APAC To Observe Fastest Growth In the Private Healthcare Insurance Industry

As per a report by P&S Intelligence the healthcare insurance market is growing rapidly, and it will continue like this in the years to come. This is mainly attributed to the increasing elderly population, rising gross domestic product and healthcare expenses, and growing prevalence of chronic illnesses across the world.

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Private healthcare insurance companies provide a variety of plans for disease, income protection, and medical. Medical insurance denotes the policy of health insurance that covers high deductible medical expenses. This policy covers specific expenses on a limited amount, for instance, emergency services, ambulatory patient services, and hospital bed expenditures.

Some prominent international players in the private healthcare insurance industry include AXA Group, Allianz SE, Aetna Inc., Aviva plc, Cigna Corporation, Zurich Insurance Group, GIE BNP Paribas Cardif, Continentale Krankenversicherung a.G, Assicurazioni Generali S.p.A., and British United Provident Association Limited. These companies are present in Germany, the U.S., France, Spain, Italy, the United Kingdom, China, Switzerland, Japan, Australia, India, Mexico, and Brazil.

The U.S., China, India, Japan, France, Germany, Italy, the U.K., Spain, Switzerland, Australia, Mexico, and Brazil have well-established insurance networks of international players. Additionally, government-mandated insurance policies play a crucial role in driving the growth of both the private and public healthcare insurance industry.

The global private healthcare insurance industry will observe the fastest growth in APAC, particularly in China, India, Australia, and Japan. This growth can be attributed to several factors, such as the increasing healthcare insurance industry, the mounting incidence of chronic illnesses, and rising consciousness regarding healthcare in the region. The growth of the medical tourism industry also contributes to the development of the industry in APAC.

Moreover, the overall dynamics of the healthcare insurance industry in the APAC are undergoing significant changes, driven by improvements in healthcare infrastructure and expenses. As a result, healthcare insurance plans are becoming popular among people in Asia.

Hence, with the increasing elderly population and mounting prevalence of chronic illnesses across the world, the industry of private healthcare insurance will continue to grow in the years to come. 

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Improving Financial Health of People Boosting Dermatology Drug Sales

With the rapid urbanization, rising disposable income, and growing influence of fashion magazines, TV shows, and social media, men and women around the world are spending an increasing amount of time fretting about how they look. Earlier restricted to developed countries, such strong appearance consciousness has now steeped deep into developing countries as well, especially those that are witnessing the flourishing of the corporate culture and city life. As looking good, or ‘presentable’, has become an important aspect of corporate success, people are spending more on their appearance than before.

Browse Full Report Dermatology Drugs Market Demand, Size, and Strategies

Dermatological diseases can be considered one of the biggest banes in this regard, as they have a direct negative influence on appearance. Therefore, with the growing prevalence of such skin diseases, the dermatology drugs market value is set to cross $55,425.0 million by 2030 from $25,228.2 million in 2019, at an 8.8% CAGR between 2020 and 2030. Even though the COVID-19 pandemic put an abrupt stop to the sale of such products, they will pick up rapidly as soon as the pandemic is conquered because skin diseases are widespread, affecting up to 900 million globally, as per the World Health Organization (WHO)!

Treatments for dermatological diseases include topical corticosteroids, biologics, retinoids, calcineurin inhibitors, hormone therapy, antihistamines, antibiotics, and enzyme inhibitors. Among these, topical corticosteroids are the most popular because they are easily available, easy to apply, cost-effective, and relatively safe. These further include creams, powders, and lotions, which are widely common around the world. Apart from these, biologics are rapidly becoming preferred as they are claimed to have negligible side-effects and numerous pharmaceutical companies are launching such drugs.

Apart from launching new drugs, companies are also engaged in organizing seminars, conferences, workshops, and campaigns to increase people’s awareness of skin diseases and the treatments available. For instance, Galderma S.A. and Camp Wonder have been hosting campaigns to create awareness about life-threatening pediatric skin diseases since 2012. Similarly, in June 2020, Kisaco Research conducted the virtual Microbiome Connect Skin USA summit to talk about microbiome-based skincare products.

Such conferences educate people about dermatological issues and the available and pipeline treatments. As a result, people are spending an increasing amount on themselves, aided by their rising income. For instance, as per the Organisation for Economic Co-operation and Development (OECD), the disposable income of the U.S. population rose by 2.3% during 2016–2017. Moreover, $55.7 billion were spent in 2013 on the treatment of skin-related problems in the country. Similarly, as per the OECD, in Germany, almost 3% of the total healthcare spending in 2016 was on the treatment of dermatological diseases.

As cosmetics and skin problems are still associated with a high purchasing power, the dermatology drugs market is currently dominated by North America, says P&S Intelligence. Moreover, the region is the base for all major pharmaceutical companies, which are engaged in extensive research and development (R&D) to widen their portfolio. Apart from here, the demand for such drugs is also rising sharply in Asia-Pacific (APAC), as people here are becoming more conscious of their appearance.

Hence, with the growing focus on ‘looks’ and rising prevalence of skin diseases, the sale of dermatology drugs will continue to increase.

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Drastic Lifestyle Changes to Dive Osteoporosis Drugs Market

The osteoporosis drugs market is growing due to the rising geriatric population, increasing incidence of osteoporosis in post-menopausal women, prevalence of osteoporosis in general, and unhealthy lifestyle resulting in poor bone health. Osteoporosis is a progressive disease of the bones, in which the bone density is reduced. The drugs which are used to treat this disease and prevent fractures are termed as osteoporosis drugs.

The osteoporosis drugs market is observing the trend of increasing awareness about the disease and its possible management and treatment methods. With the rising incidence of osteoporosis, many organizations are focusing on creating awareness among the masses regarding it via various campaigns and programs. For instance, the International Osteoporosis Foundation has tasked itself with making people aware about the disease as well as bone health. For the same purpose, Nestlé partnered with the foundation to spread awareness about the preventive measures for osteoporosis.

The osteoporosis drugs market is witnessing growth due to another major factor, i.e. the rising osteoporosis prevalence in post-menopausal women. In women, bone growth is influenced by estrogen, a key hormone in their body. The rapid decline of estrogen in post-menopausal women causes increased bone resorption without an increase in bone formation, which eventually results in decreased bone strength and bone loss. The International Osteoporosis Foundation reported that post-menopausal women are susceptible to fragility fractures, and one in three such women may suffer from fracture once in their lifetime.

The region segment of the osteoporosis drugs market is classified into Asia-Pacific (APAC), Europe, North America, and Rest of the World. In 2015, accounting for over 41.8% market share, North America was the largest market. It generated $3,694.8 million in 2015, and is projected to advance at a 3.7% CAGR during the forecast period. However, the fast growth during this period is predicted to be witnessed by the APAC region. This can be attributed to the increasing geriatric population, changing lifestyle, and rapid urbanization in the region.

Hence, with more people falling prey to this degenerative disease, the market for osteoporosis drugs would continue to flourish.

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Rising Disease Prevalence to Drive Age-Related Macular Degeneration Market Forward

Registering a CAGR of 7.6% during the forecast period (2016–2022), the global age-related macular degeneration (AMD) market is projected to garner $8.9 billion by 2022, significantly growing from $5.3 billion in 2015. The market is experiencing growth due to the rising geriatric population, growing pipeline for AMD therapeutics, surging chronic disease prevalence, and increasing healthcare expenditure. Age-related macular degeneration is a retinal disorder, which is indicated by changes in the fundus of the eye. It commonly affects the elderly, in which, first, the central vision becomes blurred, which ultimately leads to blindness. 

Based on type, the age-related macular degeneration market is bifurcated into wet AMD and dry AMD. Between the two, during the historical period (2012–2015), the larger revenue in the market was generated by the wet AMD type. This type of AMD is caused due to the abnormal growth of blood vessels from the choroid layer, which is situated beneath the macula. It is also known as neovascular macular degeneration, and even though it accounts for only 10–15% of AMD cases, it is expected to be the faster growing category in the forecast period.

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With the rising awareness about the disease, more funding is being allocated in the research and development of AMD therapeutics. This is resulting in the increase in the number of AMD pipeline drugs. Currently, the U.S. Food and Drug Administration has not approved any drug in the age-related macular degeneration (AMD) market for dry age-related macular degeneration. Therefore, the need to investigate more compounds with possible therapeutics properties is rising. Some of the major investigational compounds in the market are Roche/Genentech’s lampalizumab, MacuCLEAR’s MC1101, and Allergan’s brimonide implant.

Therefore, the market for age-related macular degeneration is predicted to register remarkable growth in the forecast period with the rising prevalence of this disease and surging geriatric population.

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Biosimilar Medicines: Cost-Effective Alternatives to Conventional Medicines

 The other major factor fueling the demand for these medicines is the rising incidence of various chronic diseases throughout the world. As per the studies of the World Health Organization (WHO), “cardiovascular disease resulted in 31% of all deaths, globally, and cancer constituted the second-most devastating disease, causing approximately 9.6 million deaths worldwide in 2016.” Apart from this factor, the surging geriatric population is also pushing up the requirement for biosimilar medicines. 

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As per the findings of the National Institutes of Health, geriatric people (people in the age bracket 65 years and above) accounted for 8.5% of the global population in 2015 and this share is predicted to rise to 17% in 2050. Due to the rapid growth of the geriatric population, the prevalence of chronic diseases would increase as the older people are more vulnerable to chronic diseases. This would, in turn, augment the sales of biosimilars in the coming years.

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P&S Intelligence, a market research company based in India, found that the sales of biosimilar medicines were significantly higher in Europe than the other regions around the world during the past few years, primarily due to the huge investments that were made in R&D (research and development) activities by biopharmaceutical firms and the presence of a large geriatric population and flexible regulatory guidelines regarding the usage of biosimilars in the region. 

Hence, it can be said with full surety that the sales of biosimilar products will shoot-up all over the world in the years ahead, mainly because of the highly affordable prices of these medicines, the rising incidence of cancer and other chronic diseases, and the increasing geriatric population in several countries around the world.

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Muscle Relaxant Drugs Market to Witness Growth because of Increasing Incidence of Skin Diseases

Today, the population of people aged 60 years or above is growing much faster than it was a few years back. As per the World Health Organization (WHO), the proportion of aged people will nearly double from 12% in 2015 to 22% in 2050. Owing to this, the medical settings need to be prepared for catering to the needs of this age group, since the geriatric population is more susceptible to diseases and therefore requires frequent and effective care. As a person grows older, their bodily functions start needing much more care. The physical body becomes weaker, which is why older people are also more prone to muscle spasms and body pain.

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Out of these, the demand for facial aesthetic relaxants was the highest in the past, which is basically because of the high safety and efficiency of these drugs. Different types of facial aesthetic relaxant drugs are dysport and Botox, between which, the demand for Botox was higher in the past. Other than this, the demand for skeletal muscle relaxants is also expected to rise in the near future. Antispastic and antispasmodic are two types of skeletal muscle relaxants. Antispastic agents are utilized for conditions such as multiple sclerosis and cerebral palsy and antispasmodic agents are used for the management of musculoskeletal conditions such as neck pain, tension headaches, and lower back pain.

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The growing incidence of skin diseases is also resulting in the growing requirement for different muscle relaxant drugs. Factors such as exposure to ultraviolet radiation, excessive tobacco and alcohol consumption, and surging pollution lead to reduction in reduced skin elasticity and the skin becomes susceptible to sunburns. 

In addition to this, acne is the most common dermatological condition and affects a large number of people all across the globe. Attributed to these factors, people are increasingly making use of botulinum toxic-based muscle relaxant procedures for treating skin diseases.

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Increasing Prevalence of Benign Prostatic Hyperplasia in American Men Driving Demand for BPH Treatment Procedures

Benign Prostatic Hyperplasia (BPH) is a medical condition in which the prostate gland becomes enlarged. The enlargement of the prostate gland causes urinary tract problems by blocking the flow of urine out of the body. This happens because the prostate gland surrounds the urethra, which is the tube that carries the urine from the urinary bladder to out of the body, and so, the enlargement of the gland squeezes or blocks the urethra, causing discomfort and problems while urinating.

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In the U.S., the growing prevalence of this diseases, because of the surging geriatric population in the country, is rapidly becoming a major health issue. As a result, medical researchers are conducting extensive research and development (R&D) activities for developing advanced BPH treatment procedures. Moreover, the demand for BPH medications is also rising at an explosive pace in the country. Because of these factors, the U.S. benign prostatic hyperplasia (BPH) procedures market will advance rapidly in the coming years.

Amongst the various energy-based treatment procedures, the popularity of the laser-based procedures was found to be very high in the years gone by, because of the fact that these procedures are much more effective than the traditional treatment methods and are far less likely to cause various complications such as bleeding. There are many types of laser-based treatment procedures such as those involving thulium-, holmium lasers-, and green light lasers.

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Therefore, it can be said with complete certainty that the demand for benign prostatic hyperplasia treatment (BPH) procedures will rise enormously in the U.S. in the upcoming years, because of the growing prevalence of BPH in males and the rapid advancements and innovations being made in these procedures in the country.

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