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ResearchAndMarkets released medical devices and IVD related market forecast

2021/9/6 18:07:22 Views:140


Original from: Businesswire


COVID-19 outbreak was first observed in December 2019 in Wuhan (China), and it has spread to more than 100 countries across the world, with the World Health Organization (WHO) stating it as a public health emergency. The contract-based research and manufacturing activities for all the non-essential medical devices were hampered due to strict imposition of company shutdowns in the region. Industries, however, need to adopt long-term, permanent solutions to challenges that arose due to COVID. Overall, the COVID-19 created a negative impact on the growth of medical devices and diagnostics contract research organization market.

 

According to "Medical Device and Diagnostics Contract Research Organization Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type and Services and Geography" report, the market is expected to reach US$ 20,336.08 million in 2028 from US$ 12,314.65 million in 2021. The market is estimated to grow with a CAGR of 7.4% from 2021 to 2028.

 

Key factors driving the market such as increasing number of clinical trials worldwide and the rise in the adoption of outsourcing activities coupled with increasing R&D expenditures. However, the extensive competition in the CRO services market is a major factor hindering the market growth.

 

Based on services, the medical device and diagnostics contract research organization market is segmented into clinical data management, monitoring, clinical project management, medical writing, clinical auditing, digital health, clinical strategy, and others. The clinical data management segment held the largest share of the market in 2021. However, the digital health segment is estimated to register the highest CAGR in the market during the forecast period.

 

The CRO services industry is highly fragmented, with several hundred small and medium-sized limited-service providers, and a small number of large and full-service global CROs. There are a few barriers for smaller CROs to enter the global market. However, the full-service global CROs require efficient infrastructure with an ability to simultaneously manage multiple complex testing services across numerous geographies, establish the requisite relationships with strategic partners, and develop relevant therapeutic and expertise to meet the needs of end users. Over the past few years, the consolidation across the industry is an emerging trend followed by most of the prime players to strengthen their service offerings and garner the major market share in the global medical device & diagnostics contract research organization market.

 

Genomics Industry

Genomics refers to the study of the structure, function and inheritance of the genetic material present in the deoxyribonucleic acid (DNA) of an organism. It addresses the intrarelationship of all genes to identify their combined influence on the overall growth and development. It involves various consumables, systems, software and services for diagnostics, drug discovery, development of precision medicine and agricultural research. Some of the technologies used for genomics include microarray, sequencing, polymerase chain reaction (PCR), nucleic acid extraction and purification and single-cell genomics analysis. These techniques are highly effective in solving complex genetic problems.

 

Genomics (including sequencing) is a key medical technology. Once the human genome had been sequenced, medical researchers were able to start identifying disease-causing variations in the genetic code. Drugs could then be targeted to specific genes, offering tailored treatments. This also opened up a market opportunity in clinical trials to select a subgroup of patients who will respond to the drug.

 

The global genomics market exhibited strong growth during 2015-2020. Looking forward, "Genomics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report expects the global genomics market to grow at a CAGR of around 16% during the forecast period (2021-2026).

 

The increasing adoption of non-invasive cancer screening-based research, along with the growing demand for personalized medicines, is one of the key factors driving the growth of the market. Furthermore, the rising incidences of chronic diseases is also providing a boost to the market growth. Clinical workflows are widely being integrated with genomic data for the production of targeted and personalized medicines and for studying the growth of newborn genetic screening programs and military genomics.

 

This, along with the growing demand for genetically modified plants and organisms in the agriculture sector, is creating a positive impact on the market growth. Various technological advancements, including the development of genomics-based apps and tests, are acting as another major growth-inducing factor. Other factors, such as extensive research and development (R&D) activities in the field of bioinformatics and the increasing demand for next-generation sequencing services, are projected to drive the market further.

 

Global PCR-based Diagnostics Market

According to the prediction in "Polymerase Chain Reaction (PCR) Technologies and Global Markets 2021-2026" report, the global market for PCR technology should grow from $10.5 billion in 2021 to $13.7 billion by 2026, at a compound annual growth rate (CAGR) of 5.4% for the period of 2021-2026. The global PCR and NGS-based diagnostics market to grow with a CAGR of 10.4% over the forecast period from 2021-2027.

 

The reagents and consumables market for PCR technology should grow from $6.3 billion in 2021 to $8.4 million by 2026, at a CAGR of 6.0% for the period of 2021-2026.

 

The software market for PCR technology should grow from $590.8 million in 2021 to $776.1 million by 2026, at a CAGR of 5.6% for the period of 2021-2026.

 

Global PCR For Respiratory Infection Diagnostic Market

According to "PCR For Respiratory Infection Diagnostic Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type, Multiplex PCR, Traditional PCR, Digital PCR, Reverse-Transcriptase, and Others, Product Type, Infection Type, End Users and Geography" report, the market is expected to reach $8,279.32 million by 2028 from $4,146.02 million in 2021; it is estimated to grow at a CAGR of 10.4% from 2021 to 2028.

 

The market growth is mainly attributed to the factors such as the increasing Burden of Chronic Respiratory Diseases (CRDs), growing developments in PCR testing, are widely enhancing the performance of medical devices. However, use of PCR testing for various respiratory infection diagnostics and developments in PCR technology being used to derive them. The availability of alternative assays hinders the market growth.

 

Chronic respiratory diseases (CRDs) are among the leading causes of morbidity globally. The burden is widely seen globally due to the heavy consumption of tobacco. For instance, according to WHO, in 2018, the fourth largest cause of mortality in the United States was chronic lower respiratory illness, predominantly COPD. Nearly 15.7 million Americans (6.4%) have been diagnosed with COPD. Moreover, according to the European Lung White Book, the World Health Organization (WHO) has reported the European region ranks fourth for fatal lung diseases accounting for nearly one-tenth of all deaths in 2008. Also, in the European Union, ~28 countries, i.e., 12.5% was the proportion of deaths due to respiratory diseases. In addition, in 2008, the European Respiratory Society (ERS) reported ~6 million hospital admissions due to respiratory diseases, accounting for nearly 7% of total hospital admissions.

 

Moreover, as per the National Center for Health Statistics, every year, 156,979 deaths occur due to Chronic lower respiratory diseases (including asthma) deaths in the United States. In the US, Lung cancer is the leading cause of cancer death in both men and women in the United States, and around two-thirds of persons diagnosed with lung cancer have never smoked or are former smokers. Over the last 42 years, new incidences of lung cancer have grown by 84% among women, while falling by 36% among males. Each year, lung cancer claims more lives than any other type of cancer report published by American Lung Association. The burden of CRDs is expected to increase in the coming future due to poor air quality, increase in addiction to smoking, and rise in geriatric population that is more prone to COPD and lung cancer. Moreover, programs initiated in the countries to improve treatment and support the people living with respiratory diseases are likely to increase the demand for PCR for the diagnosis of respiratory diseases. This will lead to the market growth during the forecast period.

 

Geographically, the PCR for respiratory infection diagnostics market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America (SCAM). Asia Pacific held the largest market share in 2020. In Asia Pacific, the China is the largest market for PCR for respiratory infection diagnostics market. The market growth in China is attributed to the key driving factors such as the increasing Burden of Chronic Respiratory Diseases (CRDs), growing developments in PCR testing, are widely enhancing the performance of medical devices. However, use of PCR testing for various respiratory infection diagnostics and developments in PCR technology being used to derive them. The availability of alternative assays hinders the market growth in China.