Rising Global Economy Propels Global Operating Room Equipment Market

The advancing global economy has presented an opportunity-rich market for the medical and healthcare sector. The global operating room equipment market is one of the lucrative segments of the worldwide healthcare industry. It has been rising at an immense growth rate on account of the increased affordability of advanced treatments due to the increased purchasing power of consumers across the world.

According to Transparency Market Research (TMR), a market research and intelligence firm, the global operating room equipment market stood at US$2.67 bn in 2012. Supported by the worldwide increase in the number of ambulatory surgical centers (ASCs), the worldwide operating room equipment market is likely to expand at a CAGR of 6.20% during the period from 2013 to 2019 and reach a value of US$4.05 bn by 2019.

The key driving force behind the exceptional growth of this market across the globe is the rising demand for technically advanced operating room equipment from hospitals, nursing homes, and ASCs.

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Mayo Clinic Plans to Spend US$92.7 mn on Advanced Operating Room Equipment

Recently, Mayo Clinic, a U.S.-based healthcare chain, announced its plans to spend US$92.7 mn on advanced operating room equipment and facilities in order to provide a world-class experience to its patients. The plan gained approval in November 2015 from the board of directors of the healthcare giant.

According to this new strategy, Mayo will construct 2 hybrid operating rooms, fully equipped with state-of-art equipment, at St. Marys. These rooms will be specially designed for minimally invasive operations such as surgeries with radiology imaging. At its Methodist campus, the organization will be building 14 similar operating rooms.

Elkhart General Hospital Invests U$83 mn to Upgrade its Current Facility

In Jan 2016, one more prominent U.S. healthcare organization, Elkhart General Hospital, invested US$83 mn for upgradation of its operating rooms, setting up the stage for the hospital to rise using the present and upcoming technical advancement in the area of operating room equipment. 

Another major U.S.-based healthcare organization, Advocate Eureka Hospital, recently added a 28,000-square-foot facility. This new unit has private patient rooms and boasts an upgraded operating suite furnished with modern and highly advanced equipment. The project cost the organization a total of US$11.3 mn.

Mergers, Acquisitions, and Collaborations: Key Strategies for Growth

The global operating room equipment market is highly competitive in nature. Mergers, acquisitions, and collaborations are the key strategies adopted by market players to gain a competitive edge over each other. For instance, in mid-2015, Stryker Corp. acquired the Germany-based surgical room equipment manufacturer, Berchtold Corp for US$172 mn.

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Karl Storz GmbH & Co. KG, Getinge Group, Eschmann Equipment, NDS Surgical Imaging LLC, Steris Corp., Skytron LLC, TRUMPF GmbH + Co. KG, and Stryker Corp. are the key manufacturers of operating room equipment in the global arena.

Outsourcing of Medical Devices Creates Room for a Higher Scope of Quality and Quantity

The global medical devices outsourcing market is a unique and fast-paced one in the currently vast field of outsourcing. Driven primarily by reduced time-to-market strategies, the global medical devices outsourcing market is one of the booming fields in the healthcare industry.

The global medical devices outsourcing market is exhibiting a CAGR of 11.6% from 2012 to 2018. This market was valued at US$21.1 bn in 2012 and is expected to reach US$40.8 before the end of 2018. Multiple parameters can be used to gauge this rate of progress, the most essential one being the competitive landscape. This is governed by the key players of the global medical devices outsourcing market: Avail Medical Products, Micro Systems Engineering GMBH, MDMI Technologies Inc., Active Implants Corporation, Accellent Inc., and CIRTEC Medical Systems LLC. With developing economies reaping the benefits that come with outsourcing, developed economies can consequently provide better services and products, and this applies especially to the healthcare industry.

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Developed Nations’ Healthcare Sectors Profit from Growth of Outsourcing

On paper, the process of outsourcing is simple; a company lets another company do a part of the work in order to reduce operational burden for a fraction of the cost. Companies can do without in-house teams with the backing of a strong outsourcing firm, thus creating massive savings in space, time, and costs. This two-way street adds value to both sides of the coin; it provides a much-needed rate of employment to the developing nations and a steady rate of work at a lower price for developed nations. As for the case of the global medical devices outsourcing market, there is a growing trend of the biggest international companies in the medical device manufacturing industry implementing outsourcing measures to ensure constancy in output.

Major Factors that Promote the Growth of Medical Devices Outsourcing 

The global medical devices outsourcing market is also driven by a string of pressures on the healthcare industry. These include the shortening lifespans of products, the increasingly smaller range of opportunities left for players to grab, the accelerated rate of improvements in technology that players have to keep up with, and the rising prevalence of diseases. The increasing number of patients suffering from neurological and cardiac diseases makes it extremely important for medical device makers to push themselves to keep up with the increasing population of the afflicted.

Organized Layouts and Watchful Eyes Aid the Medical Device Outsourcing Market

The universal rule of medical device manufacturing, as with other major aspects of the healthcare industry, is that quality and safety are paramount. Second position in the healthcare industry could change the life and death scenarios for the worse, and therefore, players are constantly focusing on implementing the best practices available.

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As for safety of medical devices, various measures are being taken to assure clients that the products are made in order to ensure the highest level of safety. For instance, the medical devices market of India has faced several problems, such as babies being injured or dying inside incubators, and prosthetics causing blood poisoning. To combat this, the health ministry of India had recently formed a materio vigilance program which can ensure the safety of materials being used in medical devices.

Global Erectile Dysfunction Drugs Market Declining due to Rising Availability of Generic Drugs

Erectile dysfunction drugs are among the most popular remedies utilized against erectile dysfunction. Due to the rising prevalence of erectile dysfunction (ED), due to genetic as well as environmental factors, the global market for various remedies countering ED has grown in recent decades. However, in the coming years, the cumulative effect of the most influential factors affecting the global erectile dysfunction drugs market is expected to be negative, as the global market is expected to witness a -4.50% CAGR from 2013 to 2019. The market is expected to drop from a value of US$4.3 bn in 2012 to US$3.4 bn by 2019. 

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Rising Usage of Counterfeits/Generics Hampers Erectile Dysfunction Drugs Market

The prospects of the global market for erectile dysfunction drugs in the coming years are primarily hampered by the impending patent expiries of major drugs in the market. This will lead to a proliferation of generic as well as counterfeit ED drugs in the coming years. 

Another major restraint on the global erectile dysfunction drugs market is the reduction in insurance coverage for ED drugs in recent years. The price difference between generic drugs and patented drugs and the absence of sufficient insurance coverage will collectively severely restrain the global erectile dysfunction drugs market.

Rising Geriatric Population could Benefit Global ED Drugs Market

Even though the market for erectile dysfunction drugs is expected to reduce in valuation over the coming years, there are several factors that could sustain the market. Among these, the growing population of the elderly around the world is a major market driver. Since the risk of erectile dysfunction grows with age, the geriatric population comprises a major consumer segment of the erectile dysfunction drugs market.

The rising prevalence of a sedentary lifestyle, which increases the chances of erectile dysfunction, is another factor that could aid the erectile dysfunction drugs market in the coming years. Since a significant part of the global population works at desk jobs, this could become an influential factor in the trajectory of the global erectile dysfunction drugs market in the coming years.

North America to Lead Global Erectile Dysfunction Drugs Market

The global market for erectile dysfunction drugs is segmented into North America, Europe, Asia Pacific, and Rest of the World according to geography. Among these, the North America market for erectile dysfunction drugs emerged as the leading regional segment of the global market, due to a large user base of consumers aware of the benefits and risks of erectile dysfunction drugs. The widespread prevalence of a sedentary lifestyle and the high geriatric population in this region, due to widespread industrialization and the availability of high-quality medical facilities, are also beneficial for the erectile dysfunction drugs market.

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Viagra is the leading product in the erectile dysfunction drugs market and is expected to remain the leading contender in spite of the expiration of its patent outside the U.S. However, in the U.S., Viagra is expected to remain the leading product in the near future, since its patent exclusivity in the U.S. has been extended to 2020.

Growing Need for Medical Screening and Forensic Testing to Boost Drugs of Abuse Testing Market

The drugs of abuse testing market is stimulated by the rising awareness of non-government and government organizations about the hazardous effects of drugs and for controlling the socio-economic losses related with drug abuse. In addition, factors such as the rising production and consumption of illegal drugs, rising death rates owing to drug abuse, and the implementation of drug abuse (DOA) testing in companies have fuelled the drugs of abuse testing market. 

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Demand for Improved Antibiotics a Leading Driving Force 

TMR, a market intelligence company throws light on the various areas wherein drug abuse testing plays a significant role. The various purposes of drugs of abuse testing within these areas are as follows:

• Medical Screening: Medical screening for drugs of abuse testing is majorly focused in determining the drugs or the group of drugs already consumed by a person.  The response of a particular drug on the person’s body and the combination as well as the quantity consumed can be determined, so as to ensure proper treatment.  A health practitioner may also demand drug testing in case of medical reasons such as if a person shows symptoms of intoxication including nausea, unconsciousness, panic, paranoia, chest pain, increased temperature, seizures, and respiratory failure. In addition, drug testing is also required in case of injuries or accidents resulting from the consumption of certain drugs or alcohol, in the case of an organ transplant, or during pregnancy.

• Forensic Testing: Drugs of abuse testing for legal or forensic purposes majorly aims at detecting banned or illegal drug utilization in a number of situations. A sample of urine, saliva, or hair is provided by the donor and this sample is secured and closed with a tamperproof seal in the presence of the donor. This is carried on in cases such as lawsuits wherein random monitoring of a person who has been convicted of illicit drug use is done. In addition, this type of testing also takes place via law enforcement agencies when drugs or alcohol are considered to be major reasons for an accident or injury. In addition, this type of testing also takes place in life insurance companies for applicants wishing to secure an insurance policy and in schools amongst athletes. 

• Employment Drug Testing: Drug of abuse testing in employment usually entails forensic testing and is done before employment or in case the employer suspects that an employee is taking illegal drugs. This type of testing is mandatory in some workplaces, such as in the Department of Transportation within the U.S, and for federal and military employees.

• Sports Screening: Drugs of abuse testing is primarily performed on competitive athletes and is used more at international levels than national levels. The U.S. Anti-Doping Agency (USADA), the World Anti-Doping Agency (WADA), and the International Association of Athletic Federations (IAAF) work in collaboration for monitoring drug usage in athletes within international and national levels. In this type of testing, medical practitioners test for banned compounds such as anabolic steroids, growth hormones, and peptide hormones. These testing methods aim at distinguishing between supplemented and endogenous compounds within the bodies of athletes.

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"Depleting Oil and Gas Reserves Keep the Demand for FPSOs Afloat"

The floating, production, storage and offloading (FPSO) unit market is a byproduct of the needs of the offshore industry. All throughout 2015, the offshore industry was covered with the miasma of plummeting oil prices, lowering operator expenditures, and delayed projects. Surprisingly, despite this gloomy picture, the demand for FSPO units has been upbeat. According to Transparency Market Research, the global FPSO market was worth US$15.86 bn in 2014 and is anticipated to exhibit a CAGR of 16.2% from 2015 to 2021. This positive outlook will be a result of the growing investments in offshore exploration of oil and gas in deepwater and ultra-deepwater reserves in regions such as Brazil and Africa.

Top Players Have Busy Year Ahead

Some of the important players in the global FSPO market are Samsung Heavy Industries Co., Ltd, MODEC, Inc., BW Offshore, SBM Offshore N.V., Bluewater Energy Services B.V., Hyundai Heavy Industries Co., Ltd., Aker Solutions ASA, Bumi Armada Berhad, Teekay Corporation, and Yinson Holdings Berhad. These top players will have a busy 2016 with projects such as Samsung Heavy Industries constructing Shell’s Appomattox semisubmersible hull. The topside of this structure will be fabricated in the Gulf Coast at Kiewit in Ingleside, Texas. Meanwhile, Modec is also working on an FSO with Maersk, a collaboration that will procure, engineer, and commission the unit.

The types of FPSO vessels sold in the global FPSO market are new-build, converted, and redeployed. Depending on the water depth the vessels are designed to function in ultra-deepwater, deepwater, and shallow water. Geographically, the global FPSO market has a presence in regions such as Americas, Europe, Asia, Africa, and Oceania.

Americas to Lead Global FSPO Market

Of all the regions, the Americas held the leading position in the global FPSO market and analysts predict that this region will continue its dominance in the coming years as well. This trend will be the reflection of the high demand for FSPOs with significant developments in oil fields, especially off the shore of Brazil. Furthermore, Southeast Asia and West Africa are also proving to be lucrative markets for FPSOs with increasing deepwater and ultra-deep water offshore activities. Amongst the types of FSPOs in the market, the converted FPSO segment garnered sizeable revenue in 2014. The factors supporting this demand were faster deployment of converted FSPOs and low capital requirement as compared to new-build vessels.

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The depleting reserves of oil and gas have created an urgent need for exploration of new oil and gas reserves that will cater to the future energy demands. This urgency has created a huge demand for FPSOs amongst oil and gas exploration companies. The demand for FPSOs will also be propelled by their ability to sustain unsparing working conditions and potential to be moored at various locations post projects.

Global Building Information Modeling (BIM) Industry Benefit from Rising Construction Activities Globally

Building information modeling (BIM) is an innovative technology that has completely transformed the way infrastructure, buildings, and utilities are designed, planned, and managed. It is a 3D visual presentation of the drawing, which includes the plan, section, and elevation of a building. BIM is a kind of digital fabrication system, where the real model of the building is constructed digitally with accurate standards and specifications. Presently, BIM systems also incorporate 4D and 5D visual presentations that include time and cost estimations for the building plan.

In recent years, BIM has proven to be a very prominent tool in the field of building technology. In addition, the other segments in which BIM is considered as an important tool in architecture, engineering, and construction (AEC) are light analysis, geographic information, lean construction, and properties and qualities of building components. This technology enables contractors, architectures, and engineers in obtaining a clear picture of the building coupled with a brief visualization. This further helps in the easy implementation of the plan and conveys information in a precise manner. These features have made BIM a game-changing technology in the overall AEC industry.

According to a research study by Transparency Market Research, in 2014, the global building information modeling industry was worth US$2.76 bn and is anticipated to touch US$11.54 bn by the end by 2022, exhibiting a promising 19.1% CAGR between 2015 and 2022.

How has the BIM Concept Affected the Construction Industry?

The global BIM industry is expected to witness rapid growth in the next few years owing to the tremendous increase in construction activities globally. The long-term estimation of the project, increased efficiency, and rapid workflow are some of the other factors that are expected to propel the global BIM industry. In addition, in developing economies, the government regulatory bodies are pushing for the streamlining of construction activities and encouraging the adoption of BIM technology, which is driving the growth of this industry.

A large number of medium and small AEC enterprises have adopted the BIM technology, which has indirectly fueled the BIM industry. On the other hand, the high cost associated with the software and the constant need for software upgrades are the major factors that are expected to hamper the growth of this market. In addition, the absence of skilled professionals in this field is an important restraining factor for the BIM industry. 

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The fast-paced development of the global industry and its increasing adoption rates around the world will enable this industry to make significant progress in the next few years. As a result, several multinational corporations have entered the BIM industry to create a niche for themselves. Some of the prominent players operating in the global BIM industry are Tekla Corporation, Dassault Systemes SA, Nemetschek AG, Synchro Software, Pentagon Solutions, GRAITEC, Autodesk Inc., Beck Technology, AECOM, and Bentley Systems Inc.

Sports Nutrition Products Market to be driven by Lifestyle Consumers in Developing Regions and Recreational Users in Developed Regions

As the several misconceptions and lack of awareness about sports nutrition products slowly and steadily fade, the global market for these products is emerging as a highly lucrative segment of the consumer health products industry. A recent market research report published by Transparency Market Research, which pegged the valuation of the global sport nutrition products market at US$30.0 bn in 2013, states that the market will expand at a healthy 8.5% CAGR between 2014 and 2020 and rise to US$52.55 bn by 2020.
 

Rising awareness among the global consumer about the benefits of these products to general health and fitness and their potential in warding off a number of lifestyle diseases is attracting mainstream consumers towards these products. To capitalize on the rising popularity of these products and the lucrative growth opportunities that the global sport nutrition products market presents, a large number of companies are reformulating their products so as to appeal to less sophisticated retailers and consumers.

The rising interest among producers of venturing into this field is expected to help the global sports nutrition products market in pushing beyond its current barriers of product low options and bleak visibility in developing regions. As the market continues to capture increasingly more consumer attention, the market is establishing itself as an important part of the consumer health industry.

Rising Demand form Recreational Users Testifies Changing Consumer Dynamics

Body builders and core athletes were previously the most common users of sports nutrition products. Manufacturers of these products have produced and marketed products suiting these consumer groups for the past many years. However now, the market is benefitting from the rising number of casual users of sports nutrition products – the increased interest having been triggered by the rising awareness about the benefits of protein-based sports nutrition products on general health and an active lifestyle.

In addition to the younger consumers in this category, which is so far the largest consumer base, middle-aged and elderly people who are engaged in sports activities or general exercise regimens are also turning towards sports nutrition products for an easy source of protein and other essential nutrients necessary for a healthy body. Sports nutrition product companies, with a view to capitalize the vast growth opportunities in this consumer segment, are launching new products with more convenient and less complex formulae. The easy availability of these new products via popular retailing channels such as grocery stores and supermarkets have significantly improved their popularity and supported the overall growth of sports nutrition products in this consumer segment in the past few years.

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Rise of Lifestyle Consumers in Developing Regions Leads to Lucrative Growth Opportunities

The improving GDPs and rising disposable incomes in developing countries are serving as strong growth propellers for the global sports nutrition products market in the developing parts of the globe. As the number of gyms and fitness centers rise in these regions, the demand for sports nutrition products based on the advice of fitness instructors and coaches is also continuously rising. The emergence of this group of recreational and lifestyle users of sports nutrition products, who are influenced by the highly popular concept of muscle building and celebrity endorsements, is an immense growth opportunity for the global sports nutrition market.