Kidney Stone Market: Drivers, Restraints, Opportunities, and Threats (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.

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Microfluidic Devices Market Size, Share, Demand, Financial Overview, Key Developments, Swot Analysis and Forecast to 2027

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

 As per the analysis conducted by Market Research Future (MRFR), the Global Cystic Fibrosis Market is expected to expand at a CAGR of 13.5% and is likely to acquire the market value of USD 12,943.1 Million by 2022.

Cystic fibrosis is a chronic, genetic disease that is bringing severe impact on the lives of about 70,000 people. As of now, the condition is not entirely curable. However, it can be partially cured with the help of particular medications and therapies. The cystic fibrosis market showed a rise in 2012 with the introduction of Kalydeco drug by Vertex pharmaceutical. Since then, there has been a continuous development of new medicines and therapies for treating cystic fibrosis. The financial backing of CFF is influential in the growth of the cystic fibrosis market worldwide.

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COVID-19 is expected to bring a significant impact on the global market for cystic fibrosis. The outbreak has brought an adverse effect on the industry. The imposition of lockdown in various countries is likely to hamper the global fibrosis treatment market.

Market Dynamics

The rising prevalence of Cystic Fibrosis (CF) and the on-going research and development activities undertaken by the various government are expected to be significant factors that can grow the demand for cystic fibrosis diagnosis during the assessment period. The increasing participation of nonprofit organizations is projected to boost the market growth in the review period. The growing prevalence of CF is expected to enhance the demand for alternatives to treat the diseases, which is predicted to augment cystic fibrosis market size.

Drivers

Growing Innovation to Cure the Disease can boost the industry

The availability of personalized drug therapy and molecular prosthetics to cure cystic fibrosis is expected to be a significant cause that can drive the market during the forecast period. The rising awareness about the disease across the globe is predicted to grow the market in the coming tenure. Also, the increasing R&D investments made by the government of various countries is expected to enhance the cystic fibrosis medications that can grow the market.

Opportunities

Development of Pharmaceuticals and Biotechnological Sectors

The on-going development in the pharmaceuticals and biotechnological sector is expected to produce a significant opportunity that can augment the market during the forecast period.  

Restraints

Limited Opportunities to Hinder Market Growth

The presence of limited revenue opportunities and high expenses associated with the treatment are expected to be significant restraining that may have a negative impact on the cystic fibrosis test.

Challenges

Introduction of Generic Drugs is a Significant Challenge

The introduction of generic drugs and patient expiration are some of the major challenges that the market is expected to face during the review period.

Cumulative Growth Analysis

The Market is anticipated to grow in the Future

The industry is likely to grow in the coming period due to the growing product launching and technological innovation. Furthermore, the increasing participation of the government is anticipated to underpin the cystic therapeutics market during the review period.

Market Segmentation

By Treatment Method

Medication Segment to Lead the Cystic Fibrosis Market

Based on the treatment method, the global market for cystic fibrosis is segmented into devices, medication, and other treatments. The medication segment accounted for a market value of USD 2802.7million in 2016. Among all, the medication segment is anticipated to lead the global market during the forecast period.

Regional Analysis

North America to Acquire the Highest Market Share Due to High FDA Approval of Drugs for Cystic Fibrosis

Cystic fibrosis can occur in both genders as well as in all ethnic groups and races. However, the incidences of cystic fibrosis vary across the globe. Cystic fibrosis is more common among Caucasians. Hence the disease is more prevalent in North America, Europe, and Australia. However, cystic fibrosis can also affect Latinos, American Indians, African, and Middle Eastern populations.

North America is expected to dominate the global market due to the growing FDA approval of drugs for cystic fibrosis. The demand to cure the disease with the increasing integration of the latest technologies in the healthcare sector is expected to underpin the expansion of the regional market. Among all countries of North America, the United States is expected to witness the highest incidence rates of cystic fibrosis, thereby propelling the regional market. As per the records by the cystic fibrosis foundation, more than 30,000 patients have been affected with cystic fibrosis in the United States. About 1000 new cystic fibrosis cases are diagnosed each year in the US.  

Europe is largely affected by cystic fibrosis, which is expected to be a significant factor that can grow the regional market. 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.  The region is likely to experience a rise in governmental support along with the growth in initiatives for R&D are further expected to fuel the regional market.

APAC is predicted to acquire a notable market share during the forecast period owing to the expanding geriatric population. The on-going development in the healthcare infrastructure is predicted to underpin the regional market in the assessment period. In addition, the R&D activities to find an apt solution to the disease is projected to strengthen the regional market.

The incidence of cystic fibrosis in the Middle East varies according to ethnic background. However, the CF prevalence in the Middle East is low as compared to the North American and European regions. There is no accurate CF prevalence number for the Northern African countries, but it is expected to be low due to the racial factor and no European genetic mixture.

Competitive Landscape

The increasing innovation of the product and the rising R&D is expected to offer various opportunities for market expansion in the coming period. Multiple players are likely to enter the market, thereby strengthening the competitiveness of the market.

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Capsule Endoscopy Market to Witness Widespread Expansion During 2020-2027

 

Market Overview

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.

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CBD Oil (Cannabidiol Oil) Market Growth, Trends and Value Chain 2020-2027

 

Market Overview

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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Preclinical CRO Market Growth, Trends and Value Chain 2020-2027

 

Market Overview

Preclinical CRO Market is projected to record a CAGR of 8.14% to influence an earning level of USD 5,234.7 Million by the end of the forecast in 2024. A preclinical CRO brings the knowledge, experience, and skill essential to take a medical product or device from its clinical-stage to selling and distribution.

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COVID-19 Analysis

With the present COVID-19 pandemic calamity, the world is conscious of life-saving drugs' criticality developed and rapidly brought to market. The drugs being brought to market result from a close partnership with the sponsor company, which works with a clinical research organization (CRO) that manages the clinical trials. Several drugs go through various development phases from the concept to the commercialization stage. A suitable CRO is deemed invaluable in the situation, especially to a sponsor company in its search to bring a novel drug to market. A poor performing CRO can cause a new drug's regulatory approval to be denied or delayed. As SARS-CoV-2 persists in its spread globally, several players are dedicated to arranging support for uncovering an active immune and prophylactic plan to back the biotech, pharmaceutical, and academic groups in advancing anti-viral medication and vaccines against SARS-CoV-2.

Market Dynamics

Drivers

Growth In Outsourcing Of Non-Core Function

The need to focus on core functions is projected to lead to an increased offloading of non-essential activities, thus boosting the preclinical CRO market growth.

Enhanced Abilities Of Preclinical Cros To Offer Additional Value-Added Services

The diversification and advancement of the additional value-added services is predicted to give the CRO preclinical market revenue a boost in the future.

Surging Number Of Drugs In The Preclinical Phase

The burgeoning volume of products in the preclinical testing phase is predicted to enhance the forthcoming period's preclinical CRO market size.

Economies Of Production And Scale

The ability to easily reach economies of production and scale is estimated to work out in favor of the preclinical CRO market in the impending period.

Opportunities

Opportunity For Medical Device Companies To Outsource Preclinical Trials

The demand for medical device testing has risen incrementally over the past few years, which is foreseen to be outsourced to preclinical CROs, thus motivating the global market in recent years.

Challenges

Scarcity Of Labour And High Labour Cost

The shortage of labor that is specialized related to requirements to the sector is estimated to create a restriction on the overall growth.

Structural Changes In The Industry

The changes in the market's overall structure are estimated to reduce the momentum for the preclinical CRO market development in the near future.

Segment Overview

By Service

The toxicology testing segment is anticipated to spearhead the global market and record a considerable CAGR to attain USD 2,476.28 Million by the conclusion of 2024. Growing demand for new drugs and chemicals and dynamic development in the biopharmaceutical and pharmaceutical sectors is anticipated to drive the preclinical CRO market growth. The bioanalysis and drug metabolism and pharmacokinetics (DMPK) studies segment is anticipated to show a peak CAGR of 8.96% by 2024.

By Application

Oncology is likely to appear as the leading segment in the forthcoming period.

By End-User

The pharmaceutical and biopharmaceutical industries segment is foreseen to create an impetus for global market growth in the future.

Regional Analysis

Americas To Exert Dominance On Global Market

The Americas regional market for preclinical CROs was the preclinical CRO's prime market in 2018 and is expected to continue its strong influence throughout the review period.

European Regional Market Shows Market

The European regional market reported a vital stake and is projected to be the second-largest market during the forecast period. The snowballing outsourcing undertakings in Europe are driving the development of the region's preclinical CRO market. Germany reported for the principal market portion of 24.7% in 2018, and the national-level market is anticipated to touch a CAGR of 6.69% throughout the forecast period.

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