North America Is Dominating Active Implantable Medical Devices Industry

The market size for active implantable medical devices was valued at USD 22.5 billion in 2023 and is projected to grow to USD 37.1 billion by 2030, with a compound annual growth rate of 7.5% from 2024 to 2030.

The occurrence of chronic illnesses is increasing, the population is rapidly aging, cardiovascular and neurological illnesses are becoming more dominant, and the implantable medicinal device tech is advancing. Apart from such reasons, the industry advance is aided by the increasing funding to develop technically advanced items, increasing acceptance of neurostimulators, and growing growth in and awareness regarding medical implants.

The rising aging population is one of the key reasons behind the development of this sector. According to the World Health Organization, 2 in 12 people worldwide will be 60 years old or more by 2030. By this time, the count of individuals who are 60 years and older will touch 1.4 billion from 1 billion in 2020. Furthermore, the number of people who are 80 years or older will triple in 2020–2050 and touch 426 million.

In 2023, the hospital category, based on end users, dominated the market. This can be credited to the huge aged population and the surging occurrence of chronic illness, the requirement for healthcare facilities is increasing. 

Hospitals face an increased influx of patients, leading to greater demand for medical equipment used in patient monitoring, treatment, and diagnosis. Additionally, hospitals often provide specialized procedures and therapies necessitating specific equipment.

In 2023, based on product, the implantable cardioverter defibrillators category was the major contributor to the market. This growth can be credited to the growing count of people with cardiovascular diseases worldwide, the growing requirement for such life-saving apparatus in developing nations, and the arrival of tech technical innovations in such devices.

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Medical Packaging Films Industry had a Considerable Share in the Asia-Pacific Region

According to the latest market research study published by P&S Intelligence, the total size of the medical packaging films market was USD 7,904.2 million in 2023, and it will power at a rate of 6.1% by the end of this decade, to touch  a value of USD 11,752.8 million by 2030. 

The requirement for medical packaging films is widely driven by the high requirement for medical products and apparatus in response to the growing count of patients and the mounting aging populace globally, and the beginning of improved packaging solutions to offer protection to concerned products.

An increase in healthcare spending is the main growth driver for the medical and pharma industry and hence provides a boost to the requirement for numerous protective packaging materials for suitable handling of needed products from their transit to end-use.

The high investment is due to the high predisposition of governments to invest in medical infra to offer required and cutting-edge healthcare facilities to the masses, the increasing living standards, the rising aging populace, and the growing R&D actions by companies.

APAC generated a substantial value, and it will also grow at a healthy rate of 6.5% ibn the years to come. This is credited to the growing requirement for pharma, because of the augmented healthcare outlay, improved obtainability of pharma and medical devices particularly for chronic ailment treatment, the rising aging populace, the increasing occurrence of chronic ailments, and the facility of support of the government and incentives in the region.

It is because of the increasing aging population around the world, the demand for medical packaging films is on the rise. This trend will continue in the years to come as well.

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Hemato Oncology Testing Industry is Dominated by Hospitals

The size of the hemato oncology testing market was USD 2,812.7 million in 2022, and it will reach USD 8,594.0 million by 2030, growing at a compound annual growth rate of 15% by the end of this decade, as stated by P&S Intelligence.

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Hematological malignancy frequency has significantly spiked over time. There are numerous individuals who are either suffering from multiple myeloma, lymphoma, or leukemia or in remission. 

The older generation is further susceptible to chronic illnesses and will develop this disease. According to the WHO, between 2010 and 2021, the share of people aged 65 or more in the worldwide population increased from 8% to 10%.

The service category dominated the hemato oncology testing market, with about 65% share. This is due to the increasing occurrence of non-Hodgkin’s lymphoma, multiple myeloma, and leukemia. According to a May 2022 article in HT, yearly, 1.24 million people globally are detected with blood cancers.

North America led the way by generating around 40% of the total revenue. The growing incidence of lymphoma, leukemia, and multiple myeloma, particularly in the U.S., is majorly accountable for this. 

Likewise, a rise in Hodgkin’s lymphoma frequency will promote the industry expansion in the years to come.

Also, the spike in co-development actions, progressions in personalized therapies, and expansion of novel assay tests act as the significant contributors to the progress of the market in the region.

It is due to the increasing cases of various hematological malignancies, the demand for hemato oncology testing will be on the rise in the years to come.

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What is a Magnetic Resonance Imaging?

An MRI known as a magnetic resonance imaging scan is an examination that makes clear images of the creations inside the human body utilizing a huge magnet, radio waves, and a computer system. Healthcare providers utilize MRIs to estimate, diagnose and screen numerous diverse medical situations.

What is a Magnetic Resonance Imaging?

The magnetic resonance imaging scan is a simple examination that provides quite clear images of the structures and organs within your body. MRI utilizes a big magnet, radio waves, and a computer to create such detailed photos. It doesn’t use X-rays.

As MRI doesn’t utilize X-rays or any other radiation, it’s an imaging test of high quality when individuals will require frequent imaging for analysis or treatment monitoring, specifically of their mind.

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Open Magnetic Resonance Imaging

An open MRI denotes the kind of equipment that takes the photo. Characteristically, an open MRI machine contains three flat magnets located parallel above and under you with a huge space between them for you to lie down. This permits open space on both sides and lessens much of the claustrophobia numerous individuals witness with closed-bore MRI machinery.

Though, open MRIs are eventually not as advanced as closed-bore MRI machines on the basis of image quality. Closed-bore MRI machines contain a ring of magnets that makes an open hole or tube in the center where you’d lie to get the photo.

Is An MRI harmless?

A Magnetic Resonance Imaging scan is usually harmless and poses nearly no risk to a normal individual when proper security rules are followed.

The robust magnetic field the MRI systems release is not damaging to you, but it can result in implanted medicinal devices' fault or alter the photos.

There’s very little danger of an allergic response if your MRI needs the utilization of contrast material. Such reactions are generally minor and manageable by medicine. If you have an allergic response, a healthcare professional will be accessible for instant assistance.

Healthcare professionals usually don’t conduct gadolinium contrast-boosted MRIs on pregnant women because of unknown dangers to the emerging baby unless it is unavoidable.

MRI Imaging Requirement is Rising with Thriving Ageing Population

The main booster of MRI system sales is the mounting elderly populace, itself on account of the growth in the life expectation and reduction in the demise rate. According to the World Population Prospects 2022 report, the worldwide populace aged 65 years or more will increase from 11% of the total in 2022 to 17% in 2050.

Such individuals commonly experience the more-complex manifestation of illnesses than in the newer generations and therefore, require pioneering technologies for treatment and screening. Resonance imagery can aid better characterizes the mainstream of musculoskeletal illnesses and look for tumors or invasion in soft tissue. Therefore, with the elderly population’s need for severe medical care, healthcare professionals are obtaining high-tech radiological images.

Hence, Magnetic resonance imaging is a quite beneficial and usually safe imaging test that healthcare professionals use for several reasons, which is why the MRI systems market is experiencing growth and projected to reach USD 14,880 million by 2030.

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How will Advancing Healthcare Sector Drive Medical Robotic Systems Market in North America?

 The increasing geriatric population across the world is one of the key factors responsible for the surging usage of medical robotic systems. Moreover, the rising healthcare costs and dwindling number of healthcare providers and caregivers are significantly boosting the need for alternative caregiving methods. According to the American Association of Retired Persons (AARP), seven people in the age group 45–64 can provide care for every person aged 80 years and above, and this number will decrease massively by 2030, with only 4 people available for providing care for people aged 80 years and above.

The other major factors pushing the adoption of robotics in the medical sector are the burgeoning use of automated pharmacy systems across the world and increasing demand for medical procedures. Since the last few years, there has been a massive surge in the adoption of automated systems in the healthcare and pharmaceutical sectors, in order to streamline the work processes and optimize the services. Propelled by these factors, the global medical robotic systems market revenue is expected to increase from $7,626.1 million in 2019 to $55,528.1 million by 2030, exhibiting a CAGR of 20.1% during the forecast period (2020–2030).

The biggest trend presently being witnessed in the medical robotic systems market is the soaring number of technological developments. For instance, the California Institute of Technology (Caltech) is working on a microbot target therapy that utilizes near-microscopic mechanical particles for drug localization and administration to a certain part inside the human body, while being managed and controlled from the outside. Microbots, which consist of a coating of platelets and red blood cells and nanowires, are increasingly being deployed for destroying tumors via radiation and reducing the side-effects of medication.

Hence, it is clear that owing to the swift advancements in the healthcare sector, rising need for automated healthcare systems, and surging geriatric population, the demand for medical robotic systems will boom in the coming years.

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