Guidewires Market Outlook: Enormous rise in geriatric population to drive the industry growth over 2016-2023

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Guidewires market revenue is poised to witness a considerable surge over the coming years, driven by its growing applications in minimally invasive surgeries along with its rising popularity across medical sector. Moreover, rise in aging population, resulting in occurrence of cardiovascular, urological, and neurovascular diseases is expected to benefit the industry growth over the next few years. As per the WHO predictions, the old population across the globe is expected to rise by 16% by 2050. Furthermore, introduction of new technologies in guidewires such as medical infusion, super elastic hydrophilic coated guidewires, and magnetic navigation technologies is predicted to drive the industry trends in the near future. As per Global Market Insights, Inc., “Guidewires Industry size is projected to surpass USD 2.6 billion by 2023.

Germany Guidewires Market, by Product, 2012-2023 (USD Million)
Germany Guidewires Market, by Product, 2012-2023 (USD Million)

Coronary guidewires are expected to dominate the product landscape by 2023

Taking into account the product trends in guidewires market, peripheral guidewires market is estimated to witness a considerable growth over 2016-2023, driven by the rising occurrence of various peripheral artery and vascular diseases. Furthermore, conditions such as abdominal aortic aneurysms and carotid artery stenosis related to old age are expected to further drive the growth. According to AHA (American Heart Association), nearly 12 million population in U.S. is affected due to peripheral arterial ailments.

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Declining product prices owing to favorable government reimbursement policies along with growing efforts by manufacturing firms to produce high quality & low cost products, is expected to drive coronary guidewires market growth over the coming timeframe. Neurovascular guidewires industry size, which is forecast to surpass USD 110 million by 2023, will be driven by its rising demand in the minimally invasive neuro-vasculature surgeries along with increase in proportion of neurovascular diseases across the globe.

Increase in aging population base leading to high occurrence of kidney ailments along with the rise in healthcare spending is estimated to drive urology guidewires market size over the coming years, having touched the revenue margin of over USD 330 million in 2015.

North America is forecast to make significant revenue contributions over 2016-2023

Considering the regional trends, North America coronary guidewires industry which was estimated at USD 284.9 million in 2015, is projected to contribute considerably towards guidewires market size over the next few years. High occurrence of cardiovascular disorders as a result of sedentary lifestyles, smoking, and irregular as well as unbalanced diet intake, is expected to boost the regional growth. In addition to this, growing levels of patient awareness along with easy availability of radiologists, catheterization laboratories, and cardiologists are expected to further drive the regional share. U.S. is expected to lead North America guidewires market share, registering a CAGR of 4.4% over 2016-2023.

Europe guidewires market size is expected to grow at a rate of 6.1% over the period of 2016-2023, driven by flexible CE (European Conformity) approval procedures that encourage firms to introduce new products in the guidewires business. Furthermore, rising healthcare expenditure in developed countries of Europe along with bright economic growth prospects in emerging economies of Europe are expected to further drive the regional revenue. France, Russia, UK, Poland, and Germany are major revenue pockets of the region.

APAC guidewires industry will observe a noticeable growth over the next few years, driven by high presence of elderly population base resulting in rise of peripheral vascular disorders and surgeries. Furthermore, enhanced healthcare facilities at affordable costs, expanding medical tourism sector, the rising popularity of minimally invasive surgeries, increase in consumer spending capacity, and introduction of favorable healthcare initiatives by the government are few of the factors expected to catalyze the industry growth in the region. Japan, India, and China are expected to be the key regional revenue contributors.

Market players will try to increase their revenue through R & D investments and strategic alliances. Key industry participants include Codman Neurovascular, Cordis Corporation, Terumo Corporation, Medtronic Company, Abbott Laboratories, Boston Scientific Corporation, Cook Medical, Merit Medical Systems Inc., B. Braun Melsungen, and St. Jude Medical.

Author NameDhananjay Punekar

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Lactic Acid Market Outlook: Rising popularity of non-toxic, bio-degradable, and bio-based products to drive the industry growth

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Lactic Acid Market revenue is anticipated to observe a considerable growth over the coming seven years, driven by its extensive application in food & beverages, personal care, industrial, cosmetic, detergent, and pharmaceuticals sectors. Moreover, growing consumer preference for bio-based contents is expected to stimulate the market trends in the near future.  According to Global Market Insights, Inc., “Lactic acid industry size is expected to be worth USD 6.2 billion by 2024.

U.S. Polylactic Acid (PLA) Market size, by application, 2013-2024 (USD Million)
U.S. Polylactic Acid (PLA) Market size, by application, 2013-2024 (USD Million)

Polylactic Acid (PLA) market size is anticipated to witness a lucrative roadmap over the period of 2016-2024, owing to the rising consumer trend towards sustainable, recyclable, and green packaged products. Moreover, growing application of polylactic acid in the booming bioplastics industry along with government legislations favoring the use of bio-based products will further drive PLA industry size over the coming years. Furthermore, polylactic acid also finds wide applications in electronics, packaging, textiles, agriculture, and transport sectors. As per Global Market Insights, Inc., “Polylactic Acid (PLA) Industry size is projected to reach USD 4.3 billion by 2024.

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Taking into account the lactic acid application trends, lactic acid market size in the personal care sector is expected to grow at a significant rate over the timeframe, driven by its use in skin care, natural anti-aging, and anti-acne solutions. Its application in food & beverages sector will grow at a rate of 14% over the coming seven years. The growth can be credited to its emulsifying, antibacterial, acidulant, pH regulating, and flavoring characteristics.

As per the research study, PLA applications in the packaging sector, estimated at USD 300 million in 2015, are expected to grow noticeably over the coming seven years due to its use in jars, containers, bioplastic packaging, and food packaging. Furthermore, textile is yet another prominent application area, predicted to generate high growth opportunities for polylactic acid industry over the coming years. As per the research study, textile application is likely to grow at a rate of 19% over the timeframe, driven by the use of PLA in textile dyeing for biodegradable polymer production.

Geographically, Germany lactic acid industry is expected to generate high sales over the next few years, driven by the rise in number of manufacturing plants coupled with increasing emphasis on sustainability. Growing application of lactic acid to treat dry skin along with its use in metal formulations is expected to boost U.S. lactic acid industry growth in the pharmaceutical sector over the coming years. China personal care industry is expected to contribute significantly towards the market share over the coming timeframe. Lactic acid application as vital ingredient in the personal care products & antimicrobial cleaning along with growing consumer awareness towards the personal care item is expected to drive the regional growth.

France PLA market will experience a considerable surge over the period of 2016-2024, driven by favorable legislations coupled with penetration of bio-based products in the packaging sector. Increase in production capacity, abundant feedstock, and growing customer awareness is expected to drive Japan market revenue over the next few years. UK PLA market size in agriculture sector is expected to register significant gains at 15% over the coming seven years, owing to its ability to reduce soil compaction and improve moisture control.

Key industry players in lactic acid market include BioAmber Inc., DuPont, and Genomatica. Major market players in PLA industry include Pyramid Bioplastics, Danimer Scientific LLC, Synbra Technology BV, BASF, Futerro, Galactic, NatureWorks, and Musashino Chemical Laboratory.

Author NameDhananjay Punekar

Digital Health Market Outlook: U.S. to dominate the regional landscape

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Digitization in the healthcare space along with the buzzing trend of IoT (Internet of Things) worldwide, will propel the digital health industry growth over the coming seven years.  The evolving smart healthcare technology across the globe is expected to enhance the industry outlook over the coming timeframe. According to Global Market Insights, Inc., “Digital health industry size is estimated to surpass USD 379 billion by 2024.” Widespread application of remote patient monitoring solutions along with favorable government policies will help in creating an advanced healthcare infrastructure worldwide. Moreover, growing penetration of smartphones, mobiles, and tablets is expected to noticeably boost the digital health market trends over the coming years.

The new technological breakthroughs in healthcare IT industry along with improvements in healthcare services is expected to build a profitable roadmap for the digital health market. Rampant use of mHealth technologies by healthcare service providers for monitoring patient health will also bring a significant surge in the mHealth market, in turn proliferating the digital health industry over the next few years.

U.S. Digital Health Market size, by Technology, 2012- 2024 (USD Billion)
U.S. Digital Health Market size, by Technology, 2012- 2024 (USD Billion)

Considering the technological trends in the digital health business space, health analytics market size will witness a considerable growth over the next few years, having reached a targeted revenue of over USD 4 billion in 2015. Digital health systems market value estimated at USD 32 billion in 2015, is expected to observe a high surge over 2016-2024, primarily driven by growing consumer awareness about EHR (Electronic health record) and rising interoperability trend.

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Geographically, US digital health market will dominate the global industry, with target revenue poised to surpass USD 152 billion by 2024. Rise in aging population base suffering from chronic ailments coupled with introduction of HIPAA & HITECH acts will positively impact the regional growth. Rapid technological changes, rise in sale of smartphones, growing popularity of eHealth cards, and government support for e-health will contribute significantly towards Germany digital health industry, which contributed over 30% of the global market share in 2015.  Japan digital health market size will surpass USD 20 billion by 2024, due to the growing popularity of health care technologies along with improved healthcare services at lower costs.

Global digital health market share is highly fragmented, with big multinational corporations, local industry players, and start-up firms trying to capture maximum share and establish their market position. Key industry players will try to increase their revenue by introducing new technologies in the digital health business and investing heavily in R&D projects. Key market players include McKesson Corporation, Philips Healthcare, Qualcomm, AT & T, LifeWatch, Cisco Systems Incorporation, eClinicalWorks, Cerner Corporation, iHealth Labs, and athenahealth Incorporation.

Author NameDhananjay Punekar

Food safety testing market outlook: Rising food safety & security concerns to significantly influence the growth over 2016-2024

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Increasing threats over food consumption have stimulated global food safety testing market and generated demand for effective test products that can ensure food safety. Food supply worldwide is facing a range of risks from environmental toxins, bacteria, and food allergens. Food safety testing industry size has been growing substantially, owing to the increasing threat of foodborne illness, and stringent food safety regulations. Moreover, expansion of import and export business of food supply across the globe is expected to further boost the demand for food safety testing market. According to Global Market Insights, Inc., “Food Safety Testing Market size worth USD 9 billion in 2015, is estimated to grow at a CAGR of 7% over the period of 2016-2024.”  The food safety testing industry growth will also be influenced by the expansion of global processed food industry which is anticipated to surpass USD 7 trillion by 2024.

U.S. Food Safety Testing Market size, by contaminants, 2013-2024 (USD Million)
U.S. Food Safety Testing Market size, by contaminants, 2013-2024 (USD Million)

The most common source for contamination of food is pathogens. These pathogens can cause various gastrointestinal disorders such as abdominal cramps, vomiting, diarrhea and nausea leading to increase in illness and death of around 2 million people every year. Growing food epidemic has mandated the laboratory testing for Salmonella, Listeria, E. Coli, Campylobacter types of pathogens, in turn making food pathogen testing market to be a major revenue pocket accounting for 30% of the global demand. Pesticide is another type of contaminant causing health disorders. The pesticide food safety testing market worth USD 800 million in 2015, will witness substantial growth, owing to regulatory norms in using of certified and organic pesticides.

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Contaminated food is a very serious issue which may result into demise. As per WHO’s statistical report in 2014, over 2.5 million people died due to diarrheal diseases. Moreover, U.S is facing an alarming rate of increase in foodborne illness resulting into nearly 5 thousand deaths and more than 325 thousand hospitalizations every year. This has generated the need to implement quality and safety checks, where consumers have the authority to trace their ready to eat meals, processed products, bakery, preserved & canned products. In this regard the EU and FDA have given conformities with consumers’ rights to track food through all production and distribution stages, in turn driving the food safety testing industry. In addition, major food regulatory bodies and authorities such as Good Hygiene Practices (GHP), Good Manufacturing Practices (GMP), Hazard Analysis Critical Control Point (HACCP), and Good Agricultural Practices (GAP) are extending extensive support in ensuring food authenticity, thereby, propelling the food safety testing market growth.

The food safety testing technology market has witnessed a noticeable shift towards rapid food safety testing technology market from the time consuming traditional food safety testing industry. Increase adoption in biosensors, ELISA, rapid culture detection, and PCR-based techniques are widely adopted technologies used to examine the count, metabolites, and type of micro-organisms.

The growth in food safety testing market is also poised to benefit from increasing consumption of meat, poultry, and dairy products. Unhygienic condition while skinning and handling animals in slaughter house is the key responsible factor favoring the meat and poultry food safety testing market. Similarly, dairy products can also get easily contaminated through infected animals. Regulatory bodies such as the FSIS and HACCP are taking major steps in preventing meat & poultry product contamination and implementing adequate pasteurization of dairy products stimulating the food safety testing industry share.

Europe food safety testing market valued over USD 2.5 billion in 2015, with U.K and Germany leading the regional demand. Increasing consumer awareness and stringent food safety regulations will boost the demand for Europe food safety testing market over the coming years. Asia Pacific food safety testing industry will emerge rapidly due to rising population, growing demand for food products, and increasing stringent regulations for food safety. China being the major export trade market is anticipated to witness annual growth rate of 11% over the period of 2016-2024.

The food safety testing market is consolidated with top three players sharing 45% of the overall business space. The key industry participants include Intertek, Bureau Veritas, SGS, Det Norske Veritas, Eurofins Laboratories, Idexx Laboratories, ALS Laboratory and Bio-Rad Laboratories.

Author NameOjaswita Kutepatil

Intelligent Virtual Assistant (IVA) Market Outlook: Growing adoption of smartphones to boost the industry growth

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Rapid technological advancements and innovations will stimulate intelligent virtual assistant (IVA) market share over the coming period of 2016 to 2024. According to Global Market Insights, Inc., “Global intelligent virtual assistant market size is estimated to grow at an annual growth rate of 34.9% over the coming seven years.” The technology assisted advantages such as high customer satisfaction, enhanced support, personalized customer service, low operating cost, and multiple languages & device support will increase the demand for IVA worldwide. Healthcare and automotive sector are increasingly adopting speech recognition technology, which will further significantly drive IVA industry share. The huge investment in R&D by firms to enhance their products and solutions portfolio in sync with the latest technological trends will noticeably influence the industry trends.

U.S. Intelligent Virtual Assistant (IVA) Market size, by application, 2013-2024 (USD Million)
U.S. Intelligent Virtual Assistant (IVA) Market size, by application, 2013-2024 (USD Million)

Automotive, healthcare, BFSI, IT & telecom, education, and retail are some of the key application areas for the intelligent virtual assistant market. The automotive application is estimated to surpass a revenue of USD 2.8 billion by 2024, owing to the increasing incorporation of IVA technology for the automotive sector. For instance, dragon drive automotive virtual assistant platform for connected cars has been released recently, which improves the in-car experience of the driver.

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The escalating healthcare sector will generate heavy revenue for intelligent virtual assistant industry over the coming period, driven by its increasing requirement from hospitals to request lab results as well as to schedule appointments. Retail applications will also play a significant role towards intelligent virtual assistant market growth over the coming timeframe, owing to the quick and cost-effective problem-solving capability.

The IVA technology is segmented in terms of speech recognition, voice recognition, and text-to -speech. Speech recognition technology is predicted to surpass a revenue of USD 7.5 billion by 2024, driven by its increasing implementation in mobile devices. Voice recognition IVA technology is estimated to exhibit substantial growth over the coming years. The growth can be attributed to the increasing demand for this technology for voiceprints and biometric identification applications.

Based on end-use, intelligent virtual assistant market mainly comprises large enterprises, small & midsized business (SMBs), and individual users. SMBs end user segment is projected to witness an annual growth rate of 37% over the coming seven years owing to the increasing adoption of IVA technology by SMBs, due to its advantages such as reduced operating cost and improved business quality.

The IVA service includes customer service and marketing assistant. IVA technology helps to solve large number of customer’s problems with dynamically improved and refined way. This, in turn, will surge the demand for IVA technology for customer service, which is anticipated to exhibit a CAGR of 35% over the period of 2016 to 2024.

Taking into consideration the global aspects, North America is expected to dominate the industry share over the coming years, owing to the huge implementation of BYOD and enterprise mobility business model. Increasing demand for smartphone-assisted platform will influence North America IVA industry growth notably.

Asia Pacific intelligent virtual assistant market is predicted to grow at an annual growth rate of 40% over the coming seven years. The rise in technological advancement will be the attributing factor towards the regional growth. India and China will be the major revenue pockets for the Asia Pacific IVA industry share.

Nuance, Clara Labs, IBM, eGain, and Creative Virtual are some of the leading companies operating in the global intelligent virtual assistant industry. Other notable market participants include InteliWise, Artificial Solutions, CX Company, and Anboto Group.

Author NameSunil Hebbalkar

Metalworking Fluids Market Outlook: Escalating growth in the automotive industry to generate heavy demand, Industry Trends- 2015-2024

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Metalworking Fluids Market has become a billion-value industry due to high demand for the cutting fluids in the automotive sector. The growth in the automobile industry will positively impact the metalworking fluids industry trends, as metals are broadly used in automobiles for providing the physical and molecular strength. According to Global Market Insights, Inc., “Metalworking Fluids Market size worth USD 9.85 billion in 2015, is estimated to grow at a CAGR of 4.6% over the period of 2015-2024.” Metalworking fluids are used as coolants or lubricants in workshop machining process like turning, drilling, metal forming, metal treating & protecting, etc. performing crucial tasks of cooling down metalworking assemblies and enhancing the vehicles life by increasing lubrication and reducing thermal deformation.

U.S Metalworking Fluids Market size, by application, 2013-2024 (USD million)
U.S Metalworking Fluids Market size, by application, 2013-2024 (USD million)

Changing consumer preferences and strict regulations will bring a fundamental shift in metalworking fluids market. Stringent regulations intended to minimize the health and environmental risk associated with the use of metalworking fluids will bring a paradigm shift from the use of synthetic metalworking fluids towards the applications of bio-based metalworking fluids. Over the years, metalworking fluid technology has witnessed considerable advancements witnessing a wide range of applications in machining processes. Specific types of metalworking fluids are being deployed across various machining operations to enhance its efficiency or productivity.

The metalworking fluids are widely used for applications such as metal removal, protecting, treating, and forming. The metal protecting cutting fluid forms a thin film on the surface of the metal, thus protecting the metal from corrosion-forming particles thereby, increasing its use in fabrication and manufacturing industry. The global metalworking fluids industry size in protecting applications was worth USD 1.2 billion in 2015. The treating applications is anticipated to grow at over 2.5% CAGR over the period of 2015-2024, owing to its wide use in controlling temperatures across metal fabrication and automotive industries.

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The flourishing automotive industry in Asia Pacific region has generated a heavy demand for metalworking fluids. China, India, Japan and Indonesia have made significant contributions in the global metalworking fluids market in 2015, and have now emerged as major regions in the global market due to rapid expansion of industries and rising government support to enlarge the manufacturing business. The accelerated rise in regional automotive sector coupled with sustainable policies in these emerging economies will boom the metalworking fluids market regional trends.

Other than automotive industry, other end-use industries such as metal fabrication, steel, and original equipment manufacturers (OEM) will also participate noticeably in the metalworking fluids industry. Metalworking fluids market size in metal & steel fabrication sector is anticipated to surpass 2.3 billion tons by 2024.

North America metalworking fluids industry will attain a substantial growth over the coming timeframe, driven by expanding automotive industry and growth of OEMs across this region. Europe, with major automotive manufacturing base in Germany, is expected to grow at a rate of 4% over the period of 2015-2024.

Global metalworking fluids market is highly fragmented and fairly competitive. The players are making huge investments in the R&D for product innovations and to meet the latest global legislation in order to protect workers’ health and environment. The notable industry participants include Castrol Limited, Chevron Phillips Chemical Company LP, Apar Industries, ExxonMobil Corporation, Lubrizol Corporation, FUCHS, etc.

Author Name : Ojaswita Kutepatil

Global hydrogen generation market outlook: Rising demand for desulfurization and strict emission control norms to drive the industry growth

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Rising popularity of petroleum products in emerging economies is expected to stimulate Hydrogen Generation Market Size over the next few years. Hydrogen is primarily used in refining process such as hydro desulfurization to remove sulfur from refined petroleum products such as petrol, diesel, jet fuels, etc. and make them more usable. Strict norms to reduce sulfur dioxide emissions from aircraft, ships, automobiles, industrial furnaces, and railroad locomotives will drive hydrogen generation industry growth in the near future. As per Global Market Insights, Inc., “Hydrogen generation industry size is projected to surpass USD 180 billion by 2024.

Hydrogen is generated from two processes known as electrolysis and steam reforming process. Global hydrogen generation market revenue from electrolysis process is expected to grow at a rate of 5% over 2016-2024. Hydrogen generation industry size from steam reforming process is forecast to witness a high growth over the coming seven years, owing to lower natural gas costs along with its easy availability.

Germany Hydrogen Generation Market size, by application 2013-2024 (USD Billion)
Germany Hydrogen Generation Market size, by application 2013-2024 (USD Billion)

Hydrogen generator finds varied applications across metal, construction, petroleum refinery, glass, propellant fuel, chemical, automobile, and semiconductor sectors. Chemical sector, which accounted for over half of hydrogen generation market share in 2015, will grow significantly over the coming timeframe. The growth can be credited to rising demand for ammonia from agricultural sector as well as its rampant use in urea production.

Hydrogen generation industry revenue in the petroleum refinery sector will grow substantially over the coming years as a result of its wide use in the hydrocracking process along with high preference for petroleum products such as diesel, gasoline, etc.

Taking into consideration the global outlook, APAC hydrogen generation industry revenue will witness a substantial growth over the coming seven years. The growth can be attributed to heavy demand for petroleum products from refineries. India and China are expected to be the key regional revenue contributors.

Europe hydrogen generation market is projected to observe a substantial growth over the next few years. Rising use of chemicals in construction and food & beverages sector will positively impact the regional growth. Germany is expected to contribute significantly towards the regional revenue share.

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North America hydrogen generation industry will grow considerably over the coming seven years, owing to heavy demand for ammonia. In addition to this, rising preference for renewable sources of energy to curb the greenhouse emissions is expected to contribute substantially towards the regional growth over the coming years. U.S. is predicted to dominate the regional share.

MEA hydrogen generation industry will witness a high surge over the period of 2016-2024 due to growing demand for fertilizers. LATAM market is expected to observe a noticeable growth over the next few years, owing to remodeling of current deployments and large-scale expansion of refineries.

Key industry players include Messer Group GmbH, The Linde Group, Nuvera Fuel Cells Inc., Iwatani Corporation, Taiyo Nippon Sanso Corporation, Hydrogenics, Showa Denko K.K., Caloric Anlagenbau GmbH, Xebec Adsorption Inc., Praxair Technology Inc., and Air Liquide.

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Author NameDhananjay Punekar