Huge Growth Expected in European Drug of Abuse Testing Market in Future

 For many people in Europe, especially emotionally disturbed teens, drugs are their best friends! But, as everyone knows, whether an addict or not, drugs are not good. Though they help people escape their troubles for a while, they lead to long-lasting ill-effects, such as risk of AIDS and hepatitis C. Due to the increasing concerns among relatives and friends about drug abuse by their loved ones, they are rapidly using methods to test the presence of such substances in the body of suspected users.  

Thus, with the rising prevalence of drug abuse in the continent, the European drug of abuse testing market is predicted to grow to $3.0 billion by 2023, from $1.7 billion revenue in 2017, at a 9.6% CAGR during 2018–2023. Such kits and products can be used to determine the presence of a number of toxicants in the body, including amphetamines, opiates, alcohol, cannabis, cocaine, and ecstasy, commonly known as MDMA, which is short for its chemical formula 3,4-methylenedioxymethamphetamine. 

The largest DOA testing market in Europe has been the U.K., and the situation will be the same in the coming years, owing to the growing problem of drug abuse in the kingdom. According to the National Health Service (NHS), in 2018–19, 7,376 people were admitted to the hospital with drug-induced mental and behavioral disorders, which was a 30% increase from the 5,668 admissions reported in 2008–09. Moreover, rising by 16% from 2012–13, the number of hospital admissions due to drug poisoning in the kingdom stood at 18,053 in 2018–19. 

Therefore, with the growing issue of DOA usage in Europe, the volume of tests is swiftly rising.

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Rising Cases of Food-Borne Zoonotic Diseases in U.S. Driving Focus on Animal Healthcare

The surging prevalence of foodborne zoonotic diseases in the U.S. is creating a huge requirement for animal healthcare products. Such diseases are caused by the intake of water or food contaminated by pathogenic microorganisms, such as viruses, parasites, and bacteria. These disease-causing microorganisms enter the animal body through the gastrointestinal tract, where the initial symptoms are observed. Most common foodborne zoonotic diseases are caused by listeria, salmonella, E. coli, campylobacter, yersinia, trichinella, cryptosporidium, toxoplasma, giardia, and toxins of Clostridium perfringens, Bacillus cereus, Staphylococcus aureus, and Clostridium botulinum, which can be eliminated by certain animal healthcare products.  

U.S. Animal Healthcare Market Outlook

Additionally, the increasing domestic consumption and export of meat and milk will support the U.S. animal healthcare market growth in the coming years. For instance, according to the U.S. Meat Export Federation (USMEF), between January 2021 and May 2021, the country exported 408,896 metric tons (mt), 325,747 mt, 174,280 mt, 92,437 mt, 81,203 mt, 57,723 mt, 59,604 mt, and 56,290 mt pork to China/Hong Kong, Mexico, Japan, Canada, South Korea, Central America, South America, and the Association of Southeast Asian Nation (ASEAN) members, respectively. 

In recent years, companies operating in the U.S. animal healthcare market have been focusing on mergers and acquisitions and partnerships to capture a vast customer base. For example, in May 2018, Zoetis Inc. acquired Abaxis Inc., a veterinary point-of-care diagnostic instruments provider. Some of the other companies opting for such measures are Elanco Animal Health, C.H. Boehringer Sohn AG & Co. KG, Vetoquinol S.A, Bayer AG, HIPRA, Virbac Group, Huvepharma, Ceva Santé Animale, and Dechra Pharmaceuticals plc.

Thus, the rising prevalence of foodborne zoonotic diseases, surging domestic consumption and exports of milk and meat, and increasing adoption of companion animals will accelerate the consumption of animal healthcare products in the U.S. in the foreseeable future.  

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Why Are Turkish Food and Beverage Companies Using Coding and Marking Systems?

The surging usage of coders and printers in the food and beverage industry is the major factor fueling the sales of coding and marking systems in Turkey. Moreover, the expansion of the food and beverage industry, on account of the increasing demand for processed and packaged food items and beverages, is further boosting the demand for coding and marking systems in the country. As per TurkStat, there were 499 beverage producing and 42,030 food processing units in the country in 2015.

Apart from being heavily used in the food and beverage industry, coding and marking systems are also extensively used in the automotive industry. This is why the rapid growth of the automotive industry is causing a sharp surge in the sales of coding and marking systems in the country. This is subsequently causing the expansion of the Turkey coding and marking systems market. According to the forecast of P&S Intelligence, a market research company based in India, the market revenue will rise from $76.4 million in 2017 to $120.4 million by 2023.

Out of these, the demand for the continuous inkjet technology is predicted to be the highest in the country in the coming years. Moreover, the usage of continuous inkjet-based printers is rising rapidly in the food and beverage industry in the country. The major end users of coding and marking systems in the country are electrical and electronics, food and beverage, automotive and aerospace, healthcare, and chemical industries. Apart from these, coding and marking systems are also used heavily for coding and labelling personal care and cosmetics products, packaged consumer goods, and textiles. 

Amongst these, the usage of coding and marking systems was found to be the highest in the food and beverage industry in 2017. This is ascribed to the fact that the government of Turkey has made it mandatory for food and beverage companies to print manufacturing details including the manufacturing date, ingredient lists, and nutrition facts on the packages of food products and beverages. This is the main reason behind the extensive usage of coding and marking systems in the food and beverage industry.

Hence, it can be safely said that the demand for coding and marking systems will boom in Turkey in the coming years, primarily because of their growing usage in the automotive and food and beverage industries in the country.

Read More: https://www.psmarketresearch.com/market-analysis/turkey-coding-and-marking-systems-market

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How Does Income Surge Accelerate Bluetooth Speaker Adoption Rate?

Bluetooth speakers offer wireless audio streaming, playing media from content sources such as smartphones, tablets, laptops, or any other Bluetooth-enabled device. Most of these speakers are portable and easy to install, use, and carry. As most portable Bluetooth devices operate on rechargeable lithium polymer batteries, improvements in lithium-ion (Li-ion) batteries will provide a long playback time to such speakers. Moreover, the improving wireless connectivity and increasing adoption of smartphones will augment the use of portable Bluetooth speakers in the coming years.

Bluetooth Speakers Market Outlook

The rising adoption of such audio devices can be attributed to the growing need for mobile infotainment systems and the mounting disposable income of people around the world. Moreover, the advancement in audio technology will supplement the Bluetooth speakers market growth in the coming years. These devices are available at low, premium, and mid-range prices. In recent years, small and sturdy Bluetooth speakers, such as JBL Go by Harman International Industries and BT50B by Phillips Corporation, have gained prominence due to their exceptional sound clarity and rigid designs.

According to P&S Intelligence, North America dominated the bluetooth speakers market in the recent past due to the booming number of smartphones in the U.S. and Canada. Nowadays, Bluetooth-enabled speakers with Wi-Fi connectivity, such as Google Home, Bose Bluetooth speakers with Alexa (smart voice assistant), and artificial intelligence (AI)-supported Echo Bluetooth speaker by Amazon.com Inc., are becoming a crucial part of smart homes, as these connected devices allow customers to connect multiple devices simultaneously. Additionally, these devices are also used to play music from remote locations.

Therefore, the increasing need for mobile infotainment systems and surging disposable income will fuel the adoption of Bluetooth speakers in the forthcoming years.

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What are Factors Driving Progress of Healthcare Insurance Market in Asia-Pacific?

 One of the major factors responsible for the surge in the demand for healthcare insurance is the soaring geriatric population level across the world. As per a report published by the United Nations in 2017, called the World Population Prospects, the geriatric population is predicted to increase at a faster rate than the younger population across the world. The report also stated that there were 962 million people in the world, aged 60 years and above in 2017, and this number is predicted to rise to 1.4 billion and 2.1 billion by 2030 and 2050, respectively.  

Due to the above-mentioned factors, the revenue generated from the global sales of various health insurance plans is expected to increase from $1.7 trillion in 2018 to $2.2 trillion by 2024. The global healthcare insurance market is predicted to exhibit a CAGR of 4.3% during the forecast period (2019–2024). Health insurance is basically a type of insurance that covers the surgical and medical expenses incurred during a person’s treatment. It can either pay the care provider directly for the treatment or it can reimburse the costs incurred during the treatment of an injury or illness.

The most common types of healthcare insurances are disease, income protection, and medical insurances. Amongst these, the medical insurance policies are expected to register the highest and the fastest growth in adoption during the forecast period, owing to the increasing number of paneled hospitals providing medical services around the world. There are two types of coverage plans offered by the health insurance plans — lifetime and term coverage. Of these two, the term coverage is expected to record rapid growth in adoption during the forecast period, due to the shift of people to this type from the other.

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Wearable Medical Devices Market Set for Prosperity in Future

The increasing awareness amongst the people about fitness and wellness is one of the major factors fuelling the surge in the demand for wearable medical devices across the world. Several organizations and companies are regularly organizing awareness programs and campaigns for increasing the awareness in people regarding health and wellness and for making them understand the importance of staying healthy and fit. In addition to this, the wearable medical devices contain important information and advice from nutritionists and dieticians, which make them highly sought-after across the globe.

The rising prevalence of obesity and various other chronic diseases, soaring geriatric population, and surging preference for technologically advanced products are the other major factors boosting the demand for wearable medical devices throughout the world. Due to these factors, the revenue generated from the worldwide sales of wearable medical devices is expected to reach $67.2 billion by 2030, which is a considerable increase from the $10.6 billion revenue that the sales of these devices generated in 2019. The global wearable medical devices market is predicted to progress at a CAGR of 18.3% during the forecast period (2020–2030).

There are numerous types of wearable medical devices such as smartwatches, fitness trackers, hearing aids, smart cloths, breath analyzers, and patches. Out of these, the fitness trackers are projected to register the highest usage during the forecast period. This is mainly due to the fact that a majority of the people using these devices want to track their progress and fitness journey, number of steps taken, their health and fitness condition, and calories burnt. Moreover, these trackers are extremely cost-effective and are thus, being increasingly adopted by people across the world. 

The most prominent trend currently being witnessed in the wearable medical devices market is the mushrooming number of product launches by the various wearable medical devices manufacturing companies across the globe. For instance, in October 2019, Sony Corporation introduced the mSafety, which is a platform that integrates wristwatch and a cloud-based backend solution. This product was launched for providing a ready-made platform for remote health tracking and monitoring and mHealth applications, to the mHealth app developers, users, and healthcare systems.

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Increasing Government Support Driving Fuel Cell Electric Vehicle Market Growth

The global fuel cell electric vehicle market generated $3,059.5 million revenue in 2020. The market is being driven by the enactment of strict carbon emission regulations, such as those regarding fuel efficiency, by various governments and organizations, and the burgeoning requirement for environment-friendly vehicles, on account of the surging concerns being raised over the escalating carbon dioxide emissions all over the world. For example, the U.S. Environmental Protection Agency (EPA) is encouraging the adoption of fuel cell electric vehicles in order to reduce carbon dioxide emissions in the country.

Fuel Cell Electric Vehicle Market Outlook

Furthermore, the European Union has announced recently that it aims to reduce vehicular emissions by 80% by 2050 from the levels reported in 1990. The organization would achieve this objective by promoting the use of green vehicles. Besides, the mushrooming deployment of electric vehicles in several countries is also driving the growth of the fuel cell electric vehicle market. For example, as per the International Energy Agency (IEA), the sales of electric cars surpassed 2.1 million across the world in 2019, thereby propelling the global electric car fleet to 7.2 million.

This will be primarily because of the enactment of strict emission norms by the governments of China and Japan. Further, the existence of several major fuel cell vehicle manufacturing organizations such as Toyota Motor Corporation, SAIC Motor Corporation Limited, and Hyundai Motor Company, is also fueling the deployment of fuel cell electric vehicles in the region. Furthermore, the implementation of initiatives such as the promotion of zero-emission automobiles during major events like the 2020 Summer Olympics in Tokyo, is also propelling the market expansion in the region.

Hence, it is safe to say that the demand for fuel cell electric vehicles will surge sharply in the upcoming years, mainly because of the growing demand for environment-friendly vehicles, on account of the increasing air pollution levels and carbon dioxide emissions, and the enactment of favorable government initiatives regarding their deployment across the world. 

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