Category: Healthcare

Healthcare

Animal Healthcare Market Qualitative Analysis, Innovative Product Facilitates & Strategic Business Planning By 2028

Animal healthcare involves directing, conserving, and protecting animals from various diseases, as well as providing them with necessary veterinary treatments to prolong their lives as well as increase their yield. There are two types of global animal healthcare market. Rising rate of milk and meat consumption are the primary demand drivers in the animal healthcare market. Aside from that, rising zoonotic and foodborne diseases, in addition to a rising trend in pet adoption, are all driving the growth of the animal healthcare market. Natural products are gaining high popularity and now food processors are opting for transparent labeling. This is expected to increase the sales projections of the animal healthcare market in the near future.

In developing economies, there is a rapid expansion of hospital and retail pharmacies that provide veterinary drugs, nutritional supplements, pet vaccines, and other products for the effective treatment of various diseases and injuries in animals. The growing number of eCommerce channels and online pharmacies in emerging nations are likely to create revenue generation opportunities for the animal healthcare market in the next couple of years.

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Due to their product availability, low prices, and ease of transaction, online pharmacies are in high demand for veterinary medicines and other animal healthcare products. Pet owners are caring for their pets by purchasing routine vaccines, disease prevention medicines, and pharmaceutical drugs online. Such factors are likely to create revenue generation opportunities for the animal healthcare market in the near future. 

Rising Cases of Zoonotic Diseases will Propel Growth of Animal Healthcare Market

Vaccination services, veterinary medical assistance, and improved treatment facilities are available in India to improve animal health. Many animal activists fight for animal rights, illegal animal slaughter, and animal abuse. Some of the emerging trend in the animal healthcare market includes an increase in the number of animal lovers and increased government initiatives to advertise animal health products. The major factors boosting the sales growth of the animal health market are the rising popularity of zoonotic diseases and the expansion of the veterinarian pharmaceutical industry. Zoonotic diseases are transmitted naturally from animals to humans via contaminated water and food, or by sudden or long exposure to the pathogen at the time of preparation, processing, or direct contact with infected animals or humans. Improving the living conditions of animals in a hygienic environment is gaining importance among pet owners and animal husbandry practioners. This will also help promote the growth of this market in the foreseeable future.

The nature of market for animal healthcare is consolidated on account of the presence of a few players having significant positions in the overall competition. Leading players of the animal healthcare market are engaging in intense research and development for improving their product portfolio, offering better strategies that will attract high revenues. Some of the key players of the global animal healthcare market include Lupin Ltd., Sun Pharmaceutical Industries Ltd., Merck & Co. Inc., Zydus LifeSciences Ltd., GlaxoSmithKline Plc., Olympus Corporation, Novartis AG, Sanofi SA, Pfizer Plc., and others.

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The advent of Internet of Things in animal healthcare monitoring is yet another driving factor boosting the growth of the global animal healthcare market in the coming years. IoT is used to monitor animal health care, which is critical in reducing the infection risk among animals. This technology can be used to monitor animal health and provide proper animal husbandry. The use of wearable technologies and biosensors in animal health management is becoming increasingly important. These gadgets offer timely diagnosis of animal diseases, thus, reducing economic losses in the long run. Wireless methods include the use of the Internet of Things (IoT), which is an expanding intent-based data that enables trade and aims to provide a convenient and secure way for personal data related to animal health to be exchanged.

Compression Therapy Market Size, Share, Emerging Trends, Analysis and Forecasts to 2027

Compression therapy involves regulated pressure to promote blood flow to the heart and the legs. It concurrently supports the veins and reduces swelling. Compression therapy devices are used to treat a variety of conditions, such as deep vein thrombosis, varicose veins, leg ulcers, and lymphedema. Compression stockings, compression garments, compression bandages, compression pumps, and compression tapes are examples of compression therapy items.

The global compression therapy market is projected to witness significant growth due to the increasing popularity of sports among the younger population, which has increased the likelihood of accidents. Moreover, according to the data from the Association for Safe International Road Travel, road crashes are the leading cause of death in the United States for people aged 1 to 55. Annually, over 45,000 people are killed in car crashes on American highways. In the United States, there are 12.3 road fatalities for every 100,000 people. Road accidents cost Americans $870 billion in societal and economic damage. Furthermore, the medical expense of road accidents in the United States exceeded $370 million. Such alarming figures are anticipated to boost the sales of compression therapy market. 

Compression therapy is used to reduce pain and swelling associated with post-trauma in pneumatic compression therapy, vertebral fracture treatment, normatec compression therapy, game-ready cold therapy, and fractured spine treatment. Furthermore, hot and cold gel packs, pressure garments, game-ready ice for game-ready cold therapy, hot cold packs, and vasopneumatic compression coupled with elevation assist in healing the injured area. As a result, the global compression therapy market is projected to expand during the forecast period. 

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The global compression therapy market is expected to exhibit a CAGR of 6.1% from 2019 to 2027 (forecast period). 

Expanding Geriatric Population Worldwide to Accelerate Market Growth

The expanding geriatric population worldwide is projected to accelerate the growth of the global compression therapy devices market as a result of their vulnerability to numerous health-related difficulties. As per Age International, in the last half-century, the average life expectancy has risen by almost 20 years. As a consequence, there are presently 960 million people over the age of 60. As per the same source, there will be almost 1.5 billion individuals aged 60 and older by 2050, more than double the number recorded in 2000. As people get older, their bodies require compression therapy, such as vertebral compression fracture treatments. Such factors are expected to propel the global compression therapy market during the forecast period. 

Compression Therapy Market Benefited from COVID-19 Pandemic

The COVID-19 pandemic had a beneficial impact on the global compression therapy market. COVID-19 is linked to an increased risk of venous thromboembolism. As a consequence of the increased number of infected patients and hospitalization rates of COVID-19 cases, blood clotting causes have contributed to a rise in the incidence of Deep Vein Thrombosis (DVT). This is due to COVID-19 patients, particularly those 60 and older, who are instructed to remain in bed for extended periods of time. As a result, the global compression therapy market witnessed massive growth amid the COVID-19 pandemic and is projected to expand during the forecast period.

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North America to Dominate Compression Therapy Market

North America is set to dominate the global compression therapy market during the forecast period. The growing senior population and the high prevalence of obesity and chronic venous problems are expected to boost the regional market growth. Moreover, the availability of supportive government reimbursement policies and rising levels of healthcare knowledge is anticipated to bolster the compression therapy market in North America.

Furthermore, the existence of a significant number of well-known pharmaceutical companies that are continuously attempting comprehensive commercialization and expanding their global footprint is a key factor propelling regional market growth. The United States is likely to be the largest revenue generator in compression therapy market in North America due to the prevalence of chronic diseases, which is boosting the clinical urgency to utilize compression devices. According to a study released in NCBI, the rate of chronic venous disorders is highest in Western nations, ranging from 20.0% to 45.0% in females and 5.0% to 20.0% in males.

Hospital Acquired Disease Testing Market Booming by Size, Revenue and Trend in 2019-2027

Infections produced by viral, bacterial, or fungal pathogens are classified as hospital acquired infections. Numerous infections can be obtained in clinical settings such as outpatient clinics, rehabilitation centers, nursing homes, or other therapeutic settings. They can be acquired via the outside environment, an infected patient, or the facility’s staff.

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Hospital acquired infections are more prevalent in patients who have had surgery, children, and the elderly. Some of the most common infections include surgical-site infections, respiratory infections, gastrointestinal infections, bloodstream infections, urinary tract infections, bone and joint infections, and cardiovascular system infections. Hospital acquired infections (HAIs) are a prominent cause of mortality in both developing and developed nations.

The number of surgeries carried out each year has been continuously rising all over the world, and by the end of this decade, it is expected to reach a new peak. The likelihood of healthcare-related infections is anticipated to rise as the demand for surgical instruments develops in tandem with the number of surgeries conducted. Greater awareness of the importance of disinfected and sterilized medical tools and devices is projected to stimulate demand for nosocomial infection control equipment. Moreover, the rising prevalence of chronic diseases and advancements in surgical equipment is anticipated to boost the global hospital acquired disease testing market. 

Several clinicians can recognize hospital acquired infection based solely on symptoms and appearance. Rash or inflammation at the infection site is an additional possible symptom. Infections that grow complicated previous to the stay are not considered hospital acquired infections. Any other symptoms, however, must be mentioned to the physician during the stay. The kind of infection determines the treatment for numerous ailments. The physician is likely to recommend bed rest and antibiotics. It will also eliminate any foreign devices, such as catheters, if medically necessary. Such aspects are projected to propel the sales of hospital acquired disease testing market. 

The global hospital acquired disease testing market is likely to post a CAGR of 14.7% from 2019 to 2027 (forecast period).

Strong Government Regulations to Limit Hospital Acquired Infections Drives Market Growth

According to the United States Department of Health and Human Services, hospital acquired infection prevention costs between $25.0 billion and $35.0 billion per year. Governments have taken steps to limit hospital acquired infection incidence in their different nations in order to decrease the load on hospitals caused by patients’ prolonged hospital stays.

Hospital acquired infection prevention and control authorities exist in developed nations, with set protocols for identification and management of hospital acquired infection. The CDC (Centers for Disease Control and Prevention), for instance, advises a nucleic acid amplification test for C detection. The ESCMID (European Society of Clinical Microbiology and Infectious Diseases) proposes a two-step detection approach for C. difficile.

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In nations where legal and regulating frameworks are developed and implemented, such recommendations drive the market for suggested tests. As a result, strict government restrictions are expected to drive the worldwide hospital acquired disease testing market forward.

North America to Remain Leader in Worldwide Market

North America led the global hospital acquired disease testing market and is projected to continue during the forecast period. The United States is estimated to provide revenue-generation opportunities in hospital acquired disease testing market in North America due to the increasing number of deaths caused by hospital acquired infections in the United States each year. Government regulations and increased demand for diagnostics are projected to contribute to the growth of the hospital acquired disease testing market in the United States. 

Asia Pacific is expected to experience considerable growth in the global hospital acquired disease testing market during the projected period. The increased frequency of nosocomial infections and the increasing application of various stringent policies to limit hospital acquired infections are likely to drive the hospital acquired disease testing market in Asia Pacific. Furthermore, rising investments in healthcare infrastructure are projected to aid regional market growth.

Medical Tourism Market is Projected to Experience Promising Growth Opportunities in the Forthcoming Years

Advancements in the healthcare industry have been phenomenal over the years. The culmination of technology with the medical procedures across different verticals has resulted into the advent of the novel treatments and mechanisms. However, there are special regions or areas having such facilities on a large scale. They are specialized for certain procedures or treatments. Thus, the rising popularity of such areas across various regions is boosting medical tourism to a considerable extent. Thus, all these factors may prove to be crucial points for adding value to the growth trajectory of the medical tourism market in the upcoming period.

Medical tourism can be described as the type of travel related to the intention of receiving medical treatment. This type of treatment may include full range of medical services. It frequently includes cosmetic surgery, dental care, fertility treatment, and elective surgery. Traditionally, medical tourism meant travelling of people from less-developed nations to developed nations for advanced treatment. However, as the years passed by, the concept of medical tourism has changed qualitatively and quantitatively. People from developed nations also visit developing nations for treatment purposes. Thus, this seismic shift may bring profitable growth avenues for the medical tourism market.  

The research and development activities across the healthcare sector have led to great achievements in terms of treatment and diagnosis of numerous diseases and disorders. However, some areas across various regions gained extensive recognition for affordable and effective treatment options. Thus, such areas are hotspots for medical tourism and attract attention globally. These hotspots in various regions may bring exponential growth for the global medical tourism market.

Strategic collaborations play a crucial role in the growth of the medical tourism market. Acquisitions, mergers, joint ventures, and partnerships are important as they help in increasing the influence of the players across untapped regions. Thus, these factors eventually help in boosting the growth prospects of the medical tourism market.

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Emergence of ‘Medical Cities’ Concept to Assure Promising Growth for Medical Tourism Market

The concept of modern medical cities is gaining considerable traction among a variety of countries around the world. Medical cities are designed to be in tandem with the latest technologies and advanced medical practices. The objective of medical cities is to provide an advanced level of care in terms of approach and technology. It is essential to attend high patient volumes for supporting large operations. The government bodies of numerous countries are paying attention on building such cities for attracting great revenues from medical tourism. This factor will have a profound impact on the overall growth structure of the medical tourism market.

COVID-19 Impact on Medical Tourism Market

The COVID-19 pandemic has had a negative impact on the growth structure of the medical tourism market. The high transmission levels of the novel virus forced many countries to impose strict lockdown restrictions. Almost all countries sealed their boundaries and international travel was banned. Thus, these factors restricted people from availing medical tourism. However, with the mass vaccination drives and the falling hospitalization rates due to COVID has encouraged many countries to open their borders for international travel. Therefore, these factors may help in stabilizing the growth trajectory of the medical tourism market.

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Asia Pacific is fast-emerging as a favorite destination for medical tourism among the masses. The rising focus on healthcare infrastructure in tandem with the entry of large private players in the medical sector to design these cities may emerge as a turning point for the medical tourism market. Chennai, a city in Tamil Nadu, India, has managed to become a healthcare hub due to the infrastructure and quality of treatment. Thus, the government bodies of numerous countries should appoint committees and enhance their healthcare infrastructure, which will be useful for the medical tourism market.