How is Increasing Disposable Income of People Driving Mattress Market?

The growing disposable income of people around the globe has resulted in a rise in the home ownership rate. As per the Organisation for Economic Co-operation and Development, several government policies and the average annual growth rate of disposable income (over 2% worldwide) has led to affordable housing, which is a basic need for human beings. Now people are able to spend on things which make their lives more comfortable and easier, such as mattresses. According to a research conducted by P&S Intelligence, the global mattress market attained $31,181.5 million in 2017 and is expected to grow with a 3.8% CAGR during the forecast period (2018–2023).

The various types of mattresses include latex, innerspring, and memory foam. Some other types include hybrid, gel, water, and air. Out of these, the innerspring mattresses are the most common and were the most in demand in 2017. However, the demand for memory foam mattresses is projected to increase significantly in the near future as people are becoming more conscious regarding their health. Memory foam mattresses conform to the user’s body and aid in relieving muscle pains and body stress. Mattresses come in different sizes to suits the needs of different users: king size, queen size, single size, and double size. Among these, the largest demand was created for queen size mattresses during 2013–2017.

The demand for mattresses across the world is increasing because of the rising migration rate to urban areas and surging population. The population in the urban areas is growing due to the rising migrate rate, primarily in Asia-Pacific and Middle-East regions. As per the United Nations report, World Urbanization prospects, approximately 54% of the total world population lives in urban areas in 2014 and this number is projected to increase to about 66% in 2050.  This is leading to the growth in urban housing occupation, which is further resulting in the rising need for mattresses. In addition to this, the increasing population is driving the requirement for different consumer products, including mattresses.

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Due to the surging need for mattresses, innovations in mattress manufacturing process are also taking place. As the awareness regarding healthy and hygienic sleep habits is rising, the demand for hybrid mattresses is also increasing. Hybrid mattresses are made up of different types of components, such as polyurethane foam, spring coils, layer of latex, and thermagel, which offer different benefits to the user. Apart from all this, the industry is also witnessing a shift in consumer preference for eco-friendly mattresses, owing to which the manufacturers are also coming up with innovative fabrics that are used in the outer covering of the mattresses. 

The rise in demand for eco-friendly mattresses is projected to significantly contribute to the growth of the mattress market during the forecast period. These mattresses are made up of environment-friendly materials such as natural latex, organic wool, organic cotton, and alternatives that have less ecological impact than the traditional mattresses. The demand for organic mattresses is rising due to the negative impacts of flame retardants, adhesives, off-gassing, and other chemicals that are utilized in the manufacturing process. Natural latex mattresses, natural memory foam mattresses, and natural innerspring mattresses are some of the eco-friendly mattresses available in the market at the present time.

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Increasing Demand for Automobiles Driving Lead-Acid Battery Market

In 2017, the global lead-acid battery market reached value of $56.9 billion and is predicted to generate $70.7 billion by 2023, growing at a 3.7% CAGR during the forecast period (2013–2017). The market is registering growth due to the rising demand for electric vehicles (EV), growing requirement for automobiles, increasing need for uninterrupted power supply (UPS), urbanization and industrialization in developing countries. A rechargeable cell, which utilizes lead peroxide and sponge lead in order to convert chemical energy into electricity, is called a lead-acid battery.

When construction is taken into consideration, the lead-acid battery market is categorized into valve-regulated lead acid (VRLA) and flooded. Out of these, the flooded category dominated the market during the historical period (2013–2017), holding a share of over 50.0% in 2017, in terms of value. The reason for this is the increased applications of these batteries in the marine and automotive industries, because of their high power output and low cost. The fastest growth is projected to be witnessed by the category of VRLA during the forecast period.  

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Among all the regions, namely Middle East and Africa, Asia-Pacific (APAC), North America, Latin America, and Europe, APAC accounted for the major share of the lead-acid battery market in 2017, in terms of value. The region is further projected to advance at the fastest CAGR of 4.6% during the forecast period. This is attributed to the growing applications of lead-acid batteries in various sectors including healthcare, automotive, manufacturing, and oil & gas. Furthermore, rapid industrialization and urbanization in this region is resulting in the rising demand for lead-acid batteries.

A key factor driving the growth of the lead-acid battery market is the increasing demand for automobiles. Lead-acid batteries are used in automobiles for the purpose of lighting, ignition, and starting. These batteries also provide electric supply to several vehicle accessories such as music players, radio, air conditioners, charging plugs, and wipers. The purchasing power in developing nations is on the rise, along with the population, due to which the production of vehicles has grown over the years. This is further resulting in the growing requirement for lead-acid batteries.  

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The demand for EVs is on the rise, which is also contributing considerably to the growth of the lead-acid battery market. The need for EVs, such as plug-in hybrid electric vehicles and hybrid electric vehicles, is rising because they offer efficient and clean transportation. Moreover, the regulatory norms imposed by the government in order to decrease the global temperature and greenhouse gas emissions are also driving the demand for EVs. Lead-acid batteries are utilized as a power generating source in these vehicles, due to their high energy density and specific energy.

One of the major trends in the lead-acid battery market is the rapid shift from conventional generators to stationary lead-acid battery in the telecom industry. Conventionally, generators were utilized to power telecom towers, however, as they emitted hazardous emissions, they were replaced. Now, the telecom towers make use of electrical energy from the grid for running their machineries. Due to this, the telecom companies are increasingly adopting stationary lead-acid batteries for providing uninterrupted, stable, and reliable power supply to their towers.

Thus, the market is growing significantly because of the growing demand for automobiles and the rising requirement for EVs. 

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Rising Number of Zoonotic Infections to Take Animal Healthcare Market Forward

Animal healthcare market is expected to reach $42,926.7 million by 2023, according to P&S Intelligence.

The growth in the market can be attributed to the increasing consumption of milk and meat, rising adoption of companion animals, and increasing prevalence of food-borne zoonotic diseases.

Insights into the market segments

Based on product, the market is classified into feed additives, vaccines, anti-infectives, anti-inflammatories, parasiticides, and others, wherein “others” include oncological and antiemetic products, drugs for reproductive problems, and sedatives for pain relief. Among these, the category of feed additives held the largest share in the animal healthcare market in 2017. Increasing consumption of animal-derived products and rising feed production are the key factors driving the market growth of this category.

Based on animal type, the animal healthcare market is categorized into farm animals and companion animals. Of these, farm animals held a larger revenue share, of over 55%, in the market in 2017. This can be majorly attributed to the increasing adoption of farm animals to fulfil the demand for animal-based food products across the globe.

According to Animal Matters, a volunteer-run organization promoting animal welfare, approximately 70 billion farm animals are reared for food every year, globally. Further, in the U.S., an estimated 2.2 million sheep and lambs and 1.5 million goats are slaughtered for meat every year.

Based on distribution channel, the market is classified into veterinary hospitals, veterinary clinics, pharmacies and drug stores, and others, wherein “others” include online and retail stores. Of these, veterinary hospitals held the largest share in the global animal healthcare market in 2017. As compared to veterinary clinics, veterinary hospitals provide complete animal healthcare services for animals, including accommodation and nursing care, due to which a large number of pet owners prefer taking their animals to these hospitals.

Increasing prevalence of food-borne zoonotic diseases has raised concerns among farm owners and pet owners over animal healthcare. Brucellosis (a type of bacterial infection), which causes stillbirth or abortion in animals, is increasing especially in the U.S. The bacterial infection generally affects goats and livestock animals, such as cows and sheep. According to the European Food Safety Authority (EFSA), about 320,000 cases of food-borne zoonotic diseases are registered every year in the European Union. Thus, players in the animal healthcare market are increasingly focusing on the development of medicines to help prevent the spread of food-borne zoonotic diseases.

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Discovery of animal diseases is expected to offer lucrative opportunities to medicine-manufacturing companies

With increasing animal population and rising incidence of diseases in animals, there has been a rise in the development of medicines for inhibiting the growth of diseases in animals. A lot of animal diseases are reported every year, which offer opportunities to companies in the animal healthcare market for product development. Diseases such as the Nipah virus (NiV) infection, melioidosis, bluetongue, and porcine reproductive and respiratory syndromes are commonly reported in animals. Hence, companies in the market are actively working toward the development of medicines that would help reduce the spread of such diseases.

Animal Healthcare Market – Competitive Landscape

The intensity of rivalry among players in the animal healthcare market is moderate. Most of the major players are actively focusing on partnerships, and mergers and acquisitions to meet the growing demand in the emerging market. For instance, in June 2018, Zoetis Inc., a key market player, and Regeneron Pharmaceuticals Inc., a biotechnology company that develops medicines for critical animal diseases, announced a five-year collaboration to study the use of monoclonal antibody therapeutics in animals.

Some of the other key players operating in the animal healthcare market are Merck & Co. Inc., C.H. Boehringer Sohn AG & Co. KG, Bayer AG, Virbac Group, Ceva Santé Animale, Elanco Animal Health, and Vetoquinol S.A.

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Healthcare BPO Market Size, Leading Players, Segments Analysis and Forecast to 2024

The global healthcare BPO market size is witnessing significant growth, due to technological advancements in healthcare IT sector and increasing demand for reducing healthcare costs. The tenth revision of International Statistical Classification of Diseases and Health Related Problems (ICD-10), emergence of biologics and massive unexplored healthcare BPO market in the emerging economies are creating ample opportunities for the growth of the global healthcare BPO market. Healthcare reforms across the globe and adoption of healthcare BPO by major pharmaceuticals, biopharmaceuticals and biotechnology companies are supporting the demand of cost effective and improved healthcare system.

Healthcare BPO is the practice of outsourcing business operations by healthcare providers, payers and organizations. Healthcare BPO has several advantages, such as availability of skilled workforce at low cost, reduction in training and administrative costs, and high profitability for healthcare organizations, payers, and providers. In addition, healthcare BPO also improves the quality of patient care, while reducing the investment required for infrastructure.

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Some of the factors driving the growth of the global healthcare BPO market are increasing healthcare costs, advancement in the healthcare IT technology, lack of skilled professionals and increasing demand for improved healthcare. In addition, the high cost associated with R&D and manufacturing of drugs, and reduced productivity is compelling the major pharmaceuticals companies to outsource their business processes. However, data security and privacy concerns, unforeseen costs, and difference in the regulatory processes within different countries are restraining the growth of the global healthcare BPO market.

On the basis of outsourcing destination geographies, the global healthcare BPO market comprises the U.S., India, Philippines, Europe, Latin America and Rest of the World. Again, the U.S. leads the global healthcare BPO market as outsourcing destination geography. Philippines is the fastest growing outsourcing destination geography in the global healthcare BPO market, due to availability of skilled workforce at low cost and advancements in healthcare IT technology.

Some of the major players operating in the global healthcare BPO market are Accenture, Tata Consultancy Services (a part of Tata Group), Genpact, Boehringer Ingelheim GmbH, Cognizant, Charles River Laboratories International Inc., Covance Inc., Infosys Limited, Lonza Group Ltd. and Quintiles Inc.

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AI in Healthcare Market is Expected to Observe an Extensive Growth in the Coming Years

AI in healthcare industry finds application in medical imaging and diagnostic, patient data and risk analysis, precision medicine, drug discovery, virtual assistant, inpatient care and hospital management, wearables, research, robot assisted surgery, fraud detection and others. Patient data and risk analysis application is projected to register considerable growth during the forecast period. Growing number of patient base and increasing adoption of healthcare IT solutions such as EHR in healthcare settings is expected to foster the growth of AI in patient data and risk analysis.

The key end user of AI in healthcare market include healthcare providers, pharmaceutical and biotechnology companies, healthcare payers and patients. AI in healthcare is mostly utilized by the healthcare providers, mainly due to increasing concern towards improving hospital in-patient care, growing adoption of EHR in hospitals, small to medium sized clinics and ambulatory care centers.

The key factors that drive the growth of the industry include rise in need for coordination between healthcare workforce and patients, increasing application of Big Data in healthcare industry, ability of AI to improve patient outcomes, growing demand for precision medicine and increase in venture capital investments.

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With the increasing use of big data in healthcare sector, the vast amount of data can be stored systematically, as big data makes it easier for hospital staff to work efficiently. In order to monitor blood pressure, heartbeat and respiratory rate sensors are used besides patient beds which alert the doctors and hospital staff if any change is observed in the patient condition. Big data also help to fight cancer and mapping the 3 billion DNA base pairs during treatment of cancer. Big data improves hospital administration by reducing the cost of care measurement and provide best clinical support.

North America leads the global market due to presence of major AI providers including Intel Corporation, Google, Inc., IBM Corporation in the region. Other factors leading the market growth include, developed healthcare infrastructure, and growing aging population. Asia-Pacific is expected to witness the fastest growth during the forecast period. Increasing healthcare expenditure, continuously improving healthcare infrastructure due to growing medical tourism and growing aging population are the factors expected to support the growth of the Asia-Pacific AI in healthcare market.

Key players in the global AI in healthcare market include Intel Corporation, IBM Corporation, Microsoft Corporation, Google, Inc., General Electric Company, NVIDIA Corporation, Medtronic Plc, Koninklijke Philips N.V., iCarbonX, Next IT Corp., Welltok, Inc., General Vision, Inc, Recursion Pharmaceuticals, Enlitic, Inc. Stryker Corporation, Deep Genomics, Inc., and Oncora Medical, Inc.

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Need for Energy-Efficient HVAC Systems Driving Variable Refrigerant Flow(VRF) Systems Market

In 2017, the global variable refrigerant flow systems market generated a revenue of $11,400.7 million and is predicted to advance at a 13.4% CAGR during the forecast period (2018–2023).

The market is growing because of the rising demand for energy-efficient heating, ventilation, and air conditioning (HVAC) systems and inclination toward state-of-the-art technology and modern controls. VRF systems are air-conditioning unit system which comprise two major components, indoor and outdoor units.

On the basis of system type, the VRF systems market is bifurcated into heat recovery systems and heat pump systems. The market was dominated by heat pump systems during the historical period (2013–2017), which are further expected to account for the major share of the market during the forecast period, in terms of value. The reason for this is the disadvantages of heat recovery systems, even though they are capable of heating and cooling simultaneously.

Moreover, heat pump VRF systems have a lower cost of acquisition, negligible design constraints, and lesser manufacturer limitations.

When application area is taken into consideration, the VRF systems market is categorized into residential, commercial, and others (which include airports, metro stations, and railway stations).

Among these, the commercial category held the largest share of the market during the historical period, in terms of value, and is predicted to retain its position during the forecast period. This is due to the increasing construction activities and strict building regulations regarding energy efficiency.
The residential category is expected to grow at the fastest pace during the forecast period.

Global VRF Systems Market Segmentation

Market Segmentation by Component

• Outdoor Units
• Indoor Units
• Control Systems and Accessories             

Market Segmentation by Compressor Unit

• Air-Cooled Unit
• Water-Cooled Unit

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Why North America Patient Engagement Solutions Market is Witnessing Growth

Due to growing healthcare expenses, increasing demand for better healthcare infrastructure, surging geriatric population, and more incidents of chronic diseases, the adoption rate of patient engagement solutions is projected to witness significant growth. The North American patient engagement solutions market generated $3.9 billion in 2017 and is expected to witness a CAGR of 15.8% during the forecast period 2018–2023. Patient engagement refers to the process of establishing communication between patients and their healthcare providers online.

With smooth connectivity, the sharing of medical history, doctor appointments, treatment schedule, medication prescriptions, and lab reports has become extremely easy. Patients are more concerned about their personal information and comfort today compared to the past. Nowadays, they demand technologies that can consolidate all their medical information in one place and help them access and share it whenever and from wherever they want. This is why the patient engagement solutions market in North America has been progressing.

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The major factors driving the growth of the North American patient engagement solutions market are rising demand for better healthcare infrastructure and increasing spending on healthcare. In addition, the surging geriatric population and growing prevalence of chronic diseases are also contributing in this regard. According to the UN publication “World Population Ageing 2017”, around 78.4 million people in North America in 2017 were 60 years old or older, and the number is estimated to reach 122.8 million by 2050.

There is no doubt that elderly people need extensive care, as they are more prone to chronic diseases, such as cancer and diabetes. According to the American Cancer Society (ACS), around 1,688,780 new cases of cancer were diagnosed in the U.S. in 2017. Similarly, the Foundation for AIDS Research (amfAR) reported that in 2016, almost 1.1 million people in North America were suffering from AIDS. With an increasing number of elderly or even comparatively young people prone to such chronic diseases, who are demanding patient engagement solutions, the patient engagement solutions market in North America is predicted to advance in the future.

Further, government initiatives toward promoting patient engagement programs are also taking the North America patient engagement solutions market forward. For instance, under the EHR Incentive programs, the U.S. government offers healthcare providers incentives to encourage the adoption of electronic health records (EHRs). Similarly, the Medicare Access and CHIP Reauthorization Act seeks to revolutionize the methods, in which doctors treating Medicare patients (aged 65 or above) are paid. Under this act, doctors are paid based on the level of care they provide rather than the number of patients they treat, and how well they utilize EHRs.

Thus, we see that owing to conducive government policies and increasing incidents of chronic diseases in the elderly, the market is predicted to witness steady progress.

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