North America Wheelchair Accessible Vehicle Converters Market: Growing Usage of Mobility Assistive Devices to Augur Well for WAV Manufacturers

The North America wheelchair accessible vehicle (WAV) converters market is consolidated, with the top three players – BraunAbility, Vantage Mobility International, and Mobility Ventures LLC – accounting for over 65% in 2015. Transparency Market Research has observed that WAV manufacturers and vehicle converters are increasingly focusing on strengthening their distribution networks, developing a steady sales force, and conducting awareness programs in order to increase the adoption of WAVs over the forecast period.

Transportation companies are also looking to capitalize on the opportunities presented by this market through WAV taxi services. For instance, in July 2015, Uber Technologies, Inc. announced the launch of UberACCESS, which provides mobility vehicles for disabled customers. Wheelchair accessible vehicle taxi services are gaining traction in the U.S. and this is expected to give the WAV converters market a considerable boost in the coming years.

The value of the North America wheelchair accessible vehicle converters market was pegged at US$781.8 mn in 2015 and is expected to reach US$1.9 bn by 2024, registering a CAGR of 11.1% therein.

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By Entry Modality, Ramps Present Most Lucrative Opportunities for Players

On the basis of size of vehicle, full-sized vehicles are expected to account for a 73.1% share in the wheelchair accessible vehicle converters market by 2024. Small-sized vehicles, on the other hand, form the most attractive segment. This segment is projected to expand at a strong CAGR of 11.4% from 2016 to 2024.

By entry modality, ramps form the leading segment of the wheelchair accessible vehicle converters market in North America and this segment is anticipated to exhibit high growth through the forecast period.

From a geographical standpoint, the U.S. market is estimated to account for an 88.3% revenue share by 2024, emerging as the clear leader in the North America wheelchair accessible vehicle converters market. The U.S. is also projected to be the most lucrative segment by 2024.                                                                                              

Introduction of Preemptive Accommodations by WAV Manufacturers a Key Marketing Strategy

One of the key factors driving the North America market for wheelchair accessible vehicle converters is the significant prevalence of people with disabilities. A recent study published by the Centers for Disease Control and Prevention (CDC) states that one out of every five adults in the U.S. has a disability. This translates to roughly 53 million adults currently living with some form of disability. Disabled World, an independent news portal, reveals that an estimated 6.8 million community-resident Americans use mobility assistive devices, of which, at least 1.7 million individuals are wheelchair or scooter riders. “With the number of people living from disabilities on the rise, the demand for wheelchair accessible vehicle converters is bound to grow,” the TMR analyst states.

Looking to increase the adoption rate of wheelchair accessible vehicles and offer more benefits to customers, WAV manufacturers are focusing on integrating advanced technologies with their products. The introduction of preemptive accommodations is one such example, wherein WAV manufacturing companies are partnering with parking authorities in major cities to notify WAV users regarding the availability of parking spaces. Developments such as these are sure to boost the wheelchair accessible vehicle converters market in North America.

On the flip side, the high cost of wheelchair accessible vehicles and low awareness among potential customers are expected to significantly hamper the adoption rate of mobility vehicles, thereby hurting the wheelchair accessible vehicle converters market in North America.

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Global Latex Medical Disposables Market : Opportunity Map and Trends 2024

Latex Medical Disposables Market: Snapshot

The global latex medical disposables market has witnessed significant growth over the last decade primarily owing to the urgent need for infection control. The demand for latex medical disposables is not just limited to super specialty hospitals but has, of late, expanded to rural hospitals and clinics.

The opportunity in the global latex medical disposables market is expected to amount to US$6.4 bn by 2024, rising from a value of US$4.1 bn in 2015 at a modest CAGR of 4.9% therein. The growth in this market can be attributed to an expanding medical tourism industry across developing countries, vigorous growth of the healthcare sector, rising focus of the government toward the medical devices market, and growing healthcare awareness among the population.

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Hospitals Emerge as Leading End User of Latex Medical Disposables

By product, latex gloves emerged as the leading segment of the latex medical disposables market, accounting for a 60.4% share in terms of revenue in 2015. Latex foley catheters and latex probe covers also show significant scope for growth and the trend is likely to continue through 2024.

The key end users latex medical disposables include hospitals (private and public), ambulatory surgical centers, clinics, and diagnostic centers. Hospitals formed the dominant segment in terms of revenue in 2015, attributed to a significantly high demand. The consumption of latex medical disposables is high in hospitals because of the increased number of procedures carried out and the growing preference of patients toward public and private hospitals. The hospital segment is expected to account for a 28.7% share in 2024, closely followed by diagnostic centers.

Developing Markets of Asia Pacific and Latin America Show Immense Promise

North America leads the global latex medical disposables market and factors such as the increasing geriatric population and the introduction of new material variants by global players for the betterment of healthcare professionals can be attributed to the region’s dominance in the global market. In addition, a rise in infection control awareness has played a vital role in increasing healthcare expenditure in the region. The U.S. accounts for a major share in the North America as well as worldwide latex medical disposables market.

Europe is also a prominent contributor to the global latex medical disposables market due to a well-established healthcare network in the region. The demand for latex disposables is increasing owing to the rising number of ambulatory surgical centers as well as their growing use in home-care settings. Despite the ongoing debate about latex allergies, the size of this market is likely to expand during the course of the forecast period.

The Asia Pacific latex medical disposables market is projected to expand at the fastest CAGR during the forecast period, with China as its lead contributor. Increasing population and consumption of latex products in the country is expected to provide lucrative opportunities for global players. Moreover, a rise in the demand for other latex products such as probe covers and foley catheters in Japan and India is likely to complement the growth of the latex medical disposables market in Asia Pacific.

Players in the latex medical disposables market have been focused on strengthening their presence in Latin America due to the rising number of private hospitals in Brazil, Mexico and other countries in the region.

Key players in the latex medical disposables market include B. Braun Melsungen, Medtronic plc. (Covidien), C.R. Bard, Ansell, Hartalega Holdings Bhd., Top Glove Corporation, Supermax Corporation Berhad, and Dynarex Corporation.

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Global Healthcare Mobility Solutions Market By End-user, 2015 to 2023

Focus on Reducing Healthcare Costs Drives Global Market

The constantly growing and evolving medical needs have been the driving force behind the evolution of healthcare mobility solutions. The aim of these solutions is to reduce the healthcare costs and to provide the patients an optimum solution in the least possible time. The simplicity of this objectivity has been successfully achieved by the development of healthcare mobility solutions’ products and services such as mobile devices, enterprise mobility platforms, and mobile applications. The growing demand for medical attention and increasing usage of smartphones and other personal digital assistants have made the deployment of this technology possible. It has bridged the gap between patients and caregivers by facilitating help through technology.

With this strong background, the global healthcare mobility solutions market touched a valuation of US$20.13 bn in 2014. Given the high-impact drivers, this market is expected to see opportunities worth US$148.66 bn by 2023, as the market is expected to progress at a CAGR of 25.50% from 2015 to 2023.

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Preference for Home Healthcare Services Keeps North America at the Forefront

North America held the leading share in the overall healthcare mobility solutions market, accounting for 53.0% of the total market revenue in 2014. The mHealth application is driving the flourishing healthcare mobility solutions market in North America as more and more patients are opting for home healthcare services.

Furthermore, the increasing efforts to save on healthcare costs is also expected to propel the mHealth applications market, which will, in turn, result in the growth of healthcare mobility solutions across North America. Government initiatives along with efforts taken by private establishments across the U.S. and Canada to adopt convenient and cost-effective solutions is also likely to propel this market.

Asia Pacific Shows Promise of Growth as Governments Encourage e-Health Solutions

Meanwhile, Asia Pacific is expected to surge at an unprecedented CAGR of 25.8% between 2015 and 2023. The growing government initiatives to increasing the adoption rate of e-Health solutions and mHealth across countries such as India, Japan, Australia, New Zealand, and China are expected to drive this regional market. The growing awareness about mobile health options, clinical mobility, and convenience of home monitoring are expected to augment the Asia Pacific healthcare mobility solutions market.

Amongst the various types of applications offered by healthcare mobility solutions such as enterprise solutions and mHealth applications, the latter is expected to exhibit the fastest growing CAGR of 25.2% between 2015 and 2023. The spiraling usage of smartphones, tablets, and PDAs is expected to propel this application segment in the near future. Supplementing this growth will the rise of the mobile devices segment due to their affordability, accessibility, and convenience. The improving features of mobile applications and the streamlining of information feed and its assessment will work in favor of both these segments to help the overall market prosper in the coming years.

The key players rendering the competitive landscape of the global healthcare mobility solutions market fragmented are Cerner Corporation, McKesson Corporation, SAP SE, Koninklijke Philips N.V., Oracle Corporation, Cisco Systems, Inc., and AT&T, Inc. The majority of the companies in this market are trying to explore the opportunities in the emerging economies of Brazil, Chile, and India to increase their geographical foothold. 

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Value Chain Analysis for Biotechnology Industry its value to US$414.5 Billion by 2017

The global biotechnology market features prominent players such as F. Hoffman-La Roche Ltd., Abbott Laboratories Inc., Gilead Sciences, Pfizer Inc., Merck & Co. Inc., Johnson & Johnson, AstraZeneca plc, GlaxoSmithKline plc, Amgen Inc., Novartis International AG, Sanofi, Genentech Inc., Celgene Corporation, Lonza Group Ltd., and Novo Nordisk A/S. 

According to Transparency Market Research (TMR), the global biotechnology market is expected to be valued at US$414.5 bn by the end of 2017. 

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Biopharmaceuticals to Remain Key Revenue Generator for Global Biotechnology Market

By application, the global biotechnology market is segmented into biopharmaceuticals, bioagriculture, bioindustrial services, and bioservices. Of these, biopharmaceuticals hold the leading share in the global biotechnology market and are likely to remain the leading contributor to the market in the coming years. Bioagriculture is also likely to become a leading revenue generator for the global biotechnology market in the coming years, primarily due to the rising demand for bioengineered seeds. 

By technology, the report segments the global biotechnology market into DNA sequencing, polymerase chain reaction, nanobiotechnology, cell-based assays, fermentation, chromatography, tissue engineering and regeneration, and fingerprinting and enzyme technology. Of these, nanobiotechnology is likely to exhibit rapid growth over the coming years due to its growing application in healthcare and other sectors. The application of nanotechnology in the healthcare sector is rising due to the diversity of its potential applications, and the nanobiotechnology sector could benefit from the research being conducted to explore other possible applications of nanotechnology solutions. 

Geographically, North America is the leading contributor to the global biotechnology market in the coming years, followed by Asia Pacific and Europe. Despite the rising demand for advanced biotechnology solutions from Asia Pacific, North America is set to retain the dominant regional segment of the global biotechnology market. 

Favorable Government Regulations Supporting Biotechnology R&D to Enable Steady Growth

The prime driver for the global biotechnology market is the rising scarcity of food across the world. This has driven consistent R&D into the application of biotechnology to enhance the output of food crops, which will help solve the mounting hunger crisis. The rising demand for biotechnologically enhanced seeds is likely to remain a key driver for the global biotechnology market, as populous countries such as China and India are the leading consumers of biotechnological enhancements that help boost the overall output of the agriculture sector. The bioagriculture segment of the global biotechnology market is expected to be valued at close to US$27.5 bn by 2018. 

The rising awareness about the notable benefits of biotechnology solutions and the diversity of fields in which they can be employed has led to sustained government support, which is expected to remain a key driver for the global biotechnology market in the coming years. Due to the highly sophisticated technology used in biotechnology research, a sustained influx of investment is required for long-term research. This has made government support crucial for the global biotechnology market. 

The rising use of biotechnology solutions in the healthcare sector is another key driver for the global biotechnology market. The utilization of biosimilars in a wide range of medical procedures has boosted the demand for biotechnology solutions, while the use of stem cell technology and nanotechnology have also been important for the global biotechnology market. 

The information in this preview comes from a Transparency Market Research report titled ‘Global Biotechnology Market by Application (Biopharmacy, Bioservices, Bioagri, Bioindustrial), by Technology (Fermentation, Tissue Regeneration, PCR, Nanobiotechnology, DNA Sequencing & Others) - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010 - 2017.’

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Home Healthcare Segment to Drive the Demand of the Global Medical Device Connectivity Market in the Forecast Period

The global medical device connectivity (MDC) market is highly consolidated. The top four players, namely Phillips Healthcare, GE Healthcare, Cerner Corp., and Capsule Tech. Inc., held around 80.0% of the market in 2012. The market is marked by cutthroat competition with most players channelizing their efforts towards the development of innovative open source solutions to gain an edge over others. Solution providers are partnering with suppliers comprising medical device manufacturers and network providers in order to offer innovative and customized connectivity solutions to users.

Capsule Tech Inc., which held over 40.0% of the market in 2012, has expanded its business globally through agreements with over 60 medical device manufacturers to cater to the needs of hospitals and healthcare facilities. Among other players, Phillips and GE have consistently focused on research and development to come up with new products and processes to retain and improve their market share. Cerner Corp.’s business strategies, on the other hand, have revolved around acquisitions and strategic alliances with existing customers for its solutions such as electronic medical record (EMR) and computerized physician order entry (CPOE).

The global medical devices connectivity market is expected to reach a value of US$33.5 bn by 2019, exhibiting a phenomenal CAGR on account of stiff competition among companies operating in the domain.

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Hospitals Account for Lion’s Share of the Market as Fully Automated Systems Save Time and Prevent Costly Errors

The global market for medical device connectivity is segmented into wired hardware, software, and wireless hardware by component. Among them, the wired hardware section holds a lion’s share of the market and is predicted to retain its dominant position in the coming years. It is expected to achieve a market value of US$14.227 bn by 2019. The software segment, however, will register a growth rate faster than any other segment in the near future as most connectivity solution providers offer software solutions that support the existing infrastructure of the hospital.

Based on end users, the TMR report divides the market into three: home healthcare, hospitals, and others such as long-term care facilities, care homes, and skilled nursing homes. Hospitals hold a major chunk of the market as the integration of data from crucial healthcare equipment into EMR helps save time and prevents transcription errors. Government regulations mandating EMR is poised to boost the MDC market in hospitals, predicts the report.

Globally, North America is the dominant market for MDC. It was worth US$5.74 bn in 2015 and is expected to exhibit strong growth in the years to come on account of a growing geriatric population that is driving the demand for MDC. Europe follows North America in terms of market share, while Asia Pacific and the Rest of the World are still in a nascent stage.

Operational and Technical Glitches in Connecting Devices Thwarting End Users from Adopting MDC

A growing number of elderly people and others afflicted by chronic diseases such as asthma, heart disease, or diabetes, which require prolonged treatment, prefer home healthcare. This is slated to boost the market strongly, particularly in the U.S. This, alongside the fact that it saves nurses the time spent on recording data manually on each patient, is also leading to rising popularity for automated processes, thereby filliping the MDC market.

While the advantages of MDC are many, medical device manufacturers and hospitals are sometimes plagued by operational and technical glitches in connecting devices. “One of the challenges is related to the translation of data from various proprietary device formats into a format understandable by EMRs. Operational challenges include security protocols, the support of multiple interfaces in addition to serial connections, the support of standard wireless-networking security protocols, and the support of dual-band wireless communications,” explains the analyst of the TMR report.

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Intravenous Access Devices Market to be Driven by Large Patient Pool in Developing Economies

A new Transparency Market Research report states that the global intravenous access devices market stood at US$27.2 bn in 2012 and is predicted to reach US$46.5 bn by 2019. It is predicted to expand at a CAGR of 7.80% from 2013 to 2019. The title of the report is “Intravenous Access Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”

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As per the report, the increasing occurrence of targeted diseases such as viral infections and cancers and technological developments in products are amongst the chief factors stimulating the market for intravenous access devices. In addition, factors such as the rising global aging population and rising advancements in vaccines will further augment the growth of the market for intravenous access devices. Furthermore, the increasing disposable incomes of consumers in developing countries and the increasing patient pool have emerged as key opportunities in the market. On the other hand, factors such as the absence of regulatory approvals for intravenous insulin infusion pumps within the key markets such as the U.S. market may impede the growth of the overall market. In addition, the risks involved in the usage of needles may also have a negative impact on the growth of the market.

On the basis of product type, the market is segmented into intravenous catheters, intravenous needles, and intravenous infusion pumps. Amongst these, the segment of intravenous catheters is further segmented into midline peripheral catheters and central catheters. The segment of intravenous infusion pumps is further segmented into insulin fusion pumps, patient controlled analgesia (PCA) infusion pumps, parenteral feeding infusion pumps, and syringe infusion pumps. Amongst these, in 2012, on the basis of revenue, intravenous catheters held the largest share in the market and is predicted to expand at the greatest CAGR in the forecast horizon. This is due to their extensive utilization along with a number of other access devices such as needles and infusion pumps. In addition, the economical prices of intravenous catheters as compared to infusion pumps will further augment their demand.

In terms of geography, the report segments the market into North America, Europe, the Middle East and Africa (EMEA), Asia Pacific, and Rest of the World (RoW). Amongst these, North America held the largest share in the market on the basis of revenue in 2012 due to the growing aging population and the increasing prevalence of viral infections and cancers. On the other hand, Asia Pacific is predicted to exhibit the greatest CAGR of 9.40% between 2013 and 2019. This is due to the improved healthcare infrastructure and the rising healthcare expenditure in this region.

As stated in the report, the prominent players dominant in the market are Becton, Dickinson and Company, Hospira, Inc., CareFusion Corporation, B. Braun Melsungen AG, Smiths Medical, and Baxter International, among others.

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Wheelchair Accessible Vehicle Converters Market - North America Industry Analysis in 2024

The North America wheelchair accessible vehicle (WAV) converters market is consolidated, with the top three players – BraunAbility, Vantage Mobility International, and Mobility Ventures LLC – accounting for over 65% in 2015. Transparency Market Research has observed that WAV manufacturers and vehicle converters are increasingly focusing on strengthening their distribution networks, developing a steady sales force, and conducting awareness programs in order to increase the adoption of WAVs over the forecast period.

Transportation companies are also looking to capitalize on the opportunities presented by this market through WAV taxi services. For instance, in July 2015, Uber Technologies, Inc. announced the launch of UberACCESS, which provides mobility vehicles for disabled customers. Wheelchair accessible vehicle taxi services are gaining traction in the U.S. and this is expected to give the WAV converters market a considerable boost in the coming years.

The value of the North America wheelchair accessible vehicle converters market was pegged at US$781.8 mn in 2015 and is expected to reach US$1.9 bn by 2024, registering a CAGR of 11.1% therein.

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By Entry Modality, Ramps Present Most Lucrative Opportunities for Players

On the basis of size of vehicle, full-sized vehicles are expected to account for a 73.1% share in the wheelchair accessible vehicle converters market by 2024. Small-sized vehicles, on the other hand, form the most attractive segment. This segment is projected to expand at a strong CAGR of 11.4% from 2016 to 2024.

By entry modality, ramps form the leading segment of the wheelchair accessible vehicle converters market in North America and this segment is anticipated to exhibit high growth through the forecast period.

From a geographical standpoint, the U.S. market is estimated to account for an 88.3% revenue share by 2024, emerging as the clear leader in the North America wheelchair accessible vehicle converters market. The U.S. is also projected to be the most lucrative segment by 2024.

Introduction of Preemptive Accommodations by WAV Manufacturers a Key Marketing Strategy

One of the key factors driving the North America market for wheelchair accessible vehicle converters is the significant prevalence of people with disabilities. A recent study published by the Centers for Disease Control and Prevention (CDC) states that one out of every five adults in the U.S. has a disability. This translates to roughly 53 million adults currently living with some form of disability. Disabled World, an independent news portal, reveals that an estimated 6.8 million community-resident Americans use mobility assistive devices, of which, at least 1.7 million individuals are wheelchair or scooter riders. “With the number of people living from disabilities on the rise, the demand for wheelchair accessible vehicle converters is bound to grow,” the TMR analyst states.

Looking to increase the adoption rate of wheelchair accessible vehicles and offer more benefits to customers, WAV manufacturers are focusing on integrating advanced technologies with their products. The introduction of preemptive accommodations is one such example, wherein WAV manufacturing companies are partnering with parking authorities in major cities to notify WAV users regarding the availability of parking spaces. Developments such as these are sure to boost the wheelchair accessible vehicle converters market in North America.

On the flip side, the high cost of wheelchair accessible vehicles and low awareness among potential customers are expected to significantly hamper the adoption rate of mobility vehicles, thereby hurting the wheelchair accessible vehicle converters market in North America.

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