What are Major Factors Driving Growth of Competitive Landscape of Private Healthcare Insurance Industry?

 The healthcare industry is among the most prominent industries; however, the cost of private healthcare services is extremely high and most of the people are not able to afford those services. Attributed to this, private healthcare insurance companies provide several kinds of plans for disease, medical, and income protection. Customers have to pay tax-free premiums annually or monthly for such a service. The medical insurance is health insurance policy which covers high deductible medical expenses. The policy covers limited amounts of certain expenses, including emergency services, hospital bed expenses, and ambulatory patient services. 

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The private healthcare insurance industry in the U.S. is being driven by the rising prevalence of chronic diseases, government funding programs for healthcare insurance, and increasing geriatric population. As per the Population Reference Bureau report “Aging in the United States”, the number of people aged 65 years and above in America is expected to increase from 46 million in 2016 to more than 98 million by 2060. Since aged people need medical attention more often, it leads to frequent visits to clinics and hospitals, thereby increasing the burden of medical bills. Ascribed to this, people in this age group tend to increasingly invest in health insurance for lowering the burden of medical expenses. 

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The Asia-Pacific region is expected to emerge as the fastest growing private healthcare insurance industry in the coming years, and countries including Australia, India, Japan, and China are expected to majorly contribute to the industry. This is owing to the expansion of healthcare insurance industry, growing healthcare awareness, and increasing incidence of chronic ailments in the region. In addition to this, the the growing medical tourism in the region is also resulting in the growth of the private healthcare insurance in the region. 

In conclusion, the surging prevalence of chronic diseases and growing geriatric population is leading to the rising adoption of healthcare insurance. 

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Escalating Power Demand Fueling Deployment of Thermal Energy Storage Systems

Due to the rapidly increasing urbanization rate in several countries, the demand for power and electricity is surging, which is, in turn, fueling the requirement for various types of power-producing utilities such as concentrated solar power (CSP) plants. The Asia-Pacific region has witnessed a sharp rise in the deployment of CSP plants over the last few years. According to the National Energy Administration of China, nearly 111 CSP projects are currently underway in the country.

These plants have an aggregated capacity of approximately 9 GW. Out of these, the first batch of plants having an aggregated capacity of 1,349.0 MW has been made operational recently, with more plants predicted to be commissioned soon. These CSP plant development projects are propelling the demand for thermal energy storage systems. Besides this, the rising consumption of power for cooling and district heating purposes is also positively impacting the demand for thermal energy storage systems across the world.

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Because of the lack of abundant availability of independent heating and cooling systems for commercial and residential buildings, these establishments are heavily reliant on the power utilities for meeting their energy requirements. As a result, power utilities all over the world are rapidly deploying thermal energy storage systems that can help them meet the soaring energy demands of these facilities. This is consequently propelling the expansion of the global thermal energy storage market. 

In the forthcoming years, the demand for these systems will soar in the Asia-Pacific region, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the surging energy requirement, on account of the soaring population of the regional countries. Moreover, the increasing popularity of renewable energy sources, on account of the depletion in fossil fuel reserves, is further boosting the demand for energy storage systems in the region.

Therefore, it can be said with surety that the demand for thermal energy storage systems will shoot up all over the world in the coming years, mainly because of the mushrooming power requirements in several countries. 

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Automotive Sector Deploys Injection Molded Plastics for Lightweight Vehicles

The automotive sector utilizes high volume of injection molded plastics for manufacturing automobile parts to reduce the overall vehicle weight. Automakers are focusing on producing lightweight vehicles to enhance fuel efficiency. Plastics are an imperative component of any vehicle and the incorporation of these plastics provides a substantial weight reduction. Thus, the soaring demand for lightweight and fuel-efficient vehicles will propel the injection molded plastics market at a CAGR of 6.0% during 2017–2025. The market stood at $283.5 billion in 2016 and it is expected to reach $496.2 billion by 2025.

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Moreover, the rising preference for biodegradable polymers among producers of medical devices has led to the widescale consumption of injection molded plastics, globally. Besides, the implementation of stringent regulations about the use of medical-grade polymers in the healthcare industry will propel the demand for these plastics in the coming years. The medical device manufacturers use injection plastics in the production of test tubes, beakers, implantable components, surgical equipment, drug delivery equipment, and casings and housings for laboratory and medical equipment.

Furthermore, Europe also uses a considerable quantity of injection molded plastics, due to the surging ingestion of packaged foods and the strong presence of established players. Other regions, such as North America, Middle East and Africa (MEA), and Central South America (CSA), also consume a notable volume of such plastics, due to their rising applications in the construction, automotive, and medical sectors. In North America, the U.S. is expected to be the larger consumer of these plastics, owing to their widescale usage in the production of household and medical items in the country.   

In recent years, key market players have increased their focus on product launches and geographical expansion to consolidate the competition. For example, DowDuPont Inc. established its new ethylene and plastics plant in Freeport, in September 2017, to produce 1.5 million metric tons of ethylene every year.

Thus, the widening application of injection molded plastics in the medical, packaging, and automotive sectors will fuel the production and consumption of these plastics in the coming years.

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North America to Create Largest Demand for Wound Care Products due to Rising Road Accidents

 The number of surgeries being performed across the globe has been rising at a swift pace. This can be primarily attributed to the surging prevalence of lifestyle-related and chronic diseases. Chronic diseases often lead to complications that cannot be taken care of just by using medication. In such cases, the patient needs to go through a surgical procedure in order to manage the condition. It is because of the increasing number of surgeries that the demand for wound care products is growing. 

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Wound closure, traditional, and advanced are the major types of wound care products, out of which, the demand for advanced wound care products has been the highest up till now. These products accelerate the healing process, and are especially ideal for severe wounds. Advanced wound care products further provide flexibility and comfort, thereby allowing free movement of the body. Owing to such properties, the demand for these products is expected to be the highest in the coming years as well. 

Advanced would care products are further of three types, namely active wound care products, wound therapy devices, and advanced wound dressing. Between acute and chronic wounds, the demand for wound care products is predicted to increase significantly for chronic wounds. The number of road accidents is growing rapidly, and the people involved in accidents often get badly injured, thereby driving the need for different kinds of wound care products. 

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Other than for surgical wounds, wound care products are also used for treating ulcer and burn wounds. The largest demand for wound care products was created for treating surgical wounds in the past and the situation is likely to be the same in the coming years as well. As mentioned above, the growing volume of surgeries is driving the demand for different kinds of wound care products. Geographically, North America emerged as the major wound care market in the past. 

Hence, the increasing volume of surgeries and rising number of accidents are leading to the growth of the market. 

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Indian Electric Bus Market Set to Surge in North India in Coming Years

The Indian electric bus market had a valuation of $94.3 million in 2020 and it is predicted to advance at a CAGR of 48.8% between 2021 and 2025. According to the market research company, P&S Intelligence, the market for electric bus in India will generate a revenue of $1,364.4 million by 2025. The key factors driving the advancement of the market are the increasing implementation of favorable government policies regarding electric bus deployment and the surging domestic manufacturing of electric buses in the country.

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Due to the rapid environmental degradation in the country, the government is enacting various policies and regulations aimed at encouraging the deployment of environment-friendly modes of transportation such as electric buses in the country. The Ministry of Heavy Industry and Public Enterprise announced the eligibility criteria for electric passenger vehicles, buses, and two- and three-wheelers to avail the various benefits sanctioned under the FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) II incentives in March 2019.

Moreover, the government announced the procurement and deployment plan of 5,585 electric buses all over the country in August 2019. These government measures are propelling the expansion of the Indian electric bus market. Besides these initiatives, the soaring domestic manufacturing of electric buses is also fueling the advancement of the market. Many local players are increasingly announcing collaborations with leading foreign players for meeting the surging electric vehicle requirements in the country.

The Indian electric bus market will demonstrate the fastest growth in North India in the coming years. This is credited to the implementation of favorable policies by both state and central governments for promoting the deployment of electric buses in this region. In addition to this, the surging pollution levels and the increasing enactment of strict emission regulations and norms are also fueling the adoption of electric buses by various state transport undertakings in the region.

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Hence, it can be said with full surety that the market will register huge expansion in the upcoming years, primarily because of the growing requirement for environment-friendly modes of transportation and the surging enactment of favorable government policies regarding electric bus deployment in the country.

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Flourishing Automotive Industry Powering Demand for Paints and Coatings in Asia-Pacific

Paints and coatings are extensively used in vehicles for aesthetic and protection purposes. Several types of paints and coatings materials are applied on various vehicle components and also over the body of the automobile in order to improve its efficiency, resistance to various environmental conditions, and durability. With the surging per capita income of people in the emerging economies such as India and China, the sales of personal vehicles are rising sharply.

As per the China Association of Automobile Manufacturers (CAAM), in 2017, the sales of new automobiles reached 28.88 million units in the country. Moreover, this number is predicted to rise even more in the coming years. This will push up the demand for paints and coatings in the country in the coming years. Apart from being heavily used in the automotive industry, paints and coatings are also extensively used in the construction industry.

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This is why the rapid advancement of the construction industry in the developing countries is positively impacting the demand for paints and coatings. Due to these factors, the Asia-Pacific paints and coatings market is registering huge growth. Depending on resin type, the market is divided into polyester, acrylic, epoxy, and polyurethane categories. Out of these, the polyurethane category is predicted to exhibit the highest CAGR in the market in the future years.

This will be because polyurethane provides beauty and strength and is thus, heavily used in all commercial and residential interior projects. With the rise in construction activities, the sales of polyurethane will grow massively across the region. When formulation is taken into consideration, the APAC paints and coatings market is classified into solvent-based, UV coatings, powder coatings, and water-based. Out of these, the UV coatings category is predicted to register the fastest growth in the market in the coming years.

The main factors fueling the progress of the industry in this country are the rapidly expanding construction industry and the soaring private and government spending on residential and commercial construction applications and projects there. As per reports, the Airport Authority of India is aiming to build city-side infrastructure at as many as 13 regional airports around the country. The surge in the manufacturing sector is also positively impacting the sales of paints and coatings in the country. 

Thus, it can be said with certainty that the demand for paints and coatings will explode in the region in the coming years, primarily because of the surging construction activities and the mushrooming sales of automobiles in the region.

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Huge Growth Expected in Medical Display Monitor Market in Future

Display monitors are among the most essential and easily recognizable equipment types at healthcare settings. A lot of the diagnoses these days are made by doctors based on what they see on these monitors. From the results of imaging studies and vital sign readings to what is going on inside the body, as the surgeon operates, everything can be seen on such screens. With the increasing population around the world, the demand for healthcare services is constantly going up. With more medical centers being set up in this regard, the procurement of display monitors is also rising.

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Thus, with a higher hospitalization rate, the medical display monitor market is projected to reach $2.8 billion by 2023 from $2.1 billion in 2017, witnessing a CAGR of 4.9% during 2018–2023 (forecast period). A monitor could be a simple one attached to a physician’s computer or that integrated with a particular system, such as a vital sign monitor or an ultrasound scanner. One thing all medical professionals desire with monitors is good display quality. 

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Therefore, with the increasing demand for such systems, companies providing them have upped their product development activities. For instance, CuratOR LX550W, a 55-inch 4K ultra-high-definition (UHD) monitor, was launched by EIZO GmbH in October 2017, for interventional endoscopy and radiology. In June 2016, the company had acquired Panasonic Healthcare Co. Ltd.’s endoscope monitor business, to offer 4K and 3D endoscopy monitors for ORs. Similarly, LG Display Co. Ltd. introduced a transparent and flexible organic light-emitting diode (OLED) monitor, in a 77-inch size, in June 2017.

The increasing usage of display monitors in ORs is also credited to the rising preference for MISs, which is also why North America has been the largest medical display monitor market till now. According to the American Society of Plastic Surgeons, 17.7 million MISs were performed in the U.S. in 2018, which was an increase of 2% from previous year. In the coming years, the highest rise in the procurement of medical display monitors is predicted in Latin America (LATAM), as a result of the advancing healthcare infrastructure in the region.

Hence, as the number of medical centers and patients increase, so will the sale of display monitors.

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