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How Does the Rise in Geriatric Population Contribute to Revenue of Patient Temperature Monitoring Industry?

Patient Temperature Monitoring Market

In 2021, the patient temperature monitoring market generated $3,294.8 million in revenue, and it is expected to grow to $6,039.3 million by 2030, advancing at a 7% rate. This growth is driven by the increasing demand for non-invasive, non-traumatic, and hygienic devices that provide accurate temperature readings. Handheld temperature monitoring devices hold a 27% share of the market, thanks to the convenience they offer patients.

The rising prevalence of chronic and infectious diseases like diabetes, cancer, and cardiovascular conditions is further driving the demand for temperature monitoring devices. It is estimated that over the next decade, chronic diseases will claim 5 million lives in the U.K., underscoring the importance of regular temperature monitoring for effective disease management.

In the U.S., as of 2020, 6 out of 10 people had at least one chronic condition, while 4 out of 10 had two or more. This makes temperature monitoring vital for early diagnosis. The link between temperature fluctuations and the occurrence of illnesses is expected to boost demand for temperature monitoring systems.

The COVID-19 pandemic has significantly boosted the temperature monitoring market due to the rising need for such devices. Manufacturers are increasing the production of digital thermometers, which provide accurate and reliable temperature readings. These devices now feature improved technology, reducing errors and fluctuating results. For instance, in February 2020, Xiaomi introduced a non-contact infrared thermometer capable of measuring temperature in just one second with an accuracy of 0.2 degrees.

Non-invasive temperature monitoring systems account for a substantial portion of the market, generating $1,892.9 million in revenue, with a projected growth rate of 7.3%. The demand for non-invasive devices is increasing due to their ease of use, accurate readings, and user comfort.

The growing demand for oral temperature monitoring is driving the sales of oral thermometers, offering an opportunity for manufacturers to introduce new products. Additionally, temporal artery and axillary thermometers are gaining popularity for their simplicity, quick results, and minimal invasiveness, further boosting the market.

Within the application segment, fever management (pyrexia) drives the highest demand, accounting for a 30.1% market share. The rise in the elderly population, coupled with trauma and hemolysis cases, is fueling the demand for temperature monitoring equipment. Fever, often accompanied by fatigue, dehydration, and increased pain sensitivity, is becoming more prevalent, further supporting the market’s growth.

North America is a key region for patient temperature monitoring systems, generating $1,077.0 million in revenue. The market here is expected to grow at a rate of 6.9%, driven by the presence of major industry players, high disposable income, increased surgical procedures, and rising blood donations and transfusions.

Overall, the growing prevalence of chronic and infectious diseases, with high body temperature as a major symptom, continues to propel the patient temperature monitoring industry forward.

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Pharmaceutical Analytical Testing Outsourcing Market Set for 9% Growth by 2030

Pharmaceutical Analytical Testing Outsourcing Market

The global pharmaceutical analytical testing outsourcing market was valued at $7,594.3 million in 2021 and is projected to grow at a rate of approximately 9%, reaching around $15,815 million by 2030. This growth is driven by advancements in the pharmaceutical sector, increased focus on safety and regulatory compliance, rising demand for testing services, and cost advantages of outsourcing.

The demand for bioanalytical services is expected to rise significantly, influenced by evolving regulations for in-vitro and in-vivo testing, as well as the complexities of these assessments. The growing need for biosimilars, combination therapies, and novel drugs has amplified the requirement for specialized tests such as electrochemical, electrophoresis, titrimetric assays, and immunoassays.

Pharmaceutical companies accounted for 48% of the market share historically, as many lack the resources to conduct in-house testing. Outsourcing analytical testing allows these companies to focus on core operations while saving time and resources. In the future, biopharmaceutical firms are expected to grow at the fastest rate, around 9%. These businesses require analytical testing for optimizing production, ensuring quality in biosimilars and biologics, and fulfilling regulatory requirements. The increasing demand for expert personnel to perform assays and handle regulatory filings is further driving the outsourcing trend in the biopharmaceutical sector.

North America held the largest share of the market, about 53%, due to its advanced pharmaceutical manufacturing hubs and increasing production to meet healthcare demands. Europe’s market is thriving with the adoption of cutting-edge microbial manufacturing technologies, while emerging nations collaborate with Western companies to build local capacities through services like clinical research and drug development.

Meanwhile, the Asia-Pacific region is expected to witness the fastest growth, driven by significant investments, expansion in the pharmaceutical industry, and the presence of major outsourcing centers in China, India, and the Philippines. China has become a preferred outsourcing destination for Japan’s nearshore and onshore clients due to its attractive delivery capabilities.

With rising drug consumption and increasing R&D activities, the demand for pharmaceutical analytical testing outsourcing continues to grow globally.

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Medical Billing Outsourcing Market Doubles by 2030 as Digital Healthcare Grows

Medical Billing Outsourcing Market

In 2024, the medical billing outsourcing industry size stood at USD 15.6 billion, and it is projected to advance at a CAGR of 12.3% over the projection period, to attain USD 31.4 billion by the end of 2030.

The growth can be credited to the growing utilization of IT resources in the medical business, the increasing funding and also schemes from governments, and the increasing use of medical billing outsourcing services by hospitals, doctors, and other healthcare services, credited to their advantages.

The market for medical billing outsourcing is growing due to several key factors. There’s a rise in medical prescriptions globally, driven by increasing incidences of chronic and infectious diseases and higher hospital admissions. The COVID-19 pandemic further accelerated this trend, boosting demand for medical billing outsourcing as hospitalization rates surged. This heightened the need for robust, scalable, and collaborative digital healthcare infrastructure.

Digitalization and outsourcing have led to increased demand for advanced software technology for medical billing and patient database management. There’s also a growing adoption of electronic health records for patient care and billing purposes.

Rapidly rising demand for telemedicine or telehealth is among several trends seen in the outsourcing of medical billing. Most of the common health care services like consultation, diagnosis, discussion of health issues, treatment, and follow-up can be delivered at a distance with the help of telecommunication equipment like audio/video communicators.

Key Insights

  • Front-end services hold a substantial industry share because of their role in preregistration, registration, scheduling, insurance verification, eligibility checks, and pre-authorization, improving efficiency and patient satisfaction.
  • Middle-end services is projected to advance significantly with new entrants and augmented awareness among healthcare practitioners.
  • Out-patient bills are estimated to advance at a CAGR of 12.6%, propelled by minor injuries, outpatient operations, and improvements in medical technology.
  • The large hospital category leads the market with a 50% share in 2030, credited to their acceptance of electronic health records (EHRs) and the requirement for error-free billing processes.
  • The hospital category dominates the industry in terms of end users, propelled by the growing load of patient records management and increasing reimbursement complexities.
  • Physician offices are expected to proliferate, driven by increased healthcare spending, regulatory compliance needs, and cost reduction efforts through outsourcing.
  • North America leads the global market with a 55% revenue share in 2023, driven by technological advancements, R&D investments, and the presence of major industry players focused on customer satisfaction and service quality.
  • The adoption of medical billing outsourcing is increasing among healthcare providers due to the complexity introduced by the International Classification of Diseases-10th revision (ICD-11), driving demand for robust revenue cycle management (RCM) solutions integrated with electronic medical records (EMRs).
  • Physician offices are focusing on outsourcing to manage healthcare billing errors and operational costs, with approximately 15% of physician earnings spent on billing errors and 25% of revenue allocated to billing processes.
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Increasing Chronic Pain and Smoking Rates Propel Transdermal Drug Delivery Market Growth

The total value of the transdermal drug delivery systems market was USD 4.2 billion in 2023. It is expected to grow at a CAGR of 4.7%, reaching USD 5.8 billion by 2030. This market is primarily driven by the increasing prevalence of chronic illnesses, as traditional drug delivery systems are less effective due to hepatic first-pass metabolism. This process results in oral drugs being mostly broken down in the liver before they can reach their target tissues, reducing their efficacy.

Globally, more than one billion people smoke cigarettes, and despite international and national efforts to monitor, educate, and restrict supply, smoking rates remain high. This drives the demand for transdermal nicotine patches, which have been shown to be 50–60% more effective than placebos in helping individuals quit smoking over a year.

The iontophoresis technology segment leads the market, as it enhances skin penetration and accelerates the release rate of drugs with poor absorption or infusion. The pain management segment is also a major market driver, due to the increasing prevalence of chronic pain from conditions such as amputations, arthritis, and nervous system disorders. An estimated 20% of the global adult population suffers from chronic pain, which significantly impacts productivity and causes emotional and psychological distress. Consequently, transdermal analgesia is gaining popularity.

North America dominates the transdermal drug delivery systems market, driven by patent expirations that allow more companies to enter the market with generic alternatives. Additionally, the relaunch of previously failed drugs for subcutaneous delivery and substantial R&D investments contribute to the region’s significant market share. In Europe, the market is supported by favorable insurance policies and awareness campaigns by government institutions. The region’s advanced healthcare infrastructure and strong public health focus, along with numerous medical device and R&D institutes, facilitate the rapid adoption of innovative healthcare technologies.

The global demand for transdermal drug delivery systems is rising due to the increasing incidence of chronic illnesses, a trend that is expected to continue in the coming years.

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Need for Hygienic Work Environment Drives the Professional Hygiene Market

Professional Hygiene Market

The size of the professional hygiene market will grow at a rate of 5.10% by the end of this decade, to touch USD 23,953 million by 2030.

Because of the increase in populace, shift of individuals from urban to rural areas, and surge in tourism actions, the requirement for hygiene upkeep products is increasing in the hospitality industry, which had about 40% share in the industry in the past.

The category comprises of motels, hotels, spas, food service providers, beauty salons, and other spaces where guests’ accommodation and other personal needs are catered to. One of the straightforward things that visitors expect at these places is good cleansing and hygiene.

The main driver for the development of the tissues and napkins category is the snowballing consciousness of hand hygiene in workplaces and increasing occurrence of HAIs. At hotels, hospitals, and offices, tissue and napkins are the most used products for hand drying; so, they had over 81% share in the professional hygiene market in the recent past.

Also, the progressions in the tech of making tissues, advent of organic tissue paper and cutting-edge ways of dispensing, increasing incomes, and initiatives of the government to support public health are driving the development of the industry.

The use of tissues in washrooms because of need, overall Westernization of the washroom culture, snowballing consciousness of hygiene and sanitation, and mounting living standard have augmented the requirement for finest sanitary products, for further ease.

It is due to the rising need for hygienic work environment, the demand for professional hygiene solutions will continue to grow in the years to come as well.

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Wound Care Biologics: A Rising & Advanced Trend in New Wound Care

Wound Care Biologics

Biologics, or biological medical products, are the treatment products that are produced from living cells or organisms. The improvement in the technology of wound care has resulted in the arrival of biotechnology in wound care.

Wound healing is a complicated procedure that comprises the dynamic interplay of different mediators like growth factors, cellular & extracellular components, and matrix metalloproteinases. Wound care biotechnology targets these aspects that are affected in chronic wounds. Some major wound care biological products are:

Skin Substitutes

Skin substitutes are tissue-engineered products employed to manage chronic non-healing wounds. These products can be utilized to either temporarily or permanently cover the wound bed. Skin substitutes are classified into either cellular and acellular products.

Cellular products are composed of living cells comprised inside a matrix, whereas acellular products are produced from human cadavers.

Browse detailed report analysis on Wound Care Biologics Industry Development and Future Analysis

Cell-based Therapies

The cells in the body are continuously substituted and replenished by stem cells. These cells possess exceptional posibilities in wound care because of their regenerative capacity. Adult stem cells are transplanted to the wound location either as allogeneic or autologous grafts.

Cell-based therapy focuses on making the wound bed more helpful to healing. The cells that are presently being employed in clinical settings include fibroblasts, keratinocytes, and adipose-derived stromal cells.

Growth Factors

Growth factors play an important role in wound healing. The developments in biotechnology have enabled the application and synthesis of exogenic growth factors for wound healing.

Examples of exogenous growth factors are recombinant human epidermal growth factor (rh EGF) and keratinocyte growth factor (KGF). Though, it is important to acknowledge that growth factors only function well in a properly equipped wound bed.

Scaffolds

Bioartificial scaffolds are formed of components existing in the skin extracellular matrix. These tissue-engineered scaffolds integrate laminin, collagen, fibronectin, hyaluronic acid, and endothelial progenitor cells. Scaffolds, unlike conventional wound dressings, have intrinsic world-healing properties.

Usage Of Biologics

Biologics are gradually becoming very common in wound care. Some major usages of biological materials in wound care are: ‍

Film dressings: Films formed from naturally attained polymers are biodegradable. Additionally, they can also be employed for the delivery of small molecules, growth factors, as well as various other therapeutic medicines.

Hydrogels: Hydrogels are 3D structures composed of different polysaccharides. They can imbibe substantial amounts of water which makes them suitable to preserve a moist wound environment. Because of their biocompatibility, naturally attained polymers are increasingly utilized in the production procedure of hydrogels.

Nanofiber-based dressings: Nanofiber-based dressings possess structural resemblances to extracellular matrices. Synthetic and natural biomaterials are employed to produce nanofibers with the electrospinning method.

In addition, nanofiber-based dressings are becoming more popular in wound care because of their protection from bacterial infection as well as effective exudate management.

Wrapping Up

With the increasing cases of burns & accidents, as well as the rising occurrence of chronic wounds, the wound care biologics industry will continue to grow in the coming years.

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Analytical Standards Industry is Led by North America

The analytical standards market was USD 1,618.9 million in 2023, which will increase to USD 2,588.1 million, powering at a 7.0% compound annual growth rate, by 2030.

This progression is because of the increasing application of the related products in biotechnology, pharmaceutical, food quality & safety assurance, forensics, environmental analysis, and various other areas.

Furthermore, their increasing use in the clinical study of complete metabolites and proteins in an organism or a cell, with the surging worry to monitor or control pollution, boosts this growth.

Moreover, the growing worry about product expiry analysis and food quality & safety, owing to the strict government guidelines in this regard, is boosting the acceptance of analytical standards.

In 2023, the environmental science category, based on application, accounted for a 20% share, and it will continue this trend during this decade. This can be because of the increasing worries owing to the rising pollutants emissions and growing efforts for an effective waste processing and clean environment.

North America led the industry, and it will remain leading, advancing at a 7.2% CAGR, till 2030. This is because of the high R&D spending by pharmaceutical firms and the existence of most global manufacturers and regulatory bodies, who have laid down stringent quality standards to fulfill by pharmaceutical businesses.

Furthermore, the advancing biotechnology sector and consequently rising application of analytical standards and technologies also assist this regional growth.

In addition, the existence of key manufacturers has resulted in the high sale of standards or reference compounds to the chemical and pharmaceutical sectors in this continent.

It is because of the growing concerns regarding the safety as well as the quality of food, the analytical standards industry will advance continuously in the coming years.

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NAT Category To Show the Fastest Growth in the Blood Screening Industry

Blood Screening Industry

The blood screening market is on the way of growth, and this trend will continue in the years to come as well. The major factors powering the industry are the enhancements in the blood screening technology, strict regulations with regards to contaminated blood, increased spending, and high incidence of chronic, respiratory, and infectious diseases.

The reagents and kits category dominated the industry in the past. This was because of the need for these products throughout the first stage of the blood screening process and easy obtainability of numerous reagents. Also, the high preference for reliable, fast, specific detection of TTD also powered the acceptance of these products.

The NAT category will have the fastest growth in the years to come. This has a lot to do with the fact that is it is very popular among testing labs and blood banks, because of its higher sensitivity as opposed to the others.

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In the past, blood banks had the major share, as a result of the increasing count of organ transplant surgeries and blood donation activities. Furthermore, the increasing consciousness with regards to the dangers of contaminated blood increased the growth of this category.

North America had the highest revenue in the blood screening market in the past, as a result of the high frequency of respiratory and infectious diseases in the region. For example, the region had the highest number of COVID-19 cases and deaths till April 13, 2020.

Furthermore, the introduction of novel products by the players operating in the industry, chiefly for COVID testing, such as the CoronaCheck antibody test kit by BioResponse, is also has an important role in the growth of the industry.

Also, the growing government support with regards to the use of advanced screening products is also a main growth driver of the regional industry.

Increasing count of collaborations and mergers among the important players has turned out to be a prominent trend in the industry.

For example, in January 2020, Illumina Inc. and F. Hoffmann-La Roche Ltd. started a fifteen-year, non-exclusive partnership to boost the use of distributable (NGS)- based oncology testing.

Similarly, in April 2019, Ortho-Clinical Diagnostics Inc. introduced its D-Dimer assay under its MicroTip partnership assay program. This was developed by the corporation in collaboration with Diazyme Laboratories Inc.

The increasing number of chronic cases all over the globe, and the growing count of blood donors are the two factors among the many which has helped in the growing demand for blood screening. This demand will only go up from here in the years to come as well.

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External Defibrillator – Global Industry Development and Future Analysis

External Defibrillator

The external defibrillator market is witnessing growth and is projected to reach USD 8,709.2 million by 2030, growing at a CAGR of 8.7% during the projection period. This is because of the rising elderly populace and growing cases of out-of-hospital cardiac arrest.

As per the AHA Heart & Stroke Statistics report in recent years, there are over 356,461 OHCA cases stated per annum in the U.S., with around 90% of them causing the patient’s demise. Additionally, in adults, the most often place of OHCA is a residence 73.9%, a public environment 15.1%, or a nursing home 10.9%.

The Indian industry is projected to advance at a substantial pace during the projection period. The industry is mainly propelled by numerous measures taken by private and public establishments to increase knowledge regarding such devices, the surge in healthcare spending, and strategic growth among key companies.

Furthermore, as per the India Brand Equity Foundation, the Indian government is projected to surge healthcare expenditure to approximately 3% of its gross domestic product in 2022. This specifies that healthcare amenities are accepting technical improvements, thus propelling the external defibrillator industry in the nation.

In recent years, external defibrillators utilized for adult patients are responsible for more than 90% of the revenue share. With the growing count of adult patients in contrast to pediatric patients throughout the globe, the danger of CVDs is growing. Adults are more disposed toward cardiac illnesses because of unhealthy lifestyles.

Furthermore, as age surges, the immune system of people initiates confronting issues while fighting illnesses. Furthermore, per annum, around 0.1% of the U.S. populace witness a medicinal services-assessed, OHCA. The European continent has a similar incidence of vacillating from 0.04% to 0.1% of the populace.

In recent years, the public access settings category led the external defibrillator market, with over 30% revenue share. The growth in the occurrence of SCAs and the essential obtainability of automated external defibrillators in public access situations are major reasons paying to the development of the industry in this end-user category.

For instance, the U.S., and also a count of APAC and European nations, has established lawmaking needing the installation of such devices in public places.

In recent years, the North American region had the major revenue share, of approximately 60%, in the industry. The industry in North America is primarily boosted by the increasing healthcare expenditure, growing occurrence of CVDs, rising elderly populace, and rising knowledge regarding the advantages of external defibrillators in the event of VF and pulseless ventricular tachycardia.

Hence, the key external defibrillator industry boosters are the surging elderly populace and growing cases of cardiac illnesses.

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Patient Engagement Solutions Industry Development and Forecast Report 2030

Patient Engagement Solutions Market

The patient engagement solutions market was USD 17,212.8 million in 2022, and it will touch USD 37,267.1 million, advancing at a 10.1% CAGR, by 2030.

The growth of the industry is mainly because of the rising need for advanced drugs and the surging incidence of chronic illnesses. Furthermore, the advancing healthcare infrastructure, mounting elderly population, increasing utilization of mobile health solutions, and rising need for wearable health technology are also boosting the growth of the industry.

The software category, based on component, held the largest share of the industry, approximately 60%, in 2022. This is because of the rapid acceptance of this software by healthcare facilities to ease off complex health data and modify it as per the requirements.

The service category is advancing at a significant rate as services benefit in leveraging and enhancing engagement solutions of patients according to consumers’ necessities, to improve health outcomes. Furthermore, players in the industry provide support & maintenance, ancillary, and training & installation services, for instance, interoperability and electronic health records access.

The cloud-based category, based on delivery mode, will observe the fastest patient engagement solutions market growth, of over 12%, in the coming years. This is attributed to the fact that the cloud delivery mode is a more-secure as compared to others and performs the highest compliance level with the Health Insurance Portability and Accountability Act.

The home health management category, based on application, will observe the fastest growth in the years to come. This is because of the increasing consciousness among people regarding the complexity of the disease, along with their willingness to participate actively in their treatment optimization, tracking, or planning.

The chronic diseases category, based on therapeutic area, is the largest contributor to the industry. This is because of the rising requirement to control the incidence of chronic illnesses.

Furthermore, government organizations in both developing and developed nations are implementing various solutions to decrease the increasing burden of healthcare. Additionally, the surging elderly population is also boosting the requirement for such solutions all over the world.

Based on end user, the providers category accounted for the largest share in the industry. This is because of the mounting count of patients across the globe, as a result, various healthcare providers have started utilizing such solutions to prove better patient treatment.

North America accounted for the largest share, of over 40%, because of the existence of advanced hospital infrastructure, surging incidence of chronic illnesses, and rising count of HIT solution providers.

APAC will observe the fastest growth in the years to come. This is mainly because of the surging incidence of chronic illnesses, the mounting elderly population, and the rising consciousness of patient engagement solutions for these illnesses management.

With the mounting requirements for advanced drugs and the mounting incidence of chronic illnesses, the patient engagement solutions industry will continue to advance in the years to come.