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.
A new research report by Transparency Market Research states that the competition in the global hearing aids market is quite consolidated one. Analysts state that Sonava held a share of 25% in the global market in 2015. According to the research report, the top six companies in the global market held a share of 98% in 2015. “High investments made in setting up production facilities and research and development centers have given these companies an edge over others in the past few years,” states the leading author of this research report. The companies are expected to have several lucrative opportunities in the near future as hearing impairment emerges as a chronic condition.
This 94 page report gives readers a comprehensive overview of the hearing aids market. Browse through 20 data tables and 26 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/hearing-aid-market.html
Unmet Medical Needs of Asia Pacific Strengthen Regional Segment
The research report states that the opportunity in the global hearing aids market will be worth US$7.01 bn by 2024 as compared to US$4.7 bn in 2015. During the forecast period of 2016 and 2024, the global market is expected to progress at a CAGR of 4.5%. The market will be primarily growing demand for adult hearing aids, which held a share of 94.83% in the overall market in 2015. Analysts predict that rising pool of geriatrics will accelerate the demand for adult hearing aids, especially in the developing countries due to rising disposable incomes. In tandem with this emerging trend, Asia Pacific is projected to witness a spectacular consumption of hearing aids during the forecast period. The demand will also be a result of huge unmet medical needs in the region.
Susceptibility to Impaired Hearing Amongst Geriatrics becomes Premise for Market Growth
The global hearing aids market has been thriving due to the growing pool of the aged people who are susceptible to developing hearing impairments. Thus, regions that boast dense geriatric population will augment the demand for hearing aids in the near future. The growing awareness about benefits of using hearing aids and the introduction of a wide range of hearing aids has also propelled the growth of the global market. Technological advancements in improving the quality of hearing and ensuring comfort for the wearer have also resulted in rising sales of hearing aids across the globe over the past few years. The availability of rechargeable hearing aids has also favored market’s growth.
Initiatives and efforts taken by governments in both developing and developed regions to help citizens suffering from hearing loss have resulted in a positive influence on the global market. Favorable regulatory policies along with growing investments to upgrade the overall health status of individuals in developing countries has resulted in surging demand for hearing aids in recent years. In terms of regions, Europe is expected to lead the global hearing aids market in the coming years due to a significant pool of geriatrics in the region, who have the capacity to pay for medical treatments and devices. On the other hand, the ever-increasing population base of Asia Pacific is also projected to fuel the regional growth of the market. Though the demand for adult hearing aids is expected to dominate, the pediatric hearing aids are also anticipated to be an emerging segment in the next few years.
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Unaffordability of Hearing Aids Cools Consumer Expenditure
Despite the strong market drivers, the global market is being overshadowed by the high cost of hearing aids, which makes it an unreachable medical device for many. Additionally, the need to replace this device due to wear and tear has also hampered its uptake amongst a sizeable population in several developing and underdeveloped countries, where spending money on healthcare is not feasible. The market is also facing the music as loss of hearing is seldom diagnosed at early stages. Thus, all of the aforementioned factors are likely to dampen the market’s spirit in the coming years.
This review is based on Transparency Market’s research report, titled Hearing Aids Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
Inhalation and Nasal Spray Generic Drugs Market Report Overview – Key Futuristic Trends And Competitive Landscape 2023
The global inhalation and nasal generic drugs market features oligopolistic characteristic with a handful of players holding a majority share of the market, observes a new market study by Transparency Market Research (TMR). In 2014, Teva Pharmaceuticals Industries Ltd., Sandoz (Novartis AG), Mylan Laboratories, and Allergan plc held 45.9% of the revenue generated in the global inhalation and nasal spray generics market.
The manufacture of generic drugs is one of the key growth strategies that leading players are adopting to strengthen their positions in the market. This is to cater to untapped regions across the world that display growth potential of the inhalation and nasal spray generic drugs market. For instance, Asia Pacific holds promise for the market expansion of the companies involved.
The global inhalation and nasal spray generic drugs market is expected to be worth US$35 bn by 2023 increasing from US$23 bn in 2016 at a CAGR of 5.5% between 2015 and 2023.
This 100 page report gives readers a comprehensive overview of the inhalation and nasal spray generic drugs market. Browse to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/inhalation-nasal-spray-generic-drugs.html
Introduction of Generic Drugs to Reduce Healthcare Costs in Asia Pacific
In terms of the drug class, combination sprays are expected to display the highest CAGR at 5.9% between 2015 and 2023.This is due to the high preference for combination sprays for COPD and asthma in most countries. The use of combination sprays and inhalers have proven to be highly effective for the treatment of serious respiratory diseases.
In 2014, North America and Europe stood as the largest markets for generic inhalers and nasal sprays and are expected to retain dominance in the coming years. The large-scale production and consumption of generic inhalers and nasal sprays coupled with strict regulations for patient safety are major factors for the dominance of these regional markets. On the other hand, Asia Pacific is expected to display the fastest growth in the inhalation and nasal spray generic drugs market. In this region, the rapidly evolving healthcare industry, increasing patient pool for asthma and COPD, and the highest population density are reasons for the increased focus of market players in this region. While China and Japan are expected to account for a majority consumption of generic inhalers and nasal sprays, Australia and India are expected to open lucrative growth opportunities to the market due to the increasing efforts from their governments to reduce overall healthcare costs.
Quality Considerations of Generic Drugs Necessitate Implementation of Production Standards in Developing Regions
Generic inhalers and nasal sprays require approval by the U.S. FDA prior to their commercial availability. Generic drugs are usually available at very low prices, thus it is adding the consumer base for these products.
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“Patent expiration of standard drugs is the primary reason for the increasing use of generic drugs, says a TMR analyst.” Generic drug manufacturers are reproducing standard drugs at very low prices due to the elimination of the need for marketing and advertising strategies, and most importantly, the elimination of the need for research and development.
The introduction of new generic drugs to the current mix of standard drugs will help reduce healthcare costs globally.
Quality considerations are becoming a concern for the growth of the inhalation and nasal spray generic drugs market in developing economies. The increasing number of drug manufacturers producing their own version of generic inhalers and nasal sprays has led to questions regarding the integrity of generic drugs.
The influx of generic drugs into commercial markets of developing regions has necessitated governments to implement standards for the production and sales of generic drugs. This could have an implication on the revenue generation of this market.
The review presented is based on the findings of a TMR research report, titled “Inhalation and Nasal Spray Generic Drugs Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
The global smoking cessation and nicotine de-addiction products market is highly consolidated in nature with the top players boasting the majority stake in the revenue pie, states a research report by Transparency Market Research. At present, the prominent players such as Johnson & Johnson, Novartis, and GlaxoSmithKline collectively hold nearly 90% of the market. These players are focusing on developing innovations and new product launches in order to enhance their market penetration across the globe. Additionally, the global market is expected to witness a significant rise in the number of mergers and acquisitions by leading players to secure their leading position across the globe. According to the research study, the market opportunity for smoking cessation and nicotine de-addiction products is projected to reach a value of US$20,558.8 mn by the end of 2023.
This 82 page report gives readers a comprehensive overview of the smoking cessation and nicotine de-addiction products market. Browse to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/smoking-cessation-nicotine-de-addiction-products.html
High Accessibility of Nicotine Replacement Therapy Products to Bolster North America Market
On the basis of geography, North America is expected to lead the global smoking cessation and nicotine de-addiction products market and account for a 41.5% share by the end of 2023. The growing awareness among consumers regarding smoking hazards and easy accessibility of nicotine replacement therapy (NRT) products are some of the primary factors augmenting the growth of the market in North America.
By type, the e-cigarette segment is predicted to grow robustly in the next few years and reach a value of US$16,474.6 mn by the end of 2023. Although e-cigarettes have been banned in several countries in Europe and Southeast Asia, this segment is predicted to witness high growth in the coming years.
Emergence of New Products to Benefit Global Smoking Cessation and Nicotine De-addiction Products Market
There has been a substantial rise in the cases of lung cancer and other cardiac and respiratory diseases due to cigarette smoking. The growing awareness concerning the health hazards is expected to drive the global smoking cessation and nicotine de-addiction products market in the near future. In addition, the intervention of government for encouraging smoking de-addiction such as a ban on smoking in public places and high taxes on cigarette products is indirectly promoting nicotine replacement therapy products, thus augmenting the growth of the market.
Furthermore, the introduction of new products and favorable reimbursement policies for smoking cessation therapy are anticipated to encourage the consumers to make more use of nicotine de-addiction products and accelerate the growth of the market in the near future.
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Low Awareness about Nicotine Replacement Therapy Products to Drag Down Market Growth
Regulations imposed by government for drugs and electronic cigarettes have restricted the growth of the smoking cessation and nicotine de-addiction products market across the globe. In addition, low awareness regarding nicotine replacement therapy products, especially in developing countries is another factor estimated to hamper the growth of the overall market in the next few years. Additionally, complex and rigid accreditation procedures are expected to suppress the growth of the market.
Nonetheless, the rising penetration of the global smoking cessation and nicotine de-addition products market in emerging countries is projected to offer lucrative growth opportunities for the key players in the market. Moreover, the rising focus of key players on research and development activities to introduce new products and create awareness about smoking hazards are anticipated to boost the demand in the coming years.
This information is based on the findings of a report published by Transparency Market Research, titled “Smoking Cessation and Nicotine De-addiction Products Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
The dynamic nature and immense potential held by the global pain management devices market have created high competitive rivalry among key players, observes Transparency Market Research (TMR) in a new study. Companies such as St. Jude Medical Inc., Medtronic PLC, and Boston Scientific Corp. are the torch bearers in the global arena, owing to the excellent distribution channels and extensive supply capabilities. This, along with their diversified product portfolio, ensure their prominence in the market.
“However, a raft of medical device manufacturers are expected to foray into the global market, which is likely to alter the current dynamics and intensify the competition over the coming years,” says TMR’s lead analyst. The global market for pain management devices is anticipated to reach a valuation of US$6.3 bn by 2023, progressing at a CAGR of 7.60% between 2015 and 2023.
This 102 page report gives readers a comprehensive overview of the pain management devices market. Browse to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/pain-management-drugs-devices.html
North America to Retain Dominance Owing to Presence of Robust Healthcare Infrastructure
Based on product, the neurostimulation devices segment will continue to be the leading revenue contributor until 2023. The commercialization of pathbreaking technologies related to neurostimulation and widening pool of patients suffering from chronic pain such as cancer and musculoskeletal pain are fuelling the dominance of the segment. On the other hand, the analgesic infusion pumps segment will exhibit a significant CAGR of 10.3% during the review period.
Geographically, North America will continue to lead the market until 2023, accounting for 48.7% of the overall market revenue. The increasing incidence of sports-related injuries and presence of advanced healthcare infrastructure are translating into the greater uptake of pain management devices in the region. Asia Pacific is estimated to be the most promising region, owing to the mounting cases of diabetes and chronic wounds.
Growing Geriatric Population to Boost Adoption of Pain Management Devices
The expanding pool of patients suffering from chronic medical conditions such as cancer, diabetes, osteo and rheumatoid arthritis, obesity, and spinal problems, have resulted in an increase in the incidence of chronic pain in individuals. Several studies indicate that over 20% of the adult population across the globe suffers from chronic pain.
Nearly half of the cancer patients, worldwide, have complained about the severe pain they experience at the time of diagnosis and about 75% of them experience a gradual rise in pain with the progression of disease. Occurrence of chronic pain has also been observed in nearly 70% of patients having spinal cord injuries, 28% of patients suffering from multiple sclerosis, and 8% of stroke patients. These factors, collectively, are augmenting the demand for pain management devices.
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“Aged people, who require continual medical care and interventions, represent a sizeable pool of patients suffering from chronic diseases,” says a TMR analyst. Thus, the rapidly growing geriatric population is providing a fillip to the global pain management devices market.
Dearth of Pain Specialists to Hamper Growth Prospects
The soaring concerns regarding pain management devices implantation are holding patients back from adopting them. This is further compounded by the dearth of primary care professionals and pain specialists. These factors are, therefore, keeping the global pain management devices market from realizing its utmost potential. Moreover, the high purchase and procedural costs of these devices are adversely affecting the growth of the market.
In developing and less developed regions, the awareness levels pertaining to the availability and use of these devices are typically low. Along with this, there are limited number of pain clinics in these regions. Hence, the low adoption of pain management devices in these regions is negatively impacting the overall market. Nevertheless, the high unmet medical needs coupled with the rising disposable income of the populace in emerging countries are opening new avenues for players in the global pain management devices market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Pain Management Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”