North America ISOs Medical Device and Equipment Maintenance and Calibration Services Market To Reach $3,612.9 Million by 2030

Factors such as the enhancements in the medical device industry, stringent regulatory norms, and high awareness on preventive medical equipment maintenance will drive the North American independent service organizations (ISOs) medical device and equipment maintenance and calibration services market at an 8.9% CAGR during the forecast period (2021–2030). The market accounted for a $1,468.8-million size in 2019, and it is expected to reach $3,612.9 million by 2030. Currently, the market is witnessing the trend of the adoption of comprehensive contracts among the medical centers in the region.

North America ISOs Medical Device and Equipment Maintenance and Calibration Services Market Revenue Estimation and Forecast

Additionally, the increasing awareness regarding preventive medical equipment maintenance will boost the North American ISOs medical device and equipment maintenance and calibration services market in the future. Medical devices, such as ultrasound systems, X-ray systems, and endoscopes, are used in several clinical applications. These systems require proper and constant maintenance to increase their lifespan. In addition, maintenance and calibration aid in preventing infections due to the usage of such devices on multiple patients. To avoid any unprecedented situation, healthcare facilities are increasingly focusing on the cleanliness of medical equipment and devices.

The automation segment of the North American ISOs medical device and equipment maintenance and calibration services market is bifurcated into automated devices and manual devices. Of these, the automated devices category accounted for the larger market share in 2019, and it is expected to hold its dominance in the forecast years. This can be attributed to the amplifying financial support from the government for medical automation, increasing technological innovations in automation solutions, and fueling need for the accuracy and reproducibility of medical devices and equipment.

Therefore, with the strict government regulations and growing awareness regarding preventive medical equipment maintenance, the market will boom at a high rate in the coming years.

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How Are Modern Technologies Improving Regenerative Medicine?

 The World Health Organization (WHO) estimates that non-communicable diseases (NCDs), such as cardiovascular diseases (CVDs), cancer, diabetes, and respiratory diseases, account for around 71% of global deaths, annually. As per the organization, CVDs, cancer, respiratory diseases, and diabetes cause 17.9 million, 9.3 million, 4.1 million, and 1.5 million human deaths, respectively, each year. Furthermore, the United Nations (UN) states that approximately 3,000–5,000 children are born with chromosome disorder, globally. Thus, the surging prevalence of chronic ailments and genetic disorders is creating a huge requirement for regenerative medicines, worldwide.

Browse Details Regenerative Medicine Market: Emerging Technologies and Global Markets Outlook

Moreover, the rising technological advancements in the medical industry will also help the regenerative medicine market progress at a healthy CAGR, of 16.3%, during 2020–2030. According to P&S Intelligence, the market was valued at $8,186.9 million in 2019 and it is expected to generate $39,012.0 million revenue by 2030. Major biotech and pharma companies are making hefty investments in technological developments to provide more effective gene therapies. The advent of 3D bioprinting is one of the prime examples of technological advancements in regenerative medicine. 

Stem and somatic cell therapies, viral and non-viral gene therapies, and cell-based tissue engineered products are being offered by Smith & Nephew plc, Allergan plc, Integra LifeSciences Holdings Corporation, Organogenesis Holdings Inc., Stryker Corporation, Takeda Pharmaceutical Company Limited, Novartis AG, Vericel Corporation, and Amgen Inc. for patients suffering from chronic ailments and genetic disorders. In the coming years, cell therapy will be adopted at the highest rate due to the soaring number of clinical trials including several cell therapy techniques. 

Geographically, North America led the regenerative medicine market in the recent past, and it is also expected to maintain its position in the foreseeable future. This can be owed to the increasing advancements in the field of tissue engineering, rising number of stem cell banks, escalating healthcare spending, and surging reliance on stem cell therapy for chronic disease treatment. Whereas, Asia-Pacific (APAC) will adopt regenerative medicines at the highest rate in the upcoming years, due to the rising prevalence of chronic diseases, flourishing medical tourism industry, and escalating public and private funding in research organizations.  

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Agricultural Biotechnology Market to Grow Significantly because of Rising Demand for Transgenic Seeds

The world’s population has grown constantly since the age of human beings began; for example, in 1800 the population across the globe was under 1 billion, which has now, almost dramatically, risen to 7.7 billion. With this surging population, the need for enhancing the productivity of everything, for catering to the requirements of the people, has increased as well. This includes the productivity in agricultural fields, of course. In the old days, the only concern of people was to somehow grow enough food for their survival, and while survival is the major concern today as well, the priorities of the human race seem to have shifted.

Growth Opportunities and Latest Trends in Agricultural Biotechnology Market

Farming used to be the primary occupation in the past, but since the advent of industries and machines, the agricultural sector has somewhat been neglected. At the present time, however, there is a pressing need for increasing the agricultural productivity, which is why a number of technological advancements have occurred in the agricultural sector. One of such developments is the emergence of agricultural biotechnology, which involves the utilization of science for modifying animals and plants. This is done to breed out undesirable characteristics, such as low productivity and susceptibility to diseases. Furthermore, any beneficial traits can be bred in by making use of a gene which contains the specific characteristic.

Crop protection products, including biostimulants and biopesticides, and transgenic seeds, including fruits and vegetables, cotton, soybean, and maize, are produced using the above-mentioned technologies. The demand for transgenic soybeans was the highest in the past, because of the increasing import and export of this crop type around the world. Besides this, the need for crop protection products is expected to increase significantly in the near future, owing to the importance of protecting plants from any kind of harmful chemicals, weeds or pests.

North America was the largest agricultural biotechnology market in the past, which is ascribed to the growing adoption of genetically modified crops in the U.S. In addition to this, as per reports by the International Service for the Acquisition of Agri-Biotech Applications in 2016, a considerable increase was registered in the hectares of land being used for biotechnology crops in the predominantly industrial countries. Canada and the U.S. were among the key contributors to this, because of the rise in the cultivation of genetically modified crops. The reasons for the rising adoption of genetically modified crops in the U.S. include advantages such as higher crop yields, decrease in the application of pesticides, and higher returns from farming operations.

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What are Major Factors Driving Growth of Cleanroom Technology Market?

One of the biggest factors responsible for the increasing use of cleanrooms is the rapid development of high-efficiency particulate air (HEPA) filters. The technological advancements in HEPA filters have enhanced their ability to absorb nano-toxic particles, which has, in turn, made the maintenance of the required environment inside the cleanrooms more efficient. These technological advancements are expected to increase the adoption of cleanrooms in various industries, such as biotechnology, medical, and pharmaceuticals. 

Browse In-depth Cleanroom Technology Market Companies’ Strategic Developments

Due to the above-mentioned factors, the global cleanroom technology market is expected to expand considerably in the coming years. Cleanroom solutions are widely used in pharmaceutical, medical device, and biotechnology industries and in hospitals, research laboratories, and academic institutions. Amongst these, the pharmaceutical industry registered the highest adoption of cleanrooms, for the manufacturing of drugs, in the past. Various types of cleanrooms are installed in such settings, such as standard cleanrooms, softwall cleanrooms, pass-through cabinets, and hardwall cleanrooms. Amongst these, hardwall cleanrooms are expected to observe the highest demand in future, as they are cost-effective and easier to integrate. 

The cleanroom technology market is currently witnessing the rising popularity of modular cleanrooms across the world. The modular cleanrooms, on account of their easier installation processes, lower installation costs, and shorter manufacturing times as compared to the conventionally used cleanrooms, are observing a huge surge in demand. In addition to this, the modular cleanrooms allow for easier regulation of the airflow, which contributes to their rising popularity in the medical, pharmaceutical, and research industries.

Geographically, the highest usage of the cleanroom technology was observed in North America in the past. The three countries in the world that are expected to register the highest demand for cleanroom technology solutions in the coming years are Japan, Germany, and the U.S. This is mainly attributed to the soaring healthcare expenditure and the increasing number of research laboratories in these countries. On a regional basis, the Asia-Pacific (APAC) region is expected to record the fastest growth in the adoption of cleanroom technology in future. 

Therefore, it can be concluded that due to the burgeoning demand for a clean and contamination-free environment for the manufacturing of pharmaceutical products and medical devices and in the research and development process for drugs, the adoption of the cleanroom technology is expected to witness tremendous growth in the coming years.

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Increasing Occurrence of Breast Cancer Driving Breast Biopsy Devices Market Growth

The global breast biopsy devices market generated a revenue of $761.2 million in 2017 and it is predicted to reach a value of $1,426.2 million by 2023. According to the estimates of P&S Intelligence, a market research company based in India, the market will advance at a CAGR of 11.1% from 2018 to 2023. The increasing prevalence of breast cancer, surging number of breast cancer screening programs, rapid technological advancements being made in breast imaging equipment, mushrooming population of geriatric women, and burgeoning requirement for minimally invasive procedures are the major factors driving the market expansion.

Furthermore, both under-developed and developing countries reported several cases of breast cancer, accounting for around 53% of the cases across the world. The growing incidence of this disease is one of the major growth drivers of the breast biopsy devices market. Besides, the rapid technological advancements being made in breast imaging devices such as the development of ultrasound- and mammography-guided biopsy, core-needle biopsy, excisional breast biopsy, and fine-needle aspiration biopsy are also fueling the growth of the market. 

Based on product, the market is divided into guidance systems, biopsy needles/guns, biopsy wires, and biopsy tables category. Out of these, the biopsy needles or guns category is predicted to exhibit the fastest growth in the market in the forthcoming years. In addition to this, this category is also expected to hold the largest share in the market in the upcoming years. When procedure type is taken into consideration, the breast biopsy devices market is categorized into vacuum-assisted, core-needle, surgical, and fine-needle aspiration.

Out of these, the vacuum-assisted biopsy category dominated the market in 2017, owing to the large-scale adoption of this procedure, on account of its ability to accurately locate the abnormality area, so that only a few samples from the infected region are taken. This category is also expected to demonstrate the fastest growth in the market in the years to come. Geographically, Europe and North America led the breast biopsy devices market in 2017.

The U.S. recorded huge sales of breast biopsy devices during the last few years, primarily because of the surging geriatric population, rising incidence of breast cancer, rapid economic growth, booming private healthcare sector, and high healthcare expenditure of the country. In addition to this, many biotechnology and pharmaceutical companies, federal agencies, public health associations, research institutes, local and state governments, and professional societies are making huge investments in country’s health-related research and development (R&D) and medical programs. 

Access Report Summary - Breast Biopsy Devices Market Growth

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How are Government Initiatives Driving Aortic Valve Market?

Every year, cardiovascular diseases (CVD) lead to 17.9 million human fatalities, as per the World Health Organization (WHO). With so many components, the heart is itself a complex organ to manage medically, with each component having its own set of diseases and disorders. It could be an electrical problem (malfunctioning of the sinoatrial or atrioventricular node in the cardiac pacemaker), clogging of the coronary arteries with plaque, valve destruction, inflammation of the chambers or cardiac muscle, myopathy (muscle death), infection or a structural defect, such as the arrhythmogenic right ventricular cardiomyopathy (ARVC).

Access Detailed Report - Aortic Valve Market Competitive Analysis

Valve replacement surgeries can be done the open way or minimally invasive way. Of these, minimally invasive surgeries (MISs) are performed in higher numbers than open procedures, as they account for significantly smaller incisions, lower blood loss and pain, and shorter hospital stays. Further, with patients becoming more conscious about their appearance, the nasty scars caused by open surgeries are putting these procedures out of preference around the world. There are two MIS approaches to aortic valve replacement — transfemoral and transapical — of which the former is preferred due to the larger diameter of the femoral artery, which makes threading the catheter easier.

Globally, Europe has been the largest aortic valve market till now, as aortic valve stenosis accounts for a high prevalence rate in regional nations. Additionally, new products and surgical technologies are getting approvals from regulatory authorities, which are revolutionizing cardiothoracic and vascular surgery in the continent. Even in the coming years, the procurement of aortic valves by healthcare centers will increase the fastest here, with the rapid improvements in the medical infrastructure.

Hence, as the prevalence of valvular heart disease increases across the world, so will the demand for artificial aortic valves.

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Increasing Construction Activities Driving Hydraulic Equipment Market Expansion

Due to the burgeoning requirement for material handling equipment and the surging usage of hydraulic systems in several industries, the global hydraulic equipment market is expanding rapidly. Besides these, the rise in underwater exploration activities is also fueling the sales of hydraulic equipment. As a result, the market reached a revenue of $37 billion in 2020. Furthermore, according to the forecast of P&S Intelligence, a market research company based in India, the market will register rapid growth between 2021 and 2030 (forecast period). 

Additionally, the increasing construction activities, especially in the developing countries, are also propelling the demand for hydraulic equipment. The governments of several emerging economies are making huge investments in the construction of civic infrastructure, offices, and apartments, thereby driving the demand for construction equipment including hydraulic systems. For example, the Indian government announced in 2020 that it intends to improve the infrastructure in the country by constructing roads. For this, the government aims to invest INR 15 lakh crore over the next two years.

Moreover, the surging population, especially in the urban areas, is driving the requirement for housing, which is, in turn, pushing up the demand for hydraulic equipment. Apart from the increasing urbanization rate, the rising industrialization rate is also fueling the growth of the hydraulic equipment market. Many companies are rapidly setting up their manufacturing facilities in the Asia-Pacific (APAC) countries, on account of the presence of a well-established supply chain and relaxed environmental protection laws in the region.

Globally, the APAC region dominated the hydraulic equipment market in 2020, and it is expected to grow massively in the upcoming years as well. This will be because of the surging requirement for agricultural and construction equipment, on account of the rising urbanization and industrialization rates, respectively, in the region. The mushrooming population and the soaring investments being made in infrastructural development projects are fueling the rapid urbanization and industrialization rates in the region. 

Hence, it can be safely said that the market will grow substantially in the coming years, because of the increasing construction activities and rising requirement for hydraulic equipment in the farming sector.

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