Asia Pacific to record highest growth in the geriatric care services market: A CAGR of 8.5% to be registered over 2016-2023
Geriatric care has become a prominent name in the healthcare space lately. The service has shown immense growth over all these years and is anticipated to boom in the future at a noticeable pace. According to a report on Geriatric Care services market by Global Market Insights, “The geriatric care services market share is anticipated to exceed USD 1101 billion by 2023, at a CAGR of 6.2% over the period of 2016-2023.”
North America geriatric care services market size, by country, 2016-2023 (USD Billion)
Taking into account the United Nation Statistics, the global geriatric care population which accounted for 809.4 million in 2012, is likely to rise by more than double by the end of 2050 with an approximate population of 2000 million. This increasing old age population will positively favor the geriatric care services business space over the coming years.
Geriatric care service is a specialized segment of healthcare looking after the old age population in terms of their health, needs, living, and their overall quality of life. The geriatric care industry was valued at USD 684 billion in 2015, and will grow significantly over the coming time period owing to increasing old age population and growing number of care facilities like home care, day care, and institutional care services across the globe.
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According to United Nation statistics, people aged 80 years and above, also referred to as oldest old population is likely to reach 190.44 million by 2022. This age group is more prone towards respiratory, orthopedic, cardiovascular, and neurological disorders, which will further boost the demand for care services for this demography, in turn driving the geriatric care services market share.
Moreover, technological advancements assisting the geriatric population who live independently is another factor boosting the industry size. Robotic technology and nurse call equipment are examples of such technological developments.
The U.S. geriatric care services market having had a share of USD 258 billion in 2015, is anticipated to be the largest market over the coming period. The growth can be attributed to the large number of long-term care services across this region.
Asia Pacific is projected to record the highest growth rate of 8.5 % over the coming seven years. The APAC geriatric market share is likely to hit USD 248 billion by 2023. The growth is driven by factors like increasing geriatric population, development in care facilities, and rising health awareness among older age population.
The service providers are expanding vigorously to enhance their market share. In 2012, approximately 95% nursing homes, 78% home health agencies, 7% adult day care service centers, and 52% residential care groups participated in Medicaid.
Home care service is the most popular service segment in the geriatric care services business space and is estimated to exceed USD 468 billion by 2023, at a CAGR of 6.7%. Institutional and Home care services were close in revenue during 2015, contributing towards 40% and 41% of the overall market share respectively.
The industry is highly fragmented and fairly competitive. The business space is shared by the biggies as well as the new entrants. Price and quality of service provided by these players will be the major factor to sustain competition. The coming years will witness interesting developments like strategic collaborations and mergers & acquisition of these players to retain their market positions. Some of the top industry participants are Senior Care Centers of America, Brookdale Senior Living, Kindred Healthcare and Genesis Healthcare Corp.
Author Name : Shikha Sinha
Asia Pacific market to witness highest growth in intelligent transport system (ITS) industry with a CAGR of 13.9% over 2015-2022
Internet of things, big data, analytics, and mobile technology have significantly marked their presence across various industries. Automotive industry which is booming with the rapid increase in population is now much of a technology revolutionized space. With the growing number of vehicles, there has been an immense demand for road safety and traffic management to enhance user travel experience. This rising demand to improve transport efficiency has positively impacted the growth of Intelligent Transport System in the automotive industry.
U.S. ITS market size by application, 2012-2022 (USD Million)
ITS or Intelligent Transport System market is anticipated to grow significantly in the coming years, hitting a revenue of USD 47.6 billion by 2022.
Traffic management has been a major challenge due to the growing number of vehicles and multimodal transport. The demand for safety, operational performance and transport efficiency is driving the demand for ITS market. Moreover, rising environmental concerns as a result of pollutant emission and depleting fuel resources is also fueling the growth of ITS market to enable congestion free transport.
Summery of market research report : https://www.gminsights.com/industry-analysis/intelligent-transportation-system-ITS-market
The system improves the transport efficiency by offering features like traffic prediction, traveler information, advisory services, analytics and decision support, ticketing and fare collection, roadside sensors, global positioning systems, and radio frequency tags. ITS services enable vehicles to share positions and data with each other as well as with the network and road infrastructures.
ITS is being adopted worldwide to build improved transport strategies, thereby marching towards ‘smart transportation’. North America and Europe have made it compulsory for the vehicles to use ESC (Electronic Stability Control) in public as well as private transport. Moreover, the US DOT (Department of Transport) has started a Federal ITS program supporting and emphasizing the manufacturing of intelligent vehicles and implementation of intelligent infrastructure. The growing adoption of these devices will positively impact the ITS market share over the coming years. North America led the ITS industry in 2014, contributing towards 41.5% of the overall market share. Favorable government norms and promotional activities will continue to drive the industry growth in the coming years.
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Asia Pacific ITS market is anticipated to record the highest growth rates over the next few years. The growth can be attributed to the rising advancements in sensor technologies and huge adoption of this system by countries like India and China. APAC ITS market is forecast to grow at a CAGR of 13.9 % over the period of 2015-2022.
ITS offers a wide range of application in Traffic Management, Road Safety and Security, Parking Management, Freight Management, Public Transport, Road User Charging, Environment Protection, and Automotive Telematics. Global ITS demand in Traffic Management was worth USD 5.6 billion in 2014 and is forecast to surpass USD 14 billion by 2022. Improved operational performance offered by these devices is likely to boost the market demand.
ITS demand in road user charging and public transport is likely to grow at a CAGR of 12% and 13.3% respectively.
Advanced Transportation Pricing System (ATPS) is being adopted widely by manufacturers as a product differentiation strategy to stay ahead of the competition. Implementation of this system helps in avoiding overcrowded routes, thereby reducing the overall travel time along with excessive fuel consumption. Owing to economic benefits provided by ATPS implementation, the ATPS market is likely to be worth USD 13.2 billion by 2022, recording a CAGR of 13% from 2015-2022.
Advanced Traffic Management Systems (ATMS), another product derivative of ITS will also witness a significant surge in the coming years hitting a market value of USD 18.4 billion by 2022. Advanced Public Transportation System (APTS) market is expected to grow at a CAGR of 13% from 2015-2022, key applications including automatic vehicle location system, real-time passenger information system, and bus arrival notification system.
The industry is dominated by top 10 players accounting for the majority of market share. These players are Hitachi Ltd., Siemens AG, Q-Free ASA, SWARCO AG, Denso, Garmin International, Xerox Corp, IBM Corp., Kapsch TrafficCom, and TomTom NV.
Intelligent Transport System implementation will positively impact the overall automotive industry over the coming years. The system is not just a software solution, but is indeed a much wider concept. The data collected by the deployment of ITS can be a major asset for the auto manufacturers, which enables them to get a detailed insight about their vehicle performance in various environments.
Not only automotive, ITS provides a broad scope of its data usage by other industries as well, such as Airline, Retail, and healthcare etc. Making the automotive industry ‘smarter’, ITS market is all set to experience a remarkable rise in the coming years.
Author Name : Shikha Sinha
Election Commission of India in partnership with Social Media company Facebook has set up an initiative to run a voter registration drive across five states- Uttar Pradesh, Punjab, Uttarakhand, Goa, and Manipur with an aim to encourage the youth in these regions to participate in the coming elections.
As per the program, the users with age group 18 years and above will be notified with a reminder of ‘register your vote’. Once the registration button is clicked, the user will be redirected to the National Voters’ Services portal from where they can complete the registration process to participate in the upcoming poll.
Punjab, Manipur, Uttar Pradesh & Uttarakhand, and Goa users are scheduled to receive their voter registration notification on 6th, 7th, 8th, and 9th October respectively.
The recently launched Facebook page of the office of CEO Uttarakhand is also circulating election related information to the youngsters.
Approximately 155 million Indian population are Facebook users with a major portion shared by the youngsters. The idea of youth participation in democratic exercise like elections via Facebook as a medium is by all means an interesting development.
Author Name : Shikha Sinha
Unified Communications market share will witness rapid growth in the coming years on account of being regarded as a well suited communication platform in terms of increased productivity, reduced cost and improved facility. The industry worth USD 34.8 billion in 2015, is anticipated to surpass USD 95 billion by 2023. Rapid proliferation of mobile devices and Big Data will favor the market growth over the next few years. In addition to this, rising enterprise mobility, BYOD device upsurge, and implementation of UCaaS (Unified communication as a service) will be the key growth drivers for the UC industry over the timeframe of 2016-2023, according to Global Market Insights Inc.
Europe unified communications market size, by application, 2012 – 2023 (USD Billion)
UCaaS has been identified as an efficient communication channel at an organizational level with features like telephony, video conferencing, online meetings, and enterprise messaging. The technology offers a wide range of benefits such as improved flexibility, reduced travel time, easy access to remote workforce, and cost effectiveness. UCaaS market is expected to grow at a CAGR of 16.4% over the period of 2016-2023 owing to its cloud based central management systems which cuts down the infrastructural costs.
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Unified Communications offer higher workforce efficiency along with long term cost savings and, thus is being adopted by most of the organizations worldwide. However, there is a high initial installation cost involved in building robust network setup for proper functioning of features like video conferencing and CEBP (Communication enabled business process). Thus, expensive installation coupled with interoperability issues between associated platforms are some of the factors likely to hamper the market size over the coming years.
UC market application is spread across sectors such as Government, Enterprise, Healthcare, and Education. Enterprise segment accounted for 60% of the overall UC market share in 2015 and is expected to witness a significant growth in future owing to huge adoption of video conferencing services and web based collaborations. Also, surging BYOD market, which is expected to exceed USD 365 billion by 2023 will also positively impact the UC market share.
UC application in the government sector is estimated to exceed USD 20 billion by 2023. This growth is attributed to the benefits such as reduced infrastructure cost, easy interaction with citizens, and quick and convenient conferencing in case of emergency or crisis. Moreover, rising demand for web conferencing, emails, live conferences pertaining to the education sector is estimated to boost the UC market growth in this sector.
Proliferation of information technology has resulted in adoption of unified communication technology worldwide. The Asia Pacific UC market is expected to register a CAGR of 15% over the period of 2016-2023, with revenue estimated to increase by 29% by 2023. Increasing demand for collaboration as well as cost cutting measures are factors contributing towards the regional growth. North America market having had a share of USD 12 billion in 2015, is expected to grow significantly over the coming years owing to presence of key industry players in this region.
The industry will witness huge competition in the near future due to the booming demand for UC as the communication means amongst the organizations. Some of the key market players are Cisco Systems, Avaya Inc, Microsoft Corporation, Alcatel-Lucent, NEC Corporation, ShoreTel, IBM Corporation, and Siemens. Market players are focusing on improving their solutions in terms of efficiency, reliability, security, ease of integration, scalability, and affordability. SMB’s are also contributing noticeably towards the UC market revenue owing to the growing awareness about the benefits of this technology. The coming years will witness strategic collaborations, mergers & acquisitions, and partnerships among the industry participants to sustain heavy competition in the market.
Author Name : Shikha Sinha
Automated Test Equipment market share is anticipated to exceed USD 4.46 billion by 2022 due to its rising demand across various sectors such as defense, telecommunications & IT, automotive, and consumer electronics. ATE is used to automatically diagnose and detects faults in the EUT (Equipment under observation) thereby, ensuring faultless product delivery into the business space.
The ATE market is expected to witness a sustainable growth, rising at a CAGR of 2.6% over the period of 2015-2022. Commercialization of IoT or Internet of things will create a pool of opportunities for the ATE industry players globally. The design complexities pertaining to these digitized devices will demand for precise testing of these products, thereby boosting the ATE market growth.
Latin America ATE market size by application, 2012-2022 (USD Million)
Growing smartphone penetration is a major factor catalyzing the market share as the introduction of advanced technological features in these gadgets has in turn increased the design complexities. Also, rising consumer electronics demand, use of electronic equipment in vehicles, growing trend of miniature devices in sectors like defense and IT & telecommunication are also fueling the market share.
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However, fluctuations in the semiconductor industry are creating a gap between the demand and supply ratio, adversely impacting the ATE market size. Moreover, certain other factors like the cost of the testing instruments as well as frequent modifications in the ATE industry will also hamper the growth in the coming years.
ATE application revenue in the IT & Telecommunication industry is forecast to reach USD 2.20 billion by 2022 driven by huge demand for testing services by communication service providers and telecom equipment manufacturers. Also, rising demand for consumer electronics such as smartphones, tablets, etc. will drive the consumer electronics ATE market size to reach USD 1.3 billion by 2022.
ATE product market can be segmented as Non-memory, Memory, and Discrete. Non-memory ATE market dominated the overall industry accounting for 75% revenue. Rising consumer electronics demand, coupled with growth in the automotive sector will positively impact the industry share, which is expected to grow at a CAGR of 2.8% over the period of 2015-2022. Discrete ATE market will be the fastest growing product segment registering a CAGR of 3% over the forecast timeframe.
The Asia Pacific ATE market primarily led by India & China is expected to witness a significant surge in the coming years mainly owing to the large number of semiconductor companies present in these regions. APAC market is expected to record a CAGR of 2.8 % from 2015-2022.
The US market share will grow at a rate of 2.5% during 2015-2022 primarily due to investment in defense sectors coupled with growth in the telecommunication industry.
Teradyne, Advantest, LTX., Advint, Agilent Technologies, Aeroflex, Anritsu, Cal-Bay Systems, and National Instruments Corporation are some of the key market players. Expansion of testing platforms and development of new instrumentation will be the major growth strategies adopted by the industry participants over the next few years.
Author Name : Shikha Sinha