Driven by the demand for efficient medical laboratory equipment and the changing face of healthcare models, the global market for vacuum mixing devices - valued at ~ US$ 143.8 Mn in 2018 - is estimated to grow by ~ 2% YOY in 2019. These insights are according to a new research report by Future Market Insights (FMI), which underlines the key headwinds and tailwinds determining the future potential of vacuum mixing devices market.
The FMI analyst is of the opinion that market gains will further be upheld by the clinical benefits associated with use of vacuum mixing devices. FMI expects the vacuum mixing devices to see unwavering growth in the next 10 years, as the global healthcare space actively embraces ‘efficiency-enabling’ medical mixing equipment.
Medical mixing processes have remained challenging for a long period of time, primarily undermined by the lack of competent technologies. With gradual evolution of vacuum mixing devices, a wide range of mixing applications are handled seamlessly in shorter timespan without compromising on the results.
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According to the FMI report, the vacuum mixing devices market reflects a fair degree of fragmentation, wherein a large pool of regional manufacturers is competing neck to neck. Stryker Corporation and Zimmer Biomet remain two of the market goliaths, with strong product portfolios and extended regional presence.
A majority of the revenues of these two companies are generated from the US and Germany, and their focus on strategic collaborations will continue to yield significant profit benefits and ensure sustained growth. For instance, in 2018, Zimmer Biomet Holdings, Inc. - a global leader in musculoskeletal healthcare – collaborated with Apple to transform the patients’ journey for two most common type of surgeries undergone by the Americans every year – knee and hip replacement. This collaboration was aimed at popularizing the Zimmer Biomet ‘mymobility™’ app, an app that makes use of Apple Watch to facilitate constructive connections between patients and their respective surgical teams.
The FMI analyst finds that though the factors conditioning success differ for market players of varying statures, but in all the cases, the market partakers will have to be adept at effective tracking of the evolving market trends and make necessary adaptations.
Portability: The New Normal Grappling End User Appeal
In 2018, the devices with vertical orientation is estimated to surpass other variants and account for over ½ of the global vacuum mixing devices-derived value. Though end users will continue to invest in vertical vacuum mixing devices, the demand for rotational vacuum mixing devices will also see a considerable uptick through 2029, unveils FMI.
With ‘portable’ emerging as the new norm in the medical laboratory equipment space, manufacturers are jumping onto the ‘portability’ bandwagon by launching newer models of vacuum mixing devices that are easy-to-carry and compact in size. According to the FMI analysis, North America (29%) and Europe (26%) will continue to be the leading markets for vacuum mixing devices in 2019 and beyond, set in motion by robust healthcare infrastructure and massive investments in development of high-quality laboratory essentials.
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Vacuum mixing devices worth ~ US$ 128 Mn were sold in hospitals in 2018, primarily driven by the growing number of inpatient and outpatient procedures. Manufacturers, to draw upon this increase in demand, are focusing on effective marketing of their products to hospitals by using ‘easy-to-use’ and ‘compatibility with varying viscosities’ as two of their key marketing touchpoints. However, various regulations put in place for manufacturing of vacuum mixing devices will continue to impede its penetration by increasing the ‘time-to-market’ factor.
This study sheds light on the untapped opportunities in the vacuum mixing devices market and finds the market would grow at a value CAGR of ~2% during the forecast period.