Prosthetics & Orthotics Market Definition And Segments

Prosthetics & orthotics refer to artificial prosthetics and orthotics medical devices used to support deformity parts of the human body. The purpose of prosthetics & orthotics devices is to fit comfortably and allows people with limb amputations or physical impairments of their limbs or spine to achieve functional ability. The main types of prosthetics & orthotics market include prosthetics and orthotics. Prosthetics are artificial limbs or body parts used to replace lost body parts due to amputation or lack of development. The categories of prosthetics & orthotics include upper limb, lower limb, and spinal. Hospitals, clinics, rehabilitation centers, and others utilize prosthetics & orthotics. The different technologies used in prosthetics & orthotics include conventional, electrical-powered, and hybrid technologies. The prosthetics & orthotics market covered in this report is segmented – 1) By Type: Prosthetics, Orthotics 2) By Category: Upper limb, Lower limb, Spinal 3) By Technology: Conventional, Electric-Powered, Hybrid Orthopedic Prosthetics 4) By Application: Hospitals, Clinics, Rehabilitation Centers, Other Applications The prosthetics & orthotics market size has grown strongly in recent years. It will grow from $8.1 billion in 2023 to $8.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to rising prevalence of disabilities and amputations, advancements in materials and manufacturing techniques, increasing awareness and acceptance of prosthetics, healthcare infrastructure development, growth in sports and rehabilitation. The prosthetics & orthotics market size is expected to see strong growth in the next few years. It will grow to $10.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to customized and patient-specific prosthetic solutions, integration of ai and robotics in prosthetics, sustainable and eco-friendly prosthetic materials, expansion in pediatric prosthetics and orthotics, adoption of telehealth for orthotic services. Major trends in the forecast period include neurological-controlled prosthetics, regulatory compliance in prosthetic safety and standards, smart prosthetics with sensory feedback, personalized prosthetic solutions for individual needs, transparency in prosthetic pricing and insurance.

Demand For Prosthetics And Orthotics Expected To Surge Due To Increase In Sports Injuries And Road Accidents

The increase in sports injuries and road accident cases significantly drive the prosthetics and orthotics market. Road accidents are caused by distracted driving and high speeding. These conditions cause many disabilities in the injured people, entailing the use of prosthetics and orthotics for recovery and restoring normal day-to-day function. According to the report by National Crime Records Bureau, India, in July 2021, road crash deaths in the country have increased by 1.3 percent to 1,54,732 from 1,52,780. Additionally, the leading cause of sports injuries is the year-round participation of athletes in a single sport, resulting in more injuries. For instance, according to the National Security Council, which is America's nonprofit safety advocate, in 2022, 3.6 million people were treated in emergency departments for injuries involving sports and recreational equipment in the US . Therefore, increasing sports injuries and road accident cases are expected to boost demand for prosthetics and orthotics during the forecast period.

Aging Population Boosts Demand For Prosthetics And Orthotics

An increase in the elderly population is expected to boost the growth of the prosthetics and orthotics market going forward. The elderly population is defined as those aged 65 and up. The elderly population is more prone to conditions such as osteoporosis, arthritis, and other age-related conditions that can lead to mobility issues. Prosthetics and orthotics can help improve the quality of life for these individuals by providing support and assistance with movement. For instance, according to the data released by Organization for Economic Co-operation and Development, an intergovernmental organization, in the United States, more than 56 million adults aged 65 and up account for around 16.9% of the total population. More than 73.1 million older people are expected by 2030, when the last of the baby boomer generation enters old age . Therefore, the increase in the elderly population is driving the growth of the prosthetics and orthotics market. Major companies operating in the prosthetics & orthotics market include Fillauer LLC, Bauerfeind AG, Otto Bock Healthcare GmbH, Zimmer Biomet Holdings Inc., Blatchford Limited, Ability Matters Group Ltd., Steeper Inc., Össur hf, WillowWood Global LLC, Ultraflex Systems Inc., Hanger Inc., Mobius Bionics LLC, Ohio Willow Wood Co., Esper Bionics Inc., ToughWare Prosthetics Inc., Campbell Soup Company, College Park Industries Inc., Hosmer Dorrance Corporation, Kingsley Manufacturing Company, Mica Manufacturing Company, Sterling Check Corp., Carbon Copy Pathfinder, Proteor SA, Seattle Systems Company, Bhagwan Mahaveer Viklang Sahayata Samiti, Endolite Ltd., Freedom Innovations LLC, Spinal Technology LLC, Trulife Group Limited, Fillauer Europe AB, Ortho Europe Abingdon Ltd.

Companies In Prosthetics And Orthotics Market Focus On Technological Innovation To Gain Competitive Edge

Technological advancement is a new trend gaining popularity in the prosthetics and orthotics market. Major companies operating in the prosthetics and orthotics market are focused on providing technologically advanced products to strengthen their market position. These companies are implementing next-generation technologies into their products and related services, such as automation, artificial intelligence (AI), microprocessor, neuromuscular signal technology, sensory control, and others, to provide smoother, more natural motions and functions. For instance, in February 2022, Ossur, an Iceland-based orthotics and prosthetics (O&P) company, launched POWER KNEE. POWER KNEE is the first actively powered microprocessor prosthetic knee for persons with limb differences or above-knee amputations. The POWER KNEE generates motion by offering active powered assistance while recognizing whether the wearer is seated or standing or walking on different surfaces, inclines, or declines.

Fillauer And Coapt Collaborate To Simplify Prosthetic Fabrication With Myo/One Electrode System

Major companies operating in the prosthetics and orthotics market are adopting strategic partnerships to produce a streamlined, waterproof system that can reduce hours of trial and error. A strategic partnership is a collaborative relationship between two or more commercial enterprises, typically formalized by one or more business contracts. For instance, in June 2023, Fillauer, a US-based company specializing in orthotic and prosthetic innovation, launched the Myo/One Electrode system in partnership with Coapt. This system is designed to provide a streamlined and waterproof solution for myoelectric devices, specifically targeting the orthotics and prosthetics market. The launch of the Myo/One Electrode system demonstrates the ongoing innovation in the field of orthotics and prosthetics, aiming to provide more advanced and user-friendly solutions for individuals with limb differences or mobility challenges.

Naked Prosthetics Acquisition Strengthens Össur's Position As Leader In Orthopedic Equipment

In August 2022, Össur, a company based in Iceland that develops, manufactures, and sells non-invasive equipment for orthopedics, acquired Naked Prosthetics for an undisclosed amount. The acquisition addresses the needs of the growing but underserved population of patients with finger and partial hand loss. Additionally, it helps Össur strengthen its global upper-limb product portfolio. Naked Prosthetics, a US-based company that provides finger prostheses for finger and partial hand amputees. North America was the largest region in the prosthetics orthotics market in 2023. The Asia-Pacific is expected to be the fastest-growing region in the prosthetics orthotics market share during the forecast period. The regions covered in the prosthetics & orthotics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the prosthetics & orthotics market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The prosthetics & orthotics market consists of sales of orthotics such as transradial, transfemoral, transtibial, and transhumeral and prosthetics such as soft, rigid, and semi-rigid. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The prosthetics and orthotics market research report is one of a series of new reports from The Business Research Company that provides prosthetics and orthotics market statistics, including prosthetics and orthotics industry global market size, regional shares, competitors with a prosthetics and orthotics market share, detailed prosthetics and orthotics market segments, market trends and opportunities, and any further data you may need to thrive in the prosthetics and orthotics industry. This prosthetics and orthotics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Bio-Implants Market Definition And Segments

Bio-implants are prosthesis or artificial medical devices that replace missing tissues and supports a damaged biological structure to improve biological functions of the body and are made up of material obtained of human or animal origin or biosynthetic materials. The bio-implants are used to assist and regularize human physiological functions. The main types of bio-implants are cardiovascular implants, dental implants, spinal bio-implants, orthopedic implants, ophthalmic implants, and other types. The cardiovascular implants are used in heart valves and coronary stents for the treatment of cardiac complications. Cardiovascular implants are designed to stay in a patient's body to maintain healthy blood arteries and a beating heart. The bio-implants are made of various materials including metallic, ceramic, polymer, and biological. The bio-implants have different origins such as allograft, autograft, xenograft, and synthetic. The bio-implants are used by ambulatory surgical centers, clinics, hospital, and other end-users. The bio-implants market covered in this report is segmented – 1) By Type: Cardiovascular Implants, Dental Implants, Spinal Bio-Implants, Orthopedic Implants, Ophthalmic Implants, Other Types 2) By Material: Metallic, Ceramic, Polymer, Biological 3) By Origin: Allograft, Autograft, Xenograft, Synthetic 4) By End-User: Ambulatory Surgical Centers, Clinics, Hospital, Other End-Users The bio-implants market size has grown rapidly in recent years. It will grow from $116.28 billion in 2023 to $128.77 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to aging population and chronic diseases, rise in surgical procedures, increased life expectancy, regulatory support and standards. The bio-implants market size is expected to see rapid growth in the next few years. It will grow to $191.3 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to customization and personalization, growth in minimally invasive procedures, shift towards regenerative medicine, remote monitoring and telemedicine, supportive regulatory environment. Major trends in the forecast period include customized and personalized implants, biodegradable and bioresorbable implants, advancements in biomaterials, regenerative medicine and tissue engineering, smart implants and wearable technologies.

Rising Prevalence Of Chronic Conditions Boosts Growth In The Bio-Implant Market

The increasing prevalence of chronic conditions is expected to drive the bio-implant market going forward. Chronic conditions such as cardiovascular diseases and arthritis refer to medical conditions that persist for a year or longer, require continuous medical care, and restrict everyday activities. The bio-implants are used in managing and monitoring chronic conditions by reducing the mortality rate caused by chronic diseases. For instance, according to data published in April 2021 by the World Health Organization, a Switzerland-based health organization for international public health, 41 million people die every year due to chronic diseases globally, close to 71% of all deaths. Therefore, the increasing prevalence of chronic conditions is fueling the growth of the bio-implant market.

Aging Population Is Anticipated To Fuel The Bio Implants Market

The aging population is expected to propel the growth of the bio-implants market going forward. An aging population refers to a demographic phenomenon characterized by an increasing proportion of elderly individuals within a society or population. Bio implants are used for the aging population and serve diverse purposes, including real-time health monitoring, drug delivery, and tissue regeneration, aiming to address age-related health issues, enhance physiological functions, and contribute to prolonged and improved well-being in elderly individuals. For instance, in October 2022, according to the World Health Organization, a Switzerland-based Intergovernmental organization, projected that by the year 2030, one out of every six individuals globally would be 60 years old or older. During this period, the proportion of the population aged 60 and over is expected to rise from 1 billion in 2020 to 1.4 billion. Furthermore, by the year 2050, the global population of individuals aged 60 and older is anticipated to double, reaching 2.1 billion. Therefore, the aging population is driving the bio-implants market. Major companies operating in the bio-implants market report are Medtronic PLC, Stryker Corporation, Zimmer Biomet Holdings Inc., Dentsply Sirona Inc., Johnson & Johnson, Arthrex Inc., Boston Scientific Corporation, Smith & Nephew PLC, B. Braun Melsungen AG, Victrex PLC, Straumann Holding AG, Danaher Corporation, Cardinal Health Inc., Organogenesis Holdings Inc., Exactech Inc., Osprey Medical Inc., Edwards Lifesciences Corporation, Biotronik SE & Co. KG, aap Implantate AG, Abbott Laboratories, Biotronik Inc., Cook Medical LLC, Globus Medical Inc., Integra LifeSciences Holdings Corporation, LivaNova PLC, MicroPort Scientific Corporation, NuVasive Inc., Orthofix Medical Inc., RTI Surgical Holdings Inc., Terumo Corporation

Innovative Biomaterial Technology And 3D Printing Revolutionize The Bio-Implant Market

Technical developments are the key trends gaining popularity in the bio-implant market. Major players are concentrating on developing innovative biomaterial technology, such as 3D printing for bio-implant systems. 3D-printing technology of biomaterials is a type of additive manufacturing that produces 3D structures that function as 3D tissues using cells and biomaterials rather than conventional metals and polymers. For instance, in March 2022, Evonik Industries AG, a Germany-based specialty chemicals company, launched osteoconductive VESTAKEEP iC4800 3DF PEEK filament based on 3D-printing technology for 3D printed implants. It offers enhanced osteointegration between the bone and implant for quicker bone healing, and impressive biocompatibility, biostability, and enhanced osteoconductive qualities characterize the high-performance polymer.

New Implant To Advance The Standard Of Care For Patients

Major companies operating in the bio-implants market are launching new Implants, such as the REGENETEN Bioinductive Implants, to advance the standard of care for patients. The REGENETEN Bioinductive Implant is a collagen-based solution that supports the body's natural healing response by facilitating the growth of new tendon-like tissue. For instance, in July 2023, Smith+Nephew, a UK-based medical technology company, launched its REGENETEN Bioinductive Implant in India, with over 100,000 global procedures completed since its introduction. This collagen-based implant supports the body's natural healing response, promoting the growth of new tendon-like tissue to augment existing tendons. Delivered arthroscopically, this implant was the size of a postage stamp which became invisible in six months, replaced by new tendon-like tissue. This implant has demonstrated positive results in rotator cuff disease, with a recent trial showing an 86% relative reduction in re-tear rates at 12 months compared to conventional surgery alone.

CONMED Enhances Sports Medicine Portfolio With Acquisition Of Biorez Inc.

In August 2022, CONMED Corporation, a US-based medical technology company, acquired Biorez Inc. for an undisclosed amount. The acquisition will help CONMED to grow its sports medicine portfolio with the addition of Biorez. Biorez Inc. is a US-based medical device start-up. North America was the largest region in the bio-implants market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bio-implants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bio-implants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The bio-implants market consists of sales stents, pacing devices, orthobiologics, trauma implants, sport medicines, thoracolumber implants, interverteberal spacers, machined allograft spacers, and motion preservation implants. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The bio-implants market research report is one of a series of new reports from The Business Research Company that provides bio-implants market statistics, including bio-implants industry global market size, regional shares, competitors with a bio-implants market share, detailed bio-implants market segments, market trends and opportunities, and any further data you may need to thrive in the bio-implants industry. This bio-implants market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Urothelial Cancer Drugs Market Definition And Segments

Urothelial cancer drugs refer to medicines and therapies that treat cancer associated with urothelial cells that line the urethra, bladder, ureters, and renal pelvis. These are used to kill tumor cells and provide non-vesical chemotherapy. The urothelial cancer drug is used to prevent and treat urothelial cancer. The main types of urothelial cancer drugs are urothelial carcinoma, squamous cell carcinoma, and adenocarcinoma. The urothelial carcinoma is used to treat epithelial tissue tumors. Urothelial carcinoma refers to transitional cell cancer that occurs near epithelial tissues. The urothelial cancer drugs are used to treat immunotherapy, chemotherapy, and preservation therapy. The urothelial cancer drugs are distributed by hospital pharmacies, specialty clinics, cancer institutes, and ambulatory surgical centers. The urothelial cancer drugs market covered in this report is segmented – 1) By Type: Urothelial Carcinoma, Squamous Cell Carcinoma, Adenocarcinoma 2) By Treatment: Immunotherapy, Chemotherapy, Preservation Therapy 3) By Distribution Channel: Hospital Pharmacies, Specialty Clinics, Cancer Institutes, Ambulatory Surgical Centers The urothelial cancer drugs market size has grown exponentially in recent years. It will grow from $2.34 billion in 2023 to $2.84 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to awareness and early detection initiatives, physician education and training, patient advocacy groups, evolving standard of care, biomarker identification. The urothelial cancer drugs market size is expected to see exponential growth in the next few years. It will grow to $5.92 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The growth in the forecast period can be attributed to advancements in diagnostic imaging, artificial intelligence in drug development, patient-centric care, investment in research & development, regulatory changes. Major trends in the forecast period include advances in imaging technologies, patient-centric care, healthcare reimbursement, genomic profiling, regulatory frameworks.

Urothelial Cancer Drug Market Poised For Growth Amidst Rising Prevalence

The rising prevalence of urothelial cancer is expected to propel the urothelial cancer drug market going forward. Urothelial cancer is associated with urothelial cells that line the urethra, bladder, ureters, renal pelvis, and some other organs. The rising prevalence of urothelial cancer requires novel urothelial cancer drugs and therapies for treatment to reduce fatalities. For instance, in January 2023, according to American Cancer Society Inc., a US-based voluntary health organization, approximately 62,420 men and 19,870 women are diagnosed with bladder cancer out of 82,290 new cases. 16,710 deaths due to bladder cancer, of which 4,550 were women and 12,160 males. Thus, the rising prevalence of urothelial cancer will drive the growth of the urothelial cancer drug market .

The Surge In Chemotherapy Demand Propelling Growth In The Urothelial Cancer Drugs Market

The increasing demand for chemotherapy is expected to propel the growth of the urothelial cancer drugs market going forward. Chemotherapy is a systemic treatment, meaning it circulates throughout the body via the bloodstream which makes it effective against cancer cells that may have spread to distant sites. Chemotherapy is used in the management of urothelial cancer by inhibiting the growth of cancer cells, to treat metastatic disease, targeting rapidly dividing cells, and can be used for palliative care which aims to relieve symptoms, improve the patient's quality of life, and prolong survival. For instance, in February 2022, according to Healthcare IT News, a US-based recognized source of news and information in the field of healthcare information technology (IT), by 2040, the demand for cancer chemotherapy will increase from 10 million to 15 million stated by UICC (Union for International Cancer Control). Therefore, the increasing demand for chemotherapy is driving the growth of the urothelial cancer drugs market.

Geriatric Demographics Fueling Growth In Urothelial Cancer Drugs Market On The Rise

Rising prevalence of the geriatric population is driving the urothelial cancer drugs market. Adults 65 and older are referred to as members of the geriatric population. Due to lowered immunity and advanced age, the elderly population is susceptible to many diseases. The risk of urothelial cancer rises with age, due to which urothelial cancer drugs are required to treat them. For instance, in October 2022, according to the World Health Organization, a US-based specialized health agency, Globally, 1 in 6 people will be 60 or older by 2030, and there will be a double number of individuals in this age group (2.1 billion) by 2050. Additionally, for instance, in June 2021, according to the UK Parliament's House of Commons Library, a UK-based information resource, By 2043, there will be a rise in the senior population in the UK, which will make up 24% of the total population (17.4 million people). Therefore, the rising prevalence of the geriatric population will propel the urothelial cancer drug market. Major companies operating in the urothelial cancer drugs market report are F Hoffmann La Roche AG, The Bristol-Myers Squibb Company, Merck & Co Inc., Pfizer Inc., Genentech Inc., GSK PLC, UroGen Pharma Inc., Johnson & Johnson Inc., Astellas Pharma Inc., Sesen Bio Inc., Gilead Sciences Inc., Seagen Inc., Eisai Co. Ltd., Agensys Inc., AstraZeneca, Novartis AG, GlaxoSmithKline PLC, Sanofi SA, Janssen Pharmaceuticals Inc., Seattle Genetics Inc., Eli Lilly and Company, Bayer AG, AbbVie Inc., Exelixis Inc., Ipsen Biopharmaceuticals Inc., Millennium Pharmaceuticals Inc., Takeda Pharmaceutical Company Limited, Kyowa Kirin Co. Ltd., Spectrum Pharmaceuticals Inc., Zydus Lifesciences Ltd.

Emerging Trends In Urothelial Cancer Drug Market Through Focus On Novel Combination Therapies For Enhanced Treatment Efficacy

Novel combination therapies are the key trends gaining popularity in the urothelial cancer drug market. Combination therapy combines two or more therapeutic agents for the treatment. Major players are concentrating on creating combination therapies to sustain their position in the urothelial cancer drug market. Combining immunotherapy with targeted drugs is an appealing treatment to reduce the emergence of resistance and improve response in cancer management. For instance, in July 2022, the United States Food and Drug Administration, a US-based federal agency of the Department of Health and Human Services, accepted the biologics license application (BLA) for an IL-15 superagonist, ImmunityBio’s N-803 in combination with Bacillus Calmette-Guerin (BCG) vaccine for bladder cancer. N-803 in combination with BCG would be the first immunotherapy combination that can be delivered directly to induce natural killer cells and T cells in the bladder.

Increasing Focus On Product Approvals To Provide Reliable Services To Their Customers

Major companies operating in the urothelial cancer drugs market are focusing on product approvals, such as padcev with Keytruda, to drive revenues in their market. Padcev with keytruda represents a combination therapy used in the treatment of urothelial cancer. For instance, in April 2023, Astellas Pharma Inc. a Japan-based pharmaceutical company received FDA approval for padcev with Keytruda. This combination therapy is used for metastatic urothelial cancer. When cisplatin-containing chemotherapy is not an option for some patients with locally advanced or metastatic urothelial carcinoma, the combination of padcev and pembrolizumab is recommended as the initial line of treatment. In patients with advanced bladder cancer, the combination of padcev with keytruda has been demonstrated to significantly enhance overall survival and progression-free survival . North America was the largest region in the urothelial cancer drugs market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the urothelial cancer drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the urothelial cancer drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The urothelial cancer drugs market consists of sales of targeted therapy urothelial cancer drugs and chemo therapy urothelial cancer drugs. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The urothelial cancer drugs market research report is one of a series of new reports from The Business Research Company that provides urothelial cancer drugs market statistics, including urothelial cancer drugs industry global market size, regional shares, competitors with a urothelial cancer drugs market share, detailed urothelial cancer drugs market segments, market trends and opportunities, and any further data you may need to thrive in the urothelial cancer drugs industry. This urothelial cancer drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Purified Terephthalic Acid Market Definition And Segments

Purified terephthalic acid refers to an organic chemical compound that is high melting and white powder formed by the air oxidation of p-xylene. This is primarily used to manufacture saturated polyesters and associated polymer goods. The main manufacturing processes for the production of purified terephthalic acid are the AMOCO process, co-oxidation, multistage oxidation, and the Henkel process. The AMOCO process oxidizes para-xylene utilizing a homogeneous catalyst composed of three ions such as cobalt, manganese, and bromide. It is used in various applications such as polyester, polybutylene terephthalate (PBT), plasticizers, and others and are used by various end-users including textiles, PET bottles, packaging, and others. The purified terephthalic acid market covered in this report is segmented – 1) By Manufacturing Process: Amoco Process, Co-Oxidation, Multistage Oxidation, Henkel Process 2) By Application: Polyester, Polybutylene Terephthalate (PBT), Plasticizers, Other Applications 3) By End User: Textile, PET Bottles, Packaging, Other End Users The purified terephthalic acid market size has grown strongly in recent years. It will grow from $49.69 billion in 2023 to $52.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to polyester fiber and pet demand, textile and apparel industry growth, packaging industry expansion, shift towards pet bottles and packaging, economic development and urbanization. The purified terephthalic acid market size is expected to see strong growth in the next few years. It will grow to $67.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to shift towards green and bio-based materials, global trade and market expansion, sustainable and recyclable materials, continued economic development. Major trends in the forecast period include focus on circular economy principles, regulatory compliance and safety standards, shift towards lightweight materials, bio-based alternatives and green initiatives.

Polyester Fiber Demand Boosting Growth In The Purified Terephthalic Acid Market

The increase in demand for polyester fibers is expected to propel the purified terephthalic acid market growth going forward. Polyester fibers refer to synthetic fiber that consists of polyester and is derived from ethylene glycol and terephthalic acid and blended with other fibers. Purified terephthalic acid is a commodity chemical that plays an important role in the manufacturing of polyester fiber and polyethylene terephthalate (PET) resin, both of which are found in many consumer products, thus increasing demand for polyester fibers increases the demand for the purified terephthalic acid market. For instance, in 2021, according to The Observatory of Economic Complexity, a US-based international trade data visualization site, the net value of woven fabric polyester staple fibers exports by Belgium increased by 52% from $4.67 million in 2020 to $7.11 million in 2021. Therefore, the increase in demand for polyester fibers drives the purified terephthalic acid market.

Rising Expansion Of Packaging Industry To Drive Market Growth

The increasing expansion of packaging industry is expected to propel the growth of purified terephthalic acid market growth going forward. Packaging industry refers to the sector of the economy that is involved in the design, production, and distribution of packaging materials and solutions used to contain, protect, and present products to consumers. Purified terephthalic acid (PTA) is a key component in the production of polyethylene terephthalate (PET), a widely used polymer in the packaging industry. For instance, in May 2022, according to VDMA (Verband Deutscher Maschinen- und Anlagenbau), a Germany-based trade association, in 2021, the food processing and packaging machinery industry in Germany generated €14.8 billion ($17.6 billion) in revenue, marking a 7% increase compared to 2020. Therefore, the increasing expansion of packaging industry is driving the growth of purified terephthalic acid market going forward. Major companies operating in the purified terephthalic acid market report are Indian Oil Corporation, Alpek S.A.B. de C.V., British Petroleum PLC, Reliance Industries Limited, Saudi Basic Industries Corporation, Sinopec Corporation, Jiaxing Zhonghua Chemical Co. Ltd., PennWell Corporation, JBF Industries Ltd., China Petrochemical Corporation, Indorama Ventures Public Company, Lotte Chemical Corporation, Petkim Petrokimya Holding A.S, MCPI Private Limited, Taekwaang Indusrial Co. Ltd., Zhejiang Hengyi Group Co., Eastman Chemical Company, Dow Chemical Company, Formosa Plastics Corporation, Far Eastern New Century Corporation, Thai Polyester Company Limited, Teijin Limited, Toray Industries Inc., Nan Ya Plastics Corporation, China National Chemical Corporation, Tongkun Group Co. Ltd., Advansa B V, Chang Chun Petrochemical Co. Ltd., Fujian Billion Petrochemicals Co. Ltd., Samyang Holdings Corporation

Technological Advancements Driving Innovation In Purified Terephthalic Acid Market

Technological innovations are a key trend gaining popularity in the purified terephthalic acid market. Major companies operating in the purified terephthalic acid market are focused on developing new technological solutions such as unique synthesis processes and applications to strengthen their position. For instance, in December 2021, Anellotech Inc., a US-based sustainable technology company, launched a new technology Plas-TCat. The new technology aims to convert a wide range of plastic waste directly into chemicals and then make new plastics. The technology helps to produce 100% bio-based polyethylene terephthalate (PET) with intermediate purified terephthalic acid, downstream separation, and purification. It helps to produce 100% bio-based plastic bottles by meeting polymer-grade specifications.

Product Innovations Transforming The Purified Terephthalic Acid Market

Major companies operating in the purified terephthalic acid market are developing innovative products such as eco-friendly heat-shrinkable film, to gain a competitive edge in the market. Eco-friendly heat-shrinkable films are a type of packaging material that is made from renewable resources and is biodegradable or compostable. For instance, in December 2022, Osaka-Gunze Limited, a Japan-based clothing company launched eco-friendly heat-shrinkable film named GEOPLAS HCT3. This product utilizes a polystyrene/polyethylene terephthalate multi-layered structure with 30% chemical recycled raw materials. The mass balance approach is employed to ensure responsible sourcing, distributing recycled raw materials throughout the product. The GEOPLAS HCT3 film maintains the same shrink appearance as traditional products while lessening environmental impact, targeting applications in labels for beverages, groceries, and home & personal care products.

Alpek Expands Global Petrochemical Footprint With Strategic Acquisition Of Octal Holding SOAC

In June 2022, Alpek S.A.B. de C.V., a Mexico-based chemical manufacturing company acquired OCTAL Holding SAOC for an undisclosed amount. The acquisition of Octal by Alpek has strengthened Alpek's position as a global petrochemical producer, expanding its PET production capacity and contributing to an accretive EBITDA effect of approximately $120 million in 2022, driven by favorable market conditions in the polyester industry. OCTAL Holding SAOC is an Oman-based plastics manufacturing company that that produces PET sheet and resins. North America was the largest region in the purified terephthalic acid market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the purified terephthalic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the purified terephthalic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The purified terephthalic acid market consists of sales of polyurethanes, powder-coating resins, and films. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The purified terephthalic acid market research report is one of a series of new reports from The Business Research Company that provides purified terephthalic acid market statistics, including purified terephthalic acid industry global market size, regional shares, competitors with a purified terephthalic acid market share, detailed purified terephthalic acid market segments, market trends and opportunities, and any further data you may need to thrive in the purified terephthalic acid industry. This purified terephthalic acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Purified Terephthalic Acid Market Definition And Segments

Purified terephthalic acid refers to an organic chemical compound that is high melting and white powder formed by the air oxidation of p-xylene. This is primarily used to manufacture saturated polyesters and associated polymer goods. The main manufacturing processes for the production of purified terephthalic acid are the AMOCO process, co-oxidation, multistage oxidation, and the Henkel process. The AMOCO process oxidizes para-xylene utilizing a homogeneous catalyst composed of three ions such as cobalt, manganese, and bromide. It is used in various applications such as polyester, polybutylene terephthalate (PBT), plasticizers, and others and are used by various end-users including textiles, PET bottles, packaging, and others. The purified terephthalic acid market covered in this report is segmented – 1) By Manufacturing Process: Amoco Process, Co-Oxidation, Multistage Oxidation, Henkel Process 2) By Application: Polyester, Polybutylene Terephthalate (PBT), Plasticizers, Other Applications 3) By End User: Textile, PET Bottles, Packaging, Other End Users The purified terephthalic acid market size has grown strongly in recent years. It will grow from $49.69 in 2023 to $52.84 in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to polyester fiber and pet demand, textile and apparel industry growth, packaging industry expansion, shift towards pet bottles and packaging, economic development and urbanization. The purified terephthalic acid market size is expected to see strong growth in the next few years. It will grow to $67.38 in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to shift towards green and bio-based materials, global trade and market expansion, sustainable and recyclable materials, continued economic development. Major trends in the forecast period include focus on circular economy principles, regulatory compliance and safety standards, shift towards lightweight materials, bio-based alternatives and green initiatives.

Polyester Fiber Demand Boosting Growth In The Purified Terephthalic Acid Market

The increase in demand for polyester fibers is expected to propel the purified terephthalic acid market growth going forward. Polyester fibers refer to synthetic fiber that consists of polyester and is derived from ethylene glycol and terephthalic acid and blended with other fibers. Purified terephthalic acid is a commodity chemical that plays an important role in the manufacturing of polyester fiber and polyethylene terephthalate (PET) resin, both of which are found in many consumer products, thus increasing demand for polyester fibers increases the demand for the purified terephthalic acid market. For instance, in 2021, according to The Observatory of Economic Complexity, a US-based international trade data visualization site, the net value of woven fabric polyester staple fibers exports by Belgium increased by 52% from $4.67 million in 2020 to $7.11 million in 2021. Therefore, the increase in demand for polyester fibers drives the purified terephthalic acid market.

Rising Expansion Of Packaging Industry To Drive Market Growth

The increasing expansion of packaging industry is expected to propel the growth of purified terephthalic acid market growth going forward. Packaging industry refers to the sector of the economy that is involved in the design, production, and distribution of packaging materials and solutions used to contain, protect, and present products to consumers. Purified terephthalic acid (PTA) is a key component in the production of polyethylene terephthalate (PET), a widely used polymer in the packaging industry. For instance, in May 2022, according to VDMA (Verband Deutscher Maschinen- und Anlagenbau), a Germany-based trade association, in 2021, the food processing and packaging machinery industry in Germany generated €14.8 billion ($17.6 billion) in revenue, marking a 7% increase compared to 2020. Therefore, the increasing expansion of packaging industry is driving the growth of purified terephthalic acid market going forward. Major companies operating in the purified terephthalic acid market report are Indian Oil Corporation, Alpek S.A.B. de C.V., British Petroleum PLC, Reliance Industries Limited, Saudi Basic Industries Corporation, Sinopec Corporation, Jiaxing Zhonghua Chemical Co. Ltd., PennWell Corporation, JBF Industries Ltd., China Petrochemical Corporation, Indorama Ventures Public Company, Lotte Chemical Corporation, Petkim Petrokimya Holding A.S, MCPI Private Limited, Taekwaang Indusrial Co. Ltd., Zhejiang Hengyi Group Co., Eastman Chemical Company, Dow Chemical Company, Formosa Plastics Corporation, Far Eastern New Century Corporation, Thai Polyester Company Limited, Teijin Limited, Toray Industries Inc., Nan Ya Plastics Corporation, China National Chemical Corporation, Tongkun Group Co. Ltd., Advansa B V, Chang Chun Petrochemical Co. Ltd., Fujian Billion Petrochemicals Co. Ltd., Samyang Holdings Corporation

Technological Advancements Driving Innovation In Purified Terephthalic Acid Market

Technological innovations are a key trend gaining popularity in the purified terephthalic acid market. Major companies operating in the purified terephthalic acid market are focused on developing new technological solutions such as unique synthesis processes and applications to strengthen their position. For instance, in December 2021, Anellotech Inc., a US-based sustainable technology company, launched a new technology Plas-TCat. The new technology aims to convert a wide range of plastic waste directly into chemicals and then make new plastics. The technology helps to produce 100% bio-based polyethylene terephthalate (PET) with intermediate purified terephthalic acid, downstream separation, and purification. It helps to produce 100% bio-based plastic bottles by meeting polymer-grade specifications.

Product Innovations Transforming The Purified Terephthalic Acid Market

Major companies operating in the purified terephthalic acid market are developing innovative products such as eco-friendly heat-shrinkable film, to gain a competitive edge in the market. Eco-friendly heat-shrinkable films are a type of packaging material that is made from renewable resources and is biodegradable or compostable. For instance, in December 2022, Osaka-Gunze Limited, a Japan-based clothing company launched eco-friendly heat-shrinkable film named GEOPLAS HCT3. This product utilizes a polystyrene/polyethylene terephthalate multi-layered structure with 30% chemical recycled raw materials. The mass balance approach is employed to ensure responsible sourcing, distributing recycled raw materials throughout the product. The GEOPLAS HCT3 film maintains the same shrink appearance as traditional products while lessening environmental impact, targeting applications in labels for beverages, groceries, and home & personal care products.

Alpek Expands Global Petrochemical Footprint With Strategic Acquisition Of Octal Holding SOAC

In June 2022, Alpek S.A.B. de C.V., a Mexico-based chemical manufacturing company acquired OCTAL Holding SAOC for an undisclosed amount. The acquisition of Octal by Alpek has strengthened Alpek's position as a global petrochemical producer, expanding its PET production capacity and contributing to an accretive EBITDA effect of approximately $120 million in 2022, driven by favorable market conditions in the polyester industry. OCTAL Holding SAOC is an Oman-based plastics manufacturing company that that produces PET sheet and resins. North America was the largest region in the purified terephthalic acid market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the purified terephthalic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the purified terephthalic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The purified terephthalic acid market consists of sales of polyurethanes, powder-coating resins, and films. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The purified terephthalic acid market research report is one of a series of new reports from The Business Research Company that provides purified terephthalic acid market statistics, including purified terephthalic acid industry global market size, regional shares, competitors with a purified terephthalic acid market share, detailed purified terephthalic acid market segments, market trends and opportunities, and any further data you may need to thrive in the purified terephthalic acid industry. This purified terephthalic acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Chemical Tanker Shipping Market Definition And Segments

Chemical tanker shipping refers to cargo ships constructed or adapted for carrying liquid chemicals in bulk. This is designed specifically to maintain the consistency of the chemicals it carries. Certain coatings are applied to these tanker ships to make it easier to identify the chemicals being transported. The main types of chemical tanker shipping are inland chemical tankers (1,000-4,999 DWT), coastal chemical tankers (5,000-9,999 DWT), and deep-sea chemical tankers (10,000-50,000 DWT). Inland chemical tanker refers to vessels transporting a variety of liquids for the industry with a fleet capacity between 1,000-4,999 DWT. They are available in different fleet materials such as stainless steel, coated and epoxy used to carry different cargo types including IMO I, IMO II, and IMO III for different applications such as organic chemicals, inorganic chemicals, vegetable oils, fats, and other applications. The chemical tanker shipping market covered in this report is segmented – 1) By Type: Inland Chemical Tankers (1,000-4,999 DWT), Coastal Chemical Tankers (5,000-9,999 DWT), Deep-Sea Chemical Tankers (10,000-50,000 DWT) 2) By Cargo Type: IMO I, IMO II, IMO III 3) By Fleet Material: Stainless Steel, Coated, Epoxy 4) By Application: Organic Chemicals, Inorganic Chemical, Vegetables Oils And Fats, Other Applications The chemical tanker shipping market size has grown strongly in recent years. It will grow from $31.61 billion in 2023 to $33.43 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to globalization and trade, stringent regulations and compliance, industry shift towards specialized vessels, increase in petrochemical production, and the emergence of bulk chemical transportation. The chemical tanker shipping market size is expected to see strong growth in the next few years. It will grow to $41.75 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to the demand for flexibility in fleet operations, increased focus on digitalization and automation, shift towards eco-friendly shipping practices, regional distribution network expansion, and technological advancements in tanker design. Major trends in the forecast period include crew welfare and training, advanced cargo handling technologies, emission reduction initiatives, and optimization of port facilities.

Surge Of Global Chemical Demand Fueling Growth In The Tanker Shipping Market

The increasing demand for chemicals is expected to propel the growth of the chemical tanker shipping market. The term chemical refers to an element or any combination of these elements. Chemical tanker shipping refers to cargo ships constructed or adapted for carrying liquid chemicals in bulk. This tanker is used for carrying organic chemicals which are any chemical compound containing one or more atoms of carbon covalently linked to atoms of other elements, usually hydrogen, oxygen, nitrogen, and other inorganic chemicals. For instance, in November 2023, according to the IBISWorld, a US-based provider of business intelligence information, as of 2022, there are 3,880 businesses engaged in the manufacturing of chemical products in the United States, reflecting a 2.8% growth compared to the figures reported in 2021. Thus, the increasing demand for chemicals is driving the growth of the chemical tanker shipping market.

Vegetable Oil Surge Propels Chemical Tanker Shipping Market

The increasing demand for vegetable oils is expected to propel the growth of the chemical tanker shipping market. Vegetable oils are oils extracted from various plant sources, primarily from the seeds, nuts, or fruits of plants. Chemical tankers are used in transportation of vegetable oils, facilitating the movement of these oils from production facilities to various distribution points and end-users. For instance, in June 2023, according to the USDA Economic Research Service, a US-based a US-based federal principal agency, in 2022, the United States witnessed a vegetable oil import value of $10.9 billion, marking an increase from the $8.0 billion recorded in the previous year (2021). Therefore, the increasing demand for vegetable oils is driving the growth of the chemical tanker shipping market. Major companies operating in the chemical tanker shipping market report are Sinochem Corporation, Stolt-Nielsen Ltd., Frontline Ltd., Euronav, Diamond S Shipping Inc., Ardmore Shipping, International Seaways Inc., Petronav Caspian Sea Marine Services Pvt. Ltd., Uni-Tankers A/S, PT. Berlian Laju Tanker Tbk., BW Group, Odfjell SE, Seatrans Group, Team Tankers International Ltd., Tokyo Marine Asia Pte Ltd., Duzgit Group, MOL Chemical Tankers, Nordic Tankers, Alaska Tanker Company, LLC, Hansa Tankers, Navig8 Chemical Tankers Inc., Iino Kaiun Kaisha Ltd., Stena Bulk, Navios Maritime Partners L.P., Maersk Tankers, MOL Nordic Tankers, Algoma Central Corporation, JO Tankers, Eitzen Chemical, Ace Tankers Management B.V., Scorpio Tankers Inc., Teekay Tankers Ltd., TORM

The Surge Of Product Innovations In Chemical Tanker Shipping

Product innovations are the key trends gaining popularity in the chemical tanker shipping market. Major operators in the market are innovating new environment-friendly products. For instance, in June 2021 Wuhu Shipyard Co Ltd., a China-based military shipbuilding company launched the 2nd 22000 DWT Hybrid Chemical Tanker for Sweden-based Donsö Shipping AB. It is an environment-friendly chemical tanker with a DC battery bank auxiliary propulsion system that makes zero emissions. It was also the first dual-fuel ship, and ice-class reinforced ship. In addition, it fully complies with International Maritime Organization (IMO) emission standard 3 (Tier III).

LNG Propulsion Technology Transforming The Chemical Shipping Landscape

Major players operating in the chemical tanker shipping market are focusing on developing innovative solutions such as LNG propulsion technology. LNG propulsion technology refers to the use of liquefied natural gas (LNG) to power ships and other marine vessels. For instance, in April 2023, Fukuoka Shipbuilding, a Japan-based vessel manufacturing company announced the launch of ‘LNG Dual-fuel Chemical Tanker’. It is a stainless-steel tanker integrated with the LNG propulsion technology. The latest dual-fuel chemical tanker helps in reduction of carbon dioxide emissions by as much as 25% is achieved when compared to conventional marine fuels.

Lomar Expands Global Shipping Presence With Acquisition Of Carl Büttner Holding

In October 2022, Lomar, a UK-based ship ownership, and management company and a subsidiary of the global private business group Libra acquired Carl Büttner Holding (CB) for $160 million. Through this acquisition, Lomar planned to expand its shipping business. Additionally, Libra Group's global network would benefit Carl Büttner Holding (CB). Carl Büttner Holding (CB) is a Germany-based chemical tanker shipping company. North America was the largest region in the chemical tanker shipping market in 2023. The regions covered in the chemical tanker shipping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the chemical tanker shipping market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The chemical tanker shipping market consists of sales of parcel chemical tankers, dedicated chemical tankers, and product cum chemical tankers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The chemical tanker shipping market research report is one of a series of new reports from The Business Research Company that provides chemical tanker shipping market statistics, including the chemical tanker shipping industry global market size, regional shares, competitors with a chemical tanker shipping market share, detailed chemical tanker shipping market segments, market trends and opportunities, and any further data you may need to thrive in the chemical tanker shipping industry. This chemical tanker shipping market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Heart Attack Diagnostic Market Definition And Segments

Heart attack diagnostics are defined as the methods of identification, monitoring, screening, and prognosis that help validate the heart attack's diagnosis, as well as help, determine the type of heart attack a patient has had, which will help determine the most effective treatment. Heart attack diagnostics are used to diagnose heart disease. The main types of heart attack diagnostic tests are electrocardiogram (ECG/EKG), blood tests, X-ray, echocardiogram, coronary catheterization (angiogram), exercise stress test, and magnetic resonance imaging (MRI) carried out through invasive procedure and non-invasive procedure. An electrocardiogram (ECG) is a quick test that may be performed to examine the electrical activity and rhythm of the heart. The sensors attached to the skin detect the electrical signals produced by the heart each time it beats. The electrocardiogram is used to diagnose and monitor conditions affecting the heart. The heart attack diagnostic are used by hospitals, ambulatory surgical centers, diagnostics centers, and other end-users. The heart attack diagnostic market covered in this report is segmented – 1) By Test Type: Electrocardiogram (ECG/EKG), Blood Tests, X-Ray, Echocardiogram, Coronary Catheterization (Angiogram), Exercise Stress Test, Magnetic Resonance Imaging (MRI) 2) By Procedure: Invasive Procedure, Non-Invasive Procedure 3) By End-Use Industry: Hospitals, Ambulatory Surgical Centers, Diagnostics Centers, Other End-Users The heart attack diagnostic market size has grown strongly in recent years. It will grow from $10.21 billion in 2023 to $11.07 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to development of cardiac biomarkers, introduction of ECG and imaging, standardization of diagnostic protocols, awareness and education initiatives, improvements in troponin testing. The heart attack diagnostic market size is expected to see strong growth in the next few years. It will grow to $15.26 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to patient empowerment and engagement, data analytics and precision medicine, preventive healthcare initiatives, healthcare infrastructure development, personalized diagnostic approaches. Major trends in the forecast period include point-of-care testing, high-sensitivity troponin tests, non-invasive imaging techniques, personalized medicine, remote monitoring devices.

Surge In Cardiovascular Disorders Drives Growth In Heart Attack Diagnostics Market

The rising prevalence of cardiac disorders is propelling the growth of the heart attack diagnostics market. Cardiac disorders (CVD) are a group of disorders of the heart and blood vessels affecting the heart. Unhealthy eating, inactivity, usage of tobacco products, and abusing alcohol are the main factors for heart disease and stroke. Heart attack diagnosis helps in analyzing the causes and severity of heart attack, stroke, and heart failure. For instance, a World Health Organization (WHO) study from 2021 estimated that 17.9 million people worldwide died from cardiovascular diseases (CVDs), accounting for 32% of all deaths and 85% of these deaths were due to heart attacks and strokes. This shows the number of people getting cardiovascular disease (CVD) is steadily rising, including one-third of all deaths globally. Therefore, the rising frequency of cardiovascular illnesses will continue to drive the heart attack diagnostics market.

The Surge Of Healthcare Expenditure Fuels The Heart Attack Diagnostics Market

Growing expenditure for the healthcare sector is expected to propel the growth of the heart attack diagnostics market going forward. Healthcare expenditure is the total cost of health care (including both public and private spending) expressed as a percentage of GDP. High healthcare expenditure creates an environment conducive to innovation, research, infrastructure development, and improved accessibility, all of which collectively contribute to the advancement and growth of the heart attack diagnostic market. For instance, in March 2022, according to the 2021–2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based federal agency, the projected growth indicates that, on average, national health spending is expected to increase by 5.1% annually between 2021 and 2030, reaching a total of nearly $6.8 trillion. Additionally, it is anticipated that from 2021 to 2030, Medicare spending is going to rise at a 7.2% annual pace while Medicaid spending will rise at a 5.6% annual rate. Therefore, growing expenditure for the healthcare sector is driving the growth of the heart attack diagnostics market. Major companies operating in the heart attack diagnostic market report are Abbott Laboratories, F. Hoffmann-La Roche AG, General Electric Co., Hitachi Ltd., Koninklijke Philips NV, Midmark Corp., Siemens AG, Toshiba Corp., Welch Allyn Inc., Astrazenca PLC., HILL ROM HOLDINGS Inc., Canon Medical Systems Corporation, Bio-Rad Laboratories Inc., Fujifilm Holdings, ACS Diagnostics Inc., Beckman Coulter Inc., Schiller AG, GE Healthcare, HeartFlow, Medtronic PLC, Cardio Diagnostics Holdings Inc., Beckman Coulter Inc., Becton Dickinson and Company, Danaher Corporation, Edwards Lifesciences Corporation, Illumina Inc., Johnson & Johnson, Merck & Co. Inc., Novartis International AG, Pfizer Inc., Quest Diagnostics, Roche Diagnostics, Thermo Fisher Scientific Inc.

Advancements In Artificial Intelligence Transforming The Landscape

The development of novel diagnostic techniques for heart disease is a key trend in the heart diagnostic market. Major players are developing novel technologies such as artificial intelligence for heart disease diagnosis. Artificial intelligence (AI) is the emulation of human intellect in devices that have been designed to behave and think like humans. AI is utilized to improve the skills of diagnostic radiography, diagnose heart problems, and treat strokes more quickly. For instance, in February 2022, Physician-scientists at the Smidt Heart Institute at Cedars-Sinai, a nonprofit academic healthcare organization, developed an AI-based method to identify hard-to-diagnose cardiac conditions. The AI program can identify illness patterns that are invisible to the human eye and utilize these patterns to forecast the correct diagnosis. Hypertrophic cardiomyopathy and cardiac amyloidosis disorders, which can both be fatal, are efficiently recognized and distinguished by artificial intelligence (AI) technology.

Product Innovation In The Heart Attack Diagnostics Market

Major companies operating in the heart attack diagnostics market are developing innovative products such as coronary heart disease detection tests to meet larger customer bases, more sales, and increase revenue. Coronary heart disease (CHD) detection tests refer to medical assessments and diagnostic procedures designed to identify the presence of coronary heart disease, a condition characterized by the narrowing or blockage of coronary arteries that supply blood to the heart muscle. For instance, in August 2023, Cardio Diagnostics Holdings Inc., a US-based biotechnology company, launched PrecisionCHD. The PrecisionCHD test, a groundbreaking innovation, is a blood-based detection method for coronary heart disease (CHD), setting itself apart as the sole detection technology seamlessly combining epigenetic and genetic biomarkers with Artificial Intelligence (AI). This unique test necessitates only a straightforward blood sample, conveniently collected at a doctor's office or through a simple at-home procedure and employs the same highly scalable laboratory technique utilized in COVID-19 testing. With results available for review within a swift 10 business days, the PrecisionCHD test offers a rapid and efficient alternative to traditional first-line CHD detection tools like stress echocardiograms.

Royal Philips Acquired Cardiologs

In November 2021, Royal Philips, a Netherlands-based multinational conglomerate corporation specializing in health technology acquired Cardiologs for an undisclosed amount. Through this acquisition, Royale Philips aimed to strengthen cardiac monitoring and diagnostics offerings with innovative software technology, electrocardiogram (ECG) analysis, and reporting services. Cardiologs is a France-based medical technology company focused on transforming cardiac diagnostics using artificial intelligence (AI) and cloud technology. North America was the largest region in the heart attack diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the heart attack diagnostic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the heart attack diagnostic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The heart attack diagnostics market includes revenues earned by entities through tests such as stress tests, cardiac catheterization, cardiac computerized tomography (CT) scan, cardiac magnetic resonance imaging (MRI), and angiogram. The market value includes the value of related goods sold by the service provider or included within the service offering. The heart attack diagnostics market also includes sales of wearable ECG devices, cardiac pacemakers, stents, and ventricular assist devices (VADs) which are used in heart attack diagnostics. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The heart attack diagnostics market research report is one of a series of new reports from The Business Research Company that provides heart attack diagnostics market statistics, including heart attack diagnostics industry global market size, regional shares, competitors with a heart attack diagnostics market share, detailed heart attack diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the heart attack diagnostics industry. This heart attack diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Engineered Stone Market Definition

Engineered stone market consists of sales of engineered stone by entities (organizations, sole traders, and partnerships) that refer to a composite slab of stone that is made by combining around 93% natural stone material with 7% enhanced pigments, polymer resins, and aggregates. The process imparts a stone surface with excellent stain, heat, chip and scratch resistance.