What Effect Insurance Purchase Has on Worldwide Healthcare Industry?

Along with food and housing, good health is one of the most critical aspects of a happy life. With the rapid surge in population, the prevalence of various diseases has also increased, which, in turn, has raised the demand for healthcare services around the globe. As a result, the healthcare industry is one of the most prosperous ones, especially in present times, when the COVID-19 pandemic is raging on. Currently, the industry in Germany, the U.S., France, the U.K., Japan, China, and Singapore is growing the fastest, as these are some of the worst-affected nations by the coronavirus infection and also because the healthcare  spending here is among the highest anywhere.

In 2019, the medical sector of the U.S. was projected to reach $5,605.5 billion by 2024, but the future size might actually be a lot larger. Even in the coming years, the medical domain in this country is expected to grow the fastest, primarily due to the high prevalence of chronic diseases. One in every six persons in the U.S. has at least one chronic disease, as per the Centers for Disease Control and Prevention (CDC). In the coming years, the prevalence of cancer, in particular, is expected to surge sharply here, which would lead to a high footfall at hospitals and diagnostic centers.

With the rising incidence of diseases and the unpredictability of life, people are increasingly purchasing health insurance. Medical treatments cost a lot for people of all strata, which is why insurance is being bought by them to reduce their financial burden. The government of numerous countries is going all out to make healthcare accessible to all, as a result of which insurance premiums are becoming more affordable for the common folk. For instance, the Singaporean government, under its MediShield Life insurance program, which it implemented in November 2015, offers reimbursement to all permanent residents and citizens for basic hospital procedures.

Thus, as the burden of diseases increases around the world, the need for healthcare will become even dire.

Browse In-depth  Healthcare Ecosystem Insights Regional Breakdown

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Vehicle Owners Opting for Usage-Based Insurance Models to Get Fair Premium Quotes

Usage-based insurance refers to a type of vehicle insurance that leverages in-vehicle communication systems to track vehicle mileage and monitor driving behavior. Thus, the burgeoning sales of telematics-equipped automobiles and mounting demand for connected car services will strengthen the usage-based insurance market in the years to come. The escalating demand for connected cars can be attributed to the mounting customer focus on vehicle and passenger safety and the growing need to stay connected to the outside world.

Usage-Based Insurance Market Outlook

Additionally, the increasing penetration of smartphones integrated with vehicle connectivity systems will create a huge requirement for usage-based insurance. Nowadays, insurance companies are focusing on usage-based policies to improve profitability, as the data collected through connectivity solutions can be used to calculate the insurance premiums to be paid by vehicle owners. Thus, the rising acceptance of in-car connectivity technologies and increasing willingness of customers to share their driving statistics to get personalized insurance quotes will fuel the adoption of usage-based insurance packages in the foreseeable future.

According to P&S Intelligence, North America will dominate the usage-based insurance market in the forthcoming years due to the burgeoning demand for connected cars and increasing adoption of the black box insurance technology in the region. Additionally, the strong presence of prominent vehicle insurance firms that use this technology to track driving habits encourages the adoption of usage-based insurance here. Black-box-technology-enabled devices collect detailed information for vehicle insurance companies and allow them to estimate the insurance risk levels with precision.

Therefore, the burgeoning demand for telematics-equipped vehicles and escalating integration of smartphones into vehicle connectivity systems will encourage the adoption of usage-based insurance modules across the world.

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Surging Internet Penetration Fueling Demand for OTT Services

With the increasing penetration of the internet and smartphones, the popularity of over-the-top (OTT) services is soaring sharply across the world. According to the World Bank, around 49.0% of the people all over the world had access to the internet in 2017. Furthermore, the organization reported that the percentage of people all over the world who have access to the internet surged from 34.2% in 2012 to 51.1% in 2019.

The ability of smartphones and various other smart devices, such as smart televisions (TVs), tablets, laptops, gaming consoles, and set-top boxes, to access high-speed internet has brought a large number of users closer to online content. In addition, these devices provide convenience and are usually equipped with various advanced features, such as the ability to stream and download high-quality content.

OTT Services Market Recent Trends, Developments, Challenges, and Opportunities

Moreover, with smart devices becoming affordable rapidly, consumers can easily access OTT content. Additionally, the average time being spent by people on smart devices is rising sharply, as people are spending more time using different applications on various smart devices.

Furthermore, with the advent of advanced technologies, such as optical fiber, 4G/LTE, and 5G and improving network coverage, the consumption of data across the world is soaring.This is subsequently propelling the demand for OTT services, thereby causing the expansion of the global over-the-top (OTT) services market. Because of these factors, the market reached a revenue of $92 billion in 2020.

Thus, it can be said without any doubt that the demand for OTT services will surge sharply in the coming years, primarily because of the increasing penetration of the internet and the growing popularity of online video streaming across the world.

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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Asia-Pacific Anxiety and Depression Treatment Market Predicted to Surge in Coming Years

 The global anxiety and depression treatment market had a valuation of $17,770.9 million in 2020 and it is predicted to generate a revenue of $24,467.7 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will advance at a CAGR of 3.3% from 2021 to 2030. The key factors driving the advancement of the market are the surging geriatric population and the growing public awareness about mental disorders and their treatments around the world. 

Browse detailed report on Anxiety and Depression Treatment Market Revenue Estimation and Forecast

In the U.S., the National Alliance on Mental Illness (NAMI), which is a mental health organization providing support, treatment, and education on mental illness, was set up in 1979. These initiatives and measures are massively propelling the demand for anxiety and depression products and treatment procedures all over the world. Depending on product type, the market is divided into devices and drugs. Between these, the drugs category held higher market share in the past.

This is attributed to the growing prevalence of depressive ailments, the rapidly declining financial stability of people, and the surging number of individuals participating in screening tests for mental diseases. Globally, the anxiety and depression treatment market is predicted to register the fastest growth in the Asia-Pacific (APAC) region in the upcoming years. This will be because of various factors such as the growing incidence of anxiety and depression in the region.

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Expanding Geriatric Age-Pool Creating High Need for Psoriasis Drugs

 Psoriasis is a long-term skin disease that causes red itchy scaly patches on the elbows, trunk, scalp, and knees. It is a non-communicable, chronic, disfiguring, and painful disease that has no cure and has a greater negative impact on the quality of life of patients. This illness can occur at any stage but it is most common among people within the age group of 50–69 years. This disease affects around 0.09%–11.4% of the population of the countries. The high prevalence of this skin disease generates a high requirement for psoriasis drugs.

Access Report Summary on Psoriasis Drugs Market Global Industry Analysis and Demand Forecast to 2030

As this disease is highly prevalent in the 50–69 years age group, the increasing elderly population will accelerate the psoriasis drugs market at a CAGR of 14.0% during 2021–2023. The market was valued at $14,504.0 million in 2020 and it is projected to reach $53,210.6 million by 2030. Since the functionality of human skin decreases with age, old people witness slow healing of wounds, increased sensitivity of ultraviolet (UV) radiation, loss of subcutaneous fat, and high susceptibility to skin infections and ailments, such as psoriasis.

The rising cases of psoriasis will also result in the largescale production of biologic drugs. Additionally, the rising number of research activities to decode the genetics of psoriasis has led to the development of highly effective and targeted drugs. Thus, the availability of an enhanced treatment to clear psoriasis and decrease the risk of its comorbidities, including inflammatory bowel disease (IBD), PsA, and some cancers, has amplified the usage of biologic drugs among a vast population base.   

Geographically, North America consumed the highest quantity of psoriasis drugs in the past, due to the escalating awareness about newly developed drugs and soaring per capita income in the region. Whereas, Asia-Pacific (APAC) is expected to demonstrate the fastest growth in the psoriasis drugs market. This can be ascribed to the mounting healthcare expenditure, mushrooming disposable income, and rising number of product launches in the region. Besides, the booming expenditure on skincare products and the growing presence of leading drug manufacturers in APAC will boost the production of psoriasis drugs in the region.

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LEDs Allowing Youth to Live Fast-and-the-Furious Lifestyle

As per several research studies, light-emitting diode (LED) automotive lights are up to 85% more energy efficient than incandescent and halogen lights. For vehicles powered by gasoline (petrol) and diesel, they could lead to substantial savings in fuel expenses, while for electric vehicles (EVs), they could add up to 6 miles (9.5 km) of driving range. Thus, with the increasing focus on making automobiles fuel efficient, in the face of the rising greenhouse gas (GHG) emissions from the transport sector, the demand for LED lights could rise manifold.

Therefore, P&S Intelligence expects the automotive LED lighting market value to grow significantly during 2021–2030. The key reason here would be the rising vehicle sales as a result of the economic prosperity in developing and developed countries. The improving financial health is also driving the interest, especially of the youth, in fancy car interiors, such as those made popular by the depictions of the drag racing culture in movies and TV shows. As the sleek design of LED lights and their high illumination make them perfect for setting the ambiance, their usage in vehicle interiors is surging.

Presently, the automotive LED lighting market is dominated by Asia-Pacific (APAC), which accounts for the highest production and sale of vehicles. China, India, Japan, and South Korea are the largest auto markets in the world, with Vietnam and other developing countries also becoming significant. As owning a car is considered a status symbol, youths are retrofitting theirs with innovative and dazzling LED lights, especially those inspired by the Fast and the Furious series. Moreover, with the growing shared mobility culture, even fleet operators are installing such lights in their luxury cars.

Thus, with the rising automotive sales, coupled with the strong focus on energy efficiency and GHG emission reduction, the usage of LED lights in vehicles will increase.

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Why will Demand for Facility Management Services Soar in Asia-Pacific in Coming Years?

The expansion of the construction, hospitality, and tourism industries is one of the major factors driving the demand for facility management services across the world. Furthermore, the rising urbanization rate, rapid economic progress, and the launch of smart city and infrastructural development projects by the governments of several countries are also pushing up the requirement for these services, as these services are heavily required by businesses and commercial establishments such as mega food parks, shopping malls, and special economic zones (SEZs) for catering to the needs of people. 

Additionally, the surging number of corporate offices and retail stores in several countries, on account of the economic growth and increasing industrialization and urbanization rates, is also fueling the demand for facility management services all over the world. Owing to the aforementioned factors, the facility management market is predicted to exhibit huge expansion in the coming years. Hard services and soft services are the two most widely used types of facility management services across the world. Between these, the demand for hard services is predicted to rise sharply in the coming years.

Further, the rapid development of green/sustainable buildings is also driving the demand for facility management services across the world. Globally, the demand for these services will rise at the fastest pace in the Asia-Pacific (APAC) region over the next few years, as per the estimates of P&S Intelligence, a market research company based in India. This is attributed to the increasing construction and infrastructural development projects in regional countries in order to meet the surging requirements of people. 

Furthermore, many international companies are setting up their offices, service centers, and research and development facilities in the region, owing to the high growth potential there. This is subsequently pushing up the requirement for facility management services in the region. Cleaning, property, security, support, catering, and environmental management are the major facility management services used all over the world. Some of the major organizations operating in the facility management market are Imdaad LLC, Tenon FM, Compass Group, Jones Lang LaSalle, G4S plc, Emrill Services LLC, and EMCOR Group.

Thus, it can be safely said that the demand for facility management services will surge sharply in the coming years, primarily because of the expansion of hospitality, tourism, and construction industries, rising urbanization and industrialization rates, and increasing number of retail stores and corporate offices across the world.

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