Overview of the global optical imaging market
The global optical imaging market is anticipated to grow at a steady rate and will post a CAGR of more than 8% during the forecast period. The increasing market penetration of digital technologies in the optical imaging and medical imaging areas will drive the growth prospects for the global optical imaging market over the next four years. According to the global market research, the application of laser technology includes optical imaging, medical imaging, and microscopy. Also, to increase the process efficiency, the optics and photonics technology is integrated to develop advanced optical imaging systems. Furthermore, the radiation-free Optical Coherence Tomography (OCT) technology is used for dental diagnosis and treatment, whereas, the sound navigation and ranging (SONAR) technology are used for capturing images as a part of digital technology in the medical imaging process.
In terms of geography, the Americas accounted for the maximum market share during 2016 and will continue to dominate the market until the end of 2021. One of the major factors responsible for the increasing number of installations of optical imaging systems is the continual demand from North America that holds the largest market share in the region. Also, according to the industry research report, the adoption rate of optical imaging systems in the US clinics and operating rooms is witnessed to be very high. Moreover, the rate of adoption of these devices is high because they are cost-effectiveness and have non-invasive nature. Furthermore, the developing public-private partnerships would reduce the overall healthcare expenditure, which would boost the influx of end users and accelerate the market’s growth
Overview of the global left atrial appendage (LAA) closure market
The global LAA closure market is anticipated to grow rapidly and post a CAGR of more than 33% during the forecast period. The increasing number of product approvals will drive the growth prospects for the global LAA closure market until the end of 2021. One of the major factors responsible for the increasing product approvals is the rising number of research activities by vendors. For instance, in March 2015, Boston Scientific received the US FDA approval of WATCHMAN device that consists of a catheter delivery system and is used to implant the device permanently in the LAA of the heart. Furthermore, in June 2016, AtriCure, received approval from the Ministry of Health, Labour and Welfare (MHLW) for its AtriClip products that include AtriClip Standard and the AtriClip Pro devices.
In terms of geography, EMEA accounted for the maximum market share in 2016 and will continue to dominate the market during the next few years. It has been observed that favorable guidelines for manufacturers and the increased awareness among physicians drives the adoption rate of LAA closure devices in the region. Also, the growing clinical trials produce high-quality data that further drives the adoption of LAA closure in EMEA.
Competitive landscape and key vendors
The global LAA closure market is in the nascent stage and has a presence of few key players that offer commercial products in the market. Since the market witnesses a stringent regulatory environment, new entrants find it difficult to enter the market.
Key vendors in this market are -
- Boston Scientific
- Coherex Medical
- St. Jude Medical
Other prominent vendors in the market include Occlutech, Lifetech Scientific, and SentreHEART.
Segmentation by product
Overview of the global hypodermic needles market
Technavio’s market research analyst predicts the global hypodermic needles market to grow at a CAGR of almost 7% between 2016 and 2020. Several governments across the world have started adopting legislation that restricts the frequency of needlestick injuries (NSIs). With the enforcement of these legislations, the healthcare and pharmaceutical markets worldwide are now shifting towards the mandatory use of safety needles and syringes to help protect those at a risk of infection from NSIs and other unsafe injection practices. Legislation has mandated employers within the industry to implement formal written exposure control plans and actively involve frontline HCWs, while choosing safe needle devices. The regulations also require employers to create and maintain sharps injury logs comprising detailed information on the type, brand, and manufacturer of devices associated with such injuries. Such compulsory regulations will hugely impact the global market for hypodermic needles and will increase its market size in the coming years.
In terms of geography, the Americas dominated the market in 2015 and was the largest revenue contributing region during the same period. Much of the region’s growth can be attributed to the high sales of high-priced passive safety hypodermic needles in the large and mid-tier hospitals. With a well-established healthcare infrastructure and surging awareness among individuals about blood-borne diseases, the Americas is witnessing strong sales of automatic retracting hypodermic needles. Also, several healthcare facilities are completely replacing the standard safety hypodermic needles by the semi-automatic and automatic retractable safety hypodermic needles, which will further contribute to the growth of the market in this
Global market overview for ultrasound equipment
The global market for ultrasound equipment is expected to witness moderate growth until 2020 and will be affected by factors like recent advancements in image quality, volumetric ultrasound, and new technologies. The availability of detailed visualization technologies due to advancements in computer technology with real-time processing, improved b-mode technology, and the final data display quality is envisaged to result in the high adoption of ultrasound equipment among end-users. For instance, Toshiba's Superb Micro-Vascular Imaging software, designed for 2D images of vessels and the 3D versions of Aplio 300 and 500 systems, can visualize even small vessel beds with the Doppler flow, in either grayscale or false color 3D reform. The increasing availability of such equipment with advanced technologies, especially in terms of image quality and volumetric ultrasound, will result in this market’s steady CAGR of nearly 6% by 2020.
According to Technavio’s market research analyst, the global market for ultrasound equipment will be dominated by the Americas due to the growing adoption of advanced technologies like Doppler, 3D, 4D, 5D by the healthcare professionals. It has also been noted that the researchers and scientists from leading universities like North Carolina State University, Icahn School of Medicine at Mount Sinai, Mayo Clinic, and Sidney Kimmel Comprehensive Cancer Center, are investing time and money in research. This recent increase in the R&D spend by researchers and scientists in ultrasound technology is anticipated to have a positive impact on the growth of this market until the end of 2020.
Competitive landscape and key vendors
Globally, this market is highly dynamic due to the
Overview of the global peripheral vascular diagnostic systems market
The global peripheral vascular diagnostic systems market is anticipated to grow at a steady rate and will post a CAGR of more than 7% during the forecast period. The increasing availability of specialized cardiology and vascular specialists across the globe will drive the growth prospects for the global peripheral vascular diagnostic systems market until the end of 2020. A number of skilled cardiologists or vascular specialists are opting for non-invasive diagnostics to treat various cardiovascular diseases (CVD) and peripheral artery diseases (PAD) in various hospitals and cardiac centers. These procedures are carried out after and before angioplasty procedures are performed. Furthermore, one of the well-known established cardiology procedures called diagnostic angiography and coronary stenting must be performed by vascular specialists. At present, the physicians prefer non-invasive diagnostic techniques over the angiography, a minimally invasive technique, to monitor the individuals. In addition, many vendors are expanding their businesses in various developing countries. Since the number of experienced surgeons is increasing in developing countries, the demand for an angioplasty balloons technique for treating CADs is also increasing. Furthermore, vendors are also conducting medical education programs and practice sessions to train surgeons in surgical techniques and device implantation.
In terms of geography, the Americas accounted for the maximum market share during 2015 and will continue to dominate the market for the next few years. One of the major reasons for the rising demand of peripheral vascular diagnostic systems in the region is the increasing number of patients suffering from PAD and diabetes. These diseases further increase the risk of heart attack in the country. Other factors that drive the market’s growth in the region
Overview of the dental cone-beam computed tomography (CBCT) market
Extensive research carried out by the analysts at Technavio has shown that the global dental cone-beam computed tomography (CBCT) market will witness impressive growth and post a staggering CAGR of more than 12% over the forecast period. With the growing number of dental schools and dentists, the market for dental CBCT is expected to have a positive outlook in the coming years. The increasing number of dental specialty hospitals and laboratories in the Americas and Europe is leading to the augmented adoption of CBCT in these regions. In the Americas, the market’s growth is high as public-private dental schools are increasing. With the increasing dental problems in the region, there is a high requirement for dentists, which can be fulfilled by the growth of dental schools in the market.
In terms of geography, the Americas led the global dental CBCT market during 2015 and is likely to dominate the market over the next four years. The growth of this market in the region is attributed to the increasing number of dental implant procedures and radical improvements in dentomaxillofacial surgeries in the Americas. The use of dentomaxillofacial radiology has increased after the introduction of CBCT application in dental services as it helps in soft tissue examination, temporomandibular joint examination, and plaque detection. The extensive application of CBCT will lead to its increased adoption in the region, especially in countries like the US and Canada.
Competitive landscape and key vendors
Medical imaging constitutes a key segment of the medical diagnostic industry, and technological improvements with respect to the digitization and portability of devices are helping to boost the market. Additionally, rising awareness of early disease diagnosis is likely to have a positive impact on market growth. The medical imaging market is expected to have higher growth rates in emerging economies due to the improving healthcare infrastructure in those areas. Therefore, global players are aiming to expand their presence in these developing countries.