Peer-to-Peer Carsharing Market To Exhibit Over 21.7% CAGR During 2020–2030

The global peer-to-peer carsharing market generated a revenue of $1,015.7 million in 2020, and it is predicted to register a CAGR of 21.7% from 2020 to 2030 (forecast period). According to the forecast of the market research organization, P&S Intelligence, the market will reach a value of $7,225.2 million by 2030. The major factors fueling the surge in the market are the increasing concerns being raised over the rising greenhouse gas emissions, rapid vehicle electrification, soaring use of carsharing services in emerging economies, increasing urban road congestion, and the low cost and high convenience of these mobility services.

P2P Carsharing Market - P&S Intelligence 

With the deterioration of the air quality levels, on account of the increasing emission of toxic gases from vehicles, the governments of many countries are taking initiatives for encouraging the adoption of eco-friendly mobility solutions, such as carsharing services. These services are highly effective in reducing air pollution, as their mushrooming deployment would lead to a sharp reduction in the number of private vehicles running on roads, thereby causing a sharp fall in carbon dioxide (CO2) emissions.

Depending on car type, the market is classified into executive, luxury, and economy categories. Out of these, the executive category dominated the market in 2020. The category is also predicted to expand massively in the P2P carsharing industry in the coming years, owing to the lower fare for rides on these vehicles considering the quality and comfort that they provide in comparison to the economy and luxury cars. Geographically, the APAC region is predicted to be the fastest growing region in the market throughout the forecast period.

This is attributed to the rapid deployment of electric automobiles and innovative mobility services in regional countries, such as India and China. Additionally, in order to mitigate the surging pollution levels, the adoption of electric vehicles in carsharing services in China is soaring. Moreover, the peer-to-peer carsharing market is predicted to exhibit huge expansion in the country in the forthcoming years, primarily because of the sustained government backing being provided in the form of various incentives and laws.

Hence, it is quite clear that the market will register rapid advancement in the years to come, mainly because of the growing popularity of peer-to-peer carsharing services, owing to their ability to provide greater convenience and comfort than private vehicles, the rising requirement for greener mobility solutions, surging road congestion, especially in urban areas, and the mushrooming deployment of electric vehicles in peer-to-peer carsharing services across the world.

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Transdermal Drug Delivery Systems Market to Witness an Outstanding Growth in Coming Years

The transdermal drug delivery systems market valued over $30.0 billion in 2016, and it is predicted to grow significantly, with a CAGR of around 10.0%, during 2017–2023 (forecast period).The growth of the market is attributed to the surging geriatric population, rising prevalence of chronic diseases, and increasing adoption of advanced systems. The term, transdermal drug delivery systems, refers to an advanced mode of medication that delivers drugs directly into the blood stream through the skin.

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When type is taken into consideration, the transdermal drug delivery systems market is divided into passive and active systems. The passive division held the larger share of the market in 2016. This type is preferred by patients as it is painless and also convenient to use. The division is further bifurcated into matrix and reservoir systems, wherein matrix systems held the larger share of the market in 2016 and are expected to dominate the market during the forecast period as well.

Another factor driving the growth of the transdermal drug delivery systems market is the technological advancements in the field. In order to administer small as well as large-molecule drugs in the bloodstream, second and third-generation delivery systems have been introduced in the market. While first-generation systems release drugs across the skin without the use of external force, second-generation systems use driving forces for transportation of small-molecule drugs. Third-generation systems target the penetration of the stratum corneum, while protecting the deeper tissues, for transferring small-molecule and macromolecule drugs.

Hence, technological advancements in transdermal drug delivery systems, rising prevalence of chronic diseases, and increasing investments in the healthcare sector in developing nations are driving the growth of the market.

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Active Implantable Medical Devices Market Segment That is Expected to Dominate the Market

The global active implantable medical devices market is set to exhibit huge expansion in the coming years, as per the estimates of the market research firm, P&S Intelligence. 

The market is being driven by the growing incidence of cardiovascular diseases and neurological disorders, booming geriatric population, rapid technological advancements, surging healthcare expenditure, and exhaustive research and development (R&D) being conducted in the domain. Additionally, the emergence of subcutaneous implantable cardioverter defibrillators is creating immense growth opportunities in the market.

Browse In-depth  Active Implantable Medical Devices Market Regional Breakdown

As per the Alzheimer’s Association, in the U.S., nearly 5.3 million people in the age bracket- 65 years and above- were diagnosed with Alzheimer’s disease in 2015, and this number will grow to 7.1 million by 2025 and around 13.8 million by 2050. Furthermore, nearly 7 million to 10 million suffer from Parkinson’s disease globally, as per the observations of the Parkinson’s Disease Foundation (PDF). Similarly, nearly 60,000 new cases of Parkinson’s disease are recorded every year in the U.S.

Apart from the aforementioned factors, the burgeoning requirement for neurostimulators is also fueling the growth of the active implantable medical devices market. Depending on product, the market is divided into implantable cardioverter defibrillators, neurostimulators, implantable cardiac pacemakers, implantable hearing devices, ventricular assist devices, and implantable heart monitors/insertable loop recorders categories. Amongst these, the implantable cardioverter defibrillators category dominated the market in 2016, because of the high incidence of cardiovascular diseases and the huge demand for compliance for technologically advanced systems.

Across the world, North America held the largest share in the active implantable medical devices market during the last few years, with the U.S. contributing higher revenue to the market than Canada. This was because of the rapid technological advancements, the existence of a large geriatric population and a well-established healthcare infrastructure, high healthcare spending, and the high incidence of cardiovascular diseases in the region. In the forthcoming years, the market will exhibit rapid advancement in Asia-Pacific (APAC).

Hence, it can be said with confidence that the market will boom in the coming years, primarily because of the rising incidence of neurological disorders and cardiovascular diseases, surging geriatric population, and the growing healthcare expenditure across the globe.

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How Is Rising Cancer Incidence Driving Photoacoustic Imaging Volume?

 With the increase in the population, the incidence of long-term diseases that have a detrimental effect on the quality of life is also rising. Be it cardiovascular, respiratory, or neurological diseases or cancer, all of them are affecting and killing more people every year. For instance, CVDs kill 17.9 million and cancer 9.6 million people every year, while the annual mortality count of air-pollution-associated lung issues is 7 million, as per the World Health Organization (WHO).

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Due to this, the footfall at healthcare centers, especially their radiology and nuclear medicine departments, is increasing, as early diagnosis is now known to be an important step in holistic medical care. P&S Intelligence says that the rising prevalence of chronic diseases and the resultingly surging volume of medical imaging studies will be the key factors to propel the photoacoustic imaging market from $39.8 million in 2019 to $279.3 million by 2030, at a massive 20.3% CAGR between 2020 and 2030. The photoacoustic technology uses a combination of ultrasound and laser pulses to photograph the insides of the body.

As this is a fairly new technology, it is majorly being used in preclinical studies to test both its own efficacy and safety for humans and that of drugs, mostly cancer drugs, on animals, primarily mice. This imaging technology can produce images that are not possible with conventional radiological and nuclear imaging techniques. For instance, photoacoustic imaging is being used to monitor the speed of the blood flow, measuring tumors’ molecular blood oxygen, photograph the vascular network of tumors, and see the molecular pathology of tumors cells, outside the body. With such advanced applications, this technique has helped in reducing the requirement for sacrificial animals during preclinical cancer studies.

The high cancer count is one of the major reasons North America has been the largest contributor to the photoacoustic imaging market till now. Moreover, the region is a hub for medical research and cancer drug studies, which have driven the demand for photoacoustic imaging systems and software. Apart from North America, the usage of this imaging technology is expected to witness a massive increase in Asia-Pacific (APAC), due to the growing burden of CVDs, respiratory and neurological diseases, and cancer in India, China, and Bangladesh.

Hence, as preclinical studies continue to prove the effectiveness of photoacoustic imaging, its clinical applications will increase in the coming years.

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Rising Road Accident Cases To Augment Topical Scar Treatment Demand

 According to the World Health Organization (WHO), approximately 180,000 deaths are caused due to burns every year. The WHO states that almost two-thirds of these deaths are recorded in the African and Southeast Asian regions. Furthermore, Development Asia, an initiative of the Asian Development Bank (ADB), estimates that 217,148 road accidents were recorded in South Korea in 2018. Similarly, the Transport Department of the Government of the Hong Kong Special Administrative Region states that 15,298 road accidents occurred in Hong Kong in 2020.

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Thus, the increasing prevalence of burns and road accidents in East and Southeast Asia will help the topical scar treatment market advance at a CAGR of 7.7% during 2021–2030. Moreover, the booming aging population and mounting disposable income of the people in the region will aid the revenue from the sale of such products in growing from $701.6 million in 2020 to $1,451.1 million by 2030. For instance, the WHO estimates that around 20.3% of the Southeast Asian population will be 60 years or above by 2050.

Topical products, such as creams, gels, oils, and gel sheets, are used to treat keloid and hypertrophic scars, stretch marks, atrophic and acne scars, and contracture scars. In the recent past, creams were preferred over other products because they fade, flatten, smoothen, and reduce old and new scars. Additionally, the usage of creams prevents the formation of scars. In recent years, people suffering from atrophic and acne scars, which are caused due to hormonal changes and unhealthy eating habits, have emerged as the largest user of creams and related products.

According to P&S Intelligence, China dominated the topical scar treatment market in the recent past, and it is also expected to adopt these products at the highest rate in the foreseeable future. This can be credited to the booming geriatric population and flourishing economy of the country. Additionally, the rising disposable income of people and increasing incidence of skin diseases will fuel the adoption of such products here.

Thus, the growing prevalence of road accidents and burns and the surging geriatric population will create a huge requirement for topical scar treatment products in East and Southeast Asia.

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Why will Sales of Laboratory Information Systems Boom in North America in Future?

The burgeoning requirement for advanced healthcare information systems is one of the major factors fueling the sales of laboratory information systems (LIS) across the world. These systems assist in delivering diagnosis, rehabilitation, and treatment services through one integrated platform. Moreover, these systems save the diagnosis time by streamlining various back-office operations and assist doctors in sharing and discussing treatment plans with their patients. For example, the National Health Service (NHS) and several other local healthcare councils have been operating together since 2016 in order to form a transformation and sustainability partnership that covers the entire U.K.

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Furthermore, the Integrated Healthcare Information System program became hugely successful in as many as four designated areas—Yorkshire, South London, Surrey, and Greater Manchester in May 2020. The soaring need for higher laboratory productivity is also propelling the advancement of the laboratory information system market. As a result, the revenue of the market is expected to surge from $1,756.2 million in 2019 to $3,457.2 million by 2030. The market will also exhibit a CAGR of 6.5% from 2020 to 2030 (forecast period).

This is ascribed to the soaring requirement for LIS interface or integration and delivery systems in various healthcare settings for improved efficiency and a quick adoption of advanced technologies in workflow solutions. Among LIS services and software, the requirement for the latter was found to be higher during the last few years. This was because of the high requirement for laboratory information management software in diagnostic laboratories, research centers, academic institutions, and hospitals. 

Hence, it can be safely said that the demand for LIS will surge sharply in the forthcoming years, primarily because of the rising incidence of chronic diseases and the growing requirement for higher laboratory productivity, advanced healthcare information systems, and more accurate diagnostic tests across the world.

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Why is Worldwide Demand for Vehicle Cameras Surging?

With the burgeoning requirement for video surveillance for road safety purposes, the sales of vehicle cameras are predicted to surge sharply in the coming years. The increasing prevalence of road accident is pushing up the requirement for technologies and systems that can improve vehicle safety. According to the World Health Organization (WHO), around 1.3 million deaths are recorded every year because of road crashes. The organization also reported that road accidents are the leading cause of deaths for young adults aged between 5 and 29 years and children.

Additionally, the sales of vehicle cameras are also being driven by the rapid advancements being made in complementary metal oxide semiconductor (CMOS) image sensors that are incorporated in automotive cameras. Besides, the rising focus of automakers on replacing side view mirrors with cameras and the increasing focus of governments and insurance companies on the incorporation of cameras in automobiles are also fueling the demand for vehicle cameras across the world. Apart from reducing the chances of road accidents and ensuring vehicle safety, these cameras also protect the vehicle from theft, owing to its ability to carry out night video recording. 

Continental AG, KYOCERA Corporation, Ficosa International S.A., Media Data Systems Pte Ltd., Autoliv Inc., Valeo Inc., Transcend Information Inc., Qrontech Co. Ltd., Delphi Automotive LLP, and Robert Bosch GmbH are some of the major players operating in the vehicle camera market. These are basically real video recording devices that are built for recording real-time videos of the insides and outsides of the automobiles. With the soaring manufacturing of passenger cars, the integration of these cameras in passenger cars is set to rise sharply in the coming years, according to the estimates of the market research company, P&S Intelligence.

These cameras are also expected to be extensively used in light commercial vehicles in the coming years. In North America, the sales of these vehicles are shooting up, owing to the rising focus on the New Car Assessment Program in the region. Furthermore, the rapid advancements in several driver safety and assistance systems, such as blind spot detection systems (BSD) and lane departure warning systems (LDWS), are also propelling the demand for vehicle cameras across the world. The computer-powered blind spot detection systems use the digital camera imaging technology for sensing the presence of cars in blind zones, thereby reducing the chances of accidents.

Hence, the demand for vehicle cameras is predicted to soar rapidly in the forthcoming years, mainly because of the growing requirement for greater vehicle safety and the increasing implementation of government policies aimed at improving road safety in several countries. 

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