Tuesday, 22 August 2017

Healthcare Revenue Cycle Management Market - Industry Analysis, Size, Share, Growth, Trends and Forecast to 2024

Revenue cycle management or RCM is a combination of revenue generation, payment, and claims processing. In layman’s terms, it is a healthcare system’s financial system. Its components include all clinical and administrative functions that consist of the management, collection, and capture of revenue gained from patient service. It is primarily the entire lifespan of a patient account in a healthcare organization. Revenue cycle management incorporates the use of specific technological tools to track claims throughout patient’s lifecycle, ensuring that the payments are collected without any hurdle, and claims are addressed successfully. RCM tools let healthcare providers do the billing and identify issues quickly, thereby allowing for the secure stream of revenue. A system that runs efficiently thwarts rejection of claims and preserves an efficient and transparent billing process. Revenue cycle management also includes everything from deciding on patient’s insurance adequacy and eligibility to regulating claims through ICD-10.

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HRCM or healthcare revenue cycle management is an important architecture in a healthcare infrastructure. Healthcare organizations employ EHR or Electronic Health Records and computerized performance management to save costs related to the maintenance of their books. This is achieved by lessening the total number of claims denied and by facilitating individuals for adopting online payment platforms. The advent of superior automated elucidations has assisted front desk and clinical staffs, coders & billers, and providers to boost their performance levels in addition to saving time. With the growing business, patients are adopting more than a few payment gateways to make their payments against the services received at hospitals or clinics. Multiple advantages will propel the growth of healthcare revenue cycle management market in the near future.

Integrated solutions is likely to be the primary growth segment in the healthcare revenue cycle management market owing to improved operational competences and smooth economic and clinical structure with better management of treatments, outcomes and most importantly, costs related to these treatments.

Healthcare Revenue Cycle Management Market Taxonomy

On the basis of deployment, the global healthcare RCM market is classified into:
  • On-Premise
  • Cloud-Based
  • Web-Based
  • Others
On the basis of component, the global healthcare RCM market is classified into:
  • Software
  • Services
On the basis of product type, the global healthcare RCM market is classified into:
  • Standalone
  • Integrated
  • Others
On the basis of end user, the global healthcare RCM market is classified into:
  • Hospitals
  • Laboratories
  • Physicians
  • Others
Among deployment types, the cloud based solutions holds the majority share in the healthcare revenue cycle management market. The primary factor for the dominance of this segment is high rate of adoption of electronic medium for maintaining health records, thereby ensuring well-organized data mining, superior accessibility of the data and precise evaluation of the data corresponding to health information. This in turn will fuel the growth of the overall healthcare revenue cycle management market.

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Rising incidences of hospitalizations will drive the overall healthcare revenue cycle management market

According to the American Hospital Association, the total number of registered hospitals in the U.S. was 5,564 in 2015. Moreover, it states that in 2015, the total number of admissions in these hospitals was 35,061,292, i.e. around 35 million patients. Increasing number of hospitalizations, in turn fuels growth of the global healthcare revenue cycle management systems market. Maintaining well organized records of patients is the need of the hour. Additionally, the emerging economies, especially countries such as China and India are likely to show significant growth prospects over the course of the forecast period. Increasing spends on healthcare, availability and accessibility of better healthcare facilities, increasing incidence of diseases and the rising importance of studying historical patient profile across the healthcare industry will augment the overall growth of the market. Government initiates and strict regulatory framework will shape the future of the global healthcare revenue cycle management market.

Major manufacturers in the market compete on the basis of price, and technology (ease of use). Some of the major players operating in the healthcare revenue cycle management market are GE Healthcare, Experian PLC., Eclinicalworks, LLC, Mckesson Corporation, Cerner Corporation, Gebbs Healthcare Solutions, Conifer Health Solutions, LLC. Epic Systems Corporation, Quest Diagnostics Incorporated, Allscripts Healthcare Solutions, Inc., and Athenahealth, Inc.

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Monday, 21 August 2017

Electronic Medical Records Market Size to Reach Close to US$ 40 Billion by 2024

The Global Electronic Medical Records Market was valued at US$ 21,444.4 million in 2015 and is projected to expand at a CAGR of 6.9% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing digitization is propelling deployment of EMR across the global healthcare sector.

Healthcare delivery is expected to undergo a drastic transformation through integration of information technology and healthcare services. The market is presenting new growth avenues for healthcare companies as well as major IT companies such as Apple and Microsoft. These companies are working in close coordination with healthcare service providers, understanding the various nitty-gritties of processes and problems and accordingly developing integrated solutions. Besides, emergence of health monitoring devices and applications and rising awareness among the populace about the ease of use and various benefits of such services led to increases demand for digital solutions to track health parameters and securely access personal medical records. Moreover, the advent of on-cloud EMR solutions further provides significant growth traction for the electronic medical records market.

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There are plethora of electronic medical record solutions available in the market, which makes the market highly competitive diverse scale of operations and unique requirements of users. However, the market provides highly lucrative growth opportunities, given the increasing inclination of various governments towards encouraging deployment of EMR in hospitals and private clinics. For instance, the Dubai government, has installed EMR system, Salama, across the Dubai Health Authority (DHA) network of health facilities. The government will be rolling out its MER system across the DHA network in three phases through 2017.

Furthermore, facilities already using EMR systems are upgrading to improve healthcare delivery. Catholic Health Services (CHS) and University of Maryland Medical System (UMMS) achieved Stage 6 recognition (almost fully automated/paperless medical records) by the Healthcare Information and Management Systems Society (HIMSS) Analytics on their Outpatient EMR adoption model of HIMSS Analytics. Deployment of new EMR systems and upgrading of systems would be significantly contributing towards growth of the global electronic medical records market.

At the same time, industry experts opine to have a defined legal framework for EMRs to avoid unnecessary legal issues. Emerging economies such as India, Brazil, Turkey, China, and Indonesia need to devise a framework for the use of EMR systems in their respective countries. In India, there are no defined legal framework in place to govern EMR and EHR systems, with preexisting IT laws applied to these systems. Cyber Laws, Indian Information Technology Act laws and compliances concerning health and medical industry are various governing laws posing a major challenge to smooth operations of present EMR systems. Healthcare facilities in India, using EMR systems, are facing challenges in complying with these laws and thus, are at risk of being faced with legal issues. Having a proper legal framework is essential in the growth path of electronic medical records market.

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Key takeaways of the market:
  • The global electronic medical records market is expected to expand at a CAGR of 6.9% during the forecast period (2016–2024) as there exists a huge demand especially in Asia Pacific, Latin America, Middle East and Africa markets
  • Cloud-based solutions are expected to fuel the global electronic medical records market growth exponentially during the forecast period. Chain of hospitals and diagnostic laboratories who can afford cloud-based EMR systems find it very beneficial for their patients.
  • Hospitals are the major end users of EMR systems as these organizations deal with a huge patient database and have high demand among their patients to access their medical records
  • The demand for EMR is growing in ambulatory/outpatient services, which is expected to fuel the growth of this market in near future
  • High healthcare spending and rapid digitization has supported the North America and European regions to dominate this market. However, increasing funding in emerging regions driving better healthcare infrastructure would drive substantial demand in Asia Pacific and Latin America during the forecast period.
  • Some of the major players involved in global electronic medical records market include Cerner Corporation, Allscripts-Misys Healthcare Solutions Inc., McKesson Corporation, Quadramed Corporation, Medical Information Technology Inc., Sage Software Healthcare Inc., Greenway Health, LLC, NextGen Healthcare Information Systems, LLC, Epic Systems Corporation, and GE Healthcare.
About CMI

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Saturday, 19 August 2017

Human Microbiome Market - Industry Analysis, Size, Share, Growth, Trends and Forecast to 2024

Microbial cells outnumber the human cells in the ratio 10:1 in a health human body. Human microbiome is the study of microbes present in the human body. These are beneficial microbes that carry out functions not performed by any gene in the human DNA and hence, they play a very important role in the human body. For example, these microbes produce certain vitamins that our body cannot make, breakdown our food, equip our immune system to recognize harmful foreign bodies, and produce anti-inflammatory compounds against it. The seemingly unending beneficial properties of microbial population was unearthed in 2008, as part of the Human Microbiome Project (HMP) launched by the National Institutes of Health (NIH). The HMP project aims to characterize the human microbiome and analyze its role in human health and disease conditions.

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The HMP has identified microbiome communities at several human body sites, including gastrointestinal tract, skin, oral cavity, nasal passages, and urogenital tract. Currently, the HMP projects are focused on three areas – pregnancy and preterm birth, onset inflammatory bowel disease, and onset of type 2 diabetes.

Global Human Microbiome Market Taxonomy

Research in this field has led to the emergence of various microbiome-based products. The global human microbiome market is analyzed on the basis of product type into probiotics, prebiotics, foods, medial foods, diagnostic devices, and other drugs and supplements. Prebiotics are increasing demand worldwide, with growing awareness about the various beneficial properties of the product such as improved digestion, better gut health, help with weight loss, and reduced risk of heart disease.

On the basis of application, the global human microbiome market is segmented into therapeutic and diagnostic. Therapeutic use of human microbiome is increasing with research yielding new applications and usage of human microbiome. The market is thus expected to be inclining towards therapeutic applications in near future. Moreover, microbiome products are considered to be relatively safe, which creates a highly conducive environment for growth of human microbiome industry.

The human microbiome can also be analyzed based on the technology used for conducting research in this field. These technologies include cell culture technology, high-throughput technology, omics technology and computational tools. Products used for research include instruments (analyzers and other laboratory instruments) and consumables (kits and reagents).

Market participants can also understand the human microbiome market dynamics through analysis for different health conditions such as obesity, diabetes, acute diarrhea, mental disorders, autoimmune disorders, cancer, and other diseases.

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Human microbiome market: Regional overview

The human microbiome market is in growth stage and is rapidly emerging, with promising future. The market is highly developed in North America and Europe, where product and technology is high among the consumers, researchers and healthcare practitioners. Introduction of new products and microbiome modulators in these regions would propel market growth. There is high interest in incorporating microbiome modulators in food and dietary supplements of human diet in order to supply the body with the missing dietary supplements. The human microbiome technology and products would gain significant traction in the emerging economies of Asia Pacific, Latin America, and Middle East regions. Growing product awareness, rising demand for safe medical products and increasing research activities would be the driving factors for human microbiome industry in these regions.

Some of the key players in the global human microbiome market include Merck & Co. Inc., Affymetrix Inc., Vithera Pharmaceuticals, Microbiome Therapeutics, LLC, Vedanta Biosciences, Inc., Metabiomics Corporation, Enterome Bioscience, Osel, Inc., Yakult Honsha Co., Ltd., Second Genome, Inc. and E.I. Du Pont De Nemours and Company

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Friday, 18 August 2017

Hearing Protection Devices Market to Breach US$ 2 Billion Level by 2024 Underpinned by Surge in Construction Activity in Asia

Hearing loss is the inability to hear any kind of sounds, whereas deafness is the inability to know and understand speech heard even after the sound is amplified. Intense deafness means an individual cannot hear at all, characterized by the inability to detect or identify sound, even at highest volume. According to Hearing Loss Association of American, in 2013, around 20% of the population of the U.S.—approximately 48 million people—reported some level of hearing loss. At an older age of around 65 years, the proportion of hearing loss is 1:3. Around 60% of individuals who experience hearing loss are either part of the workforce or are in an educational settings. In the U.S., 2-3 in every 1,000 children are born with hearing loss, naturally, by either one or both the ears, and around 15% of teenagers have some level of hearing loss.

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Market Dynamics

A study conducted by Noise and Health organization in Accura, Ghana, a total of 101 mill workers were examined and found that 23.7% were identified with the hearing loss symptoms. According to the Bureau of Labor Statistics’ (BLS) Quarterly Census of Employment and Wages, there are of approximately 74% of hearing loss cases in the U.S. due to manufacturing. Furthermore, approximately 12 million workers in the country are involved in the manufacturing sector. Bureau of Labor Statistics’ (BLS) explains that hearing loss is one of the factor of any individual illness among the manufacturing workers. According to Survey of Occupational Injuries and Illnesses, in the U.S., in 2012, hearing loss accounted for 12% or 18, 500 cases of all recordable cases. At the state level, Ohio Survey of Occupational Injuries and Illnesses data for 2012 recorded a total number hearing loss factors was in private sector industries itself be around 5,000 cases. Out of 5000 cases, hearing loss cases reported in Ohio’s manufacturing industries were around 800 to 900 days.

Market Taxonomy

This report segments the global hearing protection devices market on the basis of product type, protector, end user, and geography. On the basis of product type, the market is categorized into ear plugs, earmuffs, uniform attenuation earplugs and hearing bands. On the basis of protector, the market is categorized into enclosure, aural insert, super-aural protectors and circum-aural protector. On the basis of end user, the market is categorized into construction, forestry, military, mining, manufacturing, healthcare and others. For comprehensive understanding of market dynamics, the global hearing protection devices market is analyzed across key geographical regions namely North America, Europe, Asia Pacific, Latin America, Africa, and Middle East. Each of these regions is analyzed on basis of market findings across major countries in these regions for a macro-level understanding of the market.

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Key features of the study:
  • This report provides in-depth analysis of the hearing protecting devices and provides market size (US$ Million) and Cumulative Annual Growth Rate (CAGR (%)) for the forecast period: 2016 – 2024, considering 2015 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players
  • It profiles leading players in the global hearing protection devices market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies and future plans
  • Key companies covered as a part of this study include 3M, Starkey Laboratories India Pvt. Ltd, Honeywell International Inc, Hellberg Safety Ab, Amplifon., Dynamic Ear Company, Centurion Safety Products Ltd., Sonomax Technologies Inc, Siemens Healthcare GmbH, ADCO Hearing Products Inc, and Elvex Corporation and Moldex-Metric Inc.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision with respect to their future product launch, end user upgrades, market expansion, and marketing tactics
  • The global hearing protection devices market report caters to various stakeholders in this industry, including investors, device/system manufacturers, distributors and suppliers for hearing protection system, research and consulting firms, new entrants, and financial analysts
  • Various strategy matrices used in analyzing the hearing protection devices market would provide stakeholders vital inputs to make strategic decisions accordingly
About CMI

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Thursday, 17 August 2017

Clinical Mass Spectrometry Market by product type and application – Outlook, and Opportunity Analysis, 2016–2024

Mass spectrometry or MS is an investigative method that ionizes compound species and arranges the ions on the basis of their mass-to-charge ratio. In layman terms, mass spectrum calculates the masses inside a sample. A mass spectrum is basically a plot of the signal that is generated by the ion with respect to the mass-to-charge ratio. The spectra thus generated are used to detect the isotopic or elemental signature of samples such as peptides and other chemical compounds. Mass spectrometry finds application in various fields such as atom probe, protein characterization, and glycane analysis, among others. However, the clinical mass spectrometry market has a promising future, owing to the preciseness of the process as well as technological advancements in the field of pharmacokinetics.

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Clinical mass spectrometry is widely used for diagnostic purposes. Outside the usage of mass spectrometry in the routine diagnostic setting, clinical mass spectrometry also deals with the conversion of analytical research and experimental techniques to patients' care and its applications in routine patient care studies and clinical research. The scope of clinical mass spectrometry includes endocrinology, therapeutic drug monitoring, microbiology, regulatory aspects in diagnostic usages, and patient safety and risk assessment, among others.

Clinical mass spectrometry has gained significant prominence over the last decade, with large clinical laboratories adopting LC-MS/MS or liquid chromatography-tandem mass spectrometry. These mainly use reverse phase liquid chromatography at conformist flow rates and triple tandem mass spectrometers. The analytes targeted were small molecules most of the time and drivers for adoption were inter-related. Contrasting the majority of methods of tandem mass ­spectrometry-based in clinical lab, these advanced screening applications characteristically employ flow-injection without chromatographic separation. They are semi-qualitative or quantitative­ in nature. Low costs involved with deployment of clinical mass spectrometry significantly fuels adoption levels. However, the move to mass spectrometry is also reasoned by factors such as assay superiority. This enhancement in quality is illustrated by testosterone. Measuring testosterone was unreliable in individuals with squat endogenous concentrations such as in children and women. The greater functionality of LC-MS/MS allowed subjects from this group of individuals to be examined more consistently than before.

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Increasing automation and growing demand for tissue imaging to drive growth of the overall clinical mass spectrometry market

The future of clinical mass spectrometry is quite promising. It is expected that the rising inclination toward automation eventually will result in the emergence of fully automated medical analyzers using detection techniques based on clinical mass spectrometry. At that point clinical mass spectrometry is likely to develop into a developed technology and will be widely used both by small and large clinical laboratories. In the short-term, a transitional technology of user-friendly mechanization of clinical analyzers may increase growth of the clinical mass spectrometry industry during the forecast period.

Imaging of tissue is another developing technology that uses mass spectrometry. Tissue imaging is primarily needed for examining the neural architecture in organisms. The amount of information provided by mass spectrometry is much higher than conventional stain-based histology. This would result in higher adoption of the technique thereby boosting the clinical mass spectrometry market in the near future.

Clinical Mass Spectrometry Market Taxonomy

On the basis of product type, the global market is classified into:
  • LC-MS
  • GC-MS
On the basis of application, the global market is classified into:
  • Clinical Diagnostics
  • Clinical Testing
  • Proteomics
  • Drug Discovery
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As the complexities of diseases is on the rise, so are the number of clinical research activities aimed towards finding effective treatment of these diseases. Clinical mass spectrometry enables researchers to successfully test and hypothesize their objectives and results more accurately, at lower costs. Government initiatives for inculcation of clinical mass spectrometry, owing to low investments and better clinical outcomes will further augment growth of the overall clinical mass spectrometry market.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Atrial Fibrillation Market - Industry Analysis, Size, Share, Growth, Trends and Forecast to 2024

Atrial fibrillation or A-fib or AF is an irregular heart beat exemplified by rapid and abnormal beating of the heart. The process usually starts as short periods of uncharacteristic beating that become elongated and constant over a period of time. Most episodes have little or no symptoms. Intermittently there can be palpitations in the heart, lightheadedness, fainting, chest pain, or shortness of breath, among others. Atrial fibrillation is linked with an elevated risk of heart failure, stroke, and dementia. The disease is a kind of supraventricular tachycardia. Valvular heart disease and high blood pressure are some of the common risk factors for atrial fibrillation. Some of the other risk factors related to heart include coronary artery disease, heart failure, congenital heart disease, and cardiomyopathy. In emerging economies, valvular heart disease mainly occurs due to rheumatic fever. High alcohol intake, thyrotoxicosis, and diabetes mellitus are some of the other factors. Diagnoses include checking the pulse and post-pulse measurement, an electrocardiogram (ECG) may confirm the presence of the disease. A distinctive ECG in atrial fibrillation does not show P waves and they indicate an abnormal ventricular rate.

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According to CDC, it is estimated that 2.7–6.1 million individuals in the U.S. alone suffer from atrial fibrillation. The report further states that the number is likely to increase with the aging of the population in this region. Roughly 2% of the population who are younger than 65 years of age suffers from AF. However, around 9% of the population aged 65 years or more suffers from AF. The global market for atrial fibrillation is expected to grow at a steady pace, owing to the rise in the number of AF patients, caused primarily by common diseases and health conditions such as diabetes, obesity, and hypertension. Prevalence is especially highly among the geriatric population. Increasing cases of AF among the global population coupled with rising importance of catheter ablation procedures is expected to fuel growth of the atrial fibrillation market over the forecast period (2016–2024).

Atrial fibrillation market Taxonomy

On the basis of treatment type, the global market is classified into:
  • Non-Pharmacological
  • MAZE surgery
  • Catheter ablation
  • Electric cardioversion
  • Pharmacological
On the basis of device type, the market is classified into:
  • Catheter ablation devices
  • Mapping and recording systems
  • Access devices
  • Cardiac monitors
  • Intracardiac echocardiography (ICE) systems
  • Left Atrial Appendage (LAA) and closure devices
Increasing prevalence of atrial fibrillation, especially among the geriatric population to drive growth of the overall atrial fibrillation market

Rise in life expectancy among the global population has led to an increase in occurrence of AF in geriatric population. Also, rise in inclination for catheter ablation and technological advancements will fuel the market growth of atrial fibrillation market. Nonetheless, lack of skilled professionals and hostile first choice of pharmaceutical interventions over AF healing devices are projected to encumber the growth of the atrial fibrillation market size. According to the National Center for Biotechnology Information (NCBI), the prevalence of AF is estimated to double in a span of two decades (2010–2030). Favorable regulatory steps such as “National Programme for Prevention and Control of Diabetes, Cardiovascular Diseases and Stroke (NPDCS)” undertaken by the Government of India, which aims to prevent and control premature mortality and morbidity from cardiovascular diseases, stroke and diabetes mellitus. These factors governing the market along with rise in total number of AF cases will propel growth of the market during the forecast period.

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North America is the largest revenue contributor towards the global atrial fibrillation market share. Presence of advanced healthcare facilities and higher adoption rate of technologically advanced technologies in countries such as U.S. and Canada are some of the factors responsible for the dominance of the market in this region. The market in Asia Pacific is projected to grow at a substantial rate in the near future, owing to the region’s growing population and rapidly aging population highly vulnerable to heart diseases. Also, demand for atrial fibrillation treatment devices is estimated to increase, owing to the advancements in healthcare infrastructure and rise in expenditure in the emerging economies such as China and India thereby, fueling overall growth of the global atrial fibrillation market over the forecast period.

Some of the major companies operating in the atrial fibrillation market in the current scenario are Cardiofocus, Inc., Biosense Webster, Inc., Biotitic Se & Co. Kg, St. Jude Medical, Inc., Medtronic, Inc., Carima, Inc., Boston Scientific Corporation, Ncontact, Inc., and Agricore, Inc.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Wednesday, 16 August 2017

Packaging and Labeling (Healthcare) Services Market - Industry Analysis, Size, Share, Growth, Trends and Forecast to 2024

Packaging is the process of assembling and filling of the product, sterilization, and finally placing the necessary labels on the container. It helps in protecting and preserving the products from any kind of damage. The package and labelling services find wide application across diverse industries, including healthcare. Packaging plays an important role in marketing a product, ensuring protection, enhancing usability, brand promotion, and reducing environmental impact. Following are the variables that should be considered when choosing a container’s design:
  • Protection against damage or contamination by micro-organisms, air, moisture and toxins Prevention of product spilling or leaking
  • Product Identification and Labeling
  • Marketing of Product to Consumers
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Packaging and Labeling (Healthcare) Services Market 

On the basis of Packaging Type, the global market is classified into:
  • Primary Packaging
  • Bottles
  • Pouches
  • Blisters
  • Tubes
  • Secondary Packaging
  • Labeling
  • Cartooning
On the basis of Product Type, the global market is classified into:
  • Solid Dosage Forms
  • Tablets
  • Capsules
  • Granules
  • Powder
  • Semi-solid Dosage Forms
  • Creams
  • Ointments
  • Suppositories
  • Liquid Dosage Forms
  • Syrups
  • Eye/Ear Drops
  • Aerosols
  • Medical Devices
Rampant growth of the pharmaceutical and medical devices industries is the major driver for growth of the packaging and labeling (healthcare) services market. Certain medical devices are very delicate and require utmost care when handling, such as microscope slides, glass pipettes and test tubes, syringes, and several other products. These tools must sometimes travel long distances using various forms of transport. For example, Solid Bleach Sulfate (SBS) box partitions are one way to keep devices safe during transit. Packaging plays a pivotal role in ensuring proper use of the device without causing any damage to it.

Growing demand for anti-counterfeiting drug packaging technology and products is another major factor fueling market growth. Microbial growth is effectively inhibited by proper packaging that extends the shelf life of pharmaceutical drugs. As pharmaceutical and medical devices have to play crucial role in ensuring public health, strict policies are executed, to determine that the pharmaceuticals packaging fulfil with the highest standards of quality. Packaging and labelling industry has been affected by many governmental decisions, from the original Food and Drug Act of 1906 [that banned interstate commerce in misbranded and adulterated foods, drinks and drugs] to the Dietary Supplement Health and Education Act of 1994 (DSHEA), which established specific labeling requirements for dietary supplements. The execution of stringent policies has therefore, encouraged pharma companies and medical device manufacturers to invest on R&D of advanced packaging techniques. Good manufacturing practices (GMP), good clinical practices (GCP) and good laboratory practices (GLP) and the responsibility on the regulatory bodies to ensure a healthy supply of quality drugs at affordable prices to the Indian masses.

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Despite being facilitated by favorable government regulations, complicated registration and approval processes are some of the expected factors which hamper packaging and labeling market growth. For example, under the Poison Prevention Packaging Act in 1970, the Consumer Product Safety Commission (CPSC) has the authority to require that packaging for possibly dangerous products including oral forms of most prescription and over the counter (OTC) drugs and iron containing dietary supplements incorporate child strong features to prevent serious personal injury.

This market is expected to extensively gain from the rising adoption of nano-enabled packaging in the pharmaceutical industry. Nano-enabled packaging uses nano-materials with diameter less than 100 nanometers, for manufacturing packaging materials. Nano-enabled packaging is widely engaged in food & beverage and pharmaceutical packaging which also has shown strong acceptance in the market. It has been found to improve features such as taste, color, texture and consistency of the packaged food. It also increases absorption and the bio availability of nutrients in foodstuffs. Rampant growth of the pharmaceuticals industry in emerging economies is expected to change the dynamics of the global packaging and labeling services market in the near future, with players looking to capitalize on highly lucrative opportunities in these densely populated regions.

Key players operating in the global packaging and labeling services market are 3M Company,  Bemis Company, Inc., Sonoco Products Company, WestRock Company , Schott AG , Amcor Limited, Owens-Illinois, Inc., CCL Industries, Inc., DuPont, and Gerresheimer AG.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.