What is Biggest Trend Currently Witnessed in Complementary and Alternative Medicines Market?

 Lifestyle of people has changed radically over the past few years, and the work life of people is becoming more and more stressed. Due to this, medical conditions such as stress, hypertension, obesity, and insomnia are affecting an increased number of people. As per Our World in Data, 3.4% and 3.8% of the global population was suffering from anxiety and depression, respectively, in 2017. In addition to this, according to the World Health Organization, about 108 million people in the world were suffering from diabetes, and this number rose to 422 million in 2014. 

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It is because of these factors, that the demand for complementary and alternative medicines is growing around the world. These medications are utilized along with standard medical treatments or instead of standard medication. According to a study conducted by P&S Intelligence, the global complementary and alternative medicines market is predicted to reach a value of $271.8 billion by 2024, increasing from $192.0 billion in 2018, progressing at a 6.0% CAGR during the forecast period (2019–2024). Different types of complementary and alternative medicines are mind-body intervention-based, nature-based, energy-based, and manipulative body-based. Out of these, the demand for nature-based medicines was the highest in the past. 

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Out of these, a considerable demand for complementary and alternative medicines was created for depression and anxiety, which is due to the hectic life schedule and rising societal and work pressure. The modes of service for complementary and alternative medications are e-learning, therapy class, and direct consultation. The demand for therapy classes has been rising rapidly across the globe, which can be ascribed to the larger number of people that are opting for such sessions to manage various medical conditions. Complementary and alternative medication are demanded from hospitals & clinics, yoga & meditation centers, home care, and therapy centers. 

Hence, the demand for complementary and alternative medicines is growing due to the changing lifestyle of people, which is causing increased stress and other physical and mental health problems. 

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Last Mile Delivery Market to Witness Robust Growth in Coming Years

The huge investments being made by various venture capitalists in last-mile delivery services are fueling the expansion of the global last mile delivery market. The market is witnessing a sharp surge in the number of start-ups that are being heavily funded by various venture capitalists for expanding their businesses. Because of these reasons, the last mile delivery market is predicted to exhibit a CAGR of 20.3% between 2020 and 2030, according to P&S Intelligence.

Depending on application, the last mile delivery market is classified into package delivery, e-commerce, and others. Out of these, the e-commerce category recorded the highest growth in the market during the past few years. This was because of the presence of a large customer base and the changing buying behavior of people and their huge expectations regarding product deliveries. People are increasingly expecting free shipping and fast product deliveries and the availability of goods at affordable and competitive prices.

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Geographically, the last mile delivery market is predicted to demonstrate the fastest growth in the Latin America, Middle East, and Africa (LAMEA) region in the forthcoming years. This will be because of the rising gross domestic product (GDP) and the increasing disposable income of the people living in the developing nations of LAMEA such as Mexico and Brazil. Additionally, the increasing number of last mile grocery and food delivery start-ups and the rising popularity of omnichannel retailing are propelling the advancement of the market in this region.

The players operating in the global last mile delivery market are increasingly focusing on business mergers and strategic partnerships for remaining competitive. For instance, Microsoft Corporation and FedEx Corporation launched a collaboration with each other in May 2020 for enhancing their operations. Moreover, this collaboration is aimed at combining the global logistics and digital network of FedEx and the intelligent cloud solutions of Microsoft. This collaboration will allow the companies to have greater control and gain better insights into the movement of products across the world.

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The COVID-19 pandemic is severely hampering the progress of the last mile logistics industry. Moreover, the imposition of lockdowns and the shrinking of workforce have caused disruptions in the last mile delivery market. However, the increasing internet penetration and digitization and the rising number of product delivery orders, on account of the growing popularity of online shopping, especially during the pandemic, are fueling the expansion of the market.

Market Segmentation by Service

B2C
B2B

Market Segmentation by Application

E-commerce
Package delivery
Others

Market Segmentation by Region

North America
By service
By application
By country – U.S. and Canada

Europe
By service
By application
By country – Germany, the U.K., Italy, France, Spain and Rest of Europe

APAC
By service
By application
By country – China, Japan, India, South Korea, and Rest of APAC

LAMEA
By service
By application
By country – Mexico, Brazil, Argentina, and Rest of LAMEA

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Why Are Ethanolamines Being Used as Surfactants?

Factors such as the soaring demand for surfactants and surging sale of agrochemicals will stimulate the ethanolamines market growth at a 5.0% CAGR during the forecast period (2020–2030). At this rate, the value of the market will increase from $2,933.5 million in 2019 to $5,079.0 million by 2030. The compound is used as a surfactant in personal care products due to its ability to remove grease, stains, and dirt. Apart from this, the chemical serves as a suitable emulsifying agent in bath washes, soaps, and shampoos.

The compound is also used in high volumes for the production of agrochemicals. Diethanolamine (DEA) is primarily used in the production of a herbicide known as glyphosate, to prevent unwanted vegetation at farmlands. The consumption of glyphosate is surging in the countries of Asia-Pacific (APAC), North America, and Latin America on account of the soaring demand for agricultural produce. Besides, the growing awareness amongst farmers about the advantages of using such herbicides will fuel the demand for ethanolamines in the coming years.

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Geographically, the APAC region consumed the highest volume of ethanolamines in the past, driven by China. In 2019, China imported 168.4 kilotons of the chemical from manufacturers in Saudi Arabia and Thailand. Moreover, the region is also expected to utilize the highest quantity of the compound in the coming years. This can be ascribed to the increasing demand for ethanolamines in end-user industries in Vietnam, India, and Thailand.

To cater to the escalating demand, chemical companies, such as Oriental Union Chemical Corporation, BASF SE, The Dow Chemical Company, Saudi Kayan Petrochemical Company, Huntsman Corporation, Sadara Petrochemicals, Akzo Nobel NV, and INEOS Group Holdings S.A., are focusing on expanding their production capacities. For example, in July 2019, INEOS Group Holdings S.A. announced a new plant for producing ethyl oxide and derivatives in Houston, U.S. Likewise, BASF SE, in September 2019, announced the expansion plan for its ethylene oxide and derivative complex in Antwerp, Belgium.

Thus, the growing consumption of personal care products and agrochemicals will augment the demand for ethanolamines in the foreseeable future.

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How is Chemicals Industry Fuelling Expansion of Chloromethanes Market?

In 2018, the global chloromethanes market generated a revenue of $2,675.9 million. According to the forecast of P&S Intelligence, a market research firm based in India, the market would attain a value of $3,286.9 million by 2024. Furthermore, the market is predicted to advance at a CAGR of 3.4% between 2019 and 2024. The rapid expansion of the pharmaceutical industry and the extensive solvent production in various countries are the main factors driving the progress of the market.

With the rising sales of chloromethane derivatives, the chloromethanes market will exhibit huge expansion all over the world in the coming years. Another major factor fueling the growth of the market is the swift progress of the pharmaceutical and agriculture industries and the increasing oil and gas exploration and production (E&P) activities in the Middle East and Africa (MEA) region. Many global players operating in the chloromethanes industry are upgrading their production efficiencies and establishing new production plants.

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This is causing a sharp surge in their production capacities. For example, Nouryon, former AkzoNobel N.V. specialty chemicals segment, announced in April 2019 that it intends to increase its chloromethane production capacity at its production plant in Frankfurt, Germany for grabbing the global industry opportunity. Depending on type, the chloromethanes market is classified into methylene chloride, methyl chloride, chloroform, and carbon tetrachloride. Out of these, the methylene chloride category registered the highest growth in the market in the past.

Hence, it can be said with full surety that the market would register huge expansion all over the world in the upcoming years, mainly because of the rapid expansion of the agriculture and pharmaceutical industries and the heavy usage of chloromethanes for producing industrial solvents.

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Why is Intraoral Scanners Market Expected to Boom in Asia-Pacific (APAC) in Future?

The rising prevalence of dental problems around the world, especially amongst the underprivileged people of developed and developing nations, is significantly contributing toward the surge in the demand for intraoral scanners. Edentulism, which is a condition of tooth loss, is one of the biggest factors responsible for the increasing adoption of intraoral scanning procedures and usage of dental implants like dentures. As per the National Health and Nutrition Examination Survey, almost 91% of adults in the age group 20–64 suffer from tooth decay and dental caries in the U.S every year. 

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The intraoral scanners market is currently witnessing the trend of dental tourism in numerous countries. This is mainly attributed to the fact that the cost of medical treatment is very high in developed countries, and so the people living here are moving to the developing nations in order to avail dental treatment at affordable prices. Moreover, the increasing inter-connectivity in the world and globalization have resulted in the easy transfer of technologies, materials, and techniques, which has, in turn, allowed dental care providers in developing countries to offer their services at significantly lower prices.

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Globally, the highest adoption of intraoral scanners was observed in Europe in 2017, mainly on account of the presence of major manufacturers of these devices in the region. Asia-Pacific (APAC) region is expected to observe the fastest growth in the demand for these dentistry systems during the forecast period. This is primarily ascribed to the soaring geriatric population in several countries, such as India, China, and Japan, increasing healthcare expenditure, rising prevalence of dental disorders, improving economic conditions, and mushrooming number of dental practitioners and clinics. 

Thus, it can be concluded that owing to the increasing incidence of dental problems, rapid advancements in the healthcare sector, and surging geriatric population, the demand for intraoral scanners will observe huge growth in the coming years.

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Why Does Automotive Industry Require Polypropylene?

PlasticsEurope estimates the global plastic production in 2018 at 359 million tons, of which polypropylene (PP) accounted for 19.3%, the largest share. This highly versatile plastic is used for manufacturing lightweight sports equipment, tote bags, cold- and hot-weather clothing, flip-flops, surgical sutures, medical tools, containers, and equipment; domestic-use products, toys, and even furniture. Such a wide application base of PP is owed to its wear & tear, heat, oil & solvent, microbe, and water resistance and a high melting point.

As per P&S Intelligence, due to such an expansive usage base of PP, the polypropylene market will likely grow from $122.7 billion in 2019 to $226.8 billion in 2030, at a 5.7% CAGR during 2020–2030 (forecast period). Apart from those mentioned above, a prominent application area of PP is in flexible and rigid packaging, the demand for which is growing with the booming population. In addition, the increasing number of one-person households, rapid urbanization, busy schedules, and rising demand for wellness and health products is pushing up the demand for packaging.

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In 2019, Asia-Pacific dominated the polypropylene market, and it is also expected to witness the fastest growth during the forecast period. This is attributed to the increasing number of manufacturing plants and advancements in rigid and flexible packaging materials. Due to the expanding end-use industries, such as consumer & institutional, packaging, furniture & furnishings, transportation, machinery, building & construction, and electrical & electronics, regional PP producers, including Reliance Industries Limited, China Petroleum & Chemical Corporation, and PetroChina Company Limited, are prospering.

Hence, as the rising population pushes up the demand for plastic products, the consumption of PP will continue to surge across the globe.

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Artificial Disc Market to Witness Robust Growth in Coming Years

The number of people above 60 years of age is predicted to grow from 901 million in 2015 to 1.4 billion in 2030, as per the United Nations. One of the most common effects of aging is the decrease in the bone mass, which causes diseases such as osteoporosis or vertebral column deformity. The latter mostly happens due to functional issues in the intervertebral discs, which allow the backbone to bend slightly and absorb shock. In the event of a deformity, the natural discs need to be replaced by artificial ones via surgery, thereby allowing people to regain some degree of forward and backward bending movement.

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Another reason for the rising popularity of disc replacement is its long-term cost benefits compared to spinal fusion. Though the former procedure has more upfront costs than the latter, it has no requirement for follow up surgeries, unlike spinal fusion. According to a recent study by the Texas Back Institute and Rothman Institute, over a 48-month period, the cost of disc replacement is $5,000 less than spinal fusion. This is making the former more preferred among patients, thereby leading to the growing demand for artificial discs.

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The popularity of advanced surgical methods is also being positively influenced by the increasing healthcare expenditure by the government of numerous nations. The World Bank reported an average rise in the worldwide healthcare expenditure, from 9.5% of the gross domestic product (GDP) in 2010, to 9.9% in 2014. With more funds, voluntary health associations, research institutions, and local and central government bodies are increasing the investments in medical research and development (R&D), which is leading to the development of more-effective spinal corrective procedures.

North America recorded the highest usage of artificial discs during 2014–2017, and the situation is predicted to be the same in the near future. The reason behind this is that many devices are being tested in clinical trials, and a number of them are predicted to be approved by the FDA soon. The high per capita income in the region allows patients to afford the expensive disc replacement procedures. Within the region, the artificial disc market growth in the U.S. would be faster, as its per capita income and population is significantly higher than Canada, and the awareness regarding the procedure is also surging rapidly here.

Hence, the usage of artificial discs would continue growing as the geriatric population increases and more people suffer from degenerative spine disorders in the coming years.

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