How is COVID-19 Pandemic Affecting Corporate Wellness Market?

 The surging focus of enterprises on employee wellbeing and health, on account of the increasing incidence of chronic diseases and the sedentary character of various jobs, is driving the growth of the global corporate wellness market. According to the estimates of the market research company, P&S Intelligence, the market revenue will rise from $51 billion in 2020 to more than $100 billion by 2030. Additionally, the burgeoning requirement for employee wellness perks is also fueling the expansion of the market.

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As per the World Health Organization (WHO), in 2016, more than 1.9 billion people in the age bracket— 18 years and above— were overweight. Furthermore, the organization reported that over 650 million people were obese across the world in the same year. This is primarily credited to the sedentary lifestyles and poor dietary habits of people and the lack of physical exercise. According to a study conducted by the National Library of Medicine under the U.S.’s National Institutes of Health, globally, one out of every three persons suffers from chronic diseases. 

For example, Google LLC launched a program called the TEA Check-ins in July 2020, as part of its employee training program. It is basically an acronym for energy, attention, and thoughts and it was launched to address workplace-related exhaustion and stress. Depending on service type, the corporate wellness market is divided into fitness, health risk assessment, smoking cessation, nutrition & weight management, stress management, and health screening. Out of these, the health risk assessment category contributed the highest revenue to the market in 2020.

Moreover, their strong finances and bigger operating budgets allow them to deploy corporate wellness programs, which is usually not possible for smaller organizations due to their budgetary constraints. Across the globe, the corporate wellness market is expected to register the fastest growth in the Asia-Pacific (APAC) region in the upcoming years. This is attributed to the booming working population and the soaring public awareness about health and mental wellbeing in the region.

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Professional Acne Treatment Market To Generate $13,124.5 Million Revenue by 2030

Factor such as the rising cases of acne, surging adoption of acne treatments, growing healthcare spending, increasing disposable income, sedentary lifestyle, strong product pipeline, and mounting number of research programs are expected to propel the professional acne treatment market at a CAGR of 7.6% during 2020–2030. According to P&S Intelligence, the market size is expected to reach $13,124.5 million by 2030 from $6,298.9 million in 2020. Moreover, the market is observing the rising number of product launches and research and development (R&D) activities.

Emerging economies are providing lucrative opportunities to the professional acne treatment market players, which include pharmaceutical and medical device companies. Although developing countries have a huge potential consumer base, their low awareness on the condition and treatments available has led to low product sales. But, with the growing influence of the Western culture driving appearance consciousness here, market players have a good opportunity to tap the unexplored potential of the market here and increase their revenue.

Moreover, based on professional type, the professional acne treatment market is bifurcated into dermatologists and cosmeticians. Between the two, the dermatologists category dominated the market during the historical period (2014–2020), and it is projected to lead the market in the coming years as well. This is attributed to the rising number of skilled dermatologists around the world. Furthermore, patients prefer to visit dermatologists for the treatment of acne due to their extensive experience in dealing with the problem.

Thus, the surging incidence of acne and the increasing healthcare spending are expected to drive the market growth in the coming years.

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Falling Infant Mortality Rate Driving Expansion of Baby Food Market

 Due to the growing population of working mothers, surging concerns being raised by parents over infant nutrition, falling infant mortality rate, soaring public awareness about innovative baby food products, and increasing urbanization rate and organized retail marketing activities, the global baby food market revenue is predicted to rise from $30.0 billion in 2020 to $53.9 billion by 2030. Furthermore, the market will progress at a CAGR of 6.1% from 2021 to 2030 (forecast period), as per the estimates of the market research firm, P&S Intelligence. 

As working women are actively focusing on the nutritional needs of their babies, their mushrooming population all over the world is driving the sales of baby food products. As per the Office for National Statistics (ONS), in England, the share of working mothers in the total population of mothers rose from 69% in 2013 to 74% in September 2018. Additionally, as per the data released by the Catalyst, which is a non-profit organization that works with more than 800 companies across the world for accelerating women into leadership positions, in India, 20.3% of the women in the age group—15 years and older—were working in 2020.

This is credited to the growing public preference for buying baby food products via various e-commerce platforms over other distribution channels. Across the globe, the Asia-Pacific (APAC) region generated the highest revenue in the baby food market in 2020 and it is predicted to be the fastest growing region during the forecast period as well. This will be because of the surging population of working women, high birth rates, soaring disposable income of people, ballooning public awareness about baby food products, and increasing research and development (R&D) activities being carried out by several baby food producing companies in the region. 

Hence, the sales of baby food products are certain to shoot up in the coming years, owing to the surging population of working women, growing disposable income of people, falling infant mortality rate, and rising public awareness about infant nutrition all over the world. 

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How Is Research in Renewable Energy Boosting Biodiesel Market Growth?

Factors such as the escalating concerns over the rising greenhouse gas emissions and mounting need for biodiesel-based fuel, owing to the environmental concerns associated with fossil fuel combustion, will steer the biodiesel market growth during the forecast period (2021–2030). According to P&S Intelligence, the market revenue reached around $39.0 billion in 2020. Besides, the soaring number of research and development (R&D) projects being launched in the renewable energy sector and rising number of government initiatives and regulations mandating the adoption of biodiesel will also facilitate the market growth in the upcoming years.

The soaring concerns being raised over carbon dioxide (CO2) and greenhouse gases, such as carbon monoxide (CO), hydrocarbons (HCs), and Nitrogen Oxides (NOx) emissions act as the key contributor to the market growth. Biodiesel emits 50% lesser greenhouse gases than conventional fuels and it is also free of aromatic and sulfur compounds. For instance, according to the U.S. Energy Information Administration (EIA) and the U.S. Environmental Protection Agency (EPA), in 2019, around 43 billion gallons of biodiesel were consumed in the U.S.

Geographically, Europe accounted for the largest share in the biodiesel market in 2020. This was due to the soaring number of government initiatives and regulations for mitigating greenhouse gas emissions in the region. For instance, the Euro VI emission vehicle emission standards on the New European Driving Cycle (NEDC) limit the emission of CO, HC+NOx, and NOx from diesel-powered light-duty vehicles to 0.5 g/km, 0.17 g/km, and 0.08 g/km, respectively. Whereas, the gasoline light-duty vehicles have an emission limit of 1.0 g/km, 0.1 g/km, and 0.06 g/km of CO, HC, and NOx, respectively.  

Therefore, the growing concerns being raised over the rising greenhouse gas emissions and escalating R&D expenditure in renewable energy production will fuel the market growth in the coming years. 

Read More: https://www.psmarketresearch.com/market-analysis/biodiesel-market

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Why are Sales of Smart Eyewear Glasses Surging in North America?

With the growing public awareness about health and fitness, rapid innovations in sensor technology, and increasing requirement for digital instruments in the smart textiles, consumer electronics, and fitness and sports industries, the demand for smart eyewear is surging sharply across the world. Smart eyewear is basically a wearable computing device, which displays information and helps people see clearly with the help of a head mounted display or optical computerized internet connected glasses, with transparent augmented reality or heads up display. 

Industry Outlook for Smart Eyewear Market

Accelerometer, gyroscope, image sensors, pressure sensors, thermometers, and touch sensors are the major sensors used in smart glasses. North America is currently dominating the global smart eyewear market, as per the observations of P&S Intelligence, a market research company based in India. This is credited to the high obesity rate and the presence of a large population in the region. In the coming years, the demand for smart eyewear is predicted to rise at the fastest pace in the Asia-Pacific (APAC) region. This will be because of the expansion of the healthcare industry in the region. 

Other smart eyewear manufacturing companies are focusing on providing improved reality experiences via their offerings. For instance, Vuzix, which is a U.S. based company, is offering a range of advanced smart glasses such as STAR 1200XLD and Wrap 920AR. Other smart eyewear market players such as Meta are offering smart glass equipped with infrared and high definition (HD) cameras with translucent displays. The smart glasses developed by Meta allow wearers to use gestures to control augmented reality objects which fall directly in their field of vision. 

Hence, it is clear from the above-mentioned paragraphs that the demand for smart eyewear glasses will rise tremendously in the coming years, primarily because of the growing consumer awareness about advanced technologies, burgeoning requirement for smart wearable devices, and growing need for digital devices in the consumer electronics, smart textiles, and fitness and sports industries across the world. 

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Increasing Demand for Micromobility Solutions Fueling Kick Scooter Sales

The increasing adoption of kick scooters in kick scooter sharing services is fueling their sales across the world. As compared to the other types of vehicles used by shared mobility service providers, electric kick scooters can be easily leveraged for solving the issue of last-mile connectivity and they can also be hyper-localized. Moreover, these vehicles are highly compact, easy to operate, and do not need any physical exertion, which further boost their popularity among shared mobility service providers. 

Additionally, many companies have started providing their scooter sharing services in different locations, which has also propelled the growth of the kick scooter market. For example, Sharing Muving SL, which is a Spanish electric scooter sharing company, announced in 2018 that it has started offering its service in Atlanta, the U.S. Furthermore, Neutron Holdings Inc., which operates under the name LimeBike, launched dockless electric kick scooters and bikes for sharing in many cities in the U.S. in 2017. 

Furthermore, the declining prices of these batteries are also boosting their sales across the world. Geographically, the demand for kick scooters is currently the highest in the Asia-Pacific (APAC) region, as per the observations of P&S Intelligence, a market research company based in India. This is attributed to the large-scale deployment of these scooters in China. The existence of many major electric kick scooter manufacturing companies, rapidly developing electric vehicle value chain, implementation of favorable government policies, availability of affordable batteries, and the presence of a large customer pool are the main factors propelling the sales of these vehicles in the country. 

Hence, the demand for kick scooters will surge sharply in the upcoming years, primarily because of their soaring adoption in shared mobility fleets, growing popularity of micromobility solutions, owing to the increasing road congestion levels, rising requirement for better last-mile connectivity, and falling prices of lithium-ion batteries all over the world. 

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Small Joint Reconstructive Implants Market to Witness 5.5% CAGR during 2019–2024

According to the Global Burden of Disease Study, 2017, about 16% of disability cases were a result of musculoskeletal conditions, which is the second-largest cause of global disability. These conditions comprise more than 150 diagnoses that affect the bones, muscles, joints, and associated tissues — collectively referred to as the locomotor system. The most common and disabling musculoskeletal conditions are osteoarthritis and systemic inflammatory conditions, such as rheumatoid arthritis (RA). The prevalence of RA lies between 0.3 and 1%, and the condition more commonly affects females. Further, globally, symptomatic osteoarthritis affects 9.6% men and 18% women over 60 years of age.

Moreover, with aging, numerous changes occur in the cartilage and connective tissue. The joints become less resilient and more susceptible to damage due to the thinning of the cartilage and altering of its components (proteoglycans — supportive structures of the cartilage). This may either lead to osteoarthritis or stiffness in the joints; therefore, elderly people are more susceptible to such conditions as compared to young people. Many European countries, such as Italy, Germany, France, and Spain, are witnessing an increase in the geriatric population. This is resulting in the growing demand for diagnostic techniques and treatments for bone-related disorders. This factor, along with the rising prevalence of musculoskeletal diseases, is contributing to the increasing requirement for small joint reconstructive implants. 

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The highest usage of small joint reconstructive implants was observed in the North American region, among all other regions, such as Middle East & Africa, Europe, Latin America, Europe, and Asia-Pacific (APAC), in the past. This was attributed to the well-established healthcare industry in the region, technological advancements, and high adoption rate of such implants. In the coming time, the fastest growth in demand for small joint reconstructive implants will be registered by the APAC region.

This can be ascribed to the sedentary lifestyle of people and growing incidents of road accidents. The World Health Organization reported that in China, road traffic injuries are the major cause of death of people in the 15–44 age group. Further, India is also witnessing a surge in road accidents, which is adding to the demand for joint implants in the region.

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