Medical
3 major trends fueling global medical tourism market size
Global medical tourism market size is slated to witness an exponential growth owing to higher prevalence of chronic diseases among people of all ages, along with excessive rising healthcare costs in developed nations. Nowadays, emerging economies such as India, Thailand, and Brazil have increasingly become a favored destination for medical tourists.
Essentially, these countries provide health care services with cutting-edge technology comparable to the advanced treatments offered worldwide, besides offering same quality treatments at more affordable price. Cost-effective treatment options and personalized care will become significant drivers expanding medical tourism market outlook.
Described below are some notable factors projected to impact the growth of medical tourism over the next few years:
Rising prevalence of cardiovascular disease in North America
According to reports, cardiovascular disease has become an underlying cause of death in the United States. Nearly 47% Americans exhibit at least one key risk factor for heart disease, such as diabetes, obesity, blood pressure, among others. However, high level of expertise and low treatment costs in developing countries have become an attractive option for foreigners who need surgeries, without much strain on their pocket.
Modern hospitals, advanced treatments, and proficient doctors in Asian countries are becoming lucrative choices for cost-effective medical treatment, which boosts the economy of a country and inadvertently fuels the development of healthcare services.
In terms of technological intervention, many big hospital chains and medical equipment providers in developing nations are contributing towards newest innovations in terms of addressing cardiovascular diseases, like the introduction of AI-powered cardiovascular disease risk score API by Apollo Hospitals, in association with Microsoft, to predict the risk of cardiovascular disease among people.
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Adopting innovative developments into healthcare services will influence more medical tourists to visit other countries for affordable treatments, without compromising on quality, which will proliferate medical tourism market size over the coming years.
Consumption of medical treatments and procedures in India
Medical tourism has become a key growth sector for India as healthcare segment in the country excels in using the most advanced technologies on par with nations like the U.S. and has numerous accredited healthcare providers. With the rising trend of tourists for medical treatments, many companies are bringing out more simplified and easier options for them by offering complete packages inclusive of high-quality treatment, traveling cost and ease of communication.
Expatriates living in North America and Europe, still having family connections in India, increasingly prefer to travel to the country for heart and other crucial surgeries. Reports suggest that India medical tourism market will bring significant opportunities with a profitable 11.3% growth rate through 2025.
In March 2019, India and the Africa union had signed an MoU to strengthen the cooperation in healthcare sector. The MoU will bring cooperation in the areas of capacity building, research and development, health services, pharmaceutical trade and manufacturing capabilities for drugs and diagnostics. Such initiatives will bolster global health research and address regional needs, creating remarkable prospects for medical tourism industry.
Increased demand for affordable cosmetic surgeries
According to American Society of Plastic Surgeons, in 2018 around 18 million people underwent surgical and minimally invasive cosmetic procedures in the U.S. With a surge in the number of cosmetic procedures and plastic surgeries, cosmetic surgery practitioners in countries like Brazil and Thailand are offering all kinds of procedures at comparatively cheaper rates.
Number of cosmetic transformations and plastic surgeries such as eyelid surgery, tummy tucks, breast augmentation, among others are continuing to increase in developed nations, but high costs are driving people towards lower economy markets. With the spread of social media platforms and increased image consciousness among women, aesthetic enhancements have become a common trend.
It has been observed at cosmetic procedures among men has also increased at a faster pace over the last few years, which will provide significant consumer base for medical tourism market players.
Consistent R&D efforts, innovations, and cost-effective treatments will help fuel the demand for surgeries in developing countries. Key players in medical tourism industry include Max Healthcare, Manipal Hospitals, Narayana Health, Mount Elizabeth Hospitals, KPJ Healthcare Berhad, Raffles Medical Group, among several others.
According to a latest research study by Global Market Insights, Inc., global medical tourism market is anticipated to be worth more than USD 30 billion by 2025.
Author Name : Deeksha Pant
Rising industrial automation trends to fuel system on module market
Fueled by rapid technological advancements in embedded systems and growing demand for compact, power-efficient products, system on module market outlook has effectively transformed in recent years. Essentially, the product is a fully featured single board computer comprising a single microprocessor, RAM, input-output controller and many other components, and is designed specifically for integration into embedded applications.
Germany system on module market size, by application, 2018 & 2025 (USD Million)
With multiple embedded wireless solutions like 802.11a/b/g/n/ac and Bluetooth, the product can offer cellular connectivity and mobility as well as offer device security for connected IoT applications. With such profound features, manufacturers are increasingly opting for system on modules (SoM) to significantly reduce development efforts and time to market (TTM) by eliminating the challenges associated with designing boards with complex microprocessor, further offering a more reliable and cost-effective embedded platform for building end-products.
Designed by British semiconductor giant ARM Holdings, ARM is one of the major processor architectures used for SoM modules. In an era of proliferating IoT and industrial automation sectors, the processor holds a significant market share and is projected to exhibit high growth rates in the coming years. It offers a wide range of features like low cost compared to other processors in the market, higher battery life, faster operational speed, and compatibility for numerous end-user application.
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Moreover, rapid technological advancements and growing demands have led manufacturers to develop newer versions of SoM offerings. For instance, in 2018, chip designer Arm unveiled its new Cortex-A76 CPU, claiming it would deliver 35% better performance than its predecessor. Advances such as this will enable development of more power-efficient end-user products, supplementing SoM market size.
Portable medical devices are increasingly gaining traction by improving health care for millions of patients worldwide. With products like blood glucose monitors, heart rate monitors, pain-blocking implants, ingestible gastrointestinal (GI) tract monitors and several other devices, the technology has effectively enhanced patient’s quality of living in recent years. Notably, these clinical aids are integrated with miniature SoMs that enable high-level integration of analog components, offering more enhanced capability in smaller spaces.
By using portable medical equipment, patients with chronic diseases can easily and quickly monitor their own vitals and look for abnormalities that can eventually help them call for medical services as well as further help doctors better diagnose their condition and take necessary steps.
In addition to such profound benefits, device manufacturers are also developing more compact, battery-powered products like smart patches, health monitors, and even inhalers that use machine learning technology to effectively allow clinical diagnosis, delivery or monitoring conditions remotely. For instance, Respiro smart inhaler, an Arm-based clinical device, can effectively track and record parameters like inhalation technique & frequency, inhalation flow rate, volume, flow acceleration and inspiration time, allowing doctors to gain a deeper understanding of patient’s varied conditions.
Considering the SoMs play a vital role in making these devices functional, a trend of proliferation of such devices will lead to increased system on module industry revenue.
The Europe system on module market trends are garnering traction due to soaring demand for powerful & efficient embedded systems in industrial automation. According to the International Federation of Robotics (IFR) reports, Germany is one of the most automated countries in Europe and ranks third worldwide with 309 units. Further, in 2016, the country’s operational stock and annual supply of industrial robots had a share of 41% and 36% respectively. Moreover, between 2018 and 2020, the annual supply in Germany is anticipated to grow by at least 5% on average per year due to the increasing demand for robots in the region’s general industry and in its thriving automotive sector.
Escalating demand for automated technologies in operations like assembly, manufacturing, logistics and supply chain support has led to the widespread integration of embedded computing solutions. Additionally, the rising demand for energy-efficient, smart electronic products for automation applications has led to rapid consumption of embedded systems, in turn driving the SoM market trends.
Author Name : Mateen Dalal
Botulinum toxin market to garner substantial revenues from cosmetic centers by 2025
Increasing demand among patients for nonsurgical cosmetic treatments has proliferated global botulinum toxin market, along with the prevalence of numerous medical conditions like migraine headaches and excessive sweating. In recent times, the awareness about botulinum toxin and its various benefits have increased due to the extensive adoption of botulinum toxin therapies by dermatologists for reducing signs of aging as well as eliminating facial lines and wrinkles in people.
U.S. botulinum toxin market, by product, 2018 & 2025 (USD Million)
Out of the two key subtypes, botulinum toxin A is the considered as one of the most potent and has gained rapid and enthusiastic acceptance amid customers. It is now being used clinically with most frequently performed procedures, helping millions to rejuvenate their physical appearance. Botox A will undoubtedly represent a prominent growth segment for botulinum toxin industry players, with beauty salons and spas also providing injectable Botox treatments. Growing trend among middle-aged women to stay young and attractive will subsequently boost botulinum toxin market expansion.
According to the America Society of Plastic Surgeons, Botox treatment is the most prevalent cosmetic medical procedure in the US, with around 7.23 million procedures reportedly performed in 2017. Botulinum toxin A was initially approved by the U.S. FDA for treating crossed eyes and in the year 2002, it was approved for cosmetic treatment. Botulinum toxin market has gained traction in US specifically on the account of treating dermatologic conditions including crow’s feet near the eyes, thick jaw muscles and gummy smiles, achieving optimal results globally and advancing the industry scope.
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Besides cosmetic therapies, botulinum toxin has become a safe and effective therapeutic tool for a wide range of medical conditions including chronic migraines, muscle spasticity, and dysphonia. Apparently, in 2010 it was approved by the U.S. Food and Drug Administration (FDA) for the prevention of chronic migraines. Migraines are the third most common disorder globally, with an estimated worldwide prevalence of 14.7%. Botox injections provide one of the most effective and positive treatments and a prominent study reveals that most people experience reduction in migraine frequency. This will create substantial product demand for botulinum toxin industry, as chronic diseases are leading causes of fatality in people of all ages.
Allergan plc had announced the results of higher doses of its Botox Cosmetic product in 2018 for the treatment of moderate to severe glabellar lines. This trial was significantly helpful in evaluating the duration of effect and safety of the treatment. Such trials indicate the application scope of botulinum toxin market. Allergan had also unveiled 29 presentations including 24 migraine presentations highlighting the company’s innovations for addressing migraine problems. Undoubtedly, innovations and product-driven approaches would pave the way for botulinum toxin industry towards depicting an upward revenue graph in the next few years.
Rising geriatric population around the globe has created opportunities for the application of botulinum toxin in the treatment of spasticity, which causes specific body muscles to be continuously contracted. The disease affects nearly 12 million people worldwide, while 80% of multiple sclerosis patients suffer from varying levels of spasticity. Common occurrence of disorders that cause spasticity, such as strokes, traumatic brain injuries and meningitis will warrant a considerable demand for effective therapies. Oral as well as injected botulinum toxin are considered to be helpful in dealing with cerebral palsy spasticity, reinforcing the market penetration.
With the healthcare sector experiencing significantly higher consumption than before and the surge in preference for nonsurgical cosmetic treatments, botulinum toxin industry is projected to amass tremendous revenues worldwide. Escalating competition among major industry players by executing mergers & acquisitions and innovating transformative therapies will underscore the industry dynamics imminently. Reports suggest that global botulinum toxin market size is anticipated to exceed USD 8.5 billion by 2025.
Author Name : Deeksha Pant
North America light therapy market to gain commendable proceeds by 2025
Global light therapy market is slated to witness substantial growth in the ensuing years, primarily due to the high prevalence of dermatological disorders and psychological conditions. The skin utilizes light as a source of energy to rejuvenate damaged cells, which makes dermatological disorders like psoriasis, eczema, vitiligo, and acne primary applications for light therapy market. Shifting preference toward unique and effective skin treatment methods will proliferate product demand in the coming years.
U.S. Light Therapy Market, By Product, 2018 & 2025 (USD Million)
Acne is a common skin condition involving blockage or inflammation of hair follicles that can lead to inflammatory or non-inflammatory lesions. Numbers by the Global Burden of Disease suggests that the condition affects 85% of youngsters between 12 to 25 years of age globally. Growing use of blue light phototherapy and LED light therapy for treating acne will drive light therapy market growth.
The psoriasis segment accounted for significant revenue share in the past and is likely to continue growing in the coming years. According to the National Psoriasis Foundation, the condition affects 125 million people or 2% to 3% of the entire population. In such cases of moderate and severe psoriasis, UV therapy is often considered together with externally applied medication or tablets. Increasing cases of psoriasis throughout the world will boost the demand for UV phototherapy, thus augmenting light therapy industry share.
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Phototherapy is also an effective treatment for psychological conditions, such as depression and anxiety disorder, and can be used together with antidepressant drugs. Depression is a major concern worldwide, primarily attributable to the increasing stress levels from hectic work life. According to WHO, over 300 million individuals of all ages suffer from depression, which is a leading cause of disability and is also known to affect cardiovascular health. Products like SAD lamps are widely used by people suffering from psychological ailments, as they positively influence the circadian system. Increasing penetration of such products will augment light therapy market size.
Growing geriatric population worldwide has increased the demand for home care settings. Phototherapy products such as light therapy mask, lightbox, dawn simulators, floor, and desk lamps help patients receive cost-effective treatments at the convenience of their home. Introduction of favorable health insurance programs or subsidies for home health care will further support the demand for such products, thereby amplifying revenues for light therapy market from the homecare setting end-use segment.
North America light therapy market is poised to garner immense momentum, attributable to the high prevalence of mental and dermatology disorders in the region. Numbers by ADAA reveal that major depressive disorder affects more than 16 million people over the age of 18 in the U.S. Reportedly, over 8 million people are affected with psoriasis in the U.S. Together with growing geriatric population, pervasiveness of mental and dermatology disorders offers numerous growth prospects to North America light therapy market, that accounted for 34% of the industry share in 2018.
The market is bound to witness considerable demand from emerging economies in the Asia Pacific like India and China. High prevalence of depression and anxiety in the region can be attributed to hectic work schedules and inactive lifestyle. This is estimated to boost the demand for SAD lamps and other phototherapy products in the region.
Increasing cases of winter blues across cold regions in Europe and North America will foster regional growth. Furthermore, the increasing buzz around light therapies across social media has contributed to the increasing public awareness concerning the benefits of light therapy for skin, mental, and neurological disorders, thus boosting the demand for light therapy products.
A research report by Global Market Insights, Inc., anticipates light therapy market to be worth more than US $1 billion by 2025.
Author Name : Krithika Krishnan
Fluorinated ethylene propylene market to garner appreciable valuation from tube sales over 2019-2025, chemical processing industry to drive the application landscape
The global fluorinated ethylene propylene market is slated to experience immense growth prospects in the coming years owing to the product’s extensive use across the automotive, electronics, food & beverage, and medical industries. In the automotive sector, FEPs are widely used in compact and small-sized cars, in the tubing, bellows, and pressure hoses. The increasing shift among car buyers from sedans to more compact cars, especially in emerging economies will thus propel the growth of FEP industry.
U.S. Granules Fluorinated Ethylene Propylene (FEP) Market Size, 2018 & 2025, (Kilo Tons)
Small cars are also the most affordable vehicles to get on to the road and are easy to park as they don’t take up much space. For a middle-class family in emerging nations, a compact car facilitates savings since they are more fuel-efficient compared to sedans and SUVs. Hatchbacks also serve as the best option, in terms of passenger and driver safety with advanced collision control at affordable prices. In 2018, car manufacturers in India invested heavily on small cars to enhance sales records in smaller parts of the country.
For instance, Hyundai, relaunched its most loved hatchback Santro to appeal to Tier 1 and 2 cities where per capita vehicle ownership is still significantly small. Therefore, increasing demand for small vehicles from emerging and low-to-middle income nations will boost the global FEP market outlook.
Growing product demand for automotive ball bearings, paints, and adhesives, and sealants from the construction sector will also help the global FEP market gain traction in the coming years. Latest data from The Bureau of Labor Statistics and Timetric’s Construction Intelligence Center, estimates the construction industry to grow at a modest rate over the next several years. Industry professionals further predict one of the largest increase in real output for the construction space, with the business hitting the trillion-dollar remuneration space by 2020. This would remarkably surge the need for adhesives and sealants, driving FEP industry share.
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Construction of residential housing will witness growth in the years to come owing to the rising population in the United States. Government spending to support homeownership, housing developments and a sustainable community in a bid to provide access to affordable housing will further increase the demand for construction projects. The development in the construction industry will massively boost the demand for paints, adhesives, and sealants, which will eventually drive the fluorinated ethylene propylene market in the coming years.
Fluorinated ethylene propylene tubing is a robust engineering fluoropolymer which offers excellent fluid visibility, low-temperature resistance, and low coefficient of friction and is perfect for flow control monitoring. Hence, the product finds significant use in chemical processing applications as well as the petroleum and oil & gas industry.
For instance, the Indian government has come out with new policy reforms, which makes drastic changes in the country’s Hydrocarbon Exploration Licensing Policy and the Open Acreage Licensing Policy in a bid to garner more domestic and foreign investment for exploration of oil and gas, which if successfully implemented could drive the demand for FEP tubes. According to a report by Global Market Insights, Inc., FEP tubes market from chemical processing application is estimated to register more than 6% over 2019-2025.
These materials are also commonly used in solar panel applications. Fluorinated ethylene propylene films serve as the perfect protective front sheet for solar panels due to their smooth, flexible and light-weight features. The material also makes sheets stronger, thereby improving the durability and life span of solar panels, while enhancing its looks as compared to traditional glass. The adoption of these glasses will be fueled by growing energy consumption and issues concerning energy-efficiency.
Increasing efforts to generate energy from renewable sources, stringent government regulations and the benefits pertaining to efficient energy use and affordability of solar panels will further propel the solar power industry. Recently, in an effort to become America’s leading rooftop solar company, automotive and energy giant Tesla, slashed prices of solar panels. Such moves will accelerate the adoption of solar energy, which will boost the demand for FEP films, thereby driving the global FEP market growth over 2019-2025.
Fluorinated ethylene propylene will continue to attract huge demand from numerous industries owing to its vast benefits. According to Global Market Insights, Inc., the fluorinated ethylene propylene market valuation is anticipated to reach $1.2 billion by 2025.
Author Name : Krithika Krishnan
Global semiconductor memory market to procure returns over USD 730 billion by 2024, India to emerge as a highly viable growth ground
The rising demand for enhanced storage memory in consumer electronics for extensive data management is likely to drive semiconductor memory market growth in the years to come. Lately, the demand for advanced semiconductor memory has travelled beyond the realm of the traditional personal computer. The requirement of electronic systems including digital consumer electronics, mobile communications, networking, automotive electronics, and industrial/medical electronics has seemingly surged in recent years, subsequently increasing the need for semiconductors.
China semiconductor memory market, by type, 2017 & 2024 (USD Million)
As a matter of fact, all digital consumer electronic products incorporate highly advanced semiconductor memory devices to enable and enhance system storage and performance. Semiconductors are consequently growing in importance as they offer industries with new manufacturing opportunities to develop highly efficient products for customers. The need for high-speed interconnects continues to accelerate and is driving the architecture of next-gen memory technologies. As a result, memory devices and architectures are changing rapidly to satisfy the demand for higher performance electronics, further driving the semiconductor memory market growth.
Android smartphones to offer remarkable growth opportunities to the semiconductor memory market players
Smartphones have reportedly become the preferred computing device for a variety of applications. Reports suggest that over 70% of the world’s population is anticipated to use smartphones by 2020, while over a billion Android devices will be used by the same year. For several Android smartphones, varying the flash storage drastically improves the device’s overall performance, typically between 100% to 300% across applications.
Storage performance on mobile devices will enhance the end-user experience in the years to come, as its impact is expected to grow owing to emerging wireless technologies that offer much higher network throughput as well as the advent of faster networks and I/O interconnects. This considerably validates the fact that the rising number of smartphones is expected to help drive the remuneration potential of the semiconductor memory market.
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Will India emerge to be a potential investment ground for stakeholder over 2018-2024?
The India semiconductor memory market is anticipated to procure substantial proceeds by the end of the projected timeframe owing to the rising proportion of smartphone users and emerging consumer electronic companies. The region has a steady growth infrastructure and develops emerging embedded technology that offers both hardware and firmware solutions.
The country also depicts considerable growth prospects for the automotive, agriculture, pharmaceutical, IT, construction and defense sectors. The growing adoption of IoT in these sectors will further enhance the demand for semiconductor memory, thereby impelling the regional industry trends. Emerging smartphone applications and the escalating demand for storage memory will also foster industries to develop enhanced memory solutions, expediting the India semiconductor memory industry share.
Some of the key players in the semiconductor memory market include Samsung Electronics, Nvidia, On Semiconductor, Micron Technology, Inc., etc. Manufacturers are focused on product development by investing in R&D activities & engineering capabilities to cater to the needs of mobile industry customers. To stabilize the component pricing, companies are reportedly developing strategies to maintain the average prices of ROM and RAM products. Manufacturers in the semiconductor memory market are also likely to face challenges in the future owing to the emergence of replacements such as MRAM, ReRAM and phase change memory.
As semiconductor memory technology rapidly evolves to meet the ever-growing needs of the electronics industry, it is likely to experience high demand from end-use industries including electronics and automotive. Increased demand and the rapid evolution of smartphones and PCs across the globe will continue to impact the product requirement, on the grounds of which manufacturers will constantly seek ways to expand their production facilities and know-how. This could considerably impact the remuneration portfolio of the overall semiconductor memory market, slated to cross a mammoth USD 730 billion by 2024.
Author Name : Mateen Dalal
Global strontium market to derive exceptional proceeds from medical & dental applications over 2018-2025, APAC to emerge as a crucial revenue pocket
Owing to a widespread application portfolio along with the increase in pyrotechnic activities, the global strontium market has been observing a remarkable growth over the last few years. Numerous research studies have revealed that strontium plays a crucial role in keeping bones healthy. It slows the rate of bone loss, assists in calcium absorption, prevents bone pain, helps in restoring alkaline state, enhances resistance to fracture, regulates bone breakdown, and boosts bone formation. Natural strontium has proved to be helpful in relieving the bone pain in patients with metastatic bone cancer, as per reliable sources.
U.S. Strontium Market Size, By Application, 2014 – 2025 (USD Million)
It has also been found that supplementation with strontium deposits the mineral in the bone lesions, essentially suggesting a possibility of utilizing the element to mineralize areas in which cancer-associated bone loss has occurred. Owing to all the superior properties and benefits mentioned above, strontium is being widely used in medical and dental applications in the recent times. In fact, as per the research report by Global Market Insights, Inc., the medical and dental application segment is slated to account for nearly a tenth of the overall revenue share of the global strontium industry by the end of 2025.
Speaking along similar lines, several biotech and pharmaceutical majors have focused on developing products fortified with strontium chloride to mitigate cancer bone pain in patients suffering from painful skeletal metastases. The biotechnology acceleration development firm Q BioMed Inc., for instance, recently filed a supplemental regulatory application with the U.S. FDA to receive the approval to construct its new production unit, which would develop non-opioid injectable named Strontium Chloride Sr89 Injection USP.
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For the record, FDA has already approved the drug which reduces bone pain in patients suffering from bone metastases. The survival rates of patients with prostate and breast cancers, which are at high risk of developing bone metastases, would witness an uptick owing to the development of superior drugs and injectables such as Strontium Chloride Sr89 Injection USP. This would, in turn, fortify the medical and dental applications segment of the strontium industry in the upcoming years.
Increasing usage of strontium in pyrotechnic across the APAC nations set to boost the valuation of global strontium industry
The increasing usage of firecrackers on festive occasions in Asian nations such as China and India have resulted in strong demand for pyrotechnic operations in this region. In this regard, it would be prudent to mention that the colors of most modern fireworks involve metal chlorides – one of the most prominent being strontium chloride. These pyrotechnic operations are majorly deployed in several entertainment activities along the likes of sports events, concerts, and various ceremonies, essentially boosting the Asia Pacific strontium industry share which is estimated to register an annual growth rate of 6.5 percent over the projected time frame.
While the growth in pyrotechnic activities is on the rise, the usage of synthetic strontium is likely to decrease as stringent government regulations are being implemented to curb pollution across several nations. Moreover, steps are being taken by prominent research organizations to develop eco-friendly firecrackers (devoid of strontium nitrate) to reduce air and noise pollution.
In this context, it would be imperative to take note of the less polluting firecrackers recently developed by CSIR, the premier national R&D organization of India. Needless to mention, the development of green crackers, e-crackers and less polluting firecrackers would diminish the demand for strontium for pyrotechnic activities, essentially limiting the growth prospects of strontium industry in the times to come.
Companies such as Chemalloy Co, NOAH Technologies Corporation, Shenzhou Jiaxin Chemical Co., Prochem Inc., Joyieng Chemical Limited, Canteras Industriales, Química del Estroncio, BassTech International, Solvay, and Sakai Chemical Industry Co., constitute the competitive landscape of strontium market. Driven by strong growth in medical and dental applications segment along with the increasing usage of strontium in pyrotechnic activities, the strontium industry is set to garner substantial proceeds in the years ahead.
Author Name : Saif Ali Bepari
Inventory management software market valuation to cross USD 3 billion by 2024, retail sector to dominate the end-use landscape
With the tremendous growth in the industrial, retail, and e-commerce sectors, inventory management software market has gained massive impetus over the past years. Quite undeniably, managing and tracking inventory has become an essential part of conducting business and inventory management software in this regard are efficiently solving the challenges related to vendors, inventory, orders, sale, stocks-outs and much more. This has significantly led to rapid adoption of these software programs, in turn driving inventory management software market growth which was pegged at USD 2 billion in 2017.
North America Inventory Management Software Market Share, By Type, 2017 & 2024 (USD Million)
The vast expanse of omnichannel retailing and increasing penetration of smartphones have also been identified as the inherent factors impacting the revenue graph of the global inventory management software industry. If reports are to be believed, given the increasing rate of paperwork errors, supplier fraud, employee theft, and shoplifting activities SMEs, SMBs, and the retail sector are the prominent end-use segments that are rapidly adopting inventory management software systems. These activities have also been deemed as the major sources of inventory shrinkage and are therefore favoring effective implementation of IMS programs in the retail sector, which is expected to dominate the overall inventory management software industry by accounting for a 40% share over 2018-2024. It is important to mention that according to the National Retail Federation’s NRSS (National Retail Security Survey) on retail theft, the retailers globally incurred inventory shrinkage losses of over USD 49 billion in 2016.
Driven by these subsequent threats leading to inefficient inventory management, the demand for robust inventory management software for optimization is expected to increase consistently in the ensuing years. In fact, as per estimates, the global inventory management software market from inventory optimization application is expected to grow at a lucrative rate of 9% over 2018-2024.
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The contribution of the industry participants in developing optimal inventory management systems is vast and these players are constantly looking for adopting new technologies that can improve the overall productivity. Recently for instance, HighJump, a global provider of supply chain solutions and renowned inventory management software market player has introduced HighJump Warehouse Control System integrated with the HighJump Warehouse Management System. This inventory management solution provides supply chain professionals with a comprehensive suite that can fully capitalize on the automated and connected warehouse operations the modern-day chain professionals are adapting to handle shorter delivery windows, e-commerce, and enhanced consumer expectations.
With such globally reputed players working toward introducing more technologically upgraded and value added solutions, inventory management software industry share is expected to nothing but proliferate in the ensuing years. Further endowed with the integration of recent technologies such as automation, big data analytics, RFID, cloud, Artificial Intelligence, and IoT this business sphere has become a lucrative hub for investments. Leveraging these technologies for more insightful solutions in inventory management, several industry participants are providing real-time analytics solutions and improved connectivity to supply chain and inventory management professionals. For instance, using connected networks such as computers, sensors, and smartphones, IoT can transfer the product information with the help of RFID tags/barcodes and transmit the data to the cloud-based inventory management software.
Such technological integration techniques are typically used by the large-scale organizations that move thousands of orders daily. Reports state that the barcode scanning system held more than one half of the inventory management software market share in 2017, while the RFID segment is projected to register an impressive CAGR of over 11% over 2018-2024.
Quite undeniably, these technologies have empowered the small and large-scale enterprises to grow and streamline their business models by harnessing the power of the advanced inventory solutions, in turn propelling the global inventory management software industry outlook. Lastly, it wouldn’t be wrong to say that along with shrinking workforce and increasing rate of stressed logistics systems, inventory management software programs will witness massive adoption in the ensuing years. A presumption shedding light on the same is of Global Market Insights, Inc., that forecasts the overall inventory management software market share to register a CAGR of 6% over 2018-2024.
Author Name : Ojaswita Kutepatil
APAC Recycled Elastomers market to amass tremendous remuneration from infrastructure development, agricultural applications to enhance the industry outlook over 2018-2025
Increased utilization of recycled materials by manufacturing and infrastructure segments has boosted the global recycled elastomers market, enabling the formation of low-cost and good quality composite products. High elastic deformation combined with exceptional vibration and noise dampening properties have created a wide application base for these materials for improving work environments and transportation networks. Growing awareness among producers around the world for undertaking eco-friendly waste disposal initiatives to reduce pollution caused by landfills has invariably promoted the recycled elastomers industry. Consumers, wanting to ensure that they contribute towards saving the environment, are increasingly accepting and demanding products which incorporate recycled ingredients. Subsequent rise in recycling activities of waste like tires and other rubber products to make building composites, agricultural sheds, artificial playgrounds and auto parts has tremendously propagated the recycled elastomers market, which in 2017 garnered a global revenue of over USD 2.5 billion.
U.S. Recycled Elastomers Market Size, By Application, 2014 – 2025 (USD Million)
Several durable products using recycled elastomers are manufactured depending on the properties most suitable for a particular use in any of the industry segments, such as chemical resistant gloves or athletic turfs for sporting events. In terms of large-scale applications that benefit a varied demographic over time, transport infrastructure has sprouted to become a leading source of revenue for the recycled elastomers market. As compared to traditional paving materials, modified asphalt mixed with recycled rubber allows for a high performance solution to extend the lifespan of roads and highways. Asphalt binding with recycled elastomers, mostly sourced from scrapped tires, provide a safer, eco-friendlier and less expensive alternative. The excellent elasticity and dampening features of such asphalt help to reduce the occurrence of surface cracking, temperature fluctuations and movement caused by traffic loads. The lowering of waste by recycling scrap tires, along with a continuous and reliable raw material supply have strengthened the recycled elastomers market stance within the infrastructure segment.
The Asia-Pacific (APAC) is known to be a rapidly developing region with countries like China, India, Malaysia and Indonesia showing remarkable progress in infrastructure spending. In China, for instance, the total road length increased from 3.7 million kilometers in 2008 to 4.8 million kilometers by the end of 2017, while the total length of highway reached a figure of 136,500 km during the same period. The large transportation infrastructure indicates the growth potential of the recycled elastomers market from asphalt binders. As the population and consequent automobile consumption in APAC countries is expected to rise at an incredible pace, a surge in government expenses to develop road connectivity will further encourage recycling initiatives, fueled by an incessant supply of waste rubber materials. It is observed that building a single lane pavement of one mile, 500 to 2,000 scrap tires need to be recycled, presenting the advantage of the recycled elastomers industry in cutting down on land pollution.
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Use of recycled elastomers in manufacturing agricultural equipment and flooring has additionally maintained the dominance of APAC in the recycled elastomers market, holding over 50% of the global share in 2017. The region encompasses some of world’s leading agri-based developing nations that need constant supply of food and livestock products to cater to an exponentiating population, creating a demand for weather resistant products that support agriculture productivity. For example, India is the second most populated country in the world and as of 2015 had approx. 60.4% of overall land under agricultural occupation. Advancing technologies associated with increasing the crop output have been buoyed by robust water hoses, belts, sheds, windbreaks and vegetation protecting equipment made from recycled elastomers.
The recycled elastomers market has experienced prolific returns from the demand for livestock mats as well, derived from the fact that APAC has major dairy and meat producing nations. Stalls and floors housing livestock need to be able to counter weather abuse and seasonal wear, requiring them to be built of durable and flexible materials. Agricultural mats made using recycled elastomers offer a mix of strength and softness that is necessary for safe sheltering of livestock animals, ensuring an up thrust in the total yield. With agricultural income forming a significant part of GDP in China, India, Thailand and other South East Asian countries, the recycled elastomers industry is deemed to witness enormous proceeds from the agriculture segment.
All in all, use in infrastructure and agricultural areas due to vital properties like elasticity, durability, UV and chemical resistance, among others have propelled the recycled elastomers industry, with American Tire Recycling, GRP Ltd., West Coast Rubber Recycling, Liberty Tire Recycling, Genan Holding, J. Allcock & Sons Limited, Klean Industries and Emanuel Tire Co. being some key market contenders. Additional applications such as developing medical devices in combination with FDA approved raw materials will generate supplementary earnings for the global recycled elastomers market, anticipated to register a CAGR of more than 12% from 2018 to 2025.
Author Name : Pankaj Singh
Global Market Insights Inc. 