Global molecular diagnostics market valuation to surpass USD 12.5 billion by 2024, substantially rising prevalence of chronic diseases to augment the product demand

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Persistently being channelized by technological proliferation, molecular diagnostics market has, of late, been gaining rewarding proceeds from a plethora of healthcare applications including the likes of blood screening, oncology testing, genetic testing, and infectious diseases testing domains. Recent advancements in molecular diagnostic approach have brought a paradigm shift in the overall business perspective from basic research activities to clinical reality, which undoubtedly, has widened the application scope of molecular diagnostics industry.

India Molecular Diagnostics Market, By Application, 2013 – 2024, (USD Million)
India Molecular Diagnostics Market, By Application, 2013 – 2024, (USD Million)

Modern day high-resolution molecular cytogenic analysis can detect duplications or deletions of DNA in thousands of nucleotides at once, ensuring high accuracy and easy operative approach. In fact, health giants claim the diagnostic molecular pathology to emerge from a niche domain to a viable alternative against conventional medical approaches that have been reigning the industry so far. As per Global Market Insights, Inc., overall molecular diagnostics industry size is slated to exceed a revenue of USD 12.5 billion by 2024.

The sheer popularity of molecular diagnostics industry can be primarily attributed to the increasing occurrence of infectious diseases along with spreading public cognizance with regards to the pre-disease detection. According to some of the trusted reports, almost 80,000 new cases of HIV infections were found in India, in the year 2016. Furthermore, sudden outbreak of emerging infectious diseases like Ebola, influenza A (H7N9), MERS, has complimented molecular diagnostics market growth in terms of revenue streams and profitability.

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Another crucial aspect that has indirectly made the stage lucrative for molecular diagnostics market is the growing challenge of meeting optimal patient care, amidst the backdrop of resource-limited settings. Conventional diagnostic approaches are too expensive to be effectuated in RLS, given the economic constraints. In the face of this crisis, clinicians and healthcare giants have been readily inclining toward cost-effective molecular diagnostics that rely less on operator training. In this regard, Myriad Genetics, the American molecular diagnostics industry giant has been on the roll since for a while now, with its consistent effort of expanding the business portfolio. With a lineage of nearly 12 exclusive molecular diagnostics products, the company is making profound inroads in advanced gene sequencing cancer therapy. As per the recent reports, the healthcare biggie is presently thriving on the cusp of two of its patent molecular diagnostic suites, EndoPredict tests, and GeneSight.

Some of the other companies witnessing a strong presence in global molecular diagnostics market include Abbott, Dickinson and Company, Alere, Becton, Biomerieux, Danaher Corporation, Bio-Rad Laboratories, GenMark Diagnostics, Johnson & Johnson, HTG Molecular Diagnostics, MDxHealth, and Novartis (Grifols). Amidst the intense share battle, experts claim product innovation to be one of the major growth rationales underlining the sustainability quotient for the market players.

The current framework of an unclear regulatory landscape is deemed to be one of the major constraints somewhat hindering the molecular diagnostics market penetration across some of the geographies. Nonetheless, ongoing R&D investments to bring advanced molecular diagnostics techniques in the foreground in tandem with public as well as private organizations’ encouraging initiatives toward promoting molecular diagnosis are expected to act in favor of the industry proliferation in the coming years. A report put forward by Global Market Insights claims the overall molecular diagnostics industry size to register a modest CAGR of 8.5% over 2018-2024.

Author NameSatarupa De

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Asia Pacific to lead the global automotive fuel cell market landscape over 2016-2023

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Automotive fuel cell market will grow noticeably over the coming six years, mainly driven by the growing awareness regarding the hazardous environmental effects of GHG and carbon footprints. As per the report by Global Market Insights, Inc., “Global Automotive Fuel cell market occupied a volume of over 5,000 units in 2015 and is anticipated to register an annual growth rate of 12.7% over the period of 2016 to 2023.” Shifting trends toward fuel cells to reduce the economic dependency on oil producing nations will preserve the non-renewable energy sources such as crude oil at a large scale.

Germany automotive fuel cell market size, by application, 2012-2023 (Unit Shipment)

Germany automotive fuel cell market size, by application, 2012-2023 (Unit Shipment)

Fuel cell vehicle market has already seen a significant surge over the past years and is poised to register a massive growth with a volume estimation of 14,765 units by 2023. Increasing innovations and advancements in the fuel-cell technology coupled with noteworthy participation of the industry participants will enhance the automotive fuel cell industry outlook substantially. Fuel cell vehicles are gaining high popularity, driven by the benefits offered by them both from the environmental and economic perspectives. For instance, these vehicles require low maintenance, incur minimal operational cost, and reduce the noise pollution level considerably.

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Material handling vehicles, buses, and light duty vehicles are key applications of the automotive fuel cell industry. Material handling vehicle applications will exhibit an annual growth rate of 14.5% over the coming period of 2016 to 2023, driven by their increasing use across distribution centers, airport operations, and inventory management.

Light duty automotive fuel cell market size occupied 50% of the overall industry share in 2015 and is predicted to surpass 7500 units by 2023, owing to its increasing demand to cut the gasoline consumption globally. Moreover, incorporation of hydrogen fuel cell in buses, forklifts, and power back-up applications will create a lucrative roadmap for the automotive fuel cell industry over the period of 2016 to 2023.

Taking into account the regional landscape, North America automotive fuel cell market share will exhibit a significant growth over the coming years, owing to the growing support from private companies and national laboratories. U.S. will contribute noticeably towards the regional automotive fuel cell industry. The escalating efforts by the U.S. government to promote fuel cell technology will influence the regional share considerably over the coming timeframe.

Asia Pacific automotive fuel cell industry dominated the regional landscape by accounting for 60% of the global market share in 2015 and is anticipated to register an annual growth rate of 11.8% over the coming period of 2016 to 2023. The growth can be attributed to the supportive government rules and regulations regarding the usage of the fuel cell. Europe automotive fuel cell market is projected to register a CAGR of more than 14.5% over the coming six years.

Market players are focusing on increasing their technology and product base through strategic partnerships and alliances. Key industry participants include Toshiba, Ballard, and Fuelcell Energy, GM, Panasonic, Altergy Systems, Hydrogenics Corporation, Honda, Automotive Fuel Cell Cooperation, and Plug Power Inc.

Author NameSunil Habbalkar

Home infusion therapy market to record a twofold revenue growth by 2024, state-of-the-art product innovations to outline the strategic landscape

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Over the recent years, home infusion therapy market has witnessed an expeditious growth trend, courtesy –  the exemplary advancements in medical technology space. The rise of innovative technological solutions has been facilitated seamlessly by a robust regulatory framework, which has further positively impacted the competitive prospects among the prominent industry players. Furthermore, the technological progress being observed in infusion pumps, which are increasingly being utilized in medical setups such as hospitals, nursing homes, and homecare, shall propel the home infusion therapy industry in the upcoming years.

To cite the most recent development in this industry, one of the prominent medical device manufacturers, Smiths Medical, has recently unveiled an upgraded version of ambulatory infusion pump, which has now been equipped with wireless communication linked to PharmGuard Server software that allows clinicians to securely employ software updates, track the pump locations, manage the performance of pumps remotely and download data reports. Such dynamic and smart product innovations with high-degree of accuracy and precision are set to assist the swift expansion of home infusion therapy market. As per a report published by Global Market Insights Inc., home infusion therapy market size witnessed a valuation of over $14 Billion in 2016.

U.S. Home Infusion Therapy Market size, By Product, 2013-2024 (USD Million)
U.S. Home Infusion Therapy Market size, By Product, 2013-2024 (USD Million)

Home infusion therapy, in the recent past, has gained renowned traction across the globe, as it has continuously been contemplated as the most appropriate alternative for people suffering from chronic diseases. Concurrently, the significant rise in the geriatric population around the globe, who are vulnerable to chronic diseases such as cancer, diabetes, cardiovascular ailments, and respiratory disorders have contributed to the growth of home infusion therapy market in an unprecedented way.

Speaking of the application landscape of home infusion therapy industry, the predominant ones include hydration therapy, chemotherapy, anti-infectives, enteral nutrition, specialty pharmaceuticals, among others. Out of these, anti-infectives contributed to a sizeable revenue share in 2016. The investment in anti-infectives has been stagnant in the last few years, as no new anti-infective has been formed for community-acquired bacterial pneumonia (CABP) in the last 15 years. This trend is set to change in the near future, as a leading Irish biopharma Nabriva Therapeutics plc has succeeded in the initial phases of evaluating a new anti-infective to treat CABP. Such encouraging initiatives undertaken by industry players in anti-biotics and other applications are bound to aid the home infusion therapy market expansion.

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Meanwhile, it would be well advised to take note of the anticipated challenges that might affect the home infusion therapy industry in the upcoming time period. The industry has been marred by the haphazard, inadequate and complex reimbursement system that has negatively impacted business growth. Add to it, the inappropriate use of infusion therapy devices and improper dose administration might severely hamper the growth potential of home infusion therapy industry.

Regionally, the U.S. home infusion therapy market is expected to gain commendable momentum over the forecast period, owing to the presence of prominent industry players complemented with increasing demand for homecare facilities, simplified access to healthcare, and suitable reimbursement policies. Speaking along similar lines, the UK home infusion therapy industry, especially Germany, stands to gain noteworthy benefits as the advancing infusion devices and their increased usage in pain management has been encouraging.

The home infusion therapy market is spanned by highly aggressive companies such as Smiths Medical, Carefusion, Baxter, ICU Medical, JMS, Terumo, Caesarea Medical Electronics, Fresenius Kabi, B.Braun Melsungen, to name a few. The predominant industry players have coupled their product innovations and technological advancements with robust mergers and alliances to form a strong framework to accentuate sustained growth and expand the customer base. Citing an instance, the world’s preeminent pure-play infusion firm, ICU Medical Inc., has recently wrapped up its acquisition of Hospira Infusion Systems business from Pfizer Inc., a pharmaceutical behemoth. This alliance strengthens the resolve of ICU Medical Inc. to form a company with a complete intravenous therapy product range from non-dedicated infusion sets to smart infusion pumps.

The home infusion therapy industry anticipates further collaborations and acquisitions of leading players with upcoming firm, in turn, boosting the product and profitability portfolio of this domain. According to a report published by Global Market Insights, Inc., home infusion therapy market is forecast to expand at over 9% CAGR from 2017-2024.

Author NameOjaswita Kutepatil

Specialty Pulp and Paper Chemicals Market: High demand across the packaging sector to drive the industry growth over 2016-2024

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Heavy demand for one-sided specialty (coated) papers across various stationary applications will favorably impact specialty pulp and paper chemicals market growth over the coming seven years. Moreover, increasing demand for these chemicals in the packaging industry for flexible packaging applications will augment the global industry trends over the coming years. According to Global Market Insights, Inc., “Specialty pulp and paper chemicals market value is forecast to hit USD 31 billion by 2024.Wastewater treatment chemicals sector revenue, driven by growing concerns towards environmental protection, is expected to augment the market growth over the next few years. Rise in the popularity of specialty flexible packaging materials and labels will further contribute towards the industry size.

U.S. Specialty Pulp And Paper Chemicals Market size, by product, 2015 & 2024 (USD million)

U.S. Specialty Pulp And Paper Chemicals Market size, by product, 2015 & 2024 (USD million)

Moreover, new enzyme development to increase the efficiency of paper production is projected to encourage the industry trends over the next few years. Booming packaging and e-commerce industry is projected to boost specialty pulp and paper chemicals market growth in the near future. In addition to this, growing usage of graphic papers, tissues, diazo papers, and other specialty papers are forecast to foster specialty pulp and paper chemicals industry growth over the coming timeframe. Extensive applications of specialty pulp and paper chemicals in release liners, thermal transfers, posters, laminations, envelopes, and gift wraps will further benefit the market growth.

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Functional chemicals, bleaching chemicals, polymerization & blowing agents, and process chemicals are some of the major specialty pulp and paper chemicals products. High demand for value-added paper leading to enhanced use of functional chemicals will drive specialty pulp and paper chemicals market growth over the coming years. Functional chemicals, which dominated the overall revenue in 2015, are anticipated to record substantial gains of 4.5% over the period of 2016-2024. Furthermore, growing use of recycled papers leading to the high demand for bleaching chemicals is expected to contribute substantially towards the specialty pulp and paper chemicals industry growth over the next few years. Bleaching chemicals are forecast to record a CAGR of 4% over the coming timeframe. Process chemicals market revenue is expected to surpass USD 6700 million by 2024. It helps in enhancing the efficiency and lifecycle of pulp manufacturing machines.

Regional highlights related to specialty pulp and paper chemicals industry over 2016-2024 are detailed below:

  • Asia Pacific specialty pulp and paper chemicals market, which led the regional landscape in 2015, will record a CAGR of 6% over the coming timeframe. High demand for packaging materials along with rise in the production capacity will fuel the regional growth. India and China to be the key regional revenue drivers.
  • Rise in the number of new manufacturing units/establishments in the region, is expected to contribute significantly towards LATAM specialty pulp and paper chemicals industry size, which is expected to grow at a rate of 5% over 2016-2024.
  • North America specialty pulp and paper chemicals industry is forecast to hit the target revenue margin of USD 6 billion by 2024.

Key industry players include Nalco Holding Company, Kemira Oyj, Ashland Inc., Akzo Nobel N.V., Shell Chemicals Company, BASF SE, Buckman Laboratories International Inc., SNF Floerger Company, and Evonik Industries.

Author NameDhananjay Punekar

Global household refrigerators and freezers market outlook: Increasing energy efficiency demand to drive the industry growth over 2016-2025

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Shifting trends towards the energy efficient as well as eco-friendly products will drive household refrigerators and freezers market over the coming eight years. According to Global Market Insights, Inc., “Global household refrigerators & freezers market worth more than USD 59 billion in 2015, is anticipated record a CAGR of 2.7% over the period of 2016 to 2025.” The latest energy efficiency standard demands the new models of refrigerators and freezers to cut their energy consumption by 20% – 25%, which is pushing the manufacturers to spend heavily in R&D to develop the high-efficiency refrigerators meeting the energy standards. The active partaking of the manufacturers along with the high demand from the consumers for the advanced refrigerators will enhance the household refrigerators & freezers industry outlook over the coming timeframe.

Russia Household Refrigerators And Freezers Market size, by product, 2010-2025 (USD Billion)
Russia Household Refrigerators And Freezers Market size, by product, 2010-2025 (USD Billion)

 

The implementation of the new generation features such as smartphone connectivity and automated temperature adjustability in the refrigerators and freezers will surge the product demand. Gradually changing lifestyle in the rural areas along with increasing disposable income of the consumers will build a lucrative roadmap for household refrigerators and freezers industry trends over the period of 2016 to 2025. In addition, heavy investment by government in electrification across the rural areas will further boost the household refrigerators and freezers market trends significantly.

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Additionally, compressor less refrigerator and freezers is one of the notable technological innovations, which will become a significant growth factor in the household refrigerators and freezers industry. An average refrigerator consumes 13.7% of the home energy which is the second highest usage rate after the air conditioner. Newly launched products having ENERGY STAR label are being incorporated at a rapid rate worldwide.

French door bottom freezers to lead the household refrigerators and freezers product landscape

Top mounted freezer, French door bottom freezer, bottom mounted, and side-by-side are the prominent products of the household refrigerators and freezers market. Side-by-Side household refrigerators & freezers market will register a CAGR of 4% over the coming eight years, driven by the rising consumption of the frozen and fast foods across the urban regions. Moreover, enhanced life style, easy financing options, and incorporation of maintenance free compressors will boost the demand for the side-by-side refrigerator.

French door bottom freezers accounted for 25% of the market share in 2015 and will grow lucratively over the coming years, owing to the growing demand for technically advanced products.

Geographically, U.S. contributed majorly towards the North America household refrigerators and freezers market share in 2015 and will grow noticeably over the coming timeframe, owing to the growing demand for eco-friendly products.

Europe household refrigerators and freezers industry is predicted to exhibit a lucrative growth rate over the coming eight years. The attributing factors towards the market growth are surging need of energy efficient products and rising disposable income.

The market players are focusing on technological developments to enhance the product portfolio in terms of better efficiency, as it is a major value add for the consumers leveraging a decent energy and cost saving for them. Whirlpool, Electrolux, Haier, Samsung, and L.G. are some of the major giants in the household refrigerators and freezers market. Other notable key players include Panasonic, Frigidaire, Bosch, and General Electric.

Author NameSunil Hebbalkar

4 key trends driving global breast pump market forecast

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Reducing disparities between genders have led to an increase in the female workforce, which in turn will drive global breast pump market size. A busier lifestyle and a higher workload creates challenges in providing consistent supply of milk to fulfil nutritional needs for a baby. With a massive boom in the world population, the need to ensure that breast milk is given to children will considerably stimulate the demand for breast pumps over the coming years.

According to UN reports, the world population is anticipated to rise by 2 billion people in the next 30 years, from the current 7.7 billion to 9.7 billion by the year 2050. The world population could potentially reach its peak by the end of this century at a level of around eleven billion people in the world. In fact, the population of sub-Saharan Africa is expected to double by 2050 with a fertility rate of over 2.1 births every woman.

Millions of female workers who do not have maternity leaves covered sufficiently will also account for an increase in the breast pump market share. According to 2014 estimates, about 15% of countries around the world provided less than 12 weeks of maternity leave, which is a standard time frame for a mother to recover after she has provided adequate care to her children.

Listed below are few trends influencing breast pump industry outlook over the next few years:

Growing demand for closed system breast pumps

Closed system breast pump market will experience substantial growth over the forecast period owing to higher consumer preference over open system breast pumps. These products are designed in a way that keeps expressed milk away from pump’s motor and in the collection container. Besides avoid contact with outer environment, proper and scheduled cleaning of the equipment lowers the possibility of harboring infectious particles and growth of mold, which makes them more hygienic for use.

The closed system claims to be hygienic because of a barrier, like a filter, that catches the milk before it is able to reach the working parts of the pump. This will prolong the use of those products which will be beneficial for the consumers.

Technological preferences to influence product adoption

Manual breast pumps are expected to show lucrative growth in the forthcoming years since a large number of mothers prefer manual pumps owing to factors like low cost compared to the electric pumps. They do not require electricity for functioning which makes it very convenient and handy to use at any given period of time. The product is much easier to clean and sterilize which stimulates its sale among consumers.

Electric and battery-powered breast pumps are registering tremendous demand worldwide due to portability as well as efficient and pumping time reduction features. Electric breast pumps used for feeding allow the quick expression of milk and require lesser efforts compared to the other technologies.

The segment has a wider scope in terms of offering a variety of models and greater flexibility in use.

Increasing deployment of breast pump for personal use

Favorable reimbursements from several insurance companies ensure the adoption of breast pumps by customers. Most companies that produce breasts pumps have made themselves eligible for insurance covers that defray the originally hefty price and make the products affordable, a trend which will substantially expand breast pump industry size.

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Personal use of breast pump for feeding have witnessed a steady growth because of the rise in number of working women around the world. Customers now have access to mobile apps supporting the functioning of modern electric breast pumps to deliver accurate data and help in managing the process, gradually transforming the business outlook.

Rising prevalence of working women in Europe

An increasing rate of working women in developed countries like the U.K. coupled with enhanced access to hospital grade products that offer better service, hygiene and safety will notably contribute to breast pump market size across this region. Reportedly, women employment in Europe had increased as compared to previous years and reached 66.6% in 2017, with women in various fields found to be working additional hours per week.

Undoubtedly, Europe breast pump market can be expected to record significant gains in the imminent future with rising population, better access to healthcare and increasing availability of smarter and more efficient products.

Companies such as Albert, Ardo, Bailey Medical, Pigeon, Medela, NUK, Spectra Baby Products and Philips are competing to capture higher market share worldwide by offering new and innovative products. Global breast pumps market size is anticipated to surpass USD 1.5 billion in annual revenues by 2025.

Author NameRiya Yadav

Wireline logging services market outlook: North America to dominate the regional landscape over 2016-2022

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Escalating demand for real-time data collection via electric tools and rising need for non-conventional energy resources will drive wireline logging services market growth over the coming years. Introduction of new technologies has resulted in high capital investments in exploration & production activities, thereby encouraging the industry trends. According to Global Market Insights, Inc., “Wireline logging services market size is anticipated to be worth USD 24 billion by 2022.” Moreover, continuously changing consumer needs along with evolving standards are expected to boost the industry revenue over the next few years. Decentralization, providing of subsoil property rights to property owners, and strict regulations & contracts will favorably influence industry growth. Booming oil & gas sector is predicted to further contribute towards the wireline logging services industry growth over the coming years.

Latin America wireline logging services market size, by hole, 2012-2022 (USD Million)

Latin America wireline logging services market size, by hole, 2012-2022 (USD Million)

Wireline logging services market is segmented into cased-hole logging and open hole logging services. Cased hole logging services industry, which accounted for 75% of the global wireline logging services market share in 2014, is expected to maintain its dominance over the coming five years. Open hole logging services is likely to cross a revenue of USD 5 billion by 2022. Heavy demand for new wireline logging services for ultra-deep water reserves are predicted to drive the growth.

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Various technologies such as Slickline and E-line are used to measure & transmit the real-time logging data along with measuring of well-depth, down-hole pressures, and temperatures. Slickline technology segment in wireline logging services industry worth USD 6 billion in 2014, is expected to grow at a rate of 7.4% over the period of 2015-2022. It saves costs, allows safer operations, and provides reliable pressure control with low ecological risks. E-line technology segment is expected to witness a massive growth over the coming timeframe, driven by its capacity to transmit data in the electric mode along with large-scale applications in exploration & production activities.

Below are the regional highlights positively impacting wireline logging services market over 2016-2024

  • North America wireline logging services industry is expected to continue its domination over the coming five years, driven by rise in the number of offshore as well as onshore activities along with an increase in the rate of shale gas exploration activities. U.S. is expected to contribute significantly towards the regional share.
  • High energy demand along with a rise in the amount of exploration activities plus high logging requirements is expected to drive Latin America wireline logging services market revenue in the near future.

Market players will try to enhance their product portfolio and regional presence through technological innovations, joint ventures, and strategic collaborations. Key industry participants include Halliburton Company, Nabors Industries, Schlumberger, Baker Hughes, Superior Energy Services, Weatherford International, and OilSERV.

Author NameDhananjay Punekar