Testing, Inspection, And Certification Market Worth $491.3 Billion By 2030

 

Testing, Inspection, And Certification Market Growth & Trends

The global testing, inspection, and certification market size is expected to reach USD 491.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.0% from 2022 to 2030. The incremental deployment rates of testing, inspection, and certification systems and solutions can be accredited to the rise in manufacturing activities worldwide. Furthermore, the onset of Industry 5.0 and the rise in connected systems further augment the need to deploy TIC-based technologies in tandem with manufacturing activities. Thus, the manufacturing application segment is expected to expand at a significant growth rate over the forecast period due to the need to optimize manufacturing processes and end products. For instance, in January 2022, SGS, a Swiss international business that provides inspection, verification, testing, and certification services, launched a new Vehicle Over the Air (OTA) performance testing laboratory in Suzhou, China. The lab will assist automotive manufacturers in helping them test, validate, and comply with evolving wireless standards and regulations. It fully integrates beneficial resources in automobile, communication, electronics, and reliability testing to provide commercial customers with technical verification, quality improvement product certification, and technology development services.

The integration of cloud technology with the Testing, Inspection, And Certification (TIC) market is one of the significant market drivers. The need to access data instantly, automate certification and issue reports on a real-time basis highlights the importance of storing essential TIC-related data in the cloud. Moreover, cybersecurity concerns such as increasing instances of cyberattacks and data privacy threats further highlight the importance of a safe cloud architecture to safeguard data from people with malicious intent. This is expected to help in general data regulation, security certifications, and software testing. For instance, in February 2022, Intertek Group plc, one of the prominent providers in connectivity testing and cybersecurity, established its Acucert, the first ISO/IEC certified cybersecurity testing lab in Mumbai, India. Acucert has significant expertise in IT system and software testing while meeting stringent quality control standards. Further, opening a new testing lab would help them promote internationally and nationally.

The gradual acceptance of big data analytics with the TIC-based technology model is also expected to offer an impetus to the TIC market. The adoption of big data analytics technology by service providers is expected to diversify their service offerings, such as data-based services and predictive maintenance data, and enable service providers to offer better solutions to their customers. For instance, in September 2021, TÜV SÜD, a safety, security, and sustainability solutions provider, offered wind turbine certification for areas affected by tropical storms. Within the scope of type certification, the company has designed a computer framework to analyze the data of the areas and check compatibility for these regions based on the worldwide IEC 61400 standard. The computer model allows for the simulation of even the most extreme wind conditions in tropical cyclone-prone areas and the use of this simulation to determine if a wind turbine is suited for such places.

The Asia Pacific region is expected to register the highest growth rate over the forecast period. Rapid industrialization and rising infrastructure development in Australia, South Korea, and India facilitate deploying proficient TIC solutions. Furthermore, the emerging technology ecosystem in countries such as Japan and China has resulted in several companies outsourcing their software and product development tasks. The ability to gain high-performance products at affordable rates from these countries promotes companies to access TIC solutions and services related to specific needs and requirements, thereby offering an impetus to market growth. For instance, in December 2021, Eurofins Scientific, a global scientific leader in bioanalytical testing and a clinical diagnostic testing leader with Transgenic Inc., announced the acquisition of GeneticLab Co., Ltd., a molecular biology-based testing vendor. This acquisition will assist the company in strengthening its position in the Japanese market. It would further expand the company’s global presence in Asia, specializing in advanced genetic testing.

Request a free sample copy or view the report summary: 

Testing, Inspection, And Certification Market Report

Testing, Inspection, And Certification Market Report Highlights

• By service type, the certification segment is expected to emerge as the fastest-growing segment over the forecast period. The segment growth can be attributed to the increasing need among companies to certify their business practices use the right talent for specialized work
• The outsourced sourcing type segment is expected to register the highest CAGR over the forecast period owing to the ability to access more affordable TIC products and solutions and decrease operational expenditure
• The manufacturing application segment is expected to register a significant growth rate over the forecast period owing to the rising industrial activity around the world and the development of new machine components, which need to be tested and inspected before deployment
• Asia Pacific is expected to dominate the market over the forecast period. This can be attributed to the rising economic activity in China and India. The implementation of Bharat Stage 6 in India has led automotive developers to develop new automotive components, which have to be tested rigorously to meet the international standards

Sex Toys Market Size Worth $62.32 Billion By 2030

 

Sex Toys Market Growth & Trends

The global sex toys market size is expected to reach USD 62.32 billion by 2030, based on a new report by Grand View Research, Inc. It is projected to register a CAGR of 8.4% during the forecast period. Women aging from 16 to 70 years old are indulging in the pleasure of adult toys. The stigma of using these products to replace a partner has long been broken by couples who enjoy these toys from time to time, which is expected to drive market growth.

The impact of the COVID-19 pandemic is expected to create an economic downturn in all industries as the majority of countries are in lockdown. However, the initial impact of the country-wide lockdowns across the world exhibited a boost in sales of sex toys. During the COVID-19 customers shifted towards app-enabled sex toys and Bluetooth-powered toys also known as teledildonics to reduce the consumption of harmful chemicals in sex toys.

Sex toy manufacturers are undertaking various initiatives such as marketing & advertising products in unique ways and running awareness campaigns. Advertisements featuring well-known or popular pornstars drive interest and increase sales of the product. LELO launched a wave of Stay home and Save deals applicable for the entire month of May 2020, wherein the company was offering up to 15% discounts on its products.

The growth is attributed to the launch of new products in the novelty adult segment, sexual wellness, and self-love products. Affordable sexual wellness products, including vibrators, dildos, lubricants, and other toys, are entering the market, and the stigma associated with selling sexual things in traditional stores is dissipating. The move is expected to be due to a shift in demographics since millennials, and Gen Z has a different perspective on sexual wellbeing than baby boomers. The market for sex toys is profiting from the gradual disappearance of the stigma associated with masturbation, especially among married couples.

Asia Pacific is expected to be the fastest-growing market during the forecast period. China and Australia are the leading revenue generators in the market. The stigma surrounding sex is reducing among millennials and Gen-Z, who are more open to exploring new things to enhance their sexual experience. In March 2019, Reckitt Benckiser launched its direct-to-consumer e-commerce platform to sell its premium products in India.

Request a free sample copy or view report summary: 
Sex Toys Market Report

Sex Toys Market Report Highlights

• The female sex toys segment held the largest market share in 2021 and is expected to expand at the second-highest CAGR during the forecast period. Single women are among the leading contributors to the market growth
• Manufacturers are trying to reach a larger market via e-commerce sites. In developing countries where adult stores are not easily accessible, online retailers are meeting customer demand by offering a different range of products via discrete delivery and an added advantage of discounted rates
• Based on distribution channels, e-commerce platforms and online retailers held the largest market share in 2021. Increasing penetration of the internet and the availability of numerous sex toys on e-commerce platforms and anonymity are driving the growth of the segment
• North America held the largest market share in 2021, owing to the presence of numerous retailers providing easy access to products. In the U.S. and Canada, sociodemographic factors also play a role in the type of toy being preferred and its frequency of use
• With increasing disposable income in developing countries, consumers are opting for innovative products such as exquisite vibrators, BDSM gear, and anal toys. This increases opportunities for market players to capitalize on the growing demand for more high-end innovative products
• Emerging players backed by technological advancements are developing products that offer a more realistic experience. Brand leaders such as Doc Johnson, LELO, FleshLight, and LoveHoney have a global presence with a strong product portfolio. In July 2019, LifeStyles Healthcare announced the launch of three new intimate accessories under its SKYN brand-SKYN Thrill, SKYN Vibes, and SKYN Shiver

Healthcare CRM Market Size Worth $25.5 Billion By 2030

 

Healthcare CRM Market Growth & Trends

The global healthcare CRM market size is expected to reach USD 25.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.6% from 2022 to 2030. The use of CRM helps healthcare organizations to streamline their workflow and better manage patient care. It also helps in reducing the cost and increasing efficiency. Moreover, unpreparedness for the global COVID 19 pandemic has further heightened the need for digitized interoperability solutions providing faster and more effective results. The rising adoption of EHR, in developed as well as developing economies is anticipated to provide this market with a lucrative growth platform in the coming few years.

Vitally impacting drivers for the industry include a rapidly growing percentage of an aging population, a rise in chronic disease incidence, and the advancement of new technology. Demand for operational efficiency in a healthcare organization, adoption of home care/ virtual care, and the big data revolution is also contributing to the growth of the market. According to a study by Deloitte, 62.0% of patients are comfortable with online consultation with a doctor. The shift from volume to value-based care and the rise of consumerism in a healthcare organization is also expected to contribute significantly to the growth of the market.

Market players adopt strategies such as product launches, collaborations, partnerships, and mergers and acquisitions to strengthen their industry position. For instance, in September 2019, GetWellNetwork and Cerner partnered to narrow the gaps between providers and patients from inpatient to outpatient settings and the home. This partnership was aimed at providing convenient access and consumer engagement.

Request a free sample copy or view the report summary: 
Healthcare CRM Market Report

Healthcare CRM Market Report Highlights

• Based on product, the individual CRM segment is expected to witness lucrative growth during the forecast period owing to the consolidation of hospitals and small healthcare providers which would increase the focus on direct-to-patient marketing to attract new patients. The combination of individual and referral CRM is expected to be the leading segment during the forecast period
• Based on application, the service outreach segment is expected to be the major segment during the forecast period. Case management and coordinated care are expected to show the highest growth owing to the rise in demand for collaborative care
• North America and Europe are expected to be the major regions for the growth of this industry. Emerging regions such as the Asia Pacific and MEA are expected to show lucrative growth during the forecast period owing to changing healthcare system and demand for collaborative care
• A common trend observed is the rising partnerships among market players for innovation by leveraging each other competencies. For instance, Salesforce expanded its presence in IT through the launch of the cloud, with the collaboration of major industry partners such as Centura Health, Philips, Deloitte Digital, and Accenture

Microscope Market Worth $20.4 Billion By 2030 | CAGR 7.97%

 

Microscope Market Growth & Trends

The global microscope market size is expected to reach USD 20.4 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.97% over the forecast period. High demand from the healthcare sector and the rapidly growing semiconductor industry are among the key factors boosting the market growth. The establishment of microscopy to promote research activities is also contributing to the product demand. One of the most important applications of microscopes is in surgical interventions. Magnified imaging systems are in high demand for cancer and neuroscience surgical procedures to improve procedural success. Major market players are focusing on developing dedicated microsurgery offerings, such as the spine, cranial, and other multi-disciplinary surgeries.

The growing adoption and rising investments in the development of microscopes by precision manufacturing industries are expected to drive market growth. However, due to the impact of the COVID-19 pandemic companies reported decreases in the revenue in the second quarter of the year 2020, which affected the supply chain of most of the companies. Manufacturers in the market are adopting strategies, such as product innovation by integrating the latest technology and geographic expansion through mergers & acquisitions. For instance, in October 2020, Bruker Corp. launched the Vutara VXL Super-Resolution Fluorescence Microscope, designed for biological imaging at the nanoscale, which can improve the study of nano-level cellular biology, especially in the field of spatial omics imaging.

Request a free sample copy or view the report summary: 
Microscope Market Report

Microscope Market Report Highlights

• The electron product segment dominated the market in 2021 due to the high product on account of applications in various fields, such as life sciences, semiconductors, and material science
• The life science application segment led the market in 2021 due to wide product applications in the diagnosis of diseases
• Asia Pacific dominated the market in 2021and is estimated to record the fastest CAGR from 2022 to 2030
• The growth is attributed to the high investments in R&D, product innovations, and the establishment of microscopy centers at research & education institutes, which, in turn, is boosting the product demand
• The majority of key manufacturers are headquartered in Japan and the U.S., with a presence in other regions through distributors, subsidiaries, or corporate offices
• Manufacturers, such as Olympus Corp., have adopted direct selling by providing online purchasing facilities, along with association with distributors. Other manufacturers provide store/dealer details on their websites, depending on a customer’s location, to facilitate the early purchase

Europe Nutrition And Supplements Market Worth $102.5 Billion By 2030

 

Europe Nutrition And Supplements Market Growth & Trends

The Europe nutrition and supplements market size is expected to reach USD 102.5 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.8% from 2022 to 2030. The growing inclination of the European population towards fitness and health is a key factor driving the market. The demand for enriched foods, functional foods, and nutritional supplements across European countries has also risen. The newfound interest in preventative health using supplementation and functional foods has also contributed significantly to the growth.

The high prevalence of diseases like diabetes, cardiovascular diseases, and other chronic diseases has urged people to follow a healthier lifestyle and incorporate nutrient-rich food, using nutritional supplements as well as immunity-boosting supplements. The COVID-19 pandemic resulted in a sudden spike in this department. The sales reached exponentially high values as compared to previous years and this was a key factor driving the market.

Sports nutrition and other nutritional supplements have been gaining a lot of popularity in recent years. Fitness and well-being have become a priority for combating lifestyle diseases and leading healthy lives. Holistic nutrition has also been in trend and is also contributing to the growth of the European market. With the opening of new fitness centers and gyms post COVID restrictions, the engagement in sports activities is increasing and has also led to the increased consumption of sports nutrition supplements like protein shakes and weight loss products, thus significantly contributing to the market growth.

The functional foods and beverages product segment consisting of probiotics, omega-3, and others dominated the market in 2021. The rise in demand for these products has been largely due to their multifarious benefits and their promotion on social media platforms through influencers and fitness enthusiasts. The sports nutrition category has been gaining a lot of traction owing to an increase in interest in maintaining a healthy and active lifestyle as a preventative measure to avoid lifestyle diseases. As per Europa, the physically active population across Europe was about 54% in the recent Eurobarometer survey. This has been a key factor fueling the growth of the European market.

Powder formulation was the largest segment in 2021. High product density in the European market, ease of consumption, and benefits of high absorption rates are fueling the growth in the segment. The majority of the sports nutrition segment has product offerings in powder formulation, which has also contributed significantly to the growth. The capsules segment is expected to witness lucrative growth in the forecast period due to the advantages like low chances of GI tract irritability, ease of consumption, and unlike powder formulations, doses can be changed as per needs.

The adult consumer group segment dominated the market in 2021. The growing interest in health and fitness and a keen interest in avoiding potential lifestyle diseases have been the key growth drivers. The adult population’s susceptibility to developing disorders and diseases has also led to the increased consumption of supplements, thus driving the segment. The geriatric consumer group segment is expected to grow owing to the need for nutrient supplementation for combating deficiencies and maintaining a healthy diet. These have been key factors fueling the growth of the market in Europe.

The brick-and-mortar sales channel accounted for the largest revenue share of over 70.0% in 2021. The pandemic saw a massive spike in the sales of nutrition supplements through both online and retail sales. The majority of the consumers have been shifting towards online purchases of supplements. This paradigm shift has made the e-commerce platform the fastest-growing channel for distribution in Europe. The key market player strategies for increasing sales have been towards using online sales channels to reach a wider population base, which eventually has contributed to the growth of the nutrition supplements market.

The rest of Europe had the largest revenue share in 2021. Countries like Sweden and Norway are increasingly becoming leading markets for nutritional supplements and associated products. Increasing demand for veganism and natural foods has been leading the market towards growth. Other countries the U.K., Germany, and Italy have also been registering increasing demand for nutritional supplements. The Italian population has been increasingly using dietary supplements and the interest in functional foods has risen. Due to this, the sales have skyrocketed, resulting in a massive growth of the market in the country. The increase in the number of elderly people in these countries and the rising demand for dietary supplements and functional foods as a means to a healthy lifestyle have been the key factors fostering the growth of the market.

The COVID-19 pandemic has immensely contributed to the growth of the nutrition and supplements market in Europe. Western Europe, which was highly impacted due to COVID, along with other regions saw a monumental increase in sales of immune-boosting supplements, vitamins, and other nutrition supplements. A survey conducted by the Italian Association of Health Products Manufacturers and Distributors showed a peak in online sales, amounting to $1.17 billion during the pandemic.

Request a free sample copy or view report summary: 
Europe Nutrition And Supplements Market Report

Europe Nutrition And Supplements Market Report Highlights

• The functional foods and beverages product segment accounted for the largest revenue share of over 55.0% in 2021. The demand for these products has risen significantly owing to a shift in people’s consciousness toward health
• The powder formulation segment held the largest revenue share of over 35.0% in 2021. The wide range of products available in the powder form for consumption across all age groups is driving this segment
• The adults’ consumer group segment captured the largest revenue share in 2021 owing to an increase in awareness regarding health as well as the adoption of nutrient supplementation to avoid lifestyle or deficiency-related diseases
• The e-commerce sales channel segment is expected to emerge as the fastest-growing segment over the forecast period owing to strategic initiatives undertaken by companies to boost product sales
• The rest of Europe including countries like Sweden and Norway is leading the market. Italy, the U.K., and Germany are among other countries with the increasing consumption and demand for nutrition supplements across Europe

U.S. Ambulatory Surgery Center Market Worth $58.6 Billion By 2030

 

U.S. Ambulatory Surgery Center Market Growth & Trends

The U.S. ambulatory surgery centers market size is expected to reach USD 58.6 billion by 2030, expanding at a CAGR of 5.9%, according to a new report by Grand View Research, Inc. The cost-effectiveness of procedures performed at ASCs along with the rising geriatric population, in turn contributing to demand for surgeries, is expected to fuel the market over the next few years. As per a report by the Ambulatory Surgery Center Association, healthcare costs in the U.S. have been reduced by USD 38 billion due to the availability & use of ambulatory surgery centers. Healthcare expenditure in ambulatory surgery centers is quite lower compared to hospitals. A report by OR manager based on CMS statistics revealed that 57 million surgical procedures were performed in the U.S. in 2020, wherein less than 20% of the procedures were performed in outpatient hospital facilities indicating a shift in demand from hospitals to ambulatory surgery centers.

Ambulatory surgery centers are expected to witness high growth after the COVID-19 pandemic, thus creating further opportunities for ASCs. Healthcare providers & the government are undertaking various initiatives to facilitate the increasing demand for minimally invasive procedures at ASCs. For instance, the latest favorable updates in reimbursement policy by CMS and collaborations by Healthcare Outcomes Performance Company and Ascension Florida and Gulf Coast for the development of ambulatory surgery centers are some of the factors expected to contribute to post-COVID-19 growth of the market.

Request a free sample copy or view report summary: 
U.S. Ambulatory Surgery Center Market Report

U.S. Ambulatory Surgery Center Market Report Highlights

• The orthopedics segment held the largest market share in terms of revenue during 2021. However, the otolaryngology segment is expected to register the fastest growth over the forecast period due to factors such as increasing demand from pediatric patients for ENT procedures and a high number of otolaryngologists practicing in the country.
• Top healthcare providers in the market are planning to expand in the market through strategies such as partnerships & mergers and acquisitions. For instance, in March 2019, Humana and Towson-a Maryland-based SurgCenter Development-entered into an agreement to add 100+ SurgCenter Development sites to Humana’s national provider network, to offer services such as the total knee, hip, and shoulder replacements in an ASC setting.
• Technological advancement, especially in the field of surgery, is one of the major factors in providing quality treatment at the ASCs. For instance, the robotic surgery system for minimally invasive surgery aids surgeons during complex surgical procedures, allowing high control, flexibility, & accuracy, and is expected to have high demand from the ASCs.

Wearable Breast Pumps Market Worth $975.5 Million By 2030

 

Wearable Breast Pumps Market Growth & Trends

The global wearable breast pumps market is anticipated to reach USD 975.5 million by 2030, registering a CAGR of 8.21%, according to a new report by Grand View Research, Inc. Favorable reimbursement policies, and increasing patient disposable income are further anticipated to propel the demand for wearable breast pumps.

The decreasing infant mortality rate is supplementing the growth of the market. For instance, according to Knoema, the infant mortality rate in Japan fell from 13.4 deaths per 1,000 births in 1970, to 1.80 deaths in 2019. Similarly, as per Statistics Canada, the infant death rate has fallen from 4.8 per 1,000 in 2018 to 4.5 in 2020 in Canada. Such instances are expected to increase the demand for wearable breast pumps, thereby, propelling the market growth over the forecast period.

Increase in women’s employment rate is expected to be a high impact rendering driver of the market. For instance, as per International Labor Organization, the female working population in Australia has touched 60%. Similarly, as per the similar source, the female employment rate in high income countries is estimated to be 53%, whereas, the same in low income and upper middle-income countries is calculated to be 56% and 55% respectively. Working women have a relatively high disposable income, as a result can help the market impel.

The presence of various e-commerce sites offering wearable breast pumps will further aid in the sales of the products through these sales channels in the forecast period. Willow, Elvie, Medela, and Amazon, are few prominent e-commerce sites that offers substantial discounts, and prompt customer service on various wearable breast pumps, owing to which individuals prefer to shop from online sites.

The decline in the COVID-19 population is anticipated to boost market growth. Recently, many companies have called back their employees to work from office. For instance, companies such as Sun Pharmaceuticals, Biocon, and JP Morgan are planning to start work from office. This will surge the need for wearable breast pumps for working women, thereby propelling the market growth in post-COVID-19 time. Similarly, to cope with the rising demand many companies are launching new products and expanding their geographic presence. For instance, in February 2021, Medela LLC launched a new category expansion and breast care products with an aim of meeting customer requirements. This was expected to expand the customer base of the company.

Request a free sample copy or view report summary: 
Wearable Breast Pumps Market Report

Wearable Breast Pumps Market Report Highlights

• Based on components, the wearable pumps segment dominated the market with a share of 57.84% in 2021 and is also expected to witness the fastest growth rate owing to its increasing demand over the forecast period. As lactating mothers are becoming more aware of the importance and benefits of breastfeeding.
• On the basis of technology, the battery powered wearable breast pump segment dominated the market with a share of 48.64% in 2021. This can be credited to their lightweight and compact designs. Moreover, women can also easily stash them into their bags and are barely noticeable.
• North America dominated the market with the highest revenue share of 52.62% in 2021 owing to a rise in women’s employment rate in the U.S. and supportive reimbursement policies for wearable breast pumps.

5G Systems Integration Market Worth $62.69 Billion by 2030

 

5G Systems Integration Market Growth & Trends

The global 5G systems integration market size is estimated to reach USD 62.69 billion by 2030, registering a CAGR of 27.3% from 2022 to 2030, according to a new study by Grand View Research, Inc. Robust increase in the investments to deploy 5G network infrastructures across key countries, such as U.S., China, and Japan, has created the demand for integrating entire fifth generation infrastructure and applications across enterprises. This process will help enterprises to work as a centralized platform that will assist in reducing overall complexity. Thus, robust investments in building fifth-generation infrastructure, coupled with the growing need to set up a 5G-enabled ecosystem, are estimated to propel market growth.

Rapidly building smart cities have surged the adoption of numerous Internet of Things (IoT) devices across the globe. IoT devices require enhanced bandwidth to function appropriately. Thus, in order to provide high-speed broadband by supporting fifth-generation New Radio (NR), such as sub-6GHz and mmWave frequency bands, the entire infrastructure across these smart cities need to be upgraded in line with supporting fifth-generation radio network. Therefore, it is further estimated to boost the market growth from 2022 to 2030.

Moreover, with the evolution of industry 4.0, the adoption of industrial sensors and collaborative robots is gaining popularity in the manufacturing sector across the globe. Therefore, to deliver seamless network connectivity to these above-mentioned devices, it is anticipated to raise the demand for 5G system integration services to make entire manufacturing facilities compatible with supporting next-generation 5G NR.

Rapidly rising digital transformation has disrupted the entire operation of the manufacturing industry. This has increased the trend of the machine-to-machine (M2M) communications to increase overall productivity as well as streamline the whole process. As a result, this has further expanded the need for high broadband to deliver uninterrupted connectivity to industrial sensors and robots. Therefore, the growing need for high broadband connectivity to establish seamless communication between machines is expected to elevate the demand for 5G system integration services in the next few years.

Furthermore, with the emergence of new technologies, such as network slicing and software-defined networking (SDN), the adoption of 5G system integration will witness a rapid surge to reduce overall enterprise infrastructure costs. Moreover, highly trained professionals will be required to implement and manage the fifth-generation system integration services. This is anticipated to hinder the market growth over the forecast period.

Moreover, the outbreak of COVID-19 is considerably impacting the overall market growth. Many enterprise offices are temporarily working with limited workforce capacity in key countries, such as U.S., Japan, Germany, U.K., and South Korea. Besides, the network equipment providers have delayed the deployment of 5G infrastructure due to the pandemic. However, federal governments across the above-mentioned key countries set new guidelines to reopen the business offices and released packages to boost the economic growth. Therefore, it is anticipated to increase the demand for the global 5G system integration services over the forecast period.

Request a free sample copy or view report summary: 
5G Systems Integration Market Report

5G Systems Integration Market Report Highlights

• North America accounted for more than 34% of share in 2021. The growth is attributed to rising investments by large 5G operators, such as AT&T, Inc., Verizon Communications, and T-Mobile US, Inc, in deploying 5G network infrastructures, along with growing demand for 5G system integration services across large enterprises to build a 5G-enabled ecosystem
• The manufacturing sector is projected to witness the fastest growth over the forecast period owing to the rising adoption of 5G network services to provide seamless communication between sensors and robots
• Large enterprises are increasingly focusing on building a 5G-enabled ecosystem on the account of intense competition in the market. This is expected to propel the demand for infrastructure integration services during the next few years
• Prominent market players are aggressively focusing on building partnerships and entering into agreements to strengthen their overall product portfolios as well as to enhance their global market presence.

Medical Injection Molding Machine Market Worth $2.61 Billion By 2030

 

Medical Injection Molding Machine Market Growth & Trends

The global medical injection molding machine market size is anticipated to reach USD 2.61 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2022 to 2030. The industry is primarily driven by the increased application of plastics in several healthcare products, and technological advancements in the medical industry.

The demand for testing kits witnessed exponential growth globally, as healthcare authorities attempted to track the spread of the COVID-19 pandemic. This resulted in various companies in the medical devices and pharmaceuticals sectors initiating the production of these kits and ramping up their production capacities to help alleviate testing shortages.

The adoption of different raw materials used in the injection molding process, as well as the rising energy efficiency of injection molding machines, have replaced traditional molding machines. This, in turn, has boosted the demand for automated and energy-efficient injection molding equipment used in the medical industry. The key factors influencing the demand for medical products include availability, awareness, affordability, and adaptability. Increasing demand for better healthcare facilities and the ongoing COVID-19 pandemic has boosted the growth of medical devices manufactured by using injection molding machines.

Manufacturers are focusing on producing injection molding machines that can bring down production costs, provide flexibility in production, reduce scrap, are low maintenance, shorten production cycle times, and are efficient in every manner. This is increasing the demand for electric and hybrid medical injection molding machines.

Key market players are undertaking collaborations and new product launches as sustainable strategies. In April 2021, Tederic Machinery Co. launched the NEO series of electric, hybrid injection molding machines that consists of a new generation of servo pumps. These machines can save up to 80% more energy as compared to hydraulic machines.

Request a free sample copy or view report summary: 
Medical Injection Molding Machine Market Report

Medical Injection Molding Machine Market Report Highlights

• Plastic accounted for 85.2% of the global revenue share in 2021, owing to its high flexibility, cleanliness, high tensile strength, metal tolerance, & temperature resistance among other factors that make it ideal for medical injection molding
• The demand for electric medical injection molding machines is expected to expand at a CAGR of 4.5% from 2022 to 2030, on account of their higher energy efficiency, lesser downtimes, faster process, and clean operations
• Asia Pacific accounted for around 36.5% of the global revenue share in 2021, attributed to the expanding healthcare infrastructure such as hospitals, increasing number of people opting for home care facilities, and rising medical tourism
• The demand for hot runner systems is expected to advance at a CAGR of 5.2% from 2022 to 2030, owing to faster cycle times, elimination of the need for robotics, and increased efficiency as compared to cold runner systems
• In January 2021, Husky Injection Molding Systems Ltd launched the UltraShot Injection System, an injection molding technology that aims to maximize overall part design freedom and speed-to-market

Autologous Wound Patches Market Worth $152.76 Million By 2030

 

Autologous Wound Patches Market Growth & Trends

The gloabl autologous wound patches market is anticipated to reach USD 152.76 million by 2030, registering a CAGR of 9.05% from 2022 to 2030, according to a new report by Grand View Research, Inc. This can be attributed to the increase in the number of people suffering from various chronic diseases such as diabetes as a result the number of people suffering from diabetic foot ulcers is anticipated to increase. For instance, as per International Diabetes Federation, approximately 537 million adults are expected to be living with diabetes. Moreover, as per a similar source, this number is projected to increase to 643 million by 2030.

Furthermore, according to NCBI, 15 to 25% of people suffering from diabetes mellitus may develop a diabetic foot ulcer during their lifetime. Thus, an increasing number of diabetic populations may lead to a rise in number of diabetic foot ulcers patients, thereby boosting the market during the forecast period.

Similarly, there has been a rise in number of people suffering from venous leg ulcers. For instance, as per Biomed Central, venous leg ulcers represent about 60 to 80% of all leg ulcerations which occurs due to venous disease. Furthermore, according to a similar source, the estimated annual health care cost for treatment of venous leg ulcers is USD 2.24 billion yearly. Thus, with an increase in the number of such chronic diseases, the market is expected to impel.

In addition, an increase in surgical procedures is expected to increase the demand for autologous wound patches during the forecast period. For instance, as per Jama Network, there were an estimated 13,108,567 surgical procedures identified in 2019 in the U.S. Similarly, according to the Australian Institute of Health & Welfare, 754,600 patients were admitted for surgery in a public hospital. The increase in number of surgical procedures poses a threat of surgical wounds. Thus, the market is expected to grow during the forecast period.

Furthermore, decline in the population suffering from COVID-19 is anticipated to boost the growth of autologous wound patches market. Companies in the market are opting for various strategies such as partnerships, product showcases, and distribution agreements to enhance their customer reach during post-COVID-19 period.

For instance, in October 2021, RedDress announced a partnership with MediGroup. MediGroup is one of the largest non-acute GPO which represents physician centers, surgical centers & clinics. This partnership is expected to help the company provide its innovative wound care system ActiGraft to MediGroup members, which will increase the company’s reach towards the target population. Therefore, such instances are expected to boost the growth of the market during the forecast period.

Request a free sample copy or view report summary: 
Autologous Wound Patches Market Report

Autologous Wound Patches Market Report Highlights

• In terms of type, platelet rich fibrin segment held the largest share of 55.33% in 2021, owing to its compatible nature and better outcome.
• On the basis of application, the acute wounds segment held the largest market share in 2021. However, the chronic wounds segment is expected to expand at the highest CAGR of 9.18%. This can be attributed to the increase in number of people suffering from various chronic ailments such as venous leg ulcers, diabetic foot ulcers, and pressure ulcers.
• On the basis of end-use, the hospitals segment held the largest market share in 2021, whereas, the ambulatory surgical center segment is anticipated to register the fastest CAGR of 9.31% during the forecast period. This can be attributed to the increase in number of ASCs and a rise in number of surgeries performed in ambulatory surgical centers.
• North America is anticipated to dominate the global market during the forecast period owing to the rising number of surgeries and the presence of a large population base in the region. However, Asia-Pacific is projected to witness the fastest growth rate of 9.30% during the forecast period.

U.S. Contraceptive Market Size Worth $12.0 Billion By 2030

 

U.S. Contraceptive Market Growth & Trends

The U.S. contraceptive market size is expected to reach USD 12.0 billion by 2030 registering a CAGR of 4.70%, according to a new report by Grand View Research, Inc. Improving access and awareness regarding Long-Acting Reversible Contraceptives (LARCs) and the effectiveness and convenience of using these products are expected to drive the growth of the industry. The Guttmacher Institute reported that 60% of women belonging to the reproductive age use contraception in the U.S. Use of hormonal contraceptives other than the birth control pill has significantly increased in married women.

The increasing availability of contraceptives in the U.S. has improved several aspects of society such as education, career opportunities, and poverty for women. Access to modern methods of contraception has significantly improved career opportunities and allowed women to earn wages at par with men. Moreover, it has also reduced the number of women living in poverty due to unintended pregnancies and the high costs associated with raising a child. The legalization of family planning in the majority of the states has reduced the economic burden for the next generation as there has been a substantial reduction in the number of citizens living in poverty as adults.

The onset of the COVID-19 pandemic has showcased a negative impact on the market partially offsetting the initiatives by manufacturers. Short-term contraceptives such as birth control pills and condoms require re-prescription filling and frequent purchase, which may increase the risk of exposure to the virus. Thus, usage of these products has been limited during the pandemic. Moreover, the availability and distribution of contraceptives at public healthcare centers have been impacted in the U.S. Unemployment and loss of insurance that covers expenses of contraceptives in the U.S. are also anticipated to limit usage during the COVID-19 pandemic.

Request a free sample copy or view report summary: 
U.S. Contraceptive Market Report

U.S. Contraceptive Market Report Highlights

• The prevalence of teenage pregnancies is highest in the U.S. Government initiatives, such as improving sex education and increasing access to contraceptives, is expected to boost the adoption of various birth control methods in the country
• In 2021, the pills segment held the largest market share owing to the convenience of use and easy availability. The contraceptive pills market in the country is highly competitive due to the presence of generic products
• The rapid growth of subdermal implants in the U.S. contraceptive market is anticipated in the coming years. The subdermal implants market is highly consolidated with the presence of very few players
• The shutdown of manufacturing units in China and Southeast Asian countries during the early stages of the COVID-19 pandemic led to shortages of products such as condoms and implants.
• The operations of market players are affected by generic competition, industry consolidation, competitive combination products, new information from clinical trials of marketed products, and patents granted to competitors’ new products, among others.
• Key companies in this market are focusing more on M&A and product development to gain a competitive edge over others. In February 2020, TherapeuticsMD, Inc. entered into an agreement with Afaxys Pharma, LLC to increase access to ANNOVERA in the U.S. public health sector

U.S. Long Term Care Market Size Worth $779.4 Billion By 2030

 

U.S. Long Term Care Market Growth & Trends

The U.S. long term care market size is expected to reach USD 779.4 billion by 2030, expanding at a CAGR of 5.97% based on a new report by Grand View Research, Inc. High prevalence of target diseases, especially Alzheimer’s, heart diseases, Parkinson’s disease, and other dementias, in the U.S. is expected to drive the market growth. According to the CDC, 6 of 10 adults in the U.S. have a chronic disease. The increasing geriatric population, rising healthcare costs, and an increasing number of nuclear families are among the key factors driving the regional market. Furthermore, rapid technological advancements and easy availability of Medicare and Medicaid & private insurance are likely to drive the market growth.

The State & Federal Governments of the U.S. are taking initiatives for long-term care. According to New York State (NYS) Public Health Law Article 21-A, it is mandatory for a facility to provide pneumococcal and influenza vaccination to the residents and healthcare professionals. This has driven the demand for immunization supplies from LTC facilities. Nursing care centers have emerged as one of the highest providers of therapeutic and vaccination services of all types.

In the U.S., the increasing burden on hospitals due to heart diseases, diabetes, and dementia requires long-term care & repeated hospitalization. According to the American Hospital Association, the U.S. witnessed 36,241,815 hospitalizations in 2021. Hospitals in the U.S. are currently focused on the treatment of COVID-19 leading to the neglect of other chronic health issues. The scenario is creating major opportunities for long-term care providers such as skilled nursing facilities, home healthcare facilities, & assisted living facilities to reduce the burden on hospitals and urgent care facilities by providing quality healthcare services and post-surgery care.

Request a free sample copy or view report summary: 
U.S. Long Term Care Market Report

U.S. Long Term Care Market Report Highlights

• The skilled nursing facility segment dominated the market for long-term care in the U.S. in terms of revenue in 2021. This can be attributed to the presence of a large number of facilities offering medical supervision and round the clock assistance
• Although the geriatric population is the major consumer pool of these services, other age groups are also benefiting from long-term care. Increasing demand for long-term care for all ages is creating major opportunities for home healthcare service providers in the U.S
• The U.S long-term care market has been witnessing several mergers and acquisitions and partnerships resulting in the integration of various services and maximizing revenue. For instance, in October 2021, Amedisys announced the expansion of its home healthcare services with the opening of new centers in Charlotte and Raleigh, North Carolina
• In August 2021, Humana acquired Kindred at Home, which includes services such as personal care, hospice, and home health
• Group purchasing organizations contribute to the growth of the LTC market as they facilitate the distribution of medical supplies, pharmaceuticals products, and vaccinations. There are organizations dedicated to LTC facilities operating mainly in the U.S. GeriMed is a group purchasing organization, which offers pharmacy and contract services to the LTC in the U.S
• A significant increase in the adoption of telehealth solutions since 2020 is expected to increase the adoption rate of LTC software. Among long-term care providers, home healthcare centers and skilled nursing facilities are leading users of long-term care software

U.S. Care Services Market Size Worth $748.5 Billion By 2030

 

U.S. Care Services Market Growth & Trends

The U.S. care services market size is expected to reach USD 748.5 billion by 2030 expanding at a CAGR of 5.76% based on a new report by Grand View Research, Inc. Growing geriatric population and rising incidence of target diseases such as dementia and Alzheimer’s as well as orthopedic diseases are factors expected to fuel the industry growth in the times to come. Increasing treatment cost is one of the prime concerns for governments and health organizations and hence they are striving to curb healthcare costs. Care services are cost-efficient alternatives to expensive hospital stays and thus are economic for a longer time duration.

The federal government is playing an active role in financing the care services. SNFs, hospice, and home healthcare are financed by the government. The U.S. government introduced the COVID-19 relief fund and provided funding of USD 175 billion to SNFs, USD 30 billion to hospice care, and USD 20 billion to assisted living facilities, as per the Department of Health and Human Services. From 2016 up to 2021, the government provided USD 184 million to hospice areas in the Office of the Parliamentary Budget Officer.

The COVID-19 pandemic has positively impacted home healthcare services & the growth of technology in care services. Telehealth services at home & house calls have been the main option for residents, with inpatient hospital facilities being busy with handling COVID-19 cases. Since the onset of the pandemic, the growth in telehealth use has increased significantly.

Request a free sample copy or view report summary: 
U.S. Care Services Market Report

U.S. Care Services Market Report Highlights

• The skilled nursing facility segment dominated the market in terms of revenue in 2019. SNFs provide high-quality care services at a much lower cost as compared to hospitals, generating tremendous demand among investors. Reimbursement rate pressures or the introduction of new payment systems are also impacting the business size.
• Remote patient monitoring is projected to be one of the fastest-growing segments during the forecast period. This can be attributed to the rising demand for home healthcare. Rapid advancement in technology and the majority of chronic patients in the U.S. have shown an inclination toward home healthcare due to convenience, cost-effectiveness, and availability of top-class service in the comfort and safety of home has driven the dependence on these services over the years.
• The COVID-19 pandemic propelled the demand for home healthcare due to the restriction on healthcare facilities resulting in-home healthcare solutions being the only option. Acute care facilities assisted living facilities, hospice care, and SNF, among others, witnessed improvement in new residents at facilities since the latter half of 2020.
• The U.S. care services market has been witnessing several mergers and acquisitions and partnerships resulting in the integration of various services and maximizing revenue. For Instance, In July 2021, Brookdale Senior Living, Inc. sold a significant stake in its outpatient therapy, hospice, and home health business to HCA Healthcare.

Hot Food Processing Equipment Market Worth $35.72 Billion By 2030

 

Hot Food Processing Equipment Market Growth & Trends

The global hot food processing equipment market size is expected to reach USD 35.72 billion by 2030, registering a CAGR of 6.3% during the forecast period, according to a new report by Grand View Research, Inc. The market is primarily driven by increasing demand for bakery products, processed foods, and rising meat consumption coupled with innovation in food processing.

The increasing proportion of the younger population with higher spending capacity is expected to drive the demand for processed food. Rising preference for healthy meals and increasing adoption of a vegan diet among the younger population is projected to have a positive impact on the processed food market, thereby, benefiting the hot food processing equipment market growth.

The favorable growth of the food & beverage industry, particularly in the emerging economies, coupled with the growing consumption of packaged food & beverages in households is expected to drive the demand for hot food processing equipment. Furthermore, new product launches, expansion of the retail network, and population growth are the factors, expected to complement the market growth.

Various technological advancements are taking place in the food processing industry so as to meet the food demand of the growing population. The continuously rising investments in R&D activities for the incorporation of advanced technologies such as automation and Internet 4.0 in hot food processing equipment are expected to fuel the growth of the market.

Cloud kitchens and food vending machines have emerged amid pandemic-induced closures, hygiene issues, and high retail pricing. People are increasingly looking at embracing contactless means for everyday activities boosting the demand for vending machines. The demand for cloud kitchens and vending machines is expected to create demand for hot food processing equipment.

Companies are undertaking strategic acquisitions to strengthen their product portfolio. In December 2021, The Middle by Corporation acquired Master built Holdings, LLC, and Char-Griller. The acquirement is in line with the company’s strategic acquisitions and is expected to strengthen its household product portfolio in roasting and cooking technologies

Request a free sample copy or view report summary: 
Hot Food Processing Equipment Market Report

Hot Food Processing Equipment Market Report Highlights

• The demand for baking equipment accounted for 20.8% of the global revenue share in 2021 as a result of increasing demand for the bakery products coupled with rising awareness pertaining to the health benefits of baked food
• The equipment adoption in fast food & restaurants accounted for 44.7% of the foodservice industry demand in 2021, as they are the key providers of mass-produced cuisine, thus, drawing a rising number of individuals to try their services
• The demand for pasteurizers is expected to witness growth at a CAGR of 6.9% from 2022 to 2030, in terms of revenue, on account of its ability to prolong shelf life of the foods, kill harmful microorganisms, and maintain the consistency of the food
• The demand for hot food processing equipment in Asia Pacific region is expected to grow at a CAGR of 7.3% during the forecast period, because of the changing consumer eating habits resulting in demand for the processed foods and beverages
• In February 2022, Marel completed a 100% acquisition of Curio. The deal is expected to further strengthen the company’s objective to be the one-stop destination for food processors looking for high-tech solutions, software, and services.

North America Chocolate Market Worth $57.4 Billion By 2030

 

North America Chocolate Market Growth & Trends

The North America chocolate market is expected to reach USD 57.4 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.3% from 2022 to 2030. The health advantages of dark chocolate intake, together with rising demand for this product in a variety of applications such as confectionery and flavored eatables, are expected to drive the growth of North America chocolate market. Chocolate is becoming more popular as moderate consumption of chocolate increases serotonin, which soothes the brain and functions as an antidepressant. It also causes the release of endorphins in the body, which rapidly improves mood. This, in turn, is propelling market expansion.

Rising demand from children as a result of enhanced marketing through social media and television commercial channels by confectionery firms is driving the market expansion. The growing popularity of chocolates as a token of love, appreciation, and happiness that are given as gifts during the holiday season, primarily attracts consumers. Further, packaging, ingredients, authenticity, and the are buying experience, is also expected to boost the chocolate demand. This, in turn, is propelling market expansion.

The milk chocolate segment contributed a majority of the share to become the largest division in the global revenue in 2021. Milk chocolate is popular in North America as it is sweeter and has a softer texture than dark chocolate, but not as sweet and soft as white chocolate. Milk chocolate has a shelf life of roughly 16 months when properly kept. It can also be used in baking when a lighter chocolate flavor is desired.

The online segment is expected to register a faster CAGR from the year 2022 to 2030. The demand from e-commerce platforms has increased due to rising customers’ desire for premium chocolate. Wide availability of premium chocolates to choose from via DTC or third-party online platforms is driving the growth of this segment.

The market is consolidated in nature with the presence of a large number of international players and a few regional players. The Hershey Company, Mars Incorporated, Nestlé, Ferrero, Chocoladefabriken Lindt & Sprüngli AG, and MondelÄ“z International are among the prominent players in North America.

Request a free sample copy or view report summary:
North America Chocolate Market Report

North America Chocolate Market Report Highlights

• U.S. is expected to contribute a majority of the share to become the largest division in the global revenue in 2021. Chocolate consumption in the U.S. is sustained by strong consumer demand, buying power, and consumption patterns. Chocolate is often purchased twice a week in the U.S., with sales increasing on holidays and weekends as consumers are more likely to treat themselves and others to with chocolate.
• The Mexico segment is projected to register the fastest growth during the forecast period with a CAGR of 5.2% from 2022 to 2030. Revenue in Mexico is likely to be generated by different marketing initiatives implemented by the country’s leading manufacturers. By boosting availability at convenience shops and enhancing shelf exposure in retail stores, these firms are targeting the youth market. Seasonal needs for holidays and festivals such as Easter, Christmas, Thanksgiving, and Halloween further fuel the North America chocolate market.
• Offline segment is expected to have a majority of share in 2021 and is likely to maintain its dominance due to supermarkets and hypermarkets, such as Target and Walmart, that are attempting to gain market momentum by carrying European luxury chocolate brands such as Godiva. This broadens the range of overseas participants in the U.S. market.

After Sun Care Product Market Size Worth $1.64 Billion By 2030

 

After Sun Care Product Market Growth & Trends

The global after sun care products market is expected to reach USD 1.64 billion by 2030, expanding at a CAGR of 4.1%, according to a new report by Grand View Research, Inc. Rising consumers awareness especially, among the millennials regarding the harmful effect of the sun rays on the skin has driven the after sun care products in the market. Moreover, natural and organic after sun care products are gaining traction among a growing number of consumers, driven by the rising consumer awareness related to the harmful effects of chemicals on the skin. Usage of organically-sourced ingredients in product formulations is anticipated to surge in the next few years as per the trends observed in after sun care products consumption.

After sun care products are available in a wide variety of types, variants, and others to suit the requirements of a varied set of consumers. The demand for after sun care products with natural ingredients is increasing rapidly owing to their various benefits to the skin, such as protecting skin because of the exclusion of harmful chemicals from it, further propelling their demand in the market.

The mass segment contributed a majority of the share to become the largest division in the global revenue in 2021. Easy accessibility of after sun care products at a reasonable price to the consumers has driven the after sun care products in the market.

The lotion segment contributed a majority of the share to become the largest division in the global revenue in 2021. Lotion usually has around 5 to 25 percent of oil-soluble substances and oils in it. Thus, they get easily spread and absorbed quickly into the skin. Thus, making it the most popular form among the consumers. Moreover, lotions are available for all types of skin in the market. Thus, the aforementioned facts have driven the growth of the market in terms of value sales.

The e-commerce segment is expected to register the fastest CAGR from the year 2022 to 2030. E-commerce retail sales are expected to witness substantial gains in the coming years on account of rising consumer spending, growing population, and wide availability of products. In addition, the introduction of mobile shopping apps for after sun care products such as Amazon, Nykaa, and others along with the availability of safe & convenient payment gateways are contributing to the growth of the online retail industry.

The market is fragmented in nature with the presence of a large number of international players and a few regional players. Unilever; The Estée Lauder Companies Inc.; Shiseido; MacAndrews & Forbes (Revlon); L’Oréal S.A.; Coty Inc.; Clarins; Beiersdorf AG; Johnson & Johnson Services, Inc.; and Bioderma Laboratories.

Request a free sample copy or view report summary:
After Sun Care Products Market Report

After Sun Care Product Market Report Highlights

• The gel segment is projected to register the fastest growth during the forecast period with a CAGR of 5.3% from 2022 to 2030. The benefits offered by after sun care products in gel form such as creating dense fil on the skin to protect it from the harmful effect of the sun on the skin over conventional after sun care products and others. This in turn is expected to boost the demand for gel after sun care products during the forecast years.
• The premium after sun care products segment is projected to register the fastest growth during the forecast period with a CAGR of 5.0% from 2022 to 2030. The rising demand for color cosmetics to enhance physical appearance, especially among the young population is expected to boost the demand for gel after sun care products during the forecast years.
• During the forecast period, the e-commerce segment is expected to grow the fastest. The increasing availability of a wide range of after sun care products of different brands, free delivery, and seasonal discount on e-commerce platforms such as Walmart, and Amazon are among the major reasons driving the segment.
• Asia-Pacific has accounted for the highest market share in the global revenue in 2021. European consumers, most notably in China, India, Japan, and ASEAN are increasingly inclining towards after sun care products which in turn is fueling the growth of the market.

Germany Pet Insurance Market Size Worth $2.65 Billion By 2030

 

Germany Pet Insurance Market Growth & Trends

The Germany pet insurance market size is anticipated to reach USD 2.65 billion by 2030, according to a new report by Grand View Research, Inc. The regional market is expected to expand at a CAGR of 14.6% from 2022 to 2030. The market growth is attributable to the increasing prevalence of acute and chronic pet health diseases, the rising humanization of pets, and supportive government regulations. For example, liability insurance is compulsory for certain dangerous dog breeds in the states of Saarland, Bremen, Hessen, Nordrhein-Westfalen, and Baden-Wurttemberg.

The COVID-19 outbreak catalyzed the market with a surge in pet adoption and pet health concerns. Wertgarantie Group, the parent company of Agila, reported an exponential rise in the purchase of dogs and cats in Germany in 2020, amid the pandemic. This positively affected the company’s pet health insurance business with about 340,000 new contracts. However, this number contrasted the 475,000 veterinary bills processed during the period for the benefit of customers.

As pet owners are becoming increasingly concerned about their pet’s health and wellbeing, the demand for pet insurance is expected to increase over time, due to high costs of treatment and surgery, awareness about pet health & diseases, and pet humanization. In addition, changing customer requirements, digitalization in the banking & insurance sectors, and the adoption of veterinary telehealth is estimated to fuel the market growth.

Intuitive pet insurance plans, quick checkouts, and offering online management of pet plans are some of the common features offered by fully digital insurance companies or Insurtech companies in the country. These trends are expected to continue during the forecast period. As per a 2018 survey by YouGov, the majority of Germans (around 52%) indicated a preference for managing their insurance contracts via online banking. The COVID-19 pandemic has further increased this preference.

Market players are involved in providing affordable and tailored insurance products to suit the needs and budgets of pet parents. These include monthly or annual plans, plans based on coverage type, and sold through various sales channels. Barmenia Insurance, for instance, offers horse surgery insurance that provides coverage from colic protection to premium surgery costs.

The company’s dog and cat health insurance plans come in 4 variants, wherein all plans cover operations, including partial anesthesia or local anesthesia with no annual maximum. Service additions to enhance product value is another unique selling point observed in the German pet insurance market. DFV Deutsche Familienversicherung AG, for example, partnered with FirstVet to offer veterinary telemedicine services to its animal health policyholders, thus expanding its offerings.

Request a free sample copy or view report summary: 
Germany Pet Insurance Market Report

Germany Pet Insurance Market Report Highlights

• The pet insurance market in Germany was valued at USD 783.47 million in 2021 and is expected to grow at a CAGR of 14.6% during the forecast period
• The dogs’ segment dominated the German pet insurance market by animal type in 2021, while the others segment is expected to grow at the fastest rate of over 15% during the forecast period
• The factors contributing to the market growth include an increase in the number of pets, pet care expenditure, and chronic conditions such as joint disorders, fractures, and trauma, which require expensive treatments or surgical interventions
• The health insurance segment accounted for the largest share of the market by coverage type in 2021, owing to growing pet health concerns and the need to curb expenditure
• Direct sales dominated the sales channel segment with a share of over 35% in 2021. This is attributable to the high usage of direct sales strategies by key pet insurance providers in the region
• The broker sales channel segment, on the other hand, is expected to register notable growth in the coming years. SantéVet, for instance, provides a range of pet insurance products, wherein guarantees are taken out through an insurance brokerage company, Vetassur. SantéVet also partners with other brokers to reach more customers and gain market share

U.S. Veterinarians Market Size Worth $23.3 Billion By 2030

 

U.S. Veterinarians Market Growth & Trends

The U.S. veterinarians market size is poised to reach USD 23.3 billion by 2030, expanding at a CAGR of 8.7% during the forecast period, as per a new report by Grand View Research, Inc. The rising cases of zoonotic and chronic diseases, increasing animal health expenditure, and growing pet health concerns are the key factors driving the market. An estimated total of around 132,138 professionals were actively involved in the veterinary profession in the U.S. Approximately 57% of the U.S. veterinarians were employed in private practices in 2020. This number is estimated to increase in the coming years, owing to a rise in demand for veterinary services.

Although the COVID-19 pandemic presented several challenges to the animal health industry, it highlighted the need to secure the health of pets as well as food animals. With containment measures such as lockdowns & movement restrictions, manufacturing companies and veterinary service providers were significantly affected. Animal disease surveillance and reporting activities, such as outbreak investigation & disease reporting, were also disrupted due to logistical issues. This included restrictions & constraints on access to farms & transport of samples and veterinary equipment & PPE kits during the pandemic.

However, companies manufacturing products or providing services that helped ease the pandemic burden, such as COVID-19 tests and veterinary telehealth services, were positively impacted. Veterinary visits too plunged due to the pandemic. However, the numbers soon recovered as veterinary services were recognized as an essential service. The U.S. government also announced several financial stimulus packages, flexible norms, and guidelines to ensure business continuity.

The Coronavirus Response and Relief Supplemental Appropriations Act & the Coronavirus Aid, Relief, and Economic Security (CARES) Act came into force to provide rapid & direct economic assistance to workers, families, & small businesses, and to preserve jobs in the U.S. Among other provisions, this included the Paycheck Protection Program to assist small businesses. C4, or the fourth COVID-19 relief bill, passed by the U.S. Congress in December 2020, included additional relief measures. Key provisions of C4 included a simplified loan waiver of up to USD 150,000, applicable to most veterinary practices.

With the growing number of pet parents in the U.S. and adoption of pet insurance, demand for animal health services is rising amongst people. In 2020, about 3.45 million pets had insurance coverage across North America, as per the North American Pet Health Insurance Association. Out of these, 3.1 million pets were insured in the U.S. alone. The highest percentage of insured pets were found to reside in California, New York, and Florida.

Dogs were the most frequently insured pets as compared to cats.Among the many available career paths, a notable number of U.S. veterinarians pursue teaching and/or research careers as faculty, thus contributing to the significant revenue share of the academics segment. New graduates are also inclined to enter internships and residencies at private veterinary practices or veterinary medicine colleges.

Request a free sample copy or view report summary: 
U.S. Veterinarians Market Report

U.S. Veterinarians Market Report Highlights

• The regional market was valued at USD 11.03 billion in 2021 and is expected to grow at a CAGR of 8.7% during the forecast period
• Factors such as increasing consumption of meat, growing pet adoption rate, and rising pet expenditure are expected to boost demand for veterinary medicine and expertise, which in turn, will fuel the demand for veterinarians
• The private segment emerged as the largest revenue-generating segment of the U.S. veterinarians market in 2021
• Increased private practitioners across the country due to high compensation rate, as compared to public practices or academic profession, is a key contributor for the segment dominance during the forecast period
• The companion animal exclusive practice amongst the private sector dominated the market in 2021. Increasing spending on pets ranging from food to veterinary care, along with surging adoption is expected to positively influence market growth
• According to the Center for Regional Analysis, George Mason University and APPA analysis, the U.S. pet industry supports over 1.3 million jobs in the U.S. and pays around USD 60 billion in salaries, wages, and benefits
• The industry generates more than USD 221 billion in direct, indirect, and induced economic impact annually. The pet industry’s impact proves that taking compassionate care of pets is also good for business