Global Personal Mobility Devices Market: Key Trends
The rising geriatric population around the world has emerged as a key driver of the global personal mobility devices market. Transparency Market Research (TMR) projects demand for these devices to steadily increase in Asia Pacific, as the population of aged people increases in India and China. Apart from the geriatric population, caregiving services are also essential for people suffering from disability. A rise in the number of people living with a disability, either temporary or permanent, will fuel demand for personal mobility devices.
Despite witnessing positive growth worldwide, the high cost of these mobility devices will limit their market’s expansion to an extent. The low acceptance of digitized devices will also negatively impact the market’s trajectory. Nevertheless, grants from international organizations and favorable policies will boost sales of personal mobility devices in the coming years.
This 239 page report gives readers a comprehensive overview of the Personal Mobility Devices Market. Browse through 61 data tables and 97 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/personal-mobility-devices-market.html
As per TMR, the global personal mobility devices market stood at US$6.65 bn in 2014. Rising at a CAGR of 7.30% between 2015 and 2023, the market is expected to reach US$12.7 bn by the end of 2023.
Higher Purchasing Power of Consumers Puts North America in Dominant Position
North America currently leads the global personal mobility devices market. By revenue, the region held over 41.4% of the overall market in 2014, followed by Europe. Spurred by the rising geriatric population, coupled with the rising number of people with disability, the sales of personal mobility devices is expected to rise considerably in this region. North America has also proven lucrative for producers of technologically advanced devices. The region thus exhibits high demand digitized mobility devices. Furthermore, the increasing willingness among consumers to spend on advanced medical devices will provide improved sales opportunities to personal mobility devices manufacturers in North America.
Asia Pacific emerged as the third-largest market for personal mobility devices in 2014. However, TMR forecasts the regional market to rise at the highest CAGR during the forecast period. The increasing awareness about advanced medical devices, and their rising affordability, will boost demand for personal mobility devices in Asia Pacific. Furthermore, the increasing geriatric population reported in India and China, will augur well for the personal mobility devices market in Asia Pacific.
Advent of Electric Wheelchairs Fuels Growth of Medical Mobility Aids and Ambulatory Devices Segment
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The global personal mobility devices market can be bifurcated into medical mobility aids and ambulatory devices and medical furniture and bathroom safety products. Of these, the medical mobility aids and ambulatory devices segment dominated the market in 2014. The segment is expected to report the fastest CAGR of 8.5% during from 2015 to 2023. In this segment, wheelchairs emerged as the dominant sub-category in 2014. The increasing incidence of disability related to age, disease, or any physical injury fuels demand for wheelchairs considerably. Furthermore, the demand for electric wheelchairs is expected to rise in the forthcoming years as they provide better outdoor performance and are easy to drive.
Besides this, the medical furniture and bathroom safety products segment is expected to witness rising demand for medical beds in the near future. Overall, the segment is expected to report steady growth through the forecast period.
Some of the leading players operating in the global personal mobility devices market are Amigo Mobility International, Inc., Argo Medical, ArjoHuntleigh, Drive Medical, Graham-Field Health Products Incorporated, and Hill-Rom Holdings, Inc.
Despite a consolidated vendor landscape of the global healthcare information systems market, top players, namely Cerner Corporation, All Scripts, and McKesson held a moderate 26% of the market in 2015, says Transparency Market Research (TMR) in a new report. The diversified portfolio of these players is the key factor helping them maintain their dominant position. Mergers and acquisitions for expanding their geographical presence and for revenue gains indirectly is also the focus of several companies in this market, notes the report.
As per the research report, the healthcare information systems market is anticipated to be worth US$448 bn by 2024 increasing from US$192 bn in 2015 at a CAGR of 10.1% between 2016 and 2024.
North America to Continue Command in Market
This 226 page report gives readers a comprehensive overview of the healthcare information systems market. Browse through 48 data tables and 69 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/healthcare-information-system.html
The global healthcare information systems market is studied on the basis of component, application, end-user, deployment, and geography. By component, software is expected to continue to account for the leading share in the market. The increasing popularity of mobile applications for communication between patients and physicians is boosting the growth of software segment of the market. However, the hardware component segment is estimated to register a notable CAGR between 2016 and 2024.
In terms of end user, hospitals, diagnostics centers, and academic and research institutions are the segments of the healthcare information systems market. The segment of hospitals is expected to continue its lead until 2024 rising at a CAGR of 11.1% between 2016 and 2024. The need to store vast amounts of data and make them accessible to patients account for hospitals to display tremendous demand for healthcare information systems.
North America will continue to command accounting for 36.6% of the revenue of the healthcare information systems market by the end of the forecast period in 2024. The growing geriatric population combined with increasing incidence of chronic diseases are the key factors behind the growth of this regional market. Moreover, governments in the region are focused on healthcare reforms and allocating substantial budgets for implementing them.
North America is closely followed by Europe with Western Europe contributing the major revenue in the region. The soaring demand for improved healthcare and the need to integrate healthcare systems are driving the healthcare information systems market in this region. The rising awareness regarding the accuracy and reliability of technology-driven healthcare services is providing momentum to this regional market.
On the other hand, Asia Pacific is expected to register the leading CAGR over other regions during the review period. The rising geriatric population base susceptible to chronic diseases is leading to the increased adoption of modern healthcare systems for easy access to patient information. Improving healthcare infrastructure combined with increasing investments by healthcare IT companies is further bolstering the growth of this regional market.
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Need for Reliable Patient Record Keeping Drives Swift Uptake of Healthcare Information Systems
Several governments across the world are taking initiatives to digitize healthcare systems leading to the adoption of healthcare information systems. This is because patient records in digital format is easy to transfer for improved healthcare.
High cost involved in the purchase and installation of healthcare information systems and cost of training technicians to use these systems is discouraging several end users from adoption them.
The review presented is based on the findings of Transparency Market Research report, titled “HealthCare Information Systems Market (Application – Hospital Information Systems (Electronic Health Record, Electronic Medical Record, Real-time Healthcare, Patient Engagement Solutions, and Population Health Management), Pharmacy Information Systems (Prescription Management, Automated Dispensing Systems, and Inventory Management), Laboratory Information Systems, Medical Imaging Information System (Radiology Information Systems, Monitoring Analysis Software, and Picture Archiving and Communication Systems), and Revenue Cycle Management; Deployment – Web-based, On Premise, and Cloud-based; Component – Software, Hardware, and Services; End User – Hospitals, Diagnostics Centre, and Academic and Research Institution) – Global & North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
The report titled, “Behavioral Therapy Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2023” by Transparency Market Research sheds light on the key trends, growth opportunities, catalysts, and deterrents of the market, along with key figures, charts, and relevant statistical data.
Behavioral therapy is an umbrella term for the various types of therapies aimed at treating mental disorders. Behavioral therapy lays emphasis on creating consciousness in the mind of an individual about how changes in his/her behavior can bring about changes in feelings. The therapy focuses on the eradication of maladaptive and unwanted behavior via engagement in positive reinforcing activities.
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As the incidence of behavioral issues and mental health conditions such as anxiety, depression, phobias, addictions, and obsessive-compulsive disorder (OCD) augments across the world, the global market for behavioral therapy is gaining significant impetus. Depression has surfaced as a key culprit necessitating the adoption of behavioral therapy. The changing work culture over the world has been triggering stress, anxiety, and depression. According to the findings of the U.S. National Institute of Mental Health, anxiety disorders form the most common type of mental illness in the U.S., affecting around 18% of the population or 40 million adults aged 18 and older.
These disorders not only affect the mental health of an individual, but also lead to physical health conditions such as irritable bowel syndrome (IBS), chronic pain, eating disorders, sleep disorders, fibromyalgia, bipolar disorder, headaches, and substance abuse, to name a few. Therefore, the co-occurrence of these conditions will promote more demand for behavioral therapy over the globe.
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On the other hand, lower degree of awareness about mental health, the prevalence of social taboos pertaining to mental health conditions, and high costs of behavioral therapies might restrict market growth. However, significant opportunities are likely to surface as the popularity of dialectical behavior therapy rises. Research reveals that the sets of behavioral skills such as distress tolerance, emotional regulation, mindfulness, and interpersonal effectiveness developed via dialectical therapy can help fight substance dependence, eating disorders, and post-traumatic stress disorder (PTSD).
Based on geography, the global market for behavioral therapy has been segmented into Western Europe, Eastern Europe, Latin America, North America, Japan, the Middle East and Africa, and Asia Pacific. North America and Europe appear to be dominating the global scenario, with countries such as the U.S., the U.K., and Germany driving the growth of the market.
The rising geriatric population in Asian countries is a prominent catalyst of the behavioral therapy market in Asia Pacific. The growing awareness about mental health, increasing availability of psychiatric treatments, and rising disposable incomes of the middle class are also accelerating the expansion of the market.
The type of genetic testing which is employed to diagnose or predict the gene mutation or genetic changes linked to a disease is called predictive genetic testing. It is usually used in a symptomatic person to check future risks. The branch of genomics concerned with the sequencing and interpretation of the individual is called consumer genomics, while the one which predicts the genetic factors contributing to healthy living is called wellness genomics. This type of testing enables a person to make good lifestyle changes and choices.
The rising health care awareness and shifting population preference toward a healthy lifestyle have led to the expansion of the market for predictive genetics testing & consumer/wellness genomics. Factors such as the rising attention of the government and other private regulatory bodies toward public health care, increased effectiveness & quality of genetic testing, prevalence of chronic diseases & genetic diseases such as Parkinson’s & cystic fibrosis are expected to drive the global predictive genetics testing & consumer genomics market during the forecast period. Furthermore, the rising need to understand one’s family history is propelling the global market as well. However, stringent regulatory rules and ethics for the approval of genetic testing could limit the market’s development through 2025.
In terms of test type, the global predictive genetics testing & consumer/wellness genomics market can be categorized into the predictive testing, consumer genomics, and wellness genomics segments. Predictive testing can be further divided into the genetic susceptibility testing, predictive diagnostic, and population screening sub-segments. On the basis of application, the global market can be split into the following groups: cancer screening, cardiovascular screening, musculoskeletal screening, diabetic screening, Parkinson’s / Alzheimer disease screening, and others.
Geographically, the global predictive genetics testing & consumer/wellness genomics market is distributed over North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America held a major market share, followed by Europe. The dominance of North America can be ascribed to to factors such as its well-established health care infrastructure, high awareness level, prevalence of chronic diseases, and high adoption of new technologies. However, Asia Pacific is anticipated to grow at a significant rate due to the growing population, rise in disposable income, increasing demand for genetic testing, prevalence of unhealthy lifestyles, and mounting government intervention in the development of health care infrastructure. Also, the market in this region has been observed to be targeted by multiple established players, as countries such as China and India are projected to be favorable markets for new entrants in the wellness genomics sector.
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Most players in the predictive genetics testing & consumer/wellness genomics market are focused on developing technologically advanced and cost-efficient services in order to offer comfortable, easy, and quicker testing solutions to customers. To gain a significant position in the global predictive genetics testing & consumer/wellness genomics market, these companies adopt various policies including strategic alliances, forward & backward integration, new product development, and mergers & acquisitions. For instance, several pharmaceutical industries are entering into partnerships with genomic companies, diagnostic laboratories, and government organizations. Intermountain Healthcare and Syapse announced a collaboration in May 2014, which enables oncologists to access different technologies related to cancer genomics.
Key players operating in the global predictive genetics testing & consumer/wellness genomics market include ARUP Laboratories, Genesis Genetics, Pathway Genomics, Color Genomics Inc., BGI, and Myriad Genetics, Inc.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
Despite its vendor landscape being highly consolidated, intense rivalry prevails among key players in the global autoimmune disease diagnostics market. According to Transparency Market Research (TMR), the top four companies held over 50% of the global autoimmune disease diagnostics market in 2014. Among the leading enterprises, F. Hoffmann-La Roche Ltd. held the dominant share of over 17% in the market in the same year.
In response to the increasing demand for effective and advanced autoimmune diseases diagnosis, TMR expects the competition among rivals to surge further. Furthermore, the market demonstrates considerable scope for new entrants. The rising demand for novel and improved autoimmune diagnostics will pave the way for the entry of new players in the market. Contrary to this, competitive pricing, rising R&D investments, and shortening product lifecycles may restrict the entry of new players.
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Increased Prevalence of Autoimmune Diseases a High-impact Driver
Autoimmune diseases affect millions around the world, which makes precise diagnosis extremely important. As per a lead TMR analyst, “The globally increasing incidence of autoimmune diseases is bolstering the demand for autoimmune disease diagnostics globally.”
Governments across both developed and developing nations are exploring efficient diagnosis and therapeutic options to prevent the spread of chronic ailments. This, combined with the rising healthcare spending across emerging nations, will augur well for the autoimmune disease diagnostics market in the forthcoming years. As per the TMR analyst, “The latest technological advancements witnessed in the healthcare sector will further set the tone for the market’s expansion.”
People around the world have become more aware about the prevalence of various autoimmune diseases. This not only encourages them to adopt preventive measures, but creates demand for autoimmune disease diagnostics in case of the occurrence of the disease. This increasing awareness has led to the rising demand for autoimmune diseases diagnostics globally.
Competitive Pricing Strategies by Players Could Hamper Profit Margins
Due to the prevailing competition and threat from local enterprises, the leading market players are compelled to maintain competitive pricing. This could have an adverse impact on the market’s overall growth prospects as the rising competition will slash prices of products. The market is also threatened by the lack of skilled professionals. The unavailability of trained professionals and inadequate automation create operational challenges in clinical laboratories. This could hamper the market’s trajectory in the forthcoming years.
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Companies Looking to Capitalize on Opportunities in Asia Pacific to Expand their Footprint
The future of the autoimmune disease diagnostics market looks promising with multinational companies capitalizing on the opportunities mushrooming in the emerging economies of Asia. Besides this, the companies are also focusing on automating laboratories and replacing conventional technologies. The advent of novel technologies holds lucrative opportunities for the market’s future.
By disease type, rheumatoid arthritis accounted for the largest share in the market in 2014. The segment is expected to remain the dominant segment surging at 4.2% CAGR between 2015 and 2023. Regionally, North America led the global autoimmune disease diagnostics market in 2014 with a share of 39%.
As per TMR, the global autoimmune disease diagnostics market stood at US$12.3 bn in 2014. Rising at a CAGR of 3.8%, the market is expected to reach US$17.06 bn by the end of 2023.