Tissue Engineering Market Worth $28.9 Billion By 2027 | CAGR: 14.2%

 The global tissue engineering market size is expected to reach USD 28.9 billion by 2027, expanding at a CAGR of 14.2%, according to a new report by Grand View Research, Inc. Allogenic tissue transplant method efficiently addresses challenges and limitations regarding the implementation and availability of autologous transplants. Moreover, the development of specialized procedures including implant fixing and sterilization to transform allogeneic implants so for application as biostatic implants is expected to drive revenue generation in this market.

Rapid advancements and a strong pipeline of regenerative medicine are anticipated to provide effective solutions for chronic conditions. Several companies in growing markets are striving to capitalize on the untapped market potential with a strong focus on R&D. For instance, RepliCel is investing in multiple regenerative medicine products. As of 2019, its three products (RCH-01, RCS-01, RCT-01) were in the development phase and its dermal injector device (RCI-02) is under pre-commercialization production and testing phase.

The application of nanotechnology has played a critical role in the process of tissue engineering. Treating neurological diseases is a significant challenge as early diagnosis and treatment initiation is crucial. However, the advent of new 3D designed nanofibers has proved to be a ready alternative to aid the regeneration of damaged neurons. Such advances have propelled the growth of tissue engineering products.

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Further key findings from the report suggest:

• Cardiology and vascular application is one of the fastest-growing segments owing to an increasing incidence rate of heart failures worldwide
• Since the past 20 years, cardiac cell therapy or cardiomyoplasty has been an important focal point of the majority of the studies aimed at heart disease management through regeneration
• A rise in the number of children with congenital malformations such as single ventricle anomalies has led to the growing demand for heart transplantation
• Tissue-engineered organs help address challenges related to the lack of suitable donor organ and potential side effects related to the transplantation, thereby driving the tissue engineering market growth
• Orthopedic, musculoskeletal, and spine segment accounted for the major revenue share in 2019 and is anticipated to dominate the market for tissue engineering through 2027
• The high share is attributable to frequent damage to musculoskeletal tissues or loss of tissue in disease or injury with limited repair probability
• In addition, a rise in geriatric population, increasing sports-related injuries, and musculoskeletal disorders is also responsible for a high share of orthopedic, musculoskeletal, and spine segment
• The lucrative opportunities proposed by emerging economies have drawn the attention of global leaders for investing in the Asia Pacific region. This is attributable to the fastest growth of the market for tissue engineering in the Asia Pacific region throughout the forecast period
• Medtronic plc; Zimmer Biomet Holdings, Inc; Allergan plc; Athersys, Inc; ACell, Inc.; Stryker Corporation; Integra LifeSciences Corporation; and Baxter International, Inc. are the key players operating in the market for tissue engineering
• These participants are engaged in strategic alliances, deals, and development of novel products to sustain their market share.

Textile Market Size Worth $1,420.3 Billion By 2030 | CAGR: 4.0%

 

Textile Market Growth & Trends

The global textile market size is anticipated to reach USD 1,420.3 billion by 2030, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. The rising consumer awareness levels coupled with rapidly changing trends in the fashion industry are projected to drive market growth. The rise in the e-commerce platforms that support sales and distribution of different types of products manufactured by the textile industry is also expected to drive the demand for textile-related products, thereby augmenting the market growth. In addition, stringent regulations to ensure labor or worker safety in various application industries are propelling the demand for Personal Protective Equipment (PPE), which requires wool or treated cotton as a raw material.

This, in turn, will boost the market further. In addition, technological advancements and the employment of a large number of skilled and unskilled labor involved in the product manufacturing from materials, such as natural fibers, polyesters, nylon, and others, are acting as a growth driving factor for the global market. Furthermore, the increasing concerns regarding the environment are also fueling the demand for sustainable and natural fibers, such as cotton, hemp, linen, silk, and others, which, in turn, is adding growth prospects to the overall market. The cotton raw material segment is expected to grow at a significant CAGR, in terms of volume, over the forecast period. This growth can be attributed to the high production and availability of cotton across various prominent regions including North America, Europe, and Asia Pacific.

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Textile Market Report

Textile Market Report Highlights

• In 2021, the fashion application segment accounted for the maximum revenue share and is likely to ascend at a significant CAGR during the forecast period
• Rapidly changing fashion trends coupled with the demand for high-quality apparel in sports activities is likely to boost the segment growth
• In 2021, Asia Pacific emerged as the largest regional market owing to the presence of large raw material-producing countries, such as China, India, Australia, and Japan
• In North America, the revenue for the natural fibers product segment stood at USD 54.8 billion in 2021 and is anticipated to gain a higher share in the coming years due to the rising demand from the fashion, sports, and apparel industries
• Prominent players in the market are establishing business units in the raw material-producing regions for easy procurement as well as low-cost labor
• Moreover, supportive government policies, such as trade agreements and investment within the countries, are expected to influence the market

Europe MRO Distribution Market Worth $259.16 Billion By 2030

 

Europe MRO Distribution Market Growth & Trends

The Europe MRO distribution market size is expected to reach USD 259.16 billion by 2030, registering a CAGR of 2.8%, according to a new report by Grand View Research, Inc. The rise in scheduled maintenance and increasing investments in repair operations are expected to ascend the market growth over the forecast period.

Prominent European industries have adopted integrated repair, maintenance, and operation service concepts for improvements in the equipment and services in critical operations. Many industrial units adopted this change post-recession period and are likely to continue in the projected time. Therefore, the demand for Maintenance, Repair, & Overhaul (MRO) distribution is expected to remain high.

The untapped markets are benefitted owing to the emergence of e-commerce platforms in the European region, thus the penetration of MRO products in the region has escalated. Moreover, the established players in the region have adopted the strategy of acquiring small-scale players to enhance the market presence.

Major players in the regional market are employing several strategies focusing on digital marketing, pricing, product placement, and communication to improve supply channels and enhance sales operations. These enhanced sales processes and standardized sales tools are anticipated to upscale the MRO industry growth in the upcoming future.

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Europe MRO Distribution Market Report

Europe MRO Distribution Market Report Highlights

• The machine consumables product segment accounted for the largest share of 30.2% in 2020 on account of the increasing focus of the end-users on the maintenance and upkeep of critical equipment in order to maintain and enhance their performance and operational lifetime
• The external MRO service type segment is anticipated to witness the fastest growth from 2021 to 2028 owing to the increasing contracts to third-party MRO service providers by the product manufacturers to increase the geographical operation
• The preventive/scheduled maintenance type segment accounted for the largest share of 58.8% in 2020 and is projected to witness significant growth over the forecast period owing to its rising adoption in order to reduce the breakdown and maintenance time
• The machinery and equipment application segment is projected to expand at the fastest CAGR from 2021 to 2028 on account of the growing demand from a diverse range of industry verticals, including construction, automotive, and metalworking
• Germany accounted for the largest share of 21.8% in 2020 owing to the high adoption of preventive and scheduled MRO among the manufacturers operating in the country

Waterproof Breathable Textiles Market Size Worth $2.7 Billion By 2027

 The global waterproof breathable textiles market size is expected to reach USD 2.7 billion by 2027, expanding at a revenue-based CAGR of 5.7%, according to a new report by Grand View Research, Inc. Increasing demand for comfortable and high-performance apparel that provides protection from environmental factors such as wind and rain is expected to propel market growth over the forecast period.

Waterproof breathable textiles are lightweight, durable, and easy to dry and care, which makes them ideal for outdoor activities. Increasing participation in activities such as camping, fishing, hiking, hunting, kayaking, and boating is expected to propel the demand for protective clothing and accessories such as raincoats, windbreakers, tents, footwear, thereby impacting the industry positively.

Technological advancements in the textile industry to produce apparel using biomimetic and smart breathable fabrics are expected to contribute to market growth. Additionally, the technological advancements in the areas of cost-effective manufacturing of waterproof breathable textiles are expected to boost the demand for these products.

Major industry participants are making considerable investments in the development of eco-friendly products to cater to the rising preference for sustainable apparel. Furthermore, rapid changes in consumer preferences in terms of fashion trends are nudging the manufacturers to strengthen their merchandising capabilities.

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Further key findings from the report suggest:

• In 2019, the polyurethane segment accounted for 41.3% of the market in terms of volume, on account of its durability, versatility, and low-cost properties, which makes it suitable for manufacturing cost-effective waterproof breathable textiles
• The general clothing and accessories segment is projected to witness a revenue-based CAGR of 5.5% over the forecast period owing to rising demand for the clothing products with lightweight, high strength, waterproof, and insulating properties
• The membranes segment held a 74.1% share of fabric segment in terms of volume in 2019, on account of its superior vapor permeability and waterproofing properties thereby making it suitable for application in manufacturing of lightweight waterproof apparels
• Burgeoning consumption for the sports apparels coupled with anticipated rise in demand for winterwear and protective footwear are expected to propel the growth of the market in U.S. at a CAGR of 6.6% over the forecast period
• Considerable improvements in the production technologies such as production of extremely thin membranes, membrane incorporation method, and coating techniques are having a significant impact on waterproof breathable textiles market growth
• Leading manufacturers are collaborating with specialists in the fields of biochemistry, chemistry, material research, and graphic design to improve the properties and functionalities of the products.

Building And Construction Tapes Market Worth $6.13 Billion By 2027

 The global building and construction tapes market size is anticipated to reach USD 6.13 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to exhibit a CAGR of 4.5% during the forecast period. Increasing penetration of eco-friendly bonding solutions in North America and Europe is projected to have a positive impact on market growth.

The changing consumer trends regarding masking tape usage in the construction industry owing to its properties, such as improved moisture resistance, instant adhesion, and better conformability is likely to complement growth. In addition, properties, such as easy repair and maintenance are expected to propel the product demand.

The use of adhesive tapes in building and construction industry is regulated by national level agencies across Europe and North America. The advanced products are used in the regions comply with requirements listed by contractors and building engineers. In addition, companies in the market are involved in the production of advanced tape solutions to provide advanced products with increased functionality.

Major players, such as 3M and tesa SE are involved in manufacturing improved quality adhesive tapes exhibiting superior bond strength and resistance to wear and tear. In addition, changing preference of manufacturers for supplying products in regions characterized by instability in the business environment is likely to augment the building and construction tapes market growth.

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Further key findings from the report suggest:

• Demand for double-sided tapes is estimated to reach USD 2.29 billion by 2027, on account of increasing product demand in the bonding of trims and window attachments in North America and Europe
• Foam-backed tape is expected to expand at a CAGR of 5.3% in terms of revenue from 2020 to 2027, owing to its increasing penetration as a backing material in adhesive tapes for doors and windows with a property of a thick surface application
• The use of tapes for bonding accounted for 22.6% of the global revenue share on account of increasing adoption of decorative and temporary bonding in commercial and industrial application
• Duct tape is estimated to witness a CAGR of 3.3% in terms of revenue from 2020 to 2027 in Germany on account of its increasing demand for protection of HVAC components
• Major market players operate through third-party distribution channels, wherein the distributors supply products manufactured the company, thereby increasing their geographic presence
• Key Players include in the building and construction tapes market are 3M, Tesa SE, Avery Dennison Corporation, Saint-Gobain, Henkel AG & Co. KGaA, DuPont, and Shurtape Technologies, LLC.

C-RAN Market Size Worth $43.35 Billion By 2027 | CAGR: 22.7%

 

C-RAN Market Growth & Trends

The global C-RAN market size is expected to reach USD 43.35 billion by 2027, expanding at a CAGR of 22.7% over the forecast period, according to a study conducted by Grand View Research, Inc. Rapid technological advancements in optical and wireless communication systems is expected to drive the growth. Furthermore, multiple benefits such as reduced energy consumption, simplification of network management and operation, the lower total cost of ownership, enhance the efficiency of the spectrum, pooling of resources, and reuse of infrastructure have led to the cloud radio access network market witnessing an increased demand.

The growing network congestion owing to limited spectrum availability and the smart devices usage has compelled the demand for enhanced network architectures, such as cloud-RAN. The mobile operators are facing the challenge, as technology trend in the wireless networking industry is shifting from the current 3G wireless mobile communication technology to more advanced 4G technologies, such as LTE and LTE-A. This change has increased the cost of implementation, as in most scenarios, large network providers have been obliged to support multi-standard networks.

The rapid rise in the deployment of 5G will further increase the burden on the currently available operation model and infrastructure. The cloud-RAN architecture uses the small-cell model and has been recognized as a favorable methodology to address the 5G standards. It is an innovative architecture, which can solve different challenges that the mobile operators face while trying to support the growing needs of end users, then it is appreciated as a major technological basis for 5G network. The increasing activities to test 5G networks across countries, including South Korea, China, Japan, and U.S. is estimated to drive the market growth from 2020 to 2027.

Asia Pacific dominated the cloud radio access network market in 2019 and is projected to continue its dominance over the forecast period. The growth can be attributed to the initiatives taken by the network operators and governments across countries, such as Japan, South Korea, and China to roll out 5G deployment in the next five years.

The market for C-RAN is predominantly consolidated in nature with presence of several key participants dominating at global level. Some of the key players include Cisco Systems, Inc.; Nokia; SAMSUNG; Huawei Technologies Co., Ltd.; Telefonaktiebolaget LM Ericsson; ZTE Corporation; Intel Corporation; NEC Corporation; and Altiostar.

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C-RAN Market Report

C-RAN Market Report Highlights

• Centralized RAN segment is expected to dominate the market and is expected to reach USD 38.17 billion by 2027, owing to technological advancements offered for optical, wireless, and IT communication systems
• Based on component, the infrastructure segment acquired the dominant market share of 51.30% in 2019 and is anticipated to continue leading over the forecast period, owing to rapid adoption of radio technology and architecture to meet 5G requirement
• LTE and 5G segment held the largest share of the C-RAN market 94.11% in 2019 and is estimated to witness growth over the forecast period, as a result of the operators seeking for better alternative techniques and architecture, which can help reduce energy cost, provide better coverage, agile network traffic management as well as time-high-throughput
• Based on deployment, the outdoor segment dominated the market in 2019 and is expected to reach USD 35.30 billion by 2027. The major deployment of C-RAN architecture by the mobile operator at the outdoor environment provides better coverage in areas, such as urban market, stadiums, and others
• Asia Pacific is expected to be the largest regional market over the forecast period, owing to the factors such as growing deployment of C-RAN architecture as an initiative to commercialize of 5G in countries such as China, Japan, and South Korea
• Prominent market participants include Altiostar; ASOCS Ltd; Cisco Systems, Inc.; Telefonaktiebolaget LM Ericsson; FUJITSU; Huawei Technologies Co., Ltd; NEC Corporation; Samsung Electronics Co Ltd.; Nokia Corporation; and ZTE Corporation

Business-to-Business E-commerce Market Worth $33,317.37 Billion by 2030

 

Business-to-Business E-commerce Market Growth & Trends

The global business-to-business e-commerce market size is anticipated to reach USD 33,317.37 billion by 2030, registering a CAGR of 19.7% from 2022 to 2030, according to a new study by Grand View Research Inc. Technologies enabling the adoption of B2B e-commerce platforms are promoting the market growth. For instance, the proliferation of 5G and smartphones worldwide is expected to be a key growth driver for the market. Moreover, the COVID-19 pandemic has resulted in an increased acceptance of B2B e-commerce among end-users. Companies across the globe are focused on adopting a mixed channel strategy with an emphasis on online channels to drive revenue.

Besides the demand generated for online e-commerce amidst the pandemic, proactive government support, such as tax waivers, improved transport infrastructure, and reforms supporting excise/customs duty, is also expected to support market growth. Moreover, various laws have been reinforced to protect data privacy for both consumers and businesses, such as the law drafted in California, U.S. Such initiatives are likely to improve online trade penetration.

The market is also expected to experience numerous growth opportunities, owing to the growing importance of technologies, such as AI, AR, and VR, in influencing consumer purchase decisions. The deployment of such technologies helps vendors to enhance the user experience while offering detailed product information in an interactive format. While chatbots have already made their way into the e-commerce market, technologies such as voice commerce are expected to further boost the market growth.

The COVID-19 outbreak has created unique challenges in most sectors, including business-to-business e-commerce. Businesses changed their business models as supply chains faced a bipolar effect of either excess inventory or shortage of inventory. Moreover, the aftereffects of the pandemic, such as salary cuts, minimized disposable incomes, and loss of jobs, have resulted in reduced spending by promising customers. To overcome these challenges, B2B businesses have shifted their focus on new online strategies, thus contributing to the transformation of the B2B e-commerce industry.

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Business-to-Business E-commerce Market Report

Business-to-Business E-commerce Market Report Highlights

• The intermediary-oriented model segment dominated the market in 2021 and is expected to continue leading the market during the forecast period. This can be attributed to the presence of numerous suppliers and buyers, lower logistics and support costs, and a higher flow of goods & services in this segment
• The home & kitchen segment captured a sizeable revenue share in 2021. The lockdowns and restrictions imposed to curb the spread of coronavirus encouraged people to spend more time at home, thus contributing to the demand for home appliances around the globe
• Asia Pacific market is anticipated to grow at a healthy CAGR during the forecast period. This is attributed to rising investments in the telecommunication infrastructure, increasing proliferation of the internet, and a growing number of smartphone users in the region
• Since the outbreak of COVID-19, the key players in the market are focused on strengthening their foothold in the market by implementing strategies such as mergers & acquisitions, partnerships, and geographical expansion. For instance, in October 2020, eBay Inc. partnered with Google LLC’s Google Assistant to introduce voice control to eBay’s Android App. This new partnership was anticipated to bring voice control capabilities to the marketplace to meet the needs of the customers.

Aesthetic Lasers Market Size Worth $3,825.3 Million By 2030

 

Aesthetic Lasers Market Growth & Trends

The global aesthetic lasers market size is anticipated to reach USD 3,825.3 million by 2030, exhibiting a CAGR of 16.6% over the forecast period, according to a new report by Grand View Research, Inc. The demand is expected to upsurge due to the aging population, high prevalence of obesity, and a wide range of safe and effective treatments. Moreover, growing awareness about the safety and efficacy of lasers coupled with its ease of use is also expected to propel its cosmetic applications.

Advancement of technology has made needle-free procedures possible, thus boosting the rate of adoption of laser treatments. Young population also opts for cosmetic procedures as preventive measures for and to slow down the aging process.

Companies operating in this market are making huge investments in the research and development of new products and holding patents. For instance, in 2014, Cutera (provider of energy-based medical Aesthetic technologies) invested USD 10.5 million for pure research purposes and holds 34 patents along with5 patent applications in the pipeline.

Stringent regulations for cosmetic laser products are projected to ensure increased efficiency of the devices while treating the skin without any adverse effects. The manufacturers of laser devices have to comply with the Federal Food, Drug, and Cosmetic Act in addition to radiation safety performance standards defined by the Federal Regulations.

In April 2016, Oculus Innovative Sciences, Inc. received the FDA approval for Microcyn-based Lasercyn Gel, intended for post-non-ablative laser therapy procedures management

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Aesthetic Lasers Market Report

Aesthetic Lasers Market Report Highlights

• Hair removal is the fourth most common minimally invasive procedure across the globe with approximately 1 million procedures done in the year 2011. It dominated the application segment in terms of number of procedures owing to the changing beliefs about beauty and lifestyle.
• Conventional hair removal methods are painful and temporary. Thus, using lasers for permanent hair removal proves to be efficient. Also, growing safety assurance results in more people opting for it. Almost 97% of people who have undergone the procedure report satisfactory outcomes.
• Laser skin resurfacing segment is expected to grow at a rapid rate over the forecast period. This is attributed to the fact that it reduces the signs of aging and improves skin texture, tone, & laxity. Furthermore, increasing innovation and technological advancements brought in by the market players are expected to propel the demand of the segment in the coming years.
• For instance, Sciton JOULE is an expandable platform that offers an unprecedented laser array and light wavelengths via any of its three distinct delivery modes that are broadband light, fiber, and arm, enabling practitioners with maximum versatility to perform surgical and Aesthetic procedures from a single platform. It is the first OptiPlex platform to accommodate the abovementioned three distinct delivery modes.
• Some incredible creative solutions have been prompted by the increasing demand for laser skin resurfacing. In 2010, Solta Medical (fractional resurfacing and noninvasive skin tightening pioneer) announced an FDA clearance of Fraxel restore Dual for treating actinic keratosis.
• North America dominated the market in 2015. It is due to the early acceptance of laser technology and growing awareness about lasers and their efficiency in treating all skin types.
• The prevalence of medical spas is very high in this region. In 2012, approximately 2,100 med spas were operative in the U.S., generating revenue of USD 1.94 billion per year. This number grew to USD 3.6 billion in 2016. Growing emphasis on beauty and attractiveness and its direct impact on success are expected to further increase the market share of the region.
• The industry is experiencing many mergers and acquisitions between competitors. In December 2014, Valeant Pharmaceuticals International acquired Solta Medical, Inc. for USD 236 million.
• In 2015, Mela Sciences acquired XTRAC and VTRAC laser and lamp systems from PhotoMedex, Inc. for USD 42.5 million. Moreover, the company was renamed Strata Skin Sciences.

Medical Digital Imaging Systems Market Worth $30.4 Billion By 2030

 

Medical Digital Imaging Systems Market Growth & Trends

The global medical digital imaging systems market size is estimated to reach USD 30.4 billion from 2022 to 2030, according to a new report by Grand View Research, Inc., experiencing a CAGR 8.1% during the forecast period. Growing demand for advanced imaging solutions with minimal errors and faster results is likely to drive the market during the forecast period. Expanding applications of medical digital imaging in preventive healthcare is poised to contribute to the growth of the market.

Some of the causes of chronic diseases are unhealthy diets, sedentary lifestyles, tobacco and alcohol consumption, and biological factors including dyslipidemia, hypertension, obesity, and hyperinsulinemia. The rising prevalence of various chronic diseases is projected to augment the medical digital imaging market during the forecast period.

Governments of countries such as the U.S., U.K., India, and Canada are undertaking initiatives to boost the market. These initiatives are in various forms such as declining import duties for devices, providing favorable policies, and educating physicians & medical imaging device operators. The demand for diagnostic techniques has been increasing in the past few years owing to technological advancements in the field of diagnostics and rising awareness among people regarding the early diagnosis of diseases.

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Medical Digital Imaging Market Report

Medical Digital Imaging Systems Market Report Highlights

• Increased per capita income and medical tourism in Asia Pacific are boosting the adoption of diagnostic imaging devices. The region is anticipated to rise at the highest CAGR over the forecast period
• Market players such as GE Healthcare, Toshiba, and Philips Healthcare launched new CT systems that use microelectronic circuits, which reduce the noise created by the device and enhance image quality
• Regional & service portfolio expansions and mergers & acquisitions are among the key strategies adopted by these players to gain a higher market share.

Window Covering Market Size Worth $60.16 Billion By 2030

 

Window Covering Market Growth & Trends

The global window covering market size is expected to reach USD 60.16 billion by 2030, registering a CAGR of 7.6% during the forecast period, according to a new report by Grand View Research, Inc. Rising income levels, changing lifestyles, and the influence of other cultures have all contributed to increased consumer expenditure on home décor. Over the forecast period, all of these aspects are expected to present considerable growth possibilities to market vendors.

Furthermore, with increasing urbanization and globalization, home décor has been gaining more prominence in developed countries, as well as emerging economies such as India, Brazil, and China. This scenario is boosting the demand for window coverings in the residential sector. Moreover, different technologies and improvements, such as sensor-based coverings, together with an increase in the number of smart homes, provide growth potential.

Smart solutions are bringing connected shades, blinds, and curtains to the home interior, significantly improving comfort and convenience, while always maintaining the right balance of natural and artificial light, occupant well-being, and convenience. For example, at the Consumer Electronics Show (CES) 2020, Somfy, a leader in smart motorization solutions for homes and buildings, unveiled its new Smart Shading and Sonesse ULTRA 30 WireFree Zigbee Li-Ion motor.

The market faces a challenge from the easy availability of low-quality and counterfeit products at low rates, as well as the major slowing of the supply chain as a result of the COVID-19 pandemic. Moreover, with the outbreak of COVID-19 and the resultant restrictions, market sellers reported a drop in bespoke window covering sales. Additionally, a sizable DIY industry has evolved as a means of facilitating economical restoration.

The market is consolidated in nature, with the presence of a large number of international players and a few regional players. The market is driven by innovation in design, mergers & acquisitions, and joint ventures. Key players are focusing on smart solutions to expand their customer bases and stay ahead of the competition. Along with strong economic growth, these trends will contribute to market growth in the foreseeable term.

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Window Covering Market Report

Window Covering Market Report Highlights

• North America was the largest regional division in terms of revenue in 2021. The demand for window curtains and drapes for interior spaces is booming in the North American market due to the increasing penetration of smart technologies in households in the U.S. and Canada
• The blinds and shades segment is projected to register the fastest CAGR of 7.9% during the forecast period. Due to technological developments such as remote control shades and automatic weather sensor shades, blinds and shades are becoming more popular
• During the forecast period, the online segment is expected to expand at a faster CAGR. The increasing availability of a wide range of products from different brands, free delivery, and seasonal discounts on e-commerce platforms are among the major factors driving the segment

Drilling Fluids Market Worth $11.3 Billion By 2030 | CAGR: 4.3%

 

Drilling Fluids Market Growth & Trends

The global drilling fluid market is expected to reach USD 11.3 billion by 2030, expanding at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. This growth is attributed to the increasing demand in the energy industry, which is anticipated to drive growth in the drilling fluid market. The growing demand for crude oil by various industries, such as transportation and energy, has been ramping up oil & gas production globally. Growing concerns about crumbling boreholes, handling solid waste, and spill containment are anticipated to increase drilling fluid demand significantly during the forecast period. The oil and gas industry, particularly the industries that are linked with it, has been creating immense opportunities in the market.

Water-based drilling fluid captures the highest market share across the globe. This is attributed to the increasing requirement for water-based fluid in horizontal drilling like wells. Water-based is considered to be less harmful to the environment than other oils, which are expected to drive demand in the forecast period. Water-based oils are used in 75% of drilling wells globally. The types of fluids used in this are freshwater, brine, saturated, or formate brine, which is less toxic, resulting in creating a huge potential for the industry in the coming years.

Product manufacturers have been taking several strategic initiatives, such as new product development, partnerships, M&A, collaborations, agreements, and joint ventures. These strategies have been adopted to increase market penetration and create enough opportunities for technology implementation for different end-use applications in the region.

The major challenge for the product is its adverse effect on the environment due to its toxicity. Water-based oil is still less impactful to the environment in comparison with oil-based fluids. The degree of impact also depends on the type of oil used in the existing environmental conditions. This environmental impact has brought certain restrictions on its use in various parts of the world.

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Drilling Fluids Market Report

Drilling Fluids Market Report Highlights

• Water-based drilling fluids witnessed a CAGR of nearly 5%. This is attributed to its extensive consumption in horizontal drillings, such as high-temperature and high-pressure wells. Water-based is less likely to impact the environment as compared to oil-based, resulting in its demand in the forecast period
• The overall industry is anticipated to witness a huge leap in demand, owing to the growing requirement for crude oil in emerging industry sectors, such as energy and transportation, which is expected to drive demand for oil & gas production globally
• Onshore applications dominated the market with the highest share of 60.3% in 2021. This is attributed to the ongoing oil drilling activities in the onshore field to fulfill growing energy needs. The global volume of oil & gas production is anticipated to witness huge growth due to an increasing number of research initiatives to develop abandoned oil wells and renewed projects in onshore oilfield

Metal Stamping Market Size Worth $310.69 Billion By 2030

Metal Stamping Market Growth & Trends

The global metal stamping market size is expected to reach USD 310.69 billion by 2030, expanding at a CAGR of 4.7% over the forecast period, according to a new report by Grand View Research, Inc. The increasing production of automobiles is anticipated to drive the demand for metal stamping as it is used in the manufacturing of car body panels, transmission components, and interior and exterior structural components. Automobile consumers are shifting their focus towards lightweight vehicles on account of rising concerns about environmental pollution. According to LMC Automotive, U.S. light vehicles sales reached around 14.5 million in 2020 and are expected to reach nearly 15.8 million by 2022. The growing demand for lightweight vehicles is encouraging auto component manufacturers to increase their production capacities and engage in new product developments.

This, in turn, is anticipated to augment market growth over the coming years. Major automobile manufacturers that have in-house component manufacturing facilities are expanding their production capacities to meet the growing demand for automobiles. Moreover, the telecommunications industry is also projected to witness lucrative demand for stamped products owing to the growing investments in 5G technology. For instance, in November 2020, FAIST Precision Suzhou announced its investment in the installation of a new die casting machine, called the FRECH GDK3200T, which will be used to run 5G projects for mass production. In the Asia Pacific, increasing demand for consumer electronics, such as mobile phones, computers, laptops, and headphones, is likely to boost the demand for metal stamping as it is used in manufacturing metal frames, such as metal headbands, which are used in headphones.

Change in consumer preferences towards enhanced audio experience along with a rapidly growing music industry, and advancement in VR technology are the major factors that are expected to drive the demand for headphones. This, in turn, is likely to propel market growth over the coming years. The market is highly competitive with the presence of local as well as global players including Alcoa Corp., Lindy Manufacturing Co., Tool & Manufacturing Company, and D&H Industries. These companies are focusing on long-term agreements, capacity expansions, and mergers and acquisitions to meet the growing product demand from potential customers. For instance, in October 2021, Shiloh Industries completed the acquisition of two stamping plants fromBenteler for the automotive business. These plants are equipped with modern precision laser cutting and hot-formed steel stamping products for the production of chassis components.

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Metal Stamping Market Report

Metal Stamping Market Report Highlights

• The blanking segment is anticipated to progress at a significant CAGR over the forecast period owing to the increasing demand from the automotive industry on account of its precise and superior stamping ability
• The bending segment accounted for the maximum revenue share in 2021. Products manufactured using this process ensure stability and durability, thus it is mostly used in auto components
• Consumer electronics is projected to be the fastest-growing segment over the forecast period
• The growth is attributed to the increasing utilization of lightweight metal components to improve the durability of electronics
• Industrial machinery accounted for a significant revenue share in 2021 owing to the growing demand for machinery and automation to improve the efficiency of the output
• North America is expected to continue dominating the global market over the forecast period owing to the increasing production of automobiles and consumer electronics

 

Cookware Market Worth $41.9 Billion By 2030 | CAGR: 6.5%

 

Cookware Market Growth & Trends

The global cookware market size is expected to reach USD 41.9 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.5% from 2022 to 2030. Demand for cookware products is on the rise owing to an increase in the popularity of home cooking, especially during the ongoing COVID-19 pandemic. Consumers are not just trying new recipes at home but are also looking to improve their cooking skills. Another factor fueling the growth of the market is the replacement of old cookware with new items. According to the International Housewares Association (IHA), 90% of the consumers in the U.S. will replace their cookware within a decade. This will boost the growth of the overall market over the forecast period.

COVID-19 has also affected the market growth drastically. After months of being confined to living quarters, more than a few people are ready to upgrade their spaces. One beneficial outcome of more time spent at home is many people were prompted to learn some often neglected traditional life skills, such as cooking for themselves. Since several consumers are spending more time in the kitchen and cooking exotic recipes, several cookware manufacturers are channelizing this trend and offering customers cooking tips and recipes.

With economies and markets now reopening after stringent lockdowns, there has been an uptick in new household construction and the reinvigoration of commercial kitchen businesses such as restaurants, street food outlets, fast food chains, and cafes. A long-lasting change that can be evident post-COVID-19 times would be the point of sales moving from traditional brick-and-mortar outlets toward online retail platforms.

The market is growing at a significant pace. Cookware includes pans, pots, wok turners, whisks, spoons, and soup ladles used for cooking in household and commercial kitchens. These high-quality products are often expensive and cookware can be rather luxurious. However, a rise in disposable incomes and changing lifestyles of consumers are factors likely to drive the market over the forecast period. The growing demand from developing economies and rising urbanization in these countries will create various opportunities for manufacturing companies over the years to come.

The continuous expansion of the residential sector on account of the increasing number of households, coupled with major home improvement projects undertaken by consumers in the region, is boosting the demand for premium cookware in North America. Consumers in the region are likely to invest in high-end cookware, which complements their kitchen décor.

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Cookware Market Report

Cookware Market Report Highlights

• The cooking tools product segment is expected to register the fastest CAGR of 7.7% from 2022 to 2030. The growth in demand for these products is attributed to the consistent growth in the requirement for spoons used for cooking and serving
• The stainless steel material segment held the largest revenue share in 2021. The segment is growing steadily owing to the characteristics of the material; for instance, it does not react with alkaline or acidic food; it does not impart a metallic flavor to food; and is dishwasher, oven, and broiler safe
• The residential application segment accounted for the largest revenue share of over 75.0% in 2021. The growing number of residential constructions, rapid urbanization, and the increasing number of nuclear families are acting as major drivers for the market
• Asia Pacific held the largest revenue share of over 40.0% in 2021. Since the last few years, single-person households have been the fastest-growing household type due to both long-term demographic trends and increasing economic independence. The growing popularity of single-person households in the upcoming years will create significant demand for cookware

AI-based Clinical Trials Solution Provider Market Worth $7.8 Billion By 2030

 

AI-based Clinical Trials Solution Provider Market Growth & Trends

The global AI-based clinical trials solution provider market size is expected to reach USD 7.8 billion by 2030 and is expected to expand at a CAGR of 22.0% over the forecast period, according to a new report by Grand View Research, Inc. AI is a versatile tool and is being increasingly utilized to improve the operational efficacy of drug studies and accelerate the drug discovery process. Also, it is highly adopted to minimize the cost of the drug development process. Various academia and pharmaceutical companies are actively adopting AI-based platforms and technologies. For instance, in January 2020, Bayer entered into a partnership with an AI-driven drug discovery company based in the UK to work on early research projects using the AI drug discovery platform. Furthermore, the initiatives by the public and private sectors to boost the R&D coupled with the diverse applications provided by AI in the field of drug studies are impelling the growth.

Based on the phase of the clinical trial, Phase II dominated the market with a share of 47.2% in 2021 owing to the rising number of drug discoveries and a large number of studies active in the second phase. Moreover, the increasing adoption of AI-based tools for the collection of data and the analysis of immediate outcomes of the overall desired outcome through the clinical trials in this phase is contributing to the segment growth. Furthermore, the segment holds a higher revenue share as the improvement, determination, and validation of measures with respect to the AI-based tool can be carried out in this phase.

In 2021, based on therapeutic applications, oncology accounted for the highest revenue share in the AI-based clinical trials solution provider market. The increasing prevalence of cancer across the globe and the rising number of drug studies in the field of oncology is contributing to the adoption of AI enables technologies. Also, an increasing number of players are developing and adopting advanced oncology-based AI tools for drug studies, thereby propelling the segment growth.

In 2021, pharmaceutical companies accounted for the highest revenue share in the market, based on end-use. The rising adoption of AI-based technologies for the better development of diagnostic and biomarkers, to identify the new drug target and the overall process of drug development and drug trials by major pharmaceutical players is one of the major factors contributing to the segment growth. Moreover, these major pharmaceutical players are collaborating with the AI vendor for leveraging the AI technology for R&D and the overall drug discovery process, thereby, impelling the growth.

North America dominated the market and accounted for a revenue share of 43.8% in 2021. This dominance is attributed to the rising number of start-ups in the region. For instance, Bullfrog AI is a U.S.-based startup that develops bfLEAP, a proprietary AI platform to enable precision medicine. Also, the growing awareness of AI-based technologies and their adoption to enhance the drug studies’ outcomes is impelling the market growth in the region. Furthermore, the supportive government initiatives and increasing strategic initiatives by major players are driving the demand for AI-based clinical trial solutions in the region.

The AI-based technologies witnessed a surge in their adoption due to the outbreak of COVID-19. This increasing adoption of technologically advanced solutions for drug development and for the analyses of the recruited patient’s data contributed to the upsurge in the adoption of AI-enabled solutions. Moreover, many drug development processes were on hold during the pandemic. Therefore, many key companies in the market shifted their focus on the utilization of AI-based solutions, thereby boosting decentralized drug trials. Furthermore, the effective analysis of a large amount of patient data through these solutions supported the market growth.

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AI-based Clinical Trials Solution Provider Market Report

AI-based Clinical Trials Solution Provider Market Report Highlights

• The market size is anticipated to be valued at USD 7.8 billion by 2030, owing to various applications provided by AI in the field of clinical trials and the growing adoption of such platforms by pharmaceutical companies
• The phase-II trials segment dominated the market in 2021, owing to the increasing number of active drug studies in this phase
• The oncology segment dominated the market in 2021, owing to the rising prevalence of cancer and the growing number of drug studies in the oncology field
• The pharmaceutical companies segment accounted for the highest revenue share in the market owing to the increasing adoption of artificial intelligence technologies for drug development by major pharmaceutical players
• North America dominated the market and accounted for a revenue share of 43.8% in 2021, owing to various factors including the increasing number of clinical trials in the region, growing adoption of artificial intelligence platforms and tools, rising number of start-ups and companies based on artificial intelligence in drug development and growing awareness regarding AI-based tools and technologies

Healthcare Cloud Infrastructure Market Worth $193.4 Billion By 2030

 

Healthcare Cloud Infrastructure Market Growth & Trends

The global healthcare cloud infrastructure market size is expected to reach USD 193.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.7% from 2022 to 2030. The rising shift towards healthcare digitalization, rapidly increasing expenditures, heavily burdened health systems, growing data siloes, increasing network traffic, and the advent of remote working are all driving the demand for healthcare cloud infrastructure systems and solutions. To enhance facility management, businesses are continually implementing hybrid cloud models to incorporate various operations and functions in a multi-cloud environment. Moreover, these advanced computing solutions enable organizations to manage data safely and reliably while providing optimal care with improved operational and clinical results.

The Covid-19 disease outbreak exposed the flaws of overburdened healthcare systems and reinforced the need for enhanced computing systems as well as other advanced IT technological solutions to lay the groundwork for digitalization. These solutions enable organizations to optimize workflows, optimize resource management, improve cost optimization, handle growing network traffic efficiently, and mitigate risk. Key players are constantly developing merger and acquisition and collaboration strategies to correspond to their R&D goals to drive innovation and diversify their product portfolios. For instance, in March 2022, Microsoft completed its USD 19.7 billion all-cash acquisition of voice recognition and AI vendor Nuance Communications. Microsoft hopes to expand ambient clinical intelligence as well as other Microsoft cloud services to the healthcare sector.

The services component segment dominated the market in 2021 due to the relative ease with which these services could be outsourced from vendors, as healthcare organizations lacked the necessary technology skillset and expertise. These organizations benefit from improved flexibility, scalability, and secure data management provided by advanced computing systems, which has a positive effect on market growth. The cloud infrastructure market offers Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS). The hardware segment is anticipated to witness significant growth over the forecast period owing to an increase in the demand for hardware platforms with greater computing power.

However, due to the many advantages offered by advanced computing systems like secure off-site data collection and management as well as the availability of IT solution outsourcing, the healthcare providers’ end-use segment dominated the market in 2021. The healthcare payers segment is expected to grow at the fastest rate over the forecast period due to the increasing implementation of smart computing systems in risk assessment, secure data collection, fraud detection, storage, and claim settlement. North America dominated the market in 2021 owing to the advanced IT infrastructure, increased IT expenditure, and the strong presence of key market players. Moreover, the incidence of specialized start-ups in the Asia Pacific region is anticipated to boost the demand even further.

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Healthcare Cloud Infrastructure Market Report

Healthcare Cloud Infrastructure Market Report Highlights

• The market is expected to grow as a result of the prevalence of advanced technological solutions and the continued implementation of cloud computing
• The services component segment dominated the market in 2021 owing to the increasing trend of outsourcing these services as healthcare organizations lacked the required skillset and manpower
• Due to the increase in hospital interconnection over cloud infrastructure and advanced off-site data management, the healthcare providers end-use segment dominated the market in 2021
• North America dominated the market in 2021 as a result of the availability of key market players, improved infrastructure, increased health IT spending, and growing adoption rates

Fire Suppression System Market Worth $25.9 Billion By 2030

 

Fire Suppression System Market Growth & Trends

The global fire suppression system market size is expected to reach USD 25.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2022 to 2030. Fire suppression systems help in protecting infrastructure, buildings, and their inhabitants from potential fire hazards. The growing need to prevent casualties and damage to property due to fire breakouts is expected to drive the demand for fire suppression systems over the forecast period. Organizations are investing aggressively in installing fire suppression systems to safeguard their infrastructure and employees from fire hazards.

The strong emphasis manufacturing units and incumbents of various industries and industry verticals, such asoil and gas, and power and energy, are putting on protecting their critical machinery and infrastructure from potential fire outbreaks also bodes well for the growth of the market. Stringent rules and regulations drafted by various governments across the globe are mandating the installation of fire suppression systems. At the same time, the codes and standards developed by the National Fire Protection Association (NFPA)are also helping in ensuring that facilities are protected against damage in case of an emergency.

The American Petroleum Institute also offers several resources to help the incumbents of the oil and gas industry in identifying potential fire safety hazards and provides them with solutions for prevention and protection. The growing awareness among end consumers regarding fire safety is expected to play a vital role in driving the growth of the market over the forecast period.Growing construction activity in both developed and developing economies and the strong emphasis on refurbishing sprinkler systems are expected to foster the growth of the market. The growing preference for advanced and eco-friendly fire suppression systems also bode well for the growth of the market.

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Fire Suppression System Market Report

Fire Suppression System Market Report Highlights

• The market is estimated to reach USD 25.9billion by 2030, driven by the rising construction and infrastructure development activities and the stringent rules and regulations drafted by various governments mandating the use of fire safety equipment
• The fire extinguisher segment accounted for a revenue share of over 50.0% in 2021 as a result of the aggressive investments made by various companies in installing fire suppression systems
• The commercial segment is expected to dominate the market over the forecast period owing to the aggressive investments being made by enterprises in protecting property, infrastructure, and people from potential fire hazards
• North America dominated the market in 2021 owing to stringent government rules and regulations mandating the installation of fire suppression systems in buildings

Surface Vision And Inspection Market Worth $4.59 Billion By 2030

 

Surface Vision And Inspection Market Growth & Trends

The global surface vision and inspection market size is anticipated to reach USD 4.59 billion by 2030, growing at a CAGR of 7.8% from 2022 to 2030, according to a new study by Grand View Research Inc. The manufacturing sector across the globe is witnessing rapid growth, amid improved demand conditions and easing COVID-19 restrictions. This increasing production activity is responsible for the rising demand for vision and inspection systems in order to decrease errors and defects. Also, businesses’ approach towards mass production to lower the operational cost is resulting in high adoption of surface vision & inspection systems that help in improve yield and increase profit are factors expected to support the market growth.

The surface vision and inspection system cater to the manufacturer’s need for reduced error and waste reduction by providing instant feedback. Also, players are attracted to surface vision & inspection systems as they exhibit high accuracy with greater ROI. Thus, manufacturers’ inclination toward automating the production facility, call for efficient inspection solution that aid in waste reduction and minimize production cost. This factor is expected to support market growth.

The governments of developed and developing countries are imposing strict regulations pertaining to food & drug safety. This increased regulation results in the deployment of machine vision systems from pharma manufacturers to verify code, and determine package integrity and product traceability. Also, these systems help manufacturers meet rising volume demand for product inspections with high precision. Thus, the flourishing pharmaceutical sector worldwide and the potential benefits of the vision & inspection system are expected to increase the demand from pharma players, which is responsible for the surface vision and inspection market growth.

The COVID-19 pandemic negatively impacted economic growth worldwide. With the implementation of strict lockdown at production facilities, manufacturers faced huge losses. This lockdown decreased the business confidence and disrupted the supply chain. However, in the post-second quarter of 2021, the production operation at facilities resumed at full potential and players are finding safe ways to continue manufacturing operations without any loss. This scenario is expected to support the market growth.

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Surface Vision And Inspection Market Report

Surface Vision And Inspection Market Report Highlights

• Among components, the camera segment is expected to grow at a CAGR of 8.0% over the forecast period. Rapid advancements in camera technology can make the product lightweight, small with a sharper and more accurate image. Moreover, small and mid-size enterprises are opting for a smart solution that can be integrated with present infrastructure and help them lower wastage and minimize errors
• Rising automotive sales globally, stringent government regulations, and rising complexity in production call for an efficient monitoring solution that lower production errors and help achieve better quality product are expected to support the industry growth
• Asia Pacific is expected to grow at a CAGR of 8.0% over the forecast period. This can be attributed to the presence of major automotive and semiconductor manufacturers operating in the region and the inclination towards lowering the labor dependency in production, quality check, and supply of products is expected to support the surface vision and inspection market growth in the region

Customer Experience Management Market Worth $38.98 Billion By 2030

 

Customer Experience Management Market Growth & Trends

The global customer experience management market size is expected to reach USD 38.98 billion by 2030 and is expected to register a significant CAGR of 18.1% from 2022 to 2030, according to the new report by Grand View Research, Inc. The growing importance of understanding customer behavior and their preferences is driving various organizations and brands to provide the best service performance for modern customers in real-time.

Moreover, the growing use of Artificial Intelligence (AI) and its applications by organizations to communicate with their consumers is expected to boost the growth of the Customer Experience Management (CEM) market in the forthcoming years. Several brands and organizations are increasingly depending on customer experience management tools to determine customers’ requirements, which are perceived to be significant to sustain in this competitive market.

The continuous demand from customers for a personalized experience across several industries, such as IT, telecom, retail, and BFSI, is a key driving factor for the market growth. Customer experience management allows smooth connectivity between companies and customers for achieving the organizational goal as well as customer expectations. It blends customer satisfaction, loyalty, retention, and customer-centricity.

With the advancements in technology, consumers are using numerous devices to understand, evaluate, and finalize products. The digital transformation has helped consumers to demand a smooth experience while interacting with companies across multiple touchpoints and channels. Several organizations are highly involved in developing and restructuring their customer experience management through artificial intelligence and its applications to retain their customers and successfully position and reposition their brands and products.

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Customer Experience Management Market Report

Customer Experience Management Market Report Highlights

• The popularity of speech analytics tools has grown with the increasing number of voice-enabled searches and call centers. Speech analytics enables enterprises to identify the areas of trends, opportunities, and concerns through calls. This will improve the agent’s performance, monitor compliance, streamline business processes, improve first call resolution, and enhance customer experience
• The mobile touchpoint market is anticipated to register a CAGR of 19.9% over the forecast period. The driving factor for the growth is the increased use of smartphones, which is empowering enterprises to develop mobile marketing strategies. Moreover, mobile CEM solutions enable mobile carriers to take part in building sustainable customer relationships via customer-initiated requests
• The cloud-based segment is expected to attain significant growth in terms of revenue by 2030, registering a CAGR of 20.3% over the forecast period. This technology offers low-cost integration of CEM systems within the existing environment. It is widely used across the end-use segment for its flexibility and scalability and will play a vital role in increasing the growth of this market
• The BFSI segment is expected to register the highest CAGR of 19.5% over the forecast period as these solutions and services provide quality standards and reduce internal inefficiencies in BFSI enterprises. The major factors included for driving the growth are increasing adoption of cloud-based deployment models and investments in advanced technologies to offer digital finance management assistance
• The Asia Pacific regional market is expected to register the highest CAGR of 19.9% over the forecast period. With huge presence of call centers, increasing trend of social media marketing, and growing emphasis on customer satisfaction across industries and sectors are driving factors for the growth

Parking Management Market Size Worth $10.14 Billion By 2030

 

Parking Management Market Growth & Trends

The global parking management market size is expected to reach USD 10.14 billion by 2030, expanding at a CAGR of 11.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. Growing demand for smart parking sensors, increasing need for parking spaces, and favorable government initiatives are some of the factors contributing to the market growth. Smart technologies are experiencing tremendous growth in the parking management system, including parking guidance systems, automated parking, and parking reservation systems. In addition to these technologies, the demand for security and safety of parked vehicles is also increasing rapidly among vehicle owners, which is propelling the procurement of a parking surveillance system. This will create a substantial market space for parking management companies to grow over the years.

Several car park mobile applications have included the feature to reserve a vehicle park space and make payments through mobile wallets. It allows users to save meaningful time spent searching for vacant spaces and provides parking enforcement options, such as adding remote parking spaces and providing parking information to users. For instance, in December 2021, T2 Systems, a parking management solutions provider, implemented T2Mobile Pay, a browser-based parking solution, in Houston City Center, so that the visitors could pay for parking quickly and easily on their mobile phones using this solution. This solution will increase mobile payment adoption and customer satisfaction. These features are anticipated to further increase the demand for parking management solutions over the forecast period.

The increasing availability of integrated automated solutions and advancements in wireless technology are anticipated to drive the adoption of parking management solutions. Moreover, parking management systems aid in increasing mobility in cities and offer a dependable revenue model. These systems use data analytics, wireless communication technology, and sensors to address parking issues in cities and metros. Furthermore, these solutions can be used to locate available parking spaces with the help of sensors and mobile applications, thereby saving customers time and minimizing the waste of fuel spent looking for available parking spaces.

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Parking Management Market Report

Parking Management Market Report Highlights

• The parking reservation segment is anticipated to witness a significant growth of a CAGR of 12.6% during the forecast period due to the rising demand for parking reservation solutions (valet parking management solutions, access control, and slot management) to get information about available parking space by continuous monitoring.
• The support and maintenance segment held a market share of over 40% in 2021. The segment also includes software and equipment, which requires preventive maintenance to avoid downtime and ensure that systems running as smoothly as when it was first installed. These capabilities will supplement the growth of the segment during the forecast period.
• The cloud segment is anticipated to register considerable growth of a CAGR of 11.7% over the forecast period. The segment growth can be attributed to the increasing adoption of cloud-based solutions by parking management companies, zero maintenance cost, and flexible payment.
• The off-street segment accounts for the largest market share of over 70% in 2021. The growing use of mobile applications, better payment, and checking tickets solutions for parking assistance is expected to drive the growth of the segment during the forecast period.
• The government segment accounts for the largest market share of over 55% in 2021 due to the increasing government investments in implementing smart city development projects. Additionally, parking management vendors, technology providers, and consultants have aggressively started simulating innovative solutions based on conceptual modules for the designing and development of urban infrastructure.
• The Asia Pacific regional market is expected to reach USD 2,186.0 million by 2030. The regional market growth can be attributed to the rising government expenditures on developing smart cities and the rising number of individuals migrating toward popular cities for better opportunities. Hence, there is a huge requirement for an efficient and effective parking infrastructure in the era of the aggressive rise in the number of vehicles across the region.

Varicose Veins Treatment Devices Market Worth $2.1 Billion By 2030

 

Varicose Veins Treatment Devices Market Growth & Trends

The global varicose veins treatment devices market size is expected to reach USD 2.1 billion by 2030, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 6.21% from 2022 to 2030. The increasing technological advancements, the increased availability of advanced treatment devices, and a shift toward less-invasive procedures are the key factors contributing to the growth of the market.

The huge burden of vascular diseases in Europe and North America, the increasing patient compliance and reliability, and the rapidly growing geriatric population are majorly driving the market. According to the data of the Vein Care Team, approximately 35% of the adult white population of Europe and North America suffers from chronic venous disease manifested by varicose syndrome.

Lifestyle disorders such as obesity, sleep disorders, blood pressure levels, hormonal changes, genetic disorders, and pregnancy are contributing to peripheral vascular diseases. Untreated venous insufficiency, such as varicose veins and venous ulcers, cause progressive syndromes including chronic venous insufficiency. According to the study published in 2018 by Saf Health Work, lower limb varicose veins were reported in 10–30% of the population globally. It is the most common disease in the world and is estimated to affect 5% of the population in Western countries.

Moreover, COVID-19 has hurt the market. Many varicose veins surgeries were postponed or canceled as they fall under the category of nonurgent procedures. According to the Canadian Institute for Health Information, the number of varicose veins surgeries from March to June 2020 witnessed a double-digit decline compared to 2019. This had a negative impact on the overall market. Manufacturers operating in the market witnessed a decline in their revenues. For instance, the peripheral intervention segment of Merit Medical Systems, Inc. witnessed a decline of 2.7% in its revenue in 2020. Similarly, Medtronic’s aortic, peripheral & venous segment revenue fell by 7% in 2020. This was mainly driven by the COVID-19 pandemic-related decline in procedure rates.

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 Varicose Veins Treatment Devices Market Report

Varicose Veins Treatment Devices Market Report Highlights

• The sclerotherapy segment type accounted for the largest revenue share in 2021 owing to the benefits related to the procedure such as the requirement of minimal incision and reduced scarring. Moreover, other advantages including increased penetration, cost and time efficiency, reduced risk of collateral damage to surrounding tissues, fewer post-operative complications, and painless procedures contributed to the growth of this segment
• The endovenous ablation type segment is expected to witness the maximum growth during the forecast period due to the benefits of short treatment time and improved blood circulation after the procedure. The ClosureFast technique has gained momentum due to the minimized side effects, potential cost-saving ability, and better patient outcomes
• North America held the largest revenue share in 2021 due to the increasing incidence rate of varicose and spider veins in the population, favorable reimbursement policies, increased healthcare awareness, government spending, and the rising aesthetic awareness in the region
• The market in Europe is likely to grow owing to a shift towards minimally invasive procedures among patients. It is expected to witness high growth over the forecast period due to the favorable government initiatives and advanced treatment procedures
• The Asia Pacific is anticipated to witness remarkable growth over the forecast period due to the improving healthcare infrastructure, the increase in patient awareness level regarding the benefits of early treatment of the varicose veins, and the rising disposable income