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Growth can be attributed to the increasing opioid dependence in the geriatric population as a result of high dosage prescription opioid use for pain management. Chronic pain is prevalent among patients suffering from arthritis, heart diseases, and cancer Opioids are prescribed for pain management, however, overdose can result in fatalities.

In response to this, manufacturers are launching rapid, accurate, disposable, and easy-to-use drug of abuse testing kits to detect drug dependence among the elderly. This is indicative of lucrative prospects for new market entrants over the assessment period.

Besides this, growing acceptance of recreational marijuana also has triggered concerns regarding overdose. Marijuana addiction is rare, although overdose can result in breathing disorders, memory loss, elevated stress and anxiety, and concentration issues. As a result, demand for drug of abuse testing systems in corporate and educational organizations is rising for early detection of substance abuse.

As per FMI’s in-depth regional analysis, the U.S. is projected to dominate the North America drug of abuse testing market. The presence of robust healthcare infrastructure along with the prevalence of an opioid endemic in the country is expected to continue pushing sales of drug of abuse testing tools.

“The introduction of integrated drug warning systems that monitor drug overdose in real-time is expected to fuel sales of drug abuse testing equipment. Besides this, increasing adoption of drug testing tools in forensic laboratories to identify illicit drugs for the criminal justice system are expected to continue augmenting growth of the global drug of abuse testing market through 2031,” says an FMI analyst.

Consequently, there has also been an increase in associated co-morbidities such as strokes, heart attacks, kidney failure and visual impairment. As a result, infusion pump usage has upticked in order to provide the appropriate medication and nutritional input.

To facilitate efficient drug delivery, manufacturers have incorporated various technological advancements in recent years. Additionally, the advent of wearable and smart infusion pumps is further fueling the market’s revenue prospects.

Global Infusion Pumps Market- Key Takeaways

• Rising prevalence of cancer to push forward oncology-grade infusion pumps usage in the coming years
• Ambulatory pumps are poised to hold major sway in the wake of swift drug and nutrient delivery
• Europe to pivot global infusion pumps market growth, capturing over 1/3^rd of the revenue pie
• Global infusion pumps market is likely to surpass US$ 6 Bn by 2030-end
• Favorable business reimbursement policies are expected to bolster infusion pumps demand in coming years

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COVID-19 Impact Analysis

The COVID-19 pandemic is anticipated to have a moderate impact on the global infusion pumps market. In the initial months of the pandemic’s onset, a slump in the demand-supply equation was observed. This was in response to the imposition of lockdowns and social distancing protocols. Eventually, a resurgence was recorded.

In recent months, regulatory authorities such as the U.S Food and Drug Administration (FDA) issued emergency use authorization to increase the availability of infusion pumps and related accessories. Infusion pumps have been pivotal in administering vital medicines and parenteral nutrition to patients admitted for chronic ailments.

As hospitals reach a saturation point, governments are providing flexibility to infusion pump manufacturers to address supply shortages by permitting them to resume operations. This is slated to sustain the infusion pumps market demand in the short-term forecast.

Global Infusion Pumps Market- Competitive Intelligence

Prominent players 

• Fresenius Kabi AG,
• Terumo Corporation,
• Medtronic Plc,
• Baxter International Plc.,
• Smith Medical,
• MOOG Inc.,
• Johnson & Johnson Services Inc.,
• ICU Medical Inc. and
• Becton Dickinson & Company among others.

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Product launches, expansions, collaborations and other inorganic strategies are being pursued by the aforementioned players. In 2019, Terumo Corporation announced the launch of its TERUFUSION Infusion Pump Type LM Series which utilize smart cutting-edge IT solutions to deliver optimal management and prevents inadvertent excess infusion of drugs into the patient.

In 2010, Hospira Inc. partnered with Smith Medical to market and promote various infusion pumps. The companies collaborated in order to co-promote Hospira’s Symbiq and Plum A+ general infusion pumps along with its Hospira MedNet safety software. The venture also promoted Smith Medical’s Medfusion syringe pumps with the PharmGuard Medication Safety Software.

More Insights on the Infusion Pumps Market Report

A recent market study published by FMI on the ophthalmic lasers market includes the global industry analysis of 2015-2019 & opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. The report incorporates an unbiased analysis of the following segments: product type (syringe pumps, ambulatory pumps, volumetric pumps, implantable pumps, insulin pumps, enteral pumps, PCA pumps and pump accessories), application (chemotherapy/oncology, pediatrics/neonatology, analgesia, gastroenterology, hematology and diabetes), end-user (hospitals, ambulatory surgical centers, homecare, clinics and others) and region (North America, Latin America, Europe, MEA, East Asia, South Asia and Oceania).

Infusion Pumps Market – Key Segment

Product Type

• Syringe Pumps
• Ambulatory Pumps
• Volumetric Pumps (Peristaltic and Cassette/Piston)
• Implantable Pumps
• Insulin Pumps
• Enteral Pumps
• PCA Pumps
• Pump Accessories

Application

• Chemotherapy/Oncology
• Pediatrics/Neonatology
• Analgesia
• Gastroenterology
• Hematology
• Diabetes

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End User

• Hospitals
• Ambulatory Surgical Centers
• Homecare
• Clinics
• Others

Region

• North America
• Latin America
• Europe
• Middle East & Africa (MEA)
• East Asia
• South Asia
• Oceania

Soaring disease prevalence will remain a prominent factor driving the demand for catheterisation, in turn pushing the market for PIVC. Apart from its usage in drug administration, increasing adoption of peripheral intravenous catheter in body fluid collection during a patient’s physical examination, is also identified to be a key driver to market growth. Prevalence of infections and epidemics are expected to further spur the demand for catheters in hospitals, clinics, ambulatory surgical centres, home healthcare units, and other healthcare centres. In addition to constantly enhancing healthcare infrastructure, the healthcare spending of consumers is also on the rise, which will favour the market growth.

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Product Innovation Remains at the Centre Stage for Key Market Players

Key companies in the global peripheral intravenous catheter market are B. Braun Melsungen AG, Becton Dickinson and Company, Vygon Group, C. R. Bard, Inc., Smith Medical, Tangent Medical, and Terumo Corporation. B. Barun recently featured one of their latest product advancements – Ster-ASSIST™ i.e. Sterile Peripheral IV Catheter Insertion Kit (30th Association for Vascular Access (AVA) Annual Scientific Meeting).

Technological advancements in PIVC will particularly hold a positive impact on sales, boosting the market. Peripheral intravenous catheter is considered superior to its other counterparts, which will continue to drive adoption as a preferred option over other catheter types, eventually supporting the sales of PIVC. Moreover, there have been rising efforts toward manufacturing peripheral intravenous catheter using non-irritant, user-friendly material. Moreover, manufacturers are targeting PIVC design improvisation to eliminate the associated complications. This is projected to be a major factor positively influencing the market growth.

A few qualitative and technological complications associated with material composition, design, and after-effects of PIVC are expected to continue affecting mass adoption. In addition, market growth may be restricted due to expensive prices of peripheral intravenous catheter, especially in emerging economies. Conventional PIVC sales can also witness a drop owing to certain stringent medical device regulations in some of the developing countries.

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By product, short peripheral intravenous catheter segment will remain dominant over integrated/closed peripheral intravenous catheter segment. Short PIVC segment is further sub-segmented into ported PIVC and non-ported PIVC. While short PIVC segment is expected to register the largest market share of over 71% in 2016, integrated/closed PIVC segment will witness significant Y-o-Y growth of 8.2%. Among the two sub-segments of short PIVC, non-ported PIVC is likely to remain dominant over ported PIVC.

On the basis of technology, safety peripheral intravenous catheter will continue to gain higher traction than conventional PIVC.

Based on end-user, hospitals segment is likely to generate the maximum PIVC demand. Ambulatory surgical units will also record decent demand. Peripheral intravenous catheter will register maximum revenue sales in 2016 in hospitals, accounting for over 60% market share. Ambulatory surgical units will remain the second most lucrative PIVC end-user segment.

By region, North America is expected to continue the leading position with around 45% share of the entire market revenues in 2016. Europe will continue to be the second largest market for PIVC with a value of over US$ 1.0 Bn in 2016. Asia Pacific is anticipated to emerge as the fastest growing region. Compared to a 5.8% of Y-o-Y of North America, APAC will witness a stronger Y-o-Y growth in 2017 over 2016.

Some of the leading players in peripheral intravenous catheter market, include Becton Dickinson and Company, B. Braun Melsungen AG, Smith Medical, C. R. Bard, Inc., Vygon Group, Terumo Corporation, and Tangent Medical.

Long-term Outlook: Global peripheral intravenous catheter market is slated to reach the revenues worth US$ 5.22 Bn by 2021.

Market Segmentation

To understand and assess opportunities in the global peripheral intravenous catheter market, we have divided the report into four sections based on market segmentation as under:

By Product Type

• Short PIVC
• Ported PIVC
• Non-ported PIVC
• Integrated/closed PIVC

By Technology

• Conventional PIVC
• Safety PIVC

By End-user

• Hospitals
• Ambulatory surgical centres
• Clinics
• Home use
• Others

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By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa

Increase in number of radiography tests performed globally each year coupled with introduction of new and advanced imaging equipment by key market players will remain predominant factors pushing the demand for digital radiography detectors – with significant adoption of direct flat panel detectors. Moreover, considering distinct benefits over computed radiography (CR), charged couple detectors (CCD), and analog detectors (film based), digital radiography detectors are expected to witness high traction in the coming years.

New products that can be used to upgrade the current analog and CR detector systems to digital radiography systems—especially catering to small hospitals and imaging centers, is likely to accelerate the growth of digital radiography detectors market in the next eight years.

North America and Europe are likely to remain the dominant regions in the digital radiography detectors markets, attributed to growing demand for X-ray Detectors and strong geographical presence of major manufacturers, respectively. Moreover, manufacturers of digital radiography detectors are increasingly focusing on launching products in emerging countries considering an unmet demand for digital radiography detectors and significant dependence on analog (film based) detectors.

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Digital Radiography Detectors Market: Key Players

• Varex Imaging Corporation
• Thales Group
• Agfa-Gevaert N.V
• Onex Corporation (Carestream Health)
• FUJIFILM Holdings Corporation
• Analogic Corporation
• Canon Inc.
• DRTECH Corporation
• Hamamatsu Photonics k.k.
• KONICA MINOLTA INC.
• Rayence Co. Ltd.
• Teledyne Technologies Incorporated

The global market for digital radiography detectors is highly consolidated, with top players including Varex Imaging Corporation and Trixell holding close to 47% of the total market share. FMI expects key market players to focus on strategic acquisitions and collaboration and emphasis on cost effective product development, in addition to augmenting investments in product innovations and NPD.

A large number of players in the market are also investing in R&D and introduction of new products based on proprietary technologies, with focus on product differentiation. Moreover, shifting preference toward direct digital radiography (DDR) and a-Si detectors would present new market opportunities for emerging players working on innovative product offerings. Furthermore, imaging equipment manufacturers have an opportunity to improve their revenue stream by providing cloud storage services for medical imaging and information management, without scrapping of existing Picture Archiving and Communication (PACS).

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Promising benefits of using indirect conversion technique of the digital radiography (DR) technology which involves use of amorphous silicon (a-Si) photodiodes and cesium iodide (CsI) scintillators for X-ray detection is projected to drive the adoption of digital radiography detectors. The benefits of Si X-ray detectors, mostly used in dental CBCT and orthopedic imaging includes lower patient radiation dose, reduced exam time, lower noise, and increased efficiency. More advanced applications in Mammography imaging and breast CT have pushed key players to expand their product offerings, with designs and technologies specific to aforementioned imaging.

However, high cost of C-arms compared to traditional X-Ray systems could inhibit the adoption of Fluoroscopy Imaging Systems, especially in low and middle income countries with lower rate of healthcare expenditure. Additionally, new technologies with improved benefits such as improved spatial image resolutions, better image quality owing to lower pixel imaging, and increased cost-benefit ratios are projected to restrict the growth of digital radiography detectors market.

The global digital radiography detectors market is segmented on the basis of product type into:

• Indirect Flat Panel Detectors
• Direct Flat Panel Detectors
• Computed radiography (CR) Detectors

The report analyses the digital radiography detectors market on the basis of panel size and presents the forecast in terms of value for the next 8 years. On the basis of the panel size, the global digital radiography detectors market is segmented into:

• Large Area Detectors
• Small Area Detectors

The report analyses the digital radiography detectors market on the basis of the modality and presents the forecast in terms of value for the next 8 years. On the basis of the modality, the global digital radiography detectors market is segmented into:

• Portable Detectors
• Fixed Detectors

The report analyses the digital radiography detectors market on the basis of the module type and presents the forecast in terms of value for the next 8 years. On the basis of the module type, the global digital radiography detectors market is segmented into:

• Digital X-ray Systems
• Retrofit X-ray Systems

Next, the report analyses the digital radiography detectors market on the basis of regions and presents the forecast in terms of value for the next 8 years. On the basis of regions, the global digital radiography detectors market is segmented into:

• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Western Europe
  • Germany
  • France
  • U.K.
  • Spain
  • Italy
  • Benelux
  • Nordic
  • Rest of Western Europe

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• Eastern Europe
  • Russia
  • Poland
  • Rest of Eastern Europe
• Asia Pacific excluding China & Japan (APEJ)
  • China
  • India
  • Australia & New Zealand
  • ASEAN
  • Rest of APAC
• Japan
• MEA
  • GCC Countries
  • South Africa
  • Rest of MEA

Dental imaging equipment is witnessing demand from developed as well as developing economies alike, mainly due to increase in the number of patients (as per  the WHO, around 50% of the global population (3.58 Bn) is suffering from oral ailments), coupled with the growth in the number of dental care centers. However, dental imaging is going “digital” now, though outbreak of Covid-19 has slowed down the market for the time being.

Rising prevalence of tinnitus, technological advancements in tinnitus management devices, and rise in research and development activities undertaken by key manufacturers are some of the factors driving the tinnitus management market.

Tinnitus is the medical terminology for a buzzing or ringing noise in the ears. Most people refer to tinnitus as “ringing in the ears.” Tinnitus can either be subjective or objective. Objective tinnitus is uncommon. Subjective tinnitus is very common, accounting for maximum sales of tinnitus management devices and drugs worldwide.

Tinnitus is the third most common health concern among the people throughout the globe. About 10%–15% of adults have prolonged tinnitus requiring medical evaluation worldwide. This increasing prevalence of tinnitus will propel the growth of tinnitus management market over the forecast period.

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Manufacturers are increasingly focusing on quality, technological, and aesthetic features when developing devices such as invisible devices, cloud integration, Ai integration, and drugs with lowest possible side-effects. This is expected to have a positive impact on the global market.

“Technological improvements in tinnitus management devices will remain a priority for the market players. Apart from focus on innovations, market players are expected to aim at strategic collaborations to gain expertise and expand their product portfolio,” says the FMI Analyst.

Key Takeaways from Tinnitus Management Study

• By product, devices hold the maximum share of 93.8% in 2021, expanding at 2.9% CAGR during the forecast period.
• By indication, subjective tinnitus will account for 95.6% of the market share in 2021 exhibiting the highest demand.
• By distribution channel, audiology centers & ENT clinics together account for more than 60% of the market share in 2021.
• By region, North America held the largest share of 52.7% of the global tinnitus management market in 2021.

The key market players covered by FMI include

• Signia
• Starkey Hearing Technologies Inc.
• GN Hearing A/S
• Widex A/S
• Oticon Inc.
• Neuromod Devices Ltd.
• Neuromonics Inc.
• Puretone Inc.
• Pfizer Inc.
• Sanofi and GlaxoSmithKline.

Some of the leading manufacturers of tinnitus management market are focusing on product launch, collaboration, and partnership strategies for global expansion objectives, thereby, enhancing their market presence.

• In October 2020, Starkey and OrCam partner to provide groundbreaking assistive technology to hearing and visually impaired people.
• In March 2019, Sivantos Pte. Ltd., and Widex A/S, announced the successful completion of the business combination between Sivantos and Widex. The newly created company will operate under the name WS Audiology and be headquartered in Lynge, Denmark and Singapore.

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Tinnitus Management Market by Category

By Product:

• Devices
  • Sound Masking Devices
  • Notched Music Devices
  • Hearing Aids
• Drugs
  • Tricyclic Antidepressants
  • Antianxiety
  • Anticonvulsants

By Indication:

• Subjective Tinnitus
• Objective Tinnitus

By Distribution Channel:

• Audiology Centers
• ENT Clinics
• Hospitals
• E-Commerce

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By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa (MEA)

Factors Fuelling the Global Market Growth

Growth of the global medical carts market is mainly bound to various macro-economic and micro-economic factors. As the need for accessing medical records at the point of care continues to increase, mobile healthcare technology is projected to witness significant adoption. Growing concerns regarding healthcare expenditure has further led the manufacturers to develop mobile technology carts for the outpatient facilities, large academic medical centers, and acute care centers. Adoption of medical carts equipped with technological features allows the end users to retrieve and store information to enhance patient safety. In addition, medical carts allows the end users to spend less time worrying about the technology and offer better services to the patients in the hospitals.

In order to offer ease of movement to the end users, the healthcare manufacturers are increasingly focusing on designing medical carts. Bad design elements include sharp edges in medical carts along with wheel design that impedes navigation and results in ineffective performance. In addition, inability to adjust the height of cart and lack of battery power indicator can also pose significant challenges for the end users while conducting an operation. Increasing demand for medical carts designed with ergonomics will further contribute towards the global market growth of medical carts over the forecast period.

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Adoption medical carts allows the caretakers to accommodate computers that can conveniently be accessed to perform multiple operations in the healthcare setup. As medical carts are incorporated with battery systems medically approved by FDA along with wireless technology, healthcare professionals and caretakers can conveniently access, store and retrieve the patient information in the clinics and hospitals. In addition, adoption of medical carts in various healthcare institutes has lowered the healthcare expenditure and also saves space. These factors are expected to impact the global market growth of medical carts positively throughout the forecast period.

Market Players

• InterMetro Industries Corporation
• Omnicell Inc.
• Capsa Solutions Llc
• Armstrong Medical Industries Inc.
• Midmark Corporation
• Medline Industries Inc.
• ITD GmbH
• The Bergmann Group
• Ergotron Inc.
• Jaco Inc.
• AFC Industries Inc.

Sales to Remain High for Computer Medical Carts

Growing need to access the health records of patients at the point of care has led to surge in demand for computer medical carts in the healthcare industry. In terms of revenue, the computer medical carts product type segment is projected to represent the highest growth, recording more than US$ 1,800 Mn by 2028-end. On the other hand, the other product type segment is projected to reflect the fastest growth in the global market over the forecast period.

By 2022-end, the hospitals end users segment is projected to generate significant revenues, accounting for more than US$ 800 Mn. In contrary, the diagnostic centres end users segment is projected to reflect the highest CAGR throughout 2028.

Based on energy source, the non-powered segment is projected to witness a robust revenue growth, recording for more than US$ 3,100 Mn by 2028-end. On the other hand, the powered energy source segment is projected to reflect a significant CAGR over the forecast period.

During the forecast period, the plastic material type segment is projected to reflect the fastest growth in the global market of medical carts. However, the metal material type segment is projected to represent a robust revenue growth, accounting for around US$ 1,300 Mn by 2022-end.

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Key Segments of Medical Carts Industry Survey

By Medical Carts Market by Product Type:

• Emergency Carts
• Procedure Carts
• Anaesthesia Carts
• Computer Medical Carts
• Other Product Types

By Medical Carts Market by End User:

• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Diagnostic Centres
• Other End Users

By Medical Carts Market by Material Type:

• Metal Medical Carts
• Plastic Medical Carts
• Wooden Medical Carts

By Medical Carts Market by Energy Source:

• Powered Medical Carts
• Non-Powered Medical Carts

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By Medical Carts Market by Region:

• North America Medical Carts Market
• Latin America Medical Carts Market
• Europe Medical Carts Market
• East Asia Medical Carts Market
• South Asia & Pacific Medical Carts Market
• Middle East & Africa (MEA) Medical Carts Market

Factors Fuelling the Global Market Growth

Growth of the global medical carts market is mainly bound to various macro-economic and micro-economic factors. As the need for accessing medical records at the point of care continues to increase, mobile healthcare technology is projected to witness significant adoption. Growing concerns regarding healthcare expenditure has further led the manufacturers to develop mobile technology carts for the outpatient facilities, large academic medical centers, and acute care centers. Adoption of medical carts equipped with technological features allows the end users to retrieve and store information to enhance patient safety. In addition, medical carts allows the end users to spend less time worrying about the technology and offer better services to the patients in the hospitals.

In order to offer ease of movement to the end users, the healthcare manufacturers are increasingly focusing on designing medical carts. Bad design elements include sharp edges in medical carts along with wheel design that impedes navigation and results in ineffective performance. In addition, inability to adjust the height of cart and lack of battery power indicator can also pose significant challenges for the end users while conducting an operation. Increasing demand for medical carts designed with ergonomics will further contribute towards the global market growth of medical carts over the forecast period.

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Adoption medical carts allows the caretakers to accommodate computers that can conveniently be accessed to perform multiple operations in the healthcare setup. As medical carts are incorporated with battery systems medically approved by FDA along with wireless technology, healthcare professionals and caretakers can conveniently access, store and retrieve the patient information in the clinics and hospitals. In addition, adoption of medical carts in various healthcare institutes has lowered the healthcare expenditure and also saves space. These factors are expected to impact the global market growth of medical carts positively throughout the forecast period.

Market Players

• InterMetro Industries Corporation
• Omnicell Inc.
• Capsa Solutions Llc
• Armstrong Medical Industries Inc.
• Midmark Corporation
• Medline Industries Inc.
• ITD GmbH
• The Bergmann Group
• Ergotron Inc.
• Jaco Inc.
• AFC Industries Inc.

Sales to Remain High for Computer Medical Carts

Growing need to access the health records of patients at the point of care has led to surge in demand for computer medical carts in the healthcare industry. In terms of revenue, the computer medical carts product type segment is projected to represent the highest growth, recording more than US$ 1,800 Mn by 2028-end. On the other hand, the other product type segment is projected to reflect the fastest growth in the global market over the forecast period.

By 2022-end, the hospitals end users segment is projected to generate significant revenues, accounting for more than US$ 800 Mn. In contrary, the diagnostic centres end users segment is projected to reflect the highest CAGR throughout 2028.

Based on energy source, the non-powered segment is projected to witness a robust revenue growth, recording for more than US$ 3,100 Mn by 2028-end. On the other hand, the powered energy source segment is projected to reflect a significant CAGR over the forecast period.

During the forecast period, the plastic material type segment is projected to reflect the fastest growth in the global market of medical carts. However, the metal material type segment is projected to represent a robust revenue growth, accounting for around US$ 1,300 Mn by 2022-end.

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Key Segments of Medical Carts Industry Survey

By Medical Carts Market by Product Type:

• Emergency Carts
• Procedure Carts
• Anaesthesia Carts
• Computer Medical Carts
• Other Product Types

By Medical Carts Market by End User:

• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Diagnostic Centres
• Other End Users

By Medical Carts Market by Material Type:

• Metal Medical Carts
• Plastic Medical Carts
• Wooden Medical Carts

By Medical Carts Market by Energy Source:

• Powered Medical Carts
• Non-Powered Medical Carts

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By Medical Carts Market by Region:

• North America Medical Carts Market
• Latin America Medical Carts Market
• Europe Medical Carts Market
• East Asia Medical Carts Market
• South Asia & Pacific Medical Carts Market
• Middle East & Africa (MEA) Medical Carts Market

“The ubiquity digital technologies is evidently growing, as these (including but not limited to ingestible devices, sensors, and wearable health monitors) hold the potential to disrupt the aspects of clinical trials. Digital technologies are revolutionizing the antiquated process of new drug development, even as optimizing the way health data is collected, measured, and assessed”.

According to the study, the clinical trials landscape is witnessing a paradigm shift toward patient centricity, in a bid to incorporate perspective of patients during the clinical trial design. Clinical trial sponsors have aligned their methods with the voice of patients, by launching communication channels during the study’s execution. Key enterprises are adopting unconventional approaches by implementing site-centric method, using operational support systems and technology for bringing studies to the trial-naïve physicians.

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Industry Sponsors Account for Majority Clinical Trial Spending

The most remarkable advances in medicine are realized from sponsorships of companies for clinical trials, in the anticipation of turning a profit. A notable percentage of clinical trials being conducted to support approval of vaccines, devices, or drugs, and track their safety, have been industry-sponsored in recent years.

The study estimates industry-sponsored clinical trials to account for ~60% of overall spending in 2019, and in the foreseeable future. Recent studies state that industry-sponsored trials yield positive results compared to academic-run trials, which also account for a significant share of clinical trial spending.

According to FMI, sponsors, such as academic institutes, research institutes and medical centers, are estimated to account for ~30% clinical trial spending in 2019. As the imperativeness of evidence-based therapies continue to be progressively emphasized, most of the randomized clinical trials are driven by the ability of developing profitable new therapies. Guidelines recommended by regulatory bodies for clinical trial enrichment, and risk-based monitoring are likely to lay the groundwork for more targeted approach toward cost-intensive clinical trials.

The study opines that North America and Europe will continue to lead the clinical trials landscape, collectively accounting for ~80% of global spending. These regions present a standardized and favorable environment for the clinical trials landscape, in light of their economic vigor that enables them to benefit from most of the technology disruptions prior to other nations. Pharmaceutical and medical device giants in these two regions are adopting AI for disrupting every stage of the clinical trial, which range from linking studies to eligible patients, to data collection and adherence.

According to the study, opportunities abound for conducting clinical trials in developing economies, such as in East Asia and South Asia, owing to the access to huge patient pool. Sponsors are likely to realize greater success in these regions as low government healthcare budgets represent cost-effective methods of providing patients with access to innovative therapies. Additionally, conducting clinical trials in these regions comes with other broader advantages, including pragmatic & efficient regulatory pathway, and tax incentives for conducting the trials.