What are Key Factors Causing Boom of Ultrasound Device Market?

The global ultrasound device market is projected to advance at a considerable rate in the coming years, which is attributed to the surging geriatric population, rising healthcare cost, technological advancements in ultrasound devices, increasing prevalence of chronic and lifestyle associated diseases, and rising demand for minimally invasive diagnostic and therapeutic techniques. Ultrasound devices are utilized for therapeutic and diagnostic applications. In terms of display, the market is bifurcated into colored display and black and white display. The colored display is expected to account for the major share of the market in the near future.

Browse detailed report - Ultrasound Device Market Revenue Estimation and Growth Forecast

When technology is taken into consideration, the ultrasound device market is divided into high-intensity focused ultrasound (HIFU), 2D, extracorporeal shockwave lithotripsy, 3D and 4D, and doppler. Out of these, the 2D division dominated the market in the past and is further predicted to account for the major share of the market in the coming years, as it is the conventional ultrasound scanning technology. The HIFU division is expected to grow at the fastest pace in the coming years. The technology is utilized for treating a single tumor or a part of a large tumor.

The surging prevalence of chronic and lifestyle associated diseases, such as heart disease, diabetes, cancer, respiratory disease, and stroke, is among the major driving factors of the ultrasound device market. In 2012, about 117 million people in the U.S. were suffering from either one or more chronic health conditions, according to the Center for Disease Control and Prevention. In addition to this, cardiovascular diseases are the leading cause of premature death across the world. Attributed to these factors, various developments have taken place in the field of cardiac ultrasound for effective diagnosis and treatment.

Hence, the market is being driven by the growing prevalence of chronic and lifestyle associated diseases and increasing requirement for minimally invasive diagnostic and therapeutic techniques.

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Ballooning Incidence of Chronic Diseases Fueling Global Demand for Protein Expression

 The rising incidence of chronic diseases is pushing up the requirement for protein expression across the world. Viral diseases like HIV/AIDS, hepatitis, cancer, cardiovascular diseases, and chronic obstructive pulmonary diseases (COPD) are the major types of chronic diseases occurring around the world. As per the World Health Organization (WHO), chronic diseases are responsible for 60.0% of all deaths across the world. These diseases need clinical intervention, in which, the adoption of protein expression methods is growing rapidly. 

In simpler terms, it can be said that the number of geriatric people across the world will rise from 901 million to 1.4 billion from 2015 to 2030, as per the estimates of the UNDESA. The increasing life expectancy and falling birth rates are fueling the growth of the geriatric population all over the world. This is propelling the requirement for protein expression, which is, in turn, driving the advancement of the global protein expression market. 

Browse detailed report - Protein Expression Market Analysis and Demand Forecast

There are mainly six types of protein expression systems namely prokaryotic expression systems, mammalian cell expression systems, algal-based expression systems, yeast expression systems, insect cell expression systems, and cell-free expression systems. Out of these, the usage of the prokaryotic expression systems was found to be the highest during the last few years. This was because these systems are more affordable than the mammalian cell expression and insect cell expression systems. 

The large-scale adoption of protein expression in this region was due to the high incidence of chronic diseases, the growth and development of research and development (R&D) infrastructure, the rise in healthcare spending, and the presence of a large geriatric population in the region. In this region, the usage of protein expression was the highest in the U.S. in the past. After North America, the adoption of protein expression was the highest in Europe in the years gone by.

Hence, it is safe to say that the demand for protein expression is predicted to soar all over the world in the coming years, primarily because of the growing prevalence of chronic diseases, the surging population of geriatric people, and rapid technological advancements being made in protein-based research. 

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Which Country Offers Brightest European Durable Medical Equipment Market Investment Prospects?

Almost 77% of the disease burden and 86% of all annual deaths in Europe are a result of chronic diseases, as per the World Health Organization (WHO). For instance, almost 60 million people in the continent suffer from diabetes, and the WHO says that this number is steadily going up. People of all ages are falling prey to this common, yet pestering endocrine disorder due to obesity, physical inactivity, and poor diet. Similarly, the agency says that heart diseases kill more people than tuberculosis, acquired immune deficiency syndrome (AIDS), and malaria together, in Europe. With the rise in the prevalence of all such chronic diseases, the hospitalization rate is going up.

Access Detailed Report - European Durable Medical Equipment Market Competitive Analysis

In today’s time, be it monitoring and therapeutic equipment, bathroom safety equipment, medical furniture, or personal mobility equipment, everything needs to be strong and long-lasting. Among these, durable monitoring and therapeutic equipment has been in the highest demand in the continent, owing to its extreme importance in patient care. Systems such as infusion pumps, blood glucose monitors, oxygen equipment, and vital sign monitors are not only essential in healthcare settings, but several of them are also quite expensive. Additionally, with their heavy usage round the clock, they suffer wear and tear, which is why they must be durable. 

All such durable medical equipment is used at ambulatory surgical centers (ASCs), hospitals, and home care settings. Till 2018, hospitals procured these products in the highest numbers, as the patient footfall is the highest at such places. People prefer to visit hospitals because such establishments offer better healthcare facilities and employ professionals from all fields of medicine. In the coming years, the installation of such systems is expected to grow the fastest in home care settings, due to people’s preference for privacy and increasing geriatric population, which cannot always travel to a hospital.

Germany is currently the largest European durable medical equipment market, as it is home to a large number of hospitals, more specifically 1,951 in 2018, which hosted over 19 million patients that year, according to the Federal Statistical Offices. In the coming years, the purchase of such products is projected to escalate the fastest in the U.K., as the life expectancy here is increasing. The Institute for Health Metrics and Evaluation (IHME) has reported an increase of 4.2 years in the life expectancy of women and 6.3% for men during 1990 and 2017 in the U.K.

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Why Asia-Pacific would Witness Fastest Pharmaceutical Filtration Market Growth?

 Compared to 7.7 billion in 2019, the earth would be home to 9.7 billion people by 2050, says the United Nations, in its 2019 World Population Prospects report. With population boom, the demand for everything, be it food, water, clothes, housing, or medicines, will rise too. Plus, with the prevalence of chronic diseases surging, prescription as well as over-the-counter (OTC) drugs are needed more than ever. This is leading to huge investments in the pharmaceutical industry, wherein new production plants as well as research laboratories are being set up. At both these places, filtration is one of the most important processes, as the drugs being produced or researched upon must be completely contamination-free.

Browse In-depth  Pharmaceutical Filtration Market Companies’ Strategic Developments

Thus, with the rising need for medicines, the pharmaceutical filtration market is predicted to grow considerably in the coming years. For the process, membrane filters, prefilters and depth media filters, cartridge and capsule filters, single-use systems, filter holders, and filtration accessories are required. Among these, membrane filters have historically been bought in the highest numbers, as they are being rapidly used for pharmaceutical and other related purposes. The reason is that their installation in large as well as small settings is quite easy.

The final factor is also why among the three scales of operations, where filters are used — pilot, research and development (R&D), and manufacturing — manufacturing accounts for their highest use. As research and pilot studies are done in laboratories with small-scale instruments, purchasing filters and accessories in extreme volumes is not necessary. However, once the medicine enters mass production, huge volumes of ingredients pass through the machines every day, which is why the filters and accessories need regular replacement.

Around the world, currently North America and Europe are the two largest pharmaceutical filtration markets, as they account for the highest medical drug production and R&D. These regions have already possessed more advanced technology than others, which automatically gives them an edge over other regions. The U.S., Germany, the Netherlands, Belgium, Switzerland, and Italy are the largest medical drug exporters around the world.

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How Is Growing Plastic Production Driving Alpha-Olefin Consumption?

Global plastic production increased from 348 million tonnes in 2017 to 359 million tonnes in 2018, as per PlasticsEurope. Among all types of plastics, polypropylene (PP) and polyethylene are produced and consumed in the highest volumes. Common uses of PP are hinged caps, food packaging, microwave-proof containers and other pieces of houseware, plastic furniture, pipes, automotive components, medical supplies (syringes, vials, Petri dishes, and non-absorbable sutures), and even banknotes and items of clothing. 

Similarly, PE, in both its low-density (LDPE) and high-density (HDPE) forms, is used in trays and containers, reusable bags, agricultural films, toys, food packaging, milk bottles, textiles & fibers, fittings & pipes, wires & cables, and houseware. The increasing demand for PP and PE products, according to P&S Intelligence, will be the key factor to take the alpha olefins market to $15,846.5 million by 2023 from $11,704.2 million in 2017, at a 5.4% CAGR between 2018 and 2023. This is because alpha-olefins are widely used in the production of polyolefin comonomers, of which PP and PE are the most-widely used.

Other key products made from alpha-olefins are surfactants and their intermediates, petroleum additives, synthetic lubricants, plasticizers, and oilfield chemicals. Among these, the demand for synthetic lubricants and petroleum additives is rising because of the increasing concerns regarding air pollution from gasoline (petrol)- and diesel-based automobiles. Also known as fuel additives, petroleum additives serve a range of purposes, such as controlling engine deposits, increasing the cetane (diesel) and octane (petrol) ratings, improving fuel fluidity in cold conditions, reducing nitrous oxide emissions, increasing the fuel lubricity and preventing the formation of foam.

As a result of the rising demand for all such products, the alpha olefins market is presently dominated by North America. In addition, a lot of petrochemical companies, such as Chevron Phillips Chemical Company LLC and Royal Dutch Shell Plc, are operational here. They not only provide alpha-olefins but also use them, in the form of oilfield chemicals. Moreover, the region is home to the largest medical device industry in the world, which is one of the reasons for its high requirement for PP. Similarly, the stringent Environmental Protection Agency (EPA) emission standards are forcing people to use lubricants and petroleum additives in on-road and non-road engines.

Hence, with the increasing demand for plastics, fuel additives, and lubricants, the consumption of alpha-olefins will surge.

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Surging Vehicle Production Driving Worldwide Demand for Automotive Clutches

With the mushrooming sales of automobiles, especially in the Asia-Pacific (APAC) region, the demand for automotive clutch is rising sharply. According to the Organisation Internationale des Constructeurs d'Automobiles, automobile production increased to a record level of 97.4 million units across the world in 2017 after exhibiting 8 years of continuous surge. Furthermore, as per the India Brand Equity Foundation (IBEF), automobile manufacturing in the country rose at a CAGR of 2.36% from FY16 to FY20, with the country witnessing the production of 26.36 million vehicles in FY20. 

Automotive Clutch Market Outlook

As the automotive clutch is an important component of an automobile, the rising sales of automobiles are pushing up its requirement. This automotive component basically enables the transmission of power from the engine to the gearbox and controls the functioning and speed of a vehicle, thereby providing a smooth and comfortable driving experience. In addition, it mitigates the effects of torsional vibration and prevents transmission overload, which is extremely necessary in order to maintain the proper functioning of an automobile. 

Besides, the increasing concerns being raised over vehicle safety in several countries are also driving the demand for automotive clutches, which is, in turn, fueling the expansion of the global automotive clutch market. Moreover, the market is predicted to exhibit huge expansion from 2019 to 2030 (forecast period). Automotive clutches are required in three-wheelers, two-wheelers, passenger cars, medium and heavy commercial vehicles (M&HCV), and light commercial vehicles (LCV). Out of these, the incorporation of automotive clutches was found to be the highest in passenger cars and this trend is predicted to continue in the upcoming years as well.

Geographically, the sales of automotive clutches are currently the highest in the Asia-Pacific (APAC) region, as per the observations of the market research firm, P&S Intelligence. This is because of the surging manufacturing of automobiles in the region. Additionally, the rising urbanization rate and the growing disposable income of people are also boosting the sales of automobiles, which is, in turn, propelling the demand for automotive clutches in the region.

Thus, it can be concluded that the demand for automotive clutches will shoot up in the coming years, mainly because of the rising manufacturing and sales of automobiles all over the world. 

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Why will Demand for Hexamine Surge in Asia-Pacific in Coming Years?

With the expansion of the pharmaceutical industry, on account of the burgeoning requirement for medical products, the demand for hexamine is rising sharply across the world. This is because hexamine is extensively used in various industries such as rubber, pharmaceutical, fuels, and explosives. Moreover, the surging population in several countries is majorly responsible for the growing poverty, which is fueling the rise in the incidence of diseases such as neurological diseases and urinary tract infections.

As hexamine is heavily used as an antibiotic for the suppression of bacteriuria in patients suffering from neurological diseases and the treatment of people suffering from urinary tract infections, the rising prevalence of these illnesses is propelling the demand for hexamine. This chemical is also used in the production of automobile tires, owing to its ability to act as an accelerator in the manufacturing of vulcanized rubber. Because of this reason, the surging sales and manufacturing of automobiles, due to the growing disposable income of people, particularly in China, are positively impacting its worldwide demand. 

This is, in turn, fueling the expansion of the hexamine market, owing to which, the revenue of the market is predicted to surge from $315.4 million in 2017 to $394.2 million by 2023. Furthermore, the market is expected to advance at a CAGR of 3.7% from 2018 to 2023. There are mainly two types of hexamine used across the world—stabilized grade and unstabilized grade. Between these, the demand for unstabilized grade was found to be higher in the years gone by.

According to the market research company, P&S Intelligence, one of the major trends currently being observed in the industry is the surging production of the material in Asia-Pacific (APAC). This is because of the existence of lenient policies regarding chemical production and the availability of affordable raw materials in the region. Many hexamine producers are rapidly shifting their production facilities to APAC countries, due to the implementation of strict environmental regulations by the governments of European and North American countries. 

Hence, it can be said with full confidence that the demand for hexamine will surge all over the world in the upcoming years, mainly because of the rising usage of the material in various industries and in plastic production processes.

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