A Recent Study Says Medical Tourism Market Will Make a Huge Impact in near Future

The global medical tourism market is growing significantly due to high cost of healthcare expenditure in developed countries. According to Centers for Disease Control and Prevention, approximately 750,000 U.S. people travel out of the country for medical care each year. In addition, rise in aging population, reduced cost of procedure in developing countries, and high standards of medical care at a reasonable price are expected to support the medical tourism market to grow in the coming years. Aging increases the risk of diseases, such as heart disease, gastrointestinal diseases and lifestyle associated diseases. According to the World Health Organization, the population of 60 years and above is expected to rise to 15% in 2050.

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Moreover, government is taking various initiates to improve healthcare infrastructure and improve healthcare services in developing countries. So, government support and health insurance portability is further expected to support the medical tourism market to grow in the coming years. In addition, trusted international accreditation of clinics and hospitals are also supporting the growth of the global medical tourism market.

Medical tourism refers to travelling to another country for medical treatment. Patients may go for medical care to another country for a range of reason, such as decreased cost, or to receive a procedure or therapy not available in their country. Services ranging from essential treatment to different kind of alternative treatments are provided through medical tourism. Cosmetic surgery, orthopedic surgery, weight loss surgery, heart surgery, oncologic care, reproductive treatment and dental treatment are some of the common procedures that people undergo on medical tourism.

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Medical tourism is promoted in countries such as Taiwan, Malaysia, Brazil, India, Singapore, Turkey, South Korea, and Mexico. India and Malaysia are expected to grow with the highest rate in the coming years, due to improving healthcare infrastructure, high healthcare standards with low cost, highly skilled professionals, cost effective treatment for several diseases, increasing government initiatives to improve medical services and availability of technologically advanced solutions for various conditions. Thailand is the most preferred destination among the Western European tourists for cosmetic surgery, and Singapore is specialized in complex procedures. Moreover, medical tourism in Malaysia is also emerging due to increasing government initiatives to improve medical services.

Some of the hospitals operating in the medical tourism market are Apollo Hospital Enterprise Limited, Asian Heart Institute, Bumrungrad International Hospital, Min-Sheng General Hospital, Min-Sheng General Hospital, KPJ Healthcare Berhad, Bangkok Hospital Medical Center, Fortis Health Ltd., Prince Court Medical Center, Samitivej Sukhumvit, and Raffles Medical Group.

Source: P&S Intelligence

Sleeping Aids Industry Size, Growth rate and Future Analysis

Sleeping aids refer to medicinal drugs and medical devices that help a person to fall asleep. The various offering in sleeping aids market include medication, sleep laboratory services, mattresses and pillows, sleep apnea devices, and others. The global sleeping aids market is projected to grow at a decent pace for the next few year. The market to attain revenue of $101.9 billion by 2023.

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Growing adoption of wearable monitoring devices and sensors is a key trend observed in the global sleeping aids market. These devices help to record and transmit data related to various physiological conditions of patient’s body. These devices are well equipped with sensors, and also serve various functions, such as monitoring sleep disorders, and measuring sleep quality. Some of the wearable monitors and sensors available in the market include Sense Wear Armband by Jawbone, BioHarness by BIOPAC Systems Inc., LifeShirt by Aegis Limited, Zio XT by iRhythm Technologies, Inc., and LifeVest by ZOLL Medical Corporation. These wearable monitors and sensors are easy to use and do not require any special skill to operate them; thus, making them popular among patients suffering from sleep disorders.

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Sleep disorders and comorbid diseases are rising at an alarming rate in developing nations, which has led to increasing investments by government and private organizations on the research and development, to provide better treatment options to the patients in these countries. Governments in developing as well as developed countries are supporting various start-ups working on the control and prevention of sleep-related disorders. Investment in sleep focussed start-ups help them to tailor technologies and provide consumers with accessible sleep monitoring devices, apps and therapies. For instance, in February 2017, Oventus Medical won a $2,950,000 federal government grant to continue research into the growing epidemic of sleep apnea. The grant would focus on innovative technologies which develop an alternative device to CPAP therapy. The grant was awarded under the Cooperative Research Centers (CRC) Programme, within the federal Department of Industry, Innovation and Science.

Source: P&S Intelligence

Biosimulation Technology Market Overview, Share and Growth Drivers 2023

The global biosimulation market is growing significantly due to technological advancements and increasing research and development investment in the pharmaceutical and biotechnology industries. Low success rate of drug approval and emerging software applications of biosimulation technology are creating ample opportunities for the global biosimulation technology market to grow at a significant rate in the forecasted period.The advanced research and development facilities and new product developments by the companies are propelling the demand for cost effective biosimulation software.

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In biosimulation industry, there is a trend of collaboration and partnership of universities and research institutes with suppliers. Drug discovery and development process is stringent, time consuming, and expensive process. In addition, the success rate of drug approval is very low. According to Tufts Centre for the Study of Drug Development, an academic, non-profit research group at Tufts University, in the U.S., out of 1,000 compounds tested only one makes it to human clinical trials, and out of five such compounds only one gets approved. Biosimulation technology overcomes these limitations by simulating biological systems through software models and increasing predictability in early stages of drug development; hence, saving time and money in drug development process.

Biosimulation technology market can be categorized on the basis of applications, end-users, and product types. Based on applications, the biosimulation technology market can be categorized as drug development, drug discovery, and others. Drug development segment includes preclinical testing and clinical trials; whereas, drug discovery segment includes target identification and validation, and lead identification and optimization. Drug development segment leads the biosimulation technology market. Based on end-users, biosimulation technology market can be categorized as pharmaceutical and biotechnology companies, academic institutes and research laboratories, contract research organizations, and others. Pharmaceutical and biotechnology companies lead the biosimulation technology market.

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Geographically, North America will be leading the global biosimulation technology market in the coming years due to technological advancements, growth in biosimilars and biologics market, high healthcare expenditure, and presence of a large number of pharmaceuticals and biotechnology companies. In addition, the U.S. Food and Drug Administration (FDA), strongly recommends simulation process in drug discovery and development; hence, fueling the growth of biosimulation technology market in North America. Europe is the fastest growing region in the global biosimulation technology market. The major reasons for the fastest growth in the region are high healthcare expenditure and increasing research and development activities.

Some of the major players operating in the global biosimulation technology market Dassault Systemes SA, Simulation Plus Inc., Certara USA, Inc., Advanced Chemistry Development, Inc., In Silico Biosciences, Inc., Chemical Computing Group, Inc., Physiomics PLC., Rhenovia Pharma Ltd., Genedata AG, Entelos Holding Corporation, Leadscope, Inc., and Schrodinger Inc. among others.

Source: P&S Intelligence

Protein Extracts from Single Cell Protein Sources Market Growth and Forecast by 2023

Global protein extracts from single cell protein sources market size is predicted to reach $8.7 billion by 2023. Rising initiatives to create awareness about health and environmental benefits of alternative protein sources, rise in the production of animal feed, and increasing initiatives by public and private entities to cater the increasing demand for protein are the major factors driving the growth of the market.

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The market has been classified as algae, yeast, bacteria and fungi, on the basis of source. Of all types of sources, the fastest growth in the protein extracts from single cell protein sources market during the forecast period is expected from algae category, with 9.3% CAGR.

SCP for human consumption is generally produced from food grade substrates, but the processes are being developed to produce SCP from inexpensive waste materials, food and beverage processing industries, as well as directly from forestry and agricultural sources. Algae has large biomass than fungi (filamentous fungi and yeast) and bacteria, and can be used as SCP, which is an advantage over other sources of protein, and thus accelerate the growth of protein extracts from single cell protein sources market.

The protein extracts from single cell protein sources market is categorized into animal feed, biotechnology, agriculture and fertilizers, and others, on the basis of application. During the forecast period, the demand for these products is expected to witness the highest growth for animal feed application area, at a CAGR of 8.8%.

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In order to increase their market share, key players of the protein extracts from single cell protein sources industry are pursuing acquisitions. For instance, in January 2018, Cargill Incorporated (Cargill) acquired Pro-Pet LLC. The acquisition was aimed to strengthen Cargill’s distribution channel of animal feed and pet food offerings in the agriculture retail market. The terms of the transaction were not disclosed.

Some of the other key players operating in the protein extracts from single cell protein sources industry are Lallemand Inc., Unibio International plc., Qingdao CBH Co. Ltd., euglena Co. Ltd., Unilever Group, Valensa International , Bega Cheese Limited, Cangzhou Tianyu Feed Additive Co. Ltd., Tangshan Top Bio-Technology Co. Ltd, Cargill Incorporated.

Source: P&S Intelligence

Oligonucleotide Synthesis Market Trends, Share, Growth and Forecast by 2023

The oligonucleotide synthesis industry is driven by factors such as recent advances in oligonucleotide synthesis, increasing support from government organizations, increasing research activities in synthetic biology, and increasing burden of cancer and infectious diseases.

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Europe is one of the key regions for oligonucleotide synthesis market. The European market for oligonucleotide synthesis is expected to reach $743.0 million by 2023. The market is witnessing significant growth, primarily due to the increasing research and development activities, advances in technology, developed infrastructure, and increased public and private funding for the development of novel therapeutics.

Moreover, the increase in demand for reducing healthcare cost, high prevalence of cancer and infectious diseases, and high healthcare expenditure fuel the development of the European oligonucleotide synthesis industry. The U.K. is the largest as well as the fastest growing country in the European oligonucleotide synthesis industry. The U.K. and Germany, the second largest market in Europe, are expected to exhibit a CAGR of 10.9% and 10.8%, respectively, higher than the CAGR of 10.5% of the European oligonucleotide synthesis market.

Technological advancements have led to development of oligonucleotide synthesis products. The synthesis of oligonucleotides has gone under tremendous advancements, which leads to cost-effective and rapid synthesis of oligomers. Improvement in synthesis techniques such as development of high throughput synthesizers, new sets of protecting amino groups and better coupling reagents has revolutionized the chemistry for oligonucleotide synthesis. Moreover, development of microarray technology has supported the oligonucleotide therapeutic and diagnostic product development. Large number of conjugates with a biological and biological ligand have been researched, which led to advances in oligonucleotide synthesis. The advances in technology for microchip-based oligonucleotide synthesis offer the potential to increase throughput and decrease cost of oligonucleotide synthesis. Along with efficient nucleotide assembly method and enzymatic error correction, these technologies are bolstering the oligonucleotide synthesis market.

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Some of the key players in the oligonucleotide synthesis market include LGC Biosearch Technologies, Inc., Bioautomation Corporation, Integrated DNA Technologies, Inc., GeneDesign, Inc., Trilink Biotechnologies LLC, Merck KGaA, Eurofins Scientific SE, Thermo Fisher Scientific Inc., General Electric Company and Eurogentec S.A.

Source: P&S Intelligence