What are Major Factors Contributing to Boom of Carrier Screening Market in Asia-Pacific?

 The rising incidence of genetic diseases is one of the biggest factors responsible for the surge in the adoption of carrier screening processes across the world. The risk and severity of most of the genetic diseases depend on the patient’s ancestors and carrier status. The American College of Obstetricians and Gynecologists recommends the testing of all pregnant women and those considering motherhood in future in order to detect early the risk of various diseases such as fragile X syndrome, spinal muscular atrophy (SMA), and cystic fibrosis.

Due to the above-mentioned factors, the global carrier screening market attained a valuation of $1,303.6 million in 2019 and is expected to exhibit a CAGR of 10.9% during the forecast period (2020–2030). There are mainly two types of carrier screening methods used for detecting genetic diseases — expanded carrier screening and targeted carrier screening. Of these, the expanded carrier screening method recorded higher utilization in 2019. This is ascribed to the fact that this method of carrier screening makes it possible to test for multiple diseases at the same time.

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One of the major trends currently being witnessed in the carrier screening market is the increasing acquisition of smaller organizations providing solutions for carrier screening tests by the larger biotechnology companies. For instance, Quest Diagnostics Inc. announced its acquisition of a specialist genetic testing solutions company called Blueprint Genetics in January 2020, in order to attain expertise in pharmaceutical drug research and development (R&D), rare genetic diseases, and in the various methods of improving patient care.

Globally the Asia-Pacific (APAC) region is expected to observe the fastest growth in the utilization of carrier screening methods during the forecast period. This is mainly credited to the soaring awareness amongst the masses about genetic screening tests in China, Australia, and India and the rising concerns amongst the people about the health and well-being of their future children. In addition to this, the high occurrence rate of genetic diseases in the various densely populated countries of APAC such as China and India will further propel the demand for carrier screening procedures in the region in future.

Report Coverage

·         Provides comprehensive understanding of the market with the help of informed market outlook, opportunities, challenges, trends, size and growth, competitive analysis, major competitors and Porter analysis

·         Identifies the key drivers of growth and challenges of the key industry players. Also, assesses the future impact of the propellants and restraints on the market

·         Uncovers potential demands in the market

·         Porter analysis identifies competitive forces within the market

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Global Gene Therapy Market to Register 31.1% CAGR during 2020-2030

 The burden of chronic diseases has only been increasing since past few years. The cases for cancer, for example, are growing rapidly. According to the American Cancer Society, from 2016–2019, the number of new cases of cancer in the U.S. increased from 1,685,210 to 1,762,450, and the cancer mortality rose from 595,690 to 606,880 during the same time period. Doubtless, a number of advancements have been made in the medical industry for developing a proper cure for cancer and other rare chronic diseases, however, the fact remains that there is a long way to go before anything certain comes to light.

The advancements regarding gene therapy though can significantly aid in getting closer to dealing properly with several chronic diseases. Gene therapy is designed for introducing genetic material into cells for compensating for abnormal genes or for making a beneficial protein. In case a mutated gene causes an essential protein to be faulty or non-existent, gene therapy may potentially be able to introducing a new copy of the gene for restoring the function of the protein. Attributed to these reasons, the gene therapy market generated revenue of $3,407.5 million in 2019 and is expected to advance at a 31.1% CAGR during the forecast period (2020–2030).

In 2019, North America was the largest gene therapy market, which is ascribed to the rising number of cancer and rare disease cases and the presence of a large number of key companies in the region. In addition to this, various gene therapy products are getting regulatory approvals in North America. Other than this, the adoption of gene therapy is also projected to rise substantially in the Asia-Pacific because of the cost-effective labor and rising activities of major industry players.

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This Study Covers

Historical and the present size of the gene therapy market

Major factors driving the market and their impact during the short, medium, and long terms

Market restraints and their impact during the short, medium, and long terms

 Recent trends and evolving opportunities for the market participants

Historical and the present size of the market segments and understand their comparative future potential

Major players operating in the gene therapy market and their service offerings

Recent strategic developments by the major players in the market

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mPOS Terminals Market | Covid19 Impact Analysis | Business Outlook, Growth, Revenue, Trends and Forecasts 2030

The rising sale of smartphones, high digitization rate, and increasing penetration of the internet are leading to the growing trend of contactless payments. As per Capgemini, compared to 598 billion in 2018, 876 billion digital payments would be done by the end of 2021. In India, specifically, this number increased by 58.8% in 2018–19, in comparison to 50.4% in 2017–18.

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Mobile POS solutions are extensively adopted in a wide array of applications such as those pertaining to the sports & entertainment, warehouse, hospitality, retail, and food service sectors. Out of these, the retail applications are expected to register the highest adoption of mobile POS solutions during the forecast period. 

Therefore, with the rising number of people preferring cashless payments, the global mobile POS market, which generated $19.5 billion in 2019, is predicted to experience a 17.9% CAGR between 2020 and 2030 (forecast period). This is because mPOS terminals enable companies to receive contactless payments and speed up the checkout process. 

This is primarily attributed to the fact that the mobile POS technology drastically reduces the waiting time of the customer at the payment terminals and helps the retailers in attaining higher sales of their products at a shorter period of time. One of the major trends currently being witnessed in the mobile point-of-sale (mPOS) terminals market is the rising preference of companies toward the adoption of cloud-based solutions. 

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This is mainly due to the fact that the cloud-based mobile POS solutions have no on-site server requirements and therefore, have lower operational costs than the conventionally used POS solutions. According to Mckinsey & Company Inc., in the retail sector, the incorporation of cloud-based solutions is expected to increase from 57% in 2018 to 71% by the end of 2020.

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Used Car Market Status & Supply Demand | Industry Forecast Report To 2030

The global used car market attained 115.2 million units in 2019 and is predicted to reach 275.3 million units by 2030, exhibiting a CAGR of 8.7% during 2020­­–2030 (forecast period). The increasing number of organized sector players such as CarGurus Inc.,CarMax Inc., and Cars24 Services Pvt. Ltd. isone of the biggest factors fueling the advancement of the market. The organized sector companies not only offer certified used cars at competitive prices but they also provide service guarantees and warranties on their vehicles.
                                   
Based on sector, the used car market is divided into unorganized and organized categories. Between the two, the organized division is predicted to exhibit faster growth in the coming years. This is credited to the higher preference of customers for dealer certified vehicles as compared to the vehicles sold in the unorganized sector without any guarantees and warrantees. Due to this factor, the certified programs are becoming a critical differentiating factor for the organized sector players. In addition to this, the rising popularity of online portals for both buying and selling of used vehicles in the developed nations such as the U.K., the U.S., Japan, and Germany will further boost the progress of the organized sector division in the market in the future years.

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Under the vehicle type segmentation of the used car market, the main categories are small, medium, and large. Out of these, the medium division accounted for a majority of the market share, in volume, in the past. The main factors responsible for the advancement of the category are the high supply of good-quality, less-driven second-hand vehicles and the growing spending power of buyers, especially in the various developing nations around the world.
 
Under the propulsion segmentation, the internal combustion engine (ICE) category recorded higher growth in the market during the last few years. Furthermore, this category is predicted to exhibit rapid progress in the developing regions across the globe such as Latin America, Middle East, and Africa (LAMEA) and Asia-Pacific (APAC) in the coming years, primarily due to the surging average age of the automobiles using ICE propulsion. For example, in China, the average age of automobiles is presently ~5 years, while in other nations such as the U.S., the average vehicle age is currently ~11 years. Thus, the ICE division will demonstrate higher growth in the used car market between 2020 and 2030.
 
Geographically, the used car market is predicted to register the highest CAGR in the LAMEA region in the forthcoming years. The major factors driving the progress of the market in this region are the surging manufacturing of automobiles and the increasing disposable income of the people in various developing countries such as Mexico, Brazil, and Argentina. The market is extremely fragmented in the Middle Eastern nations such as Saudi Arabia and the U.A.E., on account of the presence of numerous unorganized players such as Gargash Enterprises LLC,AL FUTTAIM COMPANY LLC, and The Elite Cars in the region.

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The major players operating in the used car market are increasingly focusing on getting into strategic partnerships and launching mergers with each other, mainly for gaining a foothold in the market. For instance, AB Volvo (U.S.), TrueCar Inc., and PenFed Credit Union started a partnership for each other in December 2019. They worked together on a private incentive program that offers competitive pricing and various other incentives such as access to special rates and incentives on AB Volvo’s premium vehicles to the members of PenFed Credit Union.
 
The COVID-19 pandemic has caused large-scale unemployment and reduced earnings, which has, in turn, caused a sharp fall in the spending power of people, thereby hampering the progress of the market. Furthermore, the pandemic has made many market players and industry stakeholders re-examine their strategies for the medium and long-term growth of the industry.

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Forklift Market Analysis 2020 Insight Growth Analysis Technology Innovation, Opportunity by 2030

The global forklift market generated a revenue of $33,878.7 million in 2019 and is predicted to attain a value of $42,519.4 million in 2030, advancing at a CAGR of 2.8% between 2020 and 2030. The major factors driving the advancement of the market are the development of autonomous and electric forklifts and the rapidly growing e-commerce industry across the globe.

The adoption of advanced technologies such as robotics, analytics, and internet of things (IoT) by logistics organizations has significantly mitigated the problems associated with the timely and cost-efficient delivery of products. Furthermore, these firms are making huge investments in various automation technologies such as autonomous forklifts for gaining a foothold in the global forklift market.

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In terms of class, the forklift market is classified into multiple categories namely class 5, class 4, class 3, class 2, and class 1. Out of these, the class 5 division held the highest share in the market, in value, during the last few years. This is ascribed to the large-scale utilization of the class 5 forklifts in the developing nations such as India, China, Mexico, and Brazil. Internal combustion engines (ICEs) are used for powering these forklifts. These forklifts are primarily used for heavy lifting purposes, on account of being equipped with pneumatic tires. These tires make these forklifts suitable for use in various work environments such as lumberyards, where the risks of tire punctures are much greater.

Based on engine type, the forklift market is categorized into electric and ICE. Between the two, the electric category is predicted to exhibit faster growth in the market, in value, in the coming years. This is credited to the burgeoning demand for environment-friendly and cleaner forklifts in factories and warehouses. Furthermore, the falling prices of the lithium-ion (Li-ion) batteries are boosting the adoption of electric forklifts in various warehouse and factory operations. The forklifts belonging to the class 3, 2, and 1 categories are low-power machines and thus, require the incorporation of electric propulsion for attaining the required operating power.

Geographically, the forklift market is currently demonstrating the highest growth in the Asia-Pacific (APAC) region. In this region, China is presently dominating the market. However, in the future years, the Latin America, Middle East, and Africa (LAMEA) forklift market is predicted to exhibit the fastest growth, on account of the rapid industrialization and advancing warehousing sector in the various developing nations of LAMEA.

The COVID-19 pandemic has massively disrupted the advancement of the forklift market, with stable progress only expected in the last quarter of 2020. The decline in the automotive and industrial sectors and the subsequent fall in the sales of forklifts in the first quarter of 2020 considerably hampered the progress of the market, with nearly 15% decline recorded in global trade during this time. Furthermore, the unstable costs of the raw materials, intense competition amongst the various market players, and the ban imposed on exports and imports by many countries in order to curb the spread of the COVID-19 infection will lead to reduced sales of forklifts over the next few months.

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The players operating in the forklift market are increasingly focusing on R&D (research and development) activities and developing innovative and technologically advanced forklifts that are lighter, either semi or fully automated, and eco-friendly. For instance, Hyster-Yale Materials Handling Inc. launched four trucks in April 2020 for various low-intensity applications. These trucks will be sold by the Yale Europe Materials Handling subsidiary.

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COVID-19 Impact Review: Outdoor Lighting Market Outlook in 2020? | Know the Challenges and Trend Analysis

The prime focus of the different governments across the world at the present time is saving energy due to the surging energy crisis. It is because of this that the demand for energy efficient lighting solutions, primarily light emitting diodes (LED), is growing. Since LEDs can work efficiently for long operating hours and have low maintenance cost, they are particularly beneficial in outdoor lighting applications.

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Outdoor lighting includes illumination of public landscapes and private gardens for the purpose of security, safety, convenience, and nighttime aesthetics. As per a research conducted by P&S Intelligence, in 2017, the global outdoor lighting market generated a revenue of $8,740.0 million and is expected to advance at an 8.0% CAGR during the forecast period (2018–2023).

In addition to this, LEDs make excellent directional light source and are substantial with a long lifespan, which is why many local authorities, such as municipalities of different counties, have initiated projects to change their conventional outdoor lighting sources to LEDs. Apart from LEDs, high intensity discharge (HID) lamps, plasma lamps, and fluorescent lights are also utilized for outdoor lighting applications.

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Among these, the largest demand during 2013–2017 was created for HID lamps; however, during 2020–2023, the requirement for LED lights is predicted to be the highest. Out of these, the largest demand for outdoor lighting solutions was created for street lighting applications during 2013–2017 and the situation is expected to be the same during the forecast period as well due to the rising adoption of LED and solar-based lighting around the world.

Different types of outdoor lighting solutions are distributed by commercial and retail distribution channels. The higher demand for outdoor lighting is projected to be created by the commercial distribution channel in the coming years.

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How is Growing Preference of Herbal Personal Care Products Driving Demand for Neem Extract?

 The demand for personal care products has been soaring these days all across the globe. As people are now extremely conscious regarding their physical appearance, they are increasingly investing in personal care products that can aid in enhancing their aesthetic appearance. Moreover, the increased disposable income of people, thanks to the strong economic growth, in various countries is also resulting in the increasing demand for personal care products. These day the demand for herbal personal care products has been rising as well, since people are getting increasingly aware regarding the side-effects of cosmetics.

Several skin and hair care products contain chemicals that can prove harmful for the human body. Owing to this, the demand for neem-based products has increased substantially over the past few years, thereby resulting in the growth of the global neem extract market. Other than this, the preference for Ayurvedic medicines has also been rising in various parts of the world. For example, while the popularity and easy availability of allopathic medicines increased considerably in India a few years back, now the focus is again shifting towards Ayurveda, which is further resulting in the increasing demand for neem extract. 

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Neem contains various chemicals which are capable of reducing blood sugar levels, preventing pregnancy, healing ulcers in the digestive tract, killing bacteria, and preventing the formation of plaque in the mouth. Owing to such advantages, the plant is widely utilized as a natural and home remedy for taking care of several ailments. In addition to all this, the plant also has antioxidant properties and can help in protecting the skin from pollution, harmful ultraviolet radiation, and other environmental factors. The presence of fatty acid and vitamins in neem also helps in maintaining and improving the elasticity of skin and in reducing fine lines and wrinkles.

It is because of all these factors that the global neem extract market is predicted to generate a revenue of $1,868.2 million by 2022, progressing at a 16.3% CAGR during the forecast period (2016–2022). On the basis of segment, the market is categorized into bark extract, seed extract, and leaf extract, among which, the bark extract division is projected to witness the fastest growth during the forecast period. This can be ascribed to the rising requirement for bark extract from the Asia-Pacific (APAC) region.

In terms of application, the neem extract market is divided into animal products, agriculture, and health & personal care, out of which, the animal products division is expected to account for the highest CAGR during the forecast period. This is due to the rising requirement for herbal animal food from countries including Brazil, the U.S., and France. Geographically, the APAC region dominated the market in the past, according to a report by P&S Intelligence. This was primarily because of the presence of the major Ayurvedic companies in the region that consume the product on a large-scale.

In conclusion, the demand for neem extract is growing due to the increasing demand for herbal personal care items and focus towards Ayurvedic medicines.

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