Why Is North America Largest User of Precision Medicine?

Due to genetic factors, stress, pollution, aging, alcohol and tobacco abuse, and many other reasons, the prevalence of chronic diseases, such as cancer, cardiovascular diseases (CVDs), asthma, and chronic obstructive pulmonary disease, is rising. These and other diseases, though affecting a large chunk of the population, often affect individuals differently. In the same vein, one treatment that is effective for one person may not be for another. Since, the realization of the fact that people’s genetics plays a key role in determining how a disease will behave or how they will respond to the treatment, the demand for  precision medicine, has been growing.

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The government support to precision medicine in other parts of the world has been equally strong. For instance, Argentina initiated the Precision Medicine Initiative Grant in 2017, so that the experimental techniques and knowledge could be put to clinical use. The reason this field of medical sciences is gaining such significance is that personalized medicine is developed after extensively studying the genes of individual patients. This helps in deciphering how the disease will behave inside the person’s body, which further allows the healthcare fraternity to design treatments specifically for that individual.

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As this entire approach is still majorly experimental, North America is the most-productive precision medicine market currently. Numerous pharmaceutical and biotechnological companies offering products in the areas of genetic and genomics exist in the region. Additionally, researchers and academic institutes in the continent are receiving heavy funding from venture capitalists and government organizations. Further, the rapidly rising COVID-19 case and death counts have made personalized treatments a necessity, especially since the complications of the disease have been diverse here.

Precision medicine is offered in the form of therapeutics, personalized medical care, and diagnostics. Among these, therapeutics are the most-widely provided form of precision medicine on account of the various benefits personalized therapeutics offer, especially with advancements in the genetics field. In the years to come, the demand for personalized medical care will increase the fastest owing to the rising funding and grants by governments for telemedicine and increasing demand for patient monitoring services, especially in far-flung areas.

Therefore, with continuous research activities and clinical trials, the field of precision medicine will keep advancing.

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Mattress Market To Generate $64,045.5 Million Revenue by 2030

A number of factors, such as the surging disposable income and favorable government policies, rising standard of living, increasing population, growing tourism industry, surging concern regarding sound and healthy sleep, rising migration to urban areas, and increasing prevalence of back and spine problems across the globe, are expected to drive the growth of the mattress market at a CAGR of 7.0% during the foreseeable period (2021–2030). According to P&S Intelligence, the market generated $32,875.3 million revenue in 2020, and it is expected to reach $64,045.5 million by 2030. 

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One of the prime factors aiding the mattress market growth is the surging disposable income and favorable government policies for the real estate sector. For instance, as per the Organisation for Economic Co-operation and Development (OECD), the global disposable income increased at a growth rate of over 2% in 2019 from 2018. These factors are making housing affordable, which is increasing the home ownership rate, thus driving the demand for mattresses. Moreover, the rising disposable income boosts the tourism sector, thereby positively impacting the market growth.

The product segment of the mattress market is categorized into innerspring, latex, memory foam, and others. Among these, the memory foam category accounted for the largest market share in 2020. This is ascribed to the high usage of this type of mattresses by individuals suffering from orthopedic problems, as these mattresses offer more comfort, more evenly distribute the body weight, and better support the body in response to pressure and heat as compared to other types. Moreover, they are used in the commercial sector owing to their low price and easy availability.

Geographically, the Asia-Pacific (APAC) mattress market generated the highest revenue in 2020, and it is also expected to witness the same trend during the forecast period. This is attributed to the growing tourism industry, surging per capita disposable income in developing countries, increasing population of China, India, and Indonesia, improving standards of living of the middle-class population, and rising purchasing power of people. In addition, with the awareness on sound and healthy sleep rising, people are replacing their mattresses more often than before. 

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Thus, the rising disposable income, favorable government policies, and increasing migration to urban areas are expected to boost the market growth during the forecast period.

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Demand for Automotive Refinish Coatings Expected to Soar in APAC in Coming Years

With the increasing income of people and the surging gross domestic product (GDP) of many countries, the sales of automobiles are booming, which is, in turn, pushing up the demand for automotive refinish coatings. For example, due to the surge in the GDP, the sales of automobiles in China grew by 28.03 million four-wheelers in 2016. This subsequently fueled the demand for refinish coatings, as these coatings are heavily required for automobile maintenance and repair.

Similarly, in India, the sales of used cars increased from 1.6 million units in 2011 to 3.3 million units in 2016. The U.S. also witnessed a massive rise in the sales of used trucks and cars, with the sale of 17.6 million units in 2016, because of the lower prices of these vehicles in comparison to new vehicles. Apart from this, the mushrooming demand for recreational vehicles is also fueling the sales of automotive refinish coatings.

With the ballooning sales of these vehicles, manufacturers are increasingly focusing on making modifications, in order to provide economically viable and customized RVs to customers. This growing trend of modification and customization of RVs is fueling the demand for automotive refinish coatings, thereby driving the expansion of the global automotive refinish coatings market. Primer & filler, basecoat, and clearcoat are the most widely used types of automotive refinish coatings around the world.

Out of these, the application of these coatings is predicted to rise rapidly on two-wheelers in the coming years, owing to the soaring sales of both used and new two-wheelers globally. Across the globe, the demand for automotive refinish coatings is predicted to surge in Asia-Pacific (APAC) in the upcoming years. This is ascribed to the mushrooming sales of vehicles in the regional countries such as China and India and the growing number of vehicle manufacturing facilities in the region.

Hence, it can be safely said that the demand for automotive refinish coatings will shoot up in the future, primarily because of the surging sales of automobiles, ballooning popularity of customized RVs, increasing average lifespan of vehicles, and the growing incidence of road accidents in various countries.

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Obesity/Surgery Devices Market Set for Prosperity in Future

The rising prevalence of obesity and increasing awareness about bariatric surgery amongst the obese people are the biggest factors responsible for the surge in the demand for obesity/bariatric surgery devices across the world. According to the statistics published by the American Society for Metabolic and Bariatric Surgery (ASMBS), the total number of bariatric surgeries conducted in the U.S. increased from 158,000 to 196,000 from 2011 to 2015. Due to the growing adoption of these surgeries, the demand for obesity surgery devices will undoubtedly increase in the coming years.

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Several companies across the world are increasingly organizing obesity awareness programs for increasing the public awareness about the various medical treatment and surgery options available for those suffering from obesity. For instance, a non-profit organization in the U.S., called Campaign to End Obesity, regularly conducts programs in order to increase the public awareness about exercise, bariatric surgery, and diet. The American Association of Physicians of Indian Origin (AAPI) started the Childhood Obesity Awareness program in 2013, which has so far significantly increased awareness about bariatric surgeries in the U.S.

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Geographically, the Asia-Pacific (APAC) region, owing to the increasing incidence of obesity and flourishing medical tourism industry, is projected to register the fastest growth in the utilization of obesity/bariatric surgery devices during the forecast period. As per the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), elderly people are predicted to account for nearly 20.0% of the total population by 2050, thereby propelling the demand for obesity surgeries in the region. As a result, the obesity/bariatric surgery devices market will boom in the region in future.

Thus, the demand for obesity/bariatric surgery devices will shoot up massively across the world over the next few years, owing to the rising prevalence of obesity and soaring geriatric population.

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How Can Head-Up Displays Help Prevent Accidents?

With more than 1.3 million people dying in vehicle crashes every year, as per the World Health Organization (WHO), the focus on making road transportation safer has increased massively in the recent past. What is disheartening is that most of these accidents are caused not by a failure of vehicle systems but by humans themselves. The key reasons because of which automobiles crash are over-speeding, not paying attention to the road while driving, talking on the phone while driving, reckless driving, and not keeping enough distance from the vehicle in front.

As a result, the need for systems and software that can aid people while driving is rising, and many countries have mandated their adoption in automobiles. This is a key reason because of which P&S Intelligence expects the automotive head-up display market to witness rapid growth in the years to come. These systems are to become a key component of vehicles integrated with advanced driver-assistance systems, which offer tire pressure data, drowsiness monitoring, parking assist, adaptive cruise control, blind-spot detection, lane departure warning, adaptive front lighting, night vision, and driver monitoring functionalities.

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Due to such efforts, “Electric cars, which accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registered a 40% year-on-year increase.”, the International Energy Agency (IEA) says in its Global EV Outlook 2020 report. In PEVs, head-up displays aren’t just needed to display the ADAS data, but the data of the vehicle itself, including battery charge level, battery temperature, and charging status. Thus, with the International Renewable Energy Agency (IRENA) projecting the number of electric cars in operation to touch 200 million by 2030, the demand for head-up displays can be expected to skyrocket.

In the coming years, Asia-Pacific (APAC) will be the largest automotive head-up display market because of the rising automobile sales, including those of PEVs, in the region. In addition, China, South Korea, Japan, and India are among the top 10 vehicle producers owing to the cost-effectiveness of labor and raw materials and less-strict environmental regulations. These advantages have attracted many European and North American automakers to set up their plants in the region.

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Hence, with the rising production of automobiles and increasing focus on road safety, the demand for head-up displays will keep booming around the world.

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Physiotherapy Tapes and Bandages Providing Relief to Road Accident Victims in LATAM

According to the World Confederation for Physical Therapy, the total number of physiotherapists in Latin America (LATAM) stood at 350,221, as of June 2019. The Confederation further stated that Brazil had 250,000, Colombia had 29,483, Peru had 5,000, Chile had 30,360, Ecuador had 2,530, and Mexico had 4,861 practicing physiotherapists. Due to the presence of a large number of such medical professionals, the consumption of physiotherapy tapes and bandages is quite high in the region.

Moreover, high incidence of road accidents and sports injuries in the region is expected to fuel the LATAM physiotherapy tapes and bandages market at 2.7% CAGR during the forecast period (2020–2030). The market was valued at $30.4 million in 2019 and it is expected to reach $39.8 million by 2030. The World Health Organization (WHO) recorded that the death rate per 10,000 people due to road accidents, in 2018, was 10.2%, 13.4%, 13.7%, 20.2%, 21.5%, 24.8%, and 40.8% in Chile, Argentina, Peru, Brazil, Colombia, Ecuador, and Venezuela, respectively.

The road accident victims often suffer severe injuries and fractures, which require surgeries. These patients often need physiotherapy as a part of post-op care, to reduce or overcome effects of disability caused due to accidents. Aftercare physiotherapy is generally carried out by using physiotherapy bandages, which offer relief from severe pain. To offer better treatment to such victims, key market players like DeRoyal Industries Inc., Implus Corporation, Johnson & Johnson, Becker Orthopedic, Essity AB, 3M Company, Beiersdorf AG, NASARA Corporation, and Kinesio Taping LLC have been launching advanced products.

Thus, the growing incidence of road accidents and the burgeoning number of practicing physiotherapists in LATAM will boost the usage of physiotherapy tapes and bandages in the foreseeable future.

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Demand for Fracture Management to be Highest in Brazil due to Increasing Hip Fracture Cases

 The prevalence of osteoporosis in Latin America (LATAM) has been growing at a rapid pace. The bone diseases causes the loss of bone density, which, in turn, raises the risk of fractures in the body. In LATAM, osteoporosis is among the key causes for the growing incidence of fractures. According to the International Osteoporosis Foundation, people in the region are projected to suffer from about 655,648 hip fractures by 2050. 

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This growing prevalence of osteoporosis and rising incidence of fractures are leading to the increasing need for fracture management in the region. According to a research conducted by P&S Intelligence, the LATAM fracture management market is projected to generate a revenue of $1,002.9 million by 2030, rising from $592.0 million in 2019, progressing at a 5.1% CAGR during the forecast period (2020–2030). The major function of fracture management is to decrease the open or closed fracture in a way that will result in the restoration of normal anatomy. 

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The material used for fracture management are synthetic, plaster of Paris (POP), bioabsorbable, and metallic. Most of the plating systems, screws, hip plates, and other types of plating system accessories are primarily made up of surgical steel, stainless steel, or other kinds of metals, owing to which, the demand for metallic material has been high in the region. They are crucial elements when it comes to fracture management, since they return the lost physical strength and rigidness to the body. 

Fracture management products and materials are used at ambulatory surgery centers, clinics & orthopedic centers, and hospitals, out of which, hospitals are expected to create high demand for them in the coming years. These medical settings offer the best trauma management facilities, which can be ascribed to the fact that they have a 24/7 availability of staff and medical devices which are needed to treat such patients. 

Within the region, Brazil emerged as the major LATAM fracture management market in 2019, and the country is further predicted to create the highest demand for fracture management materials in the years to come as well. The increasing number of osteoporosis and orthopedic disease cases and surging geriatric pollution is driving the demand for fracture management in the region. As per the National Osteoporosis Foundation and the International Osteoporosis Foundation, 141,925 women and 55,844 men are predicted to suffer from hip fractures by 2040. 

Hence, the market is growing due to the increasing prevalence of osteoporosis and rising incidence of fractures in LATAM.  

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