Smart Insulin Pens Market 2020 Global Trend, Segmentation and Opportunities Forecast To 2027

 Market Research Future (MRFR) confirms that the Smart Insulin Pens Market 2020 was worth USD 72.97 Million in 2019, thanks to the escalating cases of diabetes, surge in product approvals and launches, expanding geriatric population and more.

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.

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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.

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EPharmacy Market Analysis and Value Forecast Snapshot by End-use Industry 2020-2027

 Global ePharmacy Market was valued at USD 62,587.0 Million in 2019 and is expected to register a CAGR of 12.5% during the forecast period of 2020 to 2027.

An E-Pharmacy is a pharmacy that operates over the internet and sends orders to customers through mail or shipping companies. The growth of the online pharmacies can be acknowledged from the following examples. The electronic prescription service (EPS) was aimed at rolling out in November 2019, according to the Department of Health, UK, claiming it would save the NHS through increasing efficiencies, reducing the amount of paper processing required, and reducing prescribing errors. In January 2019, Ping An Good Doctor, a one-stop healthcare ecosystem platform from China, announced that it had placed its One-minute Clinics across 8 provinces and cities in China and signed service contracts for nearly 1,000 units, providing healthcare services to more than 3 million users. Every One-minute Clinic has more than 100 categories of common drugs, all of which are cryogenically refrigerated to ensure their quality. New York in 2016 took the step of requiring prescribers to use electronic transmission of prescriptions to pharmacies.

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Factors such as the convenience provided in the delivery of medication discounted price, and laws favoring the adoption of ePharmacy, are driving the growth of the ePharmacy market. Additionally, rising investment for small companies is also driving the growth of the ePharmacy market. However, the rising number of counterfeit online pharmacies is posing as a challenge for the growth of the market.

Market Dynamics

An online pharmacy, internet pharmacy, or mail-order pharmacy is a pharmacy that operates over the Internet and sends orders to customers through mail, shipping companies, or online pharmacy web portal. Key players operating in the ePharmacy market to provide cost-efficient and timely services to survive and succeed in an intensely competitive and growing market environment.

A shift in consumer preference toward the online purchase of medicines and rising penetration of high-speed internet is driving the growth of the market. An increase in the number of online pharmacies and the booming pharmaceutical industry further anticipates the market growth. As of January 2020, 50+ start-ups are operating in e-Pharmacy space in India, which provides quality and affordable medicines to about 5,000,000 patients per month across the country. The number of ePharmacy has grown with the rising investment in the sector. Stockholm-based online pharmacy Meds raised USD 5.7 million in a round led by Inbox Capital.

E-Pharmacy improves purchaser's comfort and access, this will above all advantage endless old-age patients living in family units, and patients who are not in a condition to go out to discover a drug store. Globally, the population aged 65 and over is growing faster than all other age groups. According to data from World Population Prospects: the 2019 Revision, by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). The number of people aged 65 or more living in nursing homes is huge and suffering from chronic conditions such as diabetes, arthritis, eye diseases, or cognitive impairment. About 1.4 to 1.5 million people were living in nursing homes in the state according to research conducted by the Ohio State University Wexner Medical Center. The large number of geriatric populations suffering from chronic disease is expected to fuel market growth.

Segmentation

Global ePharmacy Market has been divided based on Drug Type, Operating Platform, and Business Model.

The market, based on Drug Type, has been segregated into prescription drugs and over the counter (OTC) drugs. The prescription drugs segment accounted for the largest market share of 55.6% in 2019. This largest share can be attributed to its preference as compared to over the counter drugs.

The market, based on operating platform, has been segregated into app and website. The app segment accounted for the largest market share of 57.6% in 2019. The rising number of retail pharmacies launching apps for the delivery of products globally is the key factor owing to the growth of this segment.

On the basis of business model, the market is segregated into the marketplace, pharmacy, and direct. The marketplace segment accounted for the largest market share with a value of USD 33,222.2 million in 2019 due to the increasing number of customers buying medications and refilling it online.

Regional Analysis

Global ePharmacy market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas are likely to dominate the global ePharmacy market owing to the presence of major manufacturers, raising awareness, and rising product launches by major players in the region. In 2019, the Americas accounted for the largest market share of 48.9% in the global ePharmacy market. This large share is majorly attributed to the presence of major ePharmacy players, and reliance of the general population on the online delivery of consumable goods. According to the most recent Statistics Canada report, retail e-commerce sales reached USD 2.3 billion in November, accounting for 4.2% of total retail trade. On a year-over-year basis, retail e-commerce increased by 20.1%, while total unadjusted retail sales rose 1.1%.

Europe held a substantial share in the global ePharmacy market. The ePharmacy market in Europe is expected to propel during the forecast period, owing to factors such as increasing online orders, the rapid increase in e-commerce, rising prevalence of chronic diseases, an increase in the geriatric population, and well-developed IT infrastructures. For instance, according to NCBI in Europe, the amount of online pharmacies is continuously increasing, while the amount of physical pharmacies is slightly decreasing (21,602 pharmacies in the year 2008) with only 20,441 operating public pharmacies in 2015. Glovo is a Spanish start-up founded in Barcelona in 2015. It is an on-demand courier service that purchases, picks up, and delivers products ordered through its mobile app. In Spain, the company observed a 60% growth in pharmaceutical orders during the pandemic of coronavirus. As of April 2020, it has provided around 133,000 masks, 71,000 pairs of gloves, and 2,500 liters of hand sanitizer gel worldwide through couriers.

The fast growth of the Asia-Pacific region is due to rising diabetes cases and the increasing per capita income along with government initiatives to enhance the quality of healthcare. China, India, and Australia have a lucrative market for ePharmacy due to the growing older population. Moreover, according to the report published by the United Nations in 2015, the number of older people aged 60 years or above in the world is predicted to grow by 56% between 2015 and 2030. Nearly 66% of the older population out of the total global population would also reside in the Asia-Pacific region. The increasing geriatric population will lead to an increase in metabolic disorders, which will, in turn, increase the patient population in need of delivery of medications and lead to growth in the ePharmacy market.

The market growth in the Middle East & Africa can be attributed to the novel public-private partnerships (PPP) business model, developing healthcare infrastructure, and government support. South Africa's Gauteng department of health in partnership with Right to Care and Right ePharmacy launched a groundbreaking "ATM pharmacy" also known as pharmacy dispensing unit (PDU). Right ePharmacy is an innovative, strategic solution provider for the dispensing, distribution, and collection of medicine. Right ePharmacy is the center of excellence for its parent company, Right to Care, spearheading disruptive innovation, and enhancing differentiated models of pharmaceutical care in Africa. So far 16 pharmacy dispensing units have been installed near shopping malls in Alexandra, Soweto, and Diepsloot townships in Johannesburg, and have served thousands of patients between March and the end of May. During 2018, medication was picked up 19,352 times from PDUs.

Key Players

The Prominent Players in the Global ePharmacy Market are 3M, B. Braun Melsungen AG, Baxter International INC, Smith & Nephew Plc, Cardinal Health, Coloplast Corp., ConvaTec Group Plc, Integra Lifesciences Holdings Corporation, Mölnlycke Health Care AB and Avery Dennison Corporation.

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Patient Handling Equipment Market Growth, Trends and Value Chain 2020-2027

 Global Patient Handling Equipment Market is expected to be valued at USD 15,430.18 Million by 2027 at a CAGR of 8.3% during the forecast period, 2020-2027.

The advancement in patient handling equipment and expansion of healthcare infrastructure due to the COVID-19 pandemic is expected to boost the growth of the market in the forecast period.

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Market Synopsis

An increasing usage of patient handling equipment in hospitals, rehabilitation centers, and elderly care settings is expected to drive the growth of the global patient handling equipment market.

The market growth in the coming years can also be attributed to the business expansion of manufacturers through merger & acquisition and incessant launch of innovative products. For instance, in the year 2020, Invacare Corporation, a US-based long-term medical product manufacturer, announced the launch of an Invacare AVIVA FX Power Wheelchair, a front-wheel-drive wheelchair. This product launch was aimed to strengthen the company’s power mobility product portfolio.

Market USP

Growing patient population of chronic diseases and rising geriatric population are the major market influencer of the patient handling equipment market.  

Market Drivers

The rising influx of patients in the hospital due to an outbreak of COVID-19 pandemic. The critical care products including hospital beds, ventilators, and vitals monitoring devices are being used in abundance for patients suffering from COVID-19. Various companies are aiding the healthcare sector in meeting the rising demand for critical care products by increasing their manufacturing capacity. For instance, in May 2020, Stryker (US) delivered about 1,000 emergency relief beds to hospitals in Qatar. The company is also massively producing emergency relief beds, a low-cost hospital bed.      

• Increasing geriatric and obese population

• Risk of injuries to caregivers while manual handling of patients

• Implementation of regulations to ensure the safety of healthcare service providers during the manual lifting procedure. For instance, according to the Office of State Human Resources (OSHR), the caregiver should do a preliminary assessment of their safety & health risks before any manual handling operation and take appropriate steps to lower the risks of patient handling. Also, manual handling operations should be avoided as far as it is reasonably practicable.

• A growing number of road accidents

• Growing usage of ceiling lifts in hospitals

Market Restraints

• Low skilled professionals for the efficient operation of the patient handling equipment.

Segmentation

By Product

• Patient Transfer Devices: This segment is likely to hold the largest share owing to the growing number of obese patients. This segment is further fragmented into patient lifts, air-assisted lateral transfer mattresses, sliding sheets, and accessories. Patient transfer devices aid in long and short distance transfer of patients depending on the requirement. Also, these products provide caregivers reduced risk of injuries while patient handling and are time efficient. According to National Public Radio, every year about 35,000 nursing professionals experience back and body injuries during patient handling in the US region.

• Medical Beds: This segment is further segmented into manual beds, electric beds, and semi-electric beds. The rising number of COVID-19 patients has influx the demand for medical beds in the forecast period. Also, the growing geriatric population base susceptive to chronic disease will be driving the growth of the segment. For instance, in 2019, according to the United Nations, globally there were about 703 million people aged 65 or over.

• Mobility Devices: This segment is further segmented into wheelchairs & mobility scooters, and ambulatory aids. The increasing cases of disability are expected to propel the demand for mobility devices. The ambulatory aid equipment provides support, stability, and balance for patients. The ambulatory aid segment includes equipment such as crutch, cane walking, walker, and others.

• Bathroom & Toilet Assist Equipment: These segments include bathroom assist products such as commodes, bath aids, handgrips, bath lifts, shower chairs, and others. Easy availability in online stores is likely to propel the growth of the segment.

• Stretchers & Transport Chairs: These are used in carrying patients from one place to another, within and outside of a healthcare facility. The advancement in stretchers & transport chairs has been enabling clinicians in providing patients with proper emergency assistance.

By Application

• Acute & Critical Care: This segment is likely to hold the largest share owing to high prevalence rate cardiovascular diseases, viral infection, and other acute diseases. For instance, in 2017, according to the Centers for Disease Control and Prevention (CDC), about 18.2 million adult population aged 20 or older were suffering from coronary heart disease in the US region.

• Long Term Care: This segment is likely to be the fastest-growing segment owing to the growing prevalence of target diseases such as tuberculosis, Alzheimer’s disease, tetanus, and others. For instance, according to Alzheimer's Association, in the US, about 5.8 million people aged 65 or above were suffering from Alzheimer’s dementia in 2019 and 5.7 million in 2018.

• Mobility Assistance: The growth of this segment can be attributed to the growing incidence rate of diseases such as arthritis and Parkinson’s.  For instance, according to Parkinson's Foundation, every year about 60,000 of the American population are diagnosed with Parkinson’s disease. This disease is characterized by stiffness, slowed movement, tremors, and impaired balance. The mobility assistance devices improve balance and provide support to patients suffering from Parkinson’s disease. Also, the rising elderly population is expected to drive the growth of the segment.

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Sexual Wellness Market: Drivers, Restraints, Opportunities, and Threats (2020-2027)

 Global sexual wellness market is expected to grow significantly over the forecast period. It is anticipated that the market held value of USD 21.26 billion in 2017 and is projected to grow at a CAGR of 9.2% over the forecast period.

Sexual health is experience of physical, psychological and social cultural related to sexuality. The products such as, sex toys, condom & contraceptives, sexual enhancement supplements, lubricants, ointments view as a sexual wellness product that provides enjoyment in sexual experience and security.

The factors such as increasing global prevalence of Sexually Transmitted Diseases (STDs), increase in awareness regarding sexual health items, and development of e-commerce business are expected to propel the growth of the market. However, Side effects due to toxic ingredients in products and product recalls hamper the market growth over the forecast period.

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Segmentation

The global sexual wellness market has been segmented into product, distribution channels, and region.

Based on product, sexual wellness market is segmented into sex toys, condom & contraceptives, sexual enhancement supplements, lubricants, ointments, and others. The sex toys segment is expected to account for the largest share segment of the market in 2017.

Based on distribution channels, sexual wellness market is segmented into retail and online platforms. The retail segment is expected to account for the largest share segment of the market in 2017. Retail segment further sub segmented into drug stores, specialty stores, and others.

The sexual wellness market segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The sexual wellness market in the Americas further segmented into North America and South America, with the North American market divided into the US and Canada.

The European sexual wellness 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 sexual wellness market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The sexual wellness market in the Middle East & Africa segmented into the Middle East and Africa.

Regional Market Summary

Geographically, the Americas is anticipated to dominate the global sexual wellness market owing to a well-established player, increasing prevalence of Sexually Transmitted Diseases (STDs), increase in awareness regarding sexual health items, and developed e-commerce business.

Europe is expected to hold the second largest position in the global sexual wellness market. The market growth in this region is attributed to increasing awareness about sexual wellness products.

The sexual wellness market in Asia-Pacific region consists of countries namely China, Japan, Republic of Korea, India, Australia and Rest of Asia-Pacific. The Asia-Pacific region is expected to be fastest growing region.

The Middle East & Africa has the least share of the sexual wellness market.

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Impact of Existing and Emerging Global Optical Coherence Tomography Market Trends And Forecast 2020-2027

 Market Research Future (MRFR) expects the Optical Coherence Tomography Market size to gain a valuation of USD 1483.49 Million by 2023, in view of the rising burden of eye diseases worldwide and the surge in technological innovations.

COVID-19 Analysis

In response to the COVID-19 outbreak, medical and healthcare industries are boosting their efforts to revive operations and services. The optical coherence industry has been gearing up to address the challenges posed by the SARS-CoV-2 pandemic, which include revenue loss, economic downfall and weakened demand among end-users.

Optical coherence tomography manufacturers are striving to ramp up their production capacity, while exploring innovative methods to bolster their presence, such as collaborations with firms outside the sector, open-source designing of equipment, and deployment of skilled healthcare employees to cater to health needs. These initiatives by players in the face of the novel coronavirus and the lockdown can be favorable for the OCT market in the near future.

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Drivers

Technical Innovations to Bolster OCT’s Medical Applications

Various experts and healthcare professionals claim that the optical coherence tomography has not been exploited completely and has a considerable growth potential. As of now, efforts are being made to enhance the scanning speed, accuracy, resolution power and multimodal imaging. Lately, hybridization of angiography with OCT for development of OCT angiography devices has gained prevalence in the medical field, resulting in emergence of new cardiovascular applications. OCT is a cutting-edge technology that helps address several public health ailments like diabetic retinopathy, non-melanoma skin cancer, cardiovascular disease, age-related Macular Disease, prostate cancer, barett’s esophagus, to name a few. It is also projected to penetrate medical applications beyond ophthalmology, such as in the life sciences industry.

The rising need for non-invasive, label-free, in vivo imaging methods for diagnosing and monitoring various pathologies is fostering the demand for OCT. This demand is especially strong in developing nations like such as China and India. The latest optical coherence tomography market trends observed include the increased focus of players on developing low-cost, portable and compact OCT systems with basic applications including dentistry, dermatology and more.

Opportunities

Micro-Optical Coherence Tomography to Emerge as a Profitable Opportunity

Mounting popularity of micro optical coherence tomography could be a huge opportunity in the years to come, with miniaturization and improvements in device designing currently being the key focus areas. Market participants are concentrating on conducting researches to develop “OCT in a chip” that is anticipated to go commercial in the next couple of years, depending on regulatory compliance as well as approval procedures. As of now, micro-optical coherence tomography is one of the prominent optical coherence tomography market trends picking up pace in the global industry.

Restraints

Unfavorable Medical Reimbursement Schemes to Restrain Growth

Lack of favorable medical reimbursement schemes along with limited clinical data are top deterrents in the global market for optical coherence tomography.

Challenges

Dearth of Skilled Medical Professionals to be a Huge Challenge

Shortage of effective equipment and dearth of skilled medical professionals that can use devices related to optical coherence tomography can prove to be massive challenges for the top companies in the global market.

Cumulative Growth Analysis

The Market Size to Soar at a Strong Rate

MRFR believes that the optical coherence tomography market size can expand at a rate of 8.9% over the appraisal period (between 2017 and 2023).

Segment Overview

SD-OCT to Command the Global Market

Depending on technology, the market can be categorized into swept-source OCT, spectral-domain OCT (SD-OCT), and others. Spectral domain optical coherence tomography (SD-OCT) is on track to achieve the biggest share of 60.1% over the given period, while swept-source OCT segment can grow at the fastest pace of 9.1% during the same period.

Ophthalmology Segment to be the Top Application

OCT’s top applications are oncology, cardiology, dermatology, ophthalmology and more. The ophthalmology segment can most likely take the commanding position with the highest share of 53.6% in the market, while the dermatology segment could procure the fastest growth rate of 9.3% from 2017 to 2023.

Handheld OCT Devices to Witness Strong Demand

The primary types of devices considered in the MRFR report include tabletop OCT devices, catheter-based OCT devices, handheld OCT devices, and others. Over the years, there have been major advances in handheld OCT devices, allowing high-resolution retinal imaging in young children and infants and also helping physicians in the early detection of several retinal disorders, such as diabetic retinopathy, macular degeneration and glaucoma. As a result, it is expected that the handheld OCT devices segment can make significant progress in the years ahead.

Regional Analysis

America to Grab Lion’s Share in the Global Market

The Americas can touch USD 558.34 million by 2023 and is currently the most profitable market for optical coherence tomography, profiting majorly from the rising prevalence of diabetic retinopathy, coupled with the huge number of affluent vendors present in the region. Increased use of OCT macular degeneration, glaucoma and conditions related to retina such as vitreous traction and central serous retinopathy in the region also benefits the regional market. Retinal optical coherence tomography and optical coherence tomography cardiology have emerged as highly lucrative segments in the American market over the past few years, owing to the surge in various eye and heart related disorders in the region. Also, favorable medical insurance schemes that help patients cover the optical coherence tomography cost, in terms of treatment, have bolstered the market size as well.

Asia Pacific to Clinch the Fastest CAGR between 2017 and 2023

Asia Pacific is the fastest emerging market and could procure a CAGR of 9.4% between 2017 and 2023, in view of the expanding obesity population base, rising stress, and prevalence of unhealthy lifestyle among people. These factors are resulting in higher cases of diabetes and other chronic ailments in the region, which fosters the demand for optical coherence tomography technology. The government funds new advanced technologies and promote innovative treatment options, prompting a surge in research and development activities for the same. India and China are home to a number of reputed companies that cater to the vast patient pool suffering from diabetes and a burgeoning aging population.

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Clinical Practice Management Software Market – Qualitative Insights by 2027

 Clinical practice management software is a type of healthcare management software offering wide range of application for healthcare management. Functions including patient registration, appointment scheduling, medical billing and others can be performed using clinical practice management software. Extensive demand of this software by hospitals and large number of healthcare IT companies providing client specific software solutions drives the growth of this market across the globe. Availability of user friendly software solution that are easily used by healthcare professional also contributes to the growth of this market. However, high cost of this software acts as a restrain for this market’s growth. Global market of clinical practice management software is expected to grow at a CAGR of approximately 15.2% during the forecast period of 2017-2023.

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Segmentation

Global clinical practice management software market has been segmented on the basis of mode of delivery which includes on-premise and cloud based. On the basis of end user, the market is segmented into hospitals, clinics, laboratories, pharmacy and others.

Intended Audience

• Healthcare IT companies
• Healthcare companies
• Contract research organizations (CROs)
• Research and development (R&D) companies
• Academic medical institutes and universities

Regional Analysis:

Globally, clinical practice management software market consists of four regions which includes Americas, Europe, Asia Pacific and Middle East & Africa. America is the largest market owing to extensive use of clinical practice management software in hospitals, presence of large number of healthcare IT companies and demand of user friendly software. Further, importance of electronic medical records also contributes to the growth of this market in America.  Europe is the second largest market whose growth is attributed to an increase in demand of patient management software solutions. Asia Pacific region shows the fastest growth in this market followed by Middle East & Africa. Increase in awareness about use of IT in patient management, appointment scheduling and medical billing drives the growth of this market here.

Key Players

This market has numerous players, some of the key players are Optum Inc. (U.S), Cerner Corporation (U.S), McKesson Corporation (U.S), Dell (U.S), Cognizant (U.S), Koninklijke Philips N.V. (U.S), Xerox Corporation (U.S), Siemens Ltd.(Germany), Epic Systems Corporation (U.S), GE Electronic (U.S) and Allscripts (U.S).

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Soaring Demand Drives Global Biohacking Market Growth During the Forecast Period, 2020-2027

 Biohacking refers to the use of function-enhancing drugs or the use of external or internal implants to improve cognitive function, memory, and creativity in individuals. The most prolific method include the intake of nootropic drugs to develop intelligence and focus. It is also known as do-it-yourself (DIY) biology. Biohackers have set up shop in warehouses, garages, and other such spaces. Some of the well-known labs in the U.S. include Biogarage, Bioartlab, Genspace, BioCurious, and LA Biohackers.

Awareness of biohacking, prevalence of chronic diseases, and demand for smart devices and drugs are factors likely to drive the market growth over the forecast period (2017-2023). The biohacking market can mushroom in size at a 19.42% CAGR during the assessment period owing to continuous technological advances. Lack of cyber security practices can deter the market growth. The sharp rise noticed in chronic diseases coupled with the growing geriatric populace is expected to provide opportunities for the market to grow.

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The increasing use of radiofrequency identification (RFID) technology in medical devices combined with the penetration of internet of things (IoT) in healthcare, fitness, and consumer electronics is expected to push the market demand. This can be credited to the need for quality healthcare needs among the populace.

Report Overview

The report covers the latest trends affecting the market to provide the most accurate forecasts and predictions. By correlating the historical data with key market dynamics, our analysts make highly astute projections regarding the scope of the market and its future prospects. MRFR’s report includes a thorough analysis of the global biohacking market segmented by type, product, application, end-user, and region. Trends and opportunities are highlighted coupled with the market share of companies as well as their valuation in the market. It analyzes new revenue sources for players and outlines the various strategies implemented by players.

Segment Overview

By type, the global biohacking market is segmented into outside and inside biohacking. Product-wise, the market is segmented into strains, sensors, smart drugs, and others. Major applications include synthetic biology, forensic science, genetic engineering, diagnosis & treatment, drug testing, and others. End-users in the market include pharmaceutical & biotechnology companies, forensic laboratories, and others.

The segments covered in the biohacking market report are analyzed with respect to four major regions – Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA), with respective country-level market sizing. The report discusses in detail the various players residing in these regions and their respective strategies to climb up the market ladder.

Competitive Landscape

Noteworthy industry participants in the biohacking market include Thync Global Inc. (U.S.), Synbiota (Canada), Apple (U.S.), HVMN, Inc. (U.S.), MoodMetric (U.S.), THE ODIN (U.S.), and Fitbit, Inc. (U.S.). The report offers comprehensive profiles on these market players and assesses their current standing in the market. Company history coupled with annual turnover, profit margins, segmental share, SWOT analysis, growth strategies, expansion techniques, and latest R&D initiatives are discussed in minute detail.

Research Methodology

At MRFR, our research analysts conduct a thorough objective analysis of the market when creating market reports by adhering to a rigorous set of standards which allow a truly comprehensive view of the market. Use of primary research strategies such as interviews with top executives of biohacking kits and tools manufacturers. Secondary research entails a thorough analysis of past and present trends in a forward-looking manner. Additionally, market size estimation and validation use both top-down & bottom-up approaches to obtain data from the value and supply chain. The balanced number of buyers and suppliers will result in a negligible demand-supply gap. Credible resources are accessed and verified by analysts to understand the nuances of market factors with consistency. Competent data analysts use strong analytical tools to ascertain accurate analysis of very relevant parameters in an effort to provide clients with a conclusive and dependable view of the future.

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