Mounting Government Focus on Vehicle Safety Fueling Connected Trucks Demand

The European Union (EU) mandates the inclusion of alcohol interlock installation facilitation solutions, distraction recognition/prevention features, event (accident) data recorders, emergency stop signals, intelligent speed assistance systems, tire pressure monitoring systems, and reversing cameras or detection systems in trucks being adopted in European nations, from 2022. Similarly, the U.S. Department of Transportation (USDOT) is working with local and state transportation agencies, automobile and device manufacturers, and public to evaluate and test technologies that will allow trucks and associated infrastructure, and smartphones and other devices to exchange information with one another, under its Connected Vehicle Program.

Connected Truck Market Outlook

Thus, the increasing implementation of vehicle safety and security norms and the rising integration of technologically advanced features in vehicles will boost the connected truck market growth during 2018–2023. Connected trucks offer real-time information about accidents and congestion and automatically update routes to facilitate smooth driving. Additionally, automated parking suggestions, interaction assistance, and hazard warning being offered by connected trucks enhance their safety quotient. Moreover, the increasing installation of advanced driver assistance systems (ADAS) helps in improving fleet efficiency, reducing fuel costs and down-time of vehicles, and streamlining deliveries.

According to P&S Intelligence, North America is expected to lead the connected truck market in the upcoming years. This will be due to the improving communication infrastructure, accelerating digitization rate in fleet management services, and mounting public concerns on cyber security and update, in the region. Additionally, the increasing implementation of data security and vehicle safety regulations in the U.S. and Canada will also encourage the adoption of connected cars in North America. For instance, the USDOT drafted the Automated Vehicles Comprehensive Plan to prioritize safety, while preparing for the future of transportation in the country.

Thus, the growing focus of government organizations and international agencies on vehicle safety and surging technological advancements in connectivity features will propel the production and adoption of connected trucks, worldwide.   

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Why Are Automakers of APAC Using Semiconductors in Advanced Driving Systems?

The International Energy Agency (IEA) forecasts that the stock of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) in China will reach 38,570,612 units (cars) and 13,483,273 units (cars), respectively, by 2030. The IEA also predicts that the stock of BEVs (cars) and PHEVs (cars) in India will reach 7,279,298 units and 941,381 units, respectively, by 2030. The increasing sales of these vehicles will create a huge requirement for automotive semiconductors in the Asia-Pacific (APAC) region in the coming years due to their extensive use in electric vehicle (EV) batteries.

Moreover, the increasing integration of advanced mobility solutions, such as autonomous driving technology, owing to the rising awareness about vehicle safety, will fuel the APAC automotive semiconductor market growth in the foreseeable future. Autonomous driving features, such as blind-spot detection (BDS), adaptive cruise control (ACC), automatic parking system, glare-free high beam and pixel lights, automatic emergency braking system, automotive night vision system, crosswind stabilizer, lane change assistance system, and driver drowsiness detection system, work with the help of semiconductors.

According to P&S Intelligence, China and Japan dominate the APAC automotive semiconductor market due to the expanding automobile industry of these countries. The flourishing automotive industry in China can be credited to the improving living standard and escalating disposable income of people. In the coming years, South Korea and India will also adopt a significant volume of semiconductors due to the burgeoning demand for EVs and ICE-based automobiles. For instance, according to the OICA, 3,394,446 units and 3,506,774 units of automobiles were produced in India and South Korea, respectively, in 2020.

Thus, the mounting EV and ICE-based vehicle sales and increasing integration of ADAS in such automobiles will create an extensive requirement for semiconductors in the upcoming years.

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Strict Blood Contamination Policies Adding Wings to Blood Screening Demand

 The implementation of strict regulations and policies regarding blood contamination is pushing up the demand for blood screening technologies across the globe. As per the World Health Organization (WHO), 123 countries implemented regulations regarding coordinated blood collection, processing, testing, distribution, and storage, whereas, 104 nations enacted specific regulations pertaining to the safety of blood transfusion and the quality of the transfused blood. Furthermore, the increasing number of blood donations is fueling the worldwide demand for blood screening.

As per the WHO, 117.4 million units of blood are donated all over the world every year. Out of this, 100 million units are collected at as many as 12,700 centers in 170 countries. Besides this, the rising prevalence of chronic diseases and the rapid technological advancements being made in the screening technology are also propelling the demand for blood screening solutions around the world, which is, in turn, driving the expansion of the global blood screening market.

This will be because these products are used during the first stage of the blood screening process. Additionally, with the surging usage of reagents and kits for the effective and rapid detection of various transfusion-transmissible diseases (TTD), the requirement for these products is rising sharply. The most widely used technologies for blood screening are the nucleic acid technology (NAT), enzyme-linked immunosorbent assay (ELISA), rapid testing, western blotting, and next-generation sequencing (NGS). 

Browse report overview and detailed TOC on: Blood Screening Market Outlook

Across the globe, the demand for blood screening solutions is expected to surge in the Asia-Pacific (APAC) region in the upcoming years. This will be because of the presence of several leading market players, the availability of cost-effective labor, and the rising incidence of various chronic diseases such as cancer in the region. For example, according to the Global Cancer Observatory (GLOBOCAN), 2,003,789 new cancer cases were reported in Southeast Asia in 2018.

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Huge Growth Expected in Genomics Market in Future

The soaring investments being made by the governments of various countries in the field of genomics are fueling the surge in the popularity of genomics across the world. For example, the Indian government announced in 2019 that the country would initiate the development of its first human genome mapping project with the help of the Department of Biotechnology (DBT) for helping researchers develop effective treatment procedures for critical diseases such as cancer.  

This is predicted to facilitate the development of various new treatment procedures, which will, in turn, improve the disease management and diagnosis processes for patients. Thus, it can be safely concluded that the falling prices of sequencing services are propelling the demand for genomics solutions across the world. Besides these factors, the rising requirement for personalized medicine is also contributing toward the surging popularity of genomics all over the world.

Due to the above-mentioned factors, the global genomics industry is set for lucrative growth in the future years. According to the estimates of P&S Intelligence, a market research company based in India, the value of the market will grow from $18.2 billion in 2019 to $68.0 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 12.7% between 2020 and 2030. Services, instruments, and consumables are the main types of genomics solutions used across the world. 

Geographically, the genomics market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This will be because of the soaring research and development activities being announced in the domain of genomics in the regional countries such as Japan, India, and China and the surging investments being made by both public and private organizations for advancing research in this field. Currently, the genomics industry is growing rapidly in China in the APAC region.

Access Detailed Report on Genomics Market Growth and Demand

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What Effect Insurance Purchase Has on Worldwide Healthcare Industry?

Along with food and housing, good health is one of the most critical aspects of a happy life. With the rapid surge in population, the prevalence of various diseases has also increased, which, in turn, has raised the demand for healthcare services around the globe. As a result, the healthcare industry is one of the most prosperous ones, especially in present times, when the COVID-19 pandemic is raging on. Currently, the industry in Germany, the U.S., France, the U.K., Japan, China, and Singapore is growing the fastest, as these are some of the worst-affected nations by the coronavirus infection and also because the healthcare  spending here is among the highest anywhere.

In 2019, the medical sector of the U.S. was projected to reach $5,605.5 billion by 2024, but the future size might actually be a lot larger. Even in the coming years, the medical domain in this country is expected to grow the fastest, primarily due to the high prevalence of chronic diseases. One in every six persons in the U.S. has at least one chronic disease, as per the Centers for Disease Control and Prevention (CDC). In the coming years, the prevalence of cancer, in particular, is expected to surge sharply here, which would lead to a high footfall at hospitals and diagnostic centers.

With the rising incidence of diseases and the unpredictability of life, people are increasingly purchasing health insurance. Medical treatments cost a lot for people of all strata, which is why insurance is being bought by them to reduce their financial burden. The government of numerous countries is going all out to make healthcare accessible to all, as a result of which insurance premiums are becoming more affordable for the common folk. For instance, the Singaporean government, under its MediShield Life insurance program, which it implemented in November 2015, offers reimbursement to all permanent residents and citizens for basic hospital procedures.

Thus, as the burden of diseases increases around the world, the need for healthcare will become even dire.

Browse In-depth  Healthcare Ecosystem Insights Regional Breakdown

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Vehicle Owners Opting for Usage-Based Insurance Models to Get Fair Premium Quotes

Usage-based insurance refers to a type of vehicle insurance that leverages in-vehicle communication systems to track vehicle mileage and monitor driving behavior. Thus, the burgeoning sales of telematics-equipped automobiles and mounting demand for connected car services will strengthen the usage-based insurance market in the years to come. The escalating demand for connected cars can be attributed to the mounting customer focus on vehicle and passenger safety and the growing need to stay connected to the outside world.

Usage-Based Insurance Market Outlook

Additionally, the increasing penetration of smartphones integrated with vehicle connectivity systems will create a huge requirement for usage-based insurance. Nowadays, insurance companies are focusing on usage-based policies to improve profitability, as the data collected through connectivity solutions can be used to calculate the insurance premiums to be paid by vehicle owners. Thus, the rising acceptance of in-car connectivity technologies and increasing willingness of customers to share their driving statistics to get personalized insurance quotes will fuel the adoption of usage-based insurance packages in the foreseeable future.

According to P&S Intelligence, North America will dominate the usage-based insurance market in the forthcoming years due to the burgeoning demand for connected cars and increasing adoption of the black box insurance technology in the region. Additionally, the strong presence of prominent vehicle insurance firms that use this technology to track driving habits encourages the adoption of usage-based insurance here. Black-box-technology-enabled devices collect detailed information for vehicle insurance companies and allow them to estimate the insurance risk levels with precision.

Therefore, the burgeoning demand for telematics-equipped vehicles and escalating integration of smartphones into vehicle connectivity systems will encourage the adoption of usage-based insurance modules across the world.

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Surging Internet Penetration Fueling Demand for OTT Services

With the increasing penetration of the internet and smartphones, the popularity of over-the-top (OTT) services is soaring sharply across the world. According to the World Bank, around 49.0% of the people all over the world had access to the internet in 2017. Furthermore, the organization reported that the percentage of people all over the world who have access to the internet surged from 34.2% in 2012 to 51.1% in 2019.

The ability of smartphones and various other smart devices, such as smart televisions (TVs), tablets, laptops, gaming consoles, and set-top boxes, to access high-speed internet has brought a large number of users closer to online content. In addition, these devices provide convenience and are usually equipped with various advanced features, such as the ability to stream and download high-quality content.

OTT Services Market Recent Trends, Developments, Challenges, and Opportunities

Moreover, with smart devices becoming affordable rapidly, consumers can easily access OTT content. Additionally, the average time being spent by people on smart devices is rising sharply, as people are spending more time using different applications on various smart devices.

Furthermore, with the advent of advanced technologies, such as optical fiber, 4G/LTE, and 5G and improving network coverage, the consumption of data across the world is soaring.This is subsequently propelling the demand for OTT services, thereby causing the expansion of the global over-the-top (OTT) services market. Because of these factors, the market reached a revenue of $92 billion in 2020.

Thus, it can be said without any doubt that the demand for OTT services will surge sharply in the coming years, primarily because of the increasing penetration of the internet and the growing popularity of online video streaming across the world.

This market research report provides a comprehensive overview of the market

• The Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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