Injection Molding Machine Market Worth $22.03 Billion By 2030

 

Injection Molding Machine Market Growth & Trends

The global injection molding machine market size is expected to reach USD 22.03 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.6% from 2022 to 2030. The increasing demand for injection molding machines in industries such as automotive, consumer goods, packaging, and electronics is projected to fuel the market growth over the forecast period.

The spread of the omicron variant of COVID-19 has increased hospitalization rates in North America, and the demand for plastic molded products witnessed a surge in the medical sector. This is expected to drive the demand for numerous medical devices, thereby fueling the demand for plastics used for developing them using this technology. The increasing consumption of packaging products in the healthcare, cosmetics, personal care, and consumer goods industries is expected to fuel the growth of the packaging industry over the forecast period. This, in turn, is expected to fuel the market growth in the coming years.

Shifting consumer preferences toward electric vehicles owing to the increasing government subsidies regarding EVs, coupled with a growing number of EV charging stations, are expected to have a positive impact on the automotive industry growth. This, in turn, is expected to fuel the growth of the market in the coming years. Injection molding machine manufacturers are focusing on mergers, acquisitions, and partnerships to acquire a large market share and increase the capacity to meet the growing demand from various end-user industries such as automotive, electronics, and consumer goods.

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Injection Molding Machine Market Report

Injection Molding Machine Market Report Highlights

• By material, plastic accounted for the largest revenue share of over 75.0% in 2021 owing to the rapid growth in the consumption of plastic parts in the automotive industry
• The increasing demand for air conditioning units, refrigerators, structural electronics, and several other electronic appliances is expected to drive the market in the industry
• The growing electronics industry across the globe along with the presence of technology-driven companies is expected to play a key role in the growth of the market
• The Asia Pacific region is expected to expand at a lucrative CAGR of 5.1% over the forecast period owing to the increasing investments in the packaging and electronic industries, coupled with the strong consumer base in countries such as China, Japan, and India
• In May 2020, Milacron launched a new rental option for machinery upgrades through its exclusive financing partner, namely Equipment Finance Group (EFG), to cater to the increasing demand for manufacturing products during the COVID-19 pandemic

Hydraulic Cylinder Market Size Worth $22.16 Billion By 2030

 

Hydraulic Cylinder Market Growth & Trends

The global hydraulic cylinder market size is expected to reach USD 22.16 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.2% from 2022 to 2030. The global market is primarily driven by the growth of the building and construction industry and rising investments in the aerospace and defense industry. Hydraulic cylinders are widely used in the construction industry and are used in various construction and infrastructure projects such as bridges, roads, tunnels, and buildings. The increasing investments by governments and private players in the construction and infrastructure industry are augmenting the demand for hydraulic cylinders.

The aerospace and defense industry is one of the key end-users of this product. It is used in aircraft in actuate brakes, landing gears, and flight control and fuel systems. The demand for this product is propelling in the aerospace and defense industry owing to its superior mechanical properties and the ability to handle harsh environments. The availability of other alternatives in the market gives end-users a position to make their choices depending on their needs. However, these products are cost-efficient and long-lasting, thus making them preferable in certain applications such as aerospace and defense.

The growing penetration of the e-commerce industry is expected to positively impact the market. These products are used in dock loading equipment and forklifts, which are used for supporting warehouse and logistics industries. Major e-commerce giants are investing in developing their businesses. The presence of numerous industries, coupled with growth in the manufacturing sector of economies such as China, India, and Southeast Asian nations, is propelling regional growth. Moreover, numerous investments in construction and infrastructure, mining, and energy-related projects are anticipated to boost the demand for hydraulic cylinders over the forecast period.

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Hydraulic Cylinder Market Report

Hydraulic Cylinder Market Report Highlights

• The double-acting function segment dominated the market and accounted for over 70.0% share of the global revenue in 2021 owing to its wide application in large-scale engines and other construction equipment
• The welded product segment led the segment and accounted for more than 50.0% share of the global revenue in 2021 owing to the rise in the consumption of the product in various end-use industries such as construction, oil & gas, mining, manufacturing, and waste handling
• The demand for hydraulic cylinders has significantly increased in the energy and power application segment owing to the increasing consumption of energy
• Countries in North America are focused on accelerating their economic growth rate by investing in construction, transportation, aviation, logistics, and shipping industries, augmenting the demand for hydraulic cylinders over the forecast period
• In March 2022, Bosch Rexroth AG announced that it is planning to acquire a majority stake in Kassow Robots ApS, which is expected to help the company to expand its portfolio for its factory and future

Wet Wipes Market Size Worth $29.7 Billion By 2030 | CAGR 3.6%

 

Wet Wipes Market Growth & Trends

The global wet wipes market size is expected to reach USD 29.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.6% from 2022 to 2030. Increasing consumer awareness of personal hygiene, as well as their proclivity to spend on products that aid in the proclamation of cleanliness and disinfection, is expected to drive market demand over the forecast period. In times of economic distress, consumers have grown more mindful of their spending and have opted for low-cost and inexpensive products rather than high-priced specialty products. Because the product is in high demand, these factors have had a beneficial impact on market growth.

The expansion of middle-income age groups in emerging economies such as China and India is expected to play a key role in encouraging manufacturers to establish new tie-ups with both, offline and online channels over the next few years. In addition, a variety of wet wipes with unique constituents are available in the market, which is suitable for various purposes. For instance, customers who have dry skin issues are recommended rosewater-based wipes for proper hydration and water retention. These developments in product offerings are expected to drive the market.

The baby wipes segment dominated the market and accounted for the largest revenue share of 30.1% in 2021. Millennial parents are concerned about the baby’s sensitive skin, especially the diaper area. Therefore, to avoid rashes, they prefer using baby wipes because of the associated benefits, such as improved absorbent fabrics, which help in cleaning and reducing bacteria on the baby’s skin, and reduced risk of infection and skin irritation.

The role of e-commerce is integral in this industry as online platforms are known to attract a larger set of consumers. As this trend holds the potential to change the dynamics of the market, most small- and medium-sized manufacturers have been trying to advertise, promote, and sell their products online as their first step. The market is highly competitive and dominated by large multinational manufacturing companies. The players face intense competition, especially from the top players in the market, as they have a large consumer base, strong brand recognition, and vast distribution networks.

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Wet Wipes Market Report

Wet Wipes Market Report Highlights

• North America dominated the market and is expected to witness a CAGR of 3.3% over the forecast period. The major factors driving this regional market are the changing lifestyles of the people, an increase in the number of working women, rising online retailing trends, and increasing disposable income
• The intimate wipes segment is expected to register the fastest CAGR of 4.1% from 2022 to 2030. Worldwide, there has been a large increase in the number of women entering the workforce, which has increased their purchasing power and raised their awareness of personal hygiene, ultimately driving the market
• The non-woven segment dominated the market and accounted for the largest revenue share of 81.3% in 2021 owing to softness and better absorption ability

Peripheral Nerve Injuries Market Worth $2.58 Billion By 2030

 

Peripheral Nerve Injuries Market Growth & Trends

The global peripheral nerve injuries market size is anticipated to reach USD 2.58 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 7.65% over the forecast period due to the ongoing clinical trials focused on peripheral nerve repair, technological advancements, an increase in R&D activities, and a rise in awareness among people about different regenerative medicines. COVID-19 has had a negative impact on the market, affecting the demand and production directly, disrupting the supply chain, and increasing the financial burden on businesses. During the pandemic, a number of surgeries were regularly postponed and/or canceled to prevent the spread of COVID-19. Neurosurgical procedures decreased by 55% in the worst-hit countries, including the U.S., Russia, India, Brazil, France, the U.K., Italy, and Spain.

Furthermore, manufacturing activities, supply chain, delivery schedules, and sale of biomaterials were disrupted due to nationwide lockdowns. Moving forward, as industry players are introducing new and better technologies, the industry is expected to grow over the forecast period. For instance, in May 2022, the topline results of Clinical Study Axogen’s RECON comparing conduits to Avance Nerve Graft in digital nerve injuries were disclosed by Axogen, Inc., a global pioneer in marketing and developing revolutionary surgical solutions for PNIs. The primary target for the recovery of sensory function, as defined by static two-point discrimination, was fulfilled in Phase 3 pivotal research, and the safety profile was comparable with previously reported data. This information will help the company submit a Biologics License Application (BLA) in the second half of 2023.

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Peripheral Nerve Injuries Market Report

Peripheral Nerve Injuries Market Report Highlights

• The nerve conduit product segment accounted for the largest share in 2021. This is because 3D bioprinting applications are becoming more and more popular

• This method delivers nerve conduits with 3D complex and personalized spatial structures to increase the effectiveness of peripheral nerve regeneration

• The direct nerve repair surgery segment dominated the global space in 2021owing to a rise in the preference for minimally invasive surgery, a high geriatric population, and increased healthcare spending to treat the PNI effectively

• The upper extremities application segment held the maximum revenue share in 2021 due to technological advancements and increased cases of PNIs

• Asia Pacific is expected to witness the fastest growth rate over the forecast period due to the increasing awareness and rising investments by key players in the developed and emerging nations

• The industry is highly competitive due to the presence of key companies

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Specialty Generics Market Size Worth $148.7 Billion By 2030

 

Specialty Generics Market Growth & Trends

The global specialty generics market size is expected to reach USD 148.7 billion by 2030, according to a new study by Grand View Research Inc. The market is expected to expand at a CAGR of 9.2% from 2022 to 2030. The growth in the market is largely driven by increasing product approvals and the rising prevalence of complex chronic diseases, such as multiple sclerosis.

In April 2022, Dr. Reddy’s Laboratories launched a methylprednisolone sodium succinate injection in the U.S. for the treatment of patients with arthritis, blood disorders, and certain rare cancers. Furthermore, in June 2022, Elixir launched copay solutions enhancement program for the management of specialty generic medication prices. Under this program, an eligible patient receives a generic version of specialty medication at zero cost. Thus, the launch of new low-cost generic injectables and the availability of such programs is projected to fuel market growth.

Increased claim settlements and availability of specialty generic drugs increase their prescription rates due to the high safety, efficacy, and tolerability associated with them. According to the Human Resources Benefits Office University of Michigan annual report (2021), around 1,383 claims were settled for specialty generic drugs such as glatiramer acetate (Copaxone/Glatopa), teriflunomide (Aubagio), and fingolimod (Gilenya) in 2021, compared to 1,360 in 2020, with a rise of 1.7% for the treatment of patients with multiple sclerosis.

However, high costs associated with specialty generics may hamper their uptake. The lack of ability to attract patients toward drugs, marketing rights acquired by companies for off-patent drugs with no generic competition, and small target patient pool, subsequently increases the prices of products. According to the University of Michigan Prescription Drug Plan Formulary report, the average cost of specialty generic is over USD 4,500 monthly per person, compared to USD 17 to 22 for a generic prescription.

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Specialty Generics Market Report

Specialty Generics Market Report Highlights

• Based on type, the injectables segment dominated the market in 2021. It is estimated to maintain its dominance during the forecast period due to its high prescription rate on account of long-term effects, and immediate absorption compared to oral drugs
• Based on application, the oncology segment is expected to witness significant growth during the projection period owing to the increasing prevalence of cancer. According to Globocan, the number of new cancer cases is anticipated to reach 28.4 million within the next two decades worldwide
• On the basis of end-use, the specialty pharmacy segment dominated the market in 2021 owing to features like timely delivery, optimized patient access, and effective distribution management
• Based on region, North America dominated the market in 2021 due to the presence of supportive regulatory policies regarding the approval of new products. The U.S. FDA introduced Generic Drug User Fee Amendments (GDUFA) under the Hatch-Waxman act to quicken the approval of new generic drugs

Cancer Monoclonal Antibodies Market Worth $159.7 Billion By 2030

 

Cancer Monoclonal Antibodies Market Growth & Trends

The global cancer monoclonal antibodies market size is expected to reach USD 159.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.2% from 2022 to 2030. The increasing prevalence of cancer, and product approvals along with a robust pipeline are the key factors augmenting the market growth. Furthermore, an increase in funding for R&D in this sector is expected to impact industrial growth. Moreover, the booming biosimilar market will further offer lucrative opportunities during the forecast period.

Non-small Cell Lung Cancer (NSCLC) is a common type of lung cancer. For patients with metastatic NSCLC, the prognosis is mostly poor, as only about 8% will live beyond 5 years after the diagnosis. Moreover, at present, there are no HER2-directed therapies approved precisely for treating HER2-mutant non-small cell lung cancer, which occurs in almost 2–4% of patients with non-squamous NSCLC. However, progress has been made over the last two years, mainly in the first-line setting, leaving a substantial unmet medical need. For instance, in April 2022, Daiichi Sankyo and AstraZeneca received acceptance of supplemental Biologics License Application (sBLA) of Enhertu in the U.S. for treating adult patients with unresectable NSCLC.

The development of monoclonal antibodies has been great both in clinical and technical research applications over the past three years. Given their advantages of safety, specificity, and efficacy, there is now prevalent acceptance of mAbs as advanced therapeutic agents. Cancer is the most dominating and important area of medicinal application, accounting for almost 50% of all monoclonal antibodies-related R&D programs.

In addition, in June 2021, the European Commission approved Bristol Myers Squibb’s combination therapy of Yervoy and OPDIVO to treat patients for malignant pleural mesothelioma. In June 2022, Regeneron Pharmaceuticals, Inc. announced its plan to purchase Sanofi’s stake in the Sanofi and Regeneron partnership on Libtayo, providing the company with exclusive global development, manufacturing, and commercialization rights to the medicine. Furthermore, in May 2020, Gilead Sciences, Inc. and Arcus Biosciences, Inc. entered into a 10-year partnership to co-commercialize and co-develop recent and future therapeutic candidates in Arcus’s pipeline. Arcus has 10 current clinical studies of molecules in its range with three monoclonal antibodies.

As COVID-19 reached a tipping point in the U.S. and Europe during the last two weeks of March 2020, its far-reaching consequences were observed across industries and businesses, with hospitals postponing or canceling treatment procedures for cancer and halting clinical trials. This has hampered the market growth to an extent. However, as treatment procedures resumed, manufacturers observed a steady improvement in business in the second half of 2021.

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Cancer Monoclonal Antibodies Market Report

Cancer Monoclonal Antibodies Market Report Highlights

• By type, the humanized segment held a larger share of the market in 2021 owing to factors such as, low cost, availability, and quick production time for mouse monoclonal antibodies. However, the human segment is expected to hold the highest CAGR during the forecast period due to an increase in the number of product approvals and product launches
• The blood cancer application segment held a significant revenue share in 2021 owing to an increase in the prevalence of hematological disorders along with a robust pipeline. In addition, the lung cancer segment is poised to expand at the highest CAGR during the forecast period
• In 2021, the hospital segment was the leading end-user segment due to an upsurge in the number of patient hospitalizations. In addition, the availability of innovative drug therapies in the facility drives the patient preference
• North America dominated the global market in 2021, due to the strategic activities of key market players, increasing cancer cases, and supportive government efforts in this region
• In Asia Pacific, the market is expected to grow considerably in the future due to the increasing number of international and national collaborations among entities, especially those in developed and developing countries

Healthcare Finance Solutions Market Worth $216.4 Billion By 2030

 

Healthcare Finance Solutions Market Growth & Trends

The global healthcare finance solutions market size is anticipated to reach USD 216.4 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 7.7% over the forecast period. Rising demand for ongoing improvements and modifications in various healthcare procedures to enhance the efficiency of various healthcare facilities are the factors driving the industry growth. The need for healthcare services is increasing exponentially as a result of the growing aging population and an increase in cases of chronic diseases. The ability to provide the latest edition of medical equipment is essential for maintaining a high standard of patient care.

As hospitals start utilizing the devices of the growing medical technology industry, the ability to finance and lease equipment is becoming even more crucial. It is a crucial component of enabling hospitals and practices to acquire innovations and, as a result, this would create the demand for healthcare finance solutions to invest more in advanced equipment. Real-time access to medical services and related assistance made possible by digital technology could improve the patient experience. This upgrade would require the installation of equipment designed to handle and manage such tasks. With the advancement of technology and the growing demand for advanced healthcare, the cost of the devices would be a major factor for healthcare providers.

The growth of the industry would be greatly impacted by the cost of such devices.The COVID-19 pandemic had severe economic, logistical, and other effects. However, following the pandemic, the industry is putting efforts to invest in the facilities, which include investments in improved forecasting after the supply chain disruptions & shortages, spending more on personnel and safety precautions, such as infrastructure, personnel, and Personal Protective Equipment (PPE). In addition, investments in cybersecurity & remote workforces and in addressing the health disparities that the pandemic has brought to light, such as promoting greater diversity in clinical trials, would support the industry growth.

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Healthcare Finance Solutions Market Report Highlights

• The decontamination equipment segmentaccounted for the maximumrevenue share in 2021

• On the basis of healthcare facility type, the hospitals & health systems segment dominated the industry in 2021

• The equipment and technology finance services segment dominated the global space in 2021 and accounted for the maximum revenue share in the same year

• This is due to the fact that technology is changing rapidly and the demand for advanced healthcare increases the cost of the equipment

• North America dominated the industry in 2021 due to the increased demand for advanced equipment as the institutions adopt the latest devices

Oxygen Therapy Market Size Worth $54.14 Billion By 2030

 

Oxygen Therapy Market Growth & Trends

The global oxygen therapy market size is expected to reach USD 54.14 billion by 2030, according to a new report by Grand View Research Inc., expanding at a CAGR of 5.78% from 2022 to 2030. The increasing prevalence of major respiratory diseases, such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and obstructive sleep apnea, is a high-impact rendering driver of the market. As per the estimates of the WHO, a consequential global rise in the prevalence of asthma and other respiratory disorders is expected to heighten clinical urgency to treat the aforementioned disorders and is expected to boost the demand for oxygen therapy as the first-line treatment and as a supplement in various applications.

Moreover, technological advancements are anticipated to provide growth opportunities in a wide range of new applications such as cancer and diabetes. For instance, incorporation of flow sensors in delivery devices to conserve and regulate the flow enables greater patient comfort and outcomes. Furthermore, the increasing focus on home healthcare solutions, coupled with the development of portable delivery devices, is significantly impacting industry growth. These aforementioned factors are expected to serve as key factors contributing to the growth of the market over the forecast period.

The Covid-19 pandemic has positively impacted the market for O2 therapy devices. Due to the outbreak, oxygen demand has increased significantly, especially during the spikes in patients at hospitals suffering from Covid-19. Additionally, pressure on oxygen supplies at hospitals has been caused by a large number of Covid-19 patients. Therefore, the demand for O2 therapy devices in the healthcare sector has increased and will continue to increase significantly in the near future. The governments of various countries are focusing on expanding healthcare facilities in rural areas. With the upcoming infrastructural projects, the demand for medical O2 is expected to increase substantially.

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Oxygen Therapy Market Report

Oxygen Therapy Market Report Highlights

• The oxygen source equipment segment held the largest share in 2021 owing to its high usage rate and wide-scale availability in various forms such as liquid compressed gas, and concentrators
• Oxygen delivery devices are expected to grow at a lucrative rate being an indispensable part of the oxygen therapy set-ups, thereby contributing to the overall market growth during the forecast period
• Oxygen concentrators captured a dominant share in 2021 owing to rising popularity and adoption of portable concentrators in emergency medicine, ambulatory, and home settings
• Oxygen masks accounted for a leading share in 2021 as a consequence of being the indispensable unit of the delivery system and greater availability of specialty masks as per the patient’s physiological needs
• Chronic Obstructive Pulmonary Disease (COPD) held the largest revenue share of over 35.0% in 2021 owing to presence of unmet needs pertinent to COPD treatment, thereby propelling the demand for oxygen therapy
• Home healthcare is anticipated to grow lucratively owing to associated benefits such as long-term cost efficiency and increased mobility, propelling the demand over the forecast period
• Moreover, the presence of organizations such as the American Association for Homecare to promote awareness and strengthen home healthcare is expected to provide growth opportunities to the market in the future
• Industry players are adopting strategies such as new product development, technological innovations, collaborations, and mergers & acquisitions to acquire a greater market share

Asia Pacific Disposable Endoscopes Market Worth $2.4 Billion By 2030

 

Asia Pacific Disposable Endoscopes Market Growth & Trends

The Asia Pacific disposable endoscopes market size is expected to reach USD 2.4 billion by 2030,registering a CAGR of 18.8% during the forecast period, according to a new report published by Grand View Research, Inc. This growth can be attributed to the growing cases of contamination due to reusable endoscopes, increasing respiratory & chronic diseases, and the rise in the number of endoscopic procedures in the region. Furthermore, the unique selling propositions of disposable endoscopes, such as cost-effectiveness and lower chances of contamination, are also anticipated to drive the adoption of the product.

By application, the highest revenue share of around 29% was held by the bronchoscopy segment in 2021. This can be attributed to the growing preference and adoption of disposable bronchoscopes & their components for the removal of foreign substances & blockages from the airways or lungs. The lack of skilled professionals for cleaning and disinfecting reusable bronchoscopes is also anticipated to support the adoption of disposable units for lung disorder procedures. In addition, increasing mortality due to lung disorders is also expected to accelerate segment growth over the forecast period.

By end-use, the hospital segment is expected to hold a high revenue share of over 47% in 2021 owing to the increasing number of endoscopic procedures performed in hospitals and growing patient preference for early disease diagnosis. In addition, favorable reimbursement policies and low procedural costs of government hospitals also boosted the growth of the segment in the global market. However, the fastest growth rate is anticipated from the clinics segment due to the high preference for use of disposable endoscopes & components in these centers due to low postprocedural complications & quick recovery time.

The COVID-19 pandemic has positively impacted the adoption of single-use endoscopes. The rise in fear of contracting coronavirus infection has fueled the adoption of single-use endoscopic devices along with other disposable equipment. Several hospitals and clinics in the Asia Pacific region, performing endoscopic procedures, turned to disposable units to lower postprocedural complications and improve patient engagement during the pandemic. In addition, the continued lockdown and shortage of medical staff due to the COVID-19 infection also hampered the reprocessing of reusable endoscopes, thereby supporting the adoption of single-use devices.

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Asia Pacific Disposable Endoscopes Market Report

Asia Pacific Disposable Endoscopes Market Report Highlights

• On the basis of application, bronchoscopy dominated the market
• There is a growing preference and adoption of disposable bronchoscopes & their components for the removal of foreign substances and blockages from the airways or lungs
• By end-use, the hospitals segment dominated the market in terms of revenue, which can be attributed to the high number of endoscopic procedures performed in the hospitals

Knee Implants Market Worth $17.4 Billion By 2030 | CAGR: 5.7%

 

Knee Implants Market Growth & Trends

The global knee implants market size is anticipated to reach USD 17.4 billion by 2030, according to a new report published by Grand View Research, Inc. It is expected t register a CAGR of 5.7% from 2022 to 2030. This growth is attributed to the growing elderly population and the surging prevalence of chronic rheumatic conditions, such as osteoarthritis, rheumatoid arthritis, and post-traumatic arthritis. Primary factors that lead to the occurrence of arthritis are aging, physical injuries, genetic inheritance factors, abnormal metabolism, infections, and immune system abnormalities.

The introduction of advanced technologies and products is anticipated to keep the industry rivalry and market growth at par over the forecast period. For example, X3 Advanced Bearing Technology and Mako Robotic-Arm Assisted Technology have the capabilities of providing a patient-specific 3D model to plan partial knee replacement surgeries. In addition, in March 2016, Zimmer Biomet launched the Persona Medial Congruent Bearing, which is designed to enable more natural motion of the knee by maximizing joint stability.

Increasing investment in the healthcare sector, the growing geriatric population, and the rising demand for minimally invasive surgeries are the major factors driving the adoption of joint replacement procedures. Untapped opportunities in developing economies, such as China and India, are further anticipated to impel market growth. To combat COVID-19, the governments took the initiative of allowing only the necessary surgical procedures and the majority of knee arthroplasty surgery did not meet the definition of essential surgery. Such restrictions then hampered the demand for knee implant devices.

For instance, according to a study published by the NCBI, in July 2020, the total daily Medicare revenue from arthroplasty hospitals decreased by 87% and surgeon revenue by 85%. Thus, the initial phase of the COVID-19 outbreak negatively impacted the market. The medical product supply chain also faced difficulty due to the lockdown, as many countries banned the import and export of medical products. New key developments such as partnerships, product approvals, acquisitions, and product launches are expected to positively impact the market in the coming years. For instance, in November 2021, OrthAlign, Inc., a firm based in the U.S., launched Lantern, which is a surgical technology, used to perform total and partial knee replacements.

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Knee Implants Market Report

Knee Implants Market Report Highlights

• Total knee replacement was the largest grossing segment in 2021 with over 77.0% share and is expected to maintain its position during the forecast period
• Developed countries, including the U.S. and Germany, are major contributors to this market. Advances in surgical technologies and rising demand in developing economies are expected to be vital factors contributing to the growth
• The mobile-bearing implants segment is expected to exhibit the fastest growth during the forecast period. This can be attributed to the associated benefits such as longer performance with less wear and the additional few degrees of rotation compared to a fixed-bearing device
• North America dominated the global market in 2021 and is expected to maintain its dominance over the forecast period. High procedural cost and reimbursement coverage coupled with the availability of skilled professionals is anticipated to impel the demand for knee implants during the forecast period
• Asia Pacific is projected to be the fastest growing region over the projected period. The rapidly booming medical tourism industry in the emerging economies of India and China is primarily driving the demand for knee replacement products in this region

U.S. Residential Organic Compost Market Worth $763.8 Million By 2030

 

U.S. Residential Organic Compost Market Growth & Trends

The U.S. residential organic compost market size is anticipated to reach USD 763.8 million 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 growing popularity of gardening as a hobby among Gen Z and millennials in the U.S. is anticipated to lead to a surge in demand for organic compost during the forecast period.

Another factor fueling the growth of the U.S. market for residential organic compost is the growing interest in eating healthy and home-grown food. A high number of consumers are growing vegetables and fruits for self-consumption as the trend for eating healthy has gained traction among the U.S. population and consumers have become more aware of the health benefits of self-grown organic food. This is expected to drive the demand for residential organic compost in the coming years.

The COVID-19 pandemic positively impacted the demand for organic compost from households. As consumers were restricted inside their homes amid lockdowns and travel restrictions, a large number of individuals took up gardening as a hobby. In addition, the COVID-19 pandemic escalated the interest of consumers toward healthier foods and hence a large number of consumers started growing vegetables and fruits in their homes to consume self-grown healthy foods. This resulted in an increased demand for organic compost by residential consumers amid the COVID-19 pandemic.

The impact of the pandemic on consumer behavior has been long-lasting and the trend for coming healthy self-grown foods is still going on. Furthermore, most of the companies in the U.S. are still operating with work-from-home or hybrid working models, contributing to people still spending a lot of time in their homes. Due to these ongoing trends, the demand for residential organic compost has continued to be strong.

An increasing number of younger individuals in the U.S. are taking up gardening as a hobby which is further driving the market growth. Also, consumers in the U.S., especially the younger generation, are becoming more environmentally conscious and hence are increasingly replacing harmful chemical fertilizers with organic compost. Furthermore, the rise of residential construction in the U.S. is also contributing to the growing demand for residential organic compost as it is used in landscaping activities at newly constructed buildings.

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U.S. Residential Organic Compost Market Report

U.S. Residential Organic Compost Market Report Highlights

• The online segment is expected to register the fastest growth of CAGR of 9.3% during the forecast period
• The growing internet penetration, increasing use of smartphones, and the consequent rise in the number of online shoppers have paved the way for increased sales of residential organic compost from the online channels in the U.S.
• However, the major part of the revenues still come from the offline channels as most of the consumers in the U.S. prefer to physically check the quality of the products as sub-standard quality of organic compost is sold in the U.S. market quite often

Blackout Fabric Market Worth $15.2 Billion By 2030 | CAGR: 6.6%

 

Blackout Fabric Market Growth & Trends

The global blackout fabric market size is expected to reach USD 15.2 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.6% from 2022 to 2030. The increased amount of time spent by people at home during the Covid-19 pandemic has led them to redecorate their home furnishings. In addition to working from home and night shifts, people are often deprived of sleep due to excessive light or harsh weather conditions, and the purchase of blackout fabric is on the rise.

Post the pandemic crisis, the hospitality industry is predicted to witness positive growth as people are tired of staying at home and they now prefer to spend most of their time traveling and exploring new places/experiences. To attract more consumers, hoteliers are implementing more strategies like renovating hotels and restaurants, resulting in the tremendous growth of retail furnishing. This increase in spending is expected to fuel the market growth.

In terms of thickness, the blackout fabric of the 2–3 ply segment dominated the market in 2021 and is expected to maintain its lead over the forecast period. This segment features a product that is lighter in weight and less expensive. Consumers prefer multilayered product rather than single layer as it provides a better environment by eliminating excessive light, heat, or cold.

North America held the largest market share in 2021 owing to the rise in the inclination of people in North America towards hotels and restaurants due to tourism. According to a survey conducted by Philips Global Sleep Survey, approximately 44% of adults worldwide have complained that their sleep quality has gotten worse over the past five years. Manufacturers are introducing innovative fabrics incorporated into various window cover designs while providing good utility. The several developments in the production of blackout fabric are a top priority for the key players in the market.

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Blackout Fabric Market Report

Blackout Fabric Market Report Highlights

• Based on end-use, hotels and restaurants dominated the market in 2021. People choose restaurants that protect them from the harsh sun rays that directly affect the skin and create an unpleasant atmosphere; this changing preference favors the growth of the market
• By thickness, the 2–3 ply segment is expected to register the fastest CAGR from 2022 to 2030. An increase in the number of schools and colleges who prefer a thick coating and inexpensive fabric is the key factor driving the popularity of the 2–3 ply segment in the blackout fabric market
• North America held the largest revenue share in 2021. The growth in the region is majorly attributed to the number of hospitals, colleges and the climatic condition of the region
• Hunter Douglas, one of the leading key players, launched a duette with a light lock system that is carefully engineered to protect the consumers from light leakage for better sleep quality

Bakery Contract Manufacturing Market Worth $43.6 Billion By 2030

 

Bakery Contract Manufacturing Market Growth & Trends

The global bakery contract manufacturing market size is anticipated to reach USD 43.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.5% from 2022 to 2030. The market is primarily driven by growing consumer demand for healthy food products coupled with a growing younger population. The pandemic led to a substantial shift in consumer demand for food and beverages, prompting considerable alterations in the way supply chains work worldwide. This led to a boom in the demand for processed foods, such as baked goods, prompting producers to opt for contract manufacturing to meet the increased demand for these baked goods.

Gen Z customers are more focused on personalized and unique products, as well as experiences over tangible goods. Moreover, social networking, online influencers, and online marketing all appear to have a significant impact on the purchasing decisions of Gen Z, which is anticipated to augment the demand for this service. Growing consumption of healthy baked goods in households, along with new product launches, expansion of the retail network, and population growth, are some of the major factors that are expected to promote the growth of the bakery industry, which, in turn, is anticipated to augment the demand of this industry.

Eating out, takeaways, and fast food are all common components of Gen Z’s diets. According to the FSA’s Food and You survey, rising preference for healthy baked products and increasing adoption of vegan baked goods among the younger population are projected to have a positive impact on the market. Bakery contract manufacturers are becoming more involved in the custom formulation of bakery products. In response to the growing demand for healthy food, market participants are emphasizing healthy and vegan food products. Furthermore, the capacity to pivot to new initiatives is likely to bolster industry growth.

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Bakery Contract Manufacturing Market Report

Bakery Contract Manufacturing Market Report Highlights

• The manufacturing category dominated the market and accounted for more than 67.5% of the global revenue share in 2021 owing to the rising adoption of automation technologies and robotics in the bakery industry, which is likely to drive the product demand
• The custom formulation and R&D category segment is expected to witness a CAGR of 10.8% over the forecast period owing to the increasing frequency of lifestyle-related diseases worldwide, thus augmenting the demand for bakery contract manufacturing
• Asia Pacific is anticipated to emerge as the fastest-growing regional market at a CAGR of 10.3% over the forecast period owing to the rising middle-class population, coupled with growing spending power, which is expected to augment the demand for bakery products
• Europe led this industry and accounted for 28.8% of the global revenue in 2021 owing to the dietary shifts, and changes in the nutritional food and beverages preferences, thus augmenting the demand for bakery contract manufacturing
• In December 2021, Hearthside Foods Solutions, LLC. announced the acquisition of Weston Foods Ambient Division assets. The acquisition will expand Hearthside’s linkage to 43 facilities in Europe, the U.S., and Canada

Cocktail Mixers Market Size Worth $18.33 Billion By 2030

 

Cocktail Mixers Market Growth & Trends

The global cocktail mixers market size is expected to reach USD 18.33 billion by 2030, registering a CAGR of 8.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The growing consumption of alcoholic beverages across the globe is accelerating market growth. Moreover, the growing cocktail culture worldwide is the key sales promoter of mixers such as club soda, tonic water, and other mixers. Furthermore, the increasing demand for mixers in various cocktails of alcoholic beverages in developed and developing economies is accelerating the market growth. Additionally, young working professionals and millennials are preferring taste over the alcohol content of the drinks, which, in turn, is expected to accelerate the industry growth over the forecast period.

Moreover, a lockdown condition was witnessed during the COVID-19 outbreak, and it negatively impacted the market growth due to the suspended supply chain of the products in various countries. The coronavirus pandemic also forced an extremely large number of consumers to make cocktails at home as restaurants and other eateries were shut for prolonged periods. In addition to this, the rising spending on alcoholic beverages and cocktails after the ease of several restrictions is projected to propel the industry growth over the forecast period.

The club soda segment is expected to register the highest CAGR of 9.8% from 2022 to 2030. The increasing adoption of premium club soda for making cocktails among various bars, hotels, restaurants, and individuals has significantly accelerated the growth of this segment. Additionally, the rising investment in mixers by various manufacturers due to the escalating demand for new flavored mixers is supporting the segment growth. Moreover, the increasing alcohol and cocktail-consuming population across the globe is projected to accelerate the industry growth over the forecast period.

The off-trade segment is expected to expand at the highest CAGR of 9.2% from 2022 to 2030. The increasing spending on making cocktails at home and the development of new products by companies are expected to accelerate the market growth over the forecast period. Moreover, the growing popularity of the e-commerce sector among youngsters for purchasing various beverages is expected to accelerate industry growth. Furthermore, the growing demand for juices along with energy drinks among consumers is restraining the industry growth.

Europe held the largest revenue share of over 35.0% in 2021. The growing penetration of numerous supermarkets, off-license retailers, and online stores for purchasing cocktails mixers is accelerating the market growth in this region. Furthermore, the increasing investments associated with premium product launches are expected to drive industry growth in this region. Additionally, the increasing demand for alcohols like gin, vodka, and other alcoholic products by youngsters in the European countries is boosting the market growth.

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Cocktail Mixers Market Report

Cocktail Mixers Market Report Highlights

• Europe held the largest revenue share of over 35.0% in 2021 owing to the growing consumption of alcoholic beverages
• Based on product, the club soda segment is expected to register the fastest CAGR of 9.8% from 2022 to 2030 due to the rising adoption of cocktail mixers
• By distribution channel, the on-trade segment held the largest revenue share of over 60.0% in 2021 due to the increasing number of bars, hotels, and restaurants
• Asia Pacific is expected to register the fastest CAGR of 9.9% from 2022 to 2030 owing to the growing spending on cocktails

Winter Hats Market Size Worth $36.4 Billion By 2030

 

Winter Hats Market Growth & Trends

The global winter hats market size was estimated to reach USD 36.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.0% from 2022 to 2030. Changing environmental conditions is increasing the need of winter apparel, accessories, and blankets. Among the winter accessories, winter hat is gaining the traction as protection of head keep head warm. Furthermore, communicable diseases are spreading across topological countries such as Brazil, India, and Australia, which resulted into increasing the number of patients. The demand for the winter hat from patients is also contributing to the growth rate of the market.

Micro level factors such as increased income levels, high investments on winter clothing; especially in developing countries China, India, Brazil are driving the market. On controversy, factors such as introduction of jackets and sweatshirts along with caps/hats and availability of substitutes for winter hats such as mufflers, muffs, and scarfs are restraining growth of the market. The COVID-19 pandemic had negatively impacted the market. Due to global lockdown and spread of deadly disease, customers changed their preferences towards the buying patterns.

Moreover, lack of skilled labor, and shortage of the raw material were impacted the production of the winter hats. In addition to this, there was disruptions in the distribution channels. Global financial crisis because of the COVID-19 resulted into changing preferences and priorities such as decline spending and consumption of consumers. With this temporary economic crisis, winter hat market is expected to grow with during the forecast period. The beanies hats dominated the market share of over 40% in 2021. Beanies are largely use by people for everyday wear in the city and for a ton of indoor and outdoor events. Due to its vital function, winter hats in various style can be found separately in various regions with a minimum temperature throughout history.

Beanies are largely trendy between the young generation because it fits with every outfit. Thus, beanies hats use is large over the years and it generated large revenue in 2021. The wool material segment contributed market share of around 55% in 2021. The use of wool material for production of winter hats is huge as it is easily accessible natural fabric that is strong, breathable, warm as well as absorbent. Moreover, wools are available in various colors as well as shades thus its use is more in winter hats production over the years. Thus, wool segment dominated the market and collected large revenue in 2021.

The kids segment is expected to register a CAGR of 3.4% from 2022 to 2030. Modern age parents are very caring about their kids and are investing willing to pay for their comfort. Caring for kids is primarily pushing the demand for kids segment. Growing social media influence and changing fashion trends are strongly impact on kids winter hat market. Additionally, rising trend of kids’ photoshoots has further increased demand for trendy and affordable clothing for new age kids.

The online segment is expected to register the highest growth rate of 4.7% from 2022 to 2030. This growth of online distribution channel can be attributed to its growing usage of smart phones and availability of the high-speed internet. Leading smart home appliance manufacturers are tying up with online retailer with an objective to reach out to the new buyer’s base. Also surge in sales of smart home appliances primarily though company own websites and other e-commerce platforms are further driving the online segment growth.

In Europe, the market accounted for revenue share of around 40.0% in 2021. Some of the key factors driving the market in Europe include the growing fashion sector and changing lifestyles, increasing need for convenience in terms of comfort through easy availability. Several countries such as Norway, Finland, Denmark, Russia and Sweden are considering as extremely colder countries. Therefore, the usage of winter hats is large in such a country. In addition, Europe is assessed to hold a vital presence in the market, due to possessing major number of old age people who often require to use winter hats to protect from cold weather conditions. Thus, Europe contributes to more revenue generation in the market.

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Winter Hats Market Report

Winter Hats Market Report Highlights

• Asia Pacific accounted for market share of 4.6% in 2021. This is due to growing preference for innovative winter hats and increasing population in nations such as India and China. Moreover, changing weather pattern in Southeast Asian countries leads to the growing demand for winter hats
• The kids segment is expected to register a CAGR of 3.4% from 2022 to 2030. Modern age parents are very caring about their kids are investing willing to pay for their comfort
• The online segment is expected to register the highest CAGR of 4.7% from 2022 to 2030. This growth of online distribution channel can be attributed to its growing usage of smart phones and availability of the high-speed internet

Caravanning Market Worth $66.9 Billion By 2030 | CAGR: 13.6%

 

Caravanning Market Growth & Trends

The global caravanning market size is anticipated to reach USD 66.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.6% from 2022 to 2030. The growing interest of younger generation towards caravanning is a prominent factor fueling the market growth. Apart from renting caravans, there are a large number of young people purchasing caravans.

Demand for caravanning is on the rise as more and more travelers look for freedom and convenience during their trip. Also, the cost-effective nature of caravanning as compared to the traditional vacationing is further contributing to its increased popularity. Recreational Vehicle Industry Association (RVIA) stated in their article dated 2018 that caravanning can save up to 64% costs for a four-person travel party, while it can save up to 53% for a two-person travel party.

The COVID-19 has negatively impacted the market. As lockdowns and strict travel restrictions were implemented by governments across the world amid the pandemic, the tourism industry came to a halt. The same was reflected upon the demand for caravanning which slumped amid the outbreak. The suspension of international flights halted the entry of international tourists and the caravanning demand from international travelers doomed.

However, as the stringent lockdowns have been removed, the demand for caravanning has again picked up pace. The phase after the pandemic is witnessing an increased influx of millennials and Gen Zers towards caravanning. Apart from the increased demand in the domestic caravan market after normalcy, the number of international tourists have been resurging again, with the number of total international tourists increasing by nearly three times in the first quarter of 2022, compared to Q1 2021. This has elevated the demand for caravanning greatly from the international tourists.

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Caravanning Market Report

Caravanning Market Report Highlights

• The domestic segment is expected to register the fastest of CAGR of 14.1% over the forecast period of 2022 to 2030
• Towable caravan type is expected to contribute a majority of the share to become the largest division in the global revenue in 2021. Towable segment is the fastest growing segment for caravan type. The segment is growing steadily owing to the towable caravans being more convenient, as they can be unhitched after the traveler has reached its location
• The 55 and above age group segment accounted for the largest revenue share of 45.9% in 2021. A large number of retired people, especially in the developed regions like North America and Europe, go for vacations in caravans. The growing number of retirees is contributing to the growth of this segment
• European region had the largest market share of 49.2% in 2021. The large market share of the region is attributed to its high disposable income and the huge popularity of tourism. Consumers in Europe spend high on vacationing which translated to higher spending on caravanning as well, as caravanning is widely popular in the region

UAE Genetic Testing Market Size Worth $120.82 Million By 2030

 

UAE Genetic Testing Market Growth & Trends

The UAE genetic testing market size is expected to reach USD 120.82 million by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 22.2% from 2022 to 2030. The incidence of cancer is significant in the UAE, and it is the country’s third-largest cause of noncommunicable diseases (NCD)-related mortality. According to WHO 2020 report, the UAE has a cancer incidence and mortality of 4,807 and 1,896, respectively. The UAE became one of the fastest-growing economies in the world in the mid-twentieth century, with this expansion contributing to economic, sociodemographic, and lifestyle changes in its population as well as an epidemiological increase in NCD rates. The increasing cases of cancer has is also estimated to drive the market growth.

The technological advancements in diagnostic equipment have proven to be very useful in preventing, maintaining, and treating genetic diseases. It has also proven to be beneficial in prompt intervention for treating diseases when detected early in infancy through newborn screening. Aside from providing precise and reliable estimates of the prevalence of inherited diseases, molecular genetic testing is playing a vital role in the understanding of genetic disease’s molecular pathology. This analysis is expected to improve prognosis and guide the development of customized molecular diagnostic methodologies against gene-related diseases.

In June 2021, the UAE announced a new first-of-its-kind institution focused on strengthening local genomic research as well as detecting and treating people with genetic abnormalities. This aims to assist in achieving the objective of enhancing health through cutting-edge academic research and the development of future researchers who will serve individuals and organizations in the UAE and around the region. These factors are expected to boost the market growth during the forecast period.

Genetic research & development in the country is playing a vital role in the advancements of personalized medicines. Due to the wide range of applications offered by genetic testing, the authorities are focusing on conducting innovative programs for citizens. For instance, in March 2018, the Dubai authority announced its ambitious plan to test the DNAs of all three million citizens. Increasing support by the government and favorable regulatory policies is anticipated to boost the demand for gene-related testing in the country.

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UAE Genetic Testing Market Report

UAE Genetic Testing Market Report Highlights

• By technology type, the next-generation sequencing segment held the highest market share of 46.4% in 2021 and is expected to witness the highest growth during the forecast period
• The ancestry & ethnicity application segment held the highest share of the genetic testing market, owing to the significant decrease in the cost of tests. The adoption rate of these tests has increased hugely
• Hospital segment captured the highest market share in 2021, owing to the increasing prevalence of hospitalization of patients with genetic disorders in the country. Congenital malformations is the second major cause of mortality in the UAE
• By channel insights, the offline channel segment held the highest share in 2021 of the genetic testing market, owing to the integration of new molecular genetic testing technologies, allowing the genetic testing industry to expand at a rapid pace
• Some of the key market players include Middle East Testing Services L.L.C, Molecular Biology & Genetics Laboratory, NSG, Freiburg Medical Laboratory Middle East, IVI MIDDLE EAST FERTILITY CLINIC, 23andMe, Inc, Ancestry, CircleDNA, 24Genetics

Shoe Insoles Market Worth $8.04 Billion By 2030 | CAGR: 4.6%

 

Shoe Insoles Market Growth & Trends

The global shoe insoles market size is expected to reach USD 8.04 billion by 2030 and is expected to expand at a CAGR of 4.6% from 2022 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for footwear has directly resulted in a surge in shoe insole usage. Moreover, soaring demand for cost-effective and non-invasive foot treatment by customized insoles is anticipated to boost the sales of shoe insoles in the coming years. Additionally, the rise in participation in sports events and the growing working population across the globe are accelerating the growth of the industry. In addition, the growing application of fashionable footwear such as high heels and slim sandals is boosting the growth of shoe insoles, which provide soft cushioning to the feet. However, if chosen the wrong size, shoe insoles may sometimes provide discomfort to the lower part of the body, which may become painful for the whole day, acting as a restraining factor for the industry growth.

The COVID-19 pandemic negatively impacted industries across the world. The market for shoe insoles faced a shortage of materials at the time of the lockdown. Hence, as a result, the shoe insoles supply fell. In addition, the prolonged lockdown created less demand for footwear products among the working population as well as sportspersons as they were isolated in their homes for a longer time period. However, the market is going to witness positive demand during the forecast period due to the growing trend of fashionable footwear among women and sportspersons.

The orthotics application segment grabbed a dominant revenue share of over 60.0% in 2021. The increasing awareness among consumers regarding the health effects of custom-made orthotics is surging the segment growth. Orthotics shoe insoles are designed to provide extra softness and cushioning as they redistribute the pressure the feet experience with everyday activities, thus contributing to the segment growth. Moreover, the orthotics insoles are highly applicable for people having arthritis or the ones who stand all day at work.

The foam material segment held the largest revenue share of over 45.0% in 2021. Foam is a material used for making shoe insoles with high-density polyurethane, which is commonly used in mattresses and sofas. Moreover, the chemical substance present in foam performs as a medical treatment for the feet, and the density provides bounce and comfort in the shoes. In addition, foam insoles are highly used by people as they offer extra softness and excellent pressure relief. Hence, these factors make foam a dominant material in the market.

The women end-user segment captured the largest revenue share of over 50.0% in 2021. Rising participation of the women population in sports and athletic activities and the increasing female working population across the globe are further increasing the demand for shoe insoles. The growing trend of high heels and fashionable footwear, which require comfortable shoe insoles, is accelerating the demand for shoe insoles among women.

Asia Pacific accounted for a leading revenue share of over 45.0% in 2021. The modern lifestyles and increasing busy schedules are surging the demand for shoe insoles among customers in this region. Moreover, the people in this region are facing health issues such as back pain, joint pain, and other related issues, which can be solved to a great extent by using customized shoe insoles or over-the-counter insoles. Hence, the health-improving formula is highly adopted by the population in Asia Pacific, and hence, it is expected to remain a dominant market during the forecast period.

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Shoe Insoles Market Report

Shoe Insoles Market Report Highlights

• Central and South America is expected to expand at the 2nd fastest CAGR of 4.7% during the forecast period. One of the key factors increasing the demand for shoe insoles is the rising working population, which is demanding customized shoe insoles
• The casual application segment is anticipated to expand at the fastest CAGR of 5.0% over the forecast period. A key factor contributing to the growth of casual shoe insoles is the busy lifestyles of people, which are impacting their foot areas for standing or walking for a long time
• The rubber material segment is expected to expand at a CAGR of 4.0% during the forecast period as rubber is highly used in making insoles for casual shoes
• The men end-user segment is anticipated to expand at the fastest CAGR of 4.8% during the forecast period owing to the high demand from sportsmen across the globe

Bioremediation Market Size Worth $28.92 Billion By 2030

 

Bioremediation Market Growth & Trends

The global bioremediation market size is expected to reach USD 28.92 billion by 2030, registering a CAGR of 9.93% over the forecast period, according to a new report by Grand View Research, Inc. Rapid growth in industrialization & increasing environmental deterioration, advancements in synthetic technologies, and increasing government support for bioremediation research and innovations are driving the market growth.Genome editing tools, such as CRISPR-Cas and TALEN, are facilitating metabolic engineering applications for the production of optimized enzymes and metabolic pathways that aid in the biodegradation process. Similarly, quorum sensing-based microbial interactions can be effectively used for designing gene circuits and microbial biosensors for the detection and degradation of persistent recalcitrant pollutants.

These factors can accelerate the adoption of bioremediation techniques and fuel market growth. Furthermore, synthetic biology also enables the designing of biological molecules with the desired chemical composition that can be used for the degradation of target contaminant molecules. Several enzyme modification approaches have been developed in this domain, such as enzyme immobilization, using magnetic nanoparticles, production of designer enzymes, and generation of single enzyme nanoparticles, among others. Therefore, the use of synthetic technology for utilizing the bio-degradative capabilities of enzymes is expected to drive the industry.In addition, government authorities are raising awareness about the implementation of bioremediation strategies to drive the adoption of the technique.

For instance, in June 2020, the Indian Government issued an advisory for the treatment and disposal of solid waste through the bioremediation process for reclamation of landfill sites. The advisory was directed toward Urban Local Bodies and signified the increasing attention drawn by bioremediation in the country.The COVID-19 pandemic has led to increased awareness about disinfection, sterilization, and remediation of contaminated areas in public spaces and homes. Furthermore, as the SARS-CoV-2 virus continues to undergo mutations, causing recurrent waves of infection cases around the globe, demand for bioremediation services for reducing the risk of contamination is expected to rise. Similarly, large quantities of Personal Protective Equipment (PPE) and face masks used have led to new challenges in the disposal and treatment of medical waste, which present new growth opportunities for bioremediation.

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Bioremediation Market Report

Bioremediation Market Report Highlights

• The in situ bioremediation segment held the highest share of the global revenue in 2021 due to its cost-effectiveness, ease of use, and increasing applications for groundwater treatment
• Phytoremediation was the dominant technology segment in 2021. This can be attributed to the high demand for the technology for the removal of heavy metals, radionuclides, organic contaminants, and pesticides with the help of plants
• The soil remediation segment dominated the industry in 2021 due to the high demand generated from soil degradation caused by industrial pollutants, agrochemicals, and municipal waste
• North America dominated the industry in 2021 due to the presence of sophisticated infrastructure, high industrial growth & waste production, and presence of key market players, such as Regenesis Corp., Probiosphere, Inc., and Xylem, Inc.
• Asia Pacific is expected to register the fastestCAGR over the forecast period due to increasing awareness about environmental protection and the production of large quantities of hazardous waste caused by rising economic development in the region