Healthcare & Medical Devices
U.S. home infusion therapy market to be driven by the increasing elderly populace, growing concerns about hospital-acquired diseases to fuel product demand over 2018-2024
The U.S. home infusion therapy market has emerged as an opportunistic business landscape lately, not only for numerous pharma companies but also for healthcare service providers. In the U.S., patients suffering from infections, immune disorders, gastrointestinal diseases, and cancer & cancer-related problems are giving preference for home infusion therapy, owing to the comfort and cost-effectiveness associated with this line of treatment. More precisely, the chances of healthcare-acquired infections are lesser in the patients treated with home infusion therapy. The enhanced health safety concerns among the American masses is thus a prominent driver stimulating U.S. home infusion therapy industry trends.
East North Central Home Infusion Therapy Market, By Product, 2013 – 2024 (USD Billion)
It has been observed that most of the Medicare Advantage health plans and private insurers have recognized that this therapy could come under comprehensive coverage, owing to its clinical effectiveness and affordability. The probable chances of inclusion of this therapy in Medicare coverage policies are further likely to augment U.S. home infusion therapy market outlook over the years ahead.
Hospitals, home health agencies, and retail pharmacies have been extensively proactive about providing treatment to the geriatric populace suffering from serious illnesses. In fact, they are also educating patients about therapies so that they are in a position to administer treatment by themselves. As of now, in the U.S., the FDA has approved a range of home infusion therapies to treat numerous ailments. Some of these therapies have been adopted extensively across the nation, propelling U.S. home infusion therapy industry share.
Though the rate of cancer prevalence across U.S. has decreased gradually with the deployment of advanced treatment facilities related to early diagnosis, the mortality rate is not under control. As per the estimates of the National Cancer Institute, in 2018, among 1,735,350 probable new cancer cases in the U.S., 609,640 are likely to succumb to the disease. Amidst this grim scenario, it has also been observed that most of the cancer patients prefer receiving chemotherapy at their homes rather than going to the hospital. The major factor for this shift of preference is to reduce the number of visits to hospitals and receive treatments in a comfort zone. Consequently, home-based chemotherapies are remarkably fueling the demand for home medical equipment, generating a profitable avenue for U.S. home infusion therapy market growth.
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Patients with immunodeficiency illnesses receive immunoglobulin therapy for generating sufficient amounts of antibodies. Apparently, this therapy helps them to reduce pain, fight off infections, and improve mobility. As per a recent reform though, patients with immunodeficiency illnesses could use this type of therapy on their own, in the comfort of their homes. The rise in the prevalence of chronic diseases among the geriatric population across U.S. is thus a major factor primarily intending to deploy home-based healthcare services, fueling U.S. home infusion therapy industry expansion.
Home infusion therapy specialty programs are lately on a rise across the U.S. and myriad other countries. It has been observed that in patients with gastrointestinal and chronic diseases, nutrient absorption is pivotal hinderance. In this regard, many physicians and pharmacists have developed a nutritional compound known as Total Parenteral Nutrition. This nutritional compound comprises carbohydrates, electrolytes, fats, vitamins, protein, and electrolytes, which can be used to accomplish the comprehensive nutritional need of patients. For the record, in U.S. nearly 40,000 people receive parenteral nutrition for treating the gastrointestinal disorders. The escalating requirement of parenteral nutrition is thus slated to propel U.S. home infusion therapy market share considerably.
As pharmacists, healthcare regulators, and healthcare research centers are extending their approach toward home infusion therapy, U.S. home infusion industry is emerging as a lucrative business vertical in the global healthcare space. The implementation of home infusion therapies in chemotherapy, intravenous antibiotics, total pain management medications, growth hormones, and parenteral nutrition will precisely endorse U.S. home infusion therapy market size, owing to their growing adoption. As per statistics, with the escalating acceptance of home-based health facilities, U.S. home infusion therapy market will generate a revenue of more than USD 13.5 billion by the end of 2024.
Author Name : Sunil Hebbalkar
A brief outlook of CT scanner market in terms of product developments, technological advancements to characterize industry growth trajectory
Over the past decade, CT scanner market has gained extensive traction as one of the most pivotal verticals of the global healthcare and medical devices industry. It is being observed that an upsurge in technological innovations coupled with enhanced procedural benefits of these systems has opened up new business opportunities for the firms operating in CT scanner market. In addition to this, a marked increase in the awareness regarding early diagnosis of chronic diseases has substantially accelerated the demand for these advanced imaging systems across the globe. In fact, as per a research report by Global Market Insights, Inc., the total valuation of CT scanner industry had surpassed USD 4.7 billion in the year 2016.
Germany CT Scanner Market, By Technology, 2013 – 2024 (USD Million)
Speaking along similar lines, it would be prudent to mention that the major concern with regards to the extensive usage of CT scanners has been cited to be the exposure to a high-dose of radiation. However, subject to the advent of numerous technological advances over the last few years, the manifold benefits of CT scans have become apparent over other imaging systems such as X-ray and MRI across the medical fraternity. For instance, one of the major CT scanner market participants, Koning Corporation, has recently announced that the firm’s Breast CT (KBCT) device has been awarded an Innovative Technology contract from Vizient, Inc.
The latest system provides real 3D isotropic multi-planar images of the breast – with high dose efficiency and zero compression. Moreover, KBCT ensures accurate assessment, quantification, and detection of abnormalities in dense breast tissues. Equipped with unique modalities, the latest system can be termed as quite significant as it is the only FDA-ratified breast CT imaging device across the overall CT scanner market.
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A brief overview of the ever-expanding product landscape of CT scanner industry
- In the world of advanced imaging, the difference can be in millimeters when it comes to delivering precise diagnosis or treatment. Bearing this in mind, the leading CT scanner market firm, Samsung, has unveiled an upgraded version of the world’s first portable, 32-slice, full body CT scanner in 2017. Named as BodyTom Elite, the device has been re-engineered in a way that it seamlessly integrates into any Neurosurgery, Radiology, and Radiation Oncology suite which allows it to provide sharper and more accurate images. Incorporated with new visual design, enhanced workstation, hardware, and software, the BodyTom Elite has further received FDA 510(k) clearance and is being anticipated to establish itself as a premium full-body mobile imaging system across the CT scanner industry in the times to come.
- In its persistent efforts to elevate the standards of patient care in orthopedic imaging, the Pennsylvania based CT scanner market giant, CurveBeam, has announced a few days back that it has been granted CE Mark approval in the European Union for its LineUP and InReach CT scan systems. Empowered with novel modalities, LineUP has been reportedly designed in a manner that it allows patients to stand during scanning to assess load-bearing or weight-bearing positions. Apart from this unique system, CurveBeam’s InReach device has been already installed in numerous hand surgery centers across the U.S. since its FDA-clearance. Apparently, CurveBeam’s latest imaging systems and the approvals granted to them, go on to demonstrate the significance of innovation and robust regulatory structures that shall propel the overall CT scanner industry in the immediate future.
- A few days back, one of the most acclaimed biggies in the CT scanner market, Siemens Healthineers, had declared that it has received the FDA clearance for its new Somatom Edge plus CT machine. The firm has apparently claimed to have manufactured the first patient positioning system which has FAST 3D camera and FAST integrated workflow. The newly launched scanner includes customized patient dosage capabilities and automated scan preparation – features that are quite unheard of in the existing product landscape of CT scanner industry.
With an aim to optimize early disease detection and improve survival rates for millions of patients, numerous prominent CT scanner market players have been focusing on developing future versions of these imaging systems. The versatility, power, and lower costs of these newly launched CT scanners would undoubtedly augment the commercialization scale of this business space. As per reliable estimates, the overall remuneration portfolio of CT scanner market has been forecast to exceed USD 7 billion by 2024.
Author Name : Saif Ali Bepari
Animal diagnostics market valuation to surpass the 5-billion-dollar mark by 2024, technological interventions to augment the product landscape
With increasing awareness about animal healthcare & the growing trends of pet adoption, animal diagnostics market is anticipated to witness commendable expansion over 2017-2024. The fear of zoonosis and an increasing appetite for animal protein have also seemingly contributed toward driving this business space. Previously, the commercial scope of animal diagnostics industry had been rather limited, as animal diagnostics had been handled by a few selected divisions within large pharmaceutical companies. However, with the private and public-sector demands rising for specialized animal healthcare, the last couple of decades have witnessed a rise in the number of companies dedicated to animal diagnostics and healthcare.
India Animal Diagnostics Market, By Technology, 2013 – 2024 (USD Million)
In the present scenario, animal diagnostics industry has reached a level of interest where hackathons are being conducted to come up with new animal healthcare solutions. In a first ever animal health focused hackathon held by Boehringer Ingelheim Animal Health in association with the University of Georgia in 2018, participants came up with ideas to develop potential solutions in pets and livestock welfare. The notions ranged from developing fitness trackers for pets as well as owners to the development of drones for the early detection of sick livestock. The hackathon was witness to myriad, miraculous solutions such as an Alexa compatible feeding and weight monitoring system for dogs and cats, a self-disinfecting, non-slip mat for animal examination tables, a mobile app-based screening test for major poultry pathogens seen in backyard chicken flocks, and a surgical tool to enable precise placement of screws during surgery. Indeed, the event was an apt demonstration depicting the current trends in animal diagnostics market.
Of late, in-vitro diagnostic instrumentation and related products have come to be extensively applied to animal diagnostics products in veterinary healthcare. Major animal diagnostic methods in mainstream healthcare – immunodiagnostics, molecular testing, hematology and clinical chemistry, now have standard applications in the veterinary care of pets and livestock animals. This practice has indeed augmented animal diagnostics market trends to quite an extent, bringing forth new avenues of growth for this vertical.
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Animal diagnostics industry has incorporated technologies and procedures gained from mainstream healthcare and human diagnostics to develop a full-sized sister market that is open to further advancement. The effect of advancement in animal diagnostics has been apparent in companion animal care as benchtop clinical analysis permits veterinarians to achieve accurate in-clinic testing results, shortening the time between diagnosis and treatment and facilitating direct billing for additional revenue. Livestock animal diagnostics industry remains largely bound to the laboratory due to high accuracy and sensitivity requirements in animal disease testing. Animal diagnostics activities related to the marketing of molecular point of care diagnostic devices for animal testing will continue to intensify with applications relating to veterinary diagnostic testing, farm biosecurity and wildlife testing in resource-poor regions.
Renowned animal healthcare companies have been striving to incorporate innovations from startups and facilitate further penetration of technology in pet and livestock sectors, thereby generating considerable opportunities in animal diagnostics market. The Internet of Things has also had an impact on animal diagnostics industry with the decreasing prices of sensors and the pervasive presence of high-speed broadband. Wearable health monitors that have already penetrated the pet sector are now anticipated to find popularity in livestock monitoring as well. Indeed, the deployment of wearables in livestock supervising provides better real time insights and large data analytics about when to intervene in the feeding and care of animals.
Being a part of an evolving ecosystem, animal diagnostics industry is supported by innovative trends such as microfluidics and information technology that help commercialize point-of-care diagnostics and decentralized IVD devices. Startups as well as established animal medicine and diagnostic equipment producers are rapidly advancing their efforts, targeting innovations to be brought forth in animal diagnostics market. Driven by a continued spate of acquisitions and large-scale investments, animal diagnostics industry size is forecast to register a CAGR of 8% over 2017-2024.
Author Name : Paroma Bhattacharya
North America and Europe PEGylated drugs market to perceive commendable proceeds from cancer treatment, industry valuation to exceed USD 10 billion by 2024
Owing to the advent of advanced medical therapies and innovative technologies, North America and Europe PEGylated drugs market has witnessed remarkable transformation in the recent years. The massive proliferation of tech breakthroughs in the healthcare and medical devices industry has intensified the competitive landscape of this business space. Numerous firms partaking in North America and Europe PEGylated drugs market have been striving to bring forth a range of high-grade products to effectively treat chronic diseases such as cancer and multiple sclerosis. Consequentially, the unveiling of these progressive medicines and their mainstream utilization across healthcare sector would have an optimistic influence on North America and Europe PEGylated drugs industry in the forthcoming years.
U.S. PEGylated Drugs Market, By Disease Indication, 2013 – 2024 (USD Billion)
A brief overview of how technological advancements would impel North America and Europe PEGylated drugs industry trends
Citing an instance to affirm the significance of the ongoing innovations across North America and Europe PEGylated drugs industry, the European Commission approved the biopharmaceutical giant Shire’s second line combination therapy, Onivyde, in 2016. Apparently, this has made Onivyde, which basically is a pegylated liposomal irinotecan hydrochloride trihydrate, the first licensed treatment therapy that can be administered to adults with metastatic adenocarcinoma of pancreas. Reportedly, the latest EU license approval follows the U.S. Food and Drug Administration’s (FDA) sanction of the drug, after Shire secured U.S. marketing authorization in October 2015.
Speaking in the similar context, it would be prudent to mention that pancreatic cancer is the seventh leading cause of death across the world and fourth in Europe. For the record, pancreatic cancer causes approximately 330,400 deaths annually throughout the continent, as per reliable estimates. Moreover, poor prognosis and delayed medical intervention has further aggravated the current medical care scenario. However, the prevailing cancer treatment procedures would undergo a revolution of sorts with the arrival of advanced drugs such as Onivyde, which would eventually impact North America and Europe PEGylated drugs market outlook, cite analysts. For the record, cancer application held 60% of the overall North America and Europe PEGylated drugs industry share in 2017.
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Concurrently, it has been observed that a number of prominent firms are focusing on development and commercialization of targeted therapies to treat rare illnesses. For instance, one of the notable participants in North America and Europe PEGylated drugs industry, Eiger BioPharmaceuticals, Inc recently announced to have received orphan designation by U.S. FDA for its pegylated interferon lambda 1a. The Orphan Drug Designation Program provides orphan status to biologics and drugs which have been defined as safe for diagnosing, treating or preventing rare illnesses that affect less than 200,000 residents of the U.S.
As has been reported, the latest drug by Eiger is being termed as an effective potential treatment for chronic hepatitis delta virus (HDV) infection. Moreover, Lambda is said to be a first in class, well-characterized, late stage, type III interferon that stimulates immune responses which are considered critical for generating host protection from viral infections.
For the record, hepatitis delta is considered as one of the most severe forms of viral hepatitis in humans and is caused by infection with HDV. With a significant impact on global health, hepatitis delta, as per reliable estimates, affects about 15-20 million people worldwide. Therefore, the launch of Eiger’s Lambda is anticipated to predominantly assist healthcare providers in lowering the mortality rates caused by hepatitis delta. This would eventually propel the commercialization potential of North America and Europe PEGylated drugs market over the ensuing years from hepatitis treatment application. The segment accounted for a revenue of USD 156 million in 2017.
With the swift advances being made in developing antibody drug conjugates, immunotherapies, cell therapies, and gene therapies, North America and Europe PEGylated drugs industry is projected to tread along a lucrative growth path. In addition to this, the rising acceptance of biologics drugs, including interferons, colony stimulating factors, and monoclonal antibodies, to treat chronic diseases would further boost the overall growth potential of this business space. In fact, as per a research report compiled by Global Market Insights, Inc., North America and Europe PEGylated drugs market share is estimated to surpass USD 10.5 billion by 2024.
Author Name : Saif Ali Bepari
pH meters market to enter the billion-dollar business league by 2024, increased product demand from the food processing and agriculture sectors to augment the industry growth
The robust significance of pH measurement in industrial processing has indeed helped pH meters market chart out a profitable growth path in the recent years. Indeed, the hazardous effects of non-balanced pH levels have been aptly demonstrated in numerous experiments. Say for example, the one conducted at the Great Barrier Reef by reputed scientists focused on intentionally acidifying the water to demonstrate how the destabilized pH level of the sea caused by burning fossil fuels can harm coral skeletons. Maintaining the right pH level is crucial in the food and bioprocessing industries as well.
U.S. pH Meters Market size, By Product, 2013-2024 (USD Million)
On these grounds, pH meters market has attained renewed importance lately. Technological advancements have also been rampant across this business space, as companies strive to design highly efficient products for apt measurements. Latest state-of-the-art meters include features like hardware miniaturization and easy-to-use software that will further stimulate pH meters industry share.
The food industry is a vital growth avenue for pH meters market, given how crucial the maintenance of pH level is for quality assurance in this sphere. For instance, incorrect pH level in yogurt can result in excessive free whey, discoloration and insufficient or additional tartness. Or for that matter, jelly, wine, and cheese manufacturing – every food processing method requires the maintenance of proper pH level to reach their optimum taste and quality.
In this regard, authorized bodies have also been emphasizing on the importance of maintaining a certain level of pH to ensure food safety, making pH meters market strictly regulatory-driven. Indeed, a fixed set of values has been set for pH levels in sanitation solutions. For example, chlorine concentration is expected to be between pH 8 to 10 while iodine solution is meant to have pH 5 or lower. Thus, the extensive deployment of these meters in the food sector is certain to stimulate pH meters market size.
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The application of these products in bioprocessing is also forecast to boost pH meters market outlook. In fact, pH level is one of the most frequently monitored parameters in bioprocess workflow. Scaling and streamlining proteins in bioprocessing require accurate and stringent pH monitoring as proteins and other large molecules tend to lose stability outside optimal pH conditions. Bioprocessing being an integral part of the expanding biopharmaceutical sector, is certain to emerge as a viable growth avenue for pH meters industry.
Though known for their usage in the industrial sector, pH meters also command an important position in agriculture. Traditional patterns and methods of farming often fail to recognize the importance of maintaining a stable pH level of the soil. It has been determined that a good crop output depends as much on the micro and macro nutrients present in the soil as on the weather conditions and efficient fertilizers. As agriculturally dependent nations are opting to educate farmers in the importance of maintaining a healthy soil pH level, pH meters market is expected to expand its scope through the facilitation of informed agricultural choices.
North America is one of the pivotal regions where pH meters market has demonstrated a healthy CAGR since the last few years – in fact, North America dominated pH meters industry in 2016. The growth can be attributed to the fact that regulatory bodies in this region are highly stringent and proactive as far as the enforced norms regarding food safety are concerned. Additionally, waterbodies supplying drinking water are kept under constant supervision while pharmaceutical research is prioritized at the highest level in the country. On these grounds, it would be fair enough to state that North America pH meters market will register a lucrative growth rate over 2017-2024.
Emerging economies such as India and China are also expected to register a substantial CAGR in the ensuing years, driven by the rising number of food and water borne diseases and the growing number of wastewater treatments. While China holds the largest proportion of APAC pH meters market share, India has been forecast to depict the highest CAGR over 2017-2024.
In the present production environment, the measuring and accurate recording of pH levels can make all the difference between a perfect product and one that goes down the rejection line. For instance, an accurate and reliable pH meter is the means to achieving the correct cutting pH and break pH in case of cottage cheese. In the years to come, myriad sectors will be deploying technologically advanced pH meters for the better regulation of the production line, which would majorly impel pH meters industry share. With the advancement of modern medicine and the rising demand for packaged food, pH meters market will witness an exponential growth graph in the forthcoming years.
Author Name : Paroma Bhattacharya
U.S. cancer diagnostics market to exhibit commendable growth prospects over 2017-2024, evolving technologies to characterize the industry landscape
With the rising awareness toward early diagnosis and treatment of critical chronic diseases, cancer diagnostics market in the recent years has been making rapid progressions. Reports claim that cancer is gradually becoming a leading cause of mortality on a global scale. In fact, according to the 2015 statistics by WHO, cancer accounted for 8.8 million deaths. Estimates further claim the new cancer cases to raise by 70% in coming two decades. Considering the alarming increase in cancer prevalence that has led to greater demand for better care and treatment methods, the global cancer diagnostics market, quite overtly is expected to witness significant remuneration in the coming years.
China Cancer Diagnostics Market, By Application, 2013 – 2024 (USD Million)
In terms of commercialization matrix, Global Market Insights, Inc., claims the worldwide cancer diagnostics market to exceed valuation of over USD 156 billion by 2024, with an estimated CAGR of 8.1% over 2017-2024. With such huge growth potential, the report further affirms the U.S. to have dominated the regional cancer diagnostics industry share in 2016. High prevalence of cancer and the surging need to diagnose it at an early stage have uplifted the growth prospects of the U.S. cancer diagnostics industry. Not only this, but the fact that the region has high adoption rate of technologically superior & advanced diagnostic methods have also had a rendering impact on the regional growth statistics. Estimates claim U.S. cancer diagnostics market to witness y-o-y growth of 8% over 2017-2024, mainly on the cusp of rising research & development activities that are been carried out to develop better diagnostic methods.
Speaking of the development of better cancer diagnostics procedures, it is prudent to mention that several cancer diagnostics industry players and Universities are making significant R&D investments and are collaborating with research institutes to come up with improvements with regard to cancer diagnosis. Below mentioned is an instance of a recent technology that has been creating quite a stir in the global cancer diagnostics industry space.
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Imperial College’s new imaging technology strongly claims to improve cancer diagnosis accuracy
Presently, biopsy is the generic diagnosis method adopted for practically every type of cancer. In this method, a tissue is thinly sliced & is stained with two vegetable dyes known as eosin and haematoxylin (H+E stained) and is analyzed under microscope where the severity of disease in grade by eye. In this process, it is quite overt that different practitioners judging the same biopsy slice will only decide the grade of severity (accurately) around 70% of the time. What this means is that there is a high possibility that some patients would be receiving overtreatment.
In a bid to overcome this problem, a team from the Imperial College, London has developed a cancer diagnosis method called as “Digistain” that has recently made it to the headlines for eliminating the variability and subjectivity in biopsy grading.
According to reports, the new Digistain technology measures a biological marker nuclear-to-cytoplasmic-ratio (NCR) factor that is common to wide range of cancers. The machine gives a quantitative DI score (Digistain index), corresponding to the NCR. Several experiments showed that the DI score is an extremely reliable indicator of the degree of progression of the disease.
Industry experts deem Digistain to be a technology breakthrough in the global cancer diagnostics industry. The machine is not only designed to remove the element of chance in cancer diagnosis but also to be cheaply & easily integrated into hospital laboratories and research centers. Endorsed with such leading technological advancements and developments of user friendly cancer screening products, analysts estimate cancer diagnostics market to tread along a lucrative growth path in the ensuing years. Companies are further embarking innovative methods such as liquid biopsies and next-generation sequencing (NGS) to address the most life-threatening form of cancers. Analysts further deem the industry to witness foreseeable growth in terms of companies launching cost-effective & accurate diagnostics methods that would satisfy growing consumer demand. For the record, some of the renowned companies partaking in global cancer diagnostics industry share include Roche, Becton, GE Healthcare, Illumina, Qiagen, Abbott Laboratories, Dickinson, and Sienna Cancer Diagnostics.
Author Name : Ojaswita Kutepatil
A comprehensive insight into commercial seaweed market with respect to its extensive application spectrum
Commercial Seaweed Market has been gaining rapid traction in recent years, primarily on account of the rising number of valuable uses of seaweed—from food and fertilizer to pharmaceuticals and industrial gels. Incidentally, Asian countries like China, Japan, Korea, and Indonesia have already been lucrative growth grounds for commercial seaweed market for a long while. Lately though, the developed economies of the West have also been tapping into the wide range of health benefits that can be derived from seaweeds. The notion of using seaweed as a natural salt substitute in the light of the increasing prevalence of disorders such as hypertension has been fueling commercial seaweed industry.
U.S. Commercial Seaweed Market Size, by End-Users, 2013 – 2024 (USD Million)
The most notable growth avenue for the commercial seaweed market has been built through the application of hydrocolloids extracted from seaweeds in the food industry. The commercial application of hydrocolloids was initially developed in North America and Europe. However, the development of commercial farming in Asia Pacific has changed the hydrocolloids industry structure. Indonesia in recent times, has emerged as one of the leaders in the agar and carrageenan seaweed producers while China has taken up a remarkably leading position in the seaweed hydrocolloids processor market.
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As the demand for seaweed hydrocolloid continues to grow and novel technologies for processing are developed, seaweed processing is expected to gain traction, in consequence, propelling commercial seaweed industry.
Seaweed extracts are also gaining eminence across pharmaceuticals, textile, cosmetics, paper products and biofuels. An interesting scientific discovery that will potentially widen the scope for commercial seaweed industry is the use of dried seaweed as an additive to cattle feed. Cows release a significant amount of methane into the atmosphere, a gas that is estimated to be approximately 25 times worse than carbon dioxide. Dried seaweed has been found to be effective in controlling the gas problem in cows and eliminating methane by 50 to 70 percent. Commercial seaweed market is also gaining traction through innovative cultivation that has developed seaweed tasting like bacon.
Commercial seaweed market has been thriving in Asia Pacific for the past many decades. The per capita consumption of seaweed in Japan currently is about 4 kg while China consumes around 2 to 2.5 kg. In consequence, Asia Pacific accounted for 75% of the entire commercial seaweed market share in 2016 and is expected to grow at a rapid pace over 2017-2024. Europe and North America have delved into the commercial seaweed industry comparatively recently, but the industry is projected to grow rapidly in these regions owing to the product’s massive application across myriad sectors.
Regional governments are not far behind when it comes to supporting the growth of commercial seaweed market. For instance, the US Department of Energy recently awarded $22 million to research teams to focus on the development of biofuel using seaweed. Aided by the participation of government bodies and industry players, commercial seaweed market is projected to witness a CAGR of 8% over 2017-2024. As per estimates, this business space is expected to surpass $87 billion by 2024.
Author Name : Paroma Bhattacharya