OEMs' Continuous Pursuit of Cost Saving and Operational Efficiencies is Driving the Medical Devices Market- Arizton

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Nov 08, 2021, 10:25 ET

CHICAGO, Nov. 8, 2021 /PRNewswire/ -- There is no doubt that COVID-19 has had implications on nearly every sector of the economy including the medical device industry. The rising healthcare infrastructure, increasing COVID-19 cases, and requirement for advanced surgical procedures are boosting the demand for medical devices across the world. Due to shortage of several medical devices during the outbreak throughout the world, there have been several demand and supply chain disruptions in the industry.

Observing these rapid and drastic changes in demand and supply patterns encouraged the industry analysts at Arizton to publish exhaustive and data-driven insights on these current trends in the industry. Arizton has a dedicated vertical that focuses on healthcare and life sciences across geographies. These market research reports cover a detailed analysis of the COVID-19-induced supply chain disruptions, innovations in technology, equipment financing, economic impact, and a detailed study of the competitive landscape.

Check out our portfolio: https://www.arizton.com/market-reports/category/healthcare-lifesciences

Lab Automation Market - Global Outlook and Forecast 2021-2026

The lab automation market is on the threshold of phenomenal revolution. Growing automation in laboratories, technological advances in LIMS, growing need for regulatory compliance, increasing awareness through conferences, seminars, and workshops, and increasing R&D spending are the key drivers propelling the growth of the global LIMS market during the forecast period. The lab automation market is expected to reach USD 8.58 billion in 2026, growing with a CAGR of 8.55%.

Key Highlights

LIMS has become an important tool for moving and gathering information, decision making, calculating, and reviewing and holds 55.81% of the global laboratory automation software segment.
Biotech and pharma companies are the major contributors using the lab automation concept in their process. The use of robotic arms, automated workstations, and lab automation software has helped companies fasten their production, test their products, and release the batches to the market.
Lack of skilled laboratory technicians, increase in the number of diagnostic tests conducted, and increased investments in life sciences are some major factors driving lab automation market demand in the US.
In 2021, Thermo Fisher Scientific launched a system for automated sample purification. The KingFisher Apex Purification System isolates nucleic acids, proteins, and cells with customizable protocols.

Digital Pathology Market- Global Outlook and Forecast 2021-2026

Digital pathology has been referred to as a revolutionary and cutting-edge technology and is also considered the future of pathology. As digital pathology is progressing, it is getting less prone to human subjectivity. This is happening through the automation of processes and implementing AI, machine learning, and deep learning systems into digital pathology solutions. The digital pathology market is expected to reach USD 1277.64 million in 2026, growing at a CAGR of 10.43%.

Key Highlights

The academic research & teaching segment held around 48.39% market share of the global digital pathology market in 2020. During COVID-19, where most pathologists are working remotely, digital pathology has played a valuable role in education. Using digital pathology solutions, pathology labs can educate and train trainees in pathology and histopathology while being at a remote distance.
The software segment is growing rapidly along with the storage segment. The software market is easy to enter and is highly competitive. This is because the software market requires low resources to enter. Hence, many start-ups in digital pathology are mainly in the software segment.
The US acquired a 90.20% market share of the digital pathology market in North America. FDA too, after witnessing its uses in remote pathology at the time of COVID-19 surge, approved digital pathology solutions for general pathology functions. It provided an enforcement policy for expanding the availability of digital pathology devices, which allowed remote scanning and reviewing of WSIs.
Sectra is leading the software segment, as it provides support to five of the leading WSI scanners from Roche, Leica Biosystems, Hamamatsu Photonics, 3DHISTECH, and Huron.

Medical Device Contract Manufacturing Market - Global Outlook and Forecast 2021-2026

The medical device contract manufacturing market is witnessing an impressive growth owing to the wide range of services offered by CMs, which help in cost efficiency, improved product quality, amongst others. Several factors such as the rising elderly population, increasing prevalence of minimally invasive surgeries, continuous healthcare expenditures, and technological innovations in the medical industry are also fueling the demand for medical devices. The medical device contract market is expected to reach 132.40 billion by 2026 growing at a CAGR of 10.35%

The increasing prevalence of chronic diseases have increased the demand for Class II medical devices. Evolving digital technologies empowering monitoring devices have influenced the operational cost and made them more effective. A reduced need for skilled staff for interpreting the data for customers has also been observed.
The growing reliance of medical device OEMs on EMS companies helped OEMs to focus on medical device advancements.
North America is considered an attractive market for medical device contract manufacturers owing to high healthcare spending in this region.
Acquisition of Vention by MedPlast has opened wide opportunities in the market of medical device contract manufacturing. Later, MedPlast rebranded itself into Viant and offered end-to-end solutions for medical device OEMs.
Viant acquired Integar Holdings Corporation to expand its capabilities and service offerings for its customers. This acquisition doubled the size of Viant's revenue base.

https://www.arizton.com/market-reports/medical-device-contract-manufacturing-market

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Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers innovative research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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