Thursday, 25 August 2016

Rising Demand for Personal Healthcare Solutions to Boost Deployment of Telemedicine Services Market, says TMR

The global telemedicine market is characterized by high competitive rivalry, with the established companies competing over pricing and promotion strategies. The presence of the vendors is limited to certain segments of the overall market and companies with the most market presence globally are considered key vendors, finds Transparency Market Research (TMR) in a new study. The two key companies in the global telemedicine market are AMD Global Telemedicine Inc. and Cisco Systems Inc. 

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The global telemedicine market was valued at US$18.4 bn in 2015 and is anticipated to reach US$36.3 bn in 2020, expanding at a CAGR of 14.3% from 2014 to 2020. “To establish their presence in the market, new entrants require large capital, research-backed strategies, and rapid growth in market share, which is unlikely. These factors reduce the threat of new entrants significantly,” states the author of the report. Also, maintaining loyalty in the telemedicine market among end users is difficult in the long term, thereby increasing the competition and entry barriers in the global telemedicine market.

Growing Adoption of Telemedicine Services Owing to Time and Cost Efficiency Offered

The telemedicine industry will boom in the wake of growing concerns about hospital acquired infections and the maintenance of privacy. Also, people prefer telemedicine to hospitals as the former provides better personal healthcare solutions and location convenience. These factors are therefore likely to give a significant push to the global telemedicine market.

“Telemedicine ensures the provision of better healthcare to remote areas, where there is a shortage of experienced manpower,” says a TMR analyst. There is a growing popularity of telemedicine services amongst patients living rural as well as urban areas due to the cost and time efficiency offered by these services. This growing favorability is anticipated to augur well for the growth of the global telemedicine market.

The growth of the global telemedicine market is also backed by the increasing number of favorable reimbursement policies and government policies that promote patients to use telemedicine services. Apart from this, the rising population of literate and tech-savvy patients is anticipated to result in the growing preference for telemedicine in the forthcoming years.

Delayed Response Time to Reduce Adoption of Telemedicine Services

A large section of the patient population has negative opinions about telemedicine owing to delayed response time. Delayed response time can create serious problems at the time of an emergency. Not addressing this problem may adversely affect the growth of the global telemedicine market. Moreover, existing technologies are mostly incapable of providing adequate or complete assessment, even if they are on time. These factors are anticipated to reduce the interest of patients in opting for telemedicine, thereby hampering the growth of the global market.

Another factor restraining the global telemedicine market is the shortage of staff. Telemedicine services require all-time presence of a medical practitioner, which is not possible for many service providers and medical institutions. This, therefore, disrupts the services offered and leads to reduced adoption of telemedicine services.

However, advancements in telemedicine technology and continuous upgradation of mobile telecommunication technology is likely to bring notable growth opportunities to the global telemedicine market.

Increasing Health Awareness to Make Asia Pacific Most Attractive Market

In terms of specialty, the dermatology segment led the market in 2015 and is expected to retain the leadership by the end of 2020, accounting for a share of 14.6% in the global telemedicine market. However, the neurology segment will exhibit the highest growth rate owing to the growing prevalence of neurological disorders.

By service type, tele-consultation was the leading segment in 2015 and is estimated to maintain the position by the end of 2020. On the flip side, tele-monitoring will be the fastest growing segment.

Based on geography, North America was the leader in the regional market in 2015 and is expected to maintain its position by 2020. The Asia Pacific region will exhibit the highest CAGR between 2014 and 2020.

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Tuesday, 23 August 2016

Roadblocks In Drug Development Could Turn into Opportunity for Computational Biology Market, Says TMR

The global computational biology market is oligopolistic, led by major players who represented almost 80% of the market in 2011. Key players operating in the market include Simulation plus, Schrödinger, Certara, Compugen, Accelrys, and Entelos. Leading players are acquiring or merging with other companies to enhance their business and grow in the market, states a new report by Transparency Market Research (TMR). Case in point. Schrödinger acquired Synaptic Science and adopted the “Seurat” platform. This has helped Schrödinger to enhance its share in the market. Accelrys merged with Symyx technologies, allowing it to improve the company’s scientific data management, decision support, and analytics. 

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Although the global computational biology market is in its nascent stage, there exists high rivalry among existing players. The threat of new entrants is expected to be low as there is a need for capital-intensive infrastructure. Moreover, the lack of validation compels buyers to opt for branded software products, rather than the ones offered by new players.

Significant Funding By Governments Aids Advances in Computational Biology

Government initiatives across Europe, Asia Pacific, and America for the development of genomics and proteomics are expected to drive the global computational biology market. Investments by major IT players such as Infosys and TCS are expected to boost the growth of the computational biology market.

Significant funding by governments is accelerating the growth of the market. For instance, considerable funding has been done by Max-Planck Institute in collaboration with Federal Government of Germany. Similarly, The European Molecular Biology Laboratory’s European Institute (EMBL-EBI) with support by the U.K. government has funded a huge amount for research infrastructure.

There has been extensive research for the storage, retrieval, and integration of the data generated through virtual screening and sequencing. Innovations in the aforementioned areas will enable research on larger sets in much lesser time, and boost the computational biology market’s growth.

Market Players Need to Worry about Lack of Standardization in Computational Biology Tools

A huge amount of data is generated lacking any standardization, which is inhibiting the growth of the computational biology market. It is essential that tools be compatible with each other, enabling them to use the same data effectively. Moreover, the data storage in itself is acting as a major challenge for market players, states TMR. Statistical challenges resulting from the integrated analysis of high through-put biomedical research and genomic data need to be addressed. Mis-annotations owing to constant additions of new genomes into databases are also leading to problems, thus hampering the demand for computational biology tools and services. Shortage of skilled scientists who are well-trained in computers and biology sectors is also acting as a market challenge.

Cloud Computing to Offer Solutions to Data Storage Issues

The data storage issue is posing a huge challenge for the computational biology market. Cloud computing has solutions for this problem by offering scalability and flexibility to match the volume of data generated. Thus, cloud computing will open several opportunities of growth in the market.

Problems such as the invasive nature of procedures for assessments and risks of futility in drug developments are being perceived as opportunities for the use of modeling and simulation.

By application, the drug discovery segment is expected to grow at a significant pace. North America is the leading segment in the computational biology market. However, countries such as China and India in Asia Pacific are expected to develop a massive opportunity for growth in the computational biology market. According to the report, the global computational biology market will be worth US$2.9 bn 2018.

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In-vitro Colorectal Cancer Screening Tests Market expected to reach US$567.8 mn by 2023

In 2014, the top three providers of in-vitro colorectal cancer screening testing raked in a massive 68.3% of the global revenue. Beckman Coulter, Inc., Quest Diagnostics, Inc., and Sysmex Corporation – the leading players in that year – are expected to continue their lead for the immediate future. According to a new report released by Transparency Market Research, the extremely consolidated global market for in-vitro colorectal cancer screening testing has kept a very low threat of new entrants. Key reasons for this include the already-large shares held by the key players through mergers, acquisitions, and long-term contracts, and the high regulatory pressure applied by bodies such as the U.S. FDA and the EMA. 

The revenue of the global market for in-vitro colorectal cancer screening tests is expected to progress at a CAGR of 7.5% within a forecast period from 2015 to 2023. The revenue is expected to reach US$602.3 mn by the end of 2016. By the end of 2023, this revenue is expected to reach US$980.6 mn.The report also states that Europe is expected to be the most attractive region for in-vitro colorectal cancer screening testing companies to proliferate till 2023.

Non-invasive Diagnostics Need of the Hour, Especially for Colorectal Cancer Screening

“The demand for in-vitro colorectal cancer screening testing has gone up over the past few years,” states a TMR analyst. “The key reason for this is the growing number of cancer cases being diagnosed across the world. Most conventional methods have been invasive and thus cause major discomfort to most patients. Technology has now advanced to a point where non-invasive diagnostic tools can be made easily available and have therefore been in a very high demand recently,” the analyst adds.

The use of non-invasive diagnostics for in-vitro colorectal cancer screening testing allows medical professionals to conduct tests a lot faster and with higher diagnostic accuracy. As for patients, these tools allow a much more comfortable and therefore compliant process that does not impose any dietary restrictions.

High Regulatory Pressure Deters New Entrants from In-vitro Colorectal Cancer Screening Testing

As with most segments of the pharma and medical technology industries, in-vitro colorectal cancer screening testing has to follow a large set of very strict guidelines in order for the tests and tools to be applied across healthcare organizations in various regions. Bodies such as the EMA and the U.S. FDA make it compulsory for companies to follow their strict protocol for diagnostics to be able to present their products in the market.

As a result, it is usually companies with major financial backing and high-end research and development departments that can succeed in providing in-vitro colorectal cancer screening tests. New entrants can find these regulations highly difficult to overcome, thereby creating a barrier for them to enter the market.

North America Dominates Revenue Generation from In-vitro Colorectal Cancer Screening Testing

By the end of 2023, North America is expected to generate a revenue of US$316.7 mn from in-vitro colorectal cancer screening testing, which is expected to be the largest revenue share in the global market. This is expected to be a continuing trend from 2015 to 2023 where North America will consistently lead revenue generation for these testing procedures.

Meanwhile, Europe is showing the fastest rate of growth in in-vitro colorectal cancer screening testing. Within 2015 and 2023, Europe is expected to progress at a CAGR of 8.3% in terms of revenue. Fecal occult blood tests have been the most popular test type in the market. By the end of 2023, this segment is expected to generate a revenue of US$567.8 mn.

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Monday, 22 August 2016

Genomics Personalized Health Market Global Industry Trends and Share 2024

Genomics Personalized Health Market: Overview 

Personalized genomics is a branch of genomics that is concerned with the analysis and sequencing of an individual’s genome. The genotype of an individual can be identified using various techniques such as next-generation sequencing (NGS), partial genome sequencing, single-nucleotide polymorphism (SNP) analysis, and full genome sequencing. After identifying an individual’s genotype, it is compared with published literature to determine trait expressions and the probability of acquiring certain diseases. 

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Personalized genomics play an imperative role in personalized and predictive medicine. With recent developments in gene sequencing techniques and data analytics, genetic testing technology is evolving rapidly. It is also expected that with the decreasing costs of genetic testing, personalized genomics is likely to become affordable for everyone in the near future, which will transform the genomics personalized health market into a highly lucrative business prospect.

Genomics Personalized Health Market: Key Segments

Some of the types of instruments generally used in personalized genomics are NGS platforms, RT-PCR, microarray, and sequencing and genetic analyzers. Some of the types of genetic tests used in personalized genomics are oncology testing, infectious disease testing, orphan disease testing, autoimmune disease testing, and obstetrics testing. Genomics personalized health market players offer various services such as genomic sequencing services, microarray services, and the software used to store the data gained from the genetic analysis.

Genomics Personalized Health Market: Region-wise Outlook 

In terms of geography, North America, followed by Europe, accounts for the largest share in the global genomics personalized health market owing to the high adoption rate of genetic testing services and the high prevalence of cancer and other autoimmune diseases in developed countries. According to the American Cancer Society, in 2014, approximately 232,670 women were diagnosed with invasive breast cancer in the U.S. Additionally, the WHO reported that, in 2012, about 8.2 million people died of cancer and approximately 1.7 million women were diagnosed with breast cancer globally.

The demand for novel diagnostic and treatment solutions such as genetic testing solutions and personalized medicine is expected to remain high in developed countries such as the U.S, Germany and the U.K. in the coming years. However, other regions such as Asia Pacific, the Middle East, and Latin America are expected to become major markets in the near future, owing to the increasing demand for advanced diagnostics solutions and research applications.

Genomics Personalized Health Market: Drivers and Restraints 

The genomics personalized health market has witnessed significant growth in the last few years. The major factor propelling the genomics personalized health market is the expanding application of genomic testing and research.

Moreover, other factors such as technological advancements in whole genome and next-generation sequencing and the growing consumer adoption rate are also contributing to the growth of the genomics personalized health market. Furthermore, favorable reimbursement models, increasing government investments in genetic research projects and the implementation of better regulatory policies in approval pathways are driving the genomics personalized health market. However, factors such as the high cost of gene sequencing, delay in regulatory approvals, and the decreasing average selling prices of genomics services and instruments are some of the factors that can hinder the growth of the genomics personalized health market.

Genomics Personalized Health Market: Competitive Insight 

Presently, the global genomics personalized health market is highly competitive owing to the involvement of many established players. The major companies involved in the genomics personalized health market  are Bio-Rad Laboratories, Inc., Eastern Biotech & Life Sciences, Gene By Gene, LTD., Genelex Corporation, Genetic Technologies Group, Genotek, InoLife Technologies, Inc., Illumina, Inc., Indian Biosciences, Invitae, Interleukin Genetics, Life Technologies, Corp., Knome, Inc., Roche Diagnostic, QIAGEN, uBiome, Inc., Xcode Life Sciences.

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Friday, 19 August 2016

Personal Mobility Devices Market Gets a Boost with Health Insurance Coverage Schemes

In terms of device type, the global personal mobility devices market was led by the medical mobility aids and ambulatory devices segment in 2015. On the basis of revenue, the segment is expected to surge at a CAGR of 8.5% from 2015 to 2023. Regionally, North America led the overall market with a share of 41.4% in 2014.

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As per TMR, the global personal mobility devices market, which stood at US$6.65 bn in 2014, is expected to reach US$12.7 bn by the end of 2023. The market is thus expected to exhibit a CAGR of 7.30% between 2015 and 2023.

Demand for Personal Mobility Devices to Rise as Geriatric Population Increases Globally

“The rising geriatric population around the world has been a key target market for personal mobility devices,” observes the TMR report’s author. In India and China, the population of aged people is particularly expected to surge at an unprecedented rate through the forecast period. Aging is often associated with lower bone density, and, consequently, mobility in numerous cases. The prevalent social structure has led to a decline in long-term caregiving support from families. This creates an environment conducive to the expansion of the personal mobility devices market.

“Besides the geriatric population, caregiving services also become necessary for people with physical disabilities creating a window of opportunity for personal mobility devices,” added the TMR analyst. As per annual report on Disability Statistics published in 2014, by the University of New Hampshire, the rate of disability increases with age. Thus the increasing number of people suffering from disabilities will fuel requirement of advanced personal mobility devices. The demand for these devices is also expected to surge in the near future in response to the favorable government regulations and increasing grants from the United Nations and other international organizations. The advent of latest technologies will also allow the market to pace up considerably.

High Cost of Personal Mobility Devices Limiting their Demand

However, the high cost of many of these mobility devices is hampering the market’s trajectory to an extent. Due to their high cost, the sales prospects of these devices are compromised with in developing or underdeveloped economies. Furthermore, TMR has observed low acceptance for highly digitized mobility devices. This could be because of the limited utilization of computers by disabled individuals. Moreover, digitization is pushing up the cost of products, which limits the market’s growth.

In addition, the social stigma attached to using mobility devices such as crutches, wheelchairs, and cranes could inhibit the market’s expansion as well.

Market to Gain Impetus from Favorable Grants by International Organizations

TMR expects that policies delaying the age of retirement will positively influence the sales of personal mobility devices. Implementing such policies would require a flexible working environment and adequate facilities for the elderly working in the organization. This in turn will increase the demand for personal mobility devices in the forthcoming years. Furthermore, the market is also expected to gain significant impetus from the increase in productive employment of people with disabilities.

The WHO has been encouraging governments across various nations to develop policies for assistive and mobility devices as a part of the strategy for human development to leverage untapped potential of the disabled population. Such regulations will augur well for personal mobility devices sales.

A moderate level of competition exists among the key players in the global personal mobility devices market. As per the findings of Transparency Market Research (TMR), the top three players in the personal mobility devices market, Invacare Corporation, Hill-Rom Holdings, Inc., and Sunrise Medical LLC, together accounted for approximately 35.6% of the overall market in 2015. Presently, the industry comprises a few major players operating across each product segment. In the forthcoming years, TMR expects price wars to persist between leading players operating in the different market segments. 

Spurred by the aforementioned factors, competition prevailing in the personal mobility devices market will intensify through the course of the report’s forecast period between 2015 and 2023. Furthermore, threat of substitution and considerable bargaining power of buyers will possibly escalate rivalry among the key market players.

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