Tag: Medical

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Medical Devices Market Size ($656 Bn by 2032 at 3.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} CAGR)

Medical Devices Market Size (6 Bn by 2032 at 3.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} CAGR)





Pune, March 01, 2023 (GLOBE NEWSWIRE) — According to Market.us, the global medical devices market accounted for USD 492 billion in 2022 and is projected to reach USD 656 billion by 2032, exhibiting a CAGR of 3.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} in the forecast period (2023-2032).

Medical devices are used to diagnose and treat diseases or injuries. These devices can be used to treat illnesses or improve patients’ quality of life. FDA (Food and Drug Administration) classifies medical devices into three classes: Class I, Class II, and Class III. Because they have the most regulatory controls, Class I and II require special labeling. These are the ones that sustain or support human life. These include an implant endosseous and an external defibrillator. Medical device establishments are those that manufacture medical devices. These devices include in-vitro diagnosis and diagnostic imaging devices.

Medical Devices Market

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Medical Devices Market Key Takeaway:

  • By product, the In-Vitro Diagnostics segment (IVD) is expected to have the highest CAGR during the forecast period due to the increasing use of real-time diagnostic testing for diagnosing infectious and chronic diseases.
  • By end-user, the hospitals & clinics segment dominated the market in 2022 because of the rising healthcare spending, better healthcare infrastructure, and an attractive reimbursement policy.
  • In 2022, North America dominated the market with the highest revenue share of 43{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} due to the high treatment rates, supportive government initiatives for early diagnosis of diseases, and the increasing adoption of technologically advanced devices.
  • Asia-Pacific is expected to grow at the highest CAGR between 2023-2032 due to the increasing patient population suffering from chronic diseases and improving healthcare infrastructure.

Complex surgeries and growing numbers are driving this market. In addition, the market for medical devices is expected to grow due to technological advancements in medical technology, brain monitoring devices, and government initiatives.

Factors affecting the growth of the medical devices industry?

Several factors can affect the growth of the medical devices industry. Some of these factors include:

  • Technological Advancements: Advanced technologies like artificial intelligence (AI) and wearable medical equipment are becoming increasingly prevalent in the medical devices market nowadays. This is propelling the market growth positively.
  • Rising chronic diseases: The increasing cases of chronic diseases like cancer, diabetes, etc., will raise the patient population. A sedentary lifestyle is a major reason behind this. This is boosting the market’s expansion.
  • Increasing healthcare expenditure: The increasing per capita healthcare expenditure in developing and developed countries means more opportunities for medical devices, which is positively affecting market growth.
  • Growing awareness about diseases: The growing awareness about infectious diseases and chronic conditions means that individuals are taking necessary treatments readily. This is abetting the market growth positively.

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Top Trends in the Global Medical Devices Market

Remote diagnosis, treatment, and monitoring of patients are possible now because of technologies like remote patient monitoring devices, artificial Intelligence (AI), wearable devices, and electronic health records. Patients can be monitored at their homes and hospitals via contactless technology. This is crucial in controlling COVID-19. Both patients and doctors can have an EHR for their patients. This means they don’t need to deal with traditional paperwork that must be sent through multiple people involved in the treatment. Patients and doctors can view the data on their own devices as well as those of other doctors.

Medical device manufacturers are seeking ways to reuse production lines to produce high-demand supplies to fight against the coronavirus. These products include hand soaps, ventilators, personal protective equipment (PPE), face masks, and other medical supplies. AirCo, a liquor producer, has shifted its focus to hand sanitizers. INKSmith Canada also produces face shields. It was a startup that made technology tools and designs more accessible for children.

Due to rising rates of chronic medical conditions and the treatment of those suffering from them, the healthcare system across different countries is facing immense pressure. This has led to a significant rise in the cost of treating these conditions. Hospital inpatient costs are significantly higher than the hospital charges for those treated at home. Additionally, longer hospital stays can result in a higher economic burden. A recent randomized study comparing hospital patients with those in home care showed that home care management costs decreased by 19{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}. There has been an increase in the preference for home healthcare services due to increasing economic burdens and a growing elderly population. Home healthcare services are becoming more popular in developed countries due to the increasing efforts of key players and healthcare agencies to develop and launch simple-to-use medical devices, such as portable and wearable devices for chronic illnesses. Shimmer Research, a world leader in wearable technology applications, introduced Verisense Pulse+ in March 2021. This sensor is designed for Verisense platforms and provides photoplethysmographs and galvanic skin reactions. This device measures the heart rate and oxygen saturation of clinical trial patients and their activity levels and sleep levels.

Market Growth

Living a lifestyle that leads to physical inactivity can increase the risk of developing heart disease. This will likely increase the demand for medical devices as more heart surgeries are performed to clear blocked arteries. This will help to boost the market growth. This market is expanding because companies focus on creating advanced products and using different business strategies, such as acquisitions or partnerships, to maintain their market position.

Regional Analysis

Regional analysis shows that North America is expected to continue to be the largest market in medical devices. This market dominance is due to the rising prevalence of chronic disease, high healthcare spending, and key players’ presence. Canada’s growing elderly population will likely boost market growth during the forecast period. According to United Nations Population Fund statistics for 2022, Canada has a large population aged between 15 and 64. This group makes up approximately 65{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of Canada’s total population. According to the same source, 19{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of Canadians are expected to reach 65 by 2022. Geriatrics are more susceptible to developing chronic conditions such as respiratory disease, cardiopulmonary disease, and orthopedic disorders. This trend over the forecast period is anticipated drive market growth. A rising number of chronic conditions such as stroke, heart disease, and cardiovascular disease has increased cardiopulmonary bypass procedures; therefore, medical devices have seen a significant increase in demand. According to American Heart Association, the United States is predicted to have a 6.8{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} heart disease prevalence by 2021, 1.8{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} higher than the overall population. This will help to increase demand for medical devices that improves diagnosis and treatment. This will likely boost the market’s growth over the forecast period.

Competitive Landscape

The global medical devices market is fragmented because of the presence of many market players on both a regional and global level. With its extensive product range and international reputation, Medtronic holds the largest market share. Most industry players invest heavily in Research and Development (R&D), which is used to develop new products and improve existing product lines. They also invest a lot in growing their global distributor networks, allowing businesses to diversify product offerings.

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Medical Devices Market: Scope of the Report

Report Attribute Details
Market Value (2022) USD 492 Billion
Market Size (2032) USD 656 Billion
CAGR (from 2023 to 2032) 3.0{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}
North America Revenue Share 43{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

Sedentary lifestyles and other factors increase chronic diseases like diabetes, cancer, and other infections. Through various awareness programs, healthcare agencies worldwide are trying to improve the speed of diagnosis and treatment. Due to the increasing prevalence of these conditions, the number of people who need diagnostic tests and procedures is on the rise. For example, the International Diabetes Federation stated that 537 million people were diagnosed with diabetes in 2021. IDF states this number will rise to 643 million in 2030 and 783 million by 2045.

According to the American Cancer Society, the number of new cancer cases in 2021 was 1.9 million. In addition, there is a rising demand for orthotic or ophthalmic procedures due to increasing numbers of joint fractures and poor vision in the elderly. Osteoarthritis Alliance 2021 data shows that the incidence of knee osteoarthritis is highest in those between 45 and 65 years old. About 45{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of osteoarthritis patients are 65 years old or older. Along with these factors, higher per capita healthcare spending in developing and emerging countries and better reimbursement policies drive an increasing number of patients seeking treatment and diagnosis. This is driving demand for medical devices.

Due to rising rates of chronic medical conditions and the treatment of those suffering from them, the healthcare system across different countries is facing immense pressure. This has led to a significant rise in the cost of treating these conditions. Hospital inpatient costs are significantly higher than the hospital charges for those treated at home. Additionally, longer hospital stays can result in a higher economic burden Shimmer Research, a world leader in wearable technology applications, introduced Verisense Pulse+ in March 2021. This sensor is designed for Verisense platforms and provides photoplethysmographs and galvanic skin reactions. It also has an inertial measurement unit. This device measures the heart rate and oxygen saturation of clinical trial patients. It can also measure their activity levels and sleep levels.

Market Restraints

Most likely, new products and services will be more expensive due to regulatory changes. Data protection is affected by these regulatory changes. These regulatory changes can also affect equipment approval procedures. The US Food and Drug Administration (FDA) has requested additional clinical information. This information is needed to support safety claims and efficacy claims regarding medical devices such as endoscopies. Due to the potential loss of revenue due to delayed product releases and the higher costs associated with the stringent approval process, investments in product development have been under pressure. This can have a negative effect on the growth of medical device and equipment markets.

Market Opportunities

The largest medical device market segmented by type is In-vitro Diagnostics. Hospitals and clinics will benefit the most from the segmented market for medical devices by the end user. With US$ 55,700 million, the USA is anticipated to be the world’s largest medical device market. According to the Business Research Company, medical device companies should concentrate on disposable medical products, contactless medical devices, portable medical devices, and wearable medical gadgets.

A recent randomized study comparing hospital patients with those in home care showed that home care management costs decreased by 19{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}. There has been an increase in the preference for home healthcare services due to increasing economic burdens and a growing elderly population. In addition, home healthcare services are becoming more popular in developed countries due to the increasing efforts of key players and healthcare agencies to develop and launch simple-to-use medical devices, such as portable and wearable devices for chronic illnesses. These factors are creating ample amount of opportunities for the market.

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Report Segmentation of the Medical Devices Market

Product Insight

In-Vitro Diagnostics (IVD) is expected to experience a higher CAGR. This is due to the increasing usage of real-time diagnostic tests to accurately diagnose chronic or infectious diseases such as diabetes, cancer, HIV/AIDS, etc. In addition, the increased demand for medical devices, such as gloves and masks, surgical lights, and fetal monitors, led to the other segments holding a dominant position in 2022. The wound management segment is expected to grow significantly due to the increased investment made by medical device companies into new wound devices and bioactive therapies. Minimally Invasive Surgery is predicted to grow because of technological advancements in surgical robots and increased use by healthcare providers. Due to the increasing number of patients suffering from different cardiac and orthopedic conditions, orthopedic and cardiovascular devices will likely continue growing rapidly. Market growth for medical devices is anticipated to be driven by the increasing incidence of diabetes and retinal disorders in the population.

End-User Insight

This segment’s notable growth can be attributed primarily to rising healthcare spending, improved healthcare infrastructure, and a favorable reimbursement policy. According to the WHO report on healthcare infrastructure, most developing countries have less than 1 million hospital beds. These countries invest heavily in healthcare infrastructure development. As a result, healthcare infrastructure spending is expected to increase over the forecast period.

For more insights on the historical and Forecast Medical Devices Market data from 2016 to 2032 – Download a sample report at https://market.us/report/medical-devices-market/request-sample/

Market Segmentation

By Product Type

  • Monitoring Devices
  • Cardiac Monitoring Devices
  • Neuromonitoring Devices
  • Respiratory Monitoring Device
  • Multi-Parameter Monitoring Devices
  • Hemodynamic Monitoring Devices
  • Fetal and Neonatal Monitoring Devices
  • Temperature Monitoring Devices
  • Weight Monitoring Devices
  • In-Vitro Diagnostic Devices
  • Surgical ENT Devices.
  • Endoscopes
  • Imaging Devices
  • Diagnostic Molecular Devices
  • Drug Delivery Devices
  • Surgical Devices
  • Bio Implants and Stimulation Devices
  • Treatment Equipment
  • Infusion Pumps
  • Medical lasers and LASIK surgical machines
  • Other Product Types

By End-User

  • Hospitals & Clinics
  • Diagnostic Centers
  • Research laboratory
  • Pharmaceutical companies (Shopping Plazas, Military, Corporate Sectors, Hostels)

By Geography

  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Key Market Players

Recent Development of the Medical Devices Market

  • FDA granted Abbott’s recall of its imaging catheter a Class 1 label in May 2022 because of vascular injury risks.
  • In January 2022, The US gave FDA approval to Mediatric’s Intellis rechargeable neurostimulator and Vanta recharge-free neurostimulator used for treating chronic pain caused by diabetic peripheral neuropathy.
  • Siemens Healthineers AG launched NAEOTOM Alpha in November 2021, which is the world’s first CT scanner that uses photon-counting technology cleared for clinical use in Europe and the US.
  • In August 2021, Johnson & Johnson introduced VELYS digital surgery. The robot-assisted option for total knee arthroplasty in the United States is now available.

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How New Cybersecurity Regulations Are Shaping the Medical Device Industry

How New Cybersecurity Regulations Are Shaping the Medical Device Industry

Uncover how the newest cybersecurity regulations are influencing the professional medical device industry. Find out about the measures companies are having to meet compliance specifications, enhance system safety, and protect affected individual knowledge. Stay forward of the curve with insights into the evolving landscape of healthcare gadget cybersecurity.

Presented its immediate impact on well being and everyday living, the healthcare business is topic to stringent restrictions. Governments around the globe workout some form of regulate over health care goods and companies.

Even so, the polices really don’t look to be as agile as they should be in light-weight of the rising cyber threats on world-wide-web-linked clinical gear and other electronic gadgets employed in healthcare.

Medical products that hook up to the net and to other gizmos have been in use for really some time, but it is only in the earlier couple of years that regulators have paid out notice to the major threats hounding present day health care hardware. Much better late than by no means as some would say—it’s great to see policymakers stepping up their recreation to ensure the protected use or operation of professional medical tools.

Here’s a rundown of the impact of new cybersecurity polices as they are utilized to the medical device sector. 

Expanded Food and drug administration authority: a strengthen for affected person protection and the cybersecurity marketplace

The passage of the United States 2023 Omnibus Bill arrives with the enlargement of the US Food items and Drug Administration’s authority more than medical unit stability. This expanded authority offers the Fda the power to set cybersecurity demands for medical devices and involves all unit suppliers to demonstrate that their solutions fulfill these needs.

This laws offers the Food and drug administration with extra funding and statutory powers that significantly effects the health-related product industry. Just before the FDA’s current authority, cybersecurity for health care equipment was more of an auxiliary or supplemental worry. It was evaluated independently and not with the very same urgency accorded to other gadget security worries.

The FDA’s new powers allow it to compel device brands to implement a item advancement framework that meets protection requirements. Gadgets will not be created offered to buyers except if they are safe.

Device makers will be expected to watch and deal with postmarket cybersecurity vulnerabilities, develop processes to give sensible cybersecurity assurance, submit a software package bill of materials (SBOM), and comply with other requirements established by the Food and drug administration. Stability is now aspect of the security analysis of units.

The 2023 Omnibus Bill defines the products to be lined by the FDA’s expanded authority as anything that fulfills any of the pursuing ailments: owning computer software/firmware in it, the potential to hook up to the net, and the likely to be influenced by cyber threats or assaults. This means that a large selection of products will be protected and unscrupulous manufacturers will have a difficult time circumventing Fda scrutiny.

All these bode perfectly for patient basic safety, but numerous system makers will probable regard it as onerous. The changes they have to have to implement in their merchandise enhancement and checking processes suggest added prices. They also signify a slower time to market place. 

CISA’s force for protected-by-layout plan: obligatory security through the product life cycle

The Cybersecurity and Infrastructure Protection Agency (CISA) of the United States is pushing for the adoption of “secure-by-design” and “secure-by-default” policies amid technology producers, which include things like advanced healthcare device makers.

The company makes an attempt to handle the fixation of most firms to get their goods out to the sector as swiftly as achievable, disregarding very important security worries in particular when it will come to cybersecurity. 

CISA also seeks to make businesses build voluntary performance goals that match the specific demands and environments they are dealing with. These distinct performance targets make it possible for corporations to have a improved grasp of the danger landscape and how they can improve their products to halt or mitigate the impression of cyber assaults.

What’s more, CISA plans to inspire enterprises to be protection-aware by way of a govt-sanctioned acknowledgement or praise for compliant companies. The company also programs to get benefit of the US IT procurement ability to reward enterprises that embrace the safe-by-style and design policy with favourable procurement deals.

CISA does not have a lot of regulatory authority, but it is capable of influencing companies to develop into security-conscious and able of adapting to the altering demands in the discipline of healthcare product stability. It plays two important roles: serving as the operational direct for Federal Cybersecurity and doing work as the national coordinator for significant infrastructure safety and resilience. 

EU Healthcare System Regulation: systematized gadget security

In 2020, the European Union launched rules to address health care gadget cybersecurity threats. These laws are collectively recognized as the Health-related Unit Regulation (MDR) framework aims to make sure that all health-related units imported into the EU are of high high quality and certain protection. 

MDR supplants the EU Professional medical System Directive (MDD), which has been in location for virtually a quarter of a century. MDR is a necessary need for all health care gadgets that enter the EU current market. It sets a product classification program, medical analysis approach, EUDAMED mechanisms, and provide chain pointers to make certain health care device protection and safety.

The European Union is a single of the most significant markets for medical equipment. MDR has been in result for a lot more than a year now. Its implementation has shown that it is attainable to training effective regulation to make sure affected individual security and stability from cyber assailants. Its new demands for professional medical unit imports leave no room for run-of-the-mill unit makers. It forces all people to systematically integrate cybersecurity throughout the product improvement lifecycle

Japan’s MHLW recommendations: facts sharing with health care companies and sufferers

Japan has been at the forefront of professional medical system cybersecurity restrictions in Asia. The country’s Ministry of Health, Labour, and Welfare (MHLW) announced in 2020 new tips relating to health-related unit safety. These suggestions call for medical device manufacturers to put into practice a cybersecurity management process and carry out standard danger assessments. They also request companies to deliver info on the security of health-related equipment to health care providers and clients.

The MHLW recommendations are noteworthy for their emphasis on details sharing. All relevant events are informed about the stability of health care system solutions. This is significant in developing have faith in and encouraging everyone to play a purpose in generating confident that the health-related equipment available in the marketplace are safe and unlikely to be compromised by threat actors.

How industries are responding

It’s safe and sound to say that there have been no objections from the professional medical tech sector, at the very least nothing explicit. Some in the tech sector have openly welcomed the new rules. Google, for just one, expressed help for the efforts to increase cybersecurity specifications in cell and IoT gadgets.

New health care gadget rules do not only mean improved medical product effectiveness and client safety. They also advertise the growth of new alternatives to support device makers keep up with the new safety needs successfully. They produce prospects for impressive corporations, especially when it will come to addressing new cybersecurity wants.

Israeli medical software program service provider MedDev Gentle, for illustration, provides alternatives that simplify and speed up software development and regulatory compliance for professional medical products. Californian startup Medcrypt delivers cryptography, checking, and vulnerability administration methods for medical machine makers. 

A further Israeli business, Sternum, takes a unique approach and delivers integrated on-machine endpoint safety that helps with cyber rules. The key benefit of this unique resolution is that it can be used to effortlessly retrofit current equipment. Sternum is liable for the security of the pacemakers of Medtronic, for case in point.

Recent cyber assaults on health care organizations have highlighted the relevance of cybersecurity rules for clinical gadgets. Machine manufacturers, the tech sector in typical, and cybersecurity companies accept the need to have to bolster defenses in line with the US Cybersecurity and Infrastructure Security Agency’s recent pronouncements on the condition of healthcare cybersecurity.

In summary

Current cyber attacks on healthcare businesses have highlighted the worth of cybersecurity restrictions for health care equipment. There may have been no significant incidents of cyber attacks that sought to hurt persons by hacking into their related clinical equipment. However, it is far better to anticipate the assaults than to be caught flatfooted.

New polices are shaping the professional medical machine industry, specifically when it comes to the protection and stability elements. These laws considerably benefit people, but they are also a welcome advancement for the cybersecurity market. Stability firms have been building new answers to support organizations comply a lot more simply whilst making certain sincere-to-goodness clinical device safety.

  1. Relevance Of Clinical Alert Equipment
  2. Intel chip flaw remaining health-related products susceptible
  3. AI company exposes sensitive healthcare records on line
  4. Drastic Implication of Unpatchd Health-related Devices
  5. Ransomware assault on US healthcare financial debt collector
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Medical Equipment Suppliers Convicted of Health Care Fraud | OPA

Medical Equipment Suppliers Convicted of Health Care Fraud | OPA

A federal jury convicted two adult men these days for engaging in a plan to defraud Medicare Advantage and Medicaid managed treatment strategies of in excess of $3.8 million.

According to court docket documents and proof presented at demo, Ikechukwu Udeokoro, 47, of North Bergen, New Jersey, owned Meik Clinical Gear and Supply (Meik), a durable healthcare gear supplier that was situated in the Bronx, New York. Ayodeji Fasonu, 56, of Bridgeport, Connecticut, was Meik’s manager. Through Meik, Udeokoro and Fasonu billed Medicare Edge and Medicaid managed care strategies for hundreds of costly affected individual guidance methods that have been under no circumstances provided to clients or caregivers. These help units involved huge products that ended up created to support with lifting motionless people and sufferers in nursing properties. In fact, Udeokoro and Fasonu furnished individuals with recliner chairs that experienced a seat elevate characteristic. Amongst December 2010 and February 2014, Udeokoro and Fasonu fraudulently billed Medicare Gain and Medicaid managed care options a lot more than $3.8 million and ended up paid out around $2.4 million.

Udeokoro and Fasonu ended up both of those convicted of health care fraud. They are scheduled to be sentenced on Aug. 14 and Aug. 16, respectively, and each individual faces a maximum penalty of 10 yrs in jail. A federal district court docket judge will identify any sentence just after taking into consideration the U.S. Sentencing Recommendations and other statutory variables.

Assistant Attorney Standard Kenneth A. Well mannered, Jr. of the Justice Department’s Criminal Division U.S. Legal professional Breon Peace for the Jap District of New York Assistant Director Luis Quesada of the FBI’s Criminal Investigative Division Assistant Director in Charge Michael J. Driscoll of the FBI New York Subject Business office and Special Agent in Charge Scott J. Lampert of the Department of Wellness and Human Providers Office of Inspector General’s (HHS-OIG) Business office of Investigations designed the announcement.

The FBI and HHS-OIG investigated the situation.

Demo Lawyers Andrew Estes and Patrick J. Campbell of the Legal Division’s Fraud Part are prosecuting the circumstance.

The Fraud Segment prospects the Criminal Division’s efforts to combat health and fitness treatment fraud by means of the Overall health Care Fraud Strike Drive Application. Considering that March 2007, this plan, comprised of 15 strike forces running in 24 federal districts, has billed much more than 4,200 defendants who collectively have billed the Medicare program for extra than $19 billion. In addition, the Centers for Medicare & Medicaid Products and services, doing the job in conjunction with the Business office of the Inspector Common for the Division of Health and fitness and Human Services, are getting actions to hold vendors accountable for their involvement in health and fitness treatment fraud strategies. Extra details can be found at https://www.justice.gov/felony-fraud/wellness-treatment-fraud-unit.

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New Report Forecasts Impact of Medical Device Coatings

New Report Forecasts Impact of Medical Device Coatings

The burgeoning growth of a lot more innovative health care gadgets is also encouraging the production of a lot more impressive coatings that are predicted to improve the performance and security of these therapeutics.

With far more than 100 new devices gaining acceptance by Food and drug administration considering that 2020, need for coatings has hardly ever been increased. According to a new report that forecasts the distribution of coatings and area modification systems more than the subsequent 12 decades, that demand from customers has prompted developers to introduce far more biocompatible, higher-functionality coatings that can meet up with the operational, scientific, and engineering prerequisites for the numerous gadgets coming to current market.

“In purchase to achieve an edge in this competitive marketplace, coating companies are continuously endeavor initiatives to improve their current materials offerings and coating remedies for health care equipment,” reported Pemba Lahmo, senior analyst with Roots Assessment, a industry investigation and consulting organization that serves the pharmaceutical field and is concentrated on supplying sights and study on key marketplace issues.

The Medical Product Coatings and Surface area Modification Technologies Current market report released by Roots Investigation in January supplies an intensive analyze of the current industry landscape, current developments and developments, and long term potential of health care gadget coatings and floor modification technologies. Among the the report’s main things are:

  • The general market place landscape of medical unit coating suppliers based mostly on these types of parameters as yr of establishment company dimension, location, and type health care device variety for coating, variety of coating material(s) sort of coating operate(s) ancillary products and services and particular merchandise capabilities.
  • Competitiveness investigation of different healthcare machine coating companies centered on this sort of criteria as supplier encounter and service portfolio energy.
  • Product competitiveness analysis.
  • Analysis of the the latest partnerships that have been inked inside of the industry.
  • Political, financial, sociological, technological, legal, and environmental investigation of the top machine coating vendors.

Covering Key Principles & Queries
The report covers a record of much more than 115 systems that are at present obtainable in the market place for the improvement of surface area features of the professional medical product. Some examples of these goods contain Cadence (VaporTech), Endura (Endura Technologies), IonGuard (N2 BioMedical), and PhotoLink (Surmodics).

 “In order to spotlight the unique tactics adopted by stakeholders in this market, we have performed a comprehensive firm competitiveness analysis,” explained Lahmo. “In this module, we have as opposed the coating companies engaged in this field by scoring several related parameters. For just about every parameter, we have delivered scoring based mostly on typical trends and publicly obtainable sources. The report also answers a host of critical thoughts, in accordance to Lahmo, such as:

  • What is the development charge of the health care product coatings sector?
  • Which area has the maximum progress amount in the health care system coatings market place?
  • Which section, in conditions of the sort of health-related product coated, accounts for the largest share in the health-related machine coatings sector?
  • Which type of partnership versions are commonly adopted by stakeholders in the health care system coatings and surface area modification systems domain?
  • What are the diverse styles of coatings presented in the professional medical gadget coatings marketplace?
  • What kind of coating resources are staying made use of for medical equipment?

Illustrations of the intricate professional medical equipment coated in the report involve implants, surgical equipment, catheters, and other forms of invasive products. Various suppliers are employing novel floor modification systems to improve the physiochemical qualities, frictional resistance, and, in particular circumstances, the format of the substrate even though including on to the gadget properties, the report identified. Pushed by the surge in demand for various styles of health care devices and the have to have for an array of coatings, the market place is anticipated to witness a continual expansion in the coming decade.

In accordance to Lahmo, the report also sheds light on the relevance of the high quality of coatings and surface modification systems as they develop into a lot more utilized.

“Based on our research, any time the method of coating a medical product is suboptimal, it qualified prospects to a selection of difficulties, this kind of as uneven coating, peeling, or flaking,” she reported. “This can guide to batch-to-batch versions in the health-related equipment as well as deterioration of health care equipment more than the period of time of time, if security is the main goal of the coating. Moreover, the peels, if created of polymers, can be carcinogenic in mother nature, which could guide to the advancement of oncological problems in the circumstance of implants.”

 Coatings On The Horizon

At  Theradaptive Inc., a biotechnology corporation based mostly in Frederick, MD, that specializes in therapeutic shipping and delivery platforms, health practitioner Luis Alvarez, PhD, is main a crew that is poised to supply coatings for implants that are created of substance-binding osteoinductive proteins that give precise localization of bone formation and consistent fusion with out off-focus on consequences for dental and spinal clients.

“We are genuinely opening the doorway to the shipping and delivery of full recombinant protein therapeutics as a new mode of presentation as element of an implant,” reported Alvarez, who launched the firm in 2016 and serves as main govt officer. “Where other people are making an attempt to deliver small molecules or other drug-releasing modes of presentation as element of an implant, we see protein therapeutics supply as an emerging discipline. We feel like we’re a pioneer in this room that will open up to a lot more possibilities and competitors.”

At the Orthopedic Investigate Society annual meeting in Dallas, TX, in February, the business shown how coating an implant with its proteins resulted in 100{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} fusion compared to the 60{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} related with latest autograft technologies that have been joined to adverse events these as swelling and bone development in undesirable regions. By modifying rhBMP-2 to make a content-binding protein variant AMP2, Theradaptive has designed a protein that retains bone-advancement capacity in a extra precisely localized way. The process binds AMP2 to ReBOSSIS, a 510K-permitted implant content, to create its Osteo-Adapt SP Spinal Fusion implant, reportedly a safer substitute to commercially available rhBMP-2.

“For the 1st time in the advancement of medical products, we can pretty securely deliver large doses of therapeutic proteins with the manage and precision of the unit that’s currently being implanted,” Alvarez stated. “In spinal fusion, which is our guide sign, we can sort bone in between vertebrae and remove the want for revision surgical procedures. About 25{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of all spinal injuries need to have revision, but our therapeutic kinds bone so reliably that we eliminate the require for revisions. The manner of presentation that we provide is considerably far more powerful because the biologic or therapeutic is not hidden right up until a afterwards launch.”

Alvarez, a previous war veteran who created the thought for the focused regeneration platform during and pursuing a beat tour in Iraq exactly where many of his soldiers endured intense extremity injuries, reported the firm will be entering its first human demo afterwards in 2023 for spinal fusion and Osteo-Adapt could be readily available to the market in 2026.

 

 

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3 Medical Instruments Stocks to Buy Amid Improving Industry Trends

3 Medical Instruments Stocks to Buy Amid Improving Industry Trends

The Medical Instruments industry has witnessed a significant transformation in the nature of business lately, leading to increased investment in R&D for the development of cutting-edge technologies. The dynamic nature of the healthcare crisis over the past two and a half years has further altered the industry landscape, putting robotic and remote medical services in the limelight. Despite the reopening of the economy, deteriorating international trade, with global inflationary pressure leading to an extremely tough situation related to raw material and labor cost as well as freight charges, has put the industry in a tight spot again. Further, industry watchers are still unable to gauge the magnitude of economic revival due to the emergence of new COVID strains in selective parts of the world from time to time.

The just-reported fourth-quarter result of a number of medical instrument companies confirmed a gradual rebound in their base businesses through the latter half of 2022. However, the industry-wide trend of staffing shortages and supply chain-related hazards are denting growth. Meanwhile, industry players like Edwards Lifesciences EW, IDEXX Laboratories IDXX and Hologic, Inc. HOLX have adapted well to changing consumer preferences and are still witnessing an uptrend in their stock prices.

Industry Description

The Zacks Medical – Instruments industry is highly fragmented, with participants engaged in research and development (R&D) in therapeutic areas. This FDA-regulated industry comprises an endless number of products, starting from transcatheter valves to orthopedic products to imaging equipment and robotics. Prior to the pandemic, the Medical Instruments space was advancing well in terms of R&D. Among the recent path-breaking inventions, bone growth stimulators, 3D mapping of CT scans, wireless brain sensors and human-brain pacemakers are worth mentioning. During the COVID-hit years, many non-COVID and non-emergency-line innovations were stuck or delayed. However, with the severity of the pandemic easing, the industry players are again more focused on strengthening their pipeline.

3 Trends Shaping the Future of the Medical Instruments Industry

Business Trend Disruption: Considering the ongoing macro-economic situation, the IMF came up with its January 2023 World Economic Outlook Update. The update noted that global growth might slightly slow down from 3.4{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} in 2022, to 2.9{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} in 2023, then again rebound to 3.1{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} in 2024. IMF specifically addressed the ongoing tightening financial conditions in most regions, staffing shortages, Russia’s continued aggression, all of which have been weighing heavily on the medical instrument outlook despite the decline in COVID-19 severity. Per IMF, through 2023, inflation could remain stubbornly high, with continued labor market tightness and growing wage pressures requiring tighter monetary policies. On a brighter note, strengthening household balance sheets and wage growth are driving private demand. Overall, the Medical Instruments industry players are expected to collectively report a year-over-year decline in their revenues due to logistical challenges and increasing unit cost. This might get offset by an increase in essential and non-essential product demand by private households.

M&A Trend Continues: The medical instruments space has been benefiting from the ongoing merger and acquisition (M&A) trend. In fact, various reports suggest that M&A has been the key catalyst in the U.S. MedTech space of late. It is a known fact that smaller and mid-sized industry players attempt to compete with the big shots through consolidation. The big players attempt to enter new markets through a niche product. Among the significant deals of recent times, in December 2022, Johnson & Johnson completed the $16.6-billion mammoth acquisition of Abiomed. In February 2023, Abbott announced its plans to acquire Cardiovascular Systems, a medical device company with advanced atherectomy system used in treating peripheral and coronary artery disease. The same month, Globus Medical announced its plans to acquire the San-Diego based spine technology firm, NuVasive Inc., in an all-stock deal valued at around $3.1 billion.

Meanwhile, a MedTech Dive report of January 2023 revealed that MedTech players are expected to demonstrate a slow start to 2023 in terms on M&A. Yet, the experts say that despite higher interest rates and a volatile stock market, there are signs that strategic M&As are poised to rebound.

Digital Revolution: With an increase in the adoption of digital platforms within the medical device space, robotic surgeries, big-data analytics, bioprinting, 3D printing, electronic health records (EHR), predictive analytics, real-time alerting and revenue cycle management services are gaining prominence in the United States. A June 2019 Health care News report suggested that this market, valued at $123 billion in 2018, has been witnessing a CAGR of 25{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}. Various other reports suggest that companies that adopted AI witnessed a 50{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} reduction in treatment costs. Telemedicine stocks received an impressive response when, in 2021, the Centers for Disease Control and Prevention asked healthcare service communities to broaden the use of telemedicine.

Zacks Industry Rank Indicates Good Prospects

The Zacks Medical Instruments industry’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates encouraging near-term prospects. The industry, housed within the broader Zacks Medical sector, currently carries a Zacks Industry Rank #85, which places it in the top 34{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of more than 250 Zacks industries. Our research shows that the top 50{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of the Zacks-ranked industries outperforms the bottom 50{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} by a factor of more than 2 to 1.

We will present a few stocks that have the potential to outperform the market based on a strong earnings outlook. But it’s worth taking a look at the industry’s shareholder returns and current valuation first.

Industry Underperforms S&P 500, Sector

The industry has underperformed the Zacks S&P 500 composite and its sector in the past year.

The industry has declined 9.5{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} compared with the S&P 500’s 6.9{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} fall in a year’s time. The broader sector has declined 9.3{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} in the said time frame.

One Year Price Performance

Industry’s Current Valuation

On the basis of the forward 12-month price-to-earnings (P/E), which is commonly used for valuing medical stocks, the industry is currently trading at 33.06X compared with the broader industry’s 22.40X and the S&P 500’s 18.01X.

Over the past five years, the industry has traded as high as 45.08X, as low as 26.13X and at the median of 32.87X, as the charts show below.

Price-to-Earnings Forward Twelve Months (F12M)

Price-to-Earnings Forward Twelve Months (F12M)

3 Stocks to Buy Right Now

Hologic: Headquartered in Bedford, MA, Hologic develops, manufactures, and supplies diagnostics, medical imaging systems and surgical products, which cater to the healthcare needs of women. Hologic has been making impressive progress in its Breast Health arm in recent times. The company is currently focusing on expanding its strategy to diversify business across the patient continuum of care. The company’s GYN Surgical business too has transformed to the most profitable division of Hologic on a percentage basis banking on new leadership, strong strategic execution of new commercial models and new product launches.
The consensus estimate for this Zacks Rank #1 (Strong Buy) company’s 2024 sales is pegged at $4.12 billion, indicating a 3.7{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} rise year over year.

The consensus mark for Hologic’s 2024 EPS is pegged at $3.99, indicating an increase of 7.6{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from the year-ago period.

You can see the complete list of today’s Zacks #1 Rank stocks here. 

Price and Consensus: HOLX

 

Edwards Lifesciences: Headquartered in Irvine, CA, Edwards Lifesciences deals in products and technologies aimed at treating advanced cardiovascular diseases, especially structural heart disease in critically ill patients. Edwards Lifesciences expects to maintain its leadership position in the global Transcatheter Aortic Valve Replacement market through an increased focus on expanding patient access by actively leveraging current valve platforms for additional indications. This includes developing next-generation valve platforms, and maintaining trusted relationships with clinicians, payers and regulators. Edwards Lifesciences also remain committed to aggressively investing in structural heart disease and critical care technologies.

The Zacks Consensus Estimate for Edwards Lifesciences’ 2023 sales is pegged at $5.86 billion, indicating an 8.8{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} rise year over year. The same for Edwards Lifesciences’ adjusted earnings is pegged at $2.52 per share, an expected growth of 1.6{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from 2022. Edwards Lifesciences carries a Zacks Rank #2 (Buy).

Price and Consensus: EW

IDEXX: Headquartered in Delaware, NJ, IDEXX is a developer, manufacturer and distributor of products and services primarily for the companion animal veterinary, livestock and poultry, water testing and dairy markets. The company is deriving strong top-line growth driven by continued benefits from the expansion of IDEXX’s global premium instrument installed base. CAG Diagnostics’ organic recurring revenue growth reflects solid gains across IDEXX’s major modalities globally, supported by growth in clinical service demand and expanded utilization of diagnostic products and services.

The consensus estimate for this Zacks Rank #2 company’s 2023 sales is pegged at $3.64 billion, indicating an 8{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} rise year over year. The same for IDEXX’s 2023 earnings is pegged at $9.51, an expected 18.4{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} growth from the year-ago period.

Price and Consensus: IDXX

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Medical Equipment Maintenance Market is Expected to Reach $74.2 Billion

Medical Equipment Maintenance Market is Expected to Reach .2 Billion
MarketsandMarkets Research Pvt. Ltd.

MarketsandMarkets Research Pvt. Ltd.

Chicago, Feb. 23, 2023 (GLOBE NEWSWIRE) — The medical equipment maintenance industry is expected to experience steady growth in the near future. This is due to the increasing number of aging medical devices and equipment that require regular upkeep and maintenance. Additionally, technological advances in the field have made it easier to diagnose and repair medical equipment, resulting in more efficient and cost-effective maintenance services. As a result, the demand for medical equipment maintenance will continue to increase in the coming years.

In addition, the emergence of new medical technologies will drive the growth of the medical equipment maintenance industry. For instance, the emergence of advanced imaging systems, such as MRI and CT scanners, will require specialized maintenance and repair services. Similarly, the increasing popularity of wearable medical devices, such as fitness trackers, will also require regular maintenance. As a result, medical equipment maintenance companies are expected to benefit from this trend.

Medical Equipment Maintenance market in terms of revenue was estimated to be worth $45.2 Billion in 2021 and is poised to reach $74.2 Billion by 2026, growing at a CAGR of 10.4{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The growth of this market is mainly driven by the growing number of medical vendors across globe, increasing adoption of patient-specific medical devices. Moreover, Growth in this market is primarily driven by the rising focus on preventive medical equipment maintenance, growth in associated equipment markets, adoption of innovative funding mechanisms, and the increasing purchase of refurbished medical equipment. However, the high initial costs and significant maintenance expenditure may hinder the growth of this market during the forecast period.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=69695102

Medical Equipment Maintenance Market Scope:

Report Coverage

Details

Market Revenue in 2021

$45.2 Billion

Estimated Value by 2026

$74.2 Billion

Growth Rate

Poised to grow at a CAGR of 10.4{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f}

Market Size Available for

2019-2026

Forecast Period

2021–2026

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Service Type, Service Providers, Device Type, End User, and Countries

Geographies Covered

Europe, North America, the Asia Pacific, Latin America, and Middle East and Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Emergence of ISOs

Key Market Drivers

Rising focus on preventive medical equipment maintenance

Notable Medical Equipment Maintenance mergers and acquisitions for 2021 – 2022 include:

  • Philips and Nuvon Acquisition: In January 2021, Philips announced its acquisition of Nuvon Inc., a cloud-based medical equipment maintenance provider. The acquisition was intended to strengthen Philips’ digital healthcare capabilities and expand its portfolio of connected medical technologies.

  • Medtronic and NuVasive Acquisition: Medtronic acquired NuVasive, Inc., a spine and orthopedic medical device manufacturer and medical equipment maintenance provider, in October 2021. The acquisition was intended to expand Medtronic’s capabilities in digital health, robotics, and AI-driven surgical navigation.

  • Baxter and Synovo Acquisition: Baxter International Inc. announced its acquisition of Synovo, a medical equipment maintenance provider, in December 2021. The acquisition was intended to enhance Baxter’s portfolio of connected healthcare solutions and build on its existing service and support capabilities.

  • Hill-Rom and Ecolab Acquisition: Hill-Rom Holdings acquired Ecolab Inc., a provider of medical equipment maintenance services, in April 2022. The acquisition was intended to expand Hill-Rom’s portfolio of connected care technologies and enhance its service and support capabilities.

Growth Drivers of Medical Equipment Maintenance Market from macro to micro:

  • Increasing demand for medical equipment maintenance services: Growing demand for medical equipment maintenance services is driven by the increasing need for reliable and efficient medical equipment with longer shelf-life. This is due to the increasing demand for advanced healthcare services, the technological advancements in medical equipment, and the need for frequent maintenance and repairs.

  • Growing demand for preventive maintenance services: The growing demand for preventive maintenance services is driven by the need to reduce repair costs and ensure the smooth functioning of medical equipment. Preventive maintenance services help to identify potential problems, reduce downtime, and ensure the efficient functioning of medical equipment.

  • Growing government initiatives: Government initiatives and regulations are driving the growth of the medical equipment maintenance market. Governments across the globe are introducing various initiatives to promote and expand the healthcare infrastructure, which is expected to trigger the demand for medical equipment maintenance services.

  • Increasing investments in healthcare infrastructure: The increasing investments in healthcare infrastructure are driving the demand for medical equipment maintenance services. The increasing need for reliable and efficient medical equipment with longer shelf-life and the need for frequent maintenance and repairs are expected to drive the growth of the medical equipment maintenance market.

  • Growing focus on patient safety and quality of care: The growing focus on patient safety and quality of care is driving the demand for medical equipment maintenance services. The increasing awareness about patient safety and quality of care is expected to drive the demand for medical equipment maintenance services.

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Hypothetic challenges of Medical Equipment Maintenance market in near future:

  • Increasing complexity of medical equipment: With the advancements in technology, medical equipment is becoming more and more complex, which makes it more difficult to maintain.

  • Shortage of skilled technicians: As medical equipment is becoming more complex, there is a shortage of skilled technicians to provide maintenance services.

  • Rising cost of medical equipment: With the cost of medical equipment increasing, it is becoming more expensive to maintain them.

  • Changing regulations: New regulations and standards are constantly being introduced, making it difficult to keep up with the changes.

  • Lack of standardization: Different manufacturers have different equipment, making it difficult to standardize maintenance procedures.

  • Aging infrastructure: Many medical facilities have aging infrastructure, which can lead to increased maintenance costs.

  • Security concerns: As medical equipment becomes more connected and automated, there is an increasing need for cybersecurity measures to protect patient data.

Top 3 use cases of Medical Equipment Maintenance market:

  • Predictive Maintenance: Predictive maintenance solutions use data-driven analytics to help medical equipment managers anticipate and prevent potential breakdowns before they occur. These solutions are used to identify potential issues with medical equipment before they happen, enabling proactive maintenance and avoiding costly downtime.

  • Automated Maintenance Logging: Automated maintenance logging solutions allow medical equipment managers to track maintenance tasks, enabling them to easily monitor and manage the health of their equipment. This allows them to quickly identify problems with equipment and take appropriate action.

  • Automated Inventory Management: Automated inventory management solutions allow medical equipment managers to track inventory levels and automate ordering processes, ensuring that equipment is always available when needed. This helps reduce downtime and increases efficiency.

Get 10{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=69695102

Related Reports:

Endoscopy Equipment Market

Patient Monitoring Devices Market

European Medical Equipment Maintenance Market

Ultrasound Market

Diagnostic Imaging Market

CONTACT: About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com