Growing Obesity, Hypertension and sedentary lifestyle is anticipated to driving Growth to the Wearable Medical Devices Market swiftly Till 2022

The Global Wearable Medical Device Market is expected to reach USD 27.8 billion by 2022, according to a new report by Grand View Research, Inc. Rising prevalence of conditions such as obesity and hypertension, as a result of sedentary lifestyle is anticipated to boost the demand for wearable medical devices. Moreover, increasing health awareness is further expected to augment the demand for these devices.

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Additionally, growing incidences of chronic conditions, such as diabetes, which require round-the-clock monitoring, are expected to increase the demand for wearable technology. Technological innovation is projected to be vital for growth of this industry over the forecast period. Smart watches, smart bands, and smart clothing are anticipated to be the key areas for development. Increasing penetration of smart cellular phones is expected to assist growth of this technology. However, patient privacy and security concerns along with complexity in engineering are expected to impede growth of the industry.

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Further key findings from the study suggest:

  • Diagnostic wearable medical devices held substantial share in 2014 owing to increasing usage in remote patient monitoring as well as home healthcare
  • Therapeutic wearable devices are anticipated to exhibit remunerative growth over the forecast period. Increasing penetration of products, such as insulin monitors, is assisting the growth of wearable equipment.
  • Diagnostic devices such as vital sign monitors are expected to witness lucrative growth over the forecast period. Rising incidences of chronic diseases are expected to boost the demand for this equipment.
  • Wearable medical devices have applications in sports & fitness monitoring, home healthcare, and remote patient monitoring. Home healthcare held significant shares of around 50.0% in 2014. Simplified usage of this equipment along with ability to synchronize with cellular phones as well as tablet devices assisted the growth of this segment.
  • On the contrary, remote patient monitoring is projected to exhibit growth rate of over 25.00% in the next seven years. Increasing geriatric population base coupled with demand for continuous monitoring is expected to fuel the growth.
  • Strap/clip/bracelet or watches held substantial shares of around 40.0% in 2014, and is expected to grow at a lucrative rate over the forecast period. Simplified engineering, aesthetically appealing products, and synchronization with mobile application are anticipated to drive this segment’s growth.
  • North America dominated the overall market with approximately 40.0% of shares. This can be attributed to increasing per capita income as well as rising healthcare spending, and advanced healthcare infrastructure and presence of OEM in this region.
  • Asia Pacific is projected to grow with a rapid rate of around 32.0% over the forecast period. Economic development coupled with improving healthcare systems is expected to help the industry grow in this region.
  • Key companies of the wearable medical devices industry include Fitbit Inc., Garmin, Vital Connect, Omron Corp., Sotera Wireless, Jawbone, Pebble Technology Corp., Basis Science, Inc., Withings, Intelesens Ltd., Covidien Plc, LifeWatch AG, Polar Electro, Philips Electronics, and Everist Genomics

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Grand View Research has segmented the global Wearable Medical Device Market on the basis of products and region:

Global Wearable Medical Devices Product Outlook (USD million), 2012 – 2022

  • Diagnostic devices
    • Vital sign monitors
      • Heart rate monitors
      • Activity monitors
      • Electrocardiographs
      • Pulse oximeters
      • Spirometers
      • Blood pressure monitors
      • Other devices
    • Sleep monitoring devices
      • Sleep trackers
      • Wrist actigraphs
      • Polysomnographs
      • Other devices
    • Electrocardiographs Fetal & Obstetric Devices
    • Neuromonitoring devices
      • Electroencephalographs (EEG)
      • Electromyographs (EMG)
      • Other devices
    • Therapeutic devices
      • Pain management device
        • Neurostimulation device
        • Other devices
      • Insulin monitoring device
        • Insulin pumps
        • Other devices
      • Rehabilitation device
        • Accelerometers
        • Sensing devices
        • Ultrasound platforms
        • Others
      • Respiratory therapy device
        • Ventilators
        • PAP
        • Portable oxygen concentrators
        • Other devices

Global Wearable Medical Devices Application Outlook (USD million), 2012 – 2022

  • Sports & Faintness
  • Remote Patient Monitoring
  • Home healthcare

Global Wearable Medical Devices Site Outlook (USD million), 2012 – 2022

  • Handheld
  • Headband
  • Strap, clip, bracelet and watches
  • Shoe sensors
  • Others

Wearable Medical Devices Region Outlook (USD million), 2012 – 2020

  • North America
    • US.
    • Mexico
  • Europe
    • UK
    • Germany
    • France
  • Asia Pacific
    • Japan
    • China
    • India
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • South Africa
    • Saudi Arabia

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

Rising number of overweight and obese population coupled with growing popularity of various commercially available solutions is fueling the Market growth

The global weight management market is expected to reach USD 442.3 billion by 2025, according to a new report by Grand View Research, Inc. Rising number of overweight and obese population coupled with rising popularity of various commercially available solutions is fueling the growth.

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Increasing initiatives undertaken by market players in collaboration with the government to raise awareness about the adverse impact on health due to obesity are further anticipated to drive the market demand. The overweight and obese population are more prone to chronic diseases including diabetes, hypertension, and orthopedic diseases. Thus, rising awareness about weight management techniques is driving the market growth.

Thanks to westernization and urbanization, there is an increasing preference toward processed food as an alternative to home-cooked food. The increase in number of nuclear families coupled with a rise in the working population have fueled the demand for easily accessible & inexpensive fast food and takeaway meals. According to Statista, in 2015, revenue of fast food industry in the U.S was 203.2 billion. A hectic schedule coupled with increasing stress are resulting in higher intake of outside and takeaway food. This trend is anticipated to trigger the market growth.

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Further Key Findings From the Study Suggest:

  • The growing prevalence of obesity primarily due to sedentary lifestyle and lesser physical activities is augmenting market growth
  • The rising awareness of available solutions for weight loss and management is driving the growth
  • In diet, the beverage segment holds the largest share owing to increasing consciousness amongst people about their eating habits and adoption of general & personalized diet plans for better metabolism and losing the extra weight. Whereas, rising popularity of supplements, shake mix, tablets, and capsules are projected to grow over the forecast period
  • Fitness equipment such as cardiovascular training, strength building, and other equipment used in maintaining the weight account for the largest share in weight management
  • Increasing R&D for developing minimally invasive and noninvasive equipment are anticipated to increase the usage of surgical equipment over the forecast period
  • The fitness center services segment held the largest share of market, however with digitalization, online weight loss services are anticipated to grow over the forecast period
  • In 2016, North America dominated the global market with the largest revenue share of over 46.0%, due to the rising overweight population and commercial availability of minimally invasive procedures and noninvasive equipment
  • Asia Pacific is expected to emerge as the fastest growing region during the forecast period, primarily due to growing awareness about the importance of losing & management of extra weight in order to avoid adverse health effects coupled with improving healthcare infrastructure and emerging medical tourism
  • Some of the major players are Herbalife International, Inc.; NutriSystem, Inc.; Weight Watchers International, Inc.; eDiets.com; BRUNSWICK CORPORATION; Ethicon US, LLC; and GOLD’S GYM

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Grand View Research has segmented the weight management market by diet, equipment, services, and region:

Global Weight Management Diet Outlook (Revenue, USD Billion; 2014 – 2025)

  • Diet
    • Meals
    • Beverages
    • Supplements

Global Weight Management Equipment Outlook (Revenue, USD Billion; 2014 – 2025)

  • Fitness equipment
    • Cardiovascular training equipment
    • Strength Training equipment
    • Others
  • Surgical equipment
    • Minimally invasive/Bariatric equipment
    • Noninvasive surgical equipment

Global Weight Management Services Outlook (Revenue, USD Billion; 2014 – 2025)

  • Fitness centers
  • Sliming centers
  • Consultation services
  • Online weight loss services

Weight Management Regional Outlook (Revenue, USD Billion; 2014 – 2025)

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
  • Asia Pacific
    • China
    • Japan
  • Latin America
    • Mexico
    • Brazil
  • MEA
    • South Africa

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

Fitness Equipment Market Is Expected To Surpass Easily Owing Initiatives From Government And Enterprises

The global Fitness Equipment Market is anticipated to reach USD 13.24 billion by 2022. Key factors that are expected to fuel growth include urbanization leading to changing lifestyles, growing awareness of health & wellness and drastic increase of obese population.

Emerging economies have been observing growing trend for healthcare programs across all segments. In addition, governments in these countries are persistently attempting to conceptualize and establish effective healthcare plans. The introduction of new fitness regimes and healthcare programs across various corporates to encourage employees is expected to trigger growth. Fitness equipment market is projected to grow at a CAGR of 3.6% from 2015 to 2022.

On the basis of equipment type, the industry is segmented into strength training, cardiovascular and devices such as trackers & monitors. Commonly used equipment across all age groups to maintain fitness and manage weight include stationary bicycles, treadmills, weightlifting machines and stair climbers.

Demand for cardiovascular training devices is comparatively greater than strength training devices on account of dual benefit of well-being and disease prevention. Cardiovascular training devices are estimated to strengthen their hold on the industry in the next seven years and grow at a CAGR exceeding 3.0% from 2015 to 2022 owing to its increased adoption. Cardiovascular training devices such as treadmills, stair machines, and rowing machines stair machines. They are extensively used to keep Body Mass Index (BMI) within limits and maintain body fitness.

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Health clubs and gyms accounted for nearly 45.0% of total market share and dominated the market in 2014 as they form an essential prerequisite for health clubs. However, home users buy different equipment for their use. Purchase of these devices by commercial firms such as hospitals, hotels, and corporate offices to enhance customer experience is also expected to drive growth in the market.

Asia Pacific is a lucrative market with a high requirement for advanced and sophisticated fitness equipment. It is projected to grow at a CAGR of over 7.0% from 2015 to 2022. Outsizing youth population coupled with increasing disposable incomes in emerging economies is anticipated to propel growth.

North America is expected to be a major market for this industry owing to rising overweight population. North America acquired nearly 45.0% of the total industry share in 2014 and is expected to continue the trend over the forecast period at a CAGR of over 2.0%.

Firms in this business are very competitive and strategize by introducing updated version of existing products or launching newer and improved equipment. Key strategies being adopted by the companies include product innovations and exclusivity owing to technological enhancements. Market players engage in forming alliances to gain market share and dominate the industry. It includes Cybex International Inc., Brunswick, Johnson Health Tech., Paramount, Precor and Nautilus Inc.

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Grand View Research has segmented the global fitness equipment market on the basis of device, end-use, and region:

Fitness Equipment Device Outlook (Revenue, USD Million, 2012 – 2022)

  • Cardiovascular training
  • Strength training
  • Others

Fitness Equipment End-Use Outlook (Revenue, USD Million, 2012 – 2022)

  • Home
  • Health clubs
  • Others

Fitness Equipment Regional Outlook (Revenue, USD Million, 2012 – 2022)

  • North America
  • Europe
  • Asia Pacific
  • ROW

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

Rising Investment In Research And Development in the generation of improved diagnostic tools is primarily driving the growth for Transplant Diagnostic Market: Grand View Research, Inc.

The global transplant diagnostic market is expected to reach USD 895.2 million by 2024, according to a new report by Grand View Research Inc. The rising demand for organ transplantation is primarily fueling the demand for transplant diagnostics.

Constant healthcare research and development efforts are resulting in the introduction of technically advanced treatments, such as stem cell therapy and organ transplants. As a result, the adoption of these highly-advanced organ transplantation techniques is creating the demand for transplant diagnostics as they reduce the risk of infections and minimize the chances of an immune response through pre-operative assessments including histocompatibility tests, such as Human Leukocyte Antigen (HLA) typing, which determines donor-receiver organ or tissue compatibility prior to organ transplants.
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In addition, pertinent organizations are supporting research and development initiatives in the field of organ transplant through grants and funding. As a result, innovative and advanced diagnostic tools are frequently entering into the market. On the other hand, high cost of the diagnostic tests is one of the major factors hindering the growth of the market.

Geographically, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA). North America and Europe together accounted for the largest market share in 2015. Developed economies and well-established healthcare infrastructure coupled with the presence of a highly developed research infrastructure are accelerating the adoption of organ and tissue transplant therapies in Europe and North America. As a consequence, the demand for transplant diagnostics is high in North America and Europe.

Wide adoption of HLA typing owing to its ability to determine organ compatibility between the donor and the receiver preceding organ transplants and to predict potential perioperative immunological complications is driving the growth of the molecular assay market in North America and Europe.

Asia Pacific is expected to show the fastest growth rate during the forecast period owing to the booming medical tourism in countries, such as India. Availability of advanced healthcare infrastructure and skilled professionals at alower costare anticipated to attract patients worldwide to this region for transplant procedures.

In addition, the presence of highly advanced healthcare infrastructure and the ongoing government initiatives to improve healthcare facilities in the country are collectively anticipated to boost the market growth in Japan during the forecast period. As a result, the Asia Pacific market is anticipated to reach USD 216.6 million in 2024.

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Further key findings from the study suggest:

  • The PCR-based molecular assay captured the largest share of the overall market in 2015. The large market share was mainly attributed to the extensive adoption of the PCR  technique in HLA typing.
  • The sequencing-based typing segment is anticipated to witness significant growth rate from 2016 to 2024. The escalation in the adoption of next generation sequencing (NGS) is the major factor expected to drive the growth of this segment during the forecast period.
  • The integration of sequencing with serological typing enhances diagnostic outcomes and, hence is expected to augment the growth of the sequencing segment during the forecast period
  • The reagents and consumables segment accounted for the largest market share in 2015. This large share is mainly attributed to the repeat purchase of these products.
  • North America captured the largest market share of around 38% in 2015 and is expected to maintain its dominance throughout the forecast period. Well-established research infrastructure, the increasing healthcare expenditure, high adoption rate ofthe advanced diagnostic techniques, and the growing R&D activities are some of the factors supporting the growth of the market in the region.
  • Asia Pacific is expected to witness significant growth during the forecast period owing to the expanding research opportunities, the increasing health care expenditure, and the rising awareness of organ donation in the region.
  • The booming medical tourism industry offers further growth opportunities for the market in Asia Pacific
  • Some major players in this market include Thermo Fisher Scientific, Inc., Illumina, Inc., F.Hoffmann La-Roche AG. Abbott Laboratories, Inc.,Qiagen N.V., Immucor Transplant Diagnostics, Inc., Bio-Rad Laboratories, Inc., Affymetrix, Inc.,  and Omixon Ltd.

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Grand View Research has segmented the Transplant Diagnostic Market on the basis of technology, product, and geography.

Transplant Diagnostic Market by Technology, 2013 – 2024 (USD Million)

  • Molecular Assays
    • PCR-Based Molecular Assays
    • Sequencing-Based Molecular Assays
  • Non-Molecular Assays
    • Serological Assays
    • Mixed Lymphocyte Culture (MLC) Assays

Transplant Diagnostic Market by Product, 2013 – 2024 (USD Million)

  • Reagents and Consumables
  • Instruments
  • Software and Services

Transplant Diagnostics Market, by Region, 2013- 2024 (USD Million)

  • North America
    • S. Transplant Diagnostics Market by Product Type
    • Canada Transplant Diagnostics Market by Product Type
    • S.Transplant Diagnostics Market by Technology Type
    • Canada Transplant Diagnostics Market by Technology
  • Europe
    • Germany Transplant Diagnostics Market by Product Type
    • France Transplant Diagnostics Market by Product Type
    • Germany Transplant Diagnostics Market by Technology
    • France Transplant Diagnostics Market by Technology
  • Asia Pacific
    • China Transplant Diagnostics Market by Product Type
    • India Transplant Diagnostics Market by Product Type
    • China Transplant Diagnostics Market by Technology
    • India Transplant Diagnostics Market by Technology
  • Latin America
    • Brazil Transplant Diagnostics Market by Product Type
    • Mexico Transplant Diagnostics Market by Product Type
    • Brazil Transplant Diagnostics Market by Technology
    • Mexico Transplant Diagnostics Marketby Technology
  • MEA
    • South Africa Transplant Diagnostics Market by Product Type
    • South Africa Transplant Diagnostics Market by Technology

 About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information: www.grandviewresearch.com

Vaccine Market is expected to grow at a CAGR of 10.3% During Forecast period

The global vaccine market is expected to reach over USD 77.5 billion by 2024, according to a new report by Grand View Research, Inc. The presence of numerous molecules in the pipeline is anticipated to meet the demand for efficient vaccines. These include vaccines for chest infection, tuberculosis, malaria, and dengue. Most of the key players are actively leveraging on their vaccine development technologies to launch novel preventative solutions with an objective to increase their market share. For instance, Pfizer, Inc. is involved in the development of vaccines to prevent severe infections caused by Meningococcal B, Clostridium difficile, and Staphylococcus aureus.

Furthermore, the broad coalition of governments, worldwide, working to promote the awareness of vaccination benefits through immunization programs with the objective of containing the propagation of communicable diseases that are associated with high morbidity and mortality is expected to stimulate the market growth.
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For instance, the ‘Immunize Australia Program’ sponsors the immunization of individuals, which acts as a preventative action in preventing disease occurrence and checks rampant disease transmission thus protecting millions of Australians from severe diseases. Another program that has been involved in achieving extensive immunization coverage on the Indian continent is the National Immunization Program, a government program that has focused on taking strong preventive measures to offset vaccine-preventable diseases, particularly in children.

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Further key findings from the study suggest:

  • The inactivated vaccine type segment was estimated to have over 14.5% market share in 2015 owing to the related advantages including easy storage and transport due to the highly stable nature of these vaccines. In December 2015, Sanofi Pasteur, Inc. launched a new trivalent, inactivated polio vaccine in India.
  • The DNA vaccine segment is presumed to be the fastest growing type over the forecast period owing to the ease of production compared to the cell-based vaccines and the promising, targeted immunization outcomes coupled with the continual developments in the biotechnology area. Other advantages associated are ease of production, long lasting immunogenicity, and no risk of reversion.
  • The cancer application segment is expected to witness the fastest growth with a CAGR of over 11.8% in the vaccinations market majorly attributable to the need for immunization against cancer coupled with the increasing prevalence of various types of cancer, such as cervical and colorectal cancers.
  • North America dominated the market in terms of revenue with over USD 12 billion in 2015, due mainly to the presence of extensive research and development activities and the existence of key participants of the industry in this region
  • Asia Pacific is identified to witness a lucrative growth with a CAGR of around 10.7% during the forecast period due to the growing population base and the increasing economic growth of countries, such as China, Japan, and India. Moreover, the availability of skilled labors at a lower cost and the low manufacturing operations cost provide a platform for clinical trial outsourcing of the vaccinations under development to expedite commercialization.
  • Leading players in this industry, among others are, Merck & Co., Inc., Emergent BioSolutions, Inc., Johnson and Johnson, Sanofi Pasteur, Inc., Pfizer, Inc., Novartis AG, CSL Ltd., and GlaxoSmithKline Plc. Other prominent players include Abbott Laboratories, Inc., AstraZeneca plc, Janssen Pharmaceuticals, Inc., Takeda Pharmaceuticals Company Ltd., and Valeant Pharmaceuticals International, Inc.
  • In April 2016, VBI vaccines, Inc. entered into a collaborative agreement with Sanofi Pasteur, Inc. to employ its “Lipid Particle Vaccine” formulation technology to better the stability of the Sanofi vaccines.

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Grand View Research has segmented the global vaccines market on the basis of type, application, and region:

Global Vaccines Market By Type (Revenue, USD Million, 2013 – 2024)

  • Inactivated vaccines
  • DNA vaccines
  • Attenuated vaccines
  • Subunit vaccines
  • Conjugate vaccines
  • Toxoid vaccines
  • Others

Global Vaccines Market By Application (Revenue, USD Million, 2013 – 2024)

  • Infectious diseases
  • Cancer
  • Autism
  • Allergy
  • Others

Vaccines Market By Region (Revenue, USD Million, 2013 – 2024)

  • North America
    • US.
    • Canada
  • Europe
    • UK
    • Germany
  • Asia Pacific
    • Japan
    • China
  • Latin America
    • Brazil
  • MEA
    • South Africa

 About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Grand View Research, Inc
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Heart Attack Diagnostic Sectors Future Growth & Development Till 2024

The heart attack diagnostics market is expected to reach USD 15.4 billion by 2024, according to a new report by Grand View Research, Inc. The heart attack diagnostics market is anticipated to witness a lucrative growth during the forecast period from2016 to 2024. From 2001 to 2011, age-standardized, heart attack incidence rates have significantly decreased worldwide. However, the overall risk factors and the disease burden remains large, thereby rendering the heart attack diagnostic sectors a profitable growth prospect. This growth is attributed to a majority of factors, such as high prevalence of coronary heart diseases, increased tobacco smoking, and obesity, enhanced adoption of unhealthy diet is resulting in a high cholesterol incidence in individuals, particularly in the rising geriatric population. However, the low Medicare reimbursement provided for the mobile cardiac outpatient telemetry electrocardiogram (ECG) and the progressively declining heart attack incidence rates are expected to hamper the market growth.
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The heart attack diagnostics market has been classified by product into electrocardiogram, which measures the electrical activity of the heart; echocardiogram, a form of ultrasound test that provides images of the heart; blood tests that measure the expression of certain proteins in excess, such as troponin levels, and cardiac enzymes; and other diagnostic products. The ECG segment is expected to witness a significant growth rate in developing countries, owing to the technological advances coupled with increasing applications of ECG. Although, the increasing demand for cost effective, rapid blood tests such as troponin and Creatine Kinase MB Isoenzyme (CK-MB) is likely to acquire major market share in the near future. The key countries landscape included in the report are U.S., Canada, Germany, UK, China, India, Brazil, Mexico, South Africa, and Middle East. The Asia Pacific region is anticipated to be the fastest growing region during the forecast period. On the other hand, North America is estimated to dominate the global heart attack diagnostics market.

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Further key findings from the study suggest:

  • North America is estimated to dominate the global heart attack diagnostics market. The increasing awareness about heart attacks, its causative and risk factors, and enhanced uptake and acceptance of technologically advanced diagnostics is expected to contribute to the market growth.
  • The Asia Pacific region is expected to be the fastest growing region during the forecast period. to The reason being the considerably large burden of heart diseases in certain developing regions, such as in India, where 2.4 million people die annually due to heart diseases. As a result of the soaring incidences of heart diseases, an urgent requirement to undertake awareness measures and incorporate advanced diagnostics is expected to fuel the market growth.
  • The troponin blood test type is the largest grossing segment and is expected to capture the largest share in 2015, especially in developing countries including Brazil, China, and India. Its applications as a cardiac monitoring device and its indispensable use as a heart attack diagnostic tool will be a contributing factor supporting the market growth. The industry comprises of several local as well as global players. Some of the major players of this industry include Siemens Healthcare GmbH, Schiller AG, GE Healthcare, and Hitachi Medical Systems.

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Grand View Research has segmented the heart attack diagnostics market on the basis of product and region:

Favorable Government Initiatives to encourage Growth Rate of Life Sciences BPO Market

The life sciences BPO market is expected to reach USD 420 billion by 2024, according to a new report by Grand View Research, Inc. The lucrative growth is attributed to the growing demand for contract manufacturing of raw materials, Finished Dosage Forms (FDFs), medical devices, drug discovery services, regulatory services, pre-clinical and clinical trial services, and pharmacovigilance services.

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The pharmaceutical and biotech industry invests heavily in the R&D sector to continuously introduce new molecules, devices, and treatments. The different stages of the drug development such as drug discovery, pre-clinical studies, and clinical trials require huge financial, technological, and human resources.

In order to cater to the growing needs of the industry, the outsourcing vendors are expanding their product and service offerings and they are targeting niche areas for long-term growth and profitability; altogether these trends are expected to boost the life sciences outsourcing market over the forecast period.

Favorable government initiatives such as the introduction of ICD-10 standards, the increasing adoption of Electronic Health Record systems (EHR), and digital health platforms are enabling the rapid growth of the back-end payer and provider BPO services, such as claims management, claims processing, financial and pay roll management, and other administrative services.

The rising geriatric population coupled with the growing prevalence of various chronic diseases is increasing the burden on the healthcare system and also driving the need for new drugs, and devices, which in turn is expected to boost the contract manufacturing and contract research services over the next nine years.

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Moreover, the contract sales and marketing services segments are also expected to witness an increase in demand due to the growing sales and marketing activities for the new product launches over the forecast period.

Further key findings from the study suggest:

  • In 2015, the pharmaceutical outsourcing segment accounted for the largest revenue share, mainly on account of the growing demand for API and finished dosage form manufacturing services. Moreover, the increasing demand for early stage pre-clinical studies, clinical trials, post-marketing surveillance, and regulatory services are also expected to further drive the market over the forecast period.
  • The services segment including healthcare payer and provider BPO services is expected to emerge as the fastest growing services type with a CAGR of 9.3% over the forecast period
  • In the medical devices contract research outsourcing segment, the product design and development category accounted for nearly 29% in 2015. By 2024, the product implementation services are expected to emerge as the fastest growing category with a CAGR of 13.1% from 2016 to 2024.
  • North America was the largest regional market in 2015. The presence of several major pharmaceuticals, medical device, health insurance, contract research and contract manufacturing (CRAMS) players in this region are amongst the key factors responsible for the region’s large market share. The increasing geriatric population, the growing disease prevalence rates, the shift from ICD 9 to ICD 10 codes are significantly driving the healthcare expenditures and the need for efficient data management, as well as operational costs; therefore, these factors are expected to positively reinforce the life sciences outsourcing market over the forecast period.
  • Asia Pacific is expected to grow at a CAGR of11% over the forecast period. The increase in the number of U.S. FDA manufacturing sites in this region, especially China and India, the growing healthcare burden, patent expiration of several key drugs are expected to significantly boost the life sciences outsourcing market in this region.
  • Furthermore, favorable government initiatives to encourage the use of generic drugs, subsidies for the manufacturing of electronic components and devices, and several tax benefits to promote the export of life sciences services from this region are anticipated to further propel the market growth over the forecast period.
  • Some key market players include Infosys Limited, Lonza Group, PAREXEL International Corporation, Covance, Inc., International Business Machines Corporation. Genpact Limited, Catalent, Inc., ICON plc, Boehringer Ingelheim GmbH, Accenture plc, Quintiles Transnational Corporation, and Anthelio Healthcare Solutions

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Grand View Research has segmented the life sciences BPO market by service and region: