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

 The Global Tissue Microarray Market is expected to register a CAGR of 10.54% and is anticipated to reach USD 10,914.54 million by 2023. Tissue microarrays are paraffin blocks that are created by separating cylindrical tissue cores from different paraffin donor blocks and re-embedding these into a microarray at defined array coordinates. With the help of tissue microarray, up to at least 1000 tissue samples can be arrayed into a single paraffin piece. It allows simultaneous analysis of molecules present in DNA, mRNA, and protein levels under identical, standardized conditions on a single glass slide. This adaptable strategy, in which data analysis is automated, facilitates retrospective and prospective human tissue studies.

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The increasing application in drug discovery, increasing prevalence of cancer, growing advancements in biotechnology and pharmaceutical companies, and rising demand for cost-effective and accurate diagnostic methods are the major drivers propelling market growth. However, tissue microarray may not be fruitful for heterogeneous cancers, which is likely to constrain the growth of the market.

Market Dynamics

The prevalence of cancer is one of the crucial factors that drive the growth of the tissue microarray market. According to the American Cancer Society, in 2017, nearly 13% of all cancers diagnosed in adults aged 20. It further stated that rates of liver cancer, thyroid cancer, and melanoma are increasing from last few years. According to US Breast Cancer Statistics, about 1 in 8 US women (about 12%) will develop invasive breast cancer throughout their lifetime. In 2017, an estimated 252,710 new cases of invasive breast cancer were expected to be diagnosed in women in the US, along with 63,410 new cases of non-invasive (in-situ) breast cancer.

Moreover, increasing advancements in biotechnology and pharmaceutical companies and growing demand for cost-effective and accurate diagnostic methods have fueled the growth of the market. On the other hand, tissue microarray is that it may not be fruitful for heterogeneous cancers anticipated to hamper the market growth.

Segmentation

The global tissue microarray market has been divided into the procedure, technology, application, and end user. By procedure, the market has been segregated into immunohistochemistry, fluorescent in-situ hybridization, and frozen tissue array. Based on technology, the market has been segmented into DNA microarray, polymerase chain reaction (PCR), next-generation sequencing, northern blotting, and western blotting. Based on the application, the market has been bifurcated into oncology, gene expression profiling, SNP detection, double-stranded B-DNA microarrays, comparative genomic hybridization, and sequencing bioinformatics. By end-user, the market has been classified as pharmaceutical and biotechnological companies and research organization. The research organization segment accounted for a market value of USD 1876.02 million in 2016.

Key Players

The prominent players in the global tissue microarray market are Agilent Technologies, Illumina, Inc., Protein Biotechnologies Inc., Asterand Bioscience, Pantomics Inc., Applied Microarrays, Arrayit, Phalanx Biotech, QIAGEN, Takara Bio, Perkin Elmer, and Merck Sharp & Dohme Corp.

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Automated Hospital Beds Market to Witness Widespread Expansion During 2020-2027

 The Global Automated Hospital Beds Market is expected to register a CAGR of 5.97% and is anticipated to reach USD 2,553.4 million by 2023. 

Automated hospital beds are specially designed for hospitalized patients in need of some form of health care services. These hospitals beds have special features both for the comfort and well-being of the patient and for the convenience of health care workers. Most common features of automated hospital beds are automated adjustable height for the entire bed including the head and the feet, adjustable side rails, and electronic buttons to operate both the bed and other nearby electronic devices.

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The increase in the number of various acute and chronic disorders, rising geriatric population, increased number of obese people, continuous development in the designs of the hospital beds for the betterment and more comfort of the patients, and rising healthcare expenditure are the major drivers propelling market growth. However, the high cost of automated hospital beds and expensive maintenance of automated hospital beds are hampering the growth of the market.

Market Dynamics

The rise in the incidence rates of chronic disorders is expected to drive the growth of the market. According to the American Autoimmune Related Diseases Association, in 2017, approximately 50 million Americans were suffering from autoimmune diseases, and more than USD 591 million was spent on research and development of autoimmune disorders. Moreover, the increasing geriatric population, increased number of obese people are also likely to support market growth. On the other hand, the high cost of automated beds and the expensive maintenance of hospital beds is anticipated to hamper the market growth.

Segmentation

The global automated hospital beds market has been segmented into type, technology, type of treatment, usage and end user. By type, the market has been segmented into semi-automatic hospital beds and fully automatic hospital beds. Technology segment has been divided into basic automated hospital beds and smart, automated hospital beds. Based on the type of treatment, the market has been segmented into critical care, acute care, and long-term care. Based on usage, the market has been segmented into general-purpose, intensive care, delivery/birthing, bariatric, pediatric, psychiatric care, pressure relief, and others. By end-user, the market has been segmented hospitals & clinics reproductive care centers, dentistry, home care, and others. The hospitals & clinics segment accounted for a market value of USD  627.4 million in 2016.

Key Players

The prominent players in the global automated hospital beds market are ArjoHuntleigh, Gendron Inc, Hill-Rom Holdings, Invacare Corporation, Linet spol. SRO, Medline Industries, Inc., Stryker Corporation, Paramount Bed Holdings Co., Ltd., and Others.

Regional Analysis

The global automated hospital beds market, based on region, is divided into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.

The European region is estimated to dominate the global automated hospital beds market during the forecast period. This is attributed to the continuous innovation and new product development, moreover, to rise in prevalence of life-threatening diseases, increasing healthcare expenditure and increasing technological advances play a vital role in the growth of the regional market. Furthermore, in an automated hospital beds market, Europe accounted for a market share of 36.0% in 2016. The North America market for automated hospital beds is expected to be the second-largest during the forecast period. Factors such as stable economic conditions and continuously developing technologies and significant investments by hospitals to upgrade their equipment’s including beds is expected to boost the growth of the market in this region. For instance, According to WHO, the North American population is projected to grow by 42% from 2000 to 2050, and so it is imperative that the supply of health care maintains pace with the increased demand

Additionally, the companies operating in the market are mainly concentrating on strategic collaborations and mergers and acquisition, which is expected to support market growth. Asia-Pacific is estimated to be the fastest-growing market due to the increasing incidence of chronic diseases, the government encouragement in the healthcare sector, and growing the working population in the healthcare industry. Furthermore, the market in the Middle East & Africa is expected to witness steady growth due to limited access to healthcare facilities.

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Impact of Existing and Emerging Global Companion Diagnostics for Oncology Market Trends And Forecast 2020-2027

 Market Overview

Global Companion Diagnostics for Oncology Market was valued at USD 1,603.16 Million in 2019 and is expected to register a CAGR of 22.57% during the forecast period of 2020 to 2027.

Companion diagnostic (CDx) is a diagnostic testing kit majorly used by pharmaceutical companies for the development of personalized medicine. CDx tests provide information about the effective use of a corresponding therapeutic product by analyzing the genetic material. With the rise in cancer prevalence, coupled with increasing strategic initiatives, there has been a huge demand for companion diagnostics in the oncology area. The growing prevalence of cancer across the globe is increasing the preference for targeted therapy, which is affecting the demand for CDx tests. According to Cancer Research UK, there were 17 million new cases of cancer across the world in 2018, in which lung and breast cancer accounted for the largest share, followed by colorectal and prostate cancer.

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Market Dynamics

The key factors driving the market growth are increasing R&D and drug-diagnostic co-development, growing preference for personalized medicine, increasing global incidence of cancer, and increasing product approvals by major players. However, the lack of reimbursement in developing regions may hamper the market growth. The entry of market players in evolving economies creates an opportunity to drive the companion diagnostics for oncology market.

Major market players are focusing on various growth strategies such as product launches, product advancements, and business expansions to cater to the growing need for personalized medicine. These product launches and business expansion drive the growth of the companion diagnostics for oncology market. For instance, in March 2020, Thermo Fisher signed a strategic agreement with Janssen Services to co-develop a companion diagnostic product related to oncology, which will support clinical trial enrollment globally. In March 2019, Roche launched the Ventana PD-L1 (SP142) Assay in Europe as the first companion diagnostic to identify triple-negative breast cancer patients eligible for treatment with Tecentriq. Similarly, in March 2019, Roche received the US FDA approval for its Ventana PD-L1 (SP142) assay approved as the first companion diagnostic to identify triple-negative breast cancer patients eligible for the treatment with Tecentriq in combination with Abraxane. Furthermore, in April 2018, Illumina entered a collaboration with Bristol Myers Squibb Company to utilize Illumina’s next-generation sequencing technology to develop and globally commercialize companion diagnostics for Bristol-Myers Squibb Company’s oncology immunotherapies, and the growing prevalence of cancer across the globe is increasing the preference for targeted therapy which is affecting the demand for CDx tests.

Segmentation

Global Companion Diagnostics for Oncology Market has been divided based on Products & Services, Technology, Indication, and End User.

Global Companion Diagnostics for Oncology Market, on the basis of product & service, has been segmented into assays, kits & reagents and software & services. The assays, kits, & reagents segment is expected to be the largest of 62.1% in 2019 and is projected to be the fastest market owing to their continuous requirement by end users.

Based on technology, the global companion diagnostics for oncology market is segmented into polymerase chain reaction (PCR) and next-generation sequencing (NGS). By technology, polymerase chain reaction (PCR) held a larger market share of 53.8% in 2019, whereas the NGS segment accounted for a CAGR of 25.05% during the forecast period of 2020 to 2027.

The global companion diagnostics for oncology market, on the basis of indication, has been segmented into breast cancer, lung cancer, colorectal cancer, gastric cancer, melanoma, and others. The breast cancer segment accounted for the largest market share in 2019, owing to the huge population suffering from cancer across the globe.

The global companion diagnostics for oncology market, on the basis of end user, is segmented into pharmaceutical & biopharmaceutical companies, laboratories, contract research organizations, and others. The pharmaceutical & biopharmaceutical companies segment accounted for the largest share of 38.2% in 2019, owing to the rising adoption of companion diagnostics for oncology techniques among researchers and clinicians.

Regional Analysis

Global Companion Diagnostics for Oncology Market based on region is segmented into four main regions, including the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas accounted for the major share in 2019, whereas Asia-Pacific is projected to be the fastest-growing region during the forecast period.

In the global companion diagnostics for oncology market, the Americas held the largest share of 37.3% in 2019. The market growth in the Americas is due to the high prevalence rate of cancer and other chronic disorders and rising healthcare expenditure. According, to the National Institutes of Health, it was estimated that 1,735,350 new cases of cancer were diagnosed in the US in 2018. Additionally, the American Cancer Society estimated that 1.8 million new cancer cases would be diagnosed in 2020 in the US.

Europe acquired the second-largest market share in 2019. The market is expected to register a sturdy growth rate during the forecast period due to the presence of a large number of companies, growing research and development activities to develop targeted drug therapy for a cancer patient, and rising per capita income increases the preference for personalized medicine. According to the European Journal of Cancer, there were around 3.9 million new cases and 1.9 million deaths from cancer in Europe in 2018. The increasing cancer population supports market growth in this region.

Asia-Pacific is anticipated to be the fastest-growing regional market during the forecast period. The rapid growth of the Asia-Pacific regional market is due to the rising number of cancer patients and the growing presence of market players. According to the Global Cancer Observatory, around 1,157,294 cases of cancer were reported in India in 2018. Additionally, growing research funding, rising investments by pharmaceutical and biotechnology companies and growing awareness about personalized therapeutics in several APAC countries are expected to drive the growth of the Asia-Pacific market.

The Middle East & Africa accounted for the least value of USD 82.64 million in 2019. The companion diagnostics for oncology market in countries such as Kuwait, the UAE, and Saudi Arabia are likely to show steady growth due to increasing cancer cases, rising drug discovery, and increasing preference for personalized medicines. Also, the growing number of hospitals and research laboratories and increasing investment by healthcare companies in this region drives the growth of the market in Middle East & Africa.

Key Players

The Prominent Players in the Global Companion Diagnostics for Oncology Market are Agilent Technologies Inc., Illumina, Inc., F. Hoffmann-La Roche Ltd, BioMérieux SA, Foundation Medicine, Archer Dx, Qiagen, Thermo Fisher Scientific Inc., Amoy Dx, and Abbott.

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Surgical Instrument Tracking System Market – Insights on Upcoming Trends 2027

 Global Surgical Instrument Tracking System Market was valued at USD 186.85 Million in 2019 and is expected to register a CAGR of 15.07% during the forecast period of 2020 to 2027.

Surgical instrument tracking systems are systems that can combine scanning technology and application software. They help healthcare professionals to access time-saving tools, leading to them performing efficient and time-saving procedures. The surgical tracking systems are very much useful in organizing surgical sets, usage cycle tracking, and documentation of instruments used, understanding the replacement of instruments, and other applications.

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Factors that drive the market growth are the high rate of adoption of the surgical instrument tracking systems by hospitals, the need to meet unique device identification mandates, the convenience provided by surgical instrument tracking system in the management of inventories, and the increasing number of surgical instruments used in various surgeries. However, the high cost of implementing automated tracking systems coupled with a fall in the number of surgeries due to a pandemic is hampering the growth of the market.

Previously, it was only used for instrument count sheet management along with a few basic tasks such as traceability of instruments. The 2D barcodes have helped sterile handling and identification of instruments and help in tracking the history of each instrument’s use. Major healthcare providers are signing long-term agreements with surgical instrument tracking system suppliers for improving the quality of the inventory management systems. For instance, recently, Universal Health Services, Inc., one of the hospital management companies, which have a large network of hospitals in the US, signed a multi-year contract with Censis Technologies, Inc. for its surgical instrument tracking system Censitrac.

Market Dynamics

The surgical instrument tracking systems are used in the healthcare facilities to streamline the workflow, regulate the costs, and reduce waste as well as for effective inventory management. There are several benefits of surgical instrument tracking systems. Key players operating in the surgical instrument tracking system market are engaged in the acquisition of companies with similar products to expand their product portfolio and maintain a global footprint. For instance, in October 2019, Fortive Corporation (US) acquired Censis Technologies, Inc. (US). This acquisition helped Fortive Corporation to add a surgical instrument tracking systems product portfolio.

The growth of the global surgical instrument tracking system market can be attributed to the high rate of adoption of the surgical instrument tracking systems by hospitals, technological advancements in the surgical instrument tracking system market, and the growing number of surgical procedures globally. Technological advancements in the surgical instrument tracking system segment are reducing the time required for the process and increasing the accessibility and efficiency of inventory management in the medical facilities. It is also providing real-time data collection and monitoring of surgical instruments used in the healthcare facility. The market players have been engaged in the development of innovative products and services for catering to the needs of the healthcare providers. For instance, in October 2018, Spa Track launched a new Auto-Scanner RFID Surgical Instrument. It is a hetero-directional, rotating processing system that takes only 12 seconds for screening a complete instrument plate and can be inaccurate monitoring of every single registration number of items. Such technological advancements are expected to encourage the growth of the global surgical instrument tracking system market during the forecast period

Segmentation

Global Surgical Instrument Tracking System Market has been divided based on Components, Technology, and End-Use.

The market, based on components, has been segmented into hardware, software, and services. The hardware segment accounted for a significant market share of 51.6% in 2019. This large share can be attributed to its growing technological advancements, which is driving the adoption of these devices for inventory management. The hardware segment is further divided into readers, tags, and others.

The market, based on technology, has been bifurcated into barcode tracking and radio frequency identification. The Barcode tracking segment dominated the global surgical instrument tracking system market in 2019. Owing to the low cost of installation has resulted in the increased adoption of barcode technology in the surgical instrument tracking systems market. It held a market share of 86.9% in 2019.

On the basis of end use, the global surgical instrument tracking system market has been classified as hospitals and others. The hospitals segment dominated the global surgical instrument tracking system market in 2019. The large share of 83.0% of hospitals is attributable to the need to cut healthcare expenditure and manage existing instruments for tracking solutions.

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Cardiopulmonary Resuscitation Market Growth, Trends and Value Chain 2020-2027

 Global Cardiopulmonary Resuscitation Market size was valued at USD 1,603.16 Million in 2019 and is expected to register a CAGR of 10.50% during the forecast period of 2020 to 2027.

Cardiopulmonary resuscitation (CPR) is a lifesaving technique useful in many emergencies, including a heart attack or near drowning, in which someone's breathing or heartbeat has stopped. During a cardiac arrest, due to an insufficient supply of blood, the heart stops beating. In such conditions, blood circulation vital to sustaining life can be provided by constantly compressing the heart through a physical force applied to the patient’s chest. This rescue technique is termed cardiopulmonary resuscitation (CPR), which is employed in emergencies or conditions to protect the patient from fatal myocardial infarction or brain damage.

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Global Cardiopulmonary Resuscitation Market is mainly driven by the increasing prevalence of heart and respiratory diseases, rising geriatric population, rise in government initiatives, increasing global incidence of cancer, and growing product approvals by major players. People worldwide are living longer. According to the World Health Organization, by 2050, the world’s population aged 60 years and older is expected to be 2 billion, up from 900 million in 2015. By 2050, there will be almost this many (120 million) living in China alone, and 434 million people in this age group worldwide. By 2050, 80% of all older people will live in low- and middle-income countries.

Market Dynamics

Heart disease is the leading cause of death in men and women globally. According to the American College of Cardiology, approximately every 40 seconds, an American will have a myocardial infarction. It further stated that in 2017, emergency medical services-assessed out-of-hospital cardiac arrest occurred in an estimated 356,461 Americans; emergency medical services treatment was initiated in 52%. The initial recorded cardiac rhythm was ventricular fibrillation, ventricular tachycardia, or shockable by an automated external defibrillator in only 18.7%. Adult survival to hospital discharge was 10.4%; 8.4% had good functional status at discharge. Furthermore, according to NHS England, the respiratory disease affects one in five people and is the third-biggest cause of death in England (after cancer and cardiovascular disease). According to a new Tulane University study published in The Lancet, chronic obstructive pulmonary disease (COPD) is widespread in China, with 8.6% of the country's adult population with almost 100 million people suffering from chronic lung disease. In addition, as per the World Health Organization, it is estimated that 54% of deaths from noncommunicable diseases in the Eastern Mediterranean Region are due to cardiovascular diseases. Deaths attributed to cardiovascular diseases (of total deaths) range from 49% in Oman to 13% in Somalia. The prevalence of cardiovascular diseases is due to sedentary lifestyles and common risk factors, such as hypertension (ranging from 28% in the UAE to 41% in Libya and Morocco); diabetes (ranging from 4% in the Islamic Republic of Iran to 19% in Sudan) and hypercholesterolemia (ranging from 14% in Lebanon to 52% in the Islamic Republic of Iran). Effective CPR can improve the survival rate of patients with cardiac and respiratory diseases. Application of CPR immediately can increase the survival rate of victims significantly. A study by the American Heart Association states that 70% of Americans feel helpless in cardiac emergencies as they are not aware of administering CPR.

The International Liaison Committee on Resuscitation (ILCOR) launched the first global “World Restart a Heart (WRAH)” initiative in 2018. The aim was to increase public awareness and improve the rates of bystander cardiopulmonary resuscitation (CPR) for victims of cardiac arrest.

Segmentation

Global Cardiopulmonary Resuscitation Market has been divided based on Product Type, Compressor Type, Application, and End User.

On the basis of Product Type, the market is bifurcated into piston CPR devices, load-distributing band (LDB), active compression-decompression (ACD) devices and impedance threshold device, extracorporeal techniques and invasive perfusion devices, and others. The piston CPR devices segment is expected to register the highest CAGR of 11.57% during the forecast period.

On the basis of compressor type, the market is bifurcated into manual CPR and automatic mechanical CPR. The automatic mechanical CPR segment accounted for a larger market share with a value of USD 101.6 million in 2019.

On the basis of application, the market is bifurcated into emergency departments, coronary & intensive care units, organ transplant facilities, air medevac units, and EMT rescue units. The EMT rescue units segment is expected to register the highest CAGR of 12.71% during the forecast period owing to the rise in the availability of a skilled workforce across the globe.

On the basis of end user, the market is bifurcated into hospitals and clinics, cardiac catheterization laboratories, organ transplant units, and others. The hospitals and clinics segment accounted for the largest market share at a value of USD 136.1 million in 2027. This large share can be attributed to the growing awareness of many cardiovascular disease and arrhythmia.

Regional Analysis

Global Cardiopulmonary Resuscitation Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to command the largest market share due to the rise in the prevalence of lifestyle diseases and heart diseases.

Europe held a substantial share in the global market. This can be attributed to the technological advancements, high disposable income, growing geriatric population, and favorable regulatory framework. According to the British Heart Foundation, around 7 million people are living with heart and circulatory disease in the UK, where 3.4 million are men and 3.5 million women.

Asia-Pacific is expected to command the third-largest share of the global market owing to the growing geriatric population, increasing chronic diseases, and elevated utilization of medical devices in healthcare. Rising awareness regarding medical devices and key measures taken by government bodies in the adoption of monitoring devices and improving emergency paramedical services are the other key drivers of the market in Asia-Pacific.

The cardiopulmonary resuscitation market in Middle East & Africa is expected to exhibit steady growth during the review period due to the increasing number of heart & respiratory diseases and rapidly developing healthcare infrastructure. For instance, according to the Dubai Health Authority, nearly 30% of the UAE population suffers from heart disease, which has emerged as a major killer; 32% of people suffer from high blood pressure, with high stress being a major contributor.

Key Players

The Prominent Players in the Global Cardiopulmonary Resuscitation Market are Stryker, Nihon Kohden Corporation, ZOLL Medical Corporation, Koninklijke Philips N.V., Vyaire Medical, Inc., General Electric Company, CPR Medical Devices, Inc., Michigan Instruments, Corpuls, SCHILLER, and Medtronic.

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Smart Insulin Pens Market to Witness Widespread Expansion During 2020-2027

 Market Research Future (MRFR) confirms that the Smart Insulin Pens Market size 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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Market Research Future Releases New Report on the Global EPharmacy Market 2027

 Global ePharmacy Marke t size 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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