What are the Major Growth Factors of the Brain Modalities and Software Market?

In 2021, the global brain modalities and software market was valued at $13,343.3 million, which is set to reach $23,195.6 million by 2030, at a CAGR of 5.2% during 2021–2030. The growing patient emphasis on early and effective disease diagnosis, advancing demand for non-invasive and safer medical imaging, and surging prevalence of neurological disorders are the key factors that drive the market.

Because traditional methods combined with AI software produce faster and more-reliable results, they are gaining favor. However, although software solutions provide value to standalone imaging modalities, in terms of numerical evaluations, diagnostic accuracy, and precision, software adoption in the LATAM and MEA regions has been slow, which will impel brain modalities and software market players to aggressively market their offerings here.

Key Findings of Brain Modalities and Software Market Report

•                       APAC is a rapidly growing brain modalities and software market, with a CAGR of roughly 7% predicted over the projection period. The increasing healthcare spending, existence of a large number of market participants, expanding awareness of early illness diagnosis, and rising frequency of brain disorders are driving the demand for radiological equipment and software.

•                       As the number of persons affected by non-communicable neurological illnesses grows, so will the amount of money spent on treatment. Governments will need to confront a rise in the demand for neurological condition diagnosis, rehabilitation, treatment, and support services, as the population increases and ages.

•                       Hence, Hyperfine Inc. announced its entry into the Canadian market in December 2021 with Health Canada issuing a license for its portable MRI device, Swoop. The license also covers the recently FDA-approved deep learning-based enhanced reconstructive software.

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There are many brain modalities and software market players, such as Mint Labs Inc., IXICO plc, Aspect Imaging Ltd., A.I. Analysis Inc., Imaging Biometrics LLC, Fujifilm Holdings Corporation, Vuno Co. Ltd., Siemens Healthineers AG, Koninklijke Philips N.V., Canon Inc., and General Electric Company. They are engaging in a range of activities to remain competitive and augment their revenue.

For instance, Nano-X Imaging Ltd. completed its merger with Zebra Medical Vision Ltd., a deep learning medical imaging analytics business, in November 2021. USARAD Holdings Inc., a supplier of teleradiology services, and MDWEB LLC, a decentralized marketplace linking imaging providers with radiologists, were also reported as successful strategic acquisitions.

This study covers

•             Major factors driving the market and their impact during the short, medium, and long terms

•             Market restraints and their impact during the short, medium, and long terms

•             Recent trends and evolving opportunities for the market participants

•             Historical and the present size of the market segments and understand their comparative future potential

•             Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

•             Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders

•             Major players operating in the market and their service offerings

How is Booming Life Sciences Sector Contributing to Growth of Insulin Delivery Device Market?

Diabetes is a fairly common, but menacing disorder, affecting 422 million in 2014, as per the World Health Organization (WHO). Its complications include kidney diseases, cardiovascular diseases, stroke, and eye disorders. Along with aging, which is its most common cause, improper diet, lack of exercise, and other poor lifestyle choices can also cause diabetes. Though there is no treatment for the condition, there is one proven way to control it — insulin intake. This is why the insulin delivery device market, which valued $9.9 billion in 2015, is projected to expand to $15.5 billion by 2022, at a CAGR of 6.6% during 2016¬–2022.

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As diabetes is often a direct result of aging, the increasing geriatric population plays an important role in the rising demand for insulin delivery devices. The elderly are prone to illnesses, owing to their low physical and immunological strength. With age, their normal biological functions slow down, the pancreas often becoming non-functional, which is why the prevalence of diabetes increases sharply with age. As per the United Nations, people over the age of 60 would account for 21.1% of the global population by 2050, increasing from to 11.7% in 2013, thereby leading to more diabetes patients.

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During the historical period, the sales of insulin delivery devices were highest in North America, owing to its high number of diabetics. As per the International Diabetes Federation, the number of people battling the disorder in North America and the Caribbean is projected to reach 60.5 million in 2035, from 44.3 million in 2015. During the forecast period, the insulin delivery device market growth in Asia-Pacific (APAC) would be the fastest. Governments in the region are not only running awareness programs, but also investing in healthcare infrastructure improvement and make medical services available in rural areas.

Therefore, with the growing population of the elderly and the obese, diabetes would claim more victims, which would further push the demand for insulin delivery devices in the near future.

Artificial Disc Market Projected to Have a Stable Growth for the Next Few Years

The growth in the industry is expected to be majorly led by product and technological innovations, increasing incidence of degenerative disc diseases, rising propensity for minimal incision surgeries, better clinical trial results with cervical total disc replacement (C-TDR) compared to anterior cervical discectomy and fusion (ACDF), long-term cost benefits of disc replacement over spinal fusion procedures, surging geriatric population, and rising healthcare expenditure.

The APAC artificial disc market is expected to witness the fastest growth in demand, at a CAGR of 20.6%, during the forecast period, owing to growing geriatric population, rising healthcare expenditure, increasing per capita income, and increasing public and private investments in the healthcare sector to cater to the unmet medical needs of the people in the region.

The rising per capita income is likely to increase the affordability of patients for expensive surgical procedures, including artificial disc replacement surgeries. According to the World Bank, the GDP per capita of India increased from $1,345.8 in 2010 to $1,709.4 in 2016. A similar trend has been observed for other developing countries, such as Papua New Guinea, the Philippines, and Indonesia, which is contributing to the growth of the APAC artificial disc market.

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Some of the other key players operatingin the artificial disc market are AxioMed LLC, Simplify Medical Inc., K2M Inc.,Spinal Kinetics Inc., Globus Medical Inc., Johnson & Johnson, B. BraunMelsungen AG, Zimmer Biomet Holdings Inc., and Medtronic PLC.

More than $50.0 Million Revenue Expected in Hong Kong Wound Care Market in 2024

People aged 65 or above have steadily risen in Hong Kong, from 0.46 million in 1988 to 1.27 million in 2018, as per government sources. The rising geriatric population is one of the key factors fuelling the demand for wound care products in the metropolis. This is mainly due to the fact that the elderly are more vulnerable to various chronic diseases, such as cancer, cardiovascular diseases, and neurological disorders. In addition to this, the whole process of wound healing takes more time in the geriatric population, due to the slower collagen production in their bodies and the reduced elasticity of their skin.

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Due to these factors, the Hong Kong wound care market is expected to progress at a CAGR of 5.6% during the forecast period (2019–2024), which would lead to an increase in its revenue from $44.6 million in 2019 to $58.4 million by 2024. There are two types of wound care products available in the megacity, advanced and traditional. Of these, the advanced wound care products, owing to their ability to induce swift healing with minimal discomfort to patients, are expected to record higher demand in the coming years.

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This is also why such products are currently a rage in the Hong Kong wound care market, and the preference of an increasing number of consumers is shifting toward advanced wound care therapies. The main reasons behind this shifting preference are the numerous advantages provided by such therapies and products, such as their ability to provide rapid healing and quick relief to the patients. Moreover, the advanced wound care procedures carry lower risks of infection, as compared to the conventional methods of wound care. For instance, Biatain alginate, offered by Coloplast A/S, is a highly absorbent alginate dressing, applied on moderate-to-heavy exuding wounds.

Those who are able to tend to their wounds themselves or with the help of someone who is not a qualified medical practitioner can purchase wound care products at pharmacies or through various online platforms. Of these, pharmacies are expected to register faster growth, in terms of the sale of such products, during the forecast period. This is primarily attributed to the easier availability and reliability of the wound care products sold at pharmacies, as compared to those available on various online channels.

Hence, it can be concluded that owing to the soaring geriatric population and increasing occurrence of numerous chronic diseases and ailments in this global financial hub, the demand for wound care products and therapies will witness a massive growth in the coming years.

Orthodontic Supplies Market Detailed Study of Business Growth with Top Players

The surging prevalence of oral diseases, increasing disposable income, and technological developments in orthodontic products are some of the key factors driving the growth of the orthodontic supplies market. In 2016, the market generated a revenue of $3.4 billion, and it is predicted to attain a size of $5.9 billion by 2023, advancing at a CAGR of 8.3% during 2017–2023 (forecast period). Orthodontic supplies refer to instruments that help in improving the appearance and aligning protruding, crooked, and crowded teeth.

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Based on end user, the orthodontic supplies market is bifurcated into adults and children & teenagers. Of these, during the 2013–2016 period, children & teenagers led the market in terms of revenue, and they are predicted to continue leading it during the forecast period. It has been witnessed that orthodontic treatments are more successful and effective in children and teenagers. In addition, correction at an early age also prevents the development of serious problems, thereby resulting in a significant adoption of orthodontic supplies at this stage of life.

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Developments in the technologies of orthodontic supplies are contributing to the progress of the orthodontic supplies market. Invisalign, manufactured by Align Technology Inc., is one of the recently launched advanced orthodontic products, which helps in the movement of the teeth without the use of braces, mini-implants, and mini-screws. Similarly, the benefits of advanced biomaterials, such as easy fabrication and highly biocompatible inertia, are leading to a favorable change in the market.

Furthermore, owing to the increasing incidence of oral diseases, the demand for orthodontic supplies is surging. Some of the most common oral diseases are dental cavities, oral cancer, periodontal diseases, and malocclusions. As per the World Health Organization, 60.0% to 90.0% of the school children and a majority of adults develop dental cavities. It has also been witnessed that 15.0% to 20.0% of adults aged between 35 years and 44 years suffer from severe periodontal (gum) disease.

Thus, the surging prevalence of oral diseases, the rapid introduction of technologically advanced orthodontic supplies, and rising disposable income are driving the growth of the market.