How Are Minimally Invasive Procedures Boosting Endoscope Repair Service Demand in the U.S.?

The medical device industry of the U.S. is witnessing significant growth, due to the constant focus of medical device manufacturers on offering novel technologies to the people. For example, a video capsule endoscopy (VCE) system, a contemporary endoscope technology, and a powerful diagnostic tool for gastrointestinal (GI) diseases can visualize the colon, stomach, esophagus, and proximal small bowel, and offer functional information. Thus, the expanding medical device industry is creating a huge requirement for endoscope repair services in the U.S.

Browse detailed report with COVID-19 impact analysis at U.S. Endoscope Repair Market Research Report

Moreover, the rising preference for minimally invasive surgical procedures, owing to the minimum infection risks associated with them, will also help the U.S. endoscope repair market demonstrate a CAGR of 9.3% during 2020–2030. The market was valued at $248.6 million in 2020 and it is expected to generate $603.6 million revenue by 2030. The surging shift of the U.S. populace toward minimally surgeries can be owed to the increasing prevalence of GI diseases, such as gastroesophageal reflux disease (GERD) and abnormal throat, which require endoscopes for their diagnosis.

Currently, these companies are focusing on acquisitions and partnerships to serve a larger number of patients. For example, Agiliti Inc. completed the acquisition of Zetta Medical Technologies LLC, a Switzerland-based medical equipment services and parts providing company, in July 2019. With this acquisition, Agiliti Inc. expanded into the full-service clinical engineering field for advanced imaging devices. Similarly, in February 2020, Mobile Instrument Service & Repair Inc. was acquired by Agiliti Inc. The former specializes in servicing powered surgical equipment, rolling stock sterilizers, general and laparoscopic handheld instruments, and flexible and rigid endoscopes.

Therefore, the flourishing medical device sector, escalating public awareness on minimally invasive surgeries, and surging adoption of comprehensive servicing contracts are expected to augment the requirement for endoscope repair services in the U.S.

Read More

Why will Demand for Automated Valet Parking Technology Soar in North America in Coming Years?

The mushrooming requirement for hassle-free, user-friendly, and more efficient parking systems is fueling the demand for automated valet parking technology. Because of the increasing road congestion, people are finding it very difficult to find proper parking spaces, which is consequently leading to increased cost, time, and distance of the parked vehicle from the destination point of the user. Owing to this factor, the popularity of the automated valet parking technology is surging, which is fueling the expansion of the global automated valet parking technology market.

Automated Valet Parking Technology Market Outlook

Furthermore, the industry is predicted to exhibit rapid expansion from 2020 to 2030 (forecast period). Additionally, this technology assists in freeing up and optimizing the available parking space, which is enabling people to find proper vehicle parking spots. Presently, the automated valet parking technology is still in its development stage and there are various prerequisites for both parking spaces and vehicles for the allowing the use of the technology. The automobile must have a mostly automatic gearbox, steering assistant, electronic stability program (ESP), electric parking brake, communication unit, and start/stop functions. 

Geographically, the demand for this technology will be the highest in North America in the coming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the rapid development and manufacturing of connected cars and autonomous vehicles and the ballooning requirement for parking spaces equipped with advanced technologies, such as sensors and the internet of things (IoT). One of the major trends currently being witnessed in the automated valet parking technology (AVP) market is the increasing collaborations between vehicle manufacturers and technology developers. 

Hence, it is safe to say that the demand for automated valet parking technology will soar in the coming years, primarily because of the increasing road congestion levels in major urban areas, rising requirements for proper parking spaces, and surging manufacturing of connected and autonomous vehicles all over the world. 

Read More

How Is 3D Printing Construction Market Growing with Improving Building Materials?

Factors such as the surging environmental concerns regarding the waste generated by the construction sector, mounting investments being made in renewable energy infrastructure, and rising focus on reducing the accident rate and health and safety risks will drive the 3D printing construction market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue reached ~$15 million in 2020. Additionally, the presence of numerous possibilities for architectural flexibility and customization using this technology will supplement the market growth.

The increasing environmental concerns attributed to the waste generated during construction are one of the strongest drivers for the market. For instance, according to the Environmental Protection Agency (EPA), the construction sector of the U.S. generated around 600 million tons of debris in 2018. The waste can be minimized by the deployment of the 3D printing technology as it only utilizes the material required for printing the structure. As the materials used in 3D printers are lighter than conventional building materials, their transportation requires lesser energy.

In recent years, the introduction of improved construction materials and methods has become a major trend in the 3D printing construction market. Sand 3D printing and metal technologies and robotic arm extruders are the new methods being deployed in the construction sector. The deployment of these technologies helps in creating unusual and complex shapes and designs. For example, in May 2021, Forward AM, the additive manufacturing arm of BASF SE, and BigRep introduced the Concrete Formwork, a 3D printing material for architecture and construction purposes.

Geographically, Asia-Pacific (APAC) held the largest share in the 3D printing construction market in 2020 due to the soaring number of buildings being constructed using this technology and surging research and development (R&D) activities in the region. Additionally, the strong presence of a large number of construction companies will supplement the market growth in the region, as the building and infrastructure industries are the primary users of materials that can be used for 3D-printied construction here.

Thus, the mounting concerns regarding the waste produced during construction activities and the increasing availability of 3D printing building materials and new printing methods will catalyze the market growth.

Read More

Vascular Imaging System Sales Predicted to Explode in Asia-Pacific in Near Future

 With the surge in the incidence of cancer and cardiovascular diseases, the demand for vascular imaging systems is growing rapidly across the world. As per the International Agency for Research on Cancer (IARC), which is a specialized cancer research promoting agency of the World Health Organization (WHO), 12.7 million patients were diagnosed with cancer around the world in 2008 and this number is predicted to grow to 21.4 million by 2030. 

Access Detailed Report - Vascular Imaging Systems Market Revenue Estimation

Additionally, as per the WHO, cancer claimed the lives of 8.2 million people all over the world in 2012. Out of these, lung cancer was responsible for the deaths of 1.6 million people, while liver cancer and esophageal cancer claimed the lives of 745,000 and 400,000 people, respectively, across the world in 2012. Apart from this growing prevalence of cancer, the surging healthcare expenditure in several countries is also positively impacting the demand for vascular imaging systems globally.

Computed tomography (CT), X-ray, MRI (magnetic resonance imaging), nuclear imaging, and ultrasound are the major types of vascular imaging systems used globally. Out of these, the demand for CT systems was the highest in the past. This was because CT-based procedures involve larger amounts of radiation doses than the conventionally used X ray-based imaging systems. As per the Conference of Radiation Control Program Directors, Inc. (CRCPD), in the U.S., nearly 62 million CT-based procedures are performed annually. 

Globally, the sales of vascular imaging systems were the highest in North America in the past, as per the observations of P&S Intelligence, a market research company based in India. This was because of the huge public awareness about various imaging techniques in the region. The vascular imaging systems market is predicted to register the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years, due to the growing incidence of cardiovascular diseases and cancer in the region.

Thus, it can be said without any hesitation that the demand for vascular imaging systems will soar all over the world in the coming years, primarily because of the rising incidence of cardiovascular diseases and cancer and the surging population of geriatric people in several countries. 

Read More

Disposable Medical Sensors Market Boom to be Led by Asia-Pacific and North America

The global population will increase from 7.7 billion currently to 9.7 billion by 2050, says the United Nations Department for Economic and Social Affairs (UNDESA), in its latest World Population Prospects report. With this, the hold of various chronic and acute diseases on the world is rising, as is of all other issues that can take someone to a doctor. With the growing demand for medical services, the number of hospitals and other healthcare settings is increasing. This is resulting in the surging requirement of various devices, instruments, and systems used at such places, as well as the individual components which make up such stuff, including sensors.

Access Report Summary - Disposable Medical Sensors Market Growth

Therefore, with the rising demand for healthcare, the disposable medical sensors market is advancing around the world. Accelerometers, biosensors, temperature sensors, pressure sensors, image sensors, and several other kinds of sensors are used in medical settings. Among these, the usage of image sensors is expected to increase the fastest in the years to come, because of the burgeoning adoption of complementary metal-oxide semiconductor (CMOS) image sensors with integrated functionality and high-performance attributes.

Due to their wide usage in such diagnostic devices, strip sensors witness the highest demand among all types of sensors, which also include wearable, implantable, invasive, and ingestible sensors. The major reason behind the usage of strip sensors for diagnostic applications is that they carry almost no chance of infections, offer fast results, and are extremely easy to use. Even the elderly can use them on their own, for instance, to test their blood sugar level, for calculating the units of insulin required. In the coming years, the demand for ingestible sensors will witness the sharpest rise, owing to the increasing preference for remote diagnostic imaging and patient monitoring services.

Across the globe, North America procures disposable medical sensors in the highest number, due to the growing investments on research and development (R&D) and rising geriatric population. Additionally, the incidence of HAIs is quite high here, with the Centers for Disease Control and Prevention (CDC) saying that every day, of every 31 hospital patients, one suffers from an HAI. In years to come, the disposable medical sensors market will grow the fastest in Asia-Pacific (APAC), with the rising chronic disease prevalence and geriatric population, R&D funding, and government initiatives.

Hence, as more medical settings are constructed to cater to the mushrooming patient pool, the same of disposable medical sensors will increase too.

Read More

Oncology Department Using Transradial Access Devices for Cancer Patients

 The World Health Organization (WHO) defines cardiovascular diseases (CVDs) as a group of heart and blood vessel disorders that include coronary heart disease, cerebrovascular disease, peripheral arterial disease, rheumatic heart disease, congenital heart disease, and deep vein thrombosis and pulmonary embolism. According to the WHO, around 17.9 million human lives were lost due to CVDs in 2019, accounting for nearly 32% of all global deaths. The increasing prevalence of such heart-related diseases is, therefore, creating a huge requirement for transradial access devices, owing to the low cost and favorable clinical outcomes offered by them.

Browse In-depth Transradial Access Devices Market Research Report

Moreover, the surging incidence of cancer will also help the transradial access devices market showcase a CAGR of 8.4% during 2018–2023. The market revenue is expected to rise from $14.9 billion in 2017 to $24.1 billion by 2023. As per the International Agency for Research on Cancer (IARC), 19.3 million cancer cases were recorded in 2020. Furthermore, IARC estimates that 10 million global deaths were caused due to cancer in the same year. Several studies are being conducted to determine the benefits of the transradial approach for transarterial chemoembolization for cancer.

Additionally, transradial access device manufacturers are heavily investing in research and development (R&D) for improving their products and developing technology for reducing fluoroscopy time and minimizing radiation exposure. Furthermore, R&D initiatives also aim to develop novel technologies to minimize radial artery injury and occlusion. Advanced devices being developed by such manufacturers will be beneficial for morbidly obese patients, geriatric patients, individuals suffering from critical vascular diseases, and people on oral anticoagulation living with a high risk of vascular access site bleeding. 

According to P&S Intelligence, Europe led the transradial access devices market in the preceding years, due to the rising prevalence of CVDs, surging cases of cancer, and increasing acceptance of transradial intervention (TRI) as a default strategy for percutaneous coronary intervention (PCI), in the region. Additionally, the soaring number of outpatient clinics offering same-day discharge by catheterization laboratory performing TRI will also fuel the adoption of such medical devices in Europe. 

Read More

How Is Rapid Urbanization Fueling Domestic Pump Demand?

According to the United Nations Conference on Trade and Development (UNCTAD), nearly 55.7% of the global population resided in urban areas in 2019. The UNCTAD also estimates that in 2019, around 80.5% of people in developed countries and nearly 51.1% of the people in emerging economies resided in cities and townships. Furthermore, the United Nations Department of Economic and Social Affairs (UNDESA) forecasts that approximately 68% of the world’s population will live in urban localities by 2050. The surging city population will boost the adoption of domestic pumps owing to the large-scale construction of housing units.

Moreover, the depleting groundwater level on account of the mounting world population will help the domestic pump market progress at a CAGR of 2.8% during 2020–2030. The market revenue stood at $2,912.9 million in 2020, and it will reach $3,832.0 million by 2030. According to the United Nations Water 2021 report (UN-Water 2021), approximately 2.3 billion people reside in water-stressed countries. Of these, around 733 million live in highly and critically water-stressed countries.

In the coming years, centrifugal pumps will be deployed at the highest rate owing to their low costs, wide application base, and high efficiency while pumping low-viscosity fluids, such as water. At present, domestic pump manufacturers are focusing on the integration of artificial intelligence (AI) in their operational processes to improve service delivery. These pumps are being manufactured by Grundfos Holding A/S, KSB SE & Co. KGaA, Ebara Corporation, Xylem Inc., Wilo SE, and Sulzer Ltd. 

According to P&S Intelligence, Asia-Pacific (APAC) dominated the domestic pump market in the recent past due to its vast population and the large number of ongoing housing projects to accommodate them. The Association of Southeast Asian Nations+6 (ASEAN+6) Population Forecast estimates that the population of ASEAN members will reach around 717 million by 2030 and nearly 741 million by 2035. Moreover, the availability of electricity for operating domestic pumps will augment their usage in the region in the upcoming years.

Thus, the burgeoning world population and lowering groundwater levels will amplify the deployment of water pumps for residential purposes.

Read more: https://www.psmarketresearch.com/market-analysis/domestic-pump-market

Read More