Rising Need for Advanced Healthcare Systems Augmenting the EHR Market Growth

The global EHR market was valued at $22.3 billion in 2017 and is estimated to progress at a CAGR of 5.4% during the forecast period 2018–2023. Rising need for an advanced healthcare information system, increasing investments by healthcare IT players, growing demand for better healthcare facilities, and surging government initiatives are the key factors driving the growth of the market.

Electronic health record (EHR) is a systematized collection of a patient’s health data in the digital format. The data includes all the details, such as the patient’s medical history, medication, treatment plans, diagnoses, immunization dates, radiology images, allergy information, and pathology test results. This data helps healthcare providers take an informed decision about the patient’s care while sitting in any corner of the world.

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An integrated healthcare information system offers better healthcare quality by supporting clinical decision making, digitizing patient records, and enabling coordinated patient care. It has been noted that dispersed healthcare information (associated with diagnosis, billing, and administrative data, medical history, patient demography, and medication) and the coordination gap between healthcare professionals and patients often degrade the quality of healthcare and increases the overall treatment cost. Thus, there is a requirement for integrated healthcare information systems to minimize medical errors and provide better patient care, which is boosting the electronic health record market.

The report further stated that over 78.0% of all REC-enrolled PPCPs or 112,804 providers had exhibited meaningful use (MU) of certified EHR technology (CEHRT) in areas, including e-prescribing, clinical quality reporting, and medication reconciliation, thereby improving the overall patient care. A key driver of EHR implementation here has been the Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009. Via the EHR Incentives Programs, it offers incentives to healthcare professionals who adopt and display the meaningful use of the technology, thus aiding in the EHR market growth.

Now, talking of market insights, the domain has been segmented by delivery mode, component, end user, and region. On the basis of delivery mode, the market is classified into on-premises and web/cloud-based server. Out of these, the web/cloud-based category accounted for the largest share (51.0%) in the electronic health record market in 2017. A number of advantages, such as low maintenance and infrastructure requirements, low licensing and start-up cost, and wider accessibility, are escalating the demand for web/cloud-based EHR. In addition, a web-based EHR offers higher productivity along with faster and smoother implementation.

Hence, advancements in technology, such as integrated healthcare information system, and increasing replacement rate of traditional data storage system with digital variants are predicted to propel the growth of the electronic health record market.

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Construction Chemicals Market Displaying Healthy Growth Potential

The worldwide construction chemicals market is growing due to rapid urbanization and increasing focus on green buildings. P&S Intelligence recently calculated the value of the domain in 2017 as $55,111.6 million and its forecast period (2018–2023) CAGR to be 6.5%. It is also being expected that by 2023, the sale of such chemicals would generate a revenue of $80,025.4 million. In simple terms, construction chemicals are those that are added to base materials, including concrete and cement, to enhance their strength and durability.

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When segmented by type, concrete admixtures, adhesives, sealants, asphalt modifiers, protective coatings, and others would be the different market categories. Among these, concrete admixtures was the dominating category in 2017, with over 40.0% sales volume share. One of the reasons for their high demand in the construction chemicals market has been that these modify the properties of set concrete, thereby helping reduce construction costs. For instance, their addition to concrete can reduce the water requirement by up to 10.0%.

Across the world, Asia-Pacific (APAC) was the largest construction chemicals market in 2017, accounting for over 35.0% of the total sales. Countries, such as China, India, and Japan, have witnessed a massive growth in construction activities in the past few years. People are migrating to the cities at a high rate in search of employment, education, and a better lifestyle, which is raising the requirement for their long-term accommodation. The governments in these nations are avidly supporting infrastructural development, and the residential sector is also expanding due to the increasing middle-class population. 

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Further, the current trend has been a growing use of construction chemicals in developing countries. As a large number of such nations are in APAC, the growth of the real estate sector here is expected to positively impact the global construction chemicals market. Now, the expansion of the construction industry is itself being triggered by the growing population. As per the United Nations, the population of APAC is expected to grow to 4.3 billion by 2023! Owing to these factors, APAC will also be the fastest growing market during the forecast period, during which it will advance at a 7.1% CAGR.

Apart from population growth and rapid urbanization, another factor aiding the progress of the construction chemicals market is an increasing awareness about green buildings. Construction chemicals, as already noted above, can reduce the water requirement during construction. Apart from this, these also aid in conserving energy, which is a significant requirement considering environmental degradation. An increasing number of countries are making adherence to green building standards, such as the Leadership in Energy and Environmental Design (LEED) certification, mandatory, thereby, raising the demand for construction chemicals.

Thus, it is clear that the growing population of APAC will be one of the major drivers of the domain across the globe in the coming years.

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Increasing Use of Environment-friendly Industrial Coatings Helping the UV Curable Resins Market Progress

The global UV curable resins market, in 2017, generated a revenue of $3,473.9 million and is projected to grow to $5,403.9 million by 2023 at a CAGR of 7.7% during the forecast period (2018–2023). The key growth factors of the market are an increasing use of environmental-friendly industrial coatings and rising requirement for UV-curable inks for packaging purposes. UV curing is a process, wherein a light source is used to cure or start a photochemical reaction to crosslink the polymers in inks, coatings, and adhesives, which, by definition, are called UV curable resins.

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On the basis of formulation, photoinitiators, monomers, oligomers, and others are the various categories of the UV curable resins market. Out of these, in 2017, oligomers accounted for the highest sales volume share, of more than 45.0% in the market. The benefits associated with the use of oligomers include good chemical resistance, high gloss, fast curing, and relatively low cost. Coming to the application, inks, adhesives, coatings, and others are the various domain subdivisions.

Out of these, in 2017, coatings held more than 45.0% sales volume share in the UV curable resins market, as UV curing resin-based coatings offer excellent and quick surface finishing, good wear and household chemical resistance, and enhanced outdoor durability. That’s why, UV resin-based coatings are used for mobile phones, laptops, and video game consoles. Further, the instant crosslinking feature of coating polymers under UV light saves time and money along with making the application of several layers of coating in one time possible.

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Talking about the end user segment, the UV curable resins market is categorized into graphic arts, electronics, industrial coatings, and others. Among all, in 2017, industrial coatings was the largest category in the market, registering more than 55.0% sales volume share. Nowadays, regulatory bodies have made stringent laws, such as the Solvent Emissions Directive and Decopaint Directive, focusing on minimizing the solvent emissions from the coating process. These laws are resulting in the use of environmental-friendly industrial coatings, which, in turn, is boosting the growth of the market in this category.

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Now, it has been witnessed that traditional inks, adhesive, and coatings have hydrocarbon solvents, which, at the time of being cured, release hydrocarbons. These hydrocarbons further contain volatile organic compounds (VOC), which are carcinogenic, meaning that these have the potential to cause cancer. The danger associated with such VOCs has pushed the governments of several countries to adopt stringent laws for controlling their release in the environment. Unlike conventional products, UV-curable products do not emit VOCs and cause less impact on the environment, leading to the UV curable resins market progress.

Hence, increasing awareness about environment degradation across the world is propelling the growth of the market.

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North American Autonomous Car Market Heating Up

The North American fully autonomous car market is expected to reach $52.3 billion by 2030, growing at a CAGR of 17.1% during the period 2023–2030. Increasing research and development (R&D) activities for the development of autonomous cars, evolution in connected car technology, need for safe and efficient driving options, and support of federal and state governments ensuring the growth of these cars are some of the major factors fueling the growth of the North American autonomous car market, according to P&S Intelligence.

Road traffic, serious injuries, and deaths are unfortunately a common affair, and the primary cause of road crashes and accidents is human error, which accounts for more than 90% of road accidents. Thus, the emerging need for more efficient and safer driving technology, is driving the growth of the North American autonomous car market.

Insights into market segments

On the basis of vehicle autonomy, the North American autonomous car market has been categorized into semi-autonomous car and fully autonomous car. Between the two, semi-autonomous car dominated the market during the historical period. Level 1 semi-autonomous cars held the market share of over 95% in terms of volume, and also dominated the semi-autonomous car market in 2018. The government regulations for incorporation of necessary safety feature in the car is the major factor for the growth of this category. For instance, the National Highway Traffic Safety Administration (NHTSA) has mandated the use of electronic stability control (ESC) in all passenger vehicles being manufactured since 2012, benefitted the growth of the category.

What are the factors impacting the growth of this market?

1. Increasing number of collaborations and partnerships is a key trend in the market

1. Evolution in connected car technology is acting as a growth driver

Evolution in connected car technology is acting as a growth driver

The demand for connected cars is constantly increasing in North America due to rapid technological advancement and also due to their unique features, including smartphone connectivity with vehicle, road side assistance, traffic and collision warnings, and real-time traffic monitoring, which are not available in conventional passenger cars. The increasing digitization in connected cars is simultaneously fueling the growth of autonomous cars and hence propelling the North American autonomous car market. The integration of autonomous technology in connected cars is comparatively easier as compared to conventional cars, as connected cars need to be equipped with V2V and V2I connectivity, which are two of the necessary requirements for vehicle autonomy.

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U.S. was larger autonomous car market in 2018

The U.S. held larger revenue share in the North American autonomous car market and accounted for higher sales volume in 2018. This is due to the presence of strong customer base, and a large number of original equipment manufacturers (OEMs) of autonomous car in the country that are launching new car models with advanced level of automation.

North America autonomous car market competitive landscape

Some of the major manufacturers operating in the North American autonomous car market are Ford Motor Company, Toyota Motor Corporation, Hyundai Motor Company, General Motors Company, Fiat Chrysler Automobiles N.V., Honda Motor Company Limited, Volkswagen Group, Tesla Inc, BMW Group, and Daimler AG.

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Automotive Aluminum Market Development Global Analysis 2018-2024

The global automotive aluminum market is expected to observe an extensive growth in the coming years, due to the increased demand for lightweight material in automobile industry, coupled with growing vehicle production in many countries around the world. Aluminum considerably reduces the overall weight of a vehicle and thus increases the fuel efficiency of the vehicle, which in turn, produces fewer tailpipe emission. Apart from this, 90% of aluminum used in automobile can be recycled. Mandatory regulations and strict emission norms in many countries have increased the demand for aluminum in the automotive industry.

Based on vehicle type, the automotive aluminum market is classified into passenger car, light commercial vehicle (LCV), and heavy commercial vehicle (HCV). Among these, the passenger car is expected to continue dominate the automotive aluminum market over the forecast period, owing to its high production, especially in India and China, coupled with rising demand for fuel-efficient vehicle.

On the basis of application, the automotive aluminum market is categorized into powertrain, car body, and chassis. The car body is expected to be the fastest growing category during the forecast period. The growth of this category is mainly driven by increasing use of aluminum in car body to reduce the overall weight of the car.

Geographically, Asia-Pacific has dominated the automotive aluminum market and is foreseen to continue the domination during the forecast period as well. The growth will be driven by high production of passenger cars in many countries of the region such as China and India, coupled with increasing investments by automakers for the production of automobiles in the region.

The steady rise in production of automobiles in many countries, coupled with growing demand for lightweight material in automobiles has fueled the demand for aluminum in the automobile industry. There is growing demand for lightweight material in automobiles as lightweight vehicles have better acceleration, braking, handling, and fuel efficiency, and low emission. The amount of aluminum required to provide the same strength as that of steel weighs 40% less than the steel. The inherent advantages of aluminum will attribute its high demand in the industry. Apart from this, strict emission regulation in many countries to reduce the automobile emission is expected to benefit the automotive aluminum market.

Fluctuation in price of aluminum, coupled with high cost of aluminum as compared to steel is one of the major restraints affecting the growth of the automotive aluminum market. In addition, easy availability of other lightweight materials such as magnesium and reinforced plastic is further expected to negatively affect the industry.

Major key players operating in the market are Norsk Hydro ASA, Alcoa Corporation, Aluminum Corporation of China Limited (Chalco), Constellium NV, Aleris International Inc., Novelis Inc., Rio Tinto plc, Norsk Hydro ASA, United Company RUSAL Plc, and Kaiser Aluminum Corporation.

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Upcoming Sports Events Propelling the Demand for Physical Security Systems in The Country

Japan physical security market is projected to display a significant growth during the forecast period, where it is expected to reach $7,613.4 million by 2024.

Rising security concerns coupled with upcoming sports events such as Summer Olympics and Asian Games is fueling the growth of physical security market in the country.

The demand for remote access, wireless connectivity, high video resolution, deep learning, AI-enabled facial recognition, and enhanced security capabilities are supporting the growth of IP video surveillance systems in the country. Japan market displayed potential growth in demand for dome IP cameras, followed by bullet IP cameras in public infrastructure and transportation verticals.

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Video surveillance market in the country is primarily led by government & transportation, commercial offices/buildings, BFSI, and retail. Among these, government & transportation category accounted for the highest revenue share in 2018.

Within the overall physical security market in Japan , video surveillance category held the largest revenue share, and is further expected to register the fastest growth during the forecast period as well. Although analog video surveillance category accounted for highest share, however, IP/network video surveillance category is forecast to acquire major share by 2024.

For instance, for the upcoming Olympic games, the government of Japan is investing more on security systems of the country. The Japanese Rail Company is planning to deploy around 22,000 security cameras on metro and railway stations by 2020.

Market Segmentation by Type

• Hardware
  • Video surveillance system
    • By type
      • Analog
        • Analog camera
        • Digital video recorder (DVR)
      • IP/Network
        • IP/Network camera
        • Network video recorder (NVR)

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Increasing Funding Driving Blockchain Technology in Healthcare Market

The global blockchain technology in healthcare market attained a value of $44.6 million in 2017 and is further expected to witness a CAGR of more than 67.1% during the forecast period (2018–2023­). This growth is due to the implementation of blockchain in pharmaceutical supply, growing funding and investments in the technology, and increasing number of regulations for safeguarding consumer data. A distributed system which stores records of data transactions completed online is called blockchain. In healthcare, it helps bring together clinical data across multiple healthcare organizations, such as clinics and hospitals.

The blockchain technology in healthcare market is divided into claims adjudication & billing management, drug discovery & clinical trials, prescription drug abuse, drug supply chain management, clinical data exchange & interoperability, and others, in terms of application. Among these, clinical data exchange & interoperability held the largest (40.0%) share of the market in 2017 and is predicted to grow at the highest CAGR during the forecast period. This is because the blockchain technology can potentially transform the sharing and storage of clinical information and data across the total care continuum, including healthcare partners, patients, and payers.

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One of the major driving factors of the blockchain technology in healthcare market is the increasing number of regulations for safeguarding consumer data. Governments across the world are implementing stringent regulations to protect consumer information due to the growing incidents of data breach and theft. For instance, a new European Union data protection rule, the “General Data Protection Regulation (GDPR)”, came into effect in May 2018. The GDPR aims to protect EU citizens from data and privacy breaches, and because of the existence of such regulations, companies across the world have to invest in data security.  

The need for better management of medical data is creating great opportunities for the players in the blockchain in healthcare market. The life sciences and healthcare industries generate and work on huge amounts of data, due to which they are facing problems on several fronts including fragmentation, inconsistency, cybersecurity, and interoperability. The blockchain technology has shown great potential in establishing a healthcare ecosystem that can manage the privacy, security, and interoperability of health data in a better way. In addition, it also assists healthcare providers in delivering better care.

Hence, the rising number of regulations for safeguarding consumer data and increasing investments and funding in the blockchain technology are driving the growth of the market.

GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET SEGMENTATION

By Application

·         Clinical Data Exchange and Interoperability

·         Claims Adjudication and Billing Management

·         Drug Supply Chain Management

·         Drug Discovery and Clinical Trials

·         Prescription Drug Abuse

·         Others

By End User

·         Pharmaceutical Companies

·         Healthcare Providers

·         Healthcare Payers

·         Others

By Geography

·         North America Blockchain in Healthcare Market

·         Europe Blockchain in Healthcare Market

·         Asia-Pacific (APAC) Blockchain in Healthcare Market

·         Latin America (LATAM) Blockchain in Healthcare Market

·         Middle East and Africa (MEA) Blockchain in Healthcare Market

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