What are Key Factors Causing Boom of Coronavirus Diagnostic Kit Market?

Coronavirus was initially identified in the Guangdong province of southern China in November 2002. Known by the name, severe acute respiratory syndrome coronavirus (SARS-CoV) is thought to be an animal virus that emerged from bats and became epidemic by affecting 26 countries and further resulting in more than 8,000 cases in 2003.

Browse report with detailed COVID-19 impact analysis on Coronavirus Diagnostic Kit Market Revenue Estimation and Demand Forecast

Middle East respiratory syndrome coronavirus (MERS-CoV) infection was first reported in September 2012 in Saudi Arabia. Till date, nearly 2,500 cases of this type of infection has been reported in 27 countries in a near the Arabian Peninsula. In addition, the largest outbreak of MERS-CoV outside this peninsular region occurred in the Republic of Korea in 2015.

And now, with the outbreak of pneumonia of unknown aetiology in Wuhan City, Hubei Province, China, COVID-19, also known as SARS-CoV2 has emerged as a pandemic infection, as declared by the World Health Organization (WHO).

The 2019-novel coronavirus (2019-nCoV) real-time reverse transcription (RT) PCR diagnostic panel, provided by the Centers for Disease Control and Prevention (CDC) in the U.S., is a test intended for the qualitative detection of nucleic acid from the 2019-nCoV in upper and lower respiratory specimens such as nasopharyngeal or oropharyngeal swabs, sputum, lower respiratory tract aspirates, bronchoalveolar lavage, and nasopharyngeal wash/aspirate or nasal aspirate) collected from individuals who meet 2019-nCoV clinical and/or epidemiological criteria. The criteria include clinical signs and symptoms associated with 2019-nCoV infection, contact with a probable or confirmed 2019-CoV case, and history of travel to geographic locations where positive cases have been detected.

Furthermore, in India, on March 24th, 2020, a Pune-based molecular diagnostic company, MylabLifesolutions Pvt. Ltd., became the first Indian company to granted validation for its COVID-19 diagnostic test kits, or RT-PCR, by the Drug Controller of India, after the validation from the National Institute of Virology. With the rapid increase in the total number of COVID-19 cases, across the globe, the need for rapid and reliable diagnostics are increasing, thereby, boosting the demand for coronavirus diagnostic kits, significantly.

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Bronchoscope Market Expected to Exhibit Huge Progress during 2020–2030

 One of the major factors responsible for the rise in the demand for bronchoscopes is the rising incidence of lung cancer across the world. Since the last few years, there has been a massive rise in the global geriatric population and this has significantly boosted the prevalence of lung cancer across the globe. As per the World Health Organization (WHO), cancer was found to be the second-major cause of deaths across the globe in 2018, accounting for 9.6 million deaths, with lung cancer caused due to tobacco consumption responsible for almost 22.0% of all the lung cancer related deaths. 

Browse In-depth  Bronchoscope Market Revenue Forecast Report

There are various types of bronchoscopy technologies commonly adopted in healthcare settings — endobronchial ultrasound (EBUS), narrow-band imaging (NBI), electromagnetic navigation bronchoscopy (ENB), and autofluorescence bronchoscopy (AFB). Out of these, the EBUS technique is predicted to register the fastest growth in adoption for the diagnosis of various lung disorders and diseases. The major factor responsible for the rapidly increasing adoption of EBUS technology is the fact that this technology makes the disease diagnosis and cancer stage identification processes easier.

Bronchoscopes are extensively used in therapeutic and diagnostic applications. Between the two, these instruments are currently observing higher usage in diagnostic applications. This is mainly attributed to the fact that the bronchoscopes are widely used for the diagnosis of airway-related diseases. In addition to this, the rising awareness amongst the people about lung diseases and the importance of their early diagnosis and detection are further contributing toward the ballooning adoption of bronchoscopes in diagnostic applications.

The North American region observed the highest usage of bronchoscopes during the historical period (2014–2019), owing to the presence of a large number of lung cancer patients, huge geriatric population, advanced healthcare infrastructure, leading bronchoscope manufacturing companies, and high incidence of chronic respiratory diseases in the region. The bronchoscope market is expected to grow the fastest in Asia-Pacific (APAC) during the forecast period, owing to the rising prevalence of chronic respiratory diseases, soaring healthcare expenditure, and increasing awareness amongst the people regarding lung diseases and the importance of their early diagnosis, in the region. 

Therefore, it can be said without any hesitation that due to the mushrooming occurrence rate of lung diseases and lung cancer, improving healthcare infrastructure, and rising adoption of advanced medical instruments, the demand for bronchoscopes will increase considerably over the next few years.

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AI in Fintech Market Revenue To Soar to $46,881.9 Million by 2030

The global AI in fintech market revenue stood at $7,702.7 million in 2020, and it is predicted to surge to $46,881.9 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 19.8% from 2020 to 2030 (forecast period). AI-based solutions are assisting businesses in reducing costs, automating processes, and mitigating the chances of errors.

The market is being driven by the growing focus of businesses on efficiency improvement and cost-cutting, rising adoption of artificial intelligence (AI), machine learning (ML), and internet of things (IoT) in financial institutions, surging adoption of the 5G technology, soaring use of fintech, and burgeoning requirement for cloud services across the world.

For example, many companies are using AI chatbots as customer assistants for various tasks, such as customer care executive (over the phone), online chat executive, and sales. By answering various frequently asked questions about a product or a service or a company, these chatbots improve customer experience by helping users get answers to their questions immediately. Moreover, these chatbots assist the company in saving money and time.

Furthermore, AI enables process automation, which plays a critical role in task execution within financial companies. The main aim of automation in the banking industry is to help in processing repetitive banking operations. Some of the major benefits of automation are time savings (frees up time for employees so that they can focus on more complex tasks), cost savings, mitigating the chances of human errors, and scalability. Depending on the component, the AI in fintech market is divided into services and solutions.

This market research report provides a comprehensive overview of the market

• The Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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Why Is Wood Vinegar Used in Wastewater Treatment Plants?

Wood vinegar or wood acid or pyroligneous acid is a dark liquid, which is derived from charcoal. It is obtained by heating biomass in a closed container. The smoke generated during charcoal production is cooled into a liquid and then separated into bio-oil, tar, and wood vinegar. The dark liquid is a combination of nearly 80–90% water and over 200 organic compounds, such as acetic acid, esters, formic acid, ketones, methanol, and phenol. 

As this charcoal derivative has a high waste management potential, the increasing government and public focus on wastewater treatment, to meet the surging demand for clean water, will help the wood vinegar market grow at a CAGR of 7.1% during the forecast period (2016–2023). According to P&S Intelligence, the market generated $3.2 million revenue in 2015. For instance, the U.S. government has enacted the Safe Drinking Water Act (SDWA) to ensure quality drinking water for Americans. 

In recent years, wood vinegar producers, such as TAGROW CO. LTD., Nakashima Trading Co. Ltd., Ace (Singapore) Pte Ltd., Canada Renewable Bioenergy Corporation, Byron Biochar, and Nettenergy BV,  have engaged in technological advancements to develop better and improved pyrolysis kiln methods to produce char, biochar, and wood vinegar. Additionally, the advanced pyrolysis methods help enhance the production process of wood vinegar and reduce the total manufacturing process. Further, the producers are also focusing on involving poverty-ridden people in wood vinegar production processes as the material is majorly produced in villages by using local resources and feedstock.

Geographically, the Asia-Pacific (APAC) region held the largest share in the wood vinegar market in 2015. This was on account of the presence of a vast base of end users and the existence of a large number of local producers in the region. Moreover, the surging need for clean water, owing to the booming population, will also create a huge requirement for wood vinegar in the coming years. For instance, the World Bank states that the population of India surged from 1.353 billion in 2018 to 1.366 billion in 2019.

 

Thus, the escalating need for treated water and surging government focus on using bio-based products will fuel the consumption of wood vinegar globally.

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Growing Deployment of Electric Vehicles Driving Demand for Electric Vehicle Communication Controllers

In recent years, the deployment of electric vehicles has surged sharply, on account of the escalating air pollution levels and the implementation of stringent emission norms by the governments of several countries. This has subsequently pushed up the demand for electric vehicle charging infrastructure and facilities, which has, in turn, fueled the need for electric vehicle communication controllers. Moreover, many electric vehicle manufacturers and charging component producers are investing heavily in the development of efficient and smart battery charging devices.

The organizations are focusing on leveraging the government provisions and incentives to manufacture more efficient and high-capacity electric vehicles and charging stations. For example, an investment of $15 million, which included a grant of $6 million from the Australian Renewable Energy Agency (ARENA), was made by several investors in Chargefox Pty. Ltd. in October 2018. The organization will use this investment to deploy electric vehicle chargers all over Australia, which will consequently push up the demand for electric vehicle communication controllers in the nation in the coming years.

Apart from the aforementioned factors, the advent of advanced technologies, such as the vehicle-to-grid (V2G) technology, for the two-way management of the demand for electricity, is also predicted to generate lucrative growth opportunities for the players operating in the electric vehicle communication controller market. Owing to these reasons, the value of the market is predicted to rise from $97.0 million in 2018 to $553.4 million by 2024, while the market will demonstrate a CAGR of 34.8% from 2019 to 2024 (forecast period), as per the estimates of the market research company, P&S Intelligence. 

Furthermore, many industry players are focusing on developing the V2V charging technology. This is because this technology assists in reducing the load on the grid, which generally increases massively when connecting several vehicles to the charging infrastructure. The technology basically takes power from the batteries of the idle EVs and feeds it to the grid, which helps in reducing the load on the grid. Supply equipment communication controllers (SECC) and electric vehicle communication controllers (EVCC) are the two types of systems used in electric vehicle charging facilities. Between these, the demand for SECC is predicted to rise at a faster pace over the next few years. 

This will be because of the soaring deployment of electric vehicle charging stations all over the world. As per various estimates, there were nearly 538,600 publicly accessible chargers around the world in 2018, which was higher than the number of chargers in 2017 (105,360). Geographically, the sales of electric vehicle communication controllers were observed to be the highest in the Asia-Pacific (APAC) region in the years gone by and this trend is expected to continue in the forthcoming years as well. This is attributed to the growing adoption of electric vehicles, on account of the provision of subsidies by the governments of the regional countries, in the region. 

Thus, the demand for electric vehicle communication controllers will soar in the coming years, primarily because of the increasing adoption of electric vehicles and the surging requirement for electric vehicle charging infrastructure across the world. 

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Why Is Asia-Pacific Leading Electric Bus Charging Station Market?

A number of factors, such as the increasing adoption of electric buses in public fleets, rising number of government incentives and soaring investments for the development of electric bus charging infrastructure, and growing electric vehicle (EV) industry, are expected to drive the electric bus charging station market at a CAGR of 9.7% in the foreseeable period (2019–2025). According to P&S Intelligence, the market generated revenue of $6.6 billion in 2018, which is expected to reach $12.3 billion by 2025. Moreover, the market is witnessing the increasing demand for ultra-fast-charging stations.

Electric Bus Charging Station Market

One of the major factors boosting the market growth is the rising number of government incentives, including tax rebates, subsidies, and grants, and soaring investments for the development of charging infrastructure. For instance, in February 2018, a budget of $82.7 million (EUR 70 million) was announced by the European Commission for the adoption of electric buses in public fleets and deployment of the related charging stations. Moreover, the Government of China had introduced a program to install 500,000 public charging stations during 2015–2020.

The type segment of the electric bus charging station market is categorized into depot charging, inductive charging, and opportunity charging. Out of these, the depot charging category held the largest volume share in the market in 2018. This is attributed to the surging fondness of private and public transport companies for charging buses overnight, as the buses that use this type of charging have similar operational features to diesel buses. Furthermore, depot charging stations have lower installation and functioning costs than other types of charging stations.

Geographically, the electric bus charging station market in Asia-Pacific (APAC) accounted for the largest share in 2018. This is ascribed to the favorable government initiatives for the deployment of charging infrastructure and the massive growth in the Chinese electric bus market. The country alone holds an around 99.0% share of the total sales of electric buses across the globe. This generates a huge demand for related charging stations in China. Moreover, APAC countries have a strong pledge to increase the number of electric buses in their transportation systems. 

Thus, the rising adoption of electric buses in public fleets and the surging number of government incentives are expected to propel the market growth during the forecast period.

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How is Rising Incidence of Respiratory Diseases Driving Demand for Capnography Devices?

Rapid technological advancements and innovations such as the incorporation of molecular correlation spectroscopy and photo detectors in microstream capnographs and the adoption of miniaturized mainstream multi-gas monitors are pushing up the sales of capnography devices across the world. Advanced capnography devices provide greater safety and accuracy levels than the conventionally used ones and also have an adjustable flow rate that allows the retrieval of huge sample volumes and prevents contamination by moisture.

Additionally, various benefits of capnography such as long-term efficacy, improved optimization of post-operative outcomes, enhanced overall efficiency, and quick response time are predicted to boost the demand for capnography devices all over the world in the future years. Apart from these factors, the increasing initiatives being taken by several renowned organizations and governments for promoting the usage of capnography devices are also fueling the sales of these devices across the globe.

Browse detailed report with COVID-19 impact analysis at Capnography Devices Market Research Report

Geographically, the capnography devices market will exhibit the fastest growth in Asia-Pacific (APAC) in the forthcoming years, on account of the numerous favorable government initiatives being launched regarding the usage of capnography devices, soaring geriatric population, and the rising incidence of chronic diseases in the region. According to the World Population Ageing 2019 report published by the UN, the population of geriatric people (people aged 65 years or above) in Asia is predicted to rise to 954.6 million by 2050.

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