Endoscope Market Upcoming Future Growth and Opportunities with Dazzling Key players

The global endoscopy devices market is growing significantly due to widening application of endoscopes, increasing popularity of minimally invasive surgery and technological advancement in the industry. The need of minimally invasive procedure is considerably increasing in the market, owing to decreased risk of blood loss and infection during the surgery, smaller scar on the body, cost saving, shorter stay in hospital and faster recovery.

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The endoscopy devices market is categorized on the basis of product and application. On the basis of products, the market can be categorized as endoscopes, visualization equipment and others. The various types of endoscopes include rigid endoscopes, robot assisted endoscopes, flexible endoscopes and capsule endoscopes; whereas, visualization equipment includes endoscopic ultrasound devices, standard definition visualization systems and high definition visualization systems. On the basis of application, the endoscopy devices market can be segmented as arthroscopy, laparoscopy, otoscopy, gastrointestinal endoscopy, bronchoscopy, laryngoscopy, arthroscopy, urology endoscopy, mediastinoscopy, and others.

Some of the factors driving the growth of the global endoscopy devices market are increasing inclination towards minimally invasive surgeries, increasing geriatric population, increasing demand for cost-effective procedure, and increasing prevalence of diseases requiring minimally invasive surgery. In addition, increasing healthcare spending, refining healthcare infrastructure, increasing healthcare awareness, and technological advancement in endoscopy instruments are the other factors fueling the growth of the global endoscopy devices market. However, high cost of endoscopic procedure, and lack of trained professionals are some of the factors restraining the growth of the endoscopy devices market to some extent. Further, safety concerns associated with reused endoscopes is also inhibiting the growth of the global endoscopy devices market.

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Crude Oil Price Recovery Powering Sales of Centralizers and Float Equipment

The recovery in the global crude oil prices is one of the major factors responsible for the burgeoning sales of centralizers and float equipment across the world. With recovery in global crude oil prices since the middle of 2016, several oil and gas organizations around the world are launching extensive oil and gas exploration and production (E&P) activities. For example, British Petroleum (BP) plc launched Mad Dog oil field operations’ second phase.

According to the estimates of the Organization of Petroleum Exporting Countries (OPEC), the worldwide oil demand is predicted to grow from 95.4 million b/d to 111.1 million b/d from 2016 to 2040. This mushrooming requirement for oil and gas products will propel the sales of centralizers and float equipment in the forthcoming years. Due to these factors, the global centralizers and float equipment market is set to exhibit lucrative growth in the coming years.

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Geographically, the centralizers and float equipment market registered the highest growth in North America in the past years, as per the observations of P&S Intelligence, a market research company based in India. This was credited to the fact that North America has historically been the world’s biggest oil and gas producing region. Moreover, the huge investments being made in oil and gas E&P activities will boost the sales of centralizers and float equipment in the region in the upcoming years.

Hence, it can be said with surety that the demand for centralizers and float equipment will surge all over the world in the forthcoming years, primarily because of the recovery in crude oil prices and the increasing number of oil and gas exploration and production activities in various countries around the world.

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Why is Electric Vehicle Deployment Surging in ASEAN Region?

Due to the rising concerns being raised over the environmental pollution and damage caused by the oil- and gas-powered vehicles, the governments of various ASEAN (Association of Southeast Asian Nations) countries are enacting regulations for automobile manufacturing and encouraging the usage of electric vehicles, in place of the conventional oil- and gas-powered ones. Moreover, several governments are also launching schemes, in the form of subsidies and financial incentives, for fueling the deployment of electric vehicles.

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As the adoption of electric vehicles can massively reduce the emission of carbon dioxide, the governments of several ASEAN countries are implementing policies aimed at propelling the sales of these vehicles. Many governments are launching incentive schemes to boost the adoption of electric vehicles in transport fleets. For example, the Thailand Board of Investment (BOI) announced in April 2019 that it would reduce excise tax from 8% to 2% for automakers planning to manufacture electric vehicles in Thailand.

Furthermore, many automobile manufacturing companies are investing heavily in the manufacturing of electric vehicles in the ASEAN region. For example, Toyota Motor Corporation announced in June 2019 that it would invest around $2 billion in electric vehicle manufacturing in Indonesia. Such huge investments being made by automobile manufacturers are fueling the advancement of the ASEAN electric vehicle market, as per the observations of P&S Intelligence, a market research company based in India.

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Hence, it is safe to say that the sales of electric vehicles would shoot-up in the ASEAN region in the forthcoming years, mainly because of the rising enactment of favorable government policies and the provision of several financial incentives by the governments of the regional countries.

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How is Increasing Geriatric Population Leading to Growth of Colombian Wound Care Market?

In 1992, merely 25% of the Colombian population had insurance coverage, and by 2016, this percentage had risen to 96%! This reflects the strong commitment of private and public companies in this small South American nation to offering citizens affordable healthcare, which is a basic human right. With insurance, the majority of the people in the nation can access clinics, hospitals, and a range of healthcare services, one of the most important of which is the treatment of wounds. Such physical features range from a simple one, caused when children fall down, to big, nasty ones, caused by burns or car crashes.

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Therefore, with the increasing affordability of healthcare, the Colombian wound care market, which valued $76.1 million in 2018, is projected to grow at a 3.6% CAGR during 2019–2024, to ultimately reach $93.9 million in 2024. The field of wound care encompasses the disinfection, closing, and long- and short-term management of the wound. Wounds are categorized as chronic and acute, depending on how long they last, of which, healthcare facilities and pharmacies have been visited more by people for the treatment of chronic wounds. Pressure ulcers, diabetic foot ulcers (DFUs), and venous leg ulcers (VLUs), which are classified as chronic wounds, are increasing in prevalence in Colombia.

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This is also why, of the two types of wound care products available — traditional and advanced — the advanced variants have witnessed higher sales; they are better suited for chronic wounds. Such products keep the area under treatment hydrated, oxygenated, and thermally stable. Moreover, advanced wound care products also stop the colonization of the wound by bacteria and fungi, thereby speeding up the healing process. As a result, the dressing has to be replaced less often than with traditional wound care products, which ultimately reduces the burden on the healthcare fraternity and cost of treatment for patients.

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How Is Rising Air Pollution Level Driving Demand for Fatty Acid Esters?

With rampant urbanization and industrialization, the disposable income of people in developed and developing countries is increasing. This is why people are now spending more on things they earlier avoided splurging on, such as cosmetics and personal care products. Additionally, the sale of such products is also rising on account of the increasing appearance consciousness among people, driven by the influence of TV, social media, and fashion and lifestyle magazines. As a result, major companies that offer such products are augmenting their manufacturing output to increase their profit.

According to P&S Intelligence, the rising demand for personal care and cosmetic products will be a key reason behind the growth of the fatty acid esters market to $3,688.9 million in 2030 from $2,240.9 million revenue in 2019, at a 4.6% CAGR between 2020 and 2030. This is because fatty acid esters are vastly utilized in the production of skin creams as a thickener and emollient. Additionally, these chemicals find usage as detergent cleansing agents. The biggest reason fatty acid esters are becoming an important ingredient in the personal care and cosmetic industry is the rising demand for bio-based products.

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In this regard, a key driver for the fatty acid esters market is the use of crude oil derivatives for manufacturing lubricants and powering automobiles. As the burning of crude oil derivatives is the biggest cause of air pollution, the levels of which are continuously rising, governments around the world are implementing policies to adopt cleaner automotive fuels, such as biodiesel, which has fatty acid esters as a key ingredient. Similarly, most of the lubricants available today have a mineral oil base, and due to the rampant exploration and production (E&P) activities, oil reserves are depleting fast, thereby driving the demand for bio-based lubricants.

Hence, with the shift toward bio-based personal care products, cosmetics, automotive fuels, and lubricants, increasing volumes of fatty acid esters will be used around the world.

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What Is Application of Acetic Anhydride in Tobacco Industry?

The global population is on path to reaching 9.7 billion in 2050 from 7.7 billion in 2019, as per the United Nations (UN). Among the hordes of types of products this population boom is leading to the rising demand for are medical drugs. This is because the number of people alive is directly linked to the prevalence of diseases and other problems that call for medical treatment. This is driving the growth of the worldwide pharmaceutical industry, with companies investing both to increase their manufacturing output and look for more-effective and cheaper drugs.

P&S Intelligence says that the rising pharmaceutical production will be a key factor that will propel the acetic anhydride market from $3,476.1 million in 2019 to $4,950.4 million in 2030, at a 2.3% CAGR between 2020 and 2030. This is because the compound, represented chemically as C4H6O3, is used for the production of acetaminophen (paracetamol) and aspirin. These are two of the most-common drugs used to manage fever, reduce pain, and suppress inflammation. With the increasing number of people suffering from these conditions for short or long periods, the demand for these two drugs is rising, thereby driving the consumption of acetic anhydride in the pharmaceutical industry.

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As a result of the growing pharmaceutical and construction sectors, the largest acetic anhydride market in 2019 was Asia-Pacific. Moreover, the World Health Organization says, “Over 80% of the world's 1.3 billion tobacco users live in low- and middle-income countries.”, a lot of which are in APAC. This has been fueling the consumption of acetic anhydride for the production of cellulose acetate, which is important in the tobacco sector. The fastest market growth will be seen in the Middle East and Africa due to the expansion in end-use industries.

Hence, as the booming population pushes up the demand for medical drugs, cigarettes, and houses, the consumption of acetic anhydride will rise.

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Why Is Internet of Things Key Enabler of Smart Home Healthcare Solutions?

 Gone are the days when people had to visit the doctor every time they wanted a consult or get themselves tested for routine stuff, such as heart rate, blood glucose, and blood pressure. With connected devices and the internet of things (IoT), such things can be done at home. Connected devices, such as smartwatches and multiparameter monitors, track several aspects of health and fitness and automatically transmit the data to the doctor via the internet. This way, people don’t even have to visit the doctor to get their lab results analyzed.

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Smart home healthcare solutions are especially useful for older people (65 years and above), 1.5 billion of whom would inhabit the earth by 2030, compared to 703 million in 2019, as per the United Nations. Not only do the elderly suffer from more diseases than younger people, but they are also physically weak, which is why it is not possible for them to make repeated doctor visits. In addition, having their health and fitness parameters monitored and delivered to the doctor right from their home also helps them in saving on healthcare expenditure. 

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Fall detection and prevention, health status monitoring, safety and security monitoring, nutrition/diet monitoring, memory aids, and several other smart home healthcare solutions are available presently. Among these, health status monitoring solutions are the most popular, as these are easy to deploy and give a basic idea of a person’s health. With the increasing consciousness about personal wellbeing, people are increasingly tracking their heart rate, number of steps walked and calories burned, and sleep quality.

Presently, the largest contribution to the smart home healthcare market is made by North America, which boasts a higher per capita income, thereby leading to high sales of such expensive solutions. Moreover, a number of companies offer such solutions in the region, and several new smart home healthcare products are being launched, driven by R&D. Along with North America, the adoption of the concept will increase quickly in Asia-Pacific (APAC), because numerous major consumer electronics companies offer these. In addition, the smartphone penetration, health consciousness, and disposable income are increasing here.

Hence, as more people become aware about the innovative applications of connected devices and smartphones for personal wellbeing, the demand for smart home healthcare solutions will burgeon.

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