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Friday 30 April 2021

Patient Handling Equipment Market – Insights on Upcoming Trends 2027

Market Forecast

Global Patient Handling Equipment Market analysis 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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ePharmacy Market to Witness Widespread Expansion During 2020-2027

Global ePharmacy Market growth 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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Cardiopulmonary Resuscitation Market to Witness Widespread Expansion During 2020-2027

Global Cardiopulmonary Resuscitation Market 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 Cardiopulmonary Resuscitation 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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Medical Payment Fraud Detection Market Size, Share, Demand, Financial Overview, Key Developments, Swot Analysis and Forecast to 2027

Global Medical Payment Fraud Detection Market forecast is expected to hold a value of USD 5786.44 Million by 2027 and is expected to register a growth of 25.2% from 2020 to 2027.

Market Synopsis

Medical fraud is increasingly apperceived as one of the social concerns. Healthcare fraud varies, but generally, it involves filing dishonest health claims for profit. The combination of fear loosened healthcare regulations, and expected stimulus payments in response to the COVID 19 pandemic could unleash an unprecedented surge of healthcare scams and fraud. The rising number of patients opting for health insurance, increasing pressure of fraud, and abuse on healthcare spending are the key factors that are expected to drive the market growth. For instance, according to the Centers for Disease Control and Prevention, 2018, report, 65.1% of people under the age of 65, in the US opted for private healthcare insurance. Moreover, a large number of fraudulent activities, rising healthcare expenditures, and growing pressure to increase operational efficiency and reduce healthcare spending are also expected to boost market growth.

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Regional Analysis

The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas region held the largest market in 2020, owing to the increasing number of patients opting for health insurances. For Instance, according to the Centers for Disease Detection and Prevention, in 2018 report, 25.5% people under age of 65 opted for public health insurance in the United States. The medical payment fraud detection market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European medical payment fraud detection market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, Italy, Spain, the UK and the rest of Western Europe. The medical payment fraud detection market in Asia-Pacific has been segmented into Japan, China, India, Australia, South Korea, and the rest of Asia-Pacific. Due to large number of fraudulent activities, the market in Asia-Pacific is expected to be the fastest-growing. The medical payment fraud detection market in the Middle East & Africa has been divided into the Middle East and Africa.

Segmentation

Global Medical Payment Fraud Detection Market has been segmented based on the Type, Component, Delivery Model, Source of Services, and End User.

Based on Type, the global medical payment fraud detection market has been segmented into descriptive analytics, predictive analytics, and prescriptive analytics. Descriptive analytics forms the base for the effective application of predictive and prescriptive analytics.

On the basis of components, the market has been segmented into services and software. Software fraud detection is expected to hold a major market share.

Based on the delivery model, the market has been segmented into on-premise and cloud-based. The cloud-based fraud detection market is expected to gain traction during the forecast period.

On the basis of the source of service, the market has been segmented into in-house and outsourced.

The market based on end-user has been segmented into private insurance payers, public/ government agencies, and third-party service providers.

Key Players

Some of the key players in the global medical payment fraud detection market are LexisNexis Risk Solutions (US), International Business Machines Corporation (US), Optuminsight (US), OSP Labs (India), DXC Technology Company (US), UnitedHealth Group (US), SAS Institute (US), Fair Issac Corporation (US), EXL Service Holdings, Inc. (US), CGI GROUP (Canada).

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Thursday 29 April 2021

Global Laboratory Equipment Market Show Steady Growth: Study 2027

Market Highlights

According to MRFR analysis, the global laboratory equipment market is expected to register a CAGR of ~7.30% during the forecast period of 2019 to 2025 and is expected to reach USD 58,960 Million by 2025.

Laboratory equipment are the tools used by lab technicians or scientists to work in a laboratory. These instruments and devices aid in various tasks such as preparation of cell culture mediums for research, analysis of the biological samples of patients, studying tissues for diagnosis of various diseases, and others.

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The growth of the global laboratory equipment market is driven by various factors such as increasing demand for lab automation, the shift from lab-based diagnosis to the point of care diagnosis, increasing biomedical research, and rising innovations by major players. However, the lack of laboratory setups in developing countries is projected to hamper the growth of the global laboratory equipment market.

The global laboratory equipment market trends are currently dominated by several market players. The key players are involved in product launches and strategic collaborations to strengthen their market positions. For instance, in October 2018, Eppendorf AG presents first internally developed the CO2 incubator.

Regional Analysis

The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the rising per capita healthcare expenditure. The laboratory equipment market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European laboratory equipment market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The laboratory equipment market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing clinical laboratories and increasing pool of patient population, the market in Asia-Pacific is expected to be the fastest-growing. The laboratory equipment market in the Middle East & Africa has been divided into the Middle East and Africa.

Segmentation

The global laboratory equipment market has been segmented based on product type, application, and end user.

The market, based on product type, has been divided into incubators, centrifuges, spectrometers, scopes, sonicators, autoclaves, and others. The incubators segment is likely to be the largest during the review period due to the growing use of this device in various areas of testing. The spectrometers segment is predicted to be the fastest-growing due to the increasing product launches in the market. For instance, in April 2018, Bruker launched INVENIO Fourier Transform Infrared (FT-IR) research spectrometer.

The global laboratory equipment market has been segmented, on the basis of application, into biochemistry, endocrinology, microbiology, hematology, genetic testing, and others. The biochemistry segment is expected to hold the majority share of the market owing to the wide number of biochemical tests carried out in the laboratories. The endocrinology segment is expected to be the fastest-growing due to the rising patient pool, coupled with the increasing number of tests.

The end users of the market are hospitals and clinics, diagnostic centers, and others. The hospitals and clinics segment is expected to hold the largest share of the market due to the increasing number of hospitals and clinics using laboratory equipment. The diagnostic centers segment is expected to be the fastest-growing owing to the increased preference of medical professionals for carrying out diagnostic tests.

Key Players

Some of the key players in the global laboratory equipment market are Agilent Technologies, Inc. (US), BD (US), Beckman Coulter, Inc. (US), Bio-Rad Laboratories, Inc. (US), Bruker (US), Eppendorf AG (Germany), F. Hoffmann LA-Roche AG (Switzerland), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), and Waters (US), among others.

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Hearing Aids Market: Recent Industry Trends and Projected Industry Growth, 2020– 2027

Market Forecast

Hearing Aids Market trends expected to cross USD 10.2 Billion by 2025 at a CAGR of 7%.

Market Synopsis

The technological advancements and launch of new products are expected to fuel the global hearing aids market.

Market Influencer

Technological advancements for the development of products by hearing aids manufacturers which along with improved hearing experience also have sleek appearance promoting the use of hearing aids.

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The growth of global hearing aids market is driven by various factors such as increasing incidence of hearing loss, the launch of new products, increasing geriatric population, and raising awareness about hearing loss treatment. However, the low penetration of hearing aids and product recalls are expected to curb the growth of the global hearing aids market.

The global hearing aids market is currently dominated by several market players. The key players are involved in product launches and strategic collaborations to strengthen their market positions.

Regional Analysis

The market has been divided, by region, into Europe, the Americas, Asia-Pacific, and the Middle East & Africa. Europe is expected to be the largest market owing to the rising incidence of hearing loss and sophisticated healthcare infrastructure. The European hearing aids market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The Americas holds the second largest market share. The hearing aids market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The hearing aids market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing awareness regarding the use of hearing aids and increasing population affected by hearing disorders, the market in Asia-Pacific is expected to be the fastest-growing. The hearing aids market in the Middle East & Africa has been divided into the Middle East and Africa and is expected to hold the least market share.

Segmentation

The global hearing aids market has been segmented based on product, product type, type of hearing loss, technology type, and distribution channel.

The market, based on product, has been divided into devices, implants, and accessories, out of which implants is the fastest-growing segment. For instance, the Australia-based manufacturer Cochlear Ltd reported a profit of USD 265 to USD 275 million in first quarter of 2019, 8% to 12% more as compared to that in the first quarter of 2018.

The global hearing aids market has been segmented, on the basis of product type, into wired and wireless. Wireless is the fastest-growing segment owing to technological advancements and product launches. For instance, Sonova, in November 2018 launched products based on SWORD (Sonova Wireless One Radio Digital) chip. The new technology allows hearing instruments to connect with electronic devices such as televisions or mobile phones.

The type of hearing loss segments of the market are sensorineural, conductive, and others. The growth of the segment is due to the high prevalence of hearing loss. For instance, in 2018, around 2 to 3 out of 1000, children in the US are born with a hearing loss in one or both ears.

The technology type segment of the market is segmented as digital hearing aids and analog hearing aids. The digital hearing aids segment is expected to be both, the largest shareholder and the fastest-growing segment owing to its advantages over analog counterparts.

The distribution channel segment is classified into retail stores, E-commerce, and others. The E-commerce segment is expected to be the fastest-growing segment owing to ease of access to products for customers.

Key Players

Some of the key players in the global hearing aids market are Sonova (Switzerland), Cochlear Ltd. (Australia), GN Store Nord A/S (Denmark), Sivantos Pte. Ltd. (Singapore), Arphi Electronics Private Limited (India), Demant A/S (Denmark), Starkey (US), WIDEX INDIA PRIVATE LIMITED (Denmark), Zounds Hearing (US), SeboTek Hearing Systems, LLC (US), Audina Hearing Instruments, Inc. (US), and Microson (Spain).

Liver Cirrhosis Treatment Market Is Seeing Explosive Growth by Future Industry Winners: Forecast, 2020-2027

Market Highlights

According to MRFR analysis, the upcoming global liver cirrhosis treatment market trends expected to register a CAGR of ~5.2% during the forecast period of 2019 to 2025 and was valued at USD 956.89 million in 2018.

Liver cirrhosis is basically the late-stage scarring of the liver caused due to various types of liver diseases and disorders such as alcoholism and hepatitis, among others. No symptoms are observed until the liver is extensively damaged. Complications of liver cirrhosis include portal hypertension, leg & abdomen swelling, splenomegaly, bleeding, infections, malnutrition, hepatic encephalopathy, jaundice, bone diseases, risk of liver cancer, and multi-organ failure.

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The growth of the global liver cirrhosis treatment market is driven by various factors such as an increasing global geriatric population, rising prevalence of liver cirrhosis, rapidly changing lifestyle, growing awareness programs regarding liver diseases, rising R&D investment for the development of innovative drugs for liver diseases, and increasing demand for better treatment methods for curing liver cirrhosis. However, stringent government regulations, high investment required for drug research & development, and side-effects of medications prescribed for liver cirrhosis are the factors that are expected to limit the growth of the global liver cirrhosis treatment market.

The global liver cirrhosis treatment market is currently dominated by several market players. The key players are involved in product launches and strategic collaborations to strengthen their market positions.

Regional Analysis

The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the increasing prevalence of liver cirrhosis and high geriatric population. The liver cirrhosis treatment market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European liver cirrhosis treatment market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The liver cirrhosis treatment market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing patient pool of liver cirrhosis and raising awareness about the disease, the market in Asia-Pacific is expected to be the fastest-growing. The liver cirrhosis treatment market in the Middle East & Africa has been divided into the Middle East and Africa.

Segmentation

The global liver cirrhosis treatment market has been segmented based on treatment, and end user.

The global liver cirrhosis treatment market has been segmented, on the basis of treatment, into antibiotics, immunosuppressants, and others. The antibiotics segment is expected to hold the majority share of the market as antibiotics are the most preferred type of prescribed drugs for liver cirrhosis patients due to high risk of infections. The immunosuppressants segment is expected to grow at the fastest CAGR, due to an increasing number of liver transplants. Till October 2017, 147,842 liver transplants have been performed in the Americas. Immunosuppressants are a type of drugs that are prescribed to patients who have undergone liver transplant so that the risk of organ rejection is decreased. Other treatment options include drugs to reduce ammonia levels, antihypertensive drugs, and medications to reduce blood pressure, among others.

The market on the basis of end user has been segmented into hospitals and clinics, research and academic institutes, and others. The hospitals and clinics segment is expected to hold the largest share of the market as they are primary centers of treatment for the patient. Research and academic institutes carry out research activities for the development of new treatment options for liver cirrhosis. Other end users include home care settings and specific centers for the treatment of elderly people.

Key Players

Some of the key players in the global liver cirrhosis treatment market are Pfizer, Inc. (US), Merck & Co., Inc. (Germany), Novartis AG (Switzerland), F. Hoffmann-La Roche Ltd (Switzerland), Takeda Pharmaceutical Company Limited (Japan), Gilead Sciences, Inc. (US), AstraZeneca (UK), Bayer AG (Germany), Sanofi (France), Shionogi Inc. (Japan), and Promethera (Belgium).