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The increasing pool of elderly consumers, the growing share of urban consumers, an increased demand for nutrition supplements, higher investments on R&D leading to products with higher efficiency, rapid urbanization (as depicted below) leading to increasing disposable income and changing lifestyles as well as the increasing receipt of education, growing literacy levels, and higher education which further drives the conscientious inclination towards aesthetics and personal care, are few of the factors that are expected to drive the Hyaluronic Acid market growth. Further, the demand for health supplements to, in part, deceleratethe aging process leading to product developments with an all-encompassing attribute is further expected to facilitate new product development that in turn would drive the growth of the market.
Population Aged 65+ of High-Income Countries (Forecast in Thousands)
Source: United Nations
Also, a monumental proportion of investments in advertisement campaigns over traditional and the omnipresent social/digital media that are being progressively endorsed not only by celebrities but also by an ever-growing group of social media influencers, with whom manufacturers are increasingly collaborating as part of their business strategy, leading to greater brand awareness among the global consumers are expected to propel the market growth. Followed by an incessant torrent of digital marketing campaigns which internet browser aroundthe world are subjected to regardless of their internet browsing preferences directs them a myriad of eCommerce portals, that has the potential to influences them and turn them into prospective consumers. Besides, during the lockdown measures initiated by the national governments led to an upshot in virtual meeting over the internet to such an extent that a new wordfor the online congregation while drinkingknown as on-nomi; (????) in the Japanese language has been coined. Therefore, such unprecedented means of socializing has incentivized the global citizens to reconsider the way they wish to present themselves in social gatherings thereby leading to a further surge of global hyaluronic acid market growth.
Urbanizations is a key driving factor that is anticipated to enable sound market growth.
In general, urbanization has been acknowledged as a positive force for economic growth, poverty reduction, and human development, which leads to the creation of and/or expansion of cities which have been reckoned as the facilitator as well as the promulgatorentrepreneurship and technological innovation due to a diverse and well-educated labor force and a high concentration of businesses. Urban areas also act as centers of development wherein commerce, government, and transportation being in close vicinity of each other facilitate a free flow of information exchange and unabated knowledge sharing. Thus, the aforesaid is poised to influence the growth of the hyaluronic acid market. To put matters into context a panoptic view of the global urbanization prospect which has the potential to influence the growth of the market is being provided below. Tokyo, according to the United Nations (the UN), was the largest city, as of 2018. Its urban agglomeration had registered a population of 37 million population. The same year Delhi’s agglomeration had registered a population of 29 million residents, then Shanghai with an agglomeration which had registered a population of 26 million residents, and finally Mexico City and São Paulo with 22 million residents each. Additionally, about 20 million residents were registered by Beijing, Cairo, Dhaka, and Mumbai. Besides, about 33 megacities around the world have been reportedly inhabited by 1 out of 8 individuals. With regards to the USA, almost 82% of its population resided in urban areas during 2018.
On the other hand, with respect to the Caribbean and LatinAmerica, 81% of its population was registered to be living in urban areas. When it comes to Europe 74% of its populace resided in urban areas and in the case of Oceania 68% of its populace lived in urban areas. In 2018, urbanization in Asia was to the tune of 50%, urbanization in Africa was to the tune of 43%, Asia was also the residence of 54% of the global urban population that was followed by Europe and Africa with 13% each, and 55 % of the world’s populace resided in urban areas. Compared to the aforementioned 30% of the global populace lived in urban areas which are projected to reach 68% in 2050. Besides at a global level, the rural population was in the order of 3.4 billion and has been projected to grow marginally, then by 2050 is projected to decline to approximately 3.1 billion. Further, both population growth and an upward-shift in the proportion of residents living in urban areas are projected to contribute 2.5 billion individuals to the global population by 2050 of which h 905 would be contributed by Asia and Africa. Also, it is pertinent to note that Nigeria, India, and China, are anticipated to account for 35% of the growth adding 189 million urban residents, 416 million urban residents, and 255 million urban residents respectively.
Rural Population (% of Total Population)
Source: World Bank
The growing pool of aging populace is poised to augment the market growth during the forecast period
The healthcare industry is in part responsible for increasing the rate of survival and contributing to the reason to commemorate the triumph of public health, medical advancements, and social and economic development over premature death, injuries, and illnesses which have been known to have restricted human life extents throughout the history. Reckoned as one of the global demographic megatrends, besides urbanization, population growth, and international migration, population aging has also been facilitated by declining fertility and increasing longevity. According to the UN, 1 out of 6 people is projected to be over 65 years of age during 2050 that would account for 16% growth from 9 % estimated for 2019. Between 2015-2020 and 2045-2050, life expectancy at age 65 is expected to increase in all countries, plus individual who is 65 years of age estimated to be able to live an additional 17 years during 2015-20, which is going to increase by 19 years between 2045-2050 The regions of Eastern and South-Eastern Asia and Latin A. erica and the Caribbean have experienced the fastest population aging which grew from 6 % in 1990 to 11 % in 2019.
Hyaluronic Acid Market Growth – Enhancing the Competence of Cosmetology
Thought ArticlesThe increasing pool of elderly consumers, the growing share of urban consumers, an increased demand for nutrition supplements, higher investments on R&D leading to products with higher efficiency, rapid urbanization (as depicted below) leading to increasing disposable income and changing lifestyles as well as the increasing receipt of education, growing literacy levels, and higher education which further drives the conscientious inclination towards aesthetics and personal care, are few of the factors that are expected to drive the Hyaluronic Acid market growth. Further, the demand for health supplements to, in part, deceleratethe aging process leading to product developments with an all-encompassing attribute is further expected to facilitate new product development that in turn would drive the growth of the market.
Population Aged 65+ of High-Income Countries (Forecast in Thousands)
Source: United Nations
Also, a monumental proportion of investments in advertisement campaigns over traditional and the omnipresent social/digital media that are being progressively endorsed not only by celebrities but also by an ever-growing group of social media influencers, with whom manufacturers are increasingly collaborating as part of their business strategy, leading to greater brand awareness among the global consumers are expected to propel the market growth. Followed by an incessant torrent of digital marketing campaigns which internet browser aroundthe world are subjected to regardless of their internet browsing preferences directs them a myriad of eCommerce portals, that has the potential to influences them and turn them into prospective consumers. Besides, during the lockdown measures initiated by the national governments led to an upshot in virtual meeting over the internet to such an extent that a new wordfor the online congregation while drinkingknown as on-nomi; (????) in the Japanese language has been coined. Therefore, such unprecedented means of socializing has incentivized the global citizens to reconsider the way they wish to present themselves in social gatherings thereby leading to a further surge of global hyaluronic acid market growth.
Urbanizations is a key driving factor that is anticipated to enable sound market growth.
In general, urbanization has been acknowledged as a positive force for economic growth, poverty reduction, and human development, which leads to the creation of and/or expansion of cities which have been reckoned as the facilitator as well as the promulgatorentrepreneurship and technological innovation due to a diverse and well-educated labor force and a high concentration of businesses. Urban areas also act as centers of development wherein commerce, government, and transportation being in close vicinity of each other facilitate a free flow of information exchange and unabated knowledge sharing. Thus, the aforesaid is poised to influence the growth of the hyaluronic acid market. To put matters into context a panoptic view of the global urbanization prospect which has the potential to influence the growth of the market is being provided below. Tokyo, according to the United Nations (the UN), was the largest city, as of 2018. Its urban agglomeration had registered a population of 37 million population. The same year Delhi’s agglomeration had registered a population of 29 million residents, then Shanghai with an agglomeration which had registered a population of 26 million residents, and finally Mexico City and São Paulo with 22 million residents each. Additionally, about 20 million residents were registered by Beijing, Cairo, Dhaka, and Mumbai. Besides, about 33 megacities around the world have been reportedly inhabited by 1 out of 8 individuals. With regards to the USA, almost 82% of its population resided in urban areas during 2018.
On the other hand, with respect to the Caribbean and LatinAmerica, 81% of its population was registered to be living in urban areas. When it comes to Europe 74% of its populace resided in urban areas and in the case of Oceania 68% of its populace lived in urban areas. In 2018, urbanization in Asia was to the tune of 50%, urbanization in Africa was to the tune of 43%, Asia was also the residence of 54% of the global urban population that was followed by Europe and Africa with 13% each, and 55 % of the world’s populace resided in urban areas. Compared to the aforementioned 30% of the global populace lived in urban areas which are projected to reach 68% in 2050. Besides at a global level, the rural population was in the order of 3.4 billion and has been projected to grow marginally, then by 2050 is projected to decline to approximately 3.1 billion. Further, both population growth and an upward-shift in the proportion of residents living in urban areas are projected to contribute 2.5 billion individuals to the global population by 2050 of which h 905 would be contributed by Asia and Africa. Also, it is pertinent to note that Nigeria, India, and China, are anticipated to account for 35% of the growth adding 189 million urban residents, 416 million urban residents, and 255 million urban residents respectively.
Rural Population (% of Total Population)
Source: World Bank
The growing pool of aging populace is poised to augment the market growth during the forecast period
The healthcare industry is in part responsible for increasing the rate of survival and contributing to the reason to commemorate the triumph of public health, medical advancements, and social and economic development over premature death, injuries, and illnesses which have been known to have restricted human life extents throughout the history. Reckoned as one of the global demographic megatrends, besides urbanization, population growth, and international migration, population aging has also been facilitated by declining fertility and increasing longevity. According to the UN, 1 out of 6 people is projected to be over 65 years of age during 2050 that would account for 16% growth from 9 % estimated for 2019. Between 2015-2020 and 2045-2050, life expectancy at age 65 is expected to increase in all countries, plus individual who is 65 years of age estimated to be able to live an additional 17 years during 2015-20, which is going to increase by 19 years between 2045-2050 The regions of Eastern and South-Eastern Asia and Latin A. erica and the Caribbean have experienced the fastest population aging which grew from 6 % in 1990 to 11 % in 2019.
Vegan Cheese Market – Promising Dairy Alternative Market Growth
BlogVegan cheese is one such dairy alternative which along with other dairy alternatives is anticipated to witness a high demand because of the high rate of disruption and increased R&D investments which stems from the growing preference for clean label products, increased environmental sustainability consciousness, and animal welfare concerns, compatibility with flexitarian, vegan and vegetarian, lifestyles and avoidance of dairy allergens. According to Knowledge Sourcing Intelligence, the market for the global dairy alternative is estimated to reach US$39.991 billion by 2025 after growing at a CAGR of 14.17% from a market size of US$18.057 billion in 2019. Thus, such a forecast sheds a lot of light on the likelihood of vegan cheese market growth which has been estimated to reach US$4.578 billion by 2025 from a market size of US$2.743 billion in 2019.
The growing number of vegan consumers are anticipated to throttle the vegan cheese market growth due to the growing trend of consuming plant-based food alternative. Additionally, the trend is being responded by the profusion of plants-based food offerings with the increasing need for supplanting the animal-based constituents of one’s diet with plant-based alternatives which stems from the need to address certain health conditions and /or a growing awareness of the environmental sustainability and need for subjecting animals to ethical treatment. Additionally, the perception of consumers about the diverse range of sources of good protein is reportedly expanding which are now known to include a greater variety of plant-based protein ingredients that are known to offer a balanced source of protein while catering to dietary and lifestyle restrictions. Substantiating these proclivities is a 2019 SPINS study which has been reportedly commissioned by GFI (The Good Food Institute) and PBFA (the Plant-Based Foods Association) which states U.S. retail sales of plant-based foods increased by 11% by April 21, 2019, attaining a total market value of UIS$ 4.5 billion. Also, the total food sales were reportedly to grow only by 2% which suggests that plant-based products have spilled the boundaries of a niche market and are gaining momentum that is poised to attain unprecedented heights.
From a regional perspective, the plant-based markets of nations like India, China, and Canada are still embryonic because there is reportedly a greater preference for food products that are derived from animals. Nevertheless, the increasing influence of the benefits of plant-based food consumption which are buttressed by recommendations from government authorities are expected to result in the integration of plant-based food products in the diets of consumers of these countries. For example, the new Canada Food Guide has been reported to encourage the consumption of plant-based meat alternatives. Besides market players are leaving no stones unturned when it comes to penetrated newer market opportunities and remains market relevant. For example, Ottawa has reportedly invested in the Canadian industry of plant protein through its $950 Supercluster initiative that comprises The Protein Industries supercluster in the Prairies which was reported to work towards making the country the leading source of plant proteins. When it comes to Germany, it has reported that the individual who has identified themselves as either nearly complete or either complete or vegetarians has reportedly increased which according to 8 million individuals as pf 2019. Further as per a study by the Federal Ministry of Food and Agriculture of Germany that 1% of the aforementioned figure is reportedly vegans. Additionally, the study has also found that 35 % of the population considers access to vegan and vegetarian products as very important whereas 63% of the population are inclined to minimize their meat consumption. Also, during 2013 – 2018 the launch of new vegan ready-made food products almost tripled. Concerning France, which is the 2nd largest organic market in Europe, besides health consciousness, there is a growing popularity of free-from products which are products that are devoid of lactose, among others. Also, the food bill of France which was reportedly adopted by Parliament in October 2018 emphasizes the importance of healthy, safe, and sustainable food for all, which has instructed the public sector mass catering to employ 50% of products which have been locally derived and quality certified January 2022 onwards among others. Thus, from the aforesaid, it can be delineated that while certain regions are conducive to high market growth others have the potential for contributing to the vegan cheese market growth.
The challenges which the plant-based food and beverage industry like that of the vegan cheese market is faced with are related to product formulation because with more plant proteins gaining cognizance there has been an increasing need for complementary ingredients which addresses the challenges of flavors and mouthfeel among others. Thus, plant-based products like vegan cheese necessitate product developers to revisit the organoleptically pleasing and culinary functioning structure to aid in the creation of products that closely mimic its traditional counterparts. Besides the choice of proteins, other ingredients such as emulsifiers, oils, and vegetable fats are also integral to create a sensorially pleasing product. Further, due to the absence of milk fat which imparts dairy-like moth feel and texture the need for reliance on texturizers to rebuild the rich and creamy texture is unquestionable. Due to the food matrix of plant-based product different from dairy products the vegan cheese industry is fraught with challenges issues that concerns texture viz. stretch, slicability, shredability, pasty, melt, grainy, and drying mouthfeel. To address such issues that contributory role of food additives market which has been forecasted by Knowledge Sourcing Intelligence to reach US$50.326 billion by 2025 after growing at a CAGR of 6.34% from a market size of US$34.807 billion in 2019, is also worth a mention, which has the potential to augment the growth of the vegan cheese market during the next few years. For instance, AAK AB (STO: AAK) which was formally known as AarhusKarlshamn and is a globally renowned provider of value-adding vegetable oils & fats has reportedly unveiled a new portfolio that reportedly includes bespoke solutions for food manufacturers who are engaged in plant-based alternatives product development in June 2019 called AkoPlanet™ which essentially a specialty vegetable fats and oils. The organization is also known to co-develop ingredients that deliver on the desired taste with an emphasis on health and sustainability as well.
Linerless Labels Market – Enabling Swift, Sustainable Cost Saving Operations
BlogA wide range of developments in the inseverable end-use industries of food & beverage, healthcare among others and above all the emergence of the all-pervasive eCommerce industry are the factors that are anticipated to drive the global market for linerless labels which has been forecasted to grow at a CAGR of 4.77% by Knowledge Sourcing Intelligence from 2019 estimates of USD1.816 billion to attain a market value of USD2.401 billion. The unique benefit extended by linerless labels is that it offers a cost-efficient labeling alternative to its lined label counterparts, due to the absence of labels which allows more labels to be wound onto a roll. While the aforesaid saves production cost and reduces manufacturing time, the other aspect which makes linerless labels more advantageous is the reduction of freight cost which stems same reason mentioned earlier because the absence of labels also enables the reduction of additional liners which leads to the reduction of freight costs. Another benefit of the release coating which is instrumental to the aforementioned advantages extended by linerless labels mentioned above is that it also serves as a protective coating that prevents the linerless labels from being affected by weather elements and chemicals prolonging their shelf life.
Further elimination of the liner is an environmentally friendly solution that industries across the world are aspiring to make the entire value chain eco-friendly. While the aforementioned factors are primary drivers of the global linerless market, the packaging industry is poised to experience a meteoric demand which is anticipated to foster high investments in R&D, new product development, and increased production of a variety of products like linerless labels due to expanding pool of working women which is an addition to the already growing global working population, the resultant increasing availability of disposable income, ultimately contributing to the linerless labels market growth. The regions of North America are expected to hold a substantial share of the market during the forecast period whereas the APAC region is expected to witness a stratospheric growth due to a gradual increasing pool of consumers who are environmentally conscious and whose purchasing behaviors are also influenced by the aforementioned, as well as the due to projected rate of internet penetration resulting in the eCommerce being accessible by tier 2 and tier 3 cities as well. Thus, it is pertinent to note that eCommerce and its newly realized potential during COVID 19 pandemic will aid in the stratospheric growth of the global linerless labels market during the forecast period. The status of global eCommerce sales is being provided below to put the things in this context.
First of all the global E-Commerce packaging market has been forecasted to grow at a CAGR of 19.55% from the market value of US$23.431 billion estimated for 2018 to reach a market value of US$68.404 billion in 2024 by Knowledge Sourcing Intelligence, which is a clear indication of the scope which eCommerce is expected to expand contributing to a healthy global linerless labels market growth. Also as of 2018, according to UNCTAD which is United Nation’s trade and development body eCommerce sales were in the order of $25.6 trillion globally which was a reported increase from the figures registered during 2017. Further, the combined sales of business-to-consumer (B2C) sales and business-to-business (B2B) accounted for around 30% of global GDP (gross domestic product) in 2018. Additionally, it is important to note that the B2B e-commerce was estimated to have a value of $21 trillion in 2018 which reportedly representing 83% of all e-commerce that constituted both electronic data interchange transactions as well as sales on online market platforms. Also, the value of B2C e-commerce was in the order of $4.4 trillion which was reportedly an increase of 16% from 2017. In 2018 the value of cross-border B2C e-commerce sales was in the order of $404 billion which is reportedly a growth of 7% over 2017. From a national perspective, the top 10 countries which dominated the B2C e-commerce sales are being mentioned along with their respective figures. United States (1,098 $ billion), Japan (163$ billion), China (1,361$ billion), Republic of Korea (102$ billion), United Kingdom (266$ billion), France (121$ billion), Germany (101$ billion), Italy (32$ billion), Australia (21$ billion) and Spain (72 $ billion).
It is also important to note that the top 20 economies which were registered to have a noteworthy B2C eCommerce sales reportedly comprised of developing and transition economies with China accounting for 1,361$ billion, Hong Kong, China accounting for 38$ billion, Thailand accounting for 27$ billion, Mexico accounting for 26 $ billion; Russian Federation accounting for 20 $ billion; Malaysia 19$ billion; India accounting for $ 17 billion and Brazil accounting for 15$ billion. Also, in relation to GDP, B2C sales were registered largest by Hong Kong (10%), China (10%), and the United Kingdom (9.3%). Further, it’s also important to note the extent to which Internet users engage in online purchases Viz. within the developing and transition economies, China leads the list with 73% of its internet users constituting online shoppers, followed by Malaysia with 53% of its internet users constituting online shoppers, Hong Kong with 38% of its internet users constituting online shoppers, and Brazil and Russian Federation both registered 34% of its internet users constituting online shoppers, conversely Thailand and India registered 14% and 11% its internet users constituting online shoppers. Besides, it was estimated that around 1.45 billion people which is ¼ of the global population who were reportedly aged between 15 and older partook in transactions online in 2019 which was reportedly 7% higher than the figure which was registered for 2017. In this regard, it is relevant to note that the global B2C E-commerce market has been forecasted to grow at a CAGR of 13.18% to reach a market size of US$3,940 billion by the year 2022 from the market value of US$2,122 billion estimated for 2017. Above all, the potential of eCommerce to enhance productivity and foster a digital economy has been widely recognized by the national governments across the world as one of the powerful drivers that would aid in the achievement of sustainable development goals which is also another factor that eCommerce would experience an undeterred expansion.
Global Towel Warmer Market Growth: Adding to the Means of Rejuvenation
Thought ArticlesHigh investments in construction projects that stem from rapid urbanization, the promising tourism industry, and the expansion plans of a variety of commercial establishments, like hotels and spas are among others expected to lead to a global towel warmer market growth. From the perspective of the tourism sector of the European Union (the EU) which reportedly contributes to 10% of the gross domestic product (GDP), the commercial application segment of the market is expected to hold a robust share of the market. In view of above its contextually pertinent to note that in 2018 the number of international arrivals registered in the EU was 536 million which accounted for 30% of global receipts. Additionally, a strong economy, high investments in R&D leading to digital innovations, and the rising capacity of consumers to avail a variety of services associated with tourism has the potential to drive the demand for bathroom fixtures like towel warmers which in turn would facilitate the growth of towel warmer market.
The tourism industry is expected to drive the growth of the global towel warmer market
As an export category, tourism is the 4th largest which reportedly leads to a myriad of advantages to the entire economy of the EU. It has been reported that an additional 56 cent of value-added in indirect effect on other industries has resulted from the generation of 1 EUR of value added by tourism. Further, at least one personal tourism trip has been undertaken by 64% of the EU residents. Further in 2018 around 1.1 billion trips with overnight stays were made by the EU residents amongst which 7 out of 10 trips have been spent in their own country of residence. Additionally, stays in other European countries Europeans during 2018 lasted on an average of 1 week. Further irrespective of the losses incurred by a variety of establishments due to the COVID 19 pandemic, a few prominent hotel chains have announced their plans to invest in expansion strategies to increase their regional presence. With plans to operationalize 50 hotels under a variety of brands in Romania, French hospitality group Accor has announced its plans for expansion with 7 new properties to be established in 2020. In January 2020, it was announced that NH Hotel Group had entered into an agreement with Covivio which is known to be key European real estate operators. This agreement will reportedly consolidate NH Hotel Group’s commitment to the luxury hotel segment concomitantly the reinforce its position in the competitive markets of eastern Europe and France as per the company.
Further in February 2020, Dalata Hotel Group has been reported to consider expanding its business beyond Britain and Ireland into continental Europe. In March 2020, EasyHotel which is known to develop, own, and operate ‘super budget’ hotel had reportedly aimed to raise £11m for its international expansion and brand growth. As a part of the European expansion strategy, the group has plans to invest in Spain. On the other hand, tourism is a complex ecosystem of many players, which when coupled with high penetration of internet, adoption of IoT, streamlining of guest experience management, among others have led to robust Smart Hospitality Market around the world. This market has been forecasted by Knowledge Source Intelligence to grow at a CAGR of 13.14% attaining a market size of US$12.727 billion by the year 2025 from US$6.067 billion for the year 2019. This also an example of how the semiconductor industry can positively impact the growth of these markets. These estimates further reassert the potential growth of the tourism industry in the next few years. Moreover, the tourism industry also encompasses a variety of services which necessitate the use of towels making it a strategic imperative to keep adequate provisions for fixtures like towel warmers which is poised to lead to healthy market growth during the forecast period. For instance, the inclination to avail various personal care services such as sauna, massage, as well as rising old age population among others have resulted in the healthy scope of global spa services market which Knowledge Source Intelligence had estimated to be of a market value of US$567.678 million for the year 2020.
The APAC region is expected to hold a substantial share in the global towel warmer market leading to its market growth
As noted by the World Tourism Organization that despite the recovery of international tourism is sluggish, in countries like China the demand for domestic tourism is rising which had registered a rebounder of the national air capacity to approx. 90% of the level of 2019, in July 2020. Moreover, the APAC regions are expected to reach the levels of 2019. Further according to the Asia-Pacific Economic Cooperation (APEC), the APEC economies represented 30.4% of ocean cruising destination passengers. Asia and China represented around 15% of the market share of ocean cruising destinations for passengers. Whereas Asia accounted for around 15% of the source market regions for passengers in 2018. The APEC also notes that global cruise industry capacity based on existing and new cruise ship capacity will grow from 27 million passengers in 2018 to 39 million by 2027 which is almost an increase of 50%. Genting Hong Kong Limited (HKG: 0678) which is a holding company that operates cruise and resort businesses had as of 2017 three brands and 9 ships which accounted for 4.1% of the global cruise industry. Further, the organization has 6 cruise ships on order which would account for 11,400 additional berths. Besides in 2018, Australia had led the percentage of a country’s population cruising in a given year, which otherwise is known as penetration rate which was in the order of 5.4%. With regards to cruise liners, it is important to note that they encompass a diverse range of facilities under one roof which is anticipated to contribute to the global hotel towel warmers market. Further with regards to investments, in September 2020, Aquarius International Hospitality Development (AQI) which is an investment firm based out of Bangkok has reportedly announced the investment of US$250 million into a series of hotel and real estate investments in Southeast Asia and Thailand and as part of its major expansion across the region.
Butadiene Market – An Overview
BlogAlso monikered as 1, 3-butadiene, Butadiene is essentially a non-corrosive colorless gas that is known to condense to a liquid state at – 4.5 °C and is characterized by a mildly aromatic odor. Commercially manufactured through the means of extractive distillation from crude butylene concentration (C4) stream which is a byproduct of propylene and ethylene production, according to the American Chemistry Council it doesn’t have any consumer use but is employed as a chemical intermediate and as a monomer in the manufacture of polymers Viz. synthetic rubbers or elastomers that comprises styrene-butadiene rubber (SBR), polychloroprene (Neoprene), polybutadiene rubber (PBR), and nitrile rubber (NR) among others. It is also used in the manufacturing of polymers, plastics, and latexes. Moreover, SBR and PBR are used to manufactured plastic materials and tires. Whereas carpets and paper coatings are manufactured with the use of Styrene-butadiene latex. While wetsuits, waders, gloves, and foams are produced by employing Neoprene. Moreover, NR is used in the production of seals, hoses, gloves, and gaskets. Further acrylonitrile-butadiene-styrene (ABS) resins which is impact-resistant engineering thermoplastic is produced using butadiene-based rubbers which has a myriad of end-use applications in Viz. electronic enclosures, computer keyboards, pipes, and fittings among others. Butadiene also goes into the manufacturing of adiponitrile which is essentially a precursor for nylon-6, 6 which is ultimately used to produced carpets, plastic parts, and textiles.
With such expansive applications which are essential for the smooth functioning of industries that are inclusive of but not limited to healthcare, consumer products, building and construction and automobile industries that in turn are driven by increasing availability of disposable income, the rising pool of middle-income group, an increasing global population as well as increased susceptibility to hospital-acquired infections (HAI) or nosocomial infections, as termed by WHO along with the aging demographics and a surge in chronic conditions amongst the global population are few of the plethora factors that are poised to effectuate a meteoric rise of the Butadiene Market that is forecasted to grow at a CAGR of 1.59% form the market value of US$14.386 billion in 2019 to attain a market size of US$15.815 billion in 2025. The chemicals and materials industry is an integral part of our daily lives.
Further, with respect to saving lives, prevention of infection the healthcare industry is one of the major consumers of the products that are produced using butadiene. To provide a contextual perspective it is pertinent to note that as of 2017 there were 2.6 million hospital beds available for use across the EU-28. Besides, with regards to the average length of hospital stay for in-patients in 2017, it ranged from 5.3 days in Bulgaria to 9.1 days in France, among which the Netherlands accounted for 4.5 days and The Czech Republic and Hungary accounted for 9.6 days and 9.8 days respectively. Moreover, in 2018 in the EU-27, the total expenditure of general governments on 'health' amounted to EUR 944 billion or 7.0 % of GDP that also reflects the investment in medical supplies [Source – Eurostat]. To this end, the extent of the market growth of a particular medical supply market – Neoprene (Polychloroprene) Surgical Glove Market which as per Knowledge Sourcing Intelligence has been forecasted to grow at a CAGR of 5.13% form the market value of US$267.355 million in 2019 to reach a market size of US$360.866 million by 2025, is a pertinent consideration that in a certain manner is reflective of the demand driving the growth of the global butadiene market.
The Acrylonitrile Butadiene Styrene (ABS) segment is poised to occupy a significant share of the market partly contributing to the market growth
The rising electronics industry is expected to drive the expansion of this segment facilitating healthy global butadiene market growth. For instance global mechanical keyboard market which according to Knowledge Sourcing Intelligence has been forecasted to grow at a CAGR of 10.51% from the market value of US$1.164 billion in 2019 to reach a market size of US$2.120 billion by 2025. Thus, from such a robust estimation the magnitude of the application of Acrylonitrile Butadiene Styrene (ABS) is discernible reaffirming the growing share of ABS in the global butadiene market. Similarly, another development in the semiconductor industry is that of the 3D printing market which according to Knowledge Sourcing Intelligence has been forecasted to grow at a CAGR of 27.59% from the market value of US$9.190 billion in 2018 to reach a market size of US$39.640 billion by 2024 that facilitates the production of products with complex shapes with relatively fewer materials which is one of the key factors that has the potential to entice large numbers of manufacturers. Presently Aerospace and manufacturing industries are prime drivers of the 3D printing market since the technology is majorly employed for prototyping, tooling, and creating complex geometries. Its adoption is growing at a significant pace due to the recognition of the benefits of improving margins by reducing manufacturing costs of the increasing number of industries like manufacturing, automotive, construction, and healthcare. Thus, market players are continuously working towards making 3D printing technologies commercially available not only at the industrial level but also for personal use which is boosting the market growth. This development has necessitated innovations in 3D printing materials that have effectuated the development of the ABS 3D Printing material market which according to Knowledge Sourcing Intelligence has been forecasted to grow at a CAGR of 36.09% during the forecast period of 2018 to 2024. The expanding consumer electronics industry in the APAC region as a response to the growing investment in product development catering to the insatiable demand for consumer electronics are expected to further augment the expansion of the Acrylonitrile Butadiene Styrene (ABS) segment aiding the growth of the butadiene market.
Global Cardiac Mapping Market – Enabling Sound Electrophysiological Studies
BlogGlobal Cardiac Mapping Market has been forecasted by Knowledge Sourcing Intelligence to grow at a CAGR of 9.46% in order for it to attain an estimated market value of US$1,527.102 million by 2025 from the market value of US$887.841 million that has been estimated for 2019. Such a healthy forecasted growth of the market primarily stems from factors that constitute aspects like the rising incidences of Wolff-Parkinson-White Syndrome, atrioventricular nodal reentry tachycardia, atrial flutter, and atrial fibrillation; as well as the constant evolution of instruments pertaining to cardiac mapping; the need for understanding the several aspects of the mechanisms underlying the variety of arrhythmias albeit their thorough investigation during the past decade. With regards to the need for understanding the underlying mechanisms, it is important to note that it still not known why the right ventricular outflow tract (RVOT)is the preferential site of origin of these arrhythmias. Further as noted by the National Health Service (NHS), of UK Atrial fibrillations is common in people who are suffering from other heart conditions Viz. pericarditis, high blood pressure (hypertension), heart valve disease, congenital heart disease, cardiomyopathyas well as atherosclerosis, thereby in a certain manner contributing to the high rate investment in R&D of products related which falls under the purview of cardiac mapping market.
Additionally, atrial fibrillation has also been associated with other medical conditions that comprise pulmonary embolism, pneumonia, overactive thyroid gland, lung cancer, diabetes, chronic obstructive pulmonary disease (COPD), carbon monoxide poisoning, and asthma. It is also important to note that globally, there were an estimated 2.1 million lung cancer cases in 2018. Further, the incidences of Wolff-Parkinson-White syndrome if accompanied by atrial fibrillation can require the patients to undergo Techniques and treatments that can help prevent episodes that constitute catheter ablation, among others which are further poised to contribute to the cardiac mapping market growth.
Moreover, the understanding of the anatomy through technological means to further the prospects of diagnosis, detection, and treatment among others necessities a thorough understanding and constant evolution of a variety of parameters of markets such as this one where technology and its application play an instrumental role. To this end, the following is being mentioned to provide a brief window to multifarious aspects that have been accompanied by other factors that have led to the development of the cardiac mapping market and its anticipated growth in the next few years.
Further, Electroanatomical mapping (EAM) which provides 3-4 dimensional views of cardiac structures that can be merged with cardiac CT (CCT) before the ablation procedure are carried out to provide detailed anatomy and structure of the target cardiac chamber have been known to support a variety of mapping modalities. For instance, activation mapping, which was the first method used for cardiac mapping during sinus rhythm and a variety of cardiac arrhythmias using hand?held probes to register the activation maps remains the cornerstone of cardiac mapping but the technique and has reportedly witnessed substantial enhancements. Initially, single hand?held probes were used to create isochronal maps. Further, this High?resolution activation mapping can identify areas of slow conduction that participate in arrhythmia mechanisms. Similarly, propagation mapping is useful to delineate areas of very slow conduction that participate in critical reentry pathways such as atrial flutter, scar?related ventricular tachycardia, atrioventricular nodal reentrant tachycardia, and slow pathway mapping. The capability to extend the understanding of AF through the means of activation mapping albeit being limited has the substantial potential of improving with the employment of multipolar electrode catheters and automated signal processing which is expected to drive the growth of the cardiac mapping market.
Moreover, another mapping modality called voltage mapping has been reportedly used to target areas for catheter ablation in a variety of different arrhythmias, especially in AF and ventricular tachycardia. Besides, another technique that has not been typically used for mapping of AF is pace mapping. It has been known to be employed in cases of premature ventricular complexes, or atrial tachycardias where the spontaneous arrhythmia is non?inducible or rarely inducible. Pace mapping for ventricular tachycardia (VT) and frequent symptomatic premature ventricular complexes (PVCs) is reportedly carried out by pacing from sites in the ventricles to entirely replicate the 12lead QRS morphology of the VT that has been recorded on a standard ECG during the clinical arrhythmia or has been induced in the EP laboratory. In this manner, the site of origin of a focal VT and the critical isthmus of a reentrant VT are indicated. Further, Entrainment, or continuous resetting of an ongoing reentrant arrhythmia by overdrive pacing, has been used for decades for diagnosing the mechanism of arrhythmias (in separating focal from reentrant mechanisms, as well as distinguishing among reentrant arrhythmias). Entrainment mapping has been employed to determine the location of sites from which the recordings originated are in relation to a circuit from the behavior of electrograms after stimulation has ceased. A recent example is an announcement by Acutus Medical, Inc. of the FDA 510(k) clearance of its second-generation AcQMap 3D imaging and mapping catheter that reportedly features, among others, a combination of 48 ultrasound transducers to create an anatomical geometry and has been developed based on the predecessor, improving handling and deliverability.
Since the publication of the seminal report by Haissaguerre and colleagues in 1998, there has been a considerable shift in perception of the pathophysiology and management of patients with atrial fibrillation (AF). Presently, AF ablation is acknowledged as an integral and important part of management as a class I level of evidence A in patients with paroxysmal AF, particularly in those refractories to antiarrhythmic therapy. Moreover, the superiority of catheter ablation over medical rate control has been reaffirmed by, randomized controlled trials. Additionally, it is important to acknowledge that mapping and imaging technology is presently at an unparalleled juncture. Currently, the broadening of comprehension and treatment of arrhythmias has been facilitated by the huge armamentarium of mapping and ablation catheters and imaging technologies. Thus, the factors and developments impacting the healthcare industry are fundamental to the growth of the global cardiac mapping market during the forecast period.
Global Cardiac Mapping Market Growth – Enabling Sound Diagnosis of Cardiovascular Maladies
Thought ArticlesAccompanying the rising pool of aging of populations worldwide, and increased survival with chronic diseases, the incidence, and prevalence of atrial fibrillation (AF) are rising, which has emerged synonymous with the global epidemic. Intertwined with common concomitant cardiovascular diseases, which multifactorial arrhythmia shares classical cardiovascular risk factors like hypertension, hyperlipidemia, among others. Patients suffering from atrial fibrillation have a 5 times higher risk of strokes, which are known to be more disabling and more often fatal than strokes caused by other causes. The Centers for Disease Control and Prevention reportedly estimates that Atrial fibrillation, which is also monikered as Fib or AF around 12.1 million people in the United States will have AFib in 2030. Further, in 2018 around 175,326 death certificates had AFib mentioned in them and was the cause of 25,845 of those deaths. The CDC also states that people of European descent are more likely to have AFib than African Americans. Further according to the European Society of Cardiology through a press release in 2019 Atrial fibrillation is the most common heart rhythm disorder2 and accounts for 0.28% to 2.6% of healthcare spending in European countries. 20%-30% of strokes are known to be caused by atrial fibrillation. Further, it was estimated that 7.6 million people over 65 in the EU had atrial fibrillation in 2016 and were set to increase by 89% to 14.4 million by 2060.
Further, the prevalence is set to rise by 22%, from 7.8% to 9.5%. The proportion of these patients who are over 80 will rise from 51% to 65%. According to National Health Service, UK, atrial fibrillation is common in people with other heart conditions like pericarditis, high blood pressure (hypertension), heart valve disease, congenital heart disease, cardiomyopathy as well as atherosclerosis. In this regard, it is important to note that the World Health Organisation gad estimated that Cardiovascular diseases (CVDs) had been the main cause of deaths around the world and more people have died annually from CVD than due to any other causes. The main reasons for the high prevalence of CVDS are behavioral risk factors such as excessive use of alcohol, physical inactivity, unhealthy diet and obesity, and use of tobacco, which according to the NHS are can trigger an episode of atrial fibrillation. Thus, the aforementioned is responsible to contribute to the growth of the global cardiac mapping market during the forecast period which the Knowledge Sourcing Intelligence is projected to grow at a CAGR of 9.46% to attain a market size of US$1,527.102 million by 2025 from the market value of US$887.841 million estimated for 2019. On the other hand, it is important to note that from the systematic sequencing of the dog ventricle as early as 1915 by Sir Thomas Lewisthe global healthcare industry has witnessed the evolution of cardiac mapping from single sequential probe mapping to very sophisticated computerized three-dimensional mapping. It has always been an integral part of both experimental and clinical electrophysiology and has been profusely used in the surgical management of ventricular as well as supraventricular tachycardias, among others.
Certain recent developments associated with certain prominent market players indicate the need for responding to the urgency of addressing such non-communicable diseases concomitantly suggesting a robust growth of the cardiac mapping market. For instance, it was reported in November 2020, that Abbott (NYSE: ABT) has reportedly received CE Mark and approval in Australia pertaining to EnSite X EP System, which is its new cardiac mapping platform and is scheduled to launch across Australia and Europe. It is reportedly a novel cardiac mapping system that has been developed with contributions from electrophysiologists portfolio for the effective enhancement of cardiac ablation procedures. Besides, technological advancement too has fostered a variety of development and has the potential to reinforce the growth of the market propelling it to unprecedented heights. For instance, Boston Scientific Corporation (NYSE: BSX) had in June 2020 announced the launch of a tool for monitoring the effect of radiofrequency (RF) energy delivery during cardiac ablation procedures in the U.S. reportedly known as DIRECTSENSE™ Technology and has been made available in on the RHYTHMIA HDx™ Mapping System. It is also the only tool that allows the monitoring of changes in local impedance around the tip of the INTELLANAV™ MiFi Open-Irrigated (OI) ablation catheter, extending an additional measurement of therapy effect during ablation to physicians.
The increasing number of elderly populations is one of the factors that is expected to partly contribute to the growth of the market.
Projection of Population Aged 65+, Northern America
In Thousands
Source: UN
The NHS also states that atrial fibrillation is more common with age and according to World Population Prospects 2019 (United Nations, 2019), every region in the world has embarked on the longevity revolution and are poised to experience the transition,in which the chance of surviving to age 65 has reportedly risen from 50 % (which has been the case with Sweden back in 1890) to more than 90 % at present in countries with the highest life expectancy. Additionally, the percentage of adult life spent beyond age 65 had reportedly increased from less than a fifth recorded in the 1960s to 1/4th or more in most developed countries in present times. Growing old is a global and an investable process and almost every country in the world is reported to experience the growth in the share and size of older persons in their respective populations. In 2019, globally there were approximately 703 million persons who are 65 years of age or above. By 2050 the number of elderly people is projected to double to 1.5 billion. In 2019, Globally, the share of the population that is of 65 years and above increased from the estimate of 1990 which were to the tune of 6 % in 1990 to 9 %, which is projected to rise further to 16 % by 2050. The South-eastern and eastern Asia as well as the Caribbean and Latin America are the regions that are poised to experience the fastest population aging. To this end, the UN estimates that in the region of Eastern and South-Eastern Asia, the percentage of the population aged 65 years or over has approximately doubled from 6 % in 1990 to 11 % in 2019 and the region of Latin America and the Caribbean have witnessed the growth of population from 5 % in 1990 to 9 % in 2019. Besides, all the four regions of Western Asia and Northern Africa, the Caribbean and Latin America, Southern and Central Asia, and South-Eastern and Eastern Asia are estimated to witness their elderly population to double between 2019 and 2050.
Biological Seed Treatment Market – An Overview
BlogThe global demand for agricultural products that are primarily influenced by various social factors, population dynamics, increasing availability of disposable income, high rate of urbanization, forward-looking national policies, as well as evolving consumer preferences among others is in part expected to drive the growth of biological seed treatment market. Besides, changing eating habits due to globalization and rising per capita food expenditure across the diverse set of income groups are expected to facilitate aspirations for consuming organically derived food products which are comparatively healthier than their traditional counterparts are also expected to drive the growth of this market during the coming few years. Moreover, as per the forecasts by FAO (Food and Agriculture Organization of the United Nations), the proportion of household income that is estimated to be spent on food would be reportedly sustained at an average of 43% in 2029. Above all the surge in various strategic investments by players operating in this space partly as a response to the aforesaid are also expected to drive the biological seed treatment market growth. A few of the recent market development are being listed below:
September 2020 – R&D Agreement
CERADIS B.V. and CEV, SA (CEV) have reportedly announced an R&D agreement with a rationale to develop innovative products pretraining to crop protection based on CEV’s biological active ingredient and Ceradis’ technology. CEV is known to commercialize bio-fungicides whose active ingredients are reportedly a polypeptide called BLAD that has been obtained from germinated lupin seeds. Whereas Ceradis is known to innovative environmentally friendly products for plant nutrition & crop protection. Through the means of this agreement new biological crop protection products would be effectively delivered to farmers as an alternative to chemicals.
The favorable global agriculture production forecasts are in part conducive to foster further innovation leading to healthy growth in the biological seed treatment market
According to FAO, the population of the world is expected to reach 8.4 billion people by 2029. Moreover, strong growth in per capita income is also reportedly expected to continue particularly with regards to emerging markets. The aforementioned are two prime considerations that are expected to determine a variety of development of the agriculture industry. Moreover, constant enhancement in productivity and higher availability of resources is anticipated to augment the rate of developments in the industry. Applications that encompass feed, food, and raw materials for industrial applications that include biofuels. These, among others, are expected to collectively facilitate healthy growth of the biological seed market. Moreover, to put matters into perspective certain market conditions that are deemed salient to this market are being mentioned below. FAO states that in the last ten years, cereal production growth outpaced demand growth, leading to ample stocks and lower prices. The production of cereals across the world is forecasted to attain 3,054 Mt in 2029 which is a growth by 375 Mt. This development stems from higher yields. Among cereals, the highest growth is expected to be attained by Maize which would increase by 193 Mt. This would be followed by wheat (an increase by 86 Mt), rice (growth by 67 Mt), and other coarse grains (growth by 29 Mt).
Moreover, progress in biotechnology leading to improved seed varieties together with the increasing use of inputs and better agricultural practices will continue to drive increases in yields; however, these gains can be hindered by the effects of climate change and associated constraints pertaining to production like lack of investment or land tenure problems in developing countries. The average yield of cereals globally is projected to increase by 1.1% p.a. over the next 10 years. Further, global soybean production is forecasted to expand at 1.3% p.a., with the expansion of area harvested accounting for about a third of global output growth. Brazil is anticipated toe to be the world’s largest producer whose domestic output is forecasted to reach 140 Mt by 2029, followed by the forecasts of the United States which are in the order of 120 Mt by 2029. These nations are together projected to account for about 2/3rds of the global production of soybeans. Besides the forecasted global oilseed production is estimated to increase by 1.2% p.a. over the next decade. Apart from the aforesaid, the emergence of the increasing domestic demand for biodiesels in Indonesia is expected to exert upward pressure on global vegetable oil supplies in the medium term.
Global demand for vegetable oil is projected to expand by 37 Mt by 2029, which is likely to draw down high inventories and support vegetable oil prices over the outlook period. Additionally, Knowledge Source Intelligence has forecasted the Oilseed Processing Market to grow at a CAGR of 5.15% to attain a market size of US$210.836 billion in 2025 from the market value of US$156.008 billion that has been estimated for 2019. Further, production of fish at a global scale is estimated to reach 200 Mt by 2029, increasing by 25 Mt (or 14%) from the base period (average of 2017-19), though at a pace of 1.3% p.a. which is reportedly lower than that of the previous decade (2.3% p.a.). One of the main factors for the aforesaid is China’s fisheries and aquaculture policies for the next decade will align with its 13th Five-Year Plan (2016-20). This has reportedly led to a marked shift in the priorities comprising the need to promote sustainability and facilitate the modernization of the sector by the means of initial capacity reduction, which is anticipated to be followed by a faster growth, that has been envisaged particularly in aquaculture production. Since China is to date the globally leading fisheries and aquaculture producer, the aforesaid is relevant. The aquafeed market is relevant to the biological seed market as feed used in aquaculture comprises seeds, also aquaculture facilitates the production of fishmeal which is used for animal feed.
Global Respiratory Care Devices Market Trend – Enabling the Stress-Free Recuperation
Thought ArticlesThe steady acknowledgment of the convenience of home healthcare, the rising cases of premature births, the prevalence of chronic obstructive pulmonary disease (COPD), respiratory disease-related neonatal deaths, rising geriatric population, risks associated with smoking, among others are a few factors which are anticipated to drive the market growth. Knowledge Sourcing Intelligence estimates that the Global Diabetic Food Market is projected to grow at a CAGR of 5.01% with the market expected to reach US$22.515 billion by 2025.
Furthermore, the healthcare industry is presently witnessing a stratospheric demand for ventilators due to COVID 19 cases around the world that have emerged as the prime factor in accelerating the growth of the market. Technological advancements are bringing about developments like automatic ventilation and oxygenation control and management as per the specifications set by the doctors, which are poised to create more opportunities for the global respiratory care devices market. On the other hand, due to the high prevalence of chronic respiratory diseases such as COPD in the North American region, it is projected to result in the growth of the share of the North American region which is being simultaneously reinforced by a high healthcare expenditure in that region. Moreover, Japan which reportedly has an expanding size of the geriatric population is expected to contribute to the fastest growing APAC segment of the market along with factors like the increasing incidence of chronic diseases which results in the adoption of assisted breathing. Currently, COPD reportedly has no cure available and as per the estimates by the World Health Organisation (WHO) the prevalence of COPD which as pf 2016 was reported to be in the order of 251 million individuals as per the global burden of disease study. Additionally, deaths in the order of around 3.5 million were reported in 2015. It was also noted that the low and middle-income countries experienced the maximum (more than 90%) prevalence of deaths. The reason for such a degree of prevalence is the instance of passive and active smoking that is ubiquitous. The elderly population is also reported to be susceptible to COPD.
The growing pool of senior citizens and the growing incidence of preterm births in certain regions are expected to drive the growth of the market
Projection of Population Aged 65+, Northern America
In Thousands
Source: UN
With respect to the geriatric population, it is important to note that 1 out of 6 people is estimated to be above 65 years of age by 2059 as per the UN (the United Nation). It's reportedly an increment of 16%. Moreover, concerning Europe and North America, it has been estimated 1 out of every 4 individuals could be above 65 years of age. Furthermore, for the first time, the total number of people over 65 years of age and above had exceeded the number of children under 5 years of age globally during 2018. Above all, the number of people who are 80 years of age and above is projected to triple in 2050, which translates to a population growth of 426 million from 143 million in 2019. This projection has been arrived at, even though the entire world has boarded the longevity revolution train with some nations at the initial stages of their journey while others at their late stage. Despite the aforesaid humans like every living being are preordained to experience the transition which is brought upon by age. Besides, the share of the population aged 65 years or over has reportedly increased from 6 % in 1990 to 9 % in 2019 across the world.
Additionally, in part due to the growing incidence of preterm births which have been often associated with neonatal respiratory diseases the market growth of global respiratory care devices growth is expected to be augmented. This is particularly due to the incapability of infants to sustain the ideal lung functioning who are born before 37 weeks of gestation. This has been known to lead to health complications such as bronchopulmonary dysplasia, and pneumonia among others. In 2018 the U.S. Department of Health & Human Services has registered that preterm birth had reportedly affected 1 of every 10 infants born in the United States. In spite of the decrease in preterm birth rates from 2007 to 2014 resulting from the declines in the number of births in teen and young mothers, the rate of preterm birth increased for the fourth straight year in 2018. Therefore, from the above-mentioned information besides other conducive aspects, the demand for such devices at a global level is poised to propel the growth of global respiratory care market devices during the next few years.
Forecasts pertaining to a select few markets related to the global respiratory care device market suggest a promising growth for the latter
For example, with respect to ventilators, the rise in cases of respiratory emergencies and COPD and the advent of COVID are the major factors among others which have propelled the growth of global ventilator markets that are anticipated to augment the global respiratory care devices market. According to estimates by Knowledge Sourcing Intelligence the ventilator markets are expected to grow at a CAGR of 5.53% over the same forecast period from a value of US$2,240.940 million that has been estimated for 2019 to reach a total market size of US$3,095.180 million in 2025.
Moreover, global spirometer device used to measure ventilation and the movement of air into and out of the lungs, thus helping analyze a patients’ pulmonary functions, the Global Spirometers Market according to Knowledge Sourcing Intelligence is estimated to reach US$1.551 billion by 2023 after growing at a CAGR of 5.44% from a market size of US$1.128 billion in 2017
Additionally, the Pulse Oximeters Market which deals with devices that determine the fraction of oxygen-saturated hemoglobin with respect to total hemoglobin is also expected to facilitate the market growth of respiratory care devices. The healthcare industry is known to employ this kind of device in profusion for monitoring the blood oxygen levels of patients, in emergencies, operations, and intensive care units. The pulse oximeters market is expected to grow at a CAGR of 7.01% as per the forecasts by Knowledge Sourcing Intelligence to reach from an estimated value of US$1.346 billion to 2017 reaching US$2.020 billion in 2023.
Online Education Market Trend – Ensuring Seamless Dissemination of Education
Thought ArticlesThe growing accessibility of the internet, rising adoption of cloud-based solutions which has emerged integral for facilitating the dissemination of education, increasing investments in pedagogical research and content and curriculum development, high enrollment rates whose selected depiction has been provided below, rapid urbanization resulting in higher academic aspirations, the inclination of working individuals to upskill themselves are few of the key determining factors that are anticipated to drive the growth of the online education market. On the other hand, new forms of open and massification of education have been effectuated during the last few decades owing to technological inventions and changing attitudes of society. Open source and cloud-based tools as well as open education resources have facilitated the free and unrestrained availability of courses to aspirants of various backgrounds.
Moreover, the introduction of massive open online courses or MOOCs which was exemplified by offering an online course called “Connectivism and Connective Knowledge” by George Siemens and Stephen Downes back in 2008 had helped in popularizing and paving the way for the development of capabilities of the ICT industry which in turn has been instrumental in aiding the growth of the online education market. An additional factor that has complemented the growth of the online education market has been forecasted to grow at a CAGR of 9.23% to attain a market size of US$319.167 billion in 2025 increasing from US$187.877 billion in 2019 is the high investments in cloud-based tools and services. It has extended benefits like support instructional designers, content authors, and teachers in creating and maintaining learning content with the aid of course design and authoring tools, among others.
Gross Enrolment Ratio, Post-Secondary Non-Tertiary Both Sexes(%), Qatar
Source: UNESCO
Forecasts on future growth trajectories of select few markets that are complementary to the online education market indicate favorable growth prospects for the online education market
To put matters into the perspective of this market it's important to note that the factors which have been touched upon in the aforesaid paragraphs are projected to drive certain markets that are complementary to the online education market growth during the forecast period. To this end, it is pertinent to highlight the growth forecasts of these markets which have been estimated by Knowledge Source Intelligence.
For instance, the Higher Education Service Market which deals in providing training support, implementation, and consulting and are being highly sought after by various educational institutions across the world due to the increasing demand for an educated workforce in newly industrialized countries, high rate of student enrollment and the rapid adoption of device-based computing in educational services. Additionally, the rising demand for eLearning is also expected to drive this market and together these two factors are expected to facilitate the growth of the online education market.
Another market that is expected to facilitate a meteoric growth of the online education market is the Artificial Intelligence in Education Market which for the year 2019 was estimated with the value of US$2.022 billion. The factor that is at the core enabling the aforesaid is the rapid integration of artificial intelligence in the education sector due to its globally recognized ability to enhance the learning experience. The profusion of smart devices and the increasing trend of digitalization across numerous sectors is also propelling the demand for artificial intelligence solutions in the education sector. Artificial intelligence primarily uses deep learning, machine learning, and advanced analytics especially for monitoring the learning process of the learner such as the marks obtained and speed of a particular individual among others.
Moreover, solutions of this nature are known to offer a bespoke learning experience which not only enhances the quality education but also aids the learners to build upon their pre-existing knowledge and increase their participation and minimize discontinuation of learning. Rapid globalization also necessitates instantly translated academic material made available to global consumers to facilitate swift translation. Also, the solutions which integrate artificial intelligence aids in aligning the learning experiences based on the student path prediction, the recommendation of learning path, needs of the end-user, identification of the scope of improvement, and also assist the learners to choose the best possible area for improvement for better outcomes. Furthermore, the employment of artificial intelligence in education is also known to facilitate the automation of basic activities that are integral to the dissemination of education and are inclusive of but not limited to grading and assessment purposes among others. This, in turn, empowers educators to invest more time in designing lesson plans, develop curricula thereby ultimately impacting the quality of education.
Complementarily the Cloud Storage Market for Education Industry was estimated to be valued at US$0.889 billion in 2017 and forecasted to grow at a CAGR of 28.41% to attain a market size of US$3.986 billion by 2023 is also poised to catapult the online education market to new heights. This is because with cloud storage, sharing of resources, collaboration with other teachers and students, and tracking changes become easy for both the teacher and student. Further, it drastically reduces the cost of owning and maintaining physical premises as a various organization is increasingly offering services which enable institutions to channelize their resources in other areas that ultimately lead to the enhancement of the quality of education and stay relevant to the needs of changing industries.
The latter is substantiated by the meteoric forecasts of the Cloud Infrastructure As A Service (IaaS) Market which was valued at US$75.517 billion in 2017 and was projected to grow a CAGR of 9.70% to attain a market size of US$131.62 billion by 2023. Moreover, with any facilities, be it virtual or physical comes the concerns of security, which in the education sector translates to the need for preventing tampering with sensitive data pertaining to grades, submissions as well as online content, among others. Thus, assurance of flawless security which is an inseverable component of any services which are made available over the internet is also one of the many key determinants that are anticipated to contribute to the growth of the online education market. To this end, Cloud Security Market has been projected to grow at a CAGR of 20.09% to reach a total market size of US$13.272 billion by 2022 from a 2017 market value estimate of US$5.314 billion.