The Global Scenario of Human Drugs for Veterinary Use

The global human drugs for veterinary use market are expected to grow at a compound annual growth rate of 2.90% to reach a market size worth US$4.102 billion by 2028. This market was valued at US$3.357 billion in 2021.

Human-labeled pharmaceutical drugs that are often prescribed in veterinary medicine, include the pain relievers pregabalin and gabapentin, as well as ketamine, hydrocodone, morphine, buprenorphine, and others.

Veterinary healthcare practitioners prescribe medications to treat injuries and diseases in animals suffering from a variety of health issues. These pharmaceuticals serve as preventive medications for the spread of infectious diseases in animals.

Furthermore, Congress passed legislation in 1994 that allows veterinarians to prescribe approved human and animal drugs for off-label uses in animals in some circumstances. Additionally, under certain conditions, the Animal Medicinal Drug Use Clarification Act allows veterinarians to prescribe off-label uses of certain approved animal drugs and approved human drugs for animals.

The market for animal healthcare is expanding rapidly as pet ownership and awareness of animal healthcare products grows around the world. As a result, several human drugs are available in pharmaceuticals that can also be used on pets.

The global rise in pet adoption rate will boost the market for human drugs for veterinary use

During the coronavirus outbreak, 23 million American families got a new pet. Americans spent $42 billion on pet food and treat in 2020, according to the American Pet Products Association, and are further spent an estimated $44 billion in 2021. Therefore, the number of animals suffering from various diseases has increased significantly as the adoption rate of pets has increased.

  • Cushing disease, also known as pituitary-dependent hyperadrenocorticism, is caused by adenomatous enlargement of the pituitary gland, which results in excessive ACTH production. Mitotane, a human-labeled drug, is used to treat this disease. Ketoconazole, another human-approved drug, is also used in the treatment of PDH in dogs. This medication is an antifungal that also suppresses steroid production and may be better tolerated in certain dogs than mitotane.

 

  • The most common condition is animal shedding and skin infections due to underlying viruses and bacteria. Therefore, orbifloxacin is a human medicine that is also used in dogs and cats to treat various infections, including those caused by pseudomonas. Because orbifloxacin is also active against Staphylococci, it is widely used to treat skin infections.

 

  • Prozac is an antidepressant used for both humans and pets. Fluoxetine is the drug name that is used to treat several behavioral issues in dogs and cats. The FDA-approved version for dogs is indicated for the treatment of separation anxiety.

 As a result, some human medications, such as Pepcid AC, Claritin, Tagamet HB, Benadryl, Aspirin, and others, can help treat conjunctivitis, itches and hives, skin illnesses, fungal infections, and other conditions in dogs and cats.

Healthcare investments and other innovative key developments in the market

A noticeable increase in the number of firms engaging in the animal healthcare sector has occurred. This will cause the market to develop even higher in the anticipated years. For example, in 2021, a consortium led by private equity company Multiples Alternate Asset Management agreed to pay $397 million for an animal health business from a fully owned entity of Cadila Healthcare Ltd.

Various pharmaceutical corporations have also made substantial investments and initiatives in animal healthcare in India which has led the market to rise. For example, Fujifilm India Pvt Ltd, a pioneer in medical imaging and diagnostic technology, came into a partnership arrangement with A’alda Vet India Pvt Ltd in 2021 to improve pet healthcare services. As part of the collaboration, Fujifilm India delivered advanced medical and screening instruments to DCC (Dogs, Cats & Companions) Animal Hospital, an A’alda Vet initiative to improve veterinary care standards in India. Furthermore, Aurobindo Pharma paid $56 million for a majority stake in generic veterinary pharma manufacturer Cronus Pharma Specialties India during the same year.

In addition, the number of dogs and cats adopted in North America has increased. As a result, corporations in this region have undertaken finance and investment projects. For example, in 2022, Easyvet, a rapidly expanding limited-service veterinary clinic franchise based in the United States, announced the completion of a $5 million Series A-1 funding round led solely by UNAVETS, an animal healthcare investment portfolio backed by funds managed by Oaktree Capital Management, L.P.

According to analysts, the North American region is expected to occupy the dominant share of the market in the upcoming years. 

Pet health insurance premiums in the United States increased from US$1.56 billion in 2019 to US$1.99 billion in 2020, according to the North American Pet Health Insurance Association. Furthermore, from 2016 to 2020, this spending grew at a steady pace of 24.2% on average.

Companies in the United States had taken several initiatives for the betterment of the animal healthcare market. For instance, Merck Animal Health, a company of Merck & Co., Inc., Kenilworth, N.J., USA, announced a $100 million investment in facility expansion and upgrade operations at its DeSoto, Kansas, production location in 2020. During the same year, a technical extension of the vaccine manufacturing plant was completed, and an additional $66 million investment was made to permit for future upgrade capabilities to be achieved in the following years. Due to investments like these the North American region is anticipated to hold a significant portion of this market in the future ahead.

COVID-19 Insights

The COVID-19 pandemic had an unprecedented impact on veterinarians, who play a critical role in ensuring the safety of our food supply, protecting animal and public health, supporting biomedical research and development, and others. Therefore, the market for animal healthcare witnessed a slowdown during the lockdown period. 

Global Human Drugs for Veterinary Use Market Scope:

Report Metric Details
Market Size Value in 2021 US$3.357 billion
Market Size Value in 2028 US$4.102 billion
Growth Rate CAGR of 2.90% from 2021 to 2028
Base Year 2021
Forecast Period 2023 – 2028
Forecast Unit (Value) USD Billion
Segments Covered Medication Type, Drug Type, and Geography
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered Merck & Co, Zoetis, Boehringer Ingelheim, Elanco animal health, Vetoquinol S.A, Ceva Sante Animale, Virbac S.A 
Customization Scope Free report customization with purchase

A Life Saviour Paper Adhesive Tape

The Paper Adhesive Tape Market was worth US$9.725 billion in 2020 and is projected to expand at a 6.70% CAGR over the predicted period to reach US$15.315 billion by 2027.

Crape, craft, or any other sort of recyclable coating adhesive is offered on the paper adhesive tapes. They’re comprised of crepe paper that’s been coated with rubber glue. These tapes come in a various colours. These are heat-insulating, temperature-resistant, and hold a lot of weight. They’re light, silky, and bendable. The paper adhesive tape’s qualities make it suited for applications such as vehicle and aircraft manufacture, appliances production, ventilating, heating and air, to seal envelopes for sending and paper and printing. These are used to seal cartons in order to extend the life of the contents. These tapes are resistant to humidity and moisture, they are being used to enclose folded cartons containing heavy products.

The adhesive is supplied within one side of acting in single-coated tapes. The backing substance might be thermoplastic film, parchment, foil, microfiber, or high thread counts woven cloth, while the adhesion could be natural or synthetic, silicone, or acrylic. These tapes, make it easier to adhere the material to a surface and link two adjoining or overlapping materials altogether.

Due to their increased consumption, double-coated tapes are expected to replace previous sealing and adhesive techniques due to their endurance, superior surface adherence, and high shear strength. Due to a strong production base, significant growth in the automotive industry, and the substitute of screws, traditional fasteners bolts, and screws.

Rise in Demand in the Healthcare Industry

Adhesive tapes are employed in the assembly of medical equipment, wound care, and surgical cloth adhesion. Skin-friendly adhesives are also commonly utilised in the production of diapers for both babies and adults. In the future years, demand for paper tapes is likely to rise due to an excess supply of adhesive tapes in the healthcare and pharmaceutical industries. Surgical paper tapes are expected to become a new phenomenon in the market due to its widespread use by doctors and experts. These surgical paper tapes help to speed up healing and maintain skin integrity by forming a long-lasting adhesive and removing them gently without leaving any residue. As people become more accustomed to using paper tapes to gently treat wounds and injuries, producers will have more opportunity to break into the market.

Use in Constructions Sector

The construction industry’s continued expansion in various parts of the world has a substantial impact on adhesive tape demand. Marking, masking, painting, sealing, and other applications are all common uses for paper tapes in the construction sector. The construction industry’s constant demand for paper tapes, as well as the industry’s consistent expansion, are expected to present significant prospects for manufacturers.

Decreased use of adhesives

Due to increased knowledge among rivals about the benefits of adhesive tapes there is a growth in the economy. The application category has grown as a result of several research and development initiatives, and the market appears to be rising at a remarkable rate. The new trend of using adhesives instead of bolts, screws, rivets, and other adhering or attaching procedures has been propelling the adhesive market forward at a global level.  It also extends the life of objects by preventing corrosion and rust. Furthermore, there is a rising desire for light-weight automobiles, which is propelling the adhesive market’s rise.

Emerging Use In E-commerce Industries

The need for paper tapes in the retail and logistics industries has been driven by mass transportation of goods. Previously, in the logistics business, plastic tapes were used to package goods, but as awareness of the environmental destruction done by plastic tapes grew, paper tapes were preferred. Paper tapes can also withstand outdoor use, which makes them popular among industry participants, particularly in the construction and shipping industries. Additionally, these are obtainable of exceptionally thin paper, they have allowed individuals to continue packing activities with maximum precision even at sharp edges. According to a poll done by the B2B e-commerce establishment of the U.S., the proportion of e-commerce purchases in merchandise trade was around 12.2 percent in 2018 and climbed to 13.8 percent in 2019, with growth expected to continue to 19.6 percent in 2021. These reasons are projected to dramatically increase the business for paper adhesive tapes.

Need for Water-Based Tapes

Water-based tapes are in limited supply mostly in the building and construction industry because of their durability, flexibility, and cost-effectiveness. They are utilized for packaging reasons across numerous industries, water-based adhesives are best for both adaptabilities, greater protection, and UV resistance, permeable and semi-substrates. In the future, market growth for water-based tapes in the food service industry is likely to promote market growth. Furthermore, the development of water-based tape will be aided by developments in the building and construction sector.

Requirement for paper adhesive tapes advancements in the automotive industry

One of the automotive industry’s megatrends is car modification/renovation. Nowadays, customers are more interested in adding new cosmetic aspects to their automobiles. These are commonly used for automotive customization for a variety of purposes, including covering, spray painting, varnishing, and sealing. Additionally, sludge dismantling of paper adhesive tapes during car paintwork reduces time spent and additional work. The capacity to give excellent surface protection and a clear paint line following surface painting has increased their popularity among end-use sectors, especially in these industries. According to the Specialty Equipment Marketing Association, over 32 million families around the world modify their cars or vehicles every year. This global trend of automotive alteration is projected to result in a significant increase in the production of paper tapes.

North America to dominate the market

North America is expected to account for a considerable share of the paper adhesive tape market. Europe are established adhesive tape markets, with a variety of small-scale companies and local industrial equipment. In the United States, major production industries such as consumer products and healthcare companies use sticky tapes more frequently. The surge of food packaging industry in the Middle East and Africa is expected to drive the market for paper adhesive tapes, while the paper and packaging industry will be leading the growing in Latin America.

Insight of COVID-19

COVID-19 has had a negative impact on the growth of the global paper adhesive tape market as the offline markets were shut down. Various governments have implemented lockdown and strict rules during the epidemic, effectively shutting down the global production process in the first half of 2020. However, the increased e-commerce purchase during COVID-19 has accelerated the market growth.

Paper Adhesive Tape Market Scope:

Report Metric Details
 Market size value in 2020 US$9.725 billion
 Market size value in 2027 US$15.315 billion
 Growth Rate CAGR of 6.70% from 2020 to 2027
 Base year 2020
 Forecast period 2022–2027
 Forecast Unit (Value) USD Billion
 Segments covered Type, Application, And Geography
 Regions covered North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered Nitto Denko, Avery Dennison, Tesa SE, 3M, Henkel, Berry plastics, Achem   Technology Corporation, Intertape Polymer
 Customization scope Free report customization with purchase

Powdered Surgical Gloves for the Safety and Comfort of Physicians

Powdered Surgical Glove Market was estimated to be valued at US$189.796 million in 2020.

Surgical gloves are used to prevent cross-contamination between caregivers and patients during clinical examination and procedures. Besides hospitals and biological laboratories, these gloves are also predominantly used in chemical and biochemical laboratories. The gloves are manufactured from a wide range of natural and artificial polymers, including nitrile rubber, neoprene, latex, and polyvinyl chloride. Latex gloves are widely used and are made from a pure natural rubber by-product known as latex. They are extracted in liquid form from rubber trees. By making a cut on a rubber tree bark, they are extracted in the form of the bright milky white-colored liquid from the trees. Post-processing, the latex liquid is then used to make gloves via specialized machines and processes. These natural rubber gloves are extremely flexible and resilient and are available in various sizes to facilitate optimal fitting to the physician’s hand. These gloves are further segmented into two: Powdered and Unpowdered. As the name implies, gloves with powder are called powdered surgical gloves. Corn starch powder is frequently added to surgical gloves to reduce friction. The powder acts as a lubricant and makes it easier to wear gloves. It also helps to absorb any sweating, if any. Furthermore, wearing gloves with wet hands proves a challenge thus, in such instances, the powdered surgical gloves help make the task easier.

During the projected period, the burgeoning healthcare sector is expected to add impetus to the growth of the powdered surgical gloves market.

The growing demand for personal protective equipment, the increasing number of surgeries, and infectious cases are prime factors attributing to the market’s growth. Surgical gloves serve as a barrier against disease transmission, particularly during surgical procedures. Thus, the growing number of surgeries is bound to affect the consumption of surgical gloves. According to European Union StatIstics, for instance, in 2018, at least 1.16 million cesarean sections were performed in the EU-27. Cataract surgery (ICD-9-CM codes 13.1-13.8), or the extraction of an eye’s lens, was performed 4.3 million times in 2018 across the EU Member States, making it one of the most common surgical operations and procedures performed. Additionally, Cataract surgery was performed 1000 times or more per 100,000 inhabitants in 13 of the Member States, with Latvia having the highest rate at 1 656 times per 100,000 inhabitants. At the same time, Transluminal coronary angioplasties were the most common in Germany and Croatia.

At the same, the increasing prevalence of healthcare-acquired infections (HAIs) in hospitals across the globe is another affecting the increasing demand for proper healthcare infrastructure. HAIs or nosocomial infections are infectious diseases that patients contract while undergoing medical or surgical treatment. The prevalence of HAIs has been observed in a wide variety of settings, including hospitals, ambulatory clinics, surgical centers, and long-term care facilities like surgical centers, nursing homes, and rehabilitation centers. According to the statistics derived by the Center for Disease Control (CDC), approximately 1.7 million infections and 99,000 deaths in hospitals in US alone per year are caused due to HAIs. Among these infections, urinary tract infections account for 32% of the overall healthcare-acquired infections. While various other infections like surgical site infections, lung infections, and bloodstream infections account for 22 percent, 15 percent, and 14 percent of HAIs, respectively. Proper application of hair covers, gloves, masks, and gowns by the service providers in the settings mentioned above is expected to lower incidences of such infections. 

Furthermore, the growing number of cancer cases is also expected to supplement the growth of surgical gloves. As safe handling of chemotherapy drugs necessitates the use of personal protective equipment, including chemotherapy gloves, for any form of direct contact with chemotherapy drugs leads to risk. According to the World Cancer Research Fund International, over 18 million patients were diagnosed with cancer in 2020. Such factors are expected to contribute to the growth of the powder surgical gloves market.

During the forecast period, Asia Pacific is likely to account for a considerable proportion of the global powdered surgical market.

The global powdered surgical market landscape has been divided into five regions: Asia Pacific, Europe, North America, South America, Europe, and the Middle East and Africa. During the forecasted period, the Asia Pacific market is expected to hold a dominant market share. The prime growth is attributed to the changing economies in the countries like China, India, Australia, South Korea, and Japan in the regions. The growing number of research and developments along, coupled with the burgeoning healthcare industries in the region, is expected to drive the market. According to the Indian Brand Equity Foundation, for instance, India’s healthcare sector is one of the country’s largest markets with over 4.7 million employees and is estimated to reach US$ 372 billion by 2022. The country’s government’s plan to introduce an incentive program worth US$ 6.8 billion to boost India’s healthcare infrastructure is estimated to bound the market further in the country. Similarly, according to the Australian Industry and Skills Committee, the Healthcare and social assistance market in the country is one of the largest markets, with over 1.8 million employees in 2021. Furthermore, the government initiatives taken by the governments in the region are further expected to propel market growth.

The complications caused by powdered gloves are anticipated to hinder the market growth.

Corn starch powder used in the powdered gloves causes surgical site infections, granulomatous peritonitis, peritoneal adhesions, as well as latex allergy. The disadvantages of powdered gloves and their adhesions in the animal models’ abdominal cavity were found back in 1994. At the same time, glove powder was shown to increase tumor cell adhesion and growth. In animal models, starch particles can migrate from the vaginal to the abdominal cavity and cause postoperative adhesions. The presence of many alternatives for powder-free gloves in the market serves as a restraint for the market growth. For, they ensure not only the health of patients but also physicians and also offer quality healthcare. Furthermore, owing to the aforementioned reasons, effective in January 2017, the FDA announced the ban on powdered surgical gloves. The ban was also extended to veterinary use in animal surgery centers and veterinary clinical care. Currently, the use of powdered surgical gloves is strictly prohibited in major countries like US and UK, among a few others. 

Covid-19 Insights                       

The global pandemic had a positive influence on the powdered surgical gloves market. When treating infectious diseases, it is mandatory for healthcare providers to use personal protective equipment. Similarly, due to the onset of covid, the consumption of medical gloves drastically increased owing to the easy transmission of the disease. To avoid cross-contamination and slow down the spread of the infection, the gloves were increasingly being used not only by healthcare providers but also by the citizens when traveling to avoid contaminations. Consequently, during the pandemic, the demand for surgical gloves, including powdered surgical gloves, witnessed rapid growth. 

Powdered Surgical Glove Market Scope:

Report Metric Details
 Market size value in 2020  US$189.796 million
 Growth Rate  CAGR during the forecast period
 Base year  2020
 Forecast period  2022–2027
 Forecast Unit (Value)  USD Million
 Segments covered  End-User, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered Ansell Limited, Medline Industries, Inc., B. Braun Melsungen AG, Top Glove Corporation Bhd, Sempermed (A part of Semperit AG Holding), Kossan Rubber Industries Bhd, MRK Healthcare Pvt. Ltd
 Customization scope  Free report customization with purchase

Surging Demand in Data Center Colocation Market

The global data center colocation market is estimated to grow at a CAGR of 15.56% to reach US$154,574.702 million in 2028 from US$56,1175.945 million in 2021.

Colocation data centers are becoming more popular as a way for businesses to increase their network’s reach and capabilities. Large data analytics workloads can be adapted by data centers, especially in the case of software-defined data centers (SDDCs), which may offer scalable virtualized server choices at a cheap cost. Furthermore, market development is aided by trends toward colocation products that seek to seamlessly combine hyper-scale and edge data centers to serve emerging AI, the Internet of Things, autonomous cars, big data, and other applications.

Assistance in Corporate Applications Lead To Increased Adoption

Data centers, which are responsible for operating essential corporate applications, have become an inseparable component of current business operations. IT infrastructure has become a need for organizations that want to conduct their operations efficiently throughout time. As the need for data centers grew in recent years, cloud and colocation became a valuable asset for several organizations looking to expand their IT capabilities. Enterprises that needed fast IT upscaling benefited from colocation data centers, but often lacked the knowledge and financial means to accomplish it.

High Expenses of Owning and Operating Individual Data Centers Facilitate Market Growth

The high expenses of owning and operating a data center, especially for businesses that generate irregular data volumes, are likely to be a major driver of market growth. Customers benefit from data center colocation for a variety of reasons, in addition to cost reductions. According to research, owning or building a data center facility can cost more than USD 300 per square foot, not including the cost of laying the needed fiber cable. For SMEs, handling an entire data center facility in-house is a high-cost component in instances like these, but large-scale businesses may easily tolerate this expense.

Working with admission to stockpiling frameworks, facilitating workers, frameworks for suffocating fire, unified information reinforcements, and firewall assurance are the major drivers of Data Center Colocation Market expansion. With on-premises server farms, each of these administrations is restricted, and the equipment needs constant power as well as cooling. It assists the market is focusing on the core business and reduces the capacity to recover from a negative event.

Advent and Adoption of New Technologies Contribute to Market Expansion

Increased demand for larger bandwidths and quicker data processing has come from the advent of technologies such as the Internet of Things, cloud computing, driverless cars, and sophisticated robotics. Lower latency and quicker network connectivity are required for the successful implementation of these technologies. Colocation data centers are well suited to meet such needs since operators may place their data center facilities close to users, resulting in improved storage and networking capabilities. Furthermore, the introduction of 5G is projected to accelerate the development of colocation services by allowing colocation providers to offer services in remote areas.

Favorable Structural Characteristics Are Driving the Market Growth

The IT sector, in general, necessitates a data colocation emphasis and is seen as a market need. Because of the offices and administrations it provides, the Data Center Colocation Market is rapidly expanding. The simple openness of facilitating workers or monitored security are two factors that influence market development. In addition, as compared to on-premises server farms, colocation server farms include firewall security, data storage, fire suppression systems, and environmental controls, making them more convenient. Indeed, the data colocation industry has experienced an unusual development known for colocation server farms, even in the COVID19 circumstance. Exorbitant online stages resulted in a surge in information flow, necessitating an increase in the number of data storage and inspection offices required by companies.

Impact of COVID-19 Pandemic

The Data Center Colocation Market’s broad interest will not wane any time soon. The market is expected to surge into a fantastic condition in the next years. When the pandemic struck, the continuing need for a data colocation concentration was rendered moot. Up until 2019, the information designation focus demands grew quickly, but following the flare-up, companies required more information stockpiling. Indeed, the COVID19 epidemic aided the data colocation sector in maximizing its potential in information storage. The lockdown restrictions forced a company to work remotely, which resulted in less information being used. The data colocation market trends are evolving in lockstep with current and new developments.

The market potential is limited when regions adjacent to a certain association are inaccessible for the development of a server farm nearby. Many companies are less motivated to accept and operate server farms. The source of this anxiety is an over-reliance on workers and a willingness to let them run roughshod over them. Over the long run, each of these factors will limit the growth of the data center colocation industry.

Increasing Adoption in the Healthcare Sector Is a Major Parameter of Increasing Market Size

The need for colocation is rising as the adoption of digital technologies in the healthcare industry accelerates. The healthcare sector produces massive volumes of data. Many healthcare departments are gathering data from clinical trials and a variety of outpatient records to evaluate the information and extract some useful conclusions. However, the vast majority of hospitals participating in such data collecting lack the necessary infrastructure.

As a result, many healthcare institutions are under pressure to decrease their company’s cost structure, while still delivering complete regulatory compliance and efficient solutions, all while dealing with the ever-increasing volume of data collected.

The Asia Pacific to Dominate the Market

During the projected period, the APAC region is expected to have substantial market growth. The market is rising as a result of increasing digitalization, industrialization, technical advancements, and the expansion of data centers, among other factors. The data center colocation industry is dominated by the rapidly increasing IT & Telecom category. This is due to the growing digitalization of the industry and the advent of technologies such as big data and the cloud. Data storage and availability are being put to the test as a result of these changes. To successfully meet demand, businesses are lobbying for improved data storage, networking, and IT infrastructure.

Global Data Center Colocation Market Scope:

Report Metric Details
Market Size Value in 2021 US$56,1175.945 million
Market Size Value in 2028 US$154,574.702 million
Growth Rate CAGR of 15.56% from 2021 to 2028
Base Year 2021
Forecast Period 2023 – 2028
Forecast Unit (Value) USD Million
Segments Covered Colocation Model, Enterprise Size, End-User Industry, and Geography
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered Equinix Inc., Telehouse, Rackspace US Inc., Colt Technology Services Group Ltd., Internap, Zayo Group LLC, NTT Communications, Cyxtera Technologies
Customization Scope Free report customization with purchase

Impact of the Technological Advancements in the Automated Material Handling Market

The automated material handling market was evaluated at US$28.769 billion for the year 2021, growing at a CAGR of 7.17%, reaching a market size of US$46.711 billion by the year 2028. 

The Global Automated Material Handling Market is becoming more popular as a result of numerous development reasons. Materials management and automation techniques have become more important in a variety of areas. Material handling is seen as a network that eliminates the need for product transfer from one place to another. It is a time-saving procedure that employs innovative technologies and machines. Even the increased digitalization of supply chain procedures and order customization opens new chances for the market. The increase in technical innovation, effectiveness and efficiency in running organizations benefits the market tremendously. The rising trend toward smart manufacturing is projected to boost the automated material handling sector. To assess operational efficiency and reduce waste, the whole production floor must now be monitored at every stage of the process. Smart factories with material handling allow constant monitoring of all operations in such instances.

Furthermore, several intuitive materials handling system technologies, such as cloud connection and data analytics, increase asset performance and provide real-time actionable data. In addition, most of the companies have launched new partnerships and investments that have boosted the profitability of the automated material handling market. For instance, Honeywell established a strategic partnership with OTTO Motors, a division of Clearpath Robotics, in March 2022, giving warehouses and distribution facilities across North America an automated option to fulfill some of the most labor-intensive positions in an increasingly scarce work market. Due to all these factors, the automated material handling industry will be highly benefitted in the coming years.

The automated material handling market is expanding due to the rise in the technology industry

The introduction of new technologies into these systems, such as deep learning, AI, IoT, and robots, is a significant driver driving the expansion of the automated material handling systems market. The technologies provide seamless and real-time order picking in production operations, allowing enterprises to accelerate their material handling procedures. Implementing sophisticated technology in distribution centers, such as Automated Guided Vehicles (AGV), allows enterprises to process enormous numbers of repeated material moves, resulting in increased throughput. Such systems enable cars to make route decisions based on real-time feedback from environmental circumstances as well as the simplicity with which navigational corrections may be made. Due to the rise of collaborating with robotics companies, the market for automated material handling is primarily driving growth from this segment. For instance, in May 2021, Rockwell Automation, a business that specializes in industrial automation and digital transformation, and Comau, a company that specializes in industrial automation and robotics, are collaborating to create unified robot control solutions to improve efficiency. Comau offers a variety of robotics solutions utilized throughout sectors, such as more than 40 industrial robotic arms with load capabilities ranging from 3 kg to 560 kg. Engineers can program a whole machine in a single environment, machine builders may use digital engineering tools, and operators can view both lines and robot control systems on a single platform. Additionally, Jungheinrich AG, located in Hamburg, purchased a share in Magazino, a robotics start-up based in Munich, in September 2020. Officials from the two firms signed the contracts Wednesday in Dingolfing, near Munich. Simultaneously, Jungheinrich and Magazino committed to a wide strategic partnership and plan to integrate their skill sets in mobile automation.

The development of the e-commerce sector will influence the profitability of the market

As the e-commerce sector develops, the market for automated material handling systems is expected to increase. The global e-commerce business is developing, producing high demand for process automation. Several companies have partnered with each other to extend their product range, in addition, to implementing the automated material handling segment into the e-commerce industry. Due to this reason, the rise of the e-commerce industry will benefit the automated material handling market. For instance, Dematic, an industry-leading automation supplier, announced a collaboration with Upshop in September 2022 to deliver integrated fulfillment solutions that grow with the grocery sector. The collaboration has enabled supermarkets wishing to expand their fulfillment operations to keep and control their consumer data. Upshop eCommerce fulfillment users may utilize Dematic to integrate automation features while maintaining their software base swiftly and efficiently. This news follows the August 2022 introduction of Upshop’s whole store operations platform, which includes a cutting-edge fulfillment orchestration solution. Additionally, in January 2020, Amazon signed an agreement with Baylo, a French robotic software company. This business agreement increased the value of the design and development of breakthrough robotic systems for materials management vehicles. This strategic strategy enhanced Amazon’s warehousing material management, resulting in a smoother e-commerce operation.

According to analysts, the Asia Pacific region is expected to occupy a notable share of the market in the coming years.

Due to the rising e-commerce industry and the emergence of technology in the Asia Pacific region, the market for this geographical segment is anticipated to grow in the upcoming years. For instance, according to China’s National Bureau of Statistics, overall retail sales in China’s consumer goods market in 2021 are expected to be roughly CNY 44.1 trillion. Retail sales in urban regions totaled CNY 38.2 trillion, while revenues in rural China reached CNY 5.9 trillion. Furthermore, in 2021, around 24.5% of all retail sales in China were made online, a slight decline from 24.9% in 2020, as per the same source. Additionally, South Korea has embraced the Fourth Industrial Revolution. Smart factories are going to be one of the most significant sectors in Korea. South Korea intends to build 30,000 smart factories by 2022. South Korea’s government launched an assistance program to assist existing businesses in becoming carbon-neutral smart factories.

Automated Material Handling Market Scope:

Report Metric Details
Market Size Value in 2021 US$28.769 billion
Market Size Value in 2028 US$46.711 billion
Growth Rate CAGR of 7.17% from 2021 to 2028
Base Year 2021
Forecast Period 2023 – 2028
Forecast Unit (Value) USD Billion
Segments Covered Type, Industry Vertical, and Geography
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered BEUMER Group, Daifuku Co., Ltd., Honeywell Intelligrated, Dematic GMBH & Co. KG, Amazon Robotics, The Schaefer Group, Bosch Rexroth, Siemens AG, Toyota Industries Corporation, Konecranes Plc
Customization Scope Free report customization with purchase

Sustainable Solutions: Exploring the Growing Coagulation Analyzer Market

The coagulation analyzer market is the global market for medical devices that examine the coagulation process, or the body’s natural tendency to create blood clots. These devices are generally used to detect and monitor blood clotting diseases such as thrombophilia, hemophilia, and von Willebrand disease.

Coagulation analyzers use a variety of technologies, including optical, mechanical, and electrochemical approaches, to determine the coagulation characteristics of a blood sample. Clotting time, prothrombin time, activated partial thromboplastin time, and international normalized ratio are some of the measures examined.

The expanding prevalence of blood clotting diseases, as well as the growing need for coagulation analyzers for diagnostic reasons, is the primary driver of the need for these solutions. Furthermore, the use of automated coagulation analyzers and the development of new coagulation tests are driving market expansion.

Automated coagulation analyzers provide several advantages over traditional manual procedures, including improved accuracy, efficiency, and speed. Furthermore, the development of sophisticated coagulation tests allows doctors to detect and monitor blood clotting problems with greater accuracy and efficiency.

Haemophilia is a rare hereditary condition affecting one in every three persons in the United States. The median age of diagnosis is 36 months for mild hemophilia, 8 months for moderate hemophilia, and 1 month for severe hemophilia. In two-thirds of instances, a family history exists.

A particular blood test is used to make the diagnosis, which is often performed after birth. Prenatal genetic testing may also be performed. In one-third of instances, the diagnosis is obtained following an atypical bleeding episode that necessitates the use of particular blood testing. The diagnosis of hemophilia in children under the age of two is classified as follows: less than 1-month-old (69.7%), 1-6 months (15.6%), 7-12 months (7.1%), 12-24 months (4.7%), and prenatal (2.8%).

Figure 1:  Percentage of Diagnosis of Hemophilia Among Children Less Than 2 Years of Age

percentage of diagnosis of hemophilia

Source: Centers for Disease Control and Prevention

The rising prevalence of blood clotting diseases such as thrombophilia, hemophilia, and von Willebrand disease is a significant driver of the coagulation analyzer industry. According to the World Federation of Haemophilia, roughly 400,000 people worldwide have hemophilia, whereas von Willebrand disease affects about 1% of the world’s population. The increasing prevalence of these illnesses is likely to boost demand for coagulation analyzers for use for diagnostic purposes.

The aging population is another significant driver of the coagulation analyzer industry. As people age, their chances of getting blood clotting issues rise. According to the United Nations, the global population aged 65 and up is expected to reach 1.5 billion by 2050, up from 703 million in 2019.

The same source states that the population aged 65 and up accounted for 10% of the global population, a 2% increase over 2015’s percentage share. During the forecast period, demand for coagulation analyzers is likely to rise due to an increase in the aging population.

It took an average of 16 years between the onset of bleeding symptoms and the diagnosis of a bleeding disorder. Before being diagnosed with VWD, women had an average of six bleeding symptoms. Menorrhagia, bruising, nosebleeds, and bleeding after surgery, accident, or delivery were all typical complaints. Menorrhagia was the most commonly reported symptom.VWD was identified after an average of two tests (range: 1-20).

38% of women reported being diagnosed by a Haemophilia Treatment Centre (HTC) doctor. Women diagnosed by providers other than an HTC doctor accounted for 11%, with 42% by a haematologist, 28% by an internist or family doctor, and 19% by a gynecologist.

According to the CDC’s research of 102 women with VWD, the most often reported bleeding symptoms are as follows: heavy menstrual bleeding (95%), bleeding after mild traumas (92%), and excessive gum bleeding (76%).

Figure 2:  Bleeding Symptoms in Women With VWD Percentage

bleeding symptoms in women with vwd

Source: Centers for Disease Control and Prevention

The worldwide coagulation analyzer market for platelet function tests is expected to develop significantly because of the rising frequency of bleeding diseases, a growing geriatric population, and increased demand for point-of-care testing. Platelet function tests assess platelets’ capacity to form blood clots, making them a valuable diagnostic tool for diagnosing and treating a variety of bleeding problems.

The market is predicted to expand rapidly due to the development of sophisticated platelet function testing equipment, rising healthcare spending, and rising need for early illness detection. The use of platelet function tests in research and clinical trials will also help to fuel market expansion.

Type 1 Von Willebrand disease (VWD) is a minor hereditary bleeding illness characterized by extended bleeding times. It is caused by mutations in the gene that produces Von Willebrand factor, a protein implicated in blood clotting. This lowers the amount of functional VWF in the circulation. Symptoms include easy bruising, persistent bleeding from small cuts or accidents, frequent nosebleeds, heavy menstrual cycles, and, in extreme cases, bleeding into joints or soft tissues.

According to the CDC’s research of 42 men and 38 women with Type 1 VWD, 45% of women and 50% of men with VWD had severe bruising. 40% of women and 47% of men with VWD experienced significant bleeding during surgery. 34% of women and 29% of men with VWD experienced dental bleeding. 21% of women and 26% of men with VWD had undergone blood transfusions.

Figure 3:  Bleeding in Men and Women With VWD

bleeding in men and women with vwd

Source: Centers for Disease Control and Prevention

Geographically, the coagulation analyzer market is divided into North America, South America, Europe, the Middle East & Africa, and Asia Pacific. The North American coagulation analyzer market is likely to expand substantially throughout the forecast period due to an increase in the frequency of coagulation diseases, rising healthcare costs, and increased demand for sophisticated coagulation testing. The United States is likely to be a key market in this area because of its large market participants, well-established healthcare infrastructure, and beneficial government initiatives.

In conclusion, Coagulation analyzers vary in complexity, from simple point-of-care devices used in clinics or hospitals to high-throughput laboratory systems capable of processing large numbers of samples simultaneously. They play a critical role in ensuring patient safety during surgical procedures, managing patients with bleeding disorders, and monitoring anticoagulant therapy in conditions such as atrial fibrillation or deep vein thrombosis.

Table 1:  Key Developments

Year

 Development

January 2024

Abbott’s PROTALITY™ brand, a high-protein nutrition shake, targets individuals who want to lose weight while preserving muscle mass and nutrition. Nearly half of individuals in the United States have tried to lose weight in the last year, and research showed that adults may require at least 50% more protein than the Recommended Dietary allowance to maintain muscle mass while losing weight.

January 2024

Beckman Coulter Diagnostics launched the DxC 500 aU Chemistry Analyzer, an automated clinical chemistry analyzer for healthcare systems. It provided superior automation technologies, onboarding protocols, and standardized reagents for use in healthcare networks. With over 120 tests that had been independently confirmed for Six Sigma performance, it minimizes QC troubleshooting and lab operating expenses. This gadget is intended for in vitro diagnostic usage only.

Source: Knowledge Sourcing Intelligence Analysis

 

Seeking Colors: Unveiling the Magnificence of Iron Oxide Pigments

Because of their exceptional qualities, iron oxide pigments are flexible colorants that are extensively employed in a variety of sectors. These pigments, which are made from iron oxide minerals, are good for a variety of applications due to their high tinting power, great lightfastness, and chemical stability. Iron oxide pigments are widely used in the construction sector to color bricks, asphalt, and concrete, giving structures and infrastructure strength and visual appeal. They are also utilized in the production of ceramics, paints, varnishes, and plastics, where they add vivid and durable colors. Furthermore, because iron oxide pigments are non-toxic and inert, they are used in the pharmaceutical and cosmetics sectors. Iron oxide pigments are essential in many industries due to their wide range of uses and advantageous qualities, which boost products and materials. Join us as we explore the “Iron Oxide Pigments” in this article that has evolved the industry.

Iron Oxide Pigments:

  • Yellow Iron oxide Pigment
  • Red Iron Oxide Pigment
  • Black Iron Oxide Pigment
  • Orange Iron Oxide Pigments

Let’s discuss each one in detail.

1. Yellow Iron oxide Pigment

Yellow iron oxide pigment is a versatile coloring ingredient that is well-known for its brilliant hue and exceptional performance features. It can be synthesized chemically or extracted from natural iron oxide minerals. This pigment is widely used in many different industries and is distinguished by its distinctive yellow color. Yellow iron oxide pigment is frequently used in the construction industry to tint asphalt, concrete, and mortar. This adds visual appeal to the materials while also making them more resilient to the elements and long-lasting. It is a favored option for outdoor applications because of its resilience to adverse climatic conditions. Furthermore, yellow iron oxide pigment is highly valued in the paint and coating sector for its exceptional tinting strength, lightfastness, and chemical stability, which allow for the creation of vivid and long-lasting yellow hues in paints, coatings, and stains. Furthermore, it is used in rubber, plastics, and ceramics to provide a wide variety of products with a vibrant yellow color. Because yellow iron oxide pigment is non-toxic and works well with a variety of formulations, it is used in the cosmetics and personal care industry to formulate makeup goods including lipsticks, nail polishes, and eyeshadows. Yellow iron oxide pigment is still an essential part of many sectors due to its dependability and versatility, which improves the appearance and functionality of a broad range of goods and materials.

In December 2022, following their recent deal to purchase the iron oxide pigment activities of Venator Materials PLC, Cathay Industries announced the opening of a state-of-the-art finishing and blending facility in Batam, Indonesia. The plant will start producing goods in late 2023, adding to Cathay Industries’ already extensive global reach.

2. Red Iron oxide pigment

Hematite, or red iron oxide pigment, is a popular colorant that is well-known for its remarkable qualities and bright red color. This pigment, which can be chemically synthesized or derived from natural iron oxide deposits, has exceptional thermal stability, lightfastness, and tinting strength. Many industries, such as building, coatings, plastics, and ceramics, are greatly attracted to its deep red color. Red iron oxide pigment is a common component used in the building industry to color bricks, pavers, concrete, and roofing materials. It gives architectural constructions strength and visual appeal. Similar to this, it is used in the coatings industry to make paints, varnishes, and protective coatings for everything from industrial gear to automotive finishes, adding vivid and durable red hues while guaranteeing corrosion resistance. Furthermore, red iron oxide pigment is often used in plastics to improve the UV resilience and aesthetic appeal of toys, consumer goods, and packaging. It is used in the ceramics industry to color and glaze ceramics, porcelain, and tiles, giving the final goods more depth and richness. Red iron oxide pigment is a very versatile, long-lasting, and visually appealing pigment that is used in many different production industries to improve a wide range of products and materials.

In November 2022, Cathay Industries made an announcement announcing that it had reached a deal with Venator Materials PLC to acquire its iron oxide pigment business. This acquisition will enable Cathay Industries to expand its global production presence while generating significant synergies and new growth prospects. The acquisition includes eight production facilities and one administrative site spread over six nations on four continents in addition to Venator’s product line.

3. Black Iron oxide pigment

Originating from iron oxide minerals, black iron oxide pigment is a multipurpose coloring ingredient that is well-known for its rich, opaque black color and remarkable resilience. Many different sectors find it to be a popular choice because of its longevity and strong pigment. Black iron oxide pigment is widely used in construction to color paving stones, mortar, and concrete. This gives the materials a polished, modern look while protecting them from fading and weathering. It also plays a crucial role in the production of black paints, stains, and coatings for industrial machines, automotive finishes, and architectural applications in the coatings and paints sector. Long-lasting performance in outdoor conditions is ensured by its resistance to chemicals and UV radiation, and its high tinting strength offers rich, consistent colors. Additionally, black iron oxide pigment is used in It adds rich, opaque black color to a variety of materials, from consumer goods to industrial components, in plastics, rubber, and textiles. It is used to provide strong pigmentation and improve the look of beauty items such as mascaras and eyeliners in the cosmetics and personal care industry. Black iron oxide pigment is still in high demand across many industries due to its adaptability, toughness, and rich black color. It enhances the appearance, functionality, and durability of a wide range of goods and materials.

In April 2023, Following the successful completion of the purchase of Venator’s color division, Oxerra, a new brand identity and name for Cathay Industries, a prominent global maker of iron oxide pigments, was introduced. Combining the products and services of both companies establishes Oxerra as a world-renowned leader in the coating, plastic, construction, and specialty industries. It also positions Oxerra as a manufacturer of comprehensive color solutions and a supplier of cutting-edge, sustainable, and innovative solutions.

4. Orange Iron Oxide Pigment

Because of its brilliant color and outstanding performance qualities, orange iron oxide pigment is a flexible coloring ingredient that is used extensively in a variety of sectors. This pigment, which is derived from iron oxide rocks, is widely sought-after for its rich orange color in a variety of applications. Orange iron oxide pigment is frequently used in the construction industry to color paving materials, mortar, and concrete. Because of its superior weather resistance and lightfastness, colored surfaces stay vibrant for longer periods even in the face of adverse weather conditions. Furthermore, orange iron oxide pigment is used in the coatings and paints sector to add warmth and brightness to a variety of goods, such as industrial coatings, automotive paints, and architectural coatings. Its ability to work with various solvents and binding agents makes it a recommended option for producers looking for reliable and long-lasting coloring. Orange iron oxide pigment is used in polymers, ceramics, and textiles in addition to building and coatings. It enhances the aesthetic appeal of a range of things made of plastic, such as consumer goods, toys, and packaging. It is an essential component of glazes and ceramic bodies used in the production of ceramics, helping to produce colorful and visually appealing tiles and pottery. Orange iron oxide pigment is also used in the textile industry to dye fabrics, providing a long-lasting and colorfast way to get vivid orange colors in apparel and household textiles. Overall, orange iron oxide pigment’s adaptability, robustness, and vivid hue make it a necessary component for a variety of sectors, improving aesthetic appeal and performance.

In June 2022, the plastics sector may color engineering plastics with high-performance, environmentally friendly colorants from the specialty chemicals business LANXESS. The company will showcase its product lines for the energy-efficient production of plastic goods that avoid reworking by eliminating the need for further coating at K 2022, which is scheduled to take place in Düsseldorf, Germany from October 19 to 26. This covers both general-purpose items and those tailored to specific needs. The property profile is determined by factors such as heat stability, color strength, resistance to light and weather, and brilliance, depending on the product.

As a safety precaution, orange is required for high-voltage components. Live wires in electric and hybrid cars as well as parts for high-voltage applications are increasingly being marked with this colour. The purpose of the signal colour is to warn emergency services and mechanics about the possible risk of electric shock. LANXESS has created a soluble organic dye that can be used to permanently colour polymers in the shade of orange found in RAL 2003. Macrolex Orange HT has exceptional colour strength and brilliance and is extremely heat-stable, light-fast, and weather-resistant. In contrast to most traditional colourants, the halogen-free Macrolex Orange HT is ideal for use with polyamide as well as other common plastics like polycarbonate and polyphenylene sulphide, which require high processing temperatures to be processed.

Figure 1:  World Mine Production, 2023 (In Tonnes)

world mine production

Source: USGS

Emotional AI Market is projected to grow at a CAGR of 13.19% to reach US$7.003 billion in 2029

The emotional AI market is expected to grow at a CAGR of 13.19% with a market valuation of US$3.745 billion in 2024 and is expected to reach a market value of US$7.003 billion by 2029.

Demand for personalized experiences, improved customer engagement, and rise in IoT and wearables are key drivers propelling the growth of the emotional AI market.

As per the report, the emotional AI market is expected to grow significantly.

Affective computing, another name for emotional artificial intelligence, transforms human-computer interaction by allowing computers to perceive, understand, and react to human emotions. Emotional AI improves a range of applications, such as virtual assistants, customer service, healthcare, and entertainment, by leveraging sophisticated algorithms and data analytics. Emotional AI promotes user engagement, makes better decisions, and offers tailored experiences by studying physiological signs, speech tones, and facial expressions. But issues like privacy worries, moral dilemmas, and the requirement for open algorithms continue to exist. Notwithstanding these obstacles, the market for emotionally intelligent technology is still growing quickly as more and more sectors realize how revolutionary these tools may be.

The market for emotional AI is expanding quickly because of developments in machine learning and artificial intelligence. Affective computing, another name for emotional artificial intelligence, is the study of identifying, analyzing, and reacting to human emotions. Applications are used in many different industries, including customer service, retail, healthcare, and automotive. Personalized experiences, better human-computer interactions, and superior decision-making processes are all made possible by emotional AI. The need for mental health monitoring tools, sentiment analysis in customer feedback, and compassionate virtual assistants are some of the major motivators. But issues like data security requirements, ethical dilemmas, and privacy issues continue to be important influences on the emotional AI sector. For instance, The “GENIUS” project, initiated by Antolin in July 2023, sought to create Artificial Intelligence capable of identifying moods and emotional and cognitive states through real-time sensing and correlation with physiological characteristics.

Based on deployment, The emotional AI market is anticipated to grow in both the on-premises and cloud deployment sectors. For businesses in sectors like healthcare and finance that have sensitive data issues or strict regulatory requirements, on-premises deployment gives them more control over their data. As businesses emphasize data security and privacy and use emotional AI for applications like sentiment analysis, customer feedback analysis, and tailored services, this market is expected to rise steadily.On the other hand, cloud deployment appeals to a wider range of sectors due to its scalability, affordability, and accessibility. Real-time analysis, interaction with current cloud-based systems, and simpler deployment across geographically dispersed teams are all made possible by cloud-based emotional AI solutions. The desire for real-time customer insights, personalized experiences, and content recommendations is likely to propel significant growth in this area, particularly in industries like retail, marketing, and entertainment. However, because of the growing demand for scalable AI solutions, the proliferation of IoT devices producing massive volumes of data, and the increasing use of Software-as-a-Service (SaaS) models, the cloud deployment industry is expected to grow at a faster rate. The adoption of cloud-based emotional AI solutions will also be accelerated by developments in cloud infrastructure, particularly in industries that need real-time processing and decision-making. These developments include edge computing capabilities.

Medical emergencies and healthcare environments are finding great use in emotion detection technology. Efficient treatment delivery in emergency scenarios, such cardiac arrests or trauma, may depend on prompt and precise patient emotional assessment. By integrating emotion detection technologies into wearables or monitoring systems, medical professionals can be informed in real time about a patient’s emotional state and can be alerted to indicators of discomfort or worry. Emotion detection technology is transforming patient care in the medical field by improving patient-provider communication. It supports the evaluation of patient satisfaction, comprehension of affective reactions to therapy, and detection of indicators of mental health conditions like anxiety or depression. Through the analysis of physiological reactions, facial expressions, and voice signals, this technology can offer insightful diagnostic data that supports early intervention. Furthermore, emotion detection technology allows medical personnel to assess a patient’s well-being in telemedicine and remote patient monitoring contexts beyond their physical symptoms, even in cases where the patient is not present. This has the potential to improve patient outcomes and general satisfaction with healthcare services by facilitating more effective and sympathetic remote consultations. It is anticipated that as technology develops, its application in healthcare and medical crises will grow, improving patient outcomes and care.

The market for emotional AI is expanding rapidly in the Asia-Pacific area because to reasons like growing internet penetration, fast digitalization, and a growing population of tech-savvy people. Demand for emotional AI solutions is soaring as companies in a wide range of industries realize how important it is to comprehend and address client emotions. The region’s diversified consumer base, which presents a wide range of cultural nuances and linguistic complexity and necessitates customized emotional AI solutions for effective engagement, is one of the main drivers of growth. Emotional AI is being used by the retail, e-commerce, and customer service industries to customize encounters, improve consumer pleasure, and foster loyalty.

Furthermore, emotional AI is being used in the Asia-Pacific healthcare industry for tasks including patient engagement, mental health monitoring, and therapy support Emotional AI solutions provide scalable and easily available mental health support services, particularly in light of the region’s growing mental health issues. Emotional AI is also becoming more widely used in industries like finance, transportation, and education because to government programs that support innovation and digital transformation. This covers both the funding of R&D and the establishment of helpful regulatory frameworks. All things considered, the Asia-Pacific emotional AI market is expected to grow significantly due to a combination of new technology, changing customer demands, and proactive business tactics that target the provision of emotionally intelligent experiences.

The emotional AI market is supported by key players such as Entropik Tech, Google Inc., IBM Corporation, Amazon Inc., Elokence, and more.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/emotional-ai-market

This analytics report segments the emotional AI market on the following basis:

Market Segmentation:

Travel Management Software Enhance Efficiency in Business Travel

Travel Management Software

Travel Management is an application that helps businesses manage bookings, and track and analyse the company’s travel processes. It simplifies travel management, further saving time and money for the company. Some of the various features that are included in a travel management tool are individual account handling, customizable travel policies, customer support, travel spending analytics, data encryption and security, an easy-to-use booking system, loyalty programs, expense tools for seamless integration, and many others.

The wide range of benefits that travel management solutions bring include simplified travel bookings, business travel personalization, substantial travel inventory, travel cost savings, advanced analytics, streamlined approval workflow, round-the-clock support, on-demand scalability, easy access, virtual travel consultancy, and many others.

One of the largest travel management systems present in the market is SAP Concur, which provides a one-stop software system for all of the company’s travel arrangements that need to be handled. Their platform helps manage travel budgeting, policy, and reporting, making sure that everything is always running as per the requirements. The features of the software provided by SAP include:

  • Business Intelligence: empowers the company with timely business information, helping the company control overall spending.
  • Service Administration: delegates system oversight by controlling day-to-day service maintenance, implementing new service features, employee updates, and many others.
  • Expense Report Auditing: allows the company to enforce policies, cut excessive business costs, and catch misuse, all while saving time.
  • Invoice Management: automates the process of collecting, tracking, submitting, and paying supplier invoices and cheque requests.
  • User Support Desk: provides reliable user support 24×7.
  • Locate and Alert: allows the company to keep in touch with the employees while they are in the process of travelling by communicating with them during any urgent situations, no matter where the employees are.
  • Salesforce Integration: integrated Salesforce into Concur, further providing visibility and ease of use.

Rising business travels worldwide propels the travel management software market.

Travel management software is commonly used by companies to manage expenses and track the details of employee’s business trips. This allows the company to know all kinds of information on business travel, which include the location of the employee, expenses for the business trip, policies of the business trip, spending of the employee from the company, and many others.

The US Travel Association states that the business travel trend has shown a significant acceleration in the world. The various trends, as per the US Travel Association, include:

  • Slow and Steady Recovery: as per the Q3 earnings of Delta Airless in 2023, strong travel demand continued to increase during the summer, with the major players being international travel and business travel. American Express also has stated the increase in business travel, events and meetings.
  • Small and medium-sized companies drive the growth of business travel: various small and medium-scale enterprises continue to drive transient business recovery and have increased focus on business travel. This provided an opportunity for various companies to evolve their products to cater to the needs of these small and medium-scale businesses.
  • Return to office boost: several corporations have stated an increase in the number of workers returning to the office, specifically in the urban areas, boosting the demand for business travel in the companies.
  • Business leisure growth: an estimated 46% of the global employees have displayed an interest in travelling for business in 2024, which includes more than a third of GenZ and millennial business travellers who plan to have an extended business trip to enjoy their leisure activities after or before their work obligations of the company.
  • Flexible work management: many business travellers have opted to maximise their time on the road by implementing opportunities for work, friends, family, and leisure, further boosting the demand for extended-stay hotels due to the blended travel trend. Hilton has stated an increase of 15% compared to 2019 in business travellers.

The increase in growth of the global business travel industry will provide the necessary boost to the growth of the global demand for travel management solutions. The increase in growth of business travels will drive the demand for improved and efficient travel management softwares in the market, further boosting the growth and development of travel management software solutions. As per the Global Business Travel Association, the global business travel industry is expected to witness a significant increase in growth in the upcoming years. It was stated that the spending level is projected to pass $1.4 trillion in 2024, which is further expected to increase to reach $1.8 trillion by 2027. It was also stated that global business travel spending has shown an estimated increase of 47% in 2022, which is an increase reaching $1.03 trillion and is expected to further increase by 32% in 2023.

Figure 1:  Increase in Business Travel Spending, in USD Trillions, Global, 2022 to 2027

increase in business travel spending
Source: Global Business Travel Association

Furthermore, the Asia Pacific region is expected to witness significant growth in the upcoming years. Some of the major players include Japan, South Korea, Australia, Singapore, Hong Kong, and Malaysia. As per the Global Business Travel Association, regional travel spending accounted for an increase of 41% in 2023, accounting for an estimated US$567 billion, and is expected to increase to reach $800 billion by 2027. It has also been stated that the regional business travel spending in 2023 was expected to reach 92% of the travel spending of 2019, which accounts for an estimated $616 billion. The Asia Pacific region also accounts for 39% of the global total business travel spending, which accounts for an estimated $402 billion in 2022.

Figure 2: Increase in Business Travel Spendings, in USD Trillions, Asia Pacific, 2022 to 2027

increase in business travel spendings APAC
Source: Global Business Travel Association

Key Developments:

October 2023: Citi announced the launch of the first complete travel and expense system for Citi Commercial Bank Clients in collaboration with Navan, a leading modern travel and expense management solution. This solution allows integration of the innovative card link technology of Navan Connect, further creating a seamless digital experience for Citi Commercial Bank cardholders. The system was announced to be only available to US-based Citi Commercial Bank clients, due to the solution being their first complete end-to-end corporate Travel and Expense (T&E) management collaboration of this scale.

February 2022: Coupa Software announced the release of their Travel & Expense (T&E) management solution dubbed Coupa Travel & Expense. This solution consists of seamless travel booking, unified expense management, live on-the-road traveller support, and a complete integrated mobile application, further optimizing real-time travel spending and enhancing the traveller experience.

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Rising Market of Spirometers

The spirometers market is expected to grow at a compound annual growth rate (CAGR) of 8.16% to attain a market size of US$2.198 billion by the end of the analysis period, 2026. The market was valued at US$1.269 billion in 2019.

The increasing level of respiratory diseases and lung problems are giving potential for the market growth of spirometers. According to the data of NCBI (National Center for Biotechnology Information), respiratory diseases are one among the major chronic diseases that are reported in the globe. Spirometer is a device that assists in the diagnosis and testing of various respiratory diseases like Asthma, emphysema and other breathing disorders. Spirometer is also widely used by medical practitioners and hospitals in a large number. The use of spirometer in order to test the proper functioning of lungs before lung surgery is a common practice in hospitals, which indeed increase the need of spirometers in hospitals. The increasing number of respiratory diseases and lung problems is driving the scope of spirometers in the global market. WHO (World Health Organization) accounts respiratory diseases as an acute, dangerous and widely distributed disease in the world.

The rising rate of air pollution is one major reasons behind the increase of respiratory diseases. Air pollution stands as the major factor behind the diseases like Bronchitis and emphysema. Spirometer is widely employed for the diagnosis and for the checking of diseases like emphysema and bronchitis. COPD (chronic inflammatory lung disease) is one of the most common diseases prevailing in the world. Intense cough and increased mucus production are the major symptoms of COPD.  According to the data collected from the United States by NCBI, states that in U.S since 1999 the mortality rate of COPD has been decreased in men and increased in women. The annual report analysis of WHO points out COPD, Asthma, Acute Lower respiratory disease, Tuberculosis and lung cancer as the top 5 fatal respiratory diseases of the decade. The increasing rate of respiratory diseases in hand to hand with air pollution is boosting the demand of spirometers in the market.

The increasing level of atmospheric pollution is leading to the increase of respiratory disorders and demanding more use of spirometers for the analysis and diagnosis.

The rate of air pollution is drastically increasing due to the vast industrialization of this decade. The excess amount of carbon emission from industries, factories and automobiles are leading to the rising level of respiratory diseases. The reports of IUCN (International Union for Conservation of Nature) states that an increase of 12% can be seen on the carbon emission rate after 2000 up to 2020. The 70% of total carbon emission accounts to the combustion of fossil fuels and industrial emissions. The tremendous increase in the number of automobile production is also resulting to more air pollution due to the emissions from cars and motor vehicles. Reduced rate of carbon recycling along with a higher pollution rate is rising the rate of respiratory diseases. About more than half of respiratory diseases are caused due to the smoking and the other is caused due to the increased amount of pollution. The increasing number of people, who are affected by respiratory diseases are rising the market value of spirometers in the global market. Spirometers are accounted as one of the major devices employed in hospitals and used by medical practitioners to diagnose respiratory diseases, where increasing number of respiratory diseases boosting the market of spirometer.

Leaping advancements and developments in the technological field supporting spirometer market

The developments and researches taking place in the technological field is hiking the demand and market for spirometers. The number of researches and developments are taking place in the medical field. The development of new technologies and systems for easy diagnosis and evaluation of diseases are pushing the scope of electronic devices and equipment’s in the medical diagnosis field. Spirometer is one of the devices that made developments and progress in the mode of testing and compatibility. The size and user effectiveness of spirometer has been technically upgraded with support assistance of electronic field. The system software’s and display systems developed in support to spirometer is giving potential to the market growth of spirometer.

The investment of emerging economies and developed countries in the medical field

The huge investments by corporate giants and governments in the medical field is leading to the progress and development of medical diagnosis field. The increasing number of pandemic diseases and respiratory problems occurring due to air pollution are making the governments and company giants to invest more in the development and growth of the medical field. The upgradation giving to the diagnosing devices of major common diseases like respiratory disorders, are making the function and testing of spirometers more efficient and user friendly. The emerging countries and countries with the stable economy are also providing support and implementing government policies, creating more opportunities for the key players in medical diagnosing devices field, making the market for medical diagnosis devices.

The rising trend of homely based medical diagnosis is also leading the market growth of devices like spirometers. The simple and efficient mode of medical diagnosis is rising in the medical field. The diagnosing devices thar are accurate and user-friendly are rising the trend of home-based medical checkup and diagnosis. The introduction of upgraded pocket and user-friendly spirometers is hiking the value of spirometer market.

Segmentation of spirometer market

Based on the type, spirometers are mainly segmented into two handheld spirometer and tabletop spirometer. Handheld spirometer is mainly used for easy and quick home-based medical diagnosis. Tabletop spirometer is employed for hospital usages.

By the type of technology, spirometer is segmented into volume measurement and flow measurement. The one that employs volume-based analysis and one that uses flow-based analysis.

By the type of usage or application spirometer is employed for diagnosing and assessing diseases like COPD, Asthma, Bronchitis and cystic fibrosis, etc.

By geographic regions, spirometer market is segmented as North America, Asia Pacific, Europe, South America, Middle East and Africa. North America dominating the market of spirometer.

Coronavirus Pandemic Analysis

The analysis report also provides the report about the effect of the COVID pandemic on spirometers market. COVID pandemic had a major positive impact on the market of spirometers. Respiratory problems and respiratory disorders are the major symptoms and harmful effects caused by the CORONA virus. The respiratory problems caused by COVID pandemic had resulted in the increasing need and demand for respiratory diagnosing devices like spirometer. The need for quick and accurate respiratory testing devices had tremendously boosted the market value of spirometers in the global medical devices market.

Spirometers Market Scope:

Report Metric Details
 The market size value in 2019  US$1.269 billion
 The market size value in 2026  US$2.198 billion
 Growth Rate  CAGR of 8.16% from 2019 to 2026
 Base year  2019
 Forecast period  2021–2026
 Forecast Unit (Value)  USD Billion
 Segments covered  Platform, Type, Technology, Application, End-Users, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered  Hill-Rom Services Inc., Schiller, SDI Diagnostics, Vitalograph, Jones Medical   Instrument Company, MIR (Medical International Research), MGC Diagnostics,   Geratherm Respiratory GmbH, NDD Medical Technologies
 Customization scope  Free report customization with purchase