinical needs of patients garnering the focus of the healthcare industry. Following the pandemic, companies have been focusing on enhancing their products’ durability, tolerability, ease of compliance, hypoglycemia avoidance, as well as on strengthening their supply chains to close the demand and supply gap, which can be favorable for the smart insulin pens market, despite the pandemic.

Market Dynamics

Drivers

Alarming Escalation in Diabetes Cases to Boost Growth

One of the key factors working in favor of the global market is the escalating pool of diabetics in light of surge in obesity, sedentary lifestyles and aging. Obesity has emerged one of the top factors leading to diabetes among individuals. The key risk factors like being overweight and obesity are the primary links to diabetes cases, which have been growing at epidemic proportions. As a result, the colossal population suffering from diabetes is fostering the smart insulin pens market size worldwide.

A major trend observed in the market is the rising preference for refillable insulin pen, Bluetooth-enabled smart insulin pens and USB connected insulin pens. These insulin pens are extensively used in devices diabetic patients to administer insulin, and are primarily prevalent in developed nations like the United States.

Opportunities

The surging preference for homecare settings, especially among the geriatric pool, has emerged as a lucrative opportunity for smart insulin pens market manufacturers. The home care segment has gained prevalence owing to the mounting awareness level about diabetes care combined with the soaring use of insulin delivery devices for home use. The use of smart insulin pens at home helps reduce hospital visits, thereby saving money and time. Advanced devices such as smart insulin pens are compact and portable and rising access to these among patients is resulting in a greater preference for self-care diabetes management.

Restraints

Strict Product Approval Process to be a Major Growth Restraint

Strict government regulations and rules that govern the product approval process could be a major restraint in the market growth during the review period. stringent government rules are discouraging companies to spend on product development, which can be detrimental for the global market.

Challenges

High Costs of Smart Insulin Pens to be a Huge Challenge in Underdeveloped Nations

High costs associated with smart insulin pens and other diabetes treatment options could be a key challenge for the global industry in the years ahead. Underdeveloped regions such as Africa suffer owing to substandard healthcare infrastructure and poor reimbursement scenario, deterring patients to seek treatments and do not have access to advanced devices such as smart insulin pens. Therefore, device manufacturers are not able to observe any sales and this has emerged as a huge challenge for them over the years.

Cumulative Growth Analysis

Global Market to Procure a Decent CAGR as Product Demand Escalates

Smart insulin pens market can record a decent CAGR of 10.77% between 2020 and 2027 (evaluation period), reveals MRFR. The market growth rate is primarily bolstered by the amplified demand for smart insulin pens, in view of the provision of accuracy with respect to insulin dosing and their simple functioning. Mounting number of initiatives by public and private firms is also fostering the insulin pens market share across the globe.

Segment Overview

Smart Pens Segment Soars at a Rapid Pace

The main product types of insulin pens are connecting device and smart pen. Smart pens will be the fastest growing segment at a rate of 10.98% over the forecast period, as a result of the heightened adoption rate and significant popularity among patients due to user-friendly design. With insulin pens brands focusing on innovations and technical advances, the segment is bound to note further growth.

Hospitals/Retail Pharmacies Continue to Dominate the Market

The top market end-users are hospital/retail pharmacies as well as online. The hospital/retail pharmacies segment has remained in the lead since 2019, accruing a valuation of USD 47.97 million that same year owing to the fact that hospitals are go to spots for diabetic patients seeking consultation and treatment.

Regional Analysis

America to Take the Lead in the Global Market

The Americas can most likely take the lead in the global market over the following years, thanks to the rapid uptake of advanced diagnostic measures and medicines by the target patients. The region also has a well-established medical device and healthcare industry, which also benefits the market. Collaborations, partnerships and brand promotion are some of the top strategies employed by American players, who also focus on innovations in disease management and spreading awareness about products among patients and medical professionals. The surge in extensive R&D activities paired with the escalating use of smart insulin pens in supplements, medical application, skin care and beverages also contribute to the market expansion in the region. The market for smart insulin pen in Canada is also gaining momentum, with the rising prevalence of inactive lifestyle and growing cases of obesity.

APAC Market to Proceed at the Fastest Rate

The APAC market should proceed at the fastest pace in the upcoming years, on account of the rising prominence of the diagnostic health industry, increasing awareness about modern pen needles and the growth in campaigns promoting the use of smart insulin pens. However, the key growth rendering factor remains the continuously expanding diabetes patient pool in the region. Another factor that induces market growth includes the soaring number of international vendors striving to establish their business in the region by offering advanced products for diabetes care. The latest trend in the APAC market is the amplified demand for green insulin pen, in view of the rising awareness among people about the benefits of these devices.

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Kidney Stone Market Dynamics, Segments and Supply Demand 2020-2027

The Global Kidney Stone Market is expected to grow at 4.6% CAGR and reach USD 2,508.01 Million till 2025. Kidney stones are formed in an individual’s kidneys when ordinary substances in the urine turn out to be excessively concentrated. At the point when this happens, waste material can remain in the kidney or may move down through the urinary tract, eventually passing out from the human body. The factors that are anticipated to propel the growth of the global kidney stone market are rising incidence of urolithiasis, inadequate nutrition intake, and minimally invasive procedures. However, the adverse effects of extracorporeal shock wave lithotripsy hinder the growth of the market during the forecast period.

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Market Dynamics

Growing incidences of urolithiasis and minimally invasive procedures are the factors that drive the growth of the global kidney stones market. Urolithiasis causes the development of kidney stones in the urinary system. To treat this disorder, various procedures are used, of which the minimally invasive procedures are the most preferred. Further, the success rate for minimally invasive treatment procedures is 75–100%, depending on the size and the shape of the stones as well as the kidney anatomy. The market for minimally invasive procedures is proliferating due to the increasing expenditure and clinical advantages over conventional treatment routines.

Additionally, urolithiasis is the reason for forming stones in the kidney, bladder, and urethra (urinary tract). Kidney stones are a reason for blood in the urine and pain in the mid-region, flank, or groin. Kidney stones are found in 1 in 20 individuals sooner or later in their life. The major risk factors for kidney disease incorporate high blood pressure, diabetes, and history of kidney failure within the family that are majorly found in individuals that are age 60 or older. For instance, according to the National Kidney Foundation, globally, more than 73 million adults have high blood pressure, and 29 million adults have high diabetes, which are the major reasons for urolithiasis.

Segmentation

Based on type, the global kidney stone market has been segmented into calcium oxalate stones, uric acid, struvite kidney stones, cystine stones, and calcium phosphate stones. Calcium oxalate stone is the leading segment and is expected to reach USD 1751.63 million by the end of 2025. The large market share of calcium oxalate stone is due to the rising cases of dehydration, hypernatremia, hypercalciuria, and hyperuricosuria.

The global kidney stone market, based on treatment type, has been segmented into medications, extracorporeal shock wave lithotripsy, ureteroscopy, and percutaneous nephrolithotomy. The ureteroscopy segment is likely to register the fastest growth rate of 4.6% during the forecast period owing to providing an unobstructed view of the urinary tract, take out suspicious-looking tissue, and break up stones.

The global kidney stone market, based on diagnosis, has been segregated into ultrasound, intravenous pyelography, CT scan, X-ray, and others. The ultrasound segment is expected to hold a significant market share during the forecast period owing to the popularity, good anatomical detail of the kidney in a short timeframe, with no exposure to radiation.

Regional Analysis

The global kidney stone market is mainly categorized as North America, Europe, Asia-Pacific, and the Middle East & Africa.

North America is likely to dominate the global kidney stone market with a market share of 43.9% owing to the maximum occurrence and reoccurrence of kidney stones in the US. For instance, according to the report published by the British Association of Urological Surgeons in 2018, the prevalence of kidney stone in the US was 10.7% in 2017.

Europe accounted for the second-largest market share in 2018 due to the increased funding and growing adoption of the technology within the region. Asia-Pacific is expected to contribute to the market growth for kidney stone during the forecast period owing to rising therapeutic demand and rapidly evolving healthcare sector. On the other hand, the Middle East & Africa is expected to observe slow growth due to low per capita disposable incomes, lack of awareness, and less exposure to healthcare services in this region.

Kidney Stone Market Key Players

The prominent players in the global kidney stone market are Boston Scientific Corporation, Convergent Laser Technologies, DirexGroup, Siemens Healthcare GmbH, C.R. Bard Inc, Cook Medical Inc, Dornier MedTech GmbH, Richard Wolf Medical Instruments Corporation, Olympus Corporation, and Stryker Corporation.

Some of the key strategies followed by the players operating in the global kidney stone market were innovation, product development, acquisition, and expansion.

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Genetic Testing Market Is Seeing Explosive Growth by Future Industry Winners: Forecast, 2020-2027

According to the analysis conducted by Market Research Future (MRFR), the Global Genetic Testing Market is projected to thrive at a CAGR of 11.50% and is expected to acquire a market value of USD 22,834.19 Million by 2024.

Genetic testing is used in prenatal screening, diagnostics, and as a predictive tool. The testing market is predicted to propel due to the on-going development in the field to produce useful testing kits. Overall, the market is likely to experience significant expansion due to its growing requirement, rising acquisitions, and partnerships among key players.

The outbreak of COVID-19 has severely impacted the market. The worldwide lockdown to follow social distancing resulted in various challenges in the genetic testing market. COVID-19 resulted in the shutdown of testing labs and clinics, which has restricted face-to-face genetic counseling that is likely to impact the market negatively.

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Market Dynamics

The growing demand for genetic testing in oncology and the rising adoption of genetic tests into clinical care is predicted to propel the global genetic testing market during the projection tenure. The surging need for personalized medicine is another salient cause that can augment the genetic testing market size.

However, concerns regarding the standardization of genetic testing-based diagnostics and strict rules implemented for product approvals are expected to obstruct the market growth during the assessment period.

Drivers

Rising Prevalence of Genetic Disorders

The rising awareness about the benefits of genetic testing and the increasing prevalence of genetic disorders are primary drivers for the growth of the market. The increasing need to find a cure to cancer is expected to create a demand for effective testing that can augment the global cancer testing market. Additionally, the rapid expansion of the biotechnology sector are expected to propel the market significantly in the assessment period.

Opportunities

Integration of AI in Testing Procedures

The integration of AI and other smart technologies in genetic testing is expected to offer various market expansion opportunities during the forecast period. Besides, the innovation in product design and strong distribution partnerships are other factors that can provide lucrative chances to grow the trade.

Restraints

Lack of Expertise to Hinder the Market Growth

Despite the presence of various lucrative opportunities that can grow the market, the shortage of trained technicians is a significant factor that can hinder the market in emerging economies.

Challenges

Lack of Medical Solutions for all the Diseases Diagnosed

The biggest challenge for the genetics market is the lack of solutions for all the diseases diagnosed. However, funded research in prognosis post the detection can counter the challenge mentioned above.

Cumulative Growth Analysis

The market is expected to expand rapidly during the forecast period due to the rising awareness of genetic disorders. The industry is anticipated to witness various opportunities for expansion in the coming period.

Market Segmentation

By Type

Prescribed Genetic Testing Segment to Hold Maximum Market Share

Based on type, the global genetic testing market has been segmented into direct to consumer genetic testing and prescribed genetic testing. Among all genetic testing market segments, the prescribed genetic testing market is anticipated to expand at the highest CAGR while acquiring the USD 21653.91 million market value by 2024.

By Method

Molecular Genetic Test/DNA Tests to Hold the Maximum Market Share

Based on the method, the global market has been segmented into chromosomal genetic tests, molecular genetic tests/ DNA tests, and biochemical, genetic tests. Among all, the molecular genetic/DNA tests is expected to lead the global market while thriving at a CAGR of 11.78% during the forecast period.

By Application

Reproductive Health Segment to Acquire the Largest Market Share

Based on application, the global market has been segmented into cancer screening, reproductive health, ancestry, predictive and pre-symptomatic testing, and others. Among all, the reproductive health segment is expected to dominate the market.

Regional Analysis

The Americas to Dominate the Market Owing to the Increasing Incidences of Genetic Disorders

The Americas is expected to dominate the market for genetic testing due to the growing incidences of a genetic disorder and increasing demand for personalized genetic testing. The growing government support and the presence of the advanced healthcare sector is expected to boost the regional market during the forecast period.

APAC is expected to be the fastest-growing market due to the expanding patient pool and untapped market opportunities in the evolving countries. Besides, the growing initiatives to develop healthcare infrastructure to meet the demand for the rising geriatric population can further propel the regional market during the review tenure.

The European market for genetic testing is projected to be the second-largest during the forecast period. Recent developments and advances in molecular medicines in Europe are critical factors for the growth of this market. The increasing prevalence of genetic diseases and disorders has expanded the scope for the development of different genetic tests.

MEA is expected to grow due to the aging population, a rise in the number of chronic diseases such as cancer, and innovations in genetic testing.

Competitive Landscape

Product Innovation in Genetic Testing Platforms to Grow Competition among the Key Players

The market for genetic testing is highly competitive and comprises several established players. The on-going innovation and technical development in genetic testing platforms by various renowned players are likely to enhance the competitiveness of the market.

Industry News

November 2020: Taysha Gene Therapies, a US-based company, and Invitae, another US-based health startup, have announced a partnership to support Invitae’s Detect Lysosomal Storage Diseases ( Detect LSDs) and Behind the Seizure programs by offering free genetic testing to patients.

Behind the Seizure is a cross-company collaboration among the companies of the US and Canada, which is designed to increase access to genetic testing for children who experience seizures during their childhood.

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New research report offers detailed research on developments in Microfluidic Devices Market 2027

Microfluidic Devices Market Overview

The term microfluidics can be defined as obtaining, preserving, screening, monitoring, and controlling fluids at a micro-level. The fluids obtained are very minute or scaled-down in quantity. The microfluidics device model is generally used to transfer, preserve, blend and separate the fluids for further testing in laboratories. This is done while the development of new cells or in the origination of medicinal drugs and injections. Microfluidics device cell capture is also needed to detect diseases and ailments such as cancer and tumors. Microfluidics testing can also be applied to gasses and other forms of chemicals. This technology has proven to be useful in many industries. The microfluidics device industry is flourishing because of its improved effectiveness and efficient handling of miniature particles.

The Microfluidic Devices market value is foreseen to shoot up to USD 14,296.04 Million by the end of the year 2024. It will grow at a CAGR of 19.70% throughout the forecast period. Let’s hope to see much growth in this market.

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COVID 19 Analysis

People across the globe are suffering from the covid19. This has weighed down the pathological labs for continuous testing and diagnosis of diseases so that they can be treated well in time. The government of every nation is investing a huge lump of their resources in research & development projects. This has made the labs and research centers more equipped than they were before.

As testing increased, a need arises for procuring and manufacturing more mobile microfluidics devices. This has made possible the rise in the sales of the point of care devices market which made possible the rapid testing of antigens.

Microfluidic Devices Market Dynamics

Drivers

The demand for genomics or complete strand of cells, and proteomes is increasing. This is the major driving force for the microfluidic devices market. The testing of microscopic cells has also become possible only with the help of microfluidic devices. As the quantity used and preserved for testing is very minute, it has made the handling less cumbersome and the results attained are quicker than primitive methods of testing

Opportunities

The major benefit of using microfluidic devices is that they use a very small quantity of chemicals which is under observation. It, altogether, lowers the cost of research. The microfluidic devices can also be connected wirelessly to cell phones. This is another boon of the advancement of scientific technology. Point of care testing is possible because of this feature.

Restraints

Businesses have to abide by the law of the land and cannot operate outside it. The rigid policies of medical authorities to provide standardized microfluidic devices may hinder the growth of the market globally. The raw material for manufacturing or assembling the testing equipment is expensive. This is another obstacle for the manufacturers of microfluidic devices.

Value Chain Analysis

Owing to unhealthy lifestyles resulting in deteriorating health, and moving up statistics of chronic diseases, it has become important to get a quicker diagnosis of diseases and finding the least hazardous cure for the same. The key players of the microfluidic devices market are launching devices, such as microfluidics device collagen gel, microfluidics device syringe pump, piezoelectric device microfluidics, microfluidics chromatography device, and others, that have made testing easier and more proficient.

Microfluidic Devices Market Segmentation

The global market of microfluidic devices can be divided into various segments. These are: based on industry, based on materials used, and based on application

Based on industry

This segment is further divided into in-vitro, or in a test tube, diagnosis, pharmaceutical products, and medical devices. In-vitro diagnosis alone had a market share of 50.6% in the year 2018. Pharmaceuticals are further sub-divided into chips that are used for lab analysis, accurate dispensing apparatus, and micro-reactors for drug synthesis. The medical devices include micro-pumps and dispensing systems, inhalers, micro-needles, etc.

Based on material used

Various kinds of materials used in the manufacturing of microfluidic devices are polymer, glass, silicon, and others. Polymer, as a material, is cost-effective and is easy to procure than glass or silicon. This is the reason why polymer holds the largest market share in microfluidic devices.

Based on application

The various places where microfluidic devices are installed or used are Pharmaceutical and Life Science Research institutions, Clinical and Veterinary Diagnostics labs, Point of Care Diagnosis and rapid testing centers, Drug manufacturing and delivery, Environmental and Industrial equipment, and others.

Microfluidic Devices Market Regional Analysis

Microfluidic devices market size is increasing with every passing day. It is leaving its impression in every corner of the world. The regions where they are operating include America, Europe, Asia-pacific, and the rest of the world.

America, which includes the area of North America (the US and Canada) and Latin America, eclipses above the share of all other regions. America is the largest consumer because of the increasing geriatric population, widespread infectious and chronic diseases. Larger investments in medical infrastructure by the authorities, and awareness among the general public, related to the unhealthy habits and their effects in long run, are the key driving factors.

The European region which includes Germany, UK, France, Russia, and Italy, has bagged the position of second-largest market share in the microfluidic devices market. This is because of the easy and cost-effective availability of raw material. Some of the major key players are also investing in these areas because of the ease of doing business.

Asia-Pacific region, which includes China, Japan, India, Australia, and South Korea, provides a huge market for microfluidic devices. It owns to the fact that the government of these countries is investing a large share of their resources in developing a robust medical infrastructure. This region will hit the largest CAGR throughout the period under analysis.

The rest of the world, which includes the region of the Middle East and Africa, is showing a constant but slow growth because of the limited resources with the government and lack of awareness among the general public. Low economic income is also another reason for inactive growth.

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Thursday, 17 June 2021

Cystic Fibrosis Market 2020 Analysis, Industry Size, Share Leaders, Current Status by Major vendors and Trends by Forecast to 2027

Market Scenario

Cystic fibrosis (CF) is a chronic, genetic disease which affects the overall progress of entire body leading to severe disability and early death in many cases. CF is mainly caused due to several mutations in the gene which encodes for cystic fibrosis transmembrane conductance regulator (CFTR) protein. According to the Cystic Fibrosis foundation (CFF), currently there are approximately 70,000 people who are suffering from cystic fibrosis worldwide.

Chest Physical Therapy (CPT) is a technique which is mainly done in cases of cystic fibrosis to drain out the mucus out of the body. In CPT, patient uses gravity to pull out the mucus by getting into different positions. While the patient is lying, the caretaker or the medical nurse taps or vibrates the chest of the patient in order to dislodge the thick mucus inside the lungs.

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Development of new drugs and therapies, and financial support from CFF in research and development of CF drugs are the key drivers fueling the growth of the market. In 2015, CFF announced a grants of $23 Million to 11 cystic fibrosis research and development centers in the United States. In total, CFF has invested around $425 Million in order to boost the drug development for this disorder. The constant financial support from the foundation encourages the biopharmaceutical companies to involve in the research of rare disease leading to the development of novel drugs. Despite these drivers, high cost of the drugs and treatment may hamper the growth of the market. The two most effective drug treatments for cystic fibrosis come with huge price tags, Kalydeco ($311,000/year) and Orkambi ($259,000/year). These high prices makes the CF treatment unaffordable for most of the patients.

It is estimated that cystic fibrosis market is expected to grow at a CAGR of 13.5% during the forecast period 2020-2027.

Intended Audience

Cystic fibrosis manufacturers & suppliers
Contract Research Organizations (CROs)
Research and Development (R&D) Companies
Government Research Laboratories
Independent Research Laboratories
Government and Independent Regulatory Authorities
Market Research and Consulting Service Providers
Academic Institutes and Universities

Segmentation

The global cystic fibrosis market is segmented on the basis of treatment method. Treatment method is further segmented into medication, devices, and other treatments.

Regional Analysis

The North America dominates the cystic fibrosis market owing to the high incidence rate of cystic fibrosis. According to cystic fibrosis foundation, more than 30,000 patients are living with cystic fibrosis in the U.S. and nearly, 1000 new cystic fibrosis cases are diagnosed each year. According to CFF’s national patient registry, the median age of the person with cystic fibrosis is currently 33.4 years.

European region stands second in the regions affected by cystic fibrosis. According to the European Cystic Fibrosis Society (ECFS), considering the 26 major countries in Europe, more than 35,500 people were suffering from cystic fibrosis in 2014. Among the CF patients in Europe, 51.8% were adults with age 18 years or more and 48.2% were less than 18 years old. Countries like the United Kingdom, Ireland, Romania, and Bulgaria have higher birth prevalence of CF.

The prevalence of cystic fibrosis is seen to be very low in the Asian region. The exact prevalence is not known but the risk of child birth with cystic fibrosis in Asian people is 1 in 100,000. The prevalence of CF is rare in the East Asian countries like China and Japan.

The Middle East and Africa holds the least share in the market owing to the presence of poor and slow developing countries, especially countries in the African region.

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Wednesday, 16 June 2021

Capsule Endoscopy Market: Drivers, Restraints, Opportunities, and Threats (2020-2027)

Capsule Endoscopy market at Global level is a procedure that is used to get visual imaging of the inside area of intestines and other parts of the digestive tract. The reason why the market is getting into heights is that it is used to detect polyps, are there inflammatory bowel diseases, ulcers, and tumors of the intestine, especially the small intestine. The global capsule endoscopy market as per the registered forecasted periods is expected to attain a CAGR of 8.8% and is thought to reach USD 967.4 million by 2023.

With the growing world market of capsule endoscopy, there are certain risks and restraints to it such as complications of lack of skilled physicians that do hinder the growth of the market.

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COVID 19 Analysis

As for the growing situation of coronavirus which the world is facing every day. The market of the global capsule endoscopy is not at its best. Due to the attention that has been all soaked up by the pandemic. It has caused other diseases and other problems to get suppressed beneath it. Other problems and diseases are now given less heed and importance. Cancer, pneumonia, jaundice, and are also not treated to an extent where they should be. Hence more and more medical issues are developing but not being cured which is steeping down the market of capsule endoscopy.

Market Dynamics

Drivers

The global capsule endoscopy market is growing tremendously in the global market due to the increasing small intestinal disorders and increasing geriatric population. The other valid region why the market is growing is due to the new cases of colon cancer that have been reported in America in 2018. Also, the population with the higher number of older people tend to have the propensity of gastrointestinal diseases and hence they need capsule endoscopy. This is why the global market is directly growing bigger in a much positive way.

Opportunities

The global capsule endoscopy market is growing tremendously in the global market and hence has various new opportunities to grow and develop. There are many new coming opportunities. For instance, according to the American Cancer Society in 2018, it is thought that about 97,220 new cases of colon cancer were seen and observed. The older population is growing with a higher tendency to get affected with gastrointestinal diseases and will eventually need capsule endoscopy which is most likely to affect the growth of global capsule lenders' copy market in a much broader sense and positive sense.

Restraints

Although the global capsule endoscopy market is growing tremendously, that doesn't always mean positively. When there are higher market growth levels, various risks, and complications hinder the growth. One of the reasons which stop the global market from growing is the lack of skilled physicians who constrain the growth of this market.

Value Chain Analysis

The global capsule endoscopy market is growing and is benefiting various people as it is used to detect polyps, many other inflammatory bowel diseases that are quite destructive to the abdomen. Other reasons which add value to the growing global market are the detection of ulcers and tumors of the small intestine which are the most prevalent diseases in youngsters as well as old age people. Usually, the reason behind the prevalence of such problems is due to the unhealthy lifestyle that has been adopted.

Market Segmentation

The capsule endoscopy market has been divided based on the component, type, application, product, and distribution channels.

Based On The Component

The global market has been divided based on the component into the scope capsule and scope data recorder and capsule endoscopy workstations.

Based On The Type

The global market has been divided based on the type that captures cystoscopies and capsule neuro endoscopes.

Based On The Product

The global market has been divided based on the product into small bowel perhaps soon esophageal capsule and colon capsule.

Based On The Application

The global market has been divided based on the application into obscure gastrointestinal bleeding (OGIB), Crohn's disease, and small intestine tumor. Many new capsule endoscopy manufacturers have come into existence since the year of the industrial era.

Based On The Distribution Channels

The global market has been divided based on the distribution channels into hospitals, clinics, and others. Under the distribution channel, the hospital accounts for the market value of about USD 289.3 million in 2017.

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CBD Oil Market Trends Analysis Research Report 2020-2027

Global CBD Oil Market, according to MRFR, is poised to grow at a CAGR of 38.45% to reach USD 3.78 Billion till 2024. The global demand for CBD oil is primarily driven by increasing research funding over the study timeframe for cannabinoid research.

COVID-19 Analysis

The outbreak of COVID-19 and the interventions introduced by a variety of governments, such as social distancing and lockout, have contributed to a deterioration of the market. Since January 2020, the food service industry and other food industries, such as the bakery, liquor and dairy industries, have seen a significant decrease in their revenue production. Several table utilities around the world were disrupted by the lockout and operators were concerned about cash flow and weathering storms.

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Market Dynamics

Drivers

Growing Medical Awareness of Benefits to Drive Market Growth

Growing research and development efforts and financial funding for cannabinoid research from numerous private and government agencies. The discovery and production of cannabinoids for medicinal uses is funded by both private and government agencies. Cannabis has various medicinal properties that can treat different diseases. Over the evaluation period, this is expected to drive its production.

Because of its curing effects, the demand for cannabis oil (CBD) for medicinal and health uses is strong, which is the main factor driving market development. In addition, thanks to regulatory approvals, increasing product acceptance and usage is a major factor projected to fuel the market for goods infused with cannabis oil. In addition, the growing awareness of the medicinal advantages of cannabis oil has influenced individuals to purchase goods dependent on CBD, regardless of their cost.

Opportunities

Rise of Plant-based medicines to Create Growth Avenues for Key Players

As a result of the the number of social media influencers endorsing the benefits of cannabis, awareness campaigns from industry participants, and the application areas, cannabis oil has become the new consumer trend. Subsequently, the food portfolio is widening with growing product choices such as skincare, makeup, haircare, intimate lubricants, pharmaceuticals, gummies, tablets, flavoured drinks and other products. In recent years, plant-based medicine has witnessed considerable development. Moreover, the need for minimally manufactured and chemical-free medication has opened up a lucrative opportunity for the studied market to expand.

Restraints

Lack of legalization initiatives to Impede Market Growth

Business development may be hampered by the toxic effects associated with cannabis and rigid regulatory policies. In addition, some of the key factors limiting the development of the cannabidiol market are the prevalence of tight regulations and the high cost of CBD drugs. In addition, another primary factor hindering the development of the CBD industry is the lack of legalisation initiatives in many Asian and African countries.

Segmental Analysis

By Type

The leading segment, which is rising at the fastest CAGR to hit USD 2,092.97 million by the end of 2024, is Hemp-derived CBD oil. The differing amounts of tetrahydrocannabinol (THC) in hemp and marijuana account for the wide market share of hemp-derived CBD oil. Hemp is used for commercial uses for this cause, while hemp is cultivated for recreational and medical purposes.

By Application

With a 38.80 percent CAGR over the projected period, the cosmetic industry accounts for a large share. Increased legalisation and comprehensive CBD studies are growing their uses in the cosmetic industry, such as cosmetics products infused with CBD oil, as hemp-derived oils are proven to unclog pores, be anti-inflammatory and provide hydration.

Regional Analysis

Presence of Major Players Drives North America

When cannabis-based goods are gradually consumed, the Americas dominate the worldwide demand for CBD oil. Any of the key factors driving the region's development are the growing legalisation of medical cannabis in independent states of the U.S., the liberalisation of federal laws surrounding the same, and a general rise in the approval of cannabidiol for medicinal, health, and personal usage. In addition, for medicinal reasons, Canada has authorised the cultivation and selling of both CBD and THC potent marijuana. Therefore, the country's availability of CBD-based goods also promotes market growth in the field.

Germany to Drive Europe Market Growth

The European market for CBD oil has been divided into France, Germany, Italy, the United Kingdom, Russia and the rest of Europe. Due to the growing awareness of the medicinal uses of cannabis, Europe holds the second largest market share in the Western Europe region.

Rising Cosmetic Industry to Drive APAC

Asia-Pacific accounted for 9.16 percent market share as of 2018 and during the projected timeframe it was predicted to show the highest CAGR. The Asia Pacific market is expected to experience the fastest growth in the forecast period due to the establishment of hemp manufacturing plants, especially in China. China is Asia's biggest hemp producer and cultivates about half of the world's hemp output. In addition, players in end-use sectors such as personal care and cosmetics are striving to increase their profitability and revenue in developing economies. Therefore, the the attention of producers of cannabidiol-based products in Asia-Pacific countries and the the legalisation of cannabis for medicinal purposes in those countries are some of the key factors driving demand growth.

MEA to Witness Gradual Growth

Due to strict government policy, harmful effects associated with cannabis and the illicit use of marijuana, the Middle East & Africa is expected to see limited development.

Competitive Landscape

Mergers and Acuisitions to Remain Primary Focus of Market Players

There are many players competing in the global market for CBD Oil. Owing to the presence of a significant number of local and multinational firms, the global CBD oil market is heavily crowded. A vast variety of items on the market are available. The majority of businesses concentrate on cost-effective goods, while others have embraced merger tactics and strategic partnerships for business expansion. Any of the major companies, taking advantage of their good position and presence in the number of countries and regions around the world, have gained a large share of the global market.

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