Sales of MRI Compatible Patient Monitoring Systems Set to Soar in Asia-Pacific in Future

The increasing number of MRI exams being conducted in several countries is massively pushing up the demand for MRI compatible patient monitoring systems across the world. As per the Annual International Profiles of Health Care Systems Commonwealth Fund published by the Commonwealth Fund, the U.S., France, and Germany were some of the major countries in the world that saw the highest number of MRI exams of people per 1,000 population in 2014.

Access Detailed Report - MRI Compatible Patient Monitoring System Market Size, Share, Development, Growth and Demand Forecast

According to various reports, there were 114.3, 95.5, and 109.5 MRI exams done per 1,000 people in Germany, France, and the U.S. in 2014. Furthermore, the increasing number of product launches and the surging research and development (R&D) projects and activities in several countries are propelling the demand for MRI compatible patient monitoring systems across the world. Besides these factors, the soaring public awareness about healthcare is also pushing up the demand for MRI compatible patient monitoring systems. 

This is driving the advancement of the global MRI compatible patient monitoring system market. Across the globe, the sales of these systems are predicted to rise sharply in the Asia-Pacific (APAC) region in the coming years. This will be because of the increasing installation of MRI units in the regional countries. As per the Organization for Economic Cooperation and Development (OECD), in Japan, the total number of MRI units per one million citizens was 35.3 in 2002.

This will be a result of various factors such as the surging population of geriatric people, the ballooning usage of technologically advanced and innovative medical systems, and the increasing incidence of several lifestyle-associated and chronic diseases in the region, as per the estimates of P&S Intelligence, a market research company based in India. The MRI compatible patient monitoring system market is also predicted to register huge expansion in Europe in the forthcoming years.

Therefore, it can be said with certainty that the demand for MRI compatible patient monitoring systems will shoot-up all over the world in the future years, mainly because of the rising incidence of various lifestyle-associated and chronic diseases and the increasing number of MRI exams in various countries. 

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How is Rising Prevalence of Chronic Diseases Fuelling Progress of Guidewires Market?

 Owing to the rising prevalence of chronic and lifestyle-associated diseases across the world, the demand for guidewires will boom in the coming years. A majority of the lifestyle-related diseases occur due to these behaviours- obesity, unhealthy diet, physical inactivity, and smoking. As per the obesity report published by the Organization of Economic Cooperation and Development (OECD) in 2015, 19.5% of the adult population was found to be obese across member countries. The obesity rate was less than 6% in the Japan and South Korea and as high as 30% in the U.S, Mexico, Hungary, and New Zealand.

Browse In-depth  Guidewires Market Regional Breakdown

The other major factor pushing the demand for guidewires, which are used while inserting a catheter into the body, is the increasing need for minimally invasive surgeries such as coronary guidewire treatment owing to the rising incidence of cardiovascular diseases in the developed nations. As per a report published by the European Association of Cardio-Thoracic Surgery (EACTS) in 2015, the demand for minimally invasive cardiac surgeries has increased rapidly over the last 10–15 years. As per Eurostat, the number of laparoscopic colectomy procedures per 100,000 people increased from 26.4 to 29.8 from 2010 to 2015.

The major trends currently being observed in the guidewires market are the rising need for interventional procedures in the emerging economies and rapid advancements and innovations in guidewires throughout the world. Since the last few years, there has been a massive surge in the demand for coronary procedures in India. As per the data published in coronary interventional registry set up by the National Interventional Council (NIC), Cardiological Society of India, 177,240 Percutaneous Coronary Intervention (PCI) procedures were performed in the country in 2012. Moreover, there was a 16.4% growth in PCI procedures conducted in India from   2011 to 2012.

Hence, it can be concluded that due to the increasing occurrence of chronic and lifestyle-related diseases and the burgeoning need for minimally invasive surgical procedures across the world, the demand for guidewires will surge in the coming years.

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What are Major Factors Driving Growth of Nerve Repair and Regeneration Market?

The prevalence of neurological disorders and chronic pain is increasing rapidly at the present time across the globe. Depression, fecal incontinence, epilepsy, Parkinson’s, and Alzheimer’s are the different kinds of neurological disorders. As per the Alzheimer’s Association, about 5.35 million people aged 65 years and above were suffering from Alzheimer’s diseases in the U.S. in 2015. Apart from this, as per the Parkinson’s Diseases Foundation, nearly 60,000 new cases of Parkinson’s disease are reported each year in the U.S. Attributed to these reasons, the demand for efficient medical technologies, such as neuromodulation and neurostimulation devices, is increasing rapidly. 

The different applications of the nerve repair and regeneration devices are stem cell therapy, neurostimulation and neuromodulation surgeries, nerve grafting, and direct nerve repair/neurorrhaphy. Out of these, the largest demand for different nerve repair and regeneration devices was created for neurostimulation and neuromodulation surgeries in the past. Ambulatory surgery centers and hospitals & clinics are the major end users of the nerve repair and regeneration devices. Between these two, the hospitals & clinics category is predicted to witness the fastest growth in the coming years because of the surging patient pool, increasing geriatric population, and improving healthcare infrastructure. 

Access Report Summary - Nerve Repair and Regeneration Market Segmentation Analysis

The potential of stem cell therapy in the field is predicted to create wide opportunities for players operating in the nerve repair and regeneration market. Stem cell therapy is an emerging branch of medicine which has the potential of restoring tissue and /or organ function in patients suffering from critical injuries or chronic diseases. According to clinical research findings, stem cell therapy provides better quality as compared to nerve graft surgeries. Moreover, research is going on in the field of stem cell therapy for its application in the treatment of Alzheimer’s disease and Parkinson’s disease. This is further expected to drive the market in the near future.    

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Why Is Asia-Pacific Largest Polypropylene Market?

A number of factors, primarily the increasing consumption of polypropylene in the manufacturing of food packaging products, hinged caps, sweet & snack wrappers, pipes, microwave containers, banknotes, automotive parts, and nonwoven polypropylene fibers, are expected to drive the growth of the polypropylene market at a significant rate in the years to come. A key trend presently is polypropylene compounds, wherein the base material is mixed with impact modifiers, additives, fillers, pigments, and strength enhancers, such as glass fiber and mineral fillers.

One of the prime factors propelling the polypropylene market is the surging consumption of the chemical in the packaging industry. As polypropylene resin has a high tensile strength, it is widely used in plastics production, owing to the increasing demand for plastics in the packaging industry. For instance, according to PlasticsEurope, in 2018, the global production of plastics stood at 359 million tons. Moreover, retailers and brand owners are responding to the consumer need for more-sustainable packaging materials. Thus, the surging need for rigid, sustainable packaging is fueling the consumption of polypropylene.

Moreover, the growing nonwoven polypropylene fiber sector is another key driving factor that boosts the growth of the polypropylene market. The demand for polypropylene staple fibers is increasing in applications such as needle punch durables for geotextiles, vehicle components, upholstered furnishings, indoor & outdoor carpets, blankets, and bedding. As per an article in the International Fiber Journal, 14.9 million tons of nonwoven roll goods were consumed in 2018. The staple fiber represented around 59% of the total sales of nonwoven, out of which polypropylene staple fibers accounted for an around 11% share.

Geographically, the Asia-Pacific polypropylene market held the largest revenue share in the past, and it is also expected to witness the fastest growth in the years to come. This is attributed to the surging consumption of the chemical in the packaging, transportation, machinery, consumer & institutional, building & construction, furniture & furnishings, and electrical & electronics industries of the region. Furthermore, APAC is home to some of the key companies in the market, such as Exxon Mobil Corporation, Washington Penn, PolyOne Corporation, A. Schulman, and Ferro Corporation.

Thus, the rising consumption of polypropylene for the production of food packaging and the growing nonwoven polypropylene fiber sector are expected to propel the market growth during the forecast period.

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Singapore Micromobility Market To Exhibit Over 60.0% CAGR during 2021–2030

The Singapore micromobility market reached a revenue of $15.8 million in 2020, and it is predicted to demonstrate a CAGR of 64.2% from 2021 to 2030 (forecast period). Furthermore, the market will attain a value of $1,817.9 million by 2030, as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the burgeoning requirement for efficient transportation systems for short-distance commute, unfavorable automobile ownership regulations in several countries, and increasing road congestion, especially in urban areas. 

Singapore Micromobility Market - P&S Intelligence 

Singapore is a tiny country, with an area of only 728.6-square-km. As a result, the booming population and the surging number of vehicles are causing road congestion, especially in the major cities. Owing to this reason, the government is using the policy of bidding via which citizens are being granted a certificate of entitlement, which permits them to own a vehicle for only 10 years. Moreover, the cost of buying a personal vehicle is quite high in the country, because of the high import charges and the existence of the bidding process. 

Depending on vehicle type, the market is divided into e-bikes, e-pods, e-mopeds, e-scooters, scooters, and bikes. Amongst these, the e-scooters category is predicted to hold the largest share in the Singapore micromobility market during the forecast period. This will be because of the ability of e-scooter sharing services to solve the issue of first- and last-mile connectivity, unlike the other public transportation services in the country. When model is taken into consideration, the micromobility market is classified into multimodal and first- and last-mile. 

Of these, the dockless sharing system category is predicted to exhibit faster growth in the market in the coming years. The implementation of favorable government policies, soaring popularity of bikes, and the greater convenience provided by the vehicles under this sharing system in comparison to the vehicles under the docked system, are driving the advancement of this category in the market. The players operating in the industry are focusing on partnerships and collaborations in order to remain competitive and gain an edge over their rivals. 

Hence, it can be safely said that the market will demonstrate rapid expansion in the coming years, mainly because of the surging requirement for improved first- and last-mile connectivity, increasing road congestion, and unfavorable automobile ownership laws in the country. 

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Surging Road Congestion Driving Indonesian Micromobility Market

The Indonesian micromobility market revenue stood at $1.1 million in 2020, and it is expected to rise to $19,888.5 million by 2030. Furthermore, the market will register an explosive CAGR of 116.1% from 2021 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the burgeoning requirement for mitigating urban road traffic congestion, growing need for first- and last-mile connectivity, and the convenience and low cost of micromobility services. 

Indonesia Micromobility Market - P&S Intelligence 

With the mushrooming population, the number of vehicles running on Indonesia’s roads is surging, which is leading to road congestion, especially in urban areas. This is subsequently pushing up the demand for mobility solutions that reduce road congestion. As the vehicles included under micromobility are compact, need less space on roads, and can be parked easily, their demand is surging, on account of the rising road congestion in urban areas. Besides, micromobility is also providing a convenient and cost-effective method of traveling. 

The players operating in the Indonesian micromobility market are focusing on facility expansions to expand their customer pool and strengthen their position in the industry. For example, PT. Surya Teknologi Perkasa, which is a subsidiary of the digital distribution firm, PT M Cash Integrasi Tbk, announced the expansion of its e-bike and bike sharing services, namely, GOWES, in January 2020. The company deploys its fleet at seven parking points all over the BINUS campus in Indonesia. 

Hence, it can be safely said that the market will grow substantially in the coming years, primarily because of the rising requirement for better first- and last-mile connectivity and the surging road congestion in urban areas in the country. 

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How Is Rising Demand for Bio-based Packaging Boosting Green Chemicals Market Growth?

Prominent factors such as the rising demand for bio-based packaging materials and growing concerns over fossil fuel depletion are projected to drive the green chemicals market at a CAGR of 8.9% during 2020–2030. The market was valued at $9,413.1 million in 2020 and it is expected to generate $22,039.0 million revenue by 2030. Green chemicals are non-toxic and do not emit sulfur dioxide or particulate matter, as they are derived from plant or animal waste.

The increasing adoption of bio-based packaging materials, on account of the growing concerns being raised over environmental degradation, is one of the key growth drivers of the market. The packaging industry is generating a high demand for packaging materials derived from renewable sources, such as plant and animal waste, as they are cost-effective, non-toxic, and require less raw materials for production. As compared to traditional materials, bio-based packaging materials are easier to dispose of and thus, their growing adoption helps in reducing environmental pollution to a considerable degree.

At present, the players in the green chemicals market are launching new products to attain a notable position. For example, in October 2019, Braskem introduced a new 'I'm green' recycled polypropylene in the U.S. to include its entire portfolio of circular economy products as a part of its commitment to aid in the transformation of the plastic chain from a linear economy into a circular economy. In a circular economy, the materials are utilized, disposed of, and then recycled in a circular manner.

According to P&S Intelligence, Europe accounted for the largest share in the green chemicals market in 2020, and it is expected to maintain its dominance throughout the forecast period. This can be ascribed to the high-volume consumption of green chemicals in the personal care, packaging, food and beverages, and automotive industries, owing to the increasing environmental concerns in the region. Moreover, the surging focus of the chemical industry on developing sustainable and eco-friendly solutions will also boost the market growth in Europe.

Therefore, the rapid depletion of fossil fuel reserves and escalating demand for bio-based packaging materials will boost the market growth in the upcoming years.

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