How is Increasing Adoption of 3D Printing Driving 3D Printing Filaments Market?

The manufacturing world has changed a lot since the start of the industrial revolution. Clearly, great minds might have come up with different sort of ideas for manufacturing products on an industrial scale. Some of the traditional manufacturing techniques include subtractive manufacturing and formative manufacturing (injecting modules). But, since there is scope of improvement in almost every field, regardless of the time period, the notion of 3D printing came into being, and in 1987, Chuck Hull released the first 3D printer, which changed the face of industrial manufacturing. With the development of 3D printing techniques, the need for cutting tools or molding reduced, and the manufacturing process became easy and more efficient.

In 3D printing, a component is manufactured directly onto a built platform, layer by layer, by using different kinds of materials, which are referred to as filaments. It is no wonder that the demand for 3D filaments is increasing with the growing adoption of 3D printing. According to a P&S Intelligence report, in 2018, the global 3D printing filaments market reached a value of $544.8 million, and it is further expected to generate $2,146.2 million by 2024, progressing at a 25.4% CAGR during the forecast period (2019–2024). Ceramics, metals, and plastics are some of the major materials which are used in 3D printing.

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These filaments are used in different industries, namely healthcare, industrial, consumer goods, automotive, and aerospace & defense. The components in the aerospace & defense industry are complex in nature, and 3D printing is the ideal way for manufacturing them. In addition to this, customized aircraft components can be produced much more easily with 3D printing techniques, as compared to conventional manufacturing techniques. Due to these reasons, the adoption of 3D printing in the aerospace & defense industry is rising, which, in turn, is resulting in the growth of the 3D printing filaments market.

Mass customization is a major reason for the increase in the adoption of 3D printing techniques. While the technology was first adopted by the aerospace industry, it soon became the go-to option for other industries as well. Due to the changing preference of people, product customization has become an important aspect for companies to gain a competitive edge in the market. The usage of 3D printing, instead of subtractive manufacturing, also reduces wastage and operational costs. All these factors would further result in a growing demand for 3D printing filaments in the near future.

The requirement for these materials has been quite high in North America in the past, which can be attributed to the rapid expansion of the aerospace & defense industry and the early introduction of 3D printing for mass customization of intermediate products in the region. Aircraft manufacturing companies in North America, such as The Boeing Company and Lockheed Martin Corporation, are increasingly incorporating 3D printing into their production processes, which is creating a high requirement for the materials used in 3D printers.

In conclusion, the consumption of 3D printing filaments is growing due to the rapid adoption of 3D printing for mass customization.

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How is Changing Preference of Patients Driving Telemedicine Market?

The access to proper healthcare facilities is something which should be available for each and every person; however, people living at remote locations are often left out when it comes to provision of advanced healthcare facilities. This is because developed healthcare infrastructure is only present in cities and densely populated areas. Attributed to these, the concept of telemedicine was developed for treating patients who were located in remote areas, in areas with shortages of medical professionals, or far away from local health facilities. Telemedicine at the present time is also utilized for addressing similar concerns, but the preference of consumers is changing as well, which is further resulting in a rising need for telemedicine.

As per a P&S Intelligence report, the global telemedicine market size reached a value of $21.5 billion in 2017 and is expected to generate a revenue of $48.8 billion by 2023, progressing at a 14.8% CAGR during the forecast period (2018–2023).

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The major services offered by the telemedicine technology are tele-training, tele-consulting, tele-education, and tele-monitoring. The largest demand in the coming years is projected to be created for tele-monitoring services in the coming years, which is ascribed to the rising need for patient monitoring services in remote areas.

The need for tele-hospital and clinic type was larger in the past, owing to the surging prevalence of health conditions associated with lifestyle changes. Apart from this, the tele-home services are also projected to gain traction in the near future because of patient benefits, such as shorter hospital stays, remote monitoring of health conditions, and enhanced access to healthcare professionals. Telemedicine services are offered on the basis of different specialties, namely orthopedics, dermatology, neurology, gynecology, and cardiology. Telemedicine was used the most for dermatology in the past, which is attributed to the growing prevalence of skin diseases and increasing healthcare expenditure.

Geographically, North America has been the largest user of the telemedicine technology in 2017 due to the advanced healthcare infrastructure, rising spending in the healthcare sector, growing prevalence of skin and chronic diseases, and presence of major companies in the region. Other than this, the Asia-Pacific (APAC) region is predicted to emerge as the fastest growing telemedicine market in the coming years, which is attributed to the rising adoption of technologically advanced products and rapidly improving healthcare infrastructure in the region. In addition to this, the geriatric population is also growing in APAC, primarily in Japan, which is further expected to lead to growing adoption of telemedicine.

In conclusion, the need for telemedicine is rising for providing access to better medical facilities to patients in remote locations.

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Why are Technological Advancements Key to Advanced Visualization Market Growth?

In every 10 people in the U.S. six suffer from at least one chronic disease, says the Centers for Disease Control and Prevention (CDC). Among the various such health conditions, cancer, diabetes, chronic obstructive pulmonary disease, and cardiovascular diseases (CVD) carry the highest incidence and mortality rates. For their efficient diagnosis, as well as for that of other health conditions, medical imaging is indispensable. Around the world, thousands of ultrasound, X-ray, computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET) scans are done to look at bones, tissues, organs, muscles, glands, blood vessels, and lymph nodes.

Earlier, such medical images were produced on films, which would need to be kept in front of a light source to view them. But, with technical advancements and integration of computers with medical imaging equipment, the images are being directly created in a digital form, which results in the ease of access and view. This factor is rapidly leading to the increasing purchase of picture archiving and communication systems (PACS), which offer storage for images generated from various modalities. It is primarily because of this fact that the advanced visualization market is growing around the world.

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This is the reason among all the modalities with which advanced visualization software is integrated — CT, MRI, radiotherapy, ultrasound, and nuclear medicine — MRI accounts for its highest integration. Additionally, this modality is extensively used for the diagnosis of tumors, lesions, edema (brain swelling), hemorrhage, clots, and other anomalies, which leads to the high volume of MRI scans performed on a daily basis. Similarly, ultrasound is another widely utilized imaging modality, which is currently undergoing advancements in its technology. With 3D and 4D ultrasound, doctors can easily look for congenital defects in fetuses.

Geographically, the widest adoption of this software has been witnessed in North America, which accounts for a high healthcare expenditure and prevalence of chronic diseases, surging population of the elderly, and rapid improvements in technology. Within the continent, the U.S. has been the largest user of this software, compared to Canada. In years to come, the fastest advanced visualization market growth is expected in Asia-Pacific (APAC), as hospitals and other medical centers in India and China are projected to procure this software at a rapid pace.

Thus, with technological enhancements in medical imaging modalities, the usage of advanced visualization software would continue to surge.

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How Mass Production of Medicines Drives Pharmaceutical Filtration Market?

Compared to 7.7 billion in 2019, the earth would be home to 9.7 billion people by 2050, says the United Nations, in its 2019 World Population Prospects report. With population boom, the demand for everything, be it food, water, clothes, housing, or medicines, will rise too. Plus, with the prevalence of chronic diseases surging, prescription as well as over-the-counter (OTC) drugs are needed more than ever. This is leading to huge investments in the pharmaceutical industry, wherein new production plants as well as research laboratories are being set up. At both these places, filtration is one of the most important processes, as the drugs being produced or researched upon must be completely contamination-free.

Thus, with the rising need for medicines, the pharmaceutical filtration market size is predicted to grow considerably in the coming years. For the process, membrane filters, prefilters and depth media filters, cartridge and capsule filters, single-use systems, filter holders, and filtration accessories are required. Among these, membrane filters have historically been bought in the highest numbers, as they are being rapidly used for pharmaceutical and other related purposes. The reason is that their installation in large as well as small settings is quite easy.

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Around the world, currently North America and Europe are the two largest pharmaceutical filtration markets, as they account for the highest medical drug production and R&D. These regions have already possessed more advanced technology than others, which automatically gives them an edge over other regions. The U.S., Germany, the Netherlands, Belgium, Switzerland, and Italy are the largest medical drug exporters around the world.

On similar lines, several developing countries are rapidly increasing their pharma production, for which a high requirement for filters is being created. For instance, the Indian pharmaceutical industry, which valued $33 billion in 2017, would reach $55 billion by 2020, according to the India Brand Equity Foundation (IBEF). Several multinational companies, such as McKinsey and PwC have iterated that India’s phara sector would be the fastest growing around the world in the coming years. It is not just because of domestic companies coming up, but also the shifting of the drug manufacturing plants of overseas firms.

Thus, with pharmaceutical production picking up in developing countries, the demand for filters and related accessories would also increase.

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Rising High Power Density Requirements to Drive the Growth of Power Electronics Market Globally

One of the key drivers of the power electronics market is the increasing demand for a higher power density. In the power electronics industry, power density is a major factor, especially in high-power applications. For instance, to increase the operational efficiency of wind power generators, electric rail traction drives, solar power generators, and inverter systems, power electronic devices are used.

These devices offer many advantages, such as simplified circuits, less driving power, and optimum forward and reverse blocking capabilities, which make them fit for higher-power-density operations.

Another factor driving the power electronics market is the growing preference for power electronic devices in utility applications. These devices effectively deliver power with high reliability, security, and flexibility to the power system.

Power electronic devices are of crucial importance in the conversion process of existing electrical grids to next-generation networks. Presently, about 30.0% of all power generation is done via power electronic devices, both at the point of generation and the point of electricity consumption, which is expected to rise to 80.0% by 2030.

The segments of the market are device, voltage, end user, and region. Based on device, the categories are power ICs, power discrete, and power modules. The market in the historical period was dominated by power discrete devices, which will continue to dominate it during the forecast period due to the growing requirement for renewable energy across the globe. But during the forecast period, the highest CAGR would be attained by power modules, as these make electronic devices efficient, which drives their demand.

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The region segment of the power electronics market is subdivided into North America, Asia-Pacific, Europe, and Rest of the World. In 2015, the highest revenue was generated by the Asian-Pacific region, where China led the market, whereas in the North American region, the U.S. was the largest revenue generator. In Europe, the market was led by Germany, while the U.A.E was the leader in the Rest of the World subdivision.

Thus, with the growth in demand for renewable energy, the application of power electronics would continue to expand.

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U.S. Digital Signature Market Future Trends, Prominent Players, Industry Impact and Global Forecast by 2023

The incidence of signature frauds in the US is on the rise, which is further resulting in the growth of the US digital signature market . Digital signatures are immensely useful for dealing with frauds and thefts in various sectors. For instance, specialists in the healthcare industry, such as lab investigators, researchers, and doctors, transfer digitally signed prescriptions and other related data from the hospital's server directly to the pharmacist. Due to this, any manipulation or fraud with the prescription can be prevented, which is leading to the increased usage of digital signatures.

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A key driver of the US digital signature market is the Government Paperwork Elimination Act (GPEA). The law states that individuals and entities should make transactions and maintain records electronically or digitally, whenever feasible, while dealing with federal agencies. The law also states that electronically stored signatures and records should not be denied validity. The GPEA encourages central agencies to utilize electronic signatures, electronic forms, and electronic filing for conducting business with the public. Due to these factors, the demand for this technology is increasing in the country.

Because of the expansion of the e-commerce industry, major opportunities lie in the US digital signature market. The e-commerce industry is witnessing growth due to the ease of transactions and rising internet penetration. As per the Ecommerce Foundation, in 2015, the US e-commerce market was the second largest across the world. By utilizing the technology of digital signature, companies are empowered with authentication, integrity, confidentiality, and legal non-repudiation in their business transactions. Because of these factors, the growing e-commerce market in the country is driving the demand for digital signature.

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On the basis of service, the US digital signature market is bifurcated into managed and professional services. The category of managed services dominated the market during the historical period (2013–2016), and it is also projected to lead the market during the forecast period. This is due to the emerging trend of outsourcing proactive basis management responsibilities and functions, because of which managed services have become popular among enterprises which want to focus on cutting down their operational costs and improving the organizational efficiency.

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Central Provinces to Witness Fastest Chinese Compressor Market Growth

The demand for compressors in China is expected to register exponential growth in the coming years, primarily due to the rapid advancements in the country’s construction sector. The burgeoning construction activities have contributed toward the rising demand for energy-efficient heating, ventilation, and air-conditioning (HVAC) systems, thereby fuelling the growth in the demand for compressors. 

As per the Council on Tall Buildings and Urban Habitat, China’s hotel industry is advancing at a 2% year-on-year (YoY) growth rate, which is boosting the demand for compressors in the country.

As a result, the China compressor market is predicted to generate revenue of $15.7 billion by 2024, which would be a huge increase from its valuation of $12.7 billion in 2018. The market is expected to advance at a CAGR of 3.5% during the forecast period (2019–2024). 

The other major factor raising the sale of these devices in China is the rising population, increasing urbanization across the country, and thriving automotive industry, which is set to witness massive growth in the coming years due to the soaring vehicle production and rising disposable income of the people. 

There are two types of compressors available in China, dynamic compressors and positive displacement compressors. Of these, the positive displacement variants recorded the larger sale in 2018, which is attributed to the high demand for rotary compressors, owing to the rising production of air conditioners across the country, because of the surging construction of commercial and residential buildings. PwC, in its Global Construction 2030 report, has said that China would be one of the three countries, which would result in the humongous growth of the worldwide construction sector till 2030.

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