Asia-Pacific Anxiety and Depression Treatment Market Predicted to Surge in Coming Years

 The global anxiety and depression treatment market had a valuation of $17,770.9 million in 2020 and it is predicted to generate a revenue of $24,467.7 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will advance at a CAGR of 3.3% from 2021 to 2030. The key factors driving the advancement of the market are the surging geriatric population and the growing public awareness about mental disorders and their treatments around the world. 

Browse detailed report on Anxiety and Depression Treatment Market Revenue Estimation and Forecast

In the U.S., the National Alliance on Mental Illness (NAMI), which is a mental health organization providing support, treatment, and education on mental illness, was set up in 1979. These initiatives and measures are massively propelling the demand for anxiety and depression products and treatment procedures all over the world. Depending on product type, the market is divided into devices and drugs. Between these, the drugs category held higher market share in the past.

This is attributed to the growing prevalence of depressive ailments, the rapidly declining financial stability of people, and the surging number of individuals participating in screening tests for mental diseases. Globally, the anxiety and depression treatment market is predicted to register the fastest growth in the Asia-Pacific (APAC) region in the upcoming years. This will be because of various factors such as the growing incidence of anxiety and depression in the region.

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Expanding Geriatric Age-Pool Creating High Need for Psoriasis Drugs

 Psoriasis is a long-term skin disease that causes red itchy scaly patches on the elbows, trunk, scalp, and knees. It is a non-communicable, chronic, disfiguring, and painful disease that has no cure and has a greater negative impact on the quality of life of patients. This illness can occur at any stage but it is most common among people within the age group of 50–69 years. This disease affects around 0.09%–11.4% of the population of the countries. The high prevalence of this skin disease generates a high requirement for psoriasis drugs.

Access Report Summary on Psoriasis Drugs Market Global Industry Analysis and Demand Forecast to 2030

As this disease is highly prevalent in the 50–69 years age group, the increasing elderly population will accelerate the psoriasis drugs market at a CAGR of 14.0% during 2021–2023. The market was valued at $14,504.0 million in 2020 and it is projected to reach $53,210.6 million by 2030. Since the functionality of human skin decreases with age, old people witness slow healing of wounds, increased sensitivity of ultraviolet (UV) radiation, loss of subcutaneous fat, and high susceptibility to skin infections and ailments, such as psoriasis.

The rising cases of psoriasis will also result in the largescale production of biologic drugs. Additionally, the rising number of research activities to decode the genetics of psoriasis has led to the development of highly effective and targeted drugs. Thus, the availability of an enhanced treatment to clear psoriasis and decrease the risk of its comorbidities, including inflammatory bowel disease (IBD), PsA, and some cancers, has amplified the usage of biologic drugs among a vast population base.   

Geographically, North America consumed the highest quantity of psoriasis drugs in the past, due to the escalating awareness about newly developed drugs and soaring per capita income in the region. Whereas, Asia-Pacific (APAC) is expected to demonstrate the fastest growth in the psoriasis drugs market. This can be ascribed to the mounting healthcare expenditure, mushrooming disposable income, and rising number of product launches in the region. Besides, the booming expenditure on skincare products and the growing presence of leading drug manufacturers in APAC will boost the production of psoriasis drugs in the region.

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LEDs Allowing Youth to Live Fast-and-the-Furious Lifestyle

As per several research studies, light-emitting diode (LED) automotive lights are up to 85% more energy efficient than incandescent and halogen lights. For vehicles powered by gasoline (petrol) and diesel, they could lead to substantial savings in fuel expenses, while for electric vehicles (EVs), they could add up to 6 miles (9.5 km) of driving range. Thus, with the increasing focus on making automobiles fuel efficient, in the face of the rising greenhouse gas (GHG) emissions from the transport sector, the demand for LED lights could rise manifold.

Therefore, P&S Intelligence expects the automotive LED lighting market value to grow significantly during 2021–2030. The key reason here would be the rising vehicle sales as a result of the economic prosperity in developing and developed countries. The improving financial health is also driving the interest, especially of the youth, in fancy car interiors, such as those made popular by the depictions of the drag racing culture in movies and TV shows. As the sleek design of LED lights and their high illumination make them perfect for setting the ambiance, their usage in vehicle interiors is surging.

Presently, the automotive LED lighting market is dominated by Asia-Pacific (APAC), which accounts for the highest production and sale of vehicles. China, India, Japan, and South Korea are the largest auto markets in the world, with Vietnam and other developing countries also becoming significant. As owning a car is considered a status symbol, youths are retrofitting theirs with innovative and dazzling LED lights, especially those inspired by the Fast and the Furious series. Moreover, with the growing shared mobility culture, even fleet operators are installing such lights in their luxury cars.

Thus, with the rising automotive sales, coupled with the strong focus on energy efficiency and GHG emission reduction, the usage of LED lights in vehicles will increase.

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Why will Demand for Facility Management Services Soar in Asia-Pacific in Coming Years?

The expansion of the construction, hospitality, and tourism industries is one of the major factors driving the demand for facility management services across the world. Furthermore, the rising urbanization rate, rapid economic progress, and the launch of smart city and infrastructural development projects by the governments of several countries are also pushing up the requirement for these services, as these services are heavily required by businesses and commercial establishments such as mega food parks, shopping malls, and special economic zones (SEZs) for catering to the needs of people. 

Additionally, the surging number of corporate offices and retail stores in several countries, on account of the economic growth and increasing industrialization and urbanization rates, is also fueling the demand for facility management services all over the world. Owing to the aforementioned factors, the facility management market is predicted to exhibit huge expansion in the coming years. Hard services and soft services are the two most widely used types of facility management services across the world. Between these, the demand for hard services is predicted to rise sharply in the coming years.

Further, the rapid development of green/sustainable buildings is also driving the demand for facility management services across the world. Globally, the demand for these services will rise at the fastest pace in the Asia-Pacific (APAC) region over the next few years, as per the estimates of P&S Intelligence, a market research company based in India. This is attributed to the increasing construction and infrastructural development projects in regional countries in order to meet the surging requirements of people. 

Furthermore, many international companies are setting up their offices, service centers, and research and development facilities in the region, owing to the high growth potential there. This is subsequently pushing up the requirement for facility management services in the region. Cleaning, property, security, support, catering, and environmental management are the major facility management services used all over the world. Some of the major organizations operating in the facility management market are Imdaad LLC, Tenon FM, Compass Group, Jones Lang LaSalle, G4S plc, Emrill Services LLC, and EMCOR Group.

Thus, it can be safely said that the demand for facility management services will surge sharply in the coming years, primarily because of the expansion of hospitality, tourism, and construction industries, rising urbanization and industrialization rates, and increasing number of retail stores and corporate offices across the world.

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Non-Sugar Sweeteners Catering to Sweet Tooth of Diabetic Patients

Non-sugar sweeteners are substitutes for sugar, and they have different properties than organically produced sugar. This condiment is often advised by doctors to patients suffering from diabetes and reactive hyperglycemia. As the consumption of sugar-based food products harms the health of diabetic patients, food and beverage companies are focusing on the production of sweet dishes and bakery items made from non-sugar sweeteners. In recent years, the consumption of non-sugar-sweetener-based products has significantly surged in low- and middle-income countries (LMICs) due to the rising number of diabetes patients.

Non-Sugar Sweeteners Market Outlook

Thus, the increasing cases of diabetes, especially in LMICs, will support the progress of the non-sugar sweeteners market in the foreseeable future. The International Diabetes Federation (IDF) says that around 463 million individuals within the age group of 20–79 years had diabetes in 2019, globally. Furthermore, the federation forecasts that 578 million and 700 million people within the same age group will be affected by this common disorder of the endocrine system by 2030 and 2045, respectively.

According to P&S Intelligence, the European non-sugar sweeteners market will exhibit the fastest growth in the forthcoming years due to the surging incidence of diabetes and rising awareness about healthy eating, which involves reducing the sugar intake. According to the Organisation for Economic Co-operation and Development (OECD), around 32.3 million adults in the European Union (EU) were diagnosed with diabetes in 2019. As per the IDF, 465,916,400 diabetes-related deaths were recorded in 2019. Furthermore, the IDF forecasts that 65,993,300 people within the age group of 20–79 years in Europe will be diagnosed with diabetes by 2030.

Thus, the soaring prevalence of diabetes and escalating urbanization rate will fuel the use of non-sugar sweeteners.  

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Why Is North America Dominating Bioethanol Market?

The bioethanol market growth during the forecast period (2021–2030) will be driven by the surging need for sustainable and eco-friendly fuels, rising energy consumption, and increasing volume of greenhouse gas emissions in the environment. Moreover, the rapid depletion of natural resources will also facilitate the market growth in the foreseeable future. According to P&S Intelligence, the market was valued at $38.0 billion in 2020. Additionally, the soaring number of research and development (R&D) initiatives in this domain, owing to the large-scale availability of biomass, will also augment the market growth in the foreseeable future.

One of the key growth drivers for the market is the depleting reserves of natural resources, primarily on account of the surging energy consumption. Non-renewable resources, such as natural gas and crude oil, are available in limited quantities and thus, need to be preserved for sustainable development. Since bioethanol is primarily obtained through the fermentation of sugars derived from starch-intensive crops, it has the potential to serves as a promising alternative fuel. Besides, the harmful effects associated with oil also encourage people to opt for eco-friendly substitutes.

The end user segment of the bioethanol market is classified into transportation, cosmetics, alcoholic beverages, pharmaceuticals, and others, such as paints and coatings and chemicals. Among these, the transportation category held the largest market share in 2020, and it is projected to retain its market dominance throughout the forecast period. This can be owed to the rising implementation of government initiatives mandating the use of bioethanol as a biofuel in the transport sector. In comparison to conventional fuels, bioethanol is cheaper, cleaner, and more effective.

Globally, the North American bioethanol market generated the highest revenue in 2020, and it is expected to continue this trend throughout the forecast period. This can be primarily attributed to the implementation of favorable biofuel policies and large-scale production of bioethanol in the region, owing to the rising environmental concerns. The Governments of the U.S. and Canada have mandated the use of bioethanol blends in automobiles. Moreover, the increasing production of corn-based bioethanol, escalating focus on energy efficiency, and surging crop yields will also support the market growth in the region in the upcoming years. 

Therefore, the escalating need for alternative fuels and rapid depletion of fossil fuel reserves will contribute to the market growth in the forthcoming years.

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How Are Developing Nations Steering Flywheel Energy Storage Market Growth?

A number of factors such as the escalating need for electricity in remote areas, increasing number of government policies related to electricity generation, and rising need to replace the conventional energy generation methods with new variants will complement the flywheel energy storage market growth during the forecast period (2021–2030). According to P&S Intelligence, the market was valued at around $300.0 million in 2020. Flywheel energy storage systems are being used to aggregate power in traditional power generating plants, to meet the burgeoning energy demand and solve power quality problems.

The mounting demand for continuous energy supply in developing countries, such as Brazil, Russia, India, China, and South Africa, will contribute to the market growth in the upcoming years. Moreover, the escalating need for backup power sources, such as uninterruptible power supply (UPS), and the rising installation of intermittent power sources, including microgrids, will also boost the market growth in the upcoming years. Flywheels are also being integrated into the electrical networks to supplement power generation through intermittent renewable energy sources.

The application segment of the flywheel energy storage market is categorized into distributed energy generation (DGE), UPS, and others, including circuit breakers, voltage regulators, power quality improvement systems, and frequency regulators. Among these, the UPS category generated the highest revenue in 2020, and it is also expected to demonstrate the fastest growth during the forecast period. This can be attributed to the booming demand for continuous electricity supply across all industries, to operate electrical equipment and devices without interruption. 

Globally, the North American flywheel energy storage market generated the highest revenue in 2020, and it is expected to continue this trend throughout the forecast period as well. This can be credited to the soaring number of flywheel energy projects to conserve power in the region. Whereas, the Asia-Pacific (APAC) market is expected to exhibit the fastest growth during the forecast period, due to the burgeoning demand for continuous power supply and increasing government efforts to produce clean energy. 

Thus, the mushrooming demand for regular and backup power supply will drive the market growth in the upcoming years.

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