Increasing Incidence of Chronic Diseases Fueling Sales of Generic Drugs

Due to the surging geriatric population in several countries, the demand for generic drugs is growing sharply across the world. As per a report published by the World Health Organization (WHO), the average lifespan and life expectancy of the population is increasing rapidly. This is causing the geriatric population to boom all over the world. As healthcare and medical treatments with branded medicines and drugs cost a fortune, patients are, nowadays, preferring low-cost generic drugs.

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Apart from the surging geriatric population, the burgeoning customer preference for low-cost generics over the highly expensive branded medicines is also positively impacting the mushrooming sales of generic drugs across the world. Moreover, because of the soaring popularity of these drugs, many pharma companies around the world are waiting for various blockbuster and branded medicines to lose their patents. The patent expiration of some of these branded drugs is propelling the sales of generic drugs.

For example, the patent protection of DULERA, which is sold by Merck Sharp & Dohme Corp., expired in December 2020 and the patent protection of FORADIL, which is a drug sold by Novartis AG, expired in November 2020. Besides this, the growing incidence of chronic diseases is also fueling the worldwide demand for generic drugs. As per the WHO, three-quarters of the total number of deaths that occurred across the world in 2020 were caused because of chronic illnesses.

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Out of these, the requirement for generic drugs was found to be the highest for the treatment of infectious diseases during the last few years. This was because of the high incidence of infectious diseases in several countries around the world. Globally, the sales of generic drugs were the highest in Asia-Pacific in the past years and this trend is likely to continue in the coming years as well. This will be because of the rising incidence of chronic diseases.

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Network Connected Medical Devices Market to Witness the Highest Growth Globally in Coming Years

 The internet of things (IoT) technology has gained immense popularity in the recent times. The concept basically refers to the connection of devices, any device as long as it has an on and off switch, to internet and to other connected devices. In order for devices to be connected with internet or with other devices, they are integrated with built in sensors. 

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The various network connected devices are patient monitoring devices, ingestible sensors, glucose monitors, X-ray imaging systems, insulin pumps, computed tomography scanners, blood processing devices, dialysis, coagulation testing, dialysis, oxygen tanks, continuous positive airway pressure machines, smart beds, infusion pumps, ventilators, and defibrillators. Because of the growing adoption of cloud technology in the healthcare sector and high cost of patient monitoring devices, their requirement was the highest in the past. Types of patient monitoring devices are weight monitoring devices, temperature monitoring devices, hemodynamic monitoring devices, multi-parameter monitoring devices, neuromonitoring devices, respiratory monitoring devices, and cardiac monitoring devices.

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North America is projected to create considerable growth for network connected medical devices in the coming years, which is primarily attributed to the developed healthcare infrastructure in the region. Because of an advanced healthcare infrastructure, the adoption of technologically innovative is growing in North America. Moreover, people are able to afford these services in the region. Other than this, technological advancements and increasing research activities is further predicted to drive the growth of the network connected medical devices market in the coming years.      

Hence, the domain is witnessing growth because of advancements in the IoT technology. 

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How Will Pharmaceutical Industry Support Benzalkonium Chloride Market Growth?

Robust growth in the oil & gas and pharmaceutical industries will drive the benzalkonium chloride market at a CAGR of 9.6% during the forecast period (2020–2030). The market was valued at $525.0 million in 2019 and it is projected to reach $1,301.1 million by 2030. The pharmaceutical sector consumes high volume of benzalkonium chloride, as it serves as an antiseptic, antimicrobial preservative, wetting agent, solubilizing agent, and disinfectant. Moreover, affordability of healthcare services, hefty investments by governments in the sector, and rise in disposable income boost the demand for benzalkonium chloride.

Categories under the application segment of the benzalkonium chloride market include eye, ear, and nasal drops, shampoos, spermicidal creams, disinfectants, hand sanitizers, coatings, timber protection chemicals, water treatment chemicals, and aquaculture chemicals. Amongst these, the disinfectants category held the largest market share in 2019 and it is expected to retain its position during the forecast period. This can be ascribed to the rising incidence of hospital-acquired infections (HAIs) and the implementation of stringent regulations regarding the utilization of surface disinfectants in pharmaceutical and biotechnology labs, hospitals, diagnostic labs, and research labs.

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North America generated the highest revenue in the benzalkonium chloride market in 2019, owing to the booming opportunities for oilfield equipment manufacturers in the region. The region is also expected to lead the market during the forecast period, due to the rise in exploration and production (E&P) activities and the increase in investments in the oil & gas industry. Moreover, the U.S. is expected to be the leading consumer of this chemical in North America in the coming years.

Presently, the benzalkonium chloride market is consolidated in nature, with the presence of a handful of key players like Novo Nordisk Pharmatech A/S, Dishman Group, Merck KGaA, and KLK Oleo. The market is led by Novo Nordisk Pharmatech A/S, due to its rising focus on tapping new applications. The company offers benzalkonium chloride to be used as a preservative and active pharmaceutical ingredient in creams, ointments, antiseptic agents, personal care products, wound care products, ophthalmic products, and oral, topical, and nasal drugs. 

Thus, the disinfectant and preservative properties of benzalkonium chloride will fuel its demand from the pharmaceutical and oil & gas sectors in the forecast period.

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Pump Jack Sales Expected to Shoot Up in Asia-Pacific in Coming Years

With the surge in the number of mature oilfields around the world, the demand for pump jacks is growing rapidly, especially in the petroleum industry. A majority of these oilfields have already reached their saturation points and therefore, produce very less oil. As these wells cannot be restarted economically once they are closed down, they are kept alive with the help of pump jacks. These devices enable the extraction of even the last few barrels of oil from these fields.

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Due to the above-mentioned factors, the sales of pump jacks are soaring all over the world. This is, in turn, fueling the expansion of the global pump jack market. Onshore and offshore oil wells are the major application areas of pump jacks. Between the two, the requirement for pump jacks will rise at a faster rate in onshore oil wells in the coming years, as per the estimates of P&S Intelligence, a market research company based in India.

Across the globe, the sales of pump jacks are predicted to rise enormously in the Asia-Pacific (APAC) and North American regions in the upcoming years. This is ascribed to the existence of several leading pump jack-producing companies, the surging number of mature oilfields, and the presence of several aging oilfields in this region. The demand for pump jacks is also predicted to boom in various European countries such as Russia in the coming years.

Hence, it can be safely said that the demand for pump jacks will skyrocket all over the world in the future years, mainly because of the increasing number of aging and mature oilfields. 

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How Is Hospitality Sector Helping North America Acid-Etched Glass Market Grow?

A number of driving factors such as the soaring urban population, escalating construction activities in the commercial and residential sectors, and rising preference for high-end products will propel the North American acid-etched glass market at a 5.5% CAGR during the forecast period (2021–2030). According to P&S Intelligence, the market generated revenue of $237.3 million in 2020, and it is projected to generate $403.1 million by 2030. Additionally, the increasing preference for etched decorative glass doors and windows is also supporting market growth.

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Moreover, amplifying demand for etched decorative windows and doors is driving the North American acid-etched glass market growth. Residential and commercial users are adopting large quantity of etched glasses for decorative purposes, due to their magnifying focus on an array of gradients, shades, and textures in glass. These beautifying materials also provide several gradients and opacities to meet the varied needs of the customers. These doors and windows cut down glare, heat, and flame, enhance aesthetic quotient, provide security from external environment, prevent penetration of ultraviolet (UV) radiations, and improve lighting.

Geographically, the U.S. generated higher revenue for the North American acid-etched glass market in 2020. This is due to the surging number of government initiatives to amplify tourism and the growing construction industry in the country. The demand for the glass in this nation was met by key players like Bear Glass, OcuGlass LLC, Dillmeier Glass Company, Compagnie de Saint-Gobain S.A., Guardian Industries Holdings LLC, Cosmopolitan Glass INC., Asahi Kasei Corporation, General Glass International, and CARVART.

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Thus, the growth of the tourism and hospitality industry and the surge in construction activities in the residential and commercial sectors will boost the market growth in the forecast years.

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Growth of Sharing Services To Drive Europe Electric Scooters and Motorcycles Market

A number of growth factors, such as the proliferation of electric two-wheelers in sharing services, rise in the traffic concerns in the region, focus on reducing greenhouse gas emissions, and implementation of stringent emission regulations, are expected to propel the European electric scooters and motorcycles market at a CAGR of 27.6% during the forecast period (2020–2025). According to P&S Intelligence, the market generated $284.2 million in 2019,which is projected to reach $758.5 million by 2025.

The European electric scooters and motorcycles market growth is driven by the proliferation of electric scooters in sharing fleets in major European countries. This is due to the presence of several sharing service providers, with a large number of electric scooters in their fleets. For instance, France had around 2,560 electric scooters and Italy had about 1,225 scooters in their sharing fleets in 2019, which are expected to grow in the coming years. Thus, the increasing deployment of electric scooters for sharing services plays a pivotal role in the market growth.

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At the country level, France held the largest share in the European electric scooters and motorcycles market in 2019, on account of the increasing demand for EVs in the country and the rising number of government initiatives, to reduce greenhouse gas emissions. On the other hand, the market in Spain is projected to record the fastest growth during the forecast period. This can be attributed to the surging demand for electric two-wheelers in the country and government initiatives to draw consumers’ attention toward electric variants from conventional vehicles.

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Thus, the induction of electric scooters into sharing fleets and the rising focus on reducing greenhouse gas emissionswill accelerate the market growth in the foreseeable future.

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Installation of Online Automated External Defibrillator Devices at Public Spaces Rising in Italy

The prevalence of cardiac diseases in Italy has been on a rise since the past few years. As per the WHO’s data, deaths caused due to coronary heart disease (CHD) reached 108,924 (20.5% of total deaths), in 2017, in the country. The rising consumption of high calorie food, sedentary lifestyle, and surging prevalence of obesity are leading to the increasing incidence of heart-related ailments. After CHD, most of cardiovascular disease-related deaths have been caused because of stroke and heart failure in Italy. 

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As the response of AEDs, when it comes to saving lives in case of emergencies, is rising, they are widely being installed at public places, including schools and colleges, railway stations, airports, shopping centers, leisure centers, and malls. Also known as public-access defibrillators (PAD), these medical devices can be utilized by anyone in case of a cardiac arrest emergency. Various programs, including the Regional Early Defibrillation Program in Italy, are being initiated to provide information regarding the application of AEDs. 

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It is because of such advantages of fully automatic Italian online automated external defibrillator market that their demand is rising rapidly in the country. AEDs are utilized at hospitals, clinics, & cardiac centers, homecare settings, public access settings, and pre-hospital care and emergency medical service providers. The demand for these devices is projected to increase at public-access settings in the years to come due to the increasing prevalence of chronic cardiovascular diseases, enhancing healthcare infrastructure, and growing number of awareness campaigns conducted by public and private organizations in the country. 

Hence, the market is growing due to the increasing incidence of chronic diseases and rising installation of AEDs at public spaces in the country. 

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