Complementary and Alternative Medicines Market in APAC is Expected to Witness Lucrative Growth, with a CAGR of 6.8%

The global complementary and alternative medicines market is expected to generate $271.8 billion revenue by 2024, advancing at a CAGR of 6.0% during the forecast period.

On the basis of type, the complementary and alternative medicines market is classified into nature-based, mind-body intervention-based, manipulative body-based, and energy-based. Among these, nature-based complementary and alternative medicines (CAM) held the largest share in 2018, and the category is further expected to hold 39.9% share by 2024. This is attributed to low side-effects of homeopathic medicines, increasing demand for the prevention and management of medical conditions, and inexpensive nature of CAM products.

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The complementary and alternative medicines market in APAC is expected to witness lucrative growth, with a CAGR of 6.8%, during the forecast period. This is mainly due to increasing usage of traditional medicines and therapies, side-effects associated with allopathic medicines, rising prevalence of chronic diseases, and growing geriatric population.

The global complementary and alternative medicines market is fragmented in nature. Cipla Limited, Boiron, Dabur India Ltd., Novartis AG, Weleda AG, Arya Vaidya Pharmacy, Pekana-Naturheilmittel GmbH, and Biologische Heilmittel Heel GmbH are some of the major players engaged in the CAM industry.

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COMPLEMENTARY AND ALTERNATIVE MEDICINES MARKET SEGMENTATION

Market Segmentation by Type

·         Nature-Based

o    Ayurveda

o    Homeopathic

o    Mud therapy

o    Others

·         Mind-Body Intervention-Based

o    Yoga, meditation, tai chi, and qigong

o    Biofeedback

o    Guided imagery

o    Hypnosis

o    Others

·         Manipulative Body-Based

o    Chiropractic

o    Physiotherapy

o    Massage

o    Acupuncture

o    Others

·         Energy-Based

o    Reiki

o    Electromagnetic therapy

o    Others

Market Segmentation by Application

·         Depression and Anxiety

·         Pain Management

·         Chronic Diseases

·         Neurological Disorders

·         Infertility

·         Skin Disorders

·         Weight Loss

·         Others

Market Segmentation by Mode of Service

·         Therapy Classes

·         Direct Consultation

·         E-Learning

Market Segmentation by End User

·         Yoga and Meditation Centers

·         Therapy Centers

·         Home Care

·         Hospitals and Clinics

·         Others

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Rising High Power Density Requirements to Drive Power Electronics Market

The power electronics market is witnessing growth due to the rising requirement for higher power density and inclusion of power electronic devices in utility applications. It valued $12.9 billion in 2015 and it is projected to reach $20.0 billion by 2022, advancing at a CAGR of 6.2% during the forecast period (2016–2022).

The power electronics market is witnessing the trend of huge investments by market players in research and development (R&D) to stay ahead of their competitors. This is being done by companies to achieve innovations and come up with superior products and technologies to gain a competitive advantage over other players.

Power electronics are devices that convert electrical energy into different energy forms. They are mainly of three types — power discrete, power integrated circuits (IC), and power modules. R&D activities can provide better products in terms of efficiency, which is a key criterion for customers while deciding to procure a product or technology.

Another trend in the power electronics market is the rising applications of these devices across various sectors. The automobile sector is emerging as a major application area for power electronic devices. The demand for such devices in the automotive industry is witnessing a rise due to the evolution of hybrid electric vehicles and electric vehicles.

The inclusion of infotainment systems in automobiles is further adding to the demand for high-power-density power electronic devices. Industries such as defense, telecom, consumer electronics, and healthcare are other application areas of these devices.

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Indian Electric Bus Market is in Transformational Growth Mode

The Indian electric bus market is predicted to witness a sale of 7,187 units by 2025, progressing at a 53.0% CAGR during the 2019–2025 period. In recent years, the Indian government has come up with various policies and funding schemes for electric bus and charging stations, mainly to address the problem of increasing pollution levels in the country by promoting alternative fuel vehicles (AFVs). Various public transport agencies have inked contractual orders with manufacturers of electric buses for the adoption of such low-emission vehicles.

Based on vehicle type, the Indian electric bus market is bifurcated into a hybrid electric bus (HEB) and battery electric bus (BEB). Of these, during the forecast period, the BEB classification is predicted to maintain its dominance in the market in terms of sales volume. This is attributed to the increasing government support and lithium-ion (LI-ion) batteries’ reducing prices. On the basis of length, the market is classified into electric buses of more than 10 m and less than 10 m.

Between these two, in 2018, electric buses of less than 10 m length held the dominating sales volume share of more than 60.0% in the Indian electric bus market. Length agnostic subsidy provided by State Road Transport Undertakings has increased the preference for smaller buses in the nation. As per industry experts, the average price of Li-ion battery cells for larger orders reduced from nearly $1000/kWh in 2010 to approximately $333/kWh in 2018.

As battery price makes up for around 40.0% of the electric bus manufacturing cost, the reduced price of batteries is predicted to help the manufacturer keep the electric bus prices under check. Furthermore, it is expected that the electric vehicle cost, including for buses, would decline owing to the rising operational efficiency. As for internal combustion engines it took decades of experience to lower down the cost,  the cost of electric vehicles is too predicted to come down with technical developments, economies of scale, and bettering operational efficiency, which is further expected to boost the Indian electric bus market growth during the forecast period.

In addition, with governments’ stringent regulations including emission norms and increasing support in the form of grants and subsidies, the Indian electric bus market is projected to grow. Besides, to deal with the rising concerns toward environmental degradation, the government is planning to introduce electric and hybrid bus services and also taking initiatives to promote electric bus manufacturing across the country. Recently, the Ministry of Urban Development launched the Green Urban Transport Scheme with the motive of completely eliminating carbon emissions from public transport in the nation. Olectra Greentech Limited and Tata Motors Limited are two of the prominent players in the market.

INDIA ELECTRIC BUS MARKET SEGMENTATION

By Type

·                     Battery Electric Bus (BEB)

·                     Hybrid Electric Bus (HEB)

By Length

·                     <10 m

·                     >10 m

By Battery

·                     Lithium–Iron–Phosphate (LFP)

·                     Lithium–Nickel–Manganese–Cobalt Oxide (NMC)

·                     Others

By Region

·                     South

·                     East

·                     West

·                     North

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Electric Truck Market to More than Triple by 2023 - Business Data

The main factors driving the growth of the electric truck market are stringent government regulations and incentives aimed at curbing carbon emissions from vehicles. As per P&S Intelligence, the market, by 2025, will register a sale of 1,508.1 thousand units, growing at a CAGR of 18.5% during the forecast period (2018–2025). Electric trucks use an electric battery, either on its own or in combination with an internal combustion engine (ICE), for propulsion, therefore lead to significantly less emissions than ICE trucks.

The electric truck is classified into battery electric vehicle (BEV), fuel-cell electric vehicle (FCEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV), based on propulsion. Among these, the BEV classification is predicted to display the highest CAGR during the forecast period, in terms of sales volume and value. The reason for this is that as such trucks do not have an ICE, they produce almost no carbon emission.

Governments across the world have formed stringent regulations to check the emission of carbon dioxide (CO₂) and nitrogen oxides (NO_x) from vehicles. Several cities, including Madrid, Paris, and Mexico City, have already announced bans on the sale and operation of fossil fuel-based vehicles. This is impelling the major truck manufacturers to increase the production of electric trucks as compared to conventional-fuel models. Therefore, with such regulations and bans, the electric truck sector would advance across the world.

  

Coming to the vehicle type, the market is divided into light duty (LDT), medium duty (MDT), and heavy duty (HDT) trucks. Among these, the HDT category is expected to grow the fastest during the forecast period in terms of both sales volume and revenue. The reason for this would be the growing demand for freight transportation in countries including India and China. In developed countries, the major factor for the growth of this type in the electric truck market would be its increasing deployment for long-haul logistics operations.

This is substantiated by the fact that of all the primary applications of electric trucks, including municipal and logistics, the latter category dominated the market during the historical period (2013–2017) in terms of sales volume as well as value and will continue doing so in the forecast period as well. Further, on a global ground, Asia-Pacific dominated the electric truck market in 2017 with more than 85.0% sales volume share, primarily driven by the sale of such trucks in China.

Hence, government regulations and support would be one of the primary reasons for the progress of the market across the world.

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Global Automotive Cockpit Electronics Market Business Outlook

The demand for automotive control functions that are accessible directly by the driver is increasing in automobiles, owing to extensive use of sensors and modern automotive control amenities in passenger cars. The major objective of automotive cockpit electronics is to enhance the driving experience, provide convenience, safety and improved controls. Automotive cockpit is used for the human-machine interference (HMI). The controls that are accessible directly from the automotive cockpit includes global positioning system (GPS), transmission, in-car telephone, rear display, CD players, wireless interference, advanced parking support systems,  in-car lighting, climate control, Wi-Fi and others.

Based on product type, the global automotive cockpit electronics market can be segmented as driving control system, infotainment, driving assistance system, and comfort system. Based on the type of automobile, the global automotive cockpit electronics market can be broadly classified as sedan cars, hatchback cars, sport utility vehicles (SUV), and others.

The automobile manufacturers are facing crucial issues regarding safety requirements, since a long time. As a result, the government regulation towards the passenger safety and environment has become more stringent in the recent years. Many latest advanced features, such as electronic stability control (ESC), advanced driver assistance systems (ADAS), tire pressure monitoring systems (TPMS), and Anti-lock braking system (ABS), have boosted the automotive cockpit electronics market in the recent years.

North America accounted for the largest market of automotive cockpit electronics in 2014. The automotive industry in North America continues to be one of the largest industries. In 2014, the automotive sector in the U.S. reached $500 billion in terms of revenue.  The Automotive Industry of North America received nearly $74 billion FDI in 2014 (about 3 percent of total FDI in the U.S.). The automotive industry manufacturers in the U.S. have collectively invested about $46 billion for the expansion and technological development, since 2010. Most of the automotive manufacturers in the U.S. run fully integrated operations within the country including research, and development (R&D). The automotive R&D, along with the technical up gradation is expanding in the U.S. for meeting the stringent safety regulations.

The Asia-Pacific automotive cockpit electronics market is growing at the fastest pace. The increasing middle class population, upsurge in urbanization, and strengthening transportation infrastructure in developing countries such as India and China has raised the demand for passenger cars in Asia-Pacific to a considerable level, which in turn is fueling the growth of the automotive cockpit electronics market. The passenger car market in China has witnessed a double digit growth rate, in the past few years.

Some of the competitors in the automotive cockpit electronics market are Continental AG, Visteon Corporation, Alpine Electronics Inc., Panasonic Corporation, Robert Bosch GmbH, DENSO CORPORATION, Harman International Industries Inc., Clarion Company Ltd., Delphi Automotive PLC, and Garmin Ltd.

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Methylene Chloride Market: Opportunities, Value Chain Analysis & Impact Analysis Of Restraints On Market Forecast

Across the globe, in 2017, the Asia-Pacific (APAC) region held the dominating revenue share of more than 70.0% in the methylene chloride market. This was due to the growing production of chemicals, surging population, and expanding infrastructure domain here. Apart from being the largest consumer, APAC is also the largest producer of methylene chloride. Governments of various countries, particularly Europe, have formulated strict environment regulations prohibiting the use of the compound in paint stripper application, due to which many producers have shifted their base to APAC. 

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China and India are two of the largest users of methylene chloride. Owing to the small-scale national production, India mostly imports such materials to cater to its consumer need. China, on the other hand, does not import the material in huge quantities as it has sufficient local supply to meet the internal demand. China, Japan, and Taiwan are the major methylene chloride suppliers to Southeast Asia. Due to its great solvent performance, it is widely used in cleaning applications, such as for metal cleaning, paint removal, and degreasing. 

The manufacturing of automobiles and machinery needs perfect cleaning of metals before they are adopted for serving the purpose. In addition, the products manufactured from these metals, including machine and automobile components, necessitate periodic degreasing for smooth operation. Thus, the growing production of metals to strengthen other products’ development activities would likely increase the demand for CH2Cl2, thereby resulting in the methylene chloride market growth. Furthermore, this compound is used as a prime solvent in adhesives and paints due to its strong dissolving strength, and quick drying and low flammability properties. 

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The automotive and construction domains are the prominent end users of paints and adhesives. Owing to the large-scale construction projects, such as buildings, bridges, and industrial facilities, going on around the globe, the consumption of paints and adhesives is significantly surging. In addition, the growing sales of automobiles in developing economies have escalate the demand for these materials. The growth in the production of paints and adhesives is, in turn, anticipated to the boost the methylene chloride market growth. 

Hence, the increasing demand for the compound for cleaning applications in various end-use industries is predicted to accelerate the growth of the market during the forecast period.

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How is Internet of Things (IoT) Revolutionizing Healthcare?

The healthcare spending is set to experience a growth of 5.4% between 2018 and 2022, compared to the 2013–2017 growth rate of 2.9%, according to the 2019 Global Health Care Outlook report published by Deloitte. Not only are the number of hospitals, cases of chronic diseases, and geriatric population increasing, but the sector is also going through rapid technological advancements. One of the recently introduced technologies, which is also becoming rapidly popular, is internet of things (IoT). Before delving into its application in healthcare, it is important to first understand its basic concept. IoT involves equipping various electronic devices with some sort of communication technology so that the data exchange among these happens automatically without the requirement for humans. In the medical field, these could range from a simple electronic prescription log to complicated equipment such as ventilators, cardiac monitors, and implantable pacemakers.

As per a study by P&S Intelligence, the IoT healthcare market valued $56.1 billion in 2017, from where it is predicted to ultimately reach $267.6 billion in the coming years at a CAGR of 30.2%. The technology finds many applications in the medical and wellness sector, including clinical operations and workflow management, telemedicine, connected imaging, medication management, and inpatient monitoring. Among these, the heaviest utilization of IoT up till now has been in telemedicine, and the trend is set to continue in the near future. It allows patients and doctors to see and communicate from a distance via audio-visual equipment. Not only can they talk to each other, but the patient data can be also automatically transferred from medical devices straight to the healthcare provider.

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This is of special benefit to patients who live in remote areas, far from a healthcare facility such as a clinic, nursing home, or a full-fledged hospital. IoT-enabled telemedicine saves time by enabling quick data exchange and money by doing away with frequent hospital visits. The elderly or those who are confined to a bed and are unable to travel are also prominent users of telemedicine. Defibrillators, insulin pumps, cardiac monitoring devices, continuous positive airway pressure machines, and oxygen tanks are the most prominent remote patient care devices to be equipped with IoT. As these provide swift medical care and improve patient outcomes, the demand for these devices is rising across the world.

Growing prevalence of lifestyle-related and chronic diseases has created the need for constant self-monitoring of health parameters. Several mHealth apps help people keep a check on their glucose levels, heart rate, blood pressure, and other vitals. These apps and connected medical devices have popularized the use of IoT in personalized healthcare management, as these also record the disease progression, and help patients in scheduling appointments and managing medication. The rising smartphone use has led to an increase in mHealth app downloads, further impacting the IoT healthcare market positively.

Similarly, on the basis of technology, the domain can be divided into BLE, Wi-Fi, ZigBee, NFC, satellite, and cellular. Among these, Wi-Fi led the IoT healthcare market in 2017 with 41.8% revenue contribution. The reason for this is the growing adoption of Wi-Fi tools and gadgets in hospitals for transferring data to and from the cloud. This is also why, as per the study, the Wi-Fi category is expected to advance with the highest CAGR (32.1%) during the forecast period.

Hence, we see that advancements in technology, allowing for remote patient monitoring and real-time disease management, will continue to drive the IoT healthcare market progress.

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