Asia Pacific Kaolin Market to record highest growth rate in the coming years, booming construction sector to drive the regional industry share

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Progress in the constructional sector on account of the rapid industrialization in emerging nations is allowing a remarkable expansion of Kaolin Market. Some of the value-added characteristics of kaolin such as opacity, non-abrasive texture, chemical inertness, make it the most preferred choice for a widespread spectrum of industrial applications such as ceramic, paper, finger glass, and rubber. Growing consumer focus on superior aesthetics result in increasing demand for ceramic tiles, which in a way is providing lucrative business opportunities to kaolin industry. Furthermore, as the mineral improves reinforcement properties and durability of the base material, the market demand is huge from paper packaging sector. As per a report by Global Market Insights, Inc., “Global kaolin market having held USD 4.5 billion in 2015, is projected to exceed a revenue of USD 6.5 billion by 2024, with a projected CAGR of 4% over 2016-2024.”

 U.S. Kaolin Market size, by application, 2013-2024 (USD Million)
U.S. Kaolin Market size, by application, 2013-2024 (USD Million)

Geographically, growth of Asia Pacific kaolin market is forecast to outpace the global landscape, with the highest annual growth rate of 4.5% over the period of 2016-2024. Driven by China, Japan, and India, the regional market dominated the overall share in 2015. Promising constructional industry growth in this region is acting as a major growth enhancer for the market.

Additionally, growing automotive manufacturing base and increasing sales in Malaysia, China, Indonesia is leaving an influential impact on the dynamics of kaolin industry.Paper applications accounted for a major chunk of the overall industry share in 2015. Increasing product demand for paper filling and coating to improve the brightness, gloss, smoothness opacity of the texture, is complementing the industry growth. Kaolin market share from paper sector is projected to experience an upswing in its growth chart with an estimated CAGR of 3.5% over 2016-2024.

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Ceramic applications also consume a considerable portion of kaolin industry and is slated to record maximum growth at an annual rate of more than 4.5% in the coming six years. Gain in the overall market can be supported by the rising demand for ceramic tiles in construction industry for flooring and wall applications. For instance, global ceramic tiles industry is estimated to grow significantly at a CAGR of 9% over 2015-2024. This lucrative growth path is expected to provide tremendous business space to kaolin market. Furthermore, growing scope of application in non-conventional sectors as well such as rubber, pharmaceuticals, and plastic manufacturing will allow further penetration of kaolin market, by opening new business opportunities.

Considering the market coverage, North America driven by U.S. has a strong hold over the global industry. In 2015, it covered almost 20% of overall kaolin industry share. Growing economy of U.S has played a pivotal role in positively influencing the construction industry. In addition to this, a change in residential renovation trends have resulted in an increasing demand for ceramic tiles, which in a way is equally leaving an impact on the regional kaolin industry growth.

Prominent players of the market are involved in strategic mergers and acquisitions in order to sustain in the competitive market. In 2015, global kaolin market was highly concentrated with top five companies covering 40% of the overall market. Some of the key players of the market include Imerys SA, Daleco Resources, BASF SE, Kaolin AD, I-Minerals Inc., and LB Minerals Ltd.

Author Name :Satarupa De

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Automotive electronics control unit (ECU) market to record over USD 95 billion in earnings by 2024, escalating demand for EVs to transform the industry landscape

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The automotive electronics control unit (ECU) market has witnessed incredible growth over the last two decades, owing to unparalleled expansion of the global automobile production sector and the influx of technology within vehicles. Continuously evolving knowledge and skills have enabled the integration of advanced electronic elements within automobiles such as fuel injection control and exclusive infotainment systems. Increase in spending power of the general population has encouraged automakers to pioneer connected systems and cutting-edge features, propelling the automotive ECU industry development. As ECUs are programmed to monitor and regulate safety features and vehicle performance, a shifting preference towards safer, more efficient cars will greatly strengthen the automotive ECU market, which boasted of a revenue of more than USD 65 billion in 2017.

China Automotive ECU Market size, by application, 2012-2023 (USD Billion)
China Automotive ECU Market size, by application, 2012-2023 (USD Billion)

The International Organization of Motor Vehicle Manufacturers had revealed that a total of 97,302,534 cars and commercial vehicles had been manufactured across the globe in 2017. Practically, the number of ECUs in a car could be anywhere between 70 to more than 150, depending on the type of vehicles, indicating the massive demand that exists for the automotive ECU industry. The large number of ECUs have permitted enhanced safety features and external connectivity solutions to be installed in high-end as well as low-cost vehicles. Commercial vehicles have especially benefitted from the ECU’s ability to regulate the fuel injection system, as increased fuel efficiency plays a vital role in achieving economical goods transportation.

Notable advancements in ECUs have stimulated auto manufacturers to find ways for reducing emissions through efficient control systems, ushering in a transformation of the automotive ECU industry and leading to the growth of smart technologies. The advent of electric vehicles has furthered the development of ECUs required for complex monitoring and operating of a vehicle. Considered to be a rapidly expanding source of remuneration for the automotive ECU market, the battery electric vehicles (BEVs or just EVs) are gaining increased momentum with each passing year. Worldwide environmental concerns have been the primary driver for the EV industry, coercing nations to invest heavily into boosting the adoption of EVs.

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According to the U.S. government, a huge amount of greenhouse gas emissions in the country originates from the transportation sector and in 2016, almost 23% of it was contributed by medium and heavy duty commercial vehicles. As such, not only electric passenger and luxury cars but electric commercial vehicles have also started to attract demand from fleets and major corporations to cut down on their carbon footprint. Tesla, an innovator in the EV industry, has developed all electric Semis for the commercial sector, offering significant power and range to help customers maintain their bottom line while being environment-friendly. Representing a lucrative application scope for the automotive ECU market, the Tesla heavy duty tractor trailers can handle a weight of up to 80,000 pounds at full speed while giving a range of 300 to 500 miles.

Tesla has projected that by 2022, it would have received orders for about 100,000 Semis, with companies like UPS, Pepsi, Walmart, DHL and many others having already placed orders for the electric trucks. As other automobile manufacturers join the race for electric heavy duty vehicles, the automotive ECU market will experience considerable upsurge in investments to speed up productions. The International Energy Agency reported that in 2017 itself, the number of electric vehicles on roads had reached 3.1 million. In Europe, there was a 40% rise in the electric car sales in the first half of 2018, signifying that the EV industry is a budding customer base for the automotive ECU market, with growing inclination towards incorporating commercial EVs within fleets.

Although electric trucks have been used on the streets for many years now, the increased affordability of the technology has allowed vehicle makers to design and introduce new products. For instance, Piaggio Commercial Vehicles’ electric power range has been providing customers with clean medium-duty commercial vehicles having, comfortable power delivery system and appreciable range, for over 20 years. The automotive ECU industry is thriving due to the efforts of companies who want to bring forward the transition towards a greener transport industry, like Daimler, who is developing 25 ton truck, and Proterra, which has designed an electric public transportation bus.

Poised to surpass USD 95 billion in earnings by 2024, the automotive ECU market is dominated by key industry participants like Bosch Group, Delphi Technologies, Hyundai MOBIS, Mitsubishi Electric Corp, Continental AG, besides others. Rising awareness about ADAS and other safety systems to prevent road accidents along with continuous research into designing powerful, more efficient ECUs will give significant propulsion to the automotive ECU industry over the coming years.

Author Name :Pankaj Singh

Asia Pacific to augment Paraformaldehyde Market growth over 2016-2024, high demand from agrochemical application to stimulate the regional share

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Subject to the varied uses of paraformaldehyde across the cosmetic, agricultural, and pharmaceutical sectors, Paraformaldehyde Market will grow exponentially over the next few years. Additionally, this chemical is used in the manufacture of fertilizers, fluorescent lights, and cleaning products, and also in the photography & printing sector, which will suitably impel the business expansion. As per the report by Global Market Insights, Inc., “Worldwide paraformaldehyde market was worth USD 493.2 million in 2015 and will generate a revenue of USD 800 million by 2024, with a CAGR projection of more than 6% over the coming years of 2016 to 2024.”

U.S. Paraformaldehyde Market Size, By Application, 2013-2024 (USD Million)
U.S. Paraformaldehyde Market Size, By Application, 2013-2024 (USD Million)

Agrochemical applications covered more than 40% of the revenue share in paraformaldehyde industry and will register an annual growth rate of more than 6% over the period of 2016 to 2024. The attributing factor toward the growth of this market is the shifting trends to increase crop-yield for fulfilling the globally escalating demand for food. Agrochemicals are in high demand across the U.S., owing to the significant consumption of the product in the farming sector, subject to which U.S. paraformaldehyde market will grow considerably. With U.S. at the helm, North America paraformaldehyde market will grow lucratively over the years ahead, having collected a revenue of USD 85.4 million in 2015. Growing infrastructure development across this region will augment the industry growth, in addition to the development of the pharmaceutical.

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This product can be used widely as a fixative and disinfectant, owing to which it is used extensively in the medical as well as pharmaceutical sectors. As per the study, pharmaceutical industry will collect a revenue of USD 1.5 trillion by 2024, growing at an annual rate of more than 4% over the coming timeframe. The surging population along with growing spending capability of consumers will fuel paraformaldehyde market. In 2015, medical applications consumed 26.19 kilo-tons volume of the product and will continue to contribute significantly to overall paraformaldehyde market.

The automotive sector is on the verge of consistent expansion across the continent of Europe. Paraformaldehyde based resins are prominently used in vehicle manufacturing for the various components such as molding, bearing, and adhesives, subject to which paraformaldehyde market in Europe will rise considerably. Resins accounted for more than 40% of revenue share in application segment of paraformaldehyde market in 2015 and will record a CAGR of about 5% over the coming years of 2016 to 2024. Owing to the properties such as corrosion and chemical resistance, the product is extensively across the aerospace, automotive, rubber, paper, and paints & coatings sectors.

Asia Pacific paraformaldehyde industry covered over 55% global market share in 2015 and will exhibit considerable annual growth rate over the coming seven years. Growing spending on construction activities across the emerging countries of this region will propel the requirement of the product. As per the study, India invested USD 420 billion in infrastructure development in 2015 and in the same year, China spent USD 1.75 trillion on construction projects.

The noteworthy players in paraformaldehyde market are Zibo Qingxin Chemicals Factory, Pure Chemistry Scientific, Inc., Tianjin Yuanlong Chemical Industry Co, Ltd., Asia Chemical Corporation, Oswal Udhyog, Linyi Ruifeng Machinery Co., Ltd, Stormmax ASSP Ltd., Changzhou Koye Chemical Co Ltd., Caldic, Interatlas Chemical Inc., Nantong Jiangtian Chemical Co Ltd., Ekta International, GFS Chemicals, Jinan Xiangrui Chemical Co., Ltd., Alfa Aesar, Hebei Yuhang Chemical Industry Co, Ltd., and Alpha Chemika.

Author Name :Sunil Hebbalkar

Industrial safety gloves market to be driven by the escalating demand for lightweight material, stringent regulatory norms to fuel the industry expansion over 2018-2024

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The latest scoop regarding immigrant workers that sparked controversy in the UK has come forth as a wake-up call for industrial safety gloves market players. The incident highlighted the sorry plight of immigrant workers who, in addition to being meagerly paid and threatened with deportation, are rarely provided with gloves while washing cars with bare hands and strong shampoo. The fact that this issue is being termed as “modern slavery” goes to show that basic employee safety is now being considered a human right rather than a necessity and that industries, no matter how big or small, have to abide by such regulations. This trend has substantially augmented industrial safety gloves market outlook in addition to encouraging manufacturers to bring forth newer products in the industry that boast of increased safety features.

North America Industrial Safety Gloves Market, By Application, 2017 & 2024 (USD Million)
North America Industrial Safety Gloves Market, By Application, 2017 & 2024 (USD Million)

Industrial safety gloves market growth driven by cost-effectiveness

Even more than a decade back, studies had brought to the forefront compelling figures that can account for the solid stance of the industrial safety gloves market back then. The study conducted by the U.S. Centers for Disease Control and Prevention found that nearly 1,080,000 emergency room visits per annum by workers in the US can be contributed to hand injuries. Hand and finger lacerations also accounted for more than 110,000 days-away-from-work.

During the same time, according to figures compiled by the U.S. Bureau of Labor Statistics, the American Road and Transportation Builders Association, the National Safety Council, and the International Safety Equipment Association, it was found that the construction industry in the U.S. spends $48 million to compensate for hand injuries rather than the $8.3 million it should be spending by simply equipping all workers with protective gloves. Companies have now come to understand that the amount spent to cover the cost of hand injuries every year is greater than the amount spent to provide laceration and abrasion resistant gloves and ensuring their use. This realization has only served to increase in the last few years, majorly propelling industrial safety gloves industry trends.

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Industrial safety gloves market to be dominated by lightweight materials

In the past it has often been noticed that though safety gloves were provided, workers often took them off to gain the sense of toughness and increased dexterity to perform tasks. However, the advent of innovations in industrial safety gloves industry and advancements in the glove manufacturing process has ensured that wearing gloves during work is more rewarding than cumbersome. Traditional leather and heavy polymer glovers are being replaced with lighter and ergonomically designed ones that are registering more acceptance among workers.

Lightly coated, flat-dipped gloves have found increased popularity among workers as they are not only comfortable but also cut down on hand fatigue. Industrial safety gloves market players are working to develop lightweight gloves that encourage continual wear and can be used to perform a broad range of tasks. Gloves coated with PVC, natural rubber, nitrile or polyurethane are garnering wider recognition for use in performing a variety of tasks as they are easier to work with and are therefore worn longer. According to estimates, natural rubber industrial safety gloves industry size was valued at over $1.7 billion in 2017. Nitrile industrial safety gloves market size however, driven by improved chemical and barrier protection, was pegged at 300 million units in 2017.

An extensive application base to drive industrial safety gloves market growth

The application spectrum of industrial safety gloves market is appreciably widespread. The construction industry, for example, has emerged as one such field of work where the requirement for safety gloves is a basic necessity. Prominent players have been manufacturing special gloves to protect workers from lacerations received from handling rough and sharp building materials such as glass, roofing or metal; chemical burns; the possible poisonous effects of chemicals in Portland cement and injury from the materials and tools handled in the course of a day’s work. Another industry that does not involve as much danger of lacerations but requires increased use of safety gloves to avoid particle contamination is the semiconductor industry.

With rising awareness about the extent to which hand injuries to workers can cost the company, myriad countries have been found to impose strict standards for glove strength in industrial use. For instance, the American National Standards Institute has developed the ANSI/ISEA 105 which rates gloves on a numeric rating scheme for mechanical, chemical, thermal, dexterity and other performance standards. On the other hand, EU standard EN 388, which is applied in EU as well as recognized globally, rates gloves for tear, puncture, abrasion and blade cut resistance. As safety and quality maintenance becomes more stringent in the industry, industrial safety gloves market is expected to exceed $9 billion by 2024.

Author Name :Paroma Bhattacharya

North America industrial protective clothing market to witness massive growth prospects in the coming years, U.S. to drive the regional demand

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Stringent safety norms imposed by NIOSH, OSHA, ASTM is providing a significant impetus to industrial protective clothing market globally. Increasing number of worksite accidents along with increasing safety concerns regarding the workers’ health especially in industries which are prone to potential perils is allowing speedy expansion of the market globally. Continuously progressive market happenings which include emergence of new sale channels, impactful advancement of technology, and a dynamic supply value chain force are turning out to be some of the crucial growth enhancers for industrial protective clothing industry. As per Global Market Insights, Inc., “Industrial Protective Clothing Market is set to almost triple its revenue share by collecting a revenue of over USD 14 billion by 2023, with an annual growth rate of 14% over 2016-2023.”

U.S Industrial Protective Clothing Market size, by application, 2015 & 2023 (USD million)
U.S Industrial Protective Clothing Market size, by application, 2015 & 2023 (USD million)

Based on application landscape, industrial protective clothing market is primarily segmented into chemical defending clothing, clean room clothing, mechanical protective clothing, flame retardant apparel etc. Amongst the various application domains, durable and disposable based protective clothing are highly prevalent. In addition, flame retardant clothing is mainly adopted in industries which are highly prone to fire related potential perils.  Mandatory Safety regulations in sectors such as oil and gas, construction, metal forming, etc. have highly increased the overall market demand for flame retardant clothing. Industrial protective clothing industry share from flame retardant apparel application was over USD 1.3 billion in 2015, and with a heavy market demand, it is slated to register a striking double-digit annual growth rate of 14% over 2016-2024.

Clean room protective clothing is highly deployed in electronics units, clinical laboratories, as well as chemical laboratories. Raw material which is highly used in this type of clothing manufacturing is filament polyester as it avoids all types of infection and contamination. In 2015, clean room clothing recorded a revenue over USD 800 million. Increasing demand for light weight and durable protective apparel in oil and gas industry is thriving the mechanical industrial protective clothing market which is estimated to surpass USD 2 billion over the coming six years.

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Durable protective clothing emerged as the leading product segment, by accounting for an industry share of USD 3 billion in 2015. High durability, superb wear resistance, and enhanced utility make it the most preferred choice for product managers who deal with the safety protocol of the workers. Durable industrial protective clothing market is expected to record a striking CAGR of 14% in the coming six years due to its heavy demand from oil and gas and mining industries. Disposable clothing is highly common in areas where the hazards are not that much intense. Some of the end use industries in which disposable industrial protective clothing market is generating a heavy momentum include petrochemicals, agriculture, chemical processing, pharmaceutical etc. Disposable gloves that hold a major chunk of overall disposable industrial protective clothing market alone accounted for USD 1.6 billion, out of the total industry share which was USD 2.1 billion in 2015. As per estimation, disposable protective clothing is projected to grow substantially at a CAGR of 13% over the period of 2016-2023.

With U.S. as the major contributor, North America industrial protective clothing market dominated the global landscape by covering almost 40% of the overall industry share. Strict regulations imposed in U.S.  in correspondence to the safety canons have positively influenced the regional market dynamics. As per the record, North America market collected more than USD 2 billion in 2015. Shale gas exploration and escalating commercialization of renewable chemicals in this region are expected to propel the market in the years ahead. Considering the rapid industrialization and the increasing infrastructure spending of emerging nations such as India and China, Asia Pacific industrial protective clothing market is slated to attain the highest growth of 15% over 2016-2023.

Global industrial protective market is fiercely competitive with a diversified product portfolio. Strategic partnerships, technological complexities incorporation in the product design make the overall market highly intensive. Some of the prominent market players are Royal TenCate, DuPont, Teijin, PBI, and Bulwark.

Author Name :Satarupa De

North America Leather Chemicals Market to register significant gains over 2017-2024, escalating demand for high quality leather goods to drive the regional share

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Leather Chemicals Market is set to witness phenomenal gains over the next few years, subject to the product’s extensive usage for belts, footwear, and garments. Leather chemicals possess characteristics such as weather resistance, smoothness, and an aesthetic appearance – in effect, they are used to provide a finesse to the final product and are used in the manufacturing process of numerous goods for furniture, personal care, etc., thereby impelling leather chemicals market size.

U.S. leather chemicals market size, by end-user, 2013 – 2024 (USD Million)
U.S. leather chemicals market size, by end-user, 2013 - 2024 (USD Million)

Leather processing industry is evolving as a major growth avenue for the overall leather market. The rising demand for high quality leather products has led to companies striving to innovate myriad chemicals to enhance finished goods. This will stimulate leather chemicals industry, which was worth USD 6 billion in 2016, is set to cross USD 10 billion, growing at a CAGR of 6% over 2017-2024. The government has also mandated certain norms for the Personal Protective Equipment Market with regards to worker safety. Since this market comprises safety equipment such as leather gloves and footwear, its development will subsequently transform the dynamics of global leather chemicals market.

Leading companies engage in growth strategies such as mergers & acquisitions to sustain their position and gain a competitive edge over their rivals. Key participants operating in global leather chemicals industry include Lanxess, Indofil Industries Ltd., Elementis PLC, BASF SE, Schill & Seilacher GmbH & Co., Clariant, Zschimmer & Schwarz, Bayer AG, DyStar, TEXAPEL, Lawrence International, Balmer Lawrie & Co. Ltd., Chemtan Company, TASA Group International, and Stahl International BV. Leather chemicals market being highly competitive, is characterized by numerous small and medium sized companies.

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Leather goods are prominently used across the American sub-continent, owing to which North America leather chemicals industry size, worth over USD 1 billion in 2016, will experience a massive surge over the years ahead, subject to the numerous regulations pertaining to PPE market and the manufacturing sector. North America held more than 20% of the total leather chemicals market share in 2016, and will grow at a remarkable pace over 2017-2024, subject to the presence of a huge consumer base for leather gods such as apparel and shoes.

Speaking of shoes, footwear applications dominated the overall leather chemicals market in 2016 with a contribution of more than 50%, and is expected to grow significantly over the years ahead, owing to enhanced consumer lifestyles, high demand for worker safety in manufacturing industries, and the rising purchasing parity of consumers. The subsequent growth of the industrial safety footwear market will also accelerate leather chemicals industry over the next few years.

Leather chemical market size from automotive applications will witness a CAGR of 5% over 2017-2024, subject to the rising automotive sector and the high demand for fashionable, aesthetic car interiors. With the rise in the sales of personal cars across the world, the requirement for stylish seat covers and other accessories will witness an incline, which will propel leather chemicals industry from automotive applications.

The automotive sector is currently experiencing a stupendous growth across the APAC region, subject to which leather chemicals market in the Asia Pacific leather chemicals market will witness significant surge over 2017-2024. With a combined contribution of more than 40% toward APAC leather chemicals industry share, China and India are touted to be the major revenue pockets.

In 2016, tanning products dominated the product landscape of leather chemicals market share, having held more than 40% of the overall share, with a valuation of more than USD 2 billion. These products comprise magnesium oxide, sodium formate, low sulphide unhairing agents, chromium sulphate, aldehyde tanning agents, fungicides, and formic acid, which are used to strengthen and stabilize the leather, thereby propelling tanning leather chemicals industry.

Finished leather chemicals are primarily used to improve the aesthetic appearance of the leather – these products cover the defects in natural leather, provide protective coatings, and enhances the features of the finished product in terms of smoothness, resistance, glossiness, durability, etc. Subject to this factor, finished leather chemicals market is projected to grow at a rate of 5% over 2017-2024.

Leather chemicals are used to provide a smooth, glossy finish in many construction applications. On these grounds, the rapid development of the construction sector across the BRIC nations will suitably propel leather chemicals industry growth.

Leather processing can actually prove to be harmful for the environment, as material tanning involves the usage of highly polluting chemicals, such as chromium, sulphides, and pathogens, which may restraint leather chemicals market. In addition, excessive costs involved in the actual process in various stages such as crusting, tanning, and coating may also pose as a threat to this market. Leading firms are however, trying to eliminate these constraints by means of reducing the high operational costs and using eco-friendly alternatives for leather processing, which will suitably drive the industry trends.

Author Name :Saipriya Iyer

Healthcare Artificial Intelligence Industry to amass huge share via drug delivery applications over 2017-2024, China to majorly drive the regional landscape

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In a major development that can positively impact Healthcare Artificial Intelligence Market growth, Babylon Health, a UK based digital health firm has raised nearly USD 60 million in April 2017 to diagnose patient illness by creating an AI chatbot on their smartphones. High investments made by various industry players to build more robust machine learning algorithms and big data analytics applications to deliver more effective healthcare services will completely change the medical diagnosing & treatment phase of the industry. This will help in grooming the healthcare artificial intelligence business reach greater heights. Global Market Insights, Inc., reports that healthcare artificial intelligence industry value, worth USD 750 million in 2016, is predicted to hit USD 10 billion by 2024.

   U.S. Healthcare Artificial Intelligence Market Size, By Application, 2013-2024 (USD Million)
   U.S. Healthcare Artificial Intelligence Market Size, By Application, 2013-2024 (USD Million)

New breakthroughs in the field of clinical research, genomics, robotic personal assistants, and precision medicine are expected to propel Precision Medicine Market, which in turn is creating a wide set of opportunities for healthcare artificial intelligence industry globally. Evolution of new disease monitoring and treatment methods will eventually produce huge business growth prospects for the market.

Healthcare artificial intelligence finds wide application in drug discovery, hospital workflow, medical imaging & diagnosis, and therapy planning. Drug discovery applications, which contributed more than 35% of healthcare artificial intelligence industry share in 2016, are forecast to hit USD 4 billion by 2024. The growth can be credited to the ability of machine learning and artificial intelligence technologies to favorably influence the drug design as well as drug development & delivery success rates.

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Medical imaging & diagnosis sector is expected to hit the revenue of over USD 2.5 billion by 2024, owing to its ability to identify cancer at initial phase by detecting the rapid proliferation of tumor cells. Enhanced use of artificial intelligence in this sector will further accelerate healthcare artificial intelligence market revenue.

Considering the topographical trends, U.S. healthcare artificial intelligence industry, which was estimated at USD 320 million in 2016, is projected to grow at a rate of 38% over the period of 2017-2024. Supportive government regulations encouraging the use of big data analytics coupled with new inventions in the healthcare sector will propel the regional development.

Japan healthcare artificial intelligence market, which accounted over 35% of Asia Pacific healthcare artificial intelligence industry size in 2016, is projected to witness a tremendous growth over the coming seven years. Large-scale presence of healthcare firms and universities inventing new healthcare AI technologies will contribute substantially towards the regional revenue.

Brazil industry, which contributed over 48% of LATAM healthcare artificial intelligence market revenue in 2016, is forecast to experience a huge surge over the coming timeframe. Mounting awareness about the benefits accrued due to the application of artificial intelligence technology in the healthcare sector will spur the industry expansion across the region.

Europe healthcare artificial intelligence industry, worth USD 270 million in 2016, is projected to record a CAGR of 39% over 2017-2024 subject to rising utilization of AI technology by various firms to improve the healthcare treatment along with its cost-reduction.

The UK healthcare artificial intelligence market is forecast to cross the revenue margin of USD 800 million by 2024 and will further boost the Europe industry size over the years to come. Entrepreneur-friendly environment across the country coupled with escalated use of artificial intelligence technology in genomics supported & guided by high R&D finding will drive the regional share.

Healthcare artificial intelligence industry in China is projected to record a CAGR of 45% from the period of 2017 to 2024, steered by the launching of new technologies such as artificial intelligence and big data analytics across the healthcare sector

Healthcare artificial intelligence market is highly fragmented due to the large presence of key industry players and new entrants.   Welltok Incorporation, Pathway Genomics, Cyrcadia Health Incorporation, Atomwise, Enlitic, Lifegraph Limited, Insilico Medicine Incorporation, IBM Watson Health, iCarbonX, Google Incorporation, Zebra Medical Vision, Microsoft Corporation, Sophia Genetics, Modernizing Medicine Incorporation, Butterfly Network Incorporation, APIXIO, and AiCure are the major participants of healthcare artificial intelligence industry.

Author Name :Dhananjay Punekar