Personal Care Market Intelligence

  Aesthetic Medicine Industry Overview The global aesthetic medicine market size was valued at USD 99.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.5% from 2022 to 2030. Manufacturers coming up with innovative aesthetic devices has led to an increased demand for aesthetic treatments in recent years. For instance, the introduction of technologically advanced products, such as non-invasive body contouring systems that use fat freezing technology, is expected to create lucrative opportunities for market growth in the coming years. According to the Aesthetic Society (U.S.), non-invasive body fat reduction was among the top 5 non-invasive procedures in the U.S. in 2020 with 140,314 procedures being carried out. The COVID-19 pandemic had significantly affected the market for aesthetic medicine. Initially, social distancing and a sudden sharp cut in consumers’ income levels had negatively impacted the market. The market had witnessed a phase of sh

  Pacemakers Industry Overview The global pacemakers market size was valued at USD 4.4 billion in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 3.4% from 2022 to 2030. Rising incidences of CVDs, increasing cost of cardiac disease management, favorable government policies, and the launch of technologically advanced pacemakers such as the MRI safe pacemakers and leadless pacemakers are chiefly driving the growth in the market. The rising burden of cardiovascular diseases is one of the key factors for the growth of the market. Coronary heart disorder is one of the primary reasons for CVD deaths globally. The economic burden of these diseases is anticipated to be more than USD 1,044 billion by 2030, which highlights the great need for cardiac pacing devices. The novel coronavirus had severely affected patients suffering from cardiovascular disease. The spread of COVID-19 had triggered a humongous economic impact on the healthcare and medical device industry.

  Active Pharmaceutical Ingredients Industry Overview The global active pharmaceutical ingredients market size was valued at USD 222.4 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 5.90% from 2023 to 2030. The growth can be attributed to the advancements in active pharmaceutical ingredient (API) manufacturing and the rising prevalence of chronic diseases, such as cardiovascular diseases and cancer. Favorable government policies for API production, along with changes in geopolitical situations, are boosting market growth. The API market is undergoing immense changes due to supply chain disruption by COVID-19. Countries such as India are being preferred over China for the export of API owing to geopolitical situations and the demand to reduce dependence on China for API products. Furthermore, governments of many countries have formulated plans and granted incentives to promote the production of API. The COVID-19 pandemic had a positive impact on t

  Skincare Devices Industry Overview The global skincare devices market size was valued at USD 12.5 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 11.9% from 2022 to 2030. The increasing prevalence of skin cancer and other skin diseases is contributing largely to the high demand for skincare devices. Furthermore, growing awareness among people about the esthetic appeal and technological advancements in skincare devices are also increasing the adoption of these devices significantly. The rise in disposable income is also considered as one of the important factors driving the market. The prevalence of melanoma and non-melanoma skin cancers is rising significantly. According to The Skin Cancer Foundation, around 10,130 people die due to melanoma every year in the U.S. Furthermore, American Cancer Society 2018 statistics stated that in the U.S., around 91,270 new melanoma cases are expected to be diagnosed in that year. Meanwhile, the American Acade

  Surgical Navigation Systems Industry Overview The global surgical navigation systems market size was valued at USD 6.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.2% from 2022 to 2030. The rising prevalence of target disorders such as osteoarthritis, brain cancer, and ENT disorders along with the increasing geriatric population is expected to propel the growth. According to the World Health Organization (WHO), 9.6% of men and 18% of women suffer from various forms of arthritis. Osteoarthritis generally affects the geriatric population. Most osteoarthritis patients have difficulty in movement and are unable to perform daily activities. Furthermore, the rising demand for minimally invasive surgeries is another factor responsible for escalating the adoption of these devices over the forecast period. Minimally invasive surgeries involve lesser incision wounds leading to quicker recovery time, shortened hospitals stay, and enhanced patient com

  Peptide Therapeutics Industry Overview The global peptide therapeutics market size was valued at USD 39.3 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. The rising incidence of cancer as well as metabolic disorders such as osteoporosis, obesity, and diabetes will drive the adoption of peptide therapeutics during the forecast period. Due to the sheer growing number of affected pediatric patients and the pervasiveness of target diseases in low-income countries, there is a high demand for efficient and low-cost drugs. Advanced peptides are now being created and reconfigured as therapeutics for COVID-19. Researchers around the world are looking for compounds that either block the mechanisms involved in Severe acute respiratory infection and replication or treat the conditions resulting from infection. The Food and drug administration updated its description of a biologic on February 21, 2020, to include chemically synthesize

  Hearing Aids Industry Overview The global hearing aids market size was valued at USD 10.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. The market growth can be attributed to key factors such as the increasing adoption of hearing aids devices, growing awareness regarding technologically advanced devices for the treatment of deafness and hearing impairment, and the increasing prevalence of hearing loss due to the growing geriatric population. The market is a highly technological driven market that has seen the emergence of novel products including smart linked hearing aids, invisible hearing aids, and AI- and Bluetooth-enabled hearing aids that can be connected to Android or iOS.  For example, in August 2021, Phonak introduced the world's first waterproof rechargeable, Audéo Life hearing aid. Hence, hearing aid companies are improving patients' experiences with new features and technology, which is expected to fu

  Medical Gas Industry Overview The global medical gas market size was valued at USD 12.8 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 8.1% from 2022 to 2030. The rising prevalence of chronic diseases, and advantageous initiatives commenced by government organizations, are key factors driving the market. Moreover, the growing geriatric population and rising demand for home healthcare and point-of-care products are some of the other factors responsible for the market. The rising prevalence of Chronic Respiratory Diseases (CRDs) such as asthma, chronic obstructive pulmonary disease, occupational lung diseases, and pulmonary hypertension is driving the demand for medical gases. For instance, the WHO data states that more than 3.0 million people die each year from Chronic Obstructive Pulmonary Disease (COPD), accounting for approximately 6% of all deaths worldwide and might become the third leading cause of death in the world by 2030. In addition,

  Molecular Diagnostics Industry Overview The global molecular diagnostics market size was valued at USD 37.04 billion in 2021 and is expected to decline at a compound annual growth rate (CAGR) of -1.6% from 2022 to 2030. The shrinking of the market can be attributed to the decline in demand for molecular COVID-19 testing during the forecast period. However, factors such as technological advancements, rising elderly population, and increasing demand for genetic testing is boosting the growth of the market. In addition, rising demand for PoC testing can be attributed to increasing demand for self-testing diagnostics, and patient awareness about faster diagnostics. The outbreak of COVID-19 impelled the diagnostics industry into action, with a race to develop novel and rapid diagnostics kits for the detection of coronavirus. The pandemic led to a spike in the revenue of companies operating in the infectious diseases segment. For instance, in April 2021, a 59% rise in revenue was reporte

  In Vitro Diagnostics Industry Overview The global in vitro diagnostic market size was valued at USD 111.67 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 0.2% from 2022 to 2030. The growth can be attributed to the increasing adoption of IVDowing to the rise in testing due to the pandemic. The development of automated IVD systems for laboratories and hospitals to provide efficient, accurate, and error-free diagnoses is expected to fuel the market growth. The rising number of IVD (in vitro diagnostics ) products being launched by key players is also fueling the growth of the market. IVD products with molecular diagnostic capabilities deliver effective and accurate results. Gather more insights about the market drivers, restrains and growth of the Global In Vitro Diagnostics market In May 2021, an ultrasensitive molecular test was developed by the University of California. This test is based on a chip technology that can detect the presence of in

  mHealth Industry Overview The global mHealth market size was valued at USD 50.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.0% from 2022 to 2030. The rising focus on improving personal health and fitness using smart devices and wearables is the major factor accelerating market growth. Besides, increasing penetration of the internet and smartphones and growing adoption of mHealth technology and platforms by physicians and patients are also anticipated to propel market growth. Furthermore, the rising penetration of digital health services for remote patient monitoring is also increasing the demand for mobile health apps, which in turn is expected to propel market growth over the forecast years.   In addition, growing awareness among the individuals to use mobile health solutions and supportive government initiatives to introduce and promote remote digital healthcare are some of the factors expected to boost the market growth over the years.

  Healthcare IT Industry Overview The global healthcare IT market size was valued at USD 135.6 billion in 2021 and is projected to exhibit a CAGR of 29.3% in the forecast period. The growing trend of digitalization in healthcare, rising demand for preventive care solutions, the emergence of various entrepreneurship ventures, and growing partnerships & funding are propelling the market growth. Furthermore, the evolution and advancements in network connectivity and development of network infrastructure coupled with increased healthcare IT spending are driving the market growth. Key participants are focusing on innovative product development strategies and are making constant technological advancements with support from improving IT infrastructure. Market players are integrating big data, Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms in their existing solutions to enhance health & medical processes, which is fueling the market growth