Advanced Wound Care Market to Grow due to Rising Incidence of Diabetes

The number of burn cases across the globe is rising rapidly. For example, about 180,000 deaths occur due to burns every year, and majority of these cases occur in low- and middle-income countries, as per the World Health Organization. In addition to this, the annual number of burn incidence in India is about 6–7 million. A burn injury is caused by heat because of radioactivity, radiation, friction, electricity, or contact with chemicals. The damage caused by burn can cause severe damage to the skin and other affected tissues, which is why proper treatment is required for these cases. 

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Owing to this, the demand for advanced wound care products is growing rapidly. These products have a higher absorption capacity as compared to conventional wound care products, including sponge, wadding, gauze, and plaster, which is a crucial aspect for preventing wound seepage. Advanced wound care products also allow the exchange of oxygen, simultaneously blocking the entry of microbes into wounds, aid in the formation of new tissues, and retain moisture. It is due to these benefits that the global advanced wound care market is expected to progress at a significant pace in the years to come.  

Geographically, North America has been the largest user of advanced wound care products in the past, owing to the rising cases of obesity and diabetes, increasing geriatric population, and surging cases of road accidents in the region. Other than this, the Asia-Pacific region is projected to emerge as the fastest-growing advanced wound care market in the coming years. This is particularly attributed to the surging number of burn case and diabetes in the region. 

Hence, the demand for advanced wound care products is rising due to the growing number of burn cases around the globe.   

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Population Health Management Market to Register Growth due to Surging Geriatric Population

 Owing to the growing prevalence of chronic and lifestyle-associated diseases and rising geriatric population, the demand for personalized medicine is growing as well. Personalized medicine services separate patients into groups and cater to their needs accordingly. With the improved healthcare analytics capabilities and growing understanding of genes, healthcare providers are able to understand the impact of pathogens, possible health outcomes in individual patients, drug responses, and impact of diseases. Its is due to these advantages that the demand for personalized medicine, which, in turn, is driving the requirement for population health management solutions. 

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Public health management solutions make use of business intelligence for combining data and providing an aggregated clinical picture of every patient. By making use of this data, healthcare providers are able to track and improve patient outcomes. These services and solutions further help in cutting down healthcare costs. These solutions are delivered through on-premises, cloud-based, and web-based modes. The solutions were delivered the most through web-based delivery mode in the past. This being said, the adoption of cloud-based services is expected to rise in the near future. 

The surging geriatric population is among the major reasons for the growth of the population health management market. Because of low immunity levels, the aged population requires extensive care. Furthermore, a large number of people aged 60 years and above often suffer from chronic disease, which is why they need to visit hospitals frequently for managing their conditions. Ascribed to these factors, the demand for population health management services is increasing swiftly. Personalized medicine aids in providing better and effective medical care for aged people. 

Hence, the demand for personalized medicine is resulting in the rising need for population health management solutions.    

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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). 

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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.

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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.

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