How is Rising Demand for Implantable Devices Driving Biomaterial Market?

The implantable devices niche is expanding rapidly due to the growing geriatric population, continuous innovation and development of products, increasing number of hip and knee replacements, and surging prevalence of diseases. Implantable devices are used for replacing a part of body, such as an organ, when it fails to perform its functions. These devices then are placed inside the body through medical intervention. Various applications of implantable devices include neurological conditions, plastic surgery, cardiovascular, obstetrics, dentistry, and ophthalmology. The demand for devices, such as artificial pacemaker, implantable cardioverter defibrillator, stents, and artificial heart valve, is increasing rapidly due to high incidence of heart failures or cardiovascular diseases. Similarly, the rising incidence of knee and hip injuries are resulting in the increasing requirement for their replacement. Since implantable devices are made up of biomaterials, their demand is increasing with the rising need for biocompatible devices.

Any synthetic or natural material used as a part of body to treat, replace, or augment tissue, or organ is referred to as biomaterial. Biomaterials are highly corrosion resistant, biocompatible, biofunctional, and have adequate strength. As per a study conducted by the P&S Intelligence, the global biomaterials market is expected to generate a revenue of $175.9 billion, witnessing a CAGR of 16.1%, in the coming years. Different materials used for making biomaterials include polymer, ceramic, and metallic. Out of these, the highest demand during 2012–2015 was created for metallic biomaterials. In the near future, the fastest growth in demand is predicted to be witnessed by polymer biomaterials.

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The expanding healthcare domain in developing countries is expected to provide wide scope to biomaterial manufacturers. The healthcare domain in emerging economies is still a fraction of that in developed countries, however, it has experienced considerable growth in the past few years and is further projected to grow significantly in the coming years, especially in the Latin America and Asia-Pacific regions. Since the market in these regions is fragmented, along with the improving healthcare infrastructure and presence of large population base, investors are attracted toward them more rather than the developed countries. Moreover, the overall cost of manufacturing of medical devices in emerging economies tend to be low leading to reduced cost of the product without compromising the quality. Also, as the income level of people in these countries is increasing, they are now in a position to afford high-quality implants, hence resulting in rising demand for biomaterial.

Global Biomaterial Market Segmentation
By Material

·         Metallic Biomaterial

·         Polymer Biomaterial

·         Ceramic Biomaterial

·         Others Biomaterial

By Application

·         Cardiovascular

·         Orthopedic

·         Dental

·         Wound Healing

·         Plastic Surgery

·         Ophthalmology

·         Neurological Condition

·         Others

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Agricultural Adjuvants Market: Competitive Landscape & Impact Analysis Of Drivers On Market Forecast by 2024

Environment-friendly products are gaining popularity in the agricultural adjuvants sector over chemically synthesized variants. Earlier, adjuvants, chemically synthesized from derivates of sulfinates, alkoxylates, and amines which possess harmful substances, were used across the world. But, in recent years, advancements in adjuvant technologies have focused on the synthesis of biodegradable, non-toxic, and eco-friendly products. As a result, companies are increasingly manufacturing bio-based adjuvants to diversify their portfolios. 

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Agricultural adjuvants can be added to a variety of pesticides, including insecticides, herbicides, and fungicides. During the historical period, herbicides held the largest share in terms of volume in the agricultural adjuvants market. They are widely use in broadleaf crops and winter cereals. Furthermore, herbicides are highly compatible with different adjuvants such as vegetable oil and petroleum concentrate-based products, and non-iconic surfactants. In addition, the usage of adjuvants with herbicides offers high economic benefits and incentives to agricultural installations and farmlands. 

According to the Population Division of the United Nations Department of Economic and Social Affairs, in 2017, the global population was 7.6 billion, and it is anticipated to reach approximately 9.8 billion by 2050. The extra population of 2.2 billion is predicted to create an additional demand for cash, horticulture, and food crops during the forecast period. As a result of the surging population and expanding cities, the cultivable area is shrinking fast to accommodate metropolitan towns and cities. According to the Food and Agricultural Organization (FAO), in 2015, the cultivable land decrease to 48.6 million square km from 49.4 million square km between 2000 and 2015. 

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Further, surging population and limited cultivable land are anticipated to create pressure on agricultural installations and farmlands to increase the crop productivity and yield, thereby raising the usage of adjuvants and pesticides during the forecast period. The growing population is predicted to produce an additional need for horticulture, cash, and food crops. Thus, the increasing population will considerably raise the consumption of food, resulting in the heavy use of adjuvants in the agriculture sector.

Talking about the crop type, oilseeds and pulses, cereals and grains, and fruits and vegetables would be some of the categories of the market. Out of these, in 2017, the cereals and grains category dominated the market with nearly 45.0% share in terms of volume. Increasing global population and shrinking cultivable land are anticipated to create pressure on the farming community to maximize crop productivity, which in turn is expected to boost the usage of pesticides and adjuvants in the forecast period.

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How is Prevalence of Various Diseases Driving Medical Gases and Equipment Market?

The prevalence of chronic, lifestyle-associated, and respiratory diseases is on the rise across the world. For example, as per the Centers for Disease Control and Prevention (CDC), about 117 million people in the U.S. were suffering from at least one chronic disease in 2012. Similarly, according to the World Health Organization, nearly 250,000 people die of asthma every year around the world. In order to treat these diseases, several medical gases and devices are required. Hence, as the prevalence of various diseases increases, the demand for all types of medical devices will also grow. Medical gases and equipment are important elements in medical centers, life sciences sector, laboratories, and long-term care; they are used for treatment as well as diagnosis of several diseases.

According to a study conducted by the P&S Intelligence, the global medical gases and equipment market is expected to attain a value of $21.6 billion, advancing at a CAGR of 8.0%, in the coming years. The primary applications of medical gases and equipment include diagnostics, pharmaceutical manufacturing & research, and therapeutics. During 2012–2015, the largest demand for medical gases and equipment was created by therapeutic applications. Medical gases are used for various therapeutic purposes including treatment of cardiovascular and respiratory diseases, acute hypoxia, pain, resuscitation, and pulmonary arterial hypertension, cryosurgery, in neurobiology, and for anesthetization. The demand for medical gases and equipment will remain the highest for therapeutic applications in the near future due to the surging prevalence of chronic and respiratory diseases.

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There are two types of medical gases, namely medical gas mixture and pure medical gas. During 2012–2015, the requirement for pure medial gas was higher. This gas comprises nitrogen, oxygen, carbon dioxide, helium, nitrous oxide, medical air, argon, xenon, and carbon monoxide. Types of medical gas equipment include oxygen concentrator, medical gas equipment accessories, and gas delivery system. Out of these, medical gas equipment accessories are expected to be demanded the most in the coming years. Medical gas equipment accessories are further divided into flow meters, regulators, vacuum systems, hoses, masks, outlets, manifolds, alarm systems, and others (which include pressure switches, fittings, ball valves, check valves, and conversion kits).

Global Medical Gases and Equipment Market Segmentation

By Type

·         Medical Gas

o    Pure medical gas

§  Oxygen medical gas

§  Nitrous oxide medical gas

§  Medical air medical gas

§  Nitrogen medical gas

§  Carbon dioxide medial gas

§  Helium medical gas

o    Medical gas mixture

§  Blood gas mixture

§  Lung diffusion mixture

§  Nitrous oxide-oxygen mixture

§  Carbon dioxide-oxygen mixture

§  Laser gas mixture

§  Aerobic mixture

§  Anaerobic mixture

§  Helium oxygen mixture

§  Ethylene oxide mixture

·         Medical Gas Equipment

o    Medical gas equipment accessories

§  Vacuum system

§  Manifolds

§  Alarm system

§  Flow meters

§  Hose

§  Mask

§  Regulators

§  Outlets

o    Medical oxygen concentrator

o    Medical gas delivery system

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By Application

·         Therapeutic

·         Diagnostic

·         Pharmaceutical manufacturing & research

·         Others

By End User

·         Hospital

·         Home Healthcare

·         Emergency Service

·         Pharmaceutical Industry

·         Academic & Research Institute

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Need to Lower Carbon Dioxide Emissions to Augment the Electric Car Market Growth

The compliance to the stringent emission norms across the globe, combined with government incentives and subsidies for electric vehicle (EV) adoption, is positively influencing the electric car market. In 2017, 927,485 electric cars were sold, and the market is expected to progress at a 33.6% CAGR during the forecast period (2017–2023). An EV is an automobile that uses electric energy as fuel, which is stored in battery packs which are rechargeable.

A shift toward battery electric vehicles (BEV) from plug-in hybrid battery electric vehicles (PHEV) is being observed in the electric car market. BEVs, being eco-friendlier, are compelling the governments to offer subsidies and incentives for their adoption. In the U.S., car companies are motivated to sell more BEVs than PHEVs, owing to the fact that the former vehicle type gets them more Zero Emission Vehicle (ZEV) credits. Likewise, in France, the provision for more tax exemptions exists for electric cars emitting up to 20 g CO₂/km than those emitting 21 to 60 g CO₂/km, where the former and latter figures usually correspond to BEVs and PHEVs, respectively.

To increase their electric car market presence, automakers are seeking expansion by acquiring small local players and engaging in joint ventures (JV). Foreign companies are rapidly entering the Chinese market through collaborations with regional players. For instance, Volkswagen Group is collaborating with SAIC Motor to develop electric cars in China. By 2022, the Renault–Nissan–Mitsubishi Alliance aims to launch 12 new electric vehicle models. Similarly, BMW Group, in 2018, entered into a JV with Great Wall Motor Company Limited in China for the production of electric cars under the Mini brand.

Further, stringent emission norms are driving the electric car market forward. With increasing global concerns about the rising greenhouse gas levels in the environment, and automobile fuel being one of the major contributors to that, many countries are imposing strict regulations to limit these harmful emissions. For instance, in keeping with the Europe 2020 strategy, the European Union aims to cut down the CO₂ emissions by 20.0% by 2020 from the levels reported in 1990.

Another contributing factor in the growth of the market is the reducing prices of battery packs, as they hold a significant share in the pricing of an EV. To help BEVs compete with conventional cars in terms of pricing, the cost of battery packs should be lower than $120/kWh. During the 2010–2016 period, their cost dropped to $227/kWh. The market would benefit by the decreasing costs of battery packs, which combined with improved battery range and capacity, would further drive the market growth.

Based on technology, the electric car market classifications are PHEVs and BEV. BEV’s dominance in China and higher subsidies provided for their adoption compared to PHEVs contributed to their larger volume share in the market during the historical period (2013–2017). Owing to their better eco-friendliness as compared to PHEVs, they are projected to be the faster growing category in the forecast period as well, leading the market in 2023.

On the basis of segment, the categories are premium, medium, low, and economy. In 2017, the economy category held the largest volume share in the electric car market, with the low category coming in second. The sales of the cars under these categories were observed to be higher than the others during the historical period owing to their affordability and popularity in key markets such as China. The fact that China is the largest market for EVS further substantiates this finding.

Hence, the market is slated to advance owing to the surging concerns about air pollution.

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Autonomous Vehicle Advancements Strengthening AI in Transportation Market

Due to the rising concerns for vehicle and driver safety, increasing focus on lowering the transportation costs, and advancements in autonomous vehicles, the artificial intelligence (AI) in transportation market is witnessing significant growth. In 2017, the market valued at $1.4 billion, and it is predicted to generate a revenue of $3.5 billion by 2023, exhibiting a CAGR of 16.5% during the forecast period (2018–2023). AI in transportation involves the use of computer vision, deep learning, and natural language processing technologies.

Video camera, radio detection and ranging (RADAR) sensors, and light detection and ranging (LiDAR) equipment are some of the AI-based hardware installed in fully autonomous vehicles which are under trial. Based on application, the AI intransportation market is bifurcated into human-machine interface (HMI) and advance driver-assistance system (ADAS). Of these, during the historical period (2013–2017), HMI dominated the market in terms of revenue, and it is expected to maintain its lead during the forecast period, owing to its extensive penetration in trucks compared to ADAS.

However, ADAS is anticipated to witness faster growth during the forecast period as it helps in easy handling of the vehicle while driving and parking, and also reduces the chances of accidents by giving prior alarms and warnings. Based on offering, the AI in transportation market is categorized into software and hardware. Of the two, during the historical period (2013–2017), the software category led the market, and it is predicted to dominate it during the 2018–2023 period as well. This is ascribed to the rising deployment of software as a platform, such as Microsoft Azure, in HMI applications.

In the past few years, the market has witnessed a considerable number of partnerships and mergers and acquisition activities. Technology-based start-ups are being acquired by large original equipment manufactures. For instance, in February 2018, NVIDIA corporation and Continental announced that they are coming into a partnership to manufacture AI self-driving vehicle systems modeled on the NVIDIA DRIVE platform, with a market introduction in level 3 autonomous vehicles in 2021. Thus, the trend of partnerships is likely to drive the growth of the AI in transportation market during the forecast period.

Further, the advancements in autonomous vehicle technology are anticipated to bring a big change in the transportation sector. AI is the only technology that offers real-time and reliable object recognition around vehicles. AI-powered systems enable the coordination, monitoring, and optimization of fleet utilization, lowering of the operation costs, and escalation in the level of services. Automakers such as Volvo AB, and Tesla Inc., automotive suppliers including Valeo SA, and Delphi Technologies PLC, and technology companies such as Google Inc. are focusing on autonomous trucks and other vehicles for commercial purposes.

For instance, in November 2017, Tesla launched an electric semi-truck with semi-autonomous features. Apart from this, many start-ups including nuTonomy Inc., TuSimple Inc., and Nauto Inc. are manufacturing commercial vehicles and passenger cars equipped with autonomous driving systems. The rising consumer preferences toward safe and secured commute is encouraging the automakers to deploy AI in their automobiles. Autonomous vehicles equipped with smart features are anticipated to fuel the AI in transportation market growth in the long term, globally.

Hence, increasing consolidation among manufacturers, and autonomous vehicle technology advancements for better safety and security are augmenting the market progress.

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Automotive Bearing Market to Observe Strong Development by 2025

In a recent study by P&S Intelligence, the 2025 size of the automotive bearing market has been estimated as $53.3 billion. The expanding automotive industry and the increasing desire to make vehicles lightweight are resulting in the market progress. In a bid to reduce the vehicle weight, manufacturers are going for lightweight bearings that are also stiff and durable. The bearings are now being manufactured by utilizing enhanced forging techniques and low torque. This is how the demand for lightweight vehicles is pushing the demand for advanced bearings, which is, in turn, driving the market growth.

Roller bearing, ball bearing, and plain bearing are the various types of bearings available, among which the ball category is predicted to dominate the automotive bearings market in 2018 with over 50.0% sales volume share. This is attributed to the heavy use of ball bearings in two-wheelers and passenger cars. But, the share of roller bearings is expected to increase during the forecast period owing to a rise in heavy-duty vehicle production.

On segmenting the domain by vehicle type, passenger car, two-wheeler, electric vehicle, and commercial vehicle are the four subdivisions. Among these, the electric vehicle subdivision witnessed the highest automotive bearing market CAGR during the historical period. Alarming air pollution levels impelled governments to form stringent emission regulations and offer subsidies to encourage their adoption. Further, people also accepted electric vehicles with open arms, which resulted in an increased demand for these, which, in turn, drove the requirement for automotive bearings.

Independent aftermarket (IAM), original equipment supplier (OES), and original equipment manufacturer (OEM) are the three main sales channels for such automotive bearings. The fastest growth in the automotive bearing market during the forecast period is expected to be witnessed by OEMs, as these are improving their products as well as manufacturing capacities to cater to the rising demand.

In 2018, Asia-Pacific (APAC) is estimated to purchase almost 45.0% of all the automotive bearings manufactured across the world, owing to the expanding automobile industry in countries, such as India, China, Indonesia, and Thailand. Here, the increasing living standards and affordability of vehicles are pushing the automotive industry, which is further driving the market for automotive bearings. China is slated to be the automotive bearing market leader due to an increasing regional demand for vehicles.

To expand their product range and market share, the key players are actively taking part in mergers and acquisitions. For example, in 2018, Cone Drive Operations Inc., a manufacturer of gears and precision drives, and ABC Bearings Ltd., a bearing manufacturer based in India, were acquired by The Timken Company. Other automotive bearing market players, including MINEBEA MITSUMI Inc., JTEKT Corporation, NTN Corporation, NSK Ltd., Schaeffler AG, RBC Bearings Inc., AB SKF, C&U Group Ltd., and NACHI-FUJIKOSHI CORP., are taking similar steps.

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Electric Bike and Scooter Market Trending in Europe Region

The European electric scooters and motorcycles market is expected to reach $892.4 million by 2025, with a CAGR of 26.2% during the forecast period, according to P&S Intelligence.

The major driving factors for the growth of the market are deployment of electric scooters for sharing services, rising concerns over greenhouse gas emissions, government initiatives, and implementation of stringent emission regulations.

The rising concerns over greenhouse gas emissions coupled with introduction of several government initiatives is a major factor for the growth of the European electric scooters and motorcycles market. Accelerating rate of environmental degradation caused by greenhouse gas emissions has become a major concern for governments across the world. This has resulted in various government initiatives to reduce carbon emissions on a large scale.

For instance, the Italian government has recently enacted a legislation to provide subsidies on electric scooter purchases, and the scheme is valid through 2019. The government has allocated $11.34 million (EUR 10 million) to support the scheme. Thus, such initiatives by the government to increase the adoption of electric vehicles as an effort to reduce carbon emissions are driving the European electric scooters and motorcycles market.

Implementation of stringent emission regulations acting as a major driverIncreased demand for high-powered electric motorcycles is a key trend witnessed in the market

The demand for high-powered electric motorcycles is increasing in the European countries. Due to their higher power levels, electric motorcycles witnessed over 100% increase in their sales in 2018, from the preceding year. Many original equipment manufacturers (OEMs) of conventional gasoline-based vehicles have announced their plans of introducing high-powered electric motorcycles in the near future. Thus, the increasing demand for electric motorcycles with high-power engine is one of the key trends observed in the European electric scooters and motorcycles market.

France was the largest electric scooters and motorcycles market in 2018
France held the largest share in the European electric scooters and motorcycles market during the historical period, accounting for over 25% sales volume in 2018. However, Spain is expected to be the largest market for electric scooters and motorcycles in Europe during the forecast period. This is due to the fact that introduction of scooter sharing business is getting popular in major cities of the country and many new players have started their operation in Barcelona as the scooter culture is vibrant in the city.

Some of the major players operating in the European electric scooters and motorcycles market are GOVECS AG, Gogoro Inc., TORROT ELECTRIC EUROPA S.A., Kwang Yang Motor Co. Ltd., unu GmbH, BMW AG, Niu Technologies, Askoll EVA SpA, Zero Motorcycles Inc., Lightning Motors Corp., Alta Motors, Scutum Logistic S.L., emco electroroller GmbH, ETRIX AG, and Piaggio & C. SpA.

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