Medical Equipment
Vacuum coating equipment industry to accrue massive revenue via automotive applications over 2016-2024, APAC to be the major regional revenue driver
Vacuum Coating Equipment Market is expected to be favorably influenced by the rapid growth of the consumer electronics, power generation, automotive, and aviation sectors. The ability of vacuum coating equipment to provide an aesthetic appearance, durability, and scratch-resistance will stimulate its demand from the consumer electronics sector, which is predicted to register significant gains of 4% during the period from 2016 to 2024. The rapid growth of this market will impel vacuum coating equipment industry over the years to come.
This product is also used for PV cells coatings as it helps absorb sun rays effectively, thereby stimulating vacuum coating equipment market share from solar energy sector. According to Global Market Insights, Inc., “Vacuum Coating Equipment Industry revenue, which was estimated at USD 23 billion in 2015, is predicted to hit USD 47 billion by 2024.” With immense demand for vacuum coating technology such as PVD coatings across various sectors like microelectronics, cutting tools, solar, storage, medical equipment, etc., the industry is bound to witness a high surge over the years ahead. PVD coating is fast replacing traditional coating methods such as chromium plating, electroplating, and painting. The ban on chromium by many countries due to its carcinogenic nature along with surface imperfection & non-uniformity observed in painted and electroplated products has increased the consumer preference for PVD coatings.
Europe Vacuum Coating Equipment Market, by product, 2013-2024 (USD Million)
Taking into consideration the regional trends, North America vacuum coating equipment industry is forecast to experience a prominent expansion over the next few years. The growth can be attributed to high usage of the equipment across the solar energy sector. U.S. vacuum coating equipment market is foreseen to contribute to a major portion of the regional revenue.
APAC vacuum coating equipment market, which contributed over 50% of the revenue in 2015, is predicted to boost the overall industry growth in the future subject to rising energy requirement and the huge presence of key smartphone manufacturers in the region. LATAM vacuum coating equipment industry size is forecast to observe a massive surge over the coming seven years, driven by escalating equipment demand for metallizing chip carriers and microelectronic circuits.
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Germany is expected to make notable contributions toward Europe vacuum coating equipment industry share subject to the thriving automobile sector. Germany vacuum coating equipment market size was over USD 910 million in 2015, and is forecast to grow remarkably over the years to come.
CVD, PVD, and magnetron sputtering are the major products of vacuum coating equipment. PVD vacuum coating equipment market is expected to record a CAGR of 9% over the period of 2016-2024, driven by lower initial equipment costs along with the product properties such as an elongated shelf life, bright color, and aesthetic appeal. The ability of the product to handle complexities pertaining to varied shapes and will further boost its demand. PVD coatings are also used for engine parts such as gears, piston rings, train valves, and piston pins, which helps in reducing engine wear & tear and enhances its performance.
CVD vacuum coating equipment industry is expected to experience a huge surge over the span of few years, driven by thriving automotive sector creating a heavy need for effective metal coating. Ability of the equipment to provide a uniform coating layer is expected to enhance its popularity. Magnetron sputtering vacuum coating equipment market is projected to grow at a rate of 9% during the period from 2016 to 2024.
Buhler Group, Singulus Technologies AG, The BCI Blösch Group, OC Oerlikon, Scientific Vacuum Systems Limited, CVD Equipment Corporation, Kolzer SRL, Applied Materials Incorporation, IHI Corporation, ULVAC Technologies Incorporation, Semicore Equipment Incorporation, PVD Products Incorporation, AJA International, T-M Vacuum Products Incorporation, and The Miba Coating Group are the key players of vacuum coating equipment industry.
Author Name :Dhananjay Punekar
APAC medical oxygen concentrators market to witness remarkable proceeds over 2018-2024, with Japan and China as major revenue pockets
One of the most swiftly expanding medical devices industry verticals, medical oxygen concentrators market, has been gaining a commendable traction, of late. In terms of commercialization, the fraternity enrolled its name in the billion-dollar businesses in 2017 with a registered market share of USD 1.3 billion. The growth has been primarily attributed to two major rationales – cumulative exposure to pollution and industry dust particles along with the increasing number of smoking individuals. The changing lifestyle pattern has led to a massive prevalence of chronic obstructive pulmonary diseases across the globe, driving the medical oxygen concentrators industry share.
U.S. Medical Oxygen Concentrators Market, By Product, 2013 – 2024 (USD Million)
With growing awareness of COPD and the reduction of life expectancy it leads to, oxygen concentrators will be preferred habitually and gradually replace the short life oxygen cylinders. Reportedly, oxygen concentrators use filters to generate medicated oxygen from normal breathing air providing it a greater value in comparison to oxygen cylinders which store limited amount of oxygen. As per a report by Global Market Insights, Inc. the U.S. medical oxygen concentrators market was dominant with 88.1% share in 2017. This high number can be primarily attributed to the continuously varying lifestyle and subsequent increase in COPD cases regionally. Augmented production of smoke from manufacturing plants, lack of healthy routines, and the favorable healthcare policies are some of the other factors pushing the U.S. medical oxygen concentrators industry trends.
The European countries are also witnessing an upsurge in unhealthy food consumption and cigarette smoking. In fact, the increasing prevalence of COPD has also substantially impacted Germany medical oxygen concentrators market trends. The regional share is anticipated to grow at 6.9% CAGR over 2018-2024. Add to it, the incessant efforts by the regional government to curb pollution levels and create health awareness will further boost the Germany market outlook. U.K. is another chief revenue pocket for Europe medical oxygen concentrators market with an anticipated CAGR of 7% over 2018-2024.
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The worldwide increase in the geriatric demography is yet another factor fueling the medical oxygen concentrators industry growth, given the high susceptibility of this population base to respiratory disorders. According to the World Health Organization, the global geriatric population (60 years or above) will nearly double from 900 million in 2015 to 2 billion in 2050. In this regard, the non-home care applications which include health rehabilitation centers and hospitals will witness substantial growth, driven by occupational lung diseases, harmful intake of substances and weak immunity among older patients. As per estimates, medical oxygen concentrators market share from non-home care applications will record a CAGR of 6.3% over the coming six years.
WHO statistics in addition to depicting the massive rise in geriatric population base also reveal that around 80% of the older population by 2050 would be living in low and middle-income economies. In fact, by 2050, around 120 million of this populace will be living in China alone. Another statistic by the United Nations states that nearly 2/3rd of the world’s older people live in developing regions with the numbers growing faster than the developed economies. In 2015, Asia alone was home to 508 million people aged 60 or above, which is almost 56% of the global geriatric population. This figure is projected to go up to 60% in 2030, according to the UN. Not to mention, the aforementioned data vividly outlines the strong contendership Asia Pacific holds in the global medical oxygen concentrators market. China and Japan are touted as the major growth avenues for the APAC belt. While China procured a revenue of USD 70 million in 2017, Japan medical oxygen concentrators market held more than 40% of the APAC share in the same year.
All in all, medical oxygen concentrators industry, subject to humongous investments in recent years, has become highly competitive with manufacturers developing and improving products in a bid to capture sizable market share. Companies are also inclining towards mergers & acquisitions and regional expansion strategies to gain a competitive edge. Spearheading the market share battle are corporations such as Chart Industries, DeVilbiss Healthcare, Inogen, Inova labs, Philips Healthcare, etc.
Author Name : Pankaj Singh
Global Market Insights Inc. 