How is Increasing Incidence of Cancer Powering Surge of Global Stem Cell Banking Industry?

One of the major factors fuelling the increasing popularity of stem cell banking is the increasing prevalence of chronic diseases such as cancer across the world. As per the World Health Organization (WHO), one of the major causes of mortality and morbidity throughout the world is cancer, with almost 14 million people getting affected by the disease in 2012. Furthermore, the number of new cancer cases is predicted to increase by 70% all around the world in the next two decades.

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Stem cell therapies are being increasingly adopted in many countries, because of their huge success in treating cancer and other types of chronic diseases. Moreover, the rising awareness amongst the people about the need for preserving stem cells will further boost the demand for stem cell banking in future. Due to these factors, the global stem cell banking market is expected to register unprecedented growth during the forecast period (2020—2030). Stem cells are basically, used for generating new cells and tissues for the treatment of various diseases such as Parkinson’s disease, Alzheimer’s disease, arthritis, diabetes, and heart diseases.

Stem cell banking is widely used for the treatment of leukemia, autism, diabetes, thalassemia, and cerebral palsy. Out of these, the prevalence of leukemia is rising at a rapid pace across the world, which is in turn, fuelling the progress of the stem cell banking market all over the world. As per the Leukemia and Lymphoma Society (LLS), which is a voluntary healthcare organization focussing on providing access to blood cancer patients for treatments and funding research activities regarding the same, one person is diagnosed with blood cancer in the U.S. at almost every 3 minutes.

Thus, it can be said with full confidence that the popularity of stem cell banking will surge throughout the world in the forthcoming years, mainly because of the increasing requirement of stem cell therapies for the treatment of various kinds of diseases such as cancer, Parkinson’s disease, and leukemia.

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How are Increasing Healthcare Costs Contributing toward Boom of Global Healthcare Information Technology Integration Market?

The burgeoning need for reducing the overall healthcare costs is one of the major factors responsible for the incorporation of information technology (IT) solutions in the healthcare industry across the world. In many countries around the world, there has been a huge rise in the integration of various IT applications such as internet of things (IoT) in healthcare applications over the last few years in order to mitigate the healthcare costs. In addition to this, the governments in several countries are taking numerous initiatives for promoting the adoption of IT solutions in the healthcare industry.

The exchange of patient information and clinical data amongst the hospitals and their various partners helps in formulating solutions for complex interoperability problems and thus promotes the adoption of IT solutions in the healthcare industry. The increasing demand for incorporating IT in the healthcare applications is another important factor pushing the adoption of IT solutions in healthcare operations. Due to these factors, the global healthcare IT integration market is expected to demonstrate substantial growth during the forecast period (2020—2030).

Geographically, the North America registered the highest adoption of IT solutions in the healthcare industry in the past, due to the presence of favorable reimbursement policies aimed at reducing the healthcare costs in the region, improving healthcare facilities, huge demand for adopting IT in the healthcare system, and the presence of a large geriatric population and a technologically advanced healthcare ecosystem in the region. However, the healthcare IT integration market is expected to grow the fastest in the Asia-Pacific (APAC) region in the years to come.

Hence, it can be said with full confidence that the incorporation of IT solutions will increase considerably in the healthcare industry in the forthcoming years, on account of the rising need for reducing the healthcare costs, increasing demand for advanced systems and facilities in the healthcare industry, and presence of supportive government measures for the integration of IT in the healthcare applications throughout the world.

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Know About Covid-19 Impact on Digital Pen Market | Insights on Size, Share, Demand, Trends & Key Players

Broadly, clinical documentation, education, billing & back office, and communication are the major areas where digital pens find application. In the coming years, their use for clinical documentation purposes is expected to increase the fastest, as the healthcare sector is undergoing rapid digitization. Another sector where the uptake of computers, mobile devices, and digital pens is rising is education. 

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The rapid digitization and expansion of the healthcare industry are two of the reasons the digital pen market growth would be the most significant in Asia-Pacific (APAC) in the coming years. Another reason behind this would be the rising internet penetration in the region; as per the World Bank, the percentage of people with access to the internet in China grew from merely 1.7% in 2000 to 54.3% in 2017. The increase during the same period in India was from 0.5% to 34.45%.

The use of such computing tools for learning not only helps replace the traditional books and notebooks, but also makes the educational content accessible from anywhere, on the internet. Similarly, digital pens are being used on interactive whiteboards, to make learning fun, interesting, and less boring for students. In the same vein, the art and design field is also witnessing a rapid incorporation of these electronic stylus-like objects. 

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These pens let artists create freehand illustrations, which can be edited once on the computer. With digital pens, e-prescriptions can be written, which can be transferred to the patients or pharmacies over the internet, without the need for traveling physically. This not only makes the entire process faster, but also helps save money for healthcare providers as well as patients.

Thus, with a rise in the number of people who can access the internet and spend more on gadgets, the demand for digital pens would keep increasing around the world.

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Car Subscription Market Being Driven by Changing Ownership Patterns

There is no doubt about the fact that vehicles, in fact, the whole transportation system, has made lives of human beings comfortable and easy. While owing a car these days is not a big deal as it used to be a few years ago, some people still cannot afford to buy cars or do not want to go through the hassle of buying a car. Buying a new car doe not just include a simple payment for the automobile, but one needs to think about insurance and other maintenance cost that need to be taken care of later.

The prevalence of cab services, such as Ola and Uber, has considerably made traveling easier for people who do not own a car, but if someone needs to go even further when it comes to travelling with comfort, they can also choose the option of car subscription services. The concept of car subscription is easy enough to understand, the person just needs to pay a fixed amount of sum on a monthly basis, or whatever the subscription model entails, and the service provides access to a car. Car subscription services are flexible than the traditional lease system, as the person can chose a model of their preference, and if need be, swap it for a different one in the future.

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In the past, North America made extensive usage of car subscription services, which is ascribed to the over 10% penetration into the average household incomes in the U.S. Other than this, the requirement for car subscription services is also expected to increase considerably in the Asia-Pacific region in the coming years. The car subscription market in the region is being primarily driven by developing countries, including Australia, China, and India.

Hence, the need for car subscription services is increasing due to the changing ownership patterns.

Some of the private/third party major players operating in the global car subscription market are Zoomcar, Drover, Clutch Technologies, Revv (Primemover Mobility Technologies Pvt. Ltd.), Myles, and InMotion Ventures.

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Over $100,984.5 Million Revenue Expected in Global IoT in Logistics Market by 2030

The mushrooming requirement of higher efficiency in logistics all over the world and the rapid growth of the e-commerce industry are the major factors propelling the advancement of the global internet of things (IoT) in logistics market. Due to these factors, the market is expected to reach a valuation of $100,984.5 million by 2030, progressing at a CAGR of 13.2% between 2020 and 2030.

However, the COVID-19 pandemic has caused severe disruptions in the logistics sector across the world. This is ascribed to the fact that many countries around the world imposed complete lockdowns, including closing off all industrial operations in March 2020 in order to reduce the spread of the infection and enforce isolation and social distancing norms. As a result, there was a huge rise in labor shortage, inconsistent delivery of shipments, and major disruptions in the global supply chain, which, in turn, affected the progress of the IoT in logistics market all over the globe.

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On the basis of application, the market is categorized into inventory tracking and warehousing, location management, blockchain for supply chain management, predictive analytics, fleet management, and self-driving vehicles. Out of these, the blockchain for supply chain management division will progress at the fastest rate in the market in the coming years. This is because of the fact that blockchain has a huge potential of replacing the conventionally used methods in supply chain management that use the distributed ledger technology. The adoption of blockchain technology in logistics sector would significantly improve the logistics operations by making them sustainable and ethical.

Under the vertical segmentation of the IoT in logistics market, the main categories are food and beverage, automotive, real estate, retail, aerospace and defense, oil and gas, and healthcare. Amongst these divisions, the retail one recorded the highest market growth in the last few years. This is ascribed to the huge demand for technological innovations and developments in the logistics services from the e-commerce firms for keeping up with the rising customer demands for e-commerce services and deliveries.

Globally, the IoT in logistics market was dominated by North America during the past several years. This is attributed to the existence of major retail firms in the region such as Amazon.com Inc. and Walmart Inc. and the resultant surge in the demand for efficient and effective logistics solutions and services. However, the market will exhibit the fastest growth in the Asia-Pacific (APAC) region in the future years, on account of the high population levels in various APAC nations such as India and China. These highly populous countries have huge customer bases for logistics solutions and services. In addition to this, the rising disposable income of the people in these countries, on account of the rapid economic growth of these nations, will make the market very lucrative in the APAC region in the upcoming years.

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The major players operating in the IoT in logistics market such as Robert Bosch GmbH, Cisco Systems Inc., Intel Corp., IBM Corp., AT&T Inc., Oracle Corp, Honeywell International Inc., SAP SE, Microsoft Corp., and Qualcomm Inc. are increasingly getting into partnerships with one another for improving and expanding their presence in the market. For example, AT&T Inc and Nokia Corp. started a partnership with each other in November 2019 for developing an innovation studio in Munich, Germany that will support the increasing incorporation of both next-generation and current generation internet of things solutions

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How is Increasing Vehicle Sales Driving Automotive Repair Software Market?

Because of increasing the disposable income, rapid urbanization, swift economic growth in emerging economies, and technological advancements, the number of vehicles on roads has risen significantly on roads all across the globe. For example, approximately 91.3 million motor vehicles were sold worldwide in 2019. Over the last ten years, the affordability of vehicles has increased considerably. 

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Moreover, due to technological advancements autonomous and connected cars have also started emerging in the markets. Owing to this surging number of vehicles on roads, the number of auto repair shops has also taken a hike. The smooth functioning of vehicles depends a lot upon their proper maintenance. If a vehicle is not maintained on a regular basis, it is highly likely that its functioning will take a hit. 

Attributed to these reasons, the global automotive repair software market generated revenue of $1,264.2 million in 2019 and is predicted to advance at a 10.3% CAGR during the forecast period (2020–2030). Maintenance, repair, and service are the major kinds of this software, among which, the demand for repair solutions is expected to be the highest in the coming years. This is because of the increased adoption of auto repair software for automobile repair and diagnostics. 

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Therefore, auto repair shops are of great importance to the automotive industry. Now that the number of vehicles has risen, the operations and processes in these shops have also become more complex. There is a growing need for improving efficiency, which is why several auto repair shops are making use of auto repair software. This software is capable of automating the day-to-day aspects of managing an auto repair shop, thereby simplifying the operational processes.

Hence, These solutions provide valuable insights from colored diagram for wiring, experienced technicians, and repair information provided by the automaker for ease of understanding.

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Over $9.0 Billion Revenue Expected in Global Chiller Market by 2024

Due to the rising temperature, the demand for chillers is expected to surge across the world in the coming years. Since the last few decades, there has been a significant rise in the global temperature on account of global warming. Global warming is mainly caused by the greenhouse gas (GHG) emissions into the atmosphere. According to the National Aeronautics and Space Administration (NASA), the global average temperature increased by almost 0.90 ⁰Celsius from 1951—1980 to 2017. Due to the rising temperatures across the world, the demand for various cooling systems such as chillers will increase tremendously in future.

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The other major factor propelling the demand for chillers is the soaring requirement of cooling equipment in several industrial applications. Chillers are mainly used in industries for the controlled cooling of factory machinery and other products. This equipment is widely used in chemical processing, pharmaceutical formulation, food & beverage processing (including dairies and breweries), power supplies and power generation stations, welding, paper and cement processing, and X-ray diffraction. In the food processing industry, chillers are highly sought after on account of the huge requirement of efficient cooling systems in the various applications and processes of the food processing industry. 

Due to the above-mentioned factors, the revenue generated from the sales of chillers around the world is expected to rise from $7.1 billion to $9.5 billion from 2018 to 2024. The global chiller market is predicted to advance at a CAGR of 4.9% during the forecast period (2019—2024). There are numerous types of chillers used in industries — screw, centrifugal, absorption, reciprocating, and scroll chillers. Amongst these the screw chiller recorded the highest usage in 2018, owing to the huge number of construction projects launched in North America and Asia-Pacific (APAC) in the last few years. 

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The surging adoption of R32 refrigeration is one of the major trends presently being witnessed in the chiller market. The R32 refrigerant is being increasingly used in a plethora of industrial applications on account of its numerous advantages over the conventionally used R22 refrigerant such as its ability to reduce the energy consumption by almost 10% and its ability to convey heat more efficiently. Furthermore, the R32 chillers have much lower Global Warming Potential (GWP) than the R22 and R410A refrigerants-based chillers and thus, emit lower amounts of greenhouse gases into the atmosphere than the other chillers.

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