The global iris recognition market is anticipated to surge at a compound annual growth rate of 15.51% from US$676.795 million in 2019 over the analyzed period to reach a market size of US$1,857.427 million in 2026.
Iris recognition is a vital technique employed in the identification of individuals. This technology uses the mathematical pattern-recognition technique on video photos are of the irises, whose difficult random patterns are stable, distinctive, and square measure visible from certain distances. This technology is widely used because of its non-invasive and non-intrusive nature. Iris recognition through its video recognition technology and infrared illumination, acquire pictures of the complex and detail wealthy structures of the iris that’s outwardly visible. Moreover, it’s currently been employed in completely different countries for various functions like passport-free machine-controlled border crossings and plenty of additional.
It uses pattern recognition techniques supported distortion-free and high-resolution photos of the iris. Numerous industries will use iris recognition per their wants.
Multi-factor authentication (MFA) is an authentication method wherever a minimum of 2 various factors of proof is needed. Three main styles of authentication are one thing you recognize (such as a password), one thing you’ve got (such as a card or token), and one thing you’re (biometrics).
Biometric identification utilizes physiological and behavioural characteristics to demonstrate a person’s identity. MFA has become a well-liked tool for organizations to demonstrate the identity of workers and vendors employing a company network.
Iris biometry software package provides one in all the foremost secure ways of authentication and identification because of its distinctive characteristics of the iris. This technology replaces current ways of passwords, token cards, or PINs, and if employed in conjunction with one thing the user is aware of in a very two-factor authentication system, then the authentication becomes even stronger.
Healthcare Sector to Own the Best Growth
The increasing demand for precise patient identification and also the has to be compelled to decrease healthcare fraud are the numerous factors driving the adoption of iris recognition technology within the market. Hospitals and attention facilities are more and more deploying biometric systems, like iris recognition, realizing the vitality of secure identification inside the care system. This shows that the healthcare sector needs to take measures, like putting in the biometry system, advanced security, and antiviruses within the system to reduce this range within the resulting years.
The evolution of existing technologies and the development of multi-layered authentication systems in competent prices are additionally expected to feature to the expansion within the adoption of biometric technologies in healthcare systems, worldwide, by victimization iris recognition.
Implementation of biometry is additionally expected to extend the protection for patients, doctors, and nurses, because of demanding new rules obligatory by the Health Insurance Profitability and Accountability Act (HIPPA) . These rules and measures are expected to drive the preparation of biometry within the healthcare system, thereby contributory to the market growth over the forecast amount.
Iris Recognition Market: Drivers and Restraints
The market is primarily driven by the increasing demand for security systems. The prevalence of cybercrimes, terrorist attacks, and plenty of different misappropriated activities has exaggerated the demand for high-security systems. This is often one of all the foremost secured and correct technologies to spot a person by analyzing the random pattern of the iris. Another necessary driver of this market is that the high demand from completely different travel and immigration and numerous government organization.
Due to high-security issues in several government organizations and travel and immigration, iris recognition is employed. This technology is correct, works perfectly, and is additional secured technology used for security functions. Further, distinctiveness, stability, and security also are one in all the necessary factors escalating the demand of the iris recognition market globally. The iris pattern is stable, uses a richness of textures details gift within the iris-like coronas, furrows, freckles, and stripes, thus they’re additional secured in nature.
The major restraint of this market is that the extremely expensive iris recognition systems. The value of this iris recognition system is therefore expensive that it probably costs 5 times over the price of fingerprint scanning. Another major restraint of this market is that the iris may be a little target to scan utterly. To scan the iris properly, the top of a person needs to be still. Moreover, something that causes reflection makes the systems troublesome to acknowledge the iris. Thus, it’s one of all the very important factors restraining the worldwide iris recognition market.
The major chance of the world iris recognition market is that the enlargement of iris recognition systems within the existing application areas like banking, finance, shopper electronics, travel and immigration, and plenty of others. Except for this implementation of those systems in automated teller machines, mobile devices, and pharmacy dispensing is additionally making ample opportunities within the world market when the forecast amount.
APAC to Account For the Biggest Market Share Throughout the Forecast Amount
Based on geography, the market is metameric into four regions: North America, Europe, Asia-Pacific, and the rest of the world. APAC is that the most engaging business destination for iris recognition product and answer suppliers because of the growing shopper industry, particularly this smartphone market during this region.
Samsung Electronics (South Korea), a vital smartphone and medicine manufacturer, that has adopted iris recognition technology to extend the protection and safety features of its latest devices, has its producing facilities set during this region. This subject is additionally completely impacting the expansion of the iris recognition market in APAC.
North America Conjointly Witnessed Major Market Share
North America holds the key share, in terms of revenue, and is anticipated to keep up its dominance over the forecast amount. The presence of distinguished players and high investment in R&D activities for the event of advanced technology are factors driving the expansion of the target market during this region.
Growing occurrences of cybercrimes, terrorist attacks, and different cross-border misappropriated activities have led to the necessity for high-security systems. As iris recognition technology is one of all the correct and secure techniques for distinctive someone, independent agency and enforcement divisions during this region are finance heavily into this technology to affect giant volumes of public information.
Moreover, the rising implementation of eye scanners on the U.S.A. borders is additionally expected to drive the market demand during this region. Additionally, increasing the adoption of iris recognition in security solutions for providing secure and correct recognition systems is another issue refuelling the expansion of the target market during this region.
Impact of COVID-19 Irruption on Iris Recognition Market
The unfold of novel coronavirus has influenced several organizations and people into adopting new practices, like carrying masks and social distancing. The crisis close immeasurable individuals around the world are additionally presenting associate unlikely business chance within the sector of biometry. Contactless biometric systems aimed toward combatting the COVID-19 virus square measure are being launched at a big rate.
Wearing facial masks has become traditional in people’s daily lives, and in and of itself, face recognition applications that were ordinarily used for unlocking mobile phones have met serious challenges. This, in turn, might accelerate and promote the broader use of iris recognition technology.
The adoption of iris recognition technology has shown vital growth throughout the pandemic because it might facilitate resolve technical barriers bestowed once face identification is untouchable. After all, the user’s face is roofed by a mask.
Non-Destructive Testing Market: Growing Focus On Improving Operational Efficiency Driving the Market Growth
Thought ArticlesThe global non-destructive testing (NDT) market is evaluated to reach the market size of US$24.639 billion by the year 2026 from US$14.445 billion for the year 2019 and is estimated to grow at a CAGR of 7.93%.
Nondestructive testing (NDT), a method of inspecting, testing, or evaluating materials, and many more while not destroying the usableness of the half or system. Companies have to be compelled to have quality accredit following standards like ISO 9001 quality management system and different internal control assurance certifications. additionally, the number of corporations exploiting nondestructive inspection (NDI) to enhance processes, cut back waste, and limit liability has increased significantly. This successively boosts the expansion of the market. Aerospace, defense, oil and gas, power generation, and automotive and others. These sectors use the NDT take a look at to see the physical properties of materials like impact resistance, ductility, yield, final strength, fracture toughness, and fatigue strength. Visual testing is that the most generally used methodology of non-destructive testing (NDT) among others.
Non-destructive testing, a technologically advanced methodology to sight and value defects in materials. within the aerospace trade, it plays a primary role in designing, producing, and maintenance of an aircraft. It’s the foremost correct methodology to check the craft element and materials with no destruction. Destructive testing is used to spot the characteristics of craft elements, as well as strength, fracture toughness, and flexibility.
The U.S. government has created it obligatory for makers of non-destructive testing instrumentation to often have interaction in examination activities. The European Committee for Standardization (CEN) is that the recognized European organization for coming up with, drafting, and adopting European Standards altogether areas of economic activity, apart from electro-technology and telecommunication. Therefore, the demanding safety government laws drive the expansion of the world NDT instrumentation market.
The NDT instrumentation market business growth is supplemented by the rise in demanding safety government laws across totally different geographic regions due to increase in incidences of infrastructural failures, rise in would like for extending the lifetime of obsolete infrastructure, maintenance optimization by numerous industries for economic operations, and quality/safety assurance. An increase in usage of advanced materials is predicted to supply profitable opportunities for market growth.
Ultrasonic Section Holds Major Share
Based on the test methodology, the market is split into ultrasonic testing, visual examination testing, magnetic particle testing, liquid penetrant testing, eddy current testing, radiographic testing, and acoustic emission testing. The ultrasonic section holds a dominant share of the market in 2020. The dominance is due to the increasing use of ultrasonic testing techniques for composite and pipeline corrosion mapping application weld examination and overall screening coverage of the pipe. The radiographic testing section is projected to register the highest cagr in approaching years due to its increasing use in x-ray, testing, gamma-ray testing, and computed radiography. Visual examination is employed to examine craft engines, diesel-based mostly Marine engines, and engineering. Liquid penetrant testing is majorly used to inspect surface-breaking defects and nonporous materials. Eddy current testing is employed for the examination of the magnetic and nonmagnetic elements. Acoustic emission testing is majorly utilized in the metal fabrication trade. Growing industry and increasing producing infrastructure are expected to spice up the expansion of liquid penetrant, eddy current testing, and acoustic emission testing segments.
Driver: Surging Demand in Aerospace Trade Will Boost the Market
By industry vertical, the market is spurred into manufacturing, oil & gas, aerospace, automotive, energy and power, and others. billowing demand in the aerospace trade can boost market growth throughout the forecast amount. The aerospace trade maintains the very best quality standards relating to material structure and strength. The technique is additionally referred to as nondestructive examination nondestructive analysis and nondestructive inspection. The failure in strength surface cracks might cause many reasons for fatal accidents and loss of life. NDT is used as a testing methodology during which craft components and elements are inspected before they’re assembled. Aircraft elements are extremely at risk of fatigue cracks that may grow once a particular amount. Almost 80% of examination is performed to the visual inspection testing methodology in craft across the world to spot the signs of damages but many testing strategies and techniques like liquid penetration, acoustic emission testing, electromagnetic testing, and others are gaining traction within the examination of an aircraft element. The provision of a fantastic methodology for locating cracks flaws and leaks within the system elements and components of an aircraft can boost the market growth in the future.
High Demand for NDT Methodology in Oil and Gas and Power Industries to Spice up Market Growth
The NDT technique involves research and development methods training, and service-based mostly supply chains employed in the oil and gas, automotive, and power industries. Within the oil and gas business, this method is employed to examine the inner and external corrosion of the oil and gas pipeline. Many ways are employed in it, like visual inspection, liquid penetrant inspection, magnetic particle inspection, and ultrasonic inspection. Within the power business, the technique is employed to examine pressure systems, steam and gas turbines. Within the nuclear power plant, this method is employed to examine fuel rods, little valves, waste containers, and waste management infrastructure. So, the rising demand for this technique within the oil and gas business and power business is dynamical the market growth.
Restraints: Lack of Skillful and Qualified Personnel for Examination Services May Reduce Market Growth
Nondestructive testing is employed in many industrial, private, and industrial applications. The array of end-use industries around the world attributable to the superb analysis output is projected to fuel the demand within the close to future. The testing and analysis technique has bound limitations two-faced by many users across the world. NDT is done solely with high price advanced instrumentations. The operation of research to search out cracks, flaws, and leaks and troubleshooting need advanced machinery and instrumentation for the best accuracy. Therefore, a shortage of qualified and skillful personnel to work the testing instruments is anticipated to restrain the market growth the instrumentality used needs a high level of coaching and repair certificate to handle instrumentation that incurs high value of service suppliers in operation within the market.
Regional Insights
North America emerged because of the dominant phase in 2020 with a revenue share surpassing 34.0%. This is often attributed to the adoption of NDT techniques across various applications, the provision of a talented workforce, and therefore the variety of non-destructive testing coaching institutes within the region. Moreover, power generation victimization oil within the U.S. and North American nations is predicted to absolutely impact the expansion rate within the region. Besides, the growing stress on the employment of NDT to avoid sudden failures of systems is predicted to drive the regional market.
In the Asia Pacific, the market is predicted to witness a CAGR of over 8.0% over the forecast amount. This growth is ascribed to a rise in producing, construction, and power generation activities within the region. Though the region faces an inadequacy of consummate labor presently, it’s expected to scale back, because the awareness and adoption of non-destructive testing techniques will increase within the returning years. Moreover, Middle East, due to the many presences of the oil and gas trade is predicted to be a possible marketplace for NDT techniques.
Impact of COVID-19 on the Non-Destructive Testing (NDT) Market
The COVID-19 pandemic eruption has turned out to be unfavorable and unforeseen for pretty much all industries globally, as well as automotive, construction, airlines, producing, among others. As a safety measure, several governments worldwide enforced lockdowns to contain the novel coronavirus unfold and its sequent adverse effects. The discontinuous international supply chain and slashed industrial productivity thereby strained the world economy. The companies’ production and manufacturing capabilities were additionally discontinuous due to the unexpected eruption of the virus. For example, the defense trade has been affected mildly when compared to alternative sectors due to budgeted government disbursal, which protects the availability and demand system. Though some defense corporations are hit arduous by the monetary shock, the impact is weaker than that on aerospace corporations.
Global Non-Destructive Testing (NDT) Market Scope:
Advancing Trends in Control Valve Market
BlogThe control valve market is expected to grow at a compound annual growth rate of 5.01 % to reach a market size worth US$11.641 billion by 2026. This market was valued at US$8.267 billion in 2019.
A control valve controls fluid flow and pressure, temperature, and pressure by modulating the size of a flow passage, as in the process industries of water management, power production, oil & gas, food & beverage, and automotive. Different industries require different types of control valves since linear and rotary are both highly effective and safe. A number of industries are focusing on process automation, so the market may benefit from a lucrative opportunity. Valve control is important for optimizing efficiency, reliability, and profitability in these process industries. In addition, control valve manufacturers are continually seeking new ways to improve their products to meet the changing requirements of a range of industries.
There Is an Increase in Valve Demand in the Pharmaceutical and Health Care Industries Due to Pandemic
In light of COVID-19’s rapid spread, the pharmaceutical and healthcare industries are leading the fight against the disease. There is an increase in the production of surgical instruments that are necessary to treat COVID-19 patients. There is a critical role played by control valves in the manufacturing of different types of medical devices, and many key industry players have seized the opportunity to participate in the fight against the pandemic. Companies have become increasingly involved in the research and development of automated devices, including solenoid valves, that are supplied by the pharmaceutical industry. In the pharmaceutical industry, a number of companies are developing advanced fluid handling systems, such as automatic dispensers for sanitizers and liquid soap, which, in turn, has increased the demand for valves. In this regard, increasing R&D investments in the pharmaceutical industry and rising medical device production spur the market for control valves.
Water and Wastewater Treatment Plants Are an Opportunity for Market Players to Address Sanitation-Related Issues Through Valve Installation
Due to the COVID-19 pandemic, sanitation and access to clean water have become even more important. As such, all residential services utilize the treatment plants, as these services are essential to providing quality water and wastewater. Several countries are also concerned about aging infrastructure in the water and wastewater treatment industry.
The United States, for example, has an extensive system of old pipelines for transporting water and wastewater. As old infrastructure ages, it is becoming more and more necessary to replace all the valves. For improved performance and increased worker safety, it is, therefore, crucial to replace these valves. Thus, the increasing number of new investments in water supply and sanitation projects, as well as the growing concerns of people regarding better sanitation create significant opportunities for valves that are used in water and wastewater treatment.
In terms of Market Share, Oil and Gas Dominates
As a result of rising energy demand and increasing drilling activities in the Gulf Cooperation Council (GCC) countries, the oil & gas industry accounts for the largest share of the control valve market. The expansion of the power infrastructure by the United States and the availability of natural gas is also expected to result in the construction of several new combined cycle gas turbine (CCGT) plants. This is anticipated to drive the market growth during the forecast period. In the US, over the last few years, transmission and distribution and reliability-focused pipeline investments have increased, and outages have declined slightly. Annual spending on high voltage transmission lines grew from $15.6 billion in 2012 to $21.9 billion in 2017, while annual spending on distribution systems of the electricity network — grew 54% over the past two decades. (Source: Infrastructurereportcard.org)
The Majority Will Be Held by the Pharmaceutical Sector
The low overall cost of equipment ownership, the ability to maximize uptime, and the reduction of maintenance costs are some of the benefits of improvements in sensor and valve technology for the pharmaceutical industry. With control valves, the actuator head is rotatable by 360°, making installation flexible. Because of this, installation costs for both existing and new projects are reduced, and actuators in compact valve arrays can be incorporated into manufacturing processes more efficiently. Pharmaceutical manufacturers have tried to incorporate new technologies into their control valve industry in order to make new accessories that, along with aseptic valves, ensure high functionality, efficiency, and reliability of a valve.
Significant Market Growth Is Expected in Asia-Pacific
China, India, Japan, and other countries in the Asia-Pacific region have benefited from the increased urbanization and the expansion of the middle class, thus encouraging the oil and gas, electric power, and chemicals industries. A rapidly industrializing economy and the development of a well-developed transport industry will boost demand for oil and gas in these countries. As a result of the need for potable water, desalination plants are also being established, which in turn leads to a higher demand for controlling valves. Another huge segment expected to drive demand is waste and wastewater management. For instance, over two trillion Japanese yen was spent on general waste management in Japan in fiscal 2019. This is a significant increase over approximately 1.8 trillion yen spent on this purpose in fiscal 2010.
Pandemic Insights:
The business has been impacted in a variety of ways by the COVID-19 pandemic. In recent years, an increasing number of Coronavirus cases has made people more aware of the importance of clean surroundings. Control valves have thus become more popular in the residential and commercial sectors over time. There has been a marked increase in the demand for different types of control valves in residential and commercial settings due to the frequency of disinfection cycles. For instance, Alfa Laval has seen a significant increase in demand for its Mixproof valves, which allows multiple fluids to be handled simultaneously and without risk of cross-contamination in hygienic flow processing.
Control Valve Market Scope:
Mixed Signal IC Market: Asia Pacific Driving the Growth
Thought ArticlesThe global mixed-signal IC market size to reach US$87,116.810 billion in 2026 is projected to grow at a CAGR of 3.24% from US$69,670.713 billion in 2019.
It has been observed a powerful rate in recent years and is forecast to exhibit fruitfully within the years to come back.
Mixed-signal IC is composed of analog and digital ICs. Mixed-signal IC has analog and digital circuits on one semiconductor die. Mixed-signal ICs are wide employed in consumer electronic applications. A mixed IC is taken into account because of the combination of digital and analog IC on one chip. Additionally, they need easy system styles. Analog modules inside these devices will simply be controlled by putting in the built-in software package.
These modules obtainable within the market are integrated into systems to supply functions that may provide a high degree of analog integration variables besides low power performance and reduced prices. These enhancements within the system give distinctive solutions that are programmable that lead to substantial price savings.
One of the main drivers for the market growth includes its high demand for test & measurement devices. Mixed-signal ICs are progressively getting used for check & measurements instruments like digital oscilloscope, weigh use, spectrum analyzers, and accuracy activity. Victimization mixed-signal ICs, producers of the industry will develop extremely correct elements and devices, that are extremely demanded from OEMs. Capacitors, resistors, inductors, and transistors are common analog process components. Mixed-signal ICs play a very important role in check and activity systems because the processing rate is high whereas at the identical time keeping high accuracy. The demand for mixed-signal ICs expected to extend quickly throughout the forecast amount, recognition of numerous factors like the adoption of 5G technology and high demand for low power consumption devices. However, the quality of planning the mixed-signal IC restricts the expansion of the market. Conversely, the rise in the application of mixed-signal ICs in automotive and other industries is projected to supply remunerative opportunities to the mixed-signal IC market.
Based on type, the mixed-signal SoC section contributed to simply regarding four-fifths of the complete market share in 2019 and is projected to require care of its lead position throughout the forecast quantity. Moreover, this section is denumerable to grow at the fastest CAGR of 3.24% from 2020 to 2026.
The Consumer Electronic Section Is Estimated to Own the Highest Market Share
Based on end-user, the market is divided into Consumer Electronics, Medical & Healthcare, Telecommunication, Automotive, and Others. There’s high adoption of mixed-signal IC in mobile phones and electronics, because of substantial development of telecommunication, electronics, and different industries. The worldwide mixed-signal IC market is anticipated to grow because of the appearance of the 5G network & the high demand for low-power consumption devices.
The power management sector, signal process sector are segments that are expected to possess high growth inside the market. the ability sector accounted for over 52% of analog computer circuit consumption. This sector emphasizes economic power utilization by electronic devices. Analog ICs are majorly utilized in portable devices that are extensively used. Alternative major practicality includes a reduction in battery drain that obliquely reduces prices.
North America and Asia Pacific Region Fuelled the Mixed-Signal IC Market
The market has been categorised into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2019, North America emerged united of the leading regions; though, the market within the Asia-Pacific region is anticipated to develop at a fast rate as compared to different regions. North America is additionally anticipated to exhibit the highest rate / CAGR over the forecast amount 2020-2027. Factors like rising income and increasing demand for Mixed Signal IC would produce moneymaking growth prospects for the Mixed Signal IC market across the region. The growth of the Asia-Pacific market is calculable to be fuelled because of the factors sort of a surge in demand for consumer applications, high adoption of 5G technology, and low power consumption by mixed-signal ICs. The Asia Pacific is that the leading/significant region across the planet in terms of market share recognition to the broad client base within the developing countries of the region for consumer electronic devices like smart TVs and smartphones and therefore the presence of major suppliers of electronic devices square measure driving the expansion of the market during this region.
COVID-19 Situation
Manufacturing activities are interrupted because of lockdown measures enforced in numerous countries. Additionally, disruptions within the supply chain and retardation of companies’ businesses have occurred. Trade barriers have restrained the stock. The demand from the automotive trade reduced considerably as there has been a stoppage of daily operations within the trade. Producing and sale of automotive vehicles stopped or lowered down. Lack of business continuity within the semiconductor and industry wedged demand for mixed-signal ICs. However, the demand would grow steadily throughout the post-lockdown. The demand & supply chain is discontinuous by trade barriers. Administrations of assorted countries have obligatory strict internment laws and have close industries on a brief basis, that negatively wedged the general manufacturing method.
Global Mixed Signal IC Market Scope:
Continuous Glucose Monitor: An Innovative Way of Monitoring Diabetes
BlogThe continuous glucose monitoring market is expected to grow at a CAGR of 19.16%, from a valuation of US$4.896 billion in 2021 to US$16.698 billion by 2028.
In the field, if diabetes management, continuous glucose monitoring is one of the latest technological advancements which has proved to be an effective way to monitor glucose. The process involves inserting a biosensor through the transcutaneous or subcutaneous route which transmits the reading through a transmitter to a receiver helping to monitor glucose in the bloodstream.
The advantages it provides over other glucose monitors such as periodic monitoring of glucose levels and has also paved a path for high-tech closed-loop artificial pancreas has accounted for the growth of the continuous glucose monitoring market. However, the limited number of continuous glucose monitors, inconsistency in Medicare reimbursement and the need of frequent calibration are anticipated to hamper the growth of this market at the global level. Further, the growing technological advancement in this field are expected to fuel the growth of the continuous glucose monitoring market.
Growing Diabetic Population Will Boost the Market Demand for Continuous Glucose Monitoring
The growing number of diabetic populations around the world are increasing the demand for continuous glucose monitoring. The growing diabetic population includes a high prevalence of the population suffering from diabetes and a surge in the geriatric population. According to World Health Organization, 422 million people worldwide are suffering from diabetes, the majority of which are living in low- or middle-income countries. Additionally, 1.6 million deaths were accounted directly attributing to diabetes every year. The increase in the number of diabetic patients have been reported to the growing obesity in different countries. Furthermore, by the year 2040 642 million diabetic population is anticipated by International Diabetes Federation and one out o every tenth adult is expected to have diabetes by the year 2040.
The growing number of patients suffering from diabetes has become a pressing concern worldwide. Hence, the technological developments and strategies in detecting sugar levels in the body has become an industry trend. This rise in technological developments is expected to fuel the demand of continuous glucose monitoring and provide growth opportunities in the forecast period. Patients have been reliant on daily insulin injections in order to monitor glucose for which continuous glucose monitoring has proved to be a valuable asset as it helps in the enhancement of glycemic balance. Several clinical studies have shown that patients suffering form Tier 1 diabetes melitus, with the use of continuous glucose monitoring have shown positive glycemic control in comparison to routine self-monitoring blood glucose
Hospital Industry Will Have a Significant Market Share of the Continuous Glucose Monitoring Market During the Study Period of 2019 to 2026
The continuous glucose monitoring market is segmented, based on end-user industry, hospitals, diagnostic centers and clinics, homecare and others. During the study period, the market for hospitals is anticipated to witness remarks growth. The use of continuous glucose monitoring in the healthcare business has surged in the recent years owing to the benefits it provides over self-monitoring blood glucose levels devices. Additionally, the technological advancements in this field of monitoring blood glucose levels will boost the growth of continuous glucose monitoring in the forecast period.
Lack of Accuracy, Inconsistency of Medicare Reimbursement and the Need for Frequent Calibrations May Hinder the Market Size of Continuous Glucose Monitoring Market
One of the prime factors that may hinder the market growth of continuous glucose monitoring market is the need of frequent calibrations of the monitoring system as it is essential to make sure the glucose monitoring sensor maintains its accuracy over time. Calibrating three to four times a day optimizes sensor performance and has proved to be a restraint to the use of these sensors in the industry. The eligibility criteria for continuous glucose monitoring required by the Medicare and Medicaid Services have been deemed ineligible, despite of its clear evidence of its use in various diabetic populations. Despite numerous benefits associated with a continuous glucose monitoring system, the lack of accuracy acts as a major restraint for the market growth.
North America and the Asia Pacific Region to Show Robust Growth in the Continuous Glucose Monitoring Market
The continuous glucose monitoring market, by geography, is divided into North America, Europe, Middle East and Africa, Asia Pacific and South America. The North American region holds the largest share and is predicted to grow at an increasing rate in the continuous glucose monitoring market. The growth is due to the presence of highly advanced healthcare units in the region. Obesity has been primarily associated with diabetes and the increasing obesity in the North American industry has been a major factor for the growth of continuous glucose monitoring market. In a recent survey, two out of every three adults in U.S. are overweight which accounts to 69% population is overweight. This has accounted to the surge in the use of continuous glucose monitoring. Also, the extensive research and developments and technological advancements in the field will account for a larger share of the market in this region.
Asia Pacific region is expected to grow at the fastest rate in the continuous glucose monitoring market in the projected period. The increasing number of diabetic patients in the region has accounted to the growth of the market in the forecast period. In a report by American Diabetes Association, more than 60% of people in the Asia Pacific region are living with diabetes among which one-half in India and China combined. Also, the technological developments in the healthcare sectors in the Asia Pacific region have factored for the growth of continuous glucose monitoring in the region.
The Impact of the Outbreak of COVID-19 on the Continuous Glucose Monitoring Market
The COVID-19 pandemic has had an adverse effect on industries and their manufacturing and production units. The government of many nations have imposed strict nationwide lockdown due to the extensive spread of the virus. The COVID-19 virus has had a positive impact on the continuous glucose monitoring market as the COVID-19 virus has been found a threat, particularly for diabetic patients. The chances of acquiring the deadly COVID-19 virus were much higher in diabetic patients than others which could result in worse symptoms and higher complications. The need of continuously monitoring glucose in diabetic patients could help taking precautions at earlier stages of acquiring the virus which could avoid complications at later stages. The demand of remote monitoring of COVID-19 acquired patients has surged during this period. Also, in the post COVID scenario, the recovered COVID diabetic patients are expected to develop resistance to insulin due to which continuous glucose monitoring can replace the traditional sugar level checks.
Continuous Glucose Monitoring (CGM) Market Scope:
Conductive Silicone: In Your Computer, Phone, Even Your Window, Find Silicone Wherever You Go!
Thought ArticlesThe conductive Silicone market size is projected to grow at a CAGR of 6.12% to reach US$5.455 billion in 2026 from US$3.600 billion in 2019.
It has been observed a powerful rate in recent years and is forecast to exhibit fruitfully within the years to come back.
Conductive Silicone’s are materials of Silicone that are filled with carbon having unique and advanced physical properties. These physical properties include higher flexibility, higher moisture resistance, easier assembly and low temperature processability and are used in a variety of end user applications such as fastening, coating, bonding and printing. The use of conductive Silicone’s in the thermal interface materials has surged dominantly in the recent years as conductive Silicone provides adhesion to a large range of substrates and its property of high conductivity has made an increasing demand at the global level. Its application in bonding LED arrays, microprocessors to ensure a specific path for heat flow has led to the upsurge in its demand.
One of the major drivers for the conductive Silicone market growth includes its high demand of mobile robots in various industry sectors that include high sustainability like wind and solar power. The upsurge in the demand of these are accounted as conductive Silicone enhance the durability and performance of various industry sectors. The use of conductive Silicone allows products to spread better, last longer, withstand extreme temperature and to stay flexible and rigid which automatically reduces the resource and energy consumption. The extensive research and developments in the conductive Silicone market to develop advanced unique products has become a trend dur to which major companies have been adopting the use of Silicone’s in their production units. Silicone’s have helped to develop renewable energy sources such as solar panels, wind turbines, electric vehicles, medical prosthetics with the use of advanced technologies and innovations. Furthermore, the favourable regulatory polices such as free trade agreement and the FDI are likely to boost the overall conductive Silicone market at a global level.
However, the environmental concerns regarding the use of conductive Silicone in China, which happens to be the biggest market of these conductive Silicone’s will hamper the growth of this market in the forecast period. Environmental concern regarding the air quality index has led to the shutting of various feedstock facilities in the country leading to the shortage of supply. A surge in the demand of conductive Silicone has been a pressing concern with the limited supply of these materials which has caused a disbalance between the demand and the supply restraining its growth.
The E-Commerce Segment Is Estimated to Own the Highest Market Share
Based on end-user, the market is metameric into consumer electronics, automotive, aerospace and defense, medical devices and others. On the source of end-use, the automotive section procured the utmost revenue of the worldwide conductive Silicone market in 2019. The increasing demand of conductive Silicone from the automotive sector in the global market has been a prime driver of this industry.
The increasing demand of conductive Silicone is the automotive market is due to its versatile nature and its physical ability to withstand harsh weather conditions and its flame. The ability to remain elastic even at higher temperatures whilst retaining its adhesion, shine and water repellence to aftermarket car care products have boosted the demand of these conductive Silicone’s in the automotive industry. Conductive Silicone’s are used on the drive train, under the bonnet and on the bodywork. Their properties include resistance to humidity and water, are non-toxic and inert, favourable electrical properties and flexible UV resistance. The technological advancements in the industry have led to the surge in the demand of these conductive Silicone in various industry sectors to increase their efficiency and improving the overall value of the product.
Furthermore, with the increasing demand of electric vehicles the in various countries has boosted the demand of conductive Silicone in the automobile sector. With the technological advancements in EV vehicles the need to reduce component size and increase power output the demand for these Silicone’s for greater protection and heat dissipation to ensure the vehicles performance and life span.
North America and Asia Pacific Region Fuelled the Mobile Robot Market
The market for conductive Silicone is metameric into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In the year 2019, North America emerged to be a prominent region in the conductive Silicone market; though, the market within the Asia-Pacific region is anticipated to develop at a fast rate as compared to different regions. North America is additionally anticipated to exhibit the highest rate / CAGR over the forecast amount 2020-2027. Factors like rising income and increasing demand of conductive Silicone would produce moneymaking growth prospects for the conductive Silicone market across the region. Also, the presence of e-commerce giants in the region have surged the demand of conductive Silicone’s. The growth of the Asia-Pacific market is calculable to be fuelled because of the upsurge in the demand of conductive Silicone’s in automotive, consumer electronics and power generating industries. Asia Pacific region has been experiencing increasing investments in the power generation industry in leading developing nations like China, Japan and India. Additionally, the use of anti-static packing for electric and electronic devices as it provides dust control during electric charge and sustaining functionality have risen the demand of conductive Silicone’s in the APAC region. The growing application of conductive Silicone’s in conformal coatings, bonding, fastening, encapsulation and potting compounds have boosted its use in various industry sectors.
COVID-19 Situation
Manufacturing activities are interrupted because of lockdown measures enforced in numerous countries. Additionally, disruptions within the supply chain and retardation of companies’ businesses have occurred. Trade barriers have restrained the stock. The COVID-19 impact on conductive Silicone market has been neutral owing to the use of conductive Silicone’s in the healthcare industry amid this pandemic. The disruption in the demand and supply chain has further hampered the conductive Silicone market in the forecast period. The temporary lockdown in many countries have led to the shut down of manufacturing units and various industry sectors like automotive, consumer electronics have limited the demand of these conductive Silicone in the global market. The unfavourable conditions risen due to the COVID-19 virus has had a negative impact on the conductive Silicone market. However, in the post COVID scenario, the conductive Silicone market is expected to bloom with the surging demand in various industry sectors in the forecast period.
The key companies involved in the conductive Silicone market are The Dow Chemical Company, Shin-Etsu Chemical Co., Ltd., Wacker Chemie AG, Henkel AG & Co. KGAA, Elkem Siliconees, ACC Siliconees Ltd, Siliconee Technology Corporation, Momentive, Saint Gobain Performance Plastic, 3M Company.
Conductive Silicone Market Scope:
How Molecular Imaging in Revolutionizing Diagnosis
BlogMolecular imaging is a growing biomedical research discipline that focuses on capturing images of molecules of medical interest within intact living subjects. The field of molecular imaging was developed from radiopharmacology in response to the demand for a better understanding of basic biochemical pathways within organisms in a non-invasive manner. The other conventional methods for diagnostic imaging such as x-rays, computed tomography (CT), and ultrasound, provide images of physical structure, molecular imaging which allows practitioners to observe the workings of the body and analyze its chemical and biological processes. However, molecular imaging provides practitioners with unique insights into the human body, allowing them to personalise patient therapy. It can provide information that other imaging technologies cannot provide often before any symptoms or abnormalities can be detected with other diagnostic tests. Other imaging technologies would employ more invasive procedures such as biopsy or surgery to diagnose the disease in its early stages or pinpoint the exact location of a tumour. Molecular imaging studies assist practitioners in determining the extent or severity of a disease, as well as locating its spread throughout the body, assessing the body’s reaction to specific therapies and picking the most effective solution based on the patient’s unique biologic features and the molecular qualities of a tumour or other condition.
As a result, molecular imaging plays a critical role in earlier detection, precise diagnosis, and drug development and discovery. This technology has revolutionized the medical world and has become crucial for providing high-quality and personalized health care. However, high research and development costs, as well as constant improvement and innovation in molecular imaging technologies, are major constraints for the molecular imaging market.
The Global Concern Over Chronic Diseases Is Growing, and Medical Imaging Modalities Play a Critical Role in the Correct Identification of Chronic Diseases.
The ageing population, as well as societal behaviour changes, are all leading to an increase in frequent and costly long-term health concerns. Cancer, cardiovascular disease, obesity, and diabetes account for the majority of chronic illness fatalities. The increasing ageing population suffering from end-stage disease, as well as the rising prevalence of cancer and related disorders, is expected to boost demand for molecular imaging. According to GLOBOCAN, about 19.3 million new cases of cancer were recorded globally in 2020, it is estimated to rise to 30.2 million by 2040. The population growth is expected to be greatest in developing countries. New modalities for therapy and diagnoses provide precise and early detection of diseases which minimizes the cost of treating these diseases. With the increase in their disposable income, people are expected to become capable enough to have access to imaging procedures for the early detection of diseases.
Global Technological Advances in the Healthcare Sector Will Boost the Market Over the Projected Period.
The scientific advancements occurring at an exponential rate are assisting the expansion of the market. Imaging technology developments have always posed a challenge to practitioners in terms of maximising their inpatient treatment. In recent years, scientists, researchers, and technologists have been able to implement systems in clinical practice that integrate two or more separate diagnostic imaging modalities. Five imaging modalities available for molecular imaging are: X-ray computed tomography imaging (CT), optical imaging (OI), radionuclide imaging (including PET and SPECT), ultrasound imaging (US), and magnetic resonance imaging (MRI).
Favourable Government Regulations for Healthcare Will Be a Principal to the Growth of the Market During the Forecast Period.
Back In 2016 in US, for example, the AMIPA (American Medical Isotope Production Act) and the DOE/NNSA (Department of Energy) established a Uranium Lease and Take-Back (ULTB) programme. The DOE/NNSA makes LEU (Low Enriched Uranium) accessible through leasing contracts for the irradiation and manufacture of Mo99 for medicinal purposes under this initiative. The AMIPA not only supports local Mo-99 production but also aspires to replace the role of HEU (High Enriched Uranium) in the manufacture of medicinal radioactive isotopes.
Furthermore, Canada is one of the major producers of Technetium-99m. With the adoption of Tc-99m in radiopharmaceuticals, the Canadian market is projected to develop exponentially. However, the field of nuclear imaging is currently experiencing a scarcity of the radioisotope Tc99m (technetium 99), which will have an influence on the majority of diagnostic scans performed in nuclear medicine clinics.
COVID-19 Caused a Slight Decline in the Global Molecular Imaging Market.
This impact was mostly mainly due to the fact that imaging techniques were also used for preventative purposes throughout this time period. When possible, several institutions chose to keep their doors open in order to continue treating people who required scans for various medical reasons, such as cancer patients. Others were able to outsource a portion of their duties to off-site imaging agencies in order to help patients who were not authorised to undergo imaging treatments during the crisis. Off-site imaging businesses did contribute to preparing for a potential spike in patients by keeping imaging procedures flowing. However, not every institution offered this option, and imaging procedures fell short of expectations and performed poorly when compared to one year before. During the height of the pandemic, the availability of mobile and portable imaging technologies aided in expanding imaging options for patients both within and outside of healthcare institutions. Carestream Health increased the production of its mobile diagnostic imaging equipment in April 2020 in response to the need for critical care during the COVID-19 crisis. Carestream’s DRX-Revolution Mobile X-ray System and DRX-Revolution Nano Mobile X-ray System bring the X-ray exam to the patient’s bedside, providing high-quality digital radiography images in real-time to healthcare practitioners to aid in patient diagnosis. This was done to assist in minimising the spread of COVID-19 and to help diagnose it faster and simpler in remote areas put up around the country.
Now that the COVID-19 crisis has passed in the majority of states, hospitals are restoring general imaging services and noticing an upsurge in the number of individuals who need scans. As hospitals and imaging facilities try to figure out this “new normal,” and the world has gradually begun to open up from the past, the market is likely to grow even more in the future years.
What Makes Glass Wafers a Popular Choice for Semiconductors?
BlogThe Global Semiconductor Glass Wafer Market is expected to grow at a compound annual growth rate of 5.84% over the analyzed period to reach a market size of US$530.472 million in 2026 from US$356.472 million in 2019.
Glass wafers are thin precision glass discs that are often composed of borosilicate glass, quartz, or fused silica and are used as a substrate carrier for attaching silicon and other substrates for MEMs (Micro Electro Mechanical Systems). Semiconductor glass wafers are used for a variety of scientific and industrial applications. This glass protects the semiconductor while allowing smooth operation. They are also utilised in display engineering and display glass inspection systems. The screens/displays used in televisions, automobiles, phones, and other electronic gadgets are made out of a “glass stack”—several layers of thin glass, each with a specific function, such as encapsulation glass, a glass TFT (thin-film transistor) backplane and a protective layer. All of these layers work together to create the visuals on the screen.
Dive Deeper into the Semiconductor Glass Wafer Market
This overview provides key insights. Access our comprehensive report for detailed market size forecasts, competitive analysis, and strategic insights to stay ahead in the semiconductor glass wafer industry.
Rising demand for semiconductors across several industrial verticals is expected to boost the growth of the semiconductor glass wafer market. The widespread adoption of these in electronic segments, together with technical improvement, would significantly contribute to the market’s growth. MEMC Electronic Materials, a subsidiary of Taiwanese business GlobalWafers, agreed to spend $210 million in its O’Fallon, Missouri, facility and add 75 jobs as part of the contract to expand U.S. operations in 2021. The primary cause for the expansion of its end-user industries is an increase in disposable income. Furthermore, new emerging requirements in the electronic packaging sector are broadening the scope of the semiconductor glass wafer market. The Internet of Things (IoT)’s debut and expansion is providing a rising market opportunity for semiconductor glass wafers. However, production restrictions and inaccuracy owing to human mistakes have the potential to hinder market expansion. Furthermore, the existence of alternatives, such as silicon, hampers market development.
The Benefits of Using Glass in Semiconductors Will Fuel Market Expansion
Glass can be custom-made to meet the needs of the client. Corning, for instance, provides a diverse array of semiconductor glass in sizes ranging from 3.2ppm/degree Celsius to 12.4ppm/degree Celsius, with the option of resizing as needed by the client. Furthermore, semiconductor glass wafers have a lower thickness and wrap, therefore require less space and reduce yield loss. Furthermore, because glass is transparent, it allows for an effective laser de-bonding procedure. Glass wafers also have several advantages over traditional silicon wafers, such as lower electrical loss, better warp control (thermal expansion/stability and higher stiffness help in decreasing warping), lower cost, and the potential to enhance processes.
Explore the Global Silicon Wafers Market
Glass wafers offer advantages over silicon in specific applications. Dive into our detailed report on the Silicon Wafers Market to compare technologies, analyze trends, and uncover growth opportunities.
The Electronic Industry Will Have a Significant Share in the Market
The semiconductor glass wafer market is divided into three segments based on end-users: electronics, semiconductors, and biotechnology. Due to the increased demand for electronics, the market’s electronics end-user is projected to perform well. Semiconductor wafers, such as silicon wafers, are used in the manufacture of chips and microchips in electronic devices such as computers, laptops, smartphones, smartwatches, and others. Glass wafers are also used in wafer packing and as a substrate carrier in the industry. Along with its excellent functionality and high durability, it is also utilised in wafer packaging of delicate components, particularly in extreme environments. Technological development and an increase in disposable income have boosted consumer demand for electronic devices, which will drive the market demand for electronic and semiconductor wafer glasses.
Glass wafers are also used in the fabrication of semiconductors as a carrier substrate since they are made of a highly fragile material that may be readily twisted or torn. Despite its fragility and slimness, the glass allows for the safe handling of semiconductors. Because of its high chemical and thermal stability, glass is perfect for the manufacturing of semiconductors. During the predicted period, the growing need for semiconductors will boost the demand for semiconductor glass wafers.
Understand the Semiconductor Manufacturing Material Market
Glass wafers are critical in semiconductor production. Explore our in-depth report on the Semiconductor Manufacturing Material Market for insights into production processes, key players, and market trends.
Wafers and wafer glass are also used in the biotechnology sector to make microfluid chips, with the glass acting as a substrate. The glass provides the clear vision required by the biotechnology application, allowing for increased efficiency. Glass wafers are used as a substrate in integrated circuit packaging to improve performance and cost-effectiveness.
The Limitation in Manufacturing and Inaccuracy Caused by Human Error Is Hampering Market Expansion
The primary obstacle to the semiconductor glass wafer industry is manufacturing process limitations. For seamless operation, an efficient semiconductor set needs precision and accuracy in production. Human errors, on the other hand, may affect precision and have an influence on the glass wafer market. Furthermore, robots can be utilised to execute the work, removing the possibility of human errors. However, these robots are expensive, and financial restrictions may limit their adoption. In addition, silicon and metals are good replacements for semiconductor glass wafers. The abundant supply of silicon makes it more accessible, thus limiting the market scope.
During the Forecasted Period, the North American Region Will Show Robust Growth
The Semiconductor Glass Wafer Market, by geography, is divided into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America. The North American region is expected to hold a significant share over the projected period due to the faster adoption of technology and the region’s cutting-edge infrastructure. The Asia Pacific and Europe are projected to expand at a rapid pace as well. Surging demand for electronic devices will generate considerable market expansion in the Asia Pacific region.
The Impact of the Outbreak of COVID-19 on the Semiconductor Glass Wafer Market
The outbreak of the COVID-19 pandemic has had a significant impact on almost all industries around the world. Many countries have imposed strict nationwide lockdowns. It has had an impact on both sides of the economy and has caused supply chain disruptions. The global semiconductor glass wafer market was also affected by the coronavirus pandemic. A halt in production by end-user businesses in compliance with the government’s lockdown protocolled in a drop in demand for semiconductor glass wafers. Consequently, despite a temporary slowdown, the Semiconductor Glass Wafer Market is expected to grow during the forecast period.
Global Semiconductor Glass Wafer Market Scope:
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Rapid Diagnosis Devices: Making Early Disease Detection Possible
Thought ArticlesThe rapid diagnostic kit market is predicted to grow at a CAGR of 10.92 % to attain a market size of US$44.953 billion by the end of 2026. This market was worth US$21.757 billion in the year-end 2019.
Healthcare professionals have worked for decades to make disease diagnosis more rapid through testing. Rapid diagnostic tests (also known as immediate test kits) were developed as a result so that patients with various types of diseases could be diagnosed at the time and receive the therapy that they need. Cost-effective and easy to access (available 24/7), these rapid diagnostic test kits can detect any disease symptoms fast. Humans and animals alike can benefit from rapid diagnostic kits for detecting or diagnosing a wide range of conditions, infections, and diseases. In addition, these kits can diagnose diseases and conditions, such as malaria and pregnancy, with high accuracy. As a result of the rapid growth in preventive management and expanding awareness about the early diagnosis of diseases across the globe, the market is expected to witness significant growth during the forecast period. The continuous launch of new products and technological advances will also boost market growth during this forecast period. Likewise, rapid diagnostic kits will gain traction with the increase in demand for home-based diagnostic kits. While rapid diagnostics are emerging as a dominant diagnostic strategy for physicians, a lack of awareness and the fact that microscopy is still necessary may hinder the growth of the market during the given period.
Benefits of Rapid Diagnostic Tests
Rapid diagnostic tests (RDTs) are medical diagnostic tests that can be carried out quickly and easily. Medical screening with RDTs is suitable for hospitals with limited resources, as well as for emergency medical cases. Moreover, they allow primary care doctors to measure things that formerly could only be measured through laboratory testing. The results are delivered within 20mins to 2hrs. Currently, rapid tests are used in emergency cases to diagnose diseases quickly. RDTs have various characteristics, such as:
Easy-to-Use and High-Quality Tests
Among patients with chronic diseases, the risk of developing end-stage heart failure diseases is increased. For this reason, diagnosing and treating the chronic disease early can help decrease morbidity and mortality. A screening program aimed at high-risk patients, such as those with diabetes mellitus, hypertension, and the elderly, can detect diseases early. Thus, rapid diagnostic kits are available to identify many chronic diseases when they are asymptomatic, without showing any symptoms. The recent outbreak of the COVID-19 virus is directly impacting the rapid diagnostic kit industry, as several rapid diagnostic kits are being developed for the detection of the COVID-19 virus. As one example, Cipla Limited and Premier Medical Corporation entered into an agreement in December 2020 to commercialize antigen tests for Coronavirus disease ( Covid-19) that can detect the disease within 15-20 minutes.
As Cardiovascular Disease Becomes Increasingly Prevalent, the Need for Cardiometabolic Testing Kits Will Increase
The most common cause of death worldwide is cardiovascular disease (CVD), which accounts for 17.9 million deaths per year. Cardiovascular diseases affect the heart and blood vessels and can affect many patients, including coronary heart disease, cerebrovascular disease, rheumatoid arthritis and other conditions. According to a study in the Journal of the American College of Cardiology, more than half of all CVD deaths are caused by heart attacks or strokes. There was nearly a twofold increase in the number of CVD cases from 271 million in 1990 to 523 million in 2019 in the study, while the number of CVD deaths steadily rose from 12.1 million in 1990 to 18.6 million in 2019. Ischemic heart disease and stroke accounted for the majority of CVD deaths as of 2019, an increase steadily since 1990. CVD was the primary cause of 9.6 million men’s deaths and 8.9 million women’s deaths in 2019, accounting for roughly a third of worldwide deaths. The majority of these deaths were occurring in people between 30 and 70 years of age. Among the countries with the most CVD deaths are China, India, Russia, the United States, and Indonesia. (Source: acc.org)
Hospitals and Clinical Testing Will Be the Fastest-Growing Segment During the Forecast Period
As a result of the rapid technological advancements and increased number of diagnostic laboratories worldwide, the hospital and clinical testing segments are expected to offer significant growth to the market. The National Accreditation Board for Testing and Calibration Laboratories (NABL) reported in November 2020 that there were approximately 6200 NABL-accredited medical labs in India. There are also several foreign hospital groups collaborating with diagnostic companies in developing nations as well as emerging economies to provide adequate and extensive diagnostic services for patients. As an example, Quest Diagnostics announced a partnership with Houston Healthcare in February 2019 to enhance access to diagnostic screenings and services for Houston residents. Houston Medical Center and Perry Hospital will receive full laboratory management services through this partnership with Quest. Rapid diagnostic kits are expected to gain popularity as a result of all these developments currently taking place in this segment.
North America Is Expected to Hold the Major Market Share Over the Forecast Period
The rapid diagnostics kits market industry is expected to be dominated by North America. In addition to the geographic presence of major industry players focusing on market development, a large base of patients with chronic diseases has also contributed to market growth. In the United States, diseases of chronic nature are the leading cause of death and disability. At least 45% of America’s population, which equals 133 million people, has a chronic disease, according to the Centers for Disease Control and Prevention (CDC). Every year, chronic diseases claim the lives of more than 1.7 million Americans, accounting for about seven deaths for every ten Americans.
The market growth is also likely to be boosted by the rising government support and initiatives in this region. For instance, in 2020, detecting COVID-19 early will be a key to limiting the spread of the new coronavirus across all of Canada. Canada has signed an Interim Order in response to COVID-19 so that medical devices important for the fight against COVID-19 can be imported and sold more quickly and more easily, including diagnostic kits for clinical use. Moreover, several strategic partnerships and collaborations have emerged among the key players and diagnostic laboratories in the country, which should propel the market’s growth. A recent acquisition by Illumina of Grail aims to accelerate the commercialization and adoption of transformative multi-cancer screening tests that have the capability of detecting cancer earlier and providing better outcomes. Due to these current market developments and the rising geriatric population, the market for these products is anticipated to grow substantially.
Pandemic Insights:
As a result of the recent outbreak of the COVID-19 virus, various rapid diagnostics kits are being developed and commercialized to detect the virus. Among the major factors driving the growth of the rapid diagnostic kits, market are government initiatives aimed at diagnosing infectious diseases and the rising need for rapid detection of diseases.
In the UK, in January 2021, the Department of Health and Social Care (DHSC) launched a nationwide community screening program for COVID-19, which is free for anyone not showing any symptoms of the illness. Rapid lateral flow tests will be used in this program, which can provide results within 30 minutes without requiring a lab visit.
Global Rapid Diagnostic Kits Market Scope:
Global Iris Recognition Market: Healthcare Segment Drives the Market Growth
BlogThe global iris recognition market is anticipated to surge at a compound annual growth rate of 15.51% from US$676.795 million in 2019 over the analyzed period to reach a market size of US$1,857.427 million in 2026.
Iris recognition is a vital technique employed in the identification of individuals. This technology uses the mathematical pattern-recognition technique on video photos are of the irises, whose difficult random patterns are stable, distinctive, and square measure visible from certain distances. This technology is widely used because of its non-invasive and non-intrusive nature. Iris recognition through its video recognition technology and infrared illumination, acquire pictures of the complex and detail wealthy structures of the iris that’s outwardly visible. Moreover, it’s currently been employed in completely different countries for various functions like passport-free machine-controlled border crossings and plenty of additional.
It uses pattern recognition techniques supported distortion-free and high-resolution photos of the iris. Numerous industries will use iris recognition per their wants.
Multi-factor authentication (MFA) is an authentication method wherever a minimum of 2 various factors of proof is needed. Three main styles of authentication are one thing you recognize (such as a password), one thing you’ve got (such as a card or token), and one thing you’re (biometrics).
Biometric identification utilizes physiological and behavioural characteristics to demonstrate a person’s identity. MFA has become a well-liked tool for organizations to demonstrate the identity of workers and vendors employing a company network.
Iris biometry software package provides one in all the foremost secure ways of authentication and identification because of its distinctive characteristics of the iris. This technology replaces current ways of passwords, token cards, or PINs, and if employed in conjunction with one thing the user is aware of in a very two-factor authentication system, then the authentication becomes even stronger.
Healthcare Sector to Own the Best Growth
The increasing demand for precise patient identification and also the has to be compelled to decrease healthcare fraud are the numerous factors driving the adoption of iris recognition technology within the market. Hospitals and attention facilities are more and more deploying biometric systems, like iris recognition, realizing the vitality of secure identification inside the care system. This shows that the healthcare sector needs to take measures, like putting in the biometry system, advanced security, and antiviruses within the system to reduce this range within the resulting years.
The evolution of existing technologies and the development of multi-layered authentication systems in competent prices are additionally expected to feature to the expansion within the adoption of biometric technologies in healthcare systems, worldwide, by victimization iris recognition.
Implementation of biometry is additionally expected to extend the protection for patients, doctors, and nurses, because of demanding new rules obligatory by the Health Insurance Profitability and Accountability Act (HIPPA) . These rules and measures are expected to drive the preparation of biometry within the healthcare system, thereby contributory to the market growth over the forecast amount.
Iris Recognition Market: Drivers and Restraints
The market is primarily driven by the increasing demand for security systems. The prevalence of cybercrimes, terrorist attacks, and plenty of different misappropriated activities has exaggerated the demand for high-security systems. This is often one of all the foremost secured and correct technologies to spot a person by analyzing the random pattern of the iris. Another necessary driver of this market is that the high demand from completely different travel and immigration and numerous government organization.
Due to high-security issues in several government organizations and travel and immigration, iris recognition is employed. This technology is correct, works perfectly, and is additional secured technology used for security functions. Further, distinctiveness, stability, and security also are one in all the necessary factors escalating the demand of the iris recognition market globally. The iris pattern is stable, uses a richness of textures details gift within the iris-like coronas, furrows, freckles, and stripes, thus they’re additional secured in nature.
The major restraint of this market is that the extremely expensive iris recognition systems. The value of this iris recognition system is therefore expensive that it probably costs 5 times over the price of fingerprint scanning. Another major restraint of this market is that the iris may be a little target to scan utterly. To scan the iris properly, the top of a person needs to be still. Moreover, something that causes reflection makes the systems troublesome to acknowledge the iris. Thus, it’s one of all the very important factors restraining the worldwide iris recognition market.
The major chance of the world iris recognition market is that the enlargement of iris recognition systems within the existing application areas like banking, finance, shopper electronics, travel and immigration, and plenty of others. Except for this implementation of those systems in automated teller machines, mobile devices, and pharmacy dispensing is additionally making ample opportunities within the world market when the forecast amount.
APAC to Account For the Biggest Market Share Throughout the Forecast Amount
Based on geography, the market is metameric into four regions: North America, Europe, Asia-Pacific, and the rest of the world. APAC is that the most engaging business destination for iris recognition product and answer suppliers because of the growing shopper industry, particularly this smartphone market during this region.
Samsung Electronics (South Korea), a vital smartphone and medicine manufacturer, that has adopted iris recognition technology to extend the protection and safety features of its latest devices, has its producing facilities set during this region. This subject is additionally completely impacting the expansion of the iris recognition market in APAC.
North America Conjointly Witnessed Major Market Share
North America holds the key share, in terms of revenue, and is anticipated to keep up its dominance over the forecast amount. The presence of distinguished players and high investment in R&D activities for the event of advanced technology are factors driving the expansion of the target market during this region.
Growing occurrences of cybercrimes, terrorist attacks, and different cross-border misappropriated activities have led to the necessity for high-security systems. As iris recognition technology is one of all the correct and secure techniques for distinctive someone, independent agency and enforcement divisions during this region are finance heavily into this technology to affect giant volumes of public information.
Moreover, the rising implementation of eye scanners on the U.S.A. borders is additionally expected to drive the market demand during this region. Additionally, increasing the adoption of iris recognition in security solutions for providing secure and correct recognition systems is another issue refuelling the expansion of the target market during this region.
Impact of COVID-19 Irruption on Iris Recognition Market
The unfold of novel coronavirus has influenced several organizations and people into adopting new practices, like carrying masks and social distancing. The crisis close immeasurable individuals around the world are additionally presenting associate unlikely business chance within the sector of biometry. Contactless biometric systems aimed toward combatting the COVID-19 virus square measure are being launched at a big rate.
Wearing facial masks has become traditional in people’s daily lives, and in and of itself, face recognition applications that were ordinarily used for unlocking mobile phones have met serious challenges. This, in turn, might accelerate and promote the broader use of iris recognition technology.
The adoption of iris recognition technology has shown vital growth throughout the pandemic because it might facilitate resolve technical barriers bestowed once face identification is untouchable. After all, the user’s face is roofed by a mask.
Online Survey Software Market: Asia Pacific Is the Quickest Growing Market
Thought ArticlesThe global online survey software market is expected to grow at a CAGR of 22.07%, from an initial value of US$8.077 billion in 2021 to US$32.626 billion by 2028.
Online survey software, the software used to do online surveys for a better understanding of the consumer behaviour. The first advantage of online surveys for analysts is that they raise potency by saving time. Data is accessible directly and maybe exported into specific statistical programs or spreadsheets at a very moment for elaborate analysis.
Online survey software is that the feedback or knowledge assortment software that gives data through online surveys or forms. Increasing penetration of the net, growing demand for online products and services could be a rising demand for the web survey tool for activity client satisfaction and feedback. Moreover, the growing trend of product selling including the rising want for marketing research survey code for understanding client behaviour is anticipating the expansion of the online survey software market.
Online software survey offers an easy-to-use platform that helps to make surveys with very little effort conjointly provides an economical answer for the survey that augmenting within the growth of the online survey software market. A growing want for a more robust understanding of client behaviour is that the rising demand for feedback or survey tools that anticipating the expansion of the online survey software market. However, the provision of open-source software is that the key impeding issue for the expansion of the online survey software market. Moreover, a rise in the adoption of digitation solutions and also the tremendous growth of the e-commerce sector is predicted to drive the expansion of the online survey software market.
Online surveys are currently a fairly common activity in international development programs. Online survey software’s are specifically designed to gather feedbacks or knowledge that brings unjust data through online surveys or forms. The software permits to make questionnaires and alter to share them online. The options offered by the online survey software might vary looking on the kind of surveys that are needed. However, some key options that any survey software should embrace are surveyed display choices, logic and branching, offline survey assortment, and the possibility for varied varieties of answers. Major online measure software’s are supported SaaS models that make them convenient to most varieties of users. With the requirement to spot the right sales channels and potential clients, businesses of all sizes are progressively adopting online survey codes which might propel the expansion of the online survey code market.
Rapid manufacture ends up in rising competition among varied industries whereas driving the trend for digitalization. The rise in adoption of digitation answers among organizations allows the implementation of online survey kind whereas driving the market growth. Moreover, the tremendous growth of the e-commerce sector including corporations rising concentrates on client satisfaction and drives the web survey code market. Alternative factors like up ICT infrastructure, availability of the high-speed web, and penetration of 3G and 4G technologies do contribute to the market growth considerably.
Merchant Analysis
The market is fragmented. The expansion of the players depends on many factors like market conditions, government support, and business development. To survive and reach such an intensely competitive market, players should distinguish their product and repair offerings through clear and distinctive worth propositions. Cisco Systems Inc., Medallia Inc., and QuestionPro Inc., are a number of the most important market participants. To create the foremost of the opportunities, market vendors ought to focus additional on the expansion prospects within the aggressive segments, whereas maintaining their position within the slow-growing segments.
The financial services and retail phase are foretold to carry a major share throughout the forecasted amount because of continual client knowledge necessities by these sectors. Within the retail phase, consumer data is needed to check consumers’ tastes and preferences for stocking and alternative operations. This data conjointly allows prognostication of client behaviour and predicting opportunities for business enlargement. within the financial service phase, data is needed to work out many economic indicators for formulating methods and observe growth. The manufacturing sector can hold an interesting role because of confirming the demand-supply ratio and alternative indicators.
The Need to Spot Potential Business Opportunities and Market Trends
The primary reason for businesses to conduct an online survey is to create effective selections that grow business by merchandising products and services to their existing customers and attract new customers by increasing the effectiveness of product/service to raised suit their desires. The feedback received from conducted surveys facilitates businesses to choose, on that product to focus, invest and enhance, and that product is comparatively defocused/discontinue. The survey alters businesses to expeditiously allot resources supported real, data-oriented insights from their customers. Thus, businesses of all sizes are progressively adopting online surveys software to spot potential customers and enhance business plans.
Increasing Web Penetration and Usage Across Rising Countries
The number of web users is calculable to extend in each urban similarly as rural regions, indicating a dynamic growth in access to web services. This increase in usage of the web has given rise to the quantity of individuals victimization internet applications around the world. Because the online survey software is wholly keen on net connectivity, poor or no web connectivity will cause important disadvantages. Countries with higher web penetration have seen an important increase in the adoption of online survey software. The rollout of the high-speed web has boosted the demand for online survey software among little and mid-sized enterprises.
Strict Government Policy Regarding Privacy and Growing Cyber Frauds Might Hinder Market Growth
A major hindrance facing the online survey software market is that the strict government policy of information assortment. Growing instances of cybercrimes have raised considerations by government bodies and organizations around the world leading to the implementation of stricter rules that bind the web survey code market similarly. Further, growing client awareness and preferability of a non-public life restraint the audience to fill such survey forms. Following an unknown link comes with a risk of phishing scams that decreases the trust of the audience in sure online sources and affects the information assortment by online survey code.
Regional Insights
Geographically, North America is predicted to drive the worldwide market of online surveys code because of the convenience of victimization cloud-primarily based online surveys over the premises model. Additionally, to the present, North America is home to some key business players that, in turn, drive the market growth.
North America accounts for an important market share because of the presence of major code vendors and world corporations that are continually centered on providing higher services and products to their customers to extend their sales. APAC is projected to be the fastest-growing regional market throughout the forecast amount. This growth is majorly attributed to the increasing retail and e-commerce business in countries like China and India besides the rising variety of little and mid-sized enterprises during this region. Rising internet penetration and increasing use of social media can give important market opportunities. The realm conjointly contains an outsized proportion of the worldwide population that gives a whopping marketplace for the information validation business. Statistics from Web World Stats show that 51.8% of worldwide web users board the Asia Pacific region. Thus, the region contains a wide prospect for the market.
Impact of COVID-19 Pandemic Happening on Online Survey Software Market
Coronavirus has currently become a threat to humans and to the worldwide economy. The pandemic has not solely modified the manner of economies that are functioning currently, however has forced worldwide groups and industries to alter the manner of managing their workforces. As organizations around the world are at pains to regulate this pandemic scenario, corporations, and businesses are progressively conducting online surveys to spot client demographics and the potential of their future business.
Online survey software is taking part in a crucial role within the growth of the business economy and to spot crucial business opportunities & market trends. The online survey software market has shown important growth throughout the pandemic. Online survey code alters business to boost client expertise and enhance business operations amid the COVID-19 lockdowns.
Global Online Survey Market Scope: