Public and Private Investments Boosting IoT in Healthcare Market Growth

 The mounting investments being made in healthcare internet of things (IoT) solutions by private and public organizations, surging penetration of connected devices in the healthcare sector, and burgeoning demand for effective and affordable medical treatment are expected to drive the IoT in healthcare market at a CAGR of 30.2% during the forecast period (2018–2023). The market revenue stood at $56.1 billion in 2017 and it is projected to reach $267.6 billion by 2023. Moreover, the booming elderly population, growing incidence of chronic and lifestyle-related diseases, and increasing applications of smartphone-based mHealth technologies also support the market growth.

Browse detailed report with COVID-19 impact analysis at IoT in Healthcare Market Research Report

One of the key growth drivers of the IoT in healthcare market is the escalating investments being made in the healthcare sector by both private and public organizations. For example, the U.S. federal government enacted the Health Information Technology for Economic and Clinical Health (HITECH) Act and the Affordable Care Act (ACA) to provide incentives to healthcare providers for adopting electronic health record (EHR) solutions, infrastructural development, and workforce training. Further, the ACA also supports medication management initiatives for enhanced healthcare in the country. 

The component segment of the IoT in healthcare market is classified into services, medical devices, and systems and software. In 2017, the medical devices generated the highest revenue, due to the increasing usage of IoT-based devices to monitor and analyze the medical condition of patients and provide constant notification to the caregivers about the condition of patients, for further treatment. Whereas, the systems and software category will exhibit the fastest growth during the forecast period, due to the surging penetration of telemedicine across the world.

Whereas, the Asia-Pacific (APAC) IoT in healthcare market is expected to witness the fastest growth throughout the forecast period. This can be ascribed to the soaring prevalence of chronic illnesses and growing geriatric population in the region. Additionally, the escalating investments being made by many public and private organizations in the HIT sector of the region will also boost the APAC market growth. In 2017, China generated the highest revenue, due to the surge in aging population and the implementation of several government initiatives aimed at promoting the adoption of IoT in the healthcare sector in the nation.

Thus, the soaring investments being made in the development and promotion of IoT solutions for healthcare and mounting collaborations among market players will propel market growth in the coming years.

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South Korean Micromobility Market Revenue To Surpass $11,000.0 Million by 2030

The South Korean micromobility market reached a value of $120.3 million in 2020, and it will generate $11,178.5 million revenue by 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The market is being driven by the rising focus on mitigating traffic congestion in cities, burgeoning requirement for reducing air pollution and traveling expenditure, and soaring need for better first- and last-mile connectivity across the country. 

South Korea Micromobility Market - P&S Intelligence 

Due to their low cost, abundant availability, and ability to provide greater convenience than conventional transportation systems, the popularity of micromobility services is growing rapidly in South Korea. Moreover, the increasing concerns being raised over the escalating pollution and deteriorating air quality levels are also driving the requirement for micromobility services in the country. According to a study conducted in February 2017, South Korea recorded the second-worst air quality level out of all developed countries that are members of the Organisation for Economic Co-operation and Development (OECD).

As the adoption of micromobility services reduces the requirement for personal vehicle ownership, the soaring popularity of these services is predicted to solve the issue of road congestion, which will, in turn, mitigate the air pollution levels in the country. Besides this factor, the surging demand for better first- and last-mile connectivity is also expected to propel the growth rate of the South Korean micromobility market in the coming years. Depending on vehicle type, the market is classified into e-mopeds, bikes, scooters, e-bikes, e-pods, and e-scooters. 

The players operating in the South Korean micromobility market are actively focusing on partnerships in order to expand their operations and bolster their position in the industry. For example, KT Corporation announced in March 2021 that it has entered into a partnership with Omni System Co. Ltd. and the city authorities of Goyang for deploying 400 Tazo bikes near subway stations and other populated areas in the city. The organization also announced that it would start charging a fixed fee of $0.4 (KRW 500) for every 20 minutes from April 12, 2021.

Hence, it can be safely said that the market will register substantial growth in the coming years, mainly because of the rising requirement for better first- and last-mile connectivity and increasing road congestion in the country. 

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How Is COVID-19 Impacting Vietnam Micromobility Market?

The major drivers for the Vietnamese micromobility market are the worsening issues of traffic congestion and urban parking and favorable economics of these commuting services. Boosted by these factors, the providers of such services in the country can hope to make a combined $10,227.2 million in 2030, compared to $89.9 million in 2020. This increase in the market revenue will likely be at a CAGR of 66.0% between 2021 and 2030 (forecast period). Micromobility exclusively involves two-wheelers, mostly those driven by electricity.

Vietnam Micromobility Market - P&S Intelligence 

The vehicle type segment of the Vietnamese micromobility market is categorized into e-scooters, e-mopeds, e-bikes, e-pods, scooters, and bikes. Among these, the e-mopeds category is predicted to generate the highest revenue for the industry players all through the forecast period. This would be on account of the large tech-savvy and young population of the country, which finds this means of commute extremely fun. Further, the growing tourist inflow to Vietnam, driven by its French heritage, UNESCO-listed Ha Long Bay, and delicious seafood, is propelling the usage of e-mopeds.

A key driver for the Vietnamese micromobility market is the growing problem of traffic congestion, especially in the major cities, including Hanoi and Ho Chi Minh City. The cities’ roads already have more vehicles than they can handle, and with people continuing to pour in from rural pockets, the problem is worsening. Micromobility could help alleviate this issue to a great extent as it involves only two-wheelers, which require less space on the roads and for parking.

The COVID-19 pandemic has further boosted the demand for such transport services. While the service demand was relatively low during the lockdown, it is now picking up. The fear of infection and need to maintain social distancing have made many people shun conventional means of public transit, such as buses, especially for short distances. In micromobility, commuters drive the automobile themselves, therefore face a relatively lower risk of infection. Thus, since the lifting of the lockdown, the market has been witnessing robust growth in the country.

However, the biggest reason for the advance of the Vietnamese micromobility market is the economical nature of these services. Compared to traditional shared mobility, such as carsharing and ride hailing, micromobility is cheaper. To rent an associated two-wheeler, people need to pay merely $0.86 on average for an hour of commute, after an initial fee. Moreover, such services help people travel the first and last miles, which is essentially the distance between the home, office or college and the metro station or bus stop.

Therefore, as these services are eco-friendly, cheap, and convenient for commuters, their popularity will grow in Vietnam in the coming years.

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Why will Sales of Plastisols Soar in Asia-Pacific in Coming Years?

The increasing implementation of flexible taxation policies on the export and import of plastisols by the governments of several countries is driving their sales across the world. Moreover, the large-scale commercialization of plastisols is also pushing up their worldwide demand. In addition, the governments of many countries are making the use of plastisol coating compulsory. For example, in industries, such as transportation, upholstery, and furniture, the utilization of plastisol coatings as flame retardants has been recently made mandatory in order to improve the safety of workers, as the mixture offers excellent fire and heat resistance. 

Besides, the expansion of the textile industry is also propelling the demand for plastisols. Plastic inks are being increasingly used in inking and coating of textiles, due to their opaqueness, excellent performance on various fabrics, and high cost-effectiveness. The mushrooming requirement for printed textiles, such as sweatshirts, cushions, printed tees, tote bags, jeans, jackets, bed covers, and several other apparels is driving the usage of coating inks in the textile industry. In addition, the growing preference of consumers for fabrics with attractive designs and colored patterns is also pushing up the requirement for plastisols. 

Many governments are enacting policies for supporting the expansion of the textile industry, which is also fueling the progress of the plastisols market. Apart from these factors, the increasing adoption of digital screen printing is also predicted to fuel the market at a CAGR of 7.5% during forecast period. Digital screen printing is basically a new process in which the printing operation on fabrics is processed via computers.

Depending on application, the market is divided into textile screen printing, adhesives and sealants, moldings, and coatings. Out of these, the textile screen printing category will register the fastest growth in the market in the coming years. This is ascribed to the ballooning use of textile screen printing in apparels. Geographically, the Asia-Pacific (APAC) region will be the fastest growing region in the plastisols market throughout the forecast period, as per the estimates of the market research company, P&S Intelligence. This will be because of the surging plastisol production capacity of various players based in the region.

Therefore, it can be said without any hesitation that the demand for plastisols will surge sharply in the forthcoming years, mainly because of the expansion of the textile industry and the rising adoption of digital screen printing across the world.

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Surging Disposable Income of People Driving Saudi Arabian Fragrance Market

The Saudi Arabian fragrance market reached a revenue of $1,738.5 million in 2020, and it is predicted to exhibit a CAGR of 8.2% from 2020 to 2030 (forecast period). According to the forecast of the market research company, P&S Intelligence, the market will attain a value of $3,810.5 million by 2030. The market is being driven by the increasing consciousness of people toward personal grooming, surging number of gym-goers, growing research and development (R&D) expenditure, soaring disposable income of people, and rising digital marketing activities in the country. 

Saudi Arabia Fragrance Market Outlook

As per the Census and Economic Information Center (CEIC) data, the gross national disposable income in Saudi Arabia surged from $617,848.7 in 2016 to $658,493.5 in 2017. Additionally, as per the observations of the Saudi Arabian Monetary Agency, consumer spending increased from $80,067.9 million in the fourth quarter of 2020 to $83,916.1 million in the first quarter of 2021. The rising income of people is positively impacting the demand for premium fragrances in the country. Another major Saudi Arabian fragrance market growth driver is the soaring number of gym-goers in the country. 

Some of the major players operating in the Saudi Arabian fragrance market, such as Elizabeth Arden Inc., Arabian Oud, The Procter & Gamble Company, L'Oréal S.A., Avon Products Inc., Calvin Klein Inc., Symrise AG, Unilever Group, and The Estée Lauder Companies Inc., are focusing on partnerships in order to expand their customer pool. For example, Al Malki Group entered into a partnership with Estée Lauder Companies Inc. in January 2021 to get the exclusive rights to sell Tom Ford, Clinique, and Estée Lauder products at various stores in the country.

Hence, the sales of fragrances will shoot up in Saudi Arabia in the forthcoming years, mainly because of the rising consciousness of people toward looks, appearance, and personal grooming, soaring number of gym-goers, and surging disposable income of people in the country.

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How Is Advancement in Battery Technology Supplementing Electric Bus Market Growth?

Factors such as the increasing environmental concerns due to surging greenhouse gas (GHG) emissions and improving operational efficiency of batteries and plunging battery costs are expected to propel the electric bus market at a vigorous CAGR of 14.9% during the forecast period (2021–2026). According to P&S Intelligence, 82,604 units of electric buses were sold in 2020. The burgeoning demand for these buses can also be ascribed to the long-term cost benefits offered by them.

Electric Bus Market - P&S Intelligence 

The electric bus demand is being driven by the declining costs and improving operational efficiency of batteries. This energy storage device accounts for approximately 40% of the production cost of such buses. Moreover, the increasing battery capacity, on account of continuous technological advancements, will also propel the demand for electric buses, as such batteries assist in meeting the rising need for a longer driving range. Currently, market players are working toward achieving higher energy density and reducing reliance on cobalt, which is an expensive raw material used in batteries, to boost the sales of electric buses.

Globally, Asia-Pacific (APAC) accounted for the largest share in the electric bus market in 2020, due to the presence of favorable government policies, such as tax rebates and discounts for replacing fossil fuel-driven buses with alternative  fuel variants. For instance, the Government of China provides a subsidy of up to RMB 500,000 (around $72,500) for fuel cell electric buses. Furthermore, the National Development and Reform Commission (NDRC), Ministry of Transport (MoT), Ministry of Finance (MoF), Ministry of Housing and Urban-Rural Development (MoHURD), and Ministry of Industry and Information Technology (MIIT) promote the adoption of electric buses in China.

Whereas, the North American electric bus market is expected to demonstrate the fastest growth during the forecast period, owing to the presence of stringent emission norms in the region. In North America, the U.S. generates higher demand for electric buses, due to the enormous subsidies, tax credits, and financial incentives offered by the federal and state governments. Additionally, government initiatives such as exemption of such new energy buses from vehicle emission tests and toll charges also contribute to the market growth in the U.S.

Therefore, the lowering cost and improving efficiency of batteries and rising concerns being raised over GHG emissions are the prominent growth drivers of the market.  

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Retail E-Commerce Packaging Market To Prosper in Future

Valued at $23,987.7 million in 2020, the global retail e-commerce packaging market is expected to generate a revenue of $74,873.0 million by 2030. Furthermore, the market will demonstrate a CAGR of 12.1% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the expansion of the e-commerce industry, on account of the increasing penetration of the internet and the changing buying patterns of people across the world. 

Additionally, the mushrooming population all over the world is also positively impacting the e-commerce industry, as people are increasingly buying various products from digital platforms. As per the United Nations Department of Economic and Social Affairs (UNDESA), the global population will surge from 7.7 billion in 2020 to 8.6 billion, 9.8 billion, and 11.2 billion by 2030, 2050, and 2100, respectively, with the addition of nearly 83 million people every year. The rising public preference for shopping from online channels over conventional retail stores is fueling the surge in the retail e-commerce business, thereby propelling the market to new heights.

China is witnessing a sharp surge in e-commerce sales, because of the rising public preference for online shopping, owing to the availability of a diverse range of products at affordable prices on digital platforms. The players operating in the retail e-commerce packaging market are focusing on collaborations and partnerships in order to strengthen their position in the industry. For example, Smurfit Kappa Group Plc entered into a partnership with World Wildlife Fund Colombia in August 2020 to improve forestry conservation efforts and expand, protect, and restore ecosystems and forests. 

Hence, it can be safely said that the market will register rapid expansion in the coming years, mainly because of the surging popularity of online shopping, owing to the increasing internet penetration and changing buying patterns of people all over the world.

Read More: https://www.psmarketresearch.com/market-analysis/retail-e-commerce-packaging-market-analysis

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