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Theglobal dust control systems and suppression chemicals market is estimated to reach USD 17927.0 million by 2030 from USD 12800.7 million in 2021, registering a CAGR of 4.3% from 2022 to 2030. The key areas of the expected growth of dust control systems are social infrastructure, schools, hospitals, government accommodation, defense infrastructure, and water resources. The National Development and Reform Commission authorized plans to build infrastructure projects in China and said that the country would push forward many key projects such as the Sichuan-Tibet railway and the new western land-sea corridor during the 14th Five-Year Plan (2021-25) period. The investment scale in the central budget in 2021 is JPY 610 billion, which is an increase of JPY 10 billion over 2020. 14th Five-Year Plan for new infrastructure construction will be issued in 2021 to develop the construction economy vigorously.
Under Budget 2020-2021 in India, the government has been planning to allot investment of about Rs.103 lakh crore on infrastructure over the next five years. The government has introduced a NIP (National Infrastructure Pipeline), which consists of about 6,500 projects across sectors. These projects would include infrastructure development for healthcare, railway stations, educational institutes, metro and railway transportation, housing, bus terminals, airports, logistics, warehousing, etc.
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Dust Control Systems and Suppression Chemicals Definition
Dust control systems include equipment or systems specially designed to control dust and improve air quality. These systems or devices can be operated either manually or controlled remotely. Dust suppression is a process used to restrict airborne dust particles.
For instance, the Government of Indonesia has been spending more on better infrastructure and urbanization, as there has been increased demand for residential and commercial properties. These aspects put the country directly on the radar of the global construction industry.
Dynamics of Global Dust Control Systems and Suppression Chemicals MarketDrivers: Increase in Regulatory CompliancesThe mining industry is on a path of recovery and is being augmented by technological advancements. However, it continues to face challenges due to its effects on the environment. An extensive system has been developed to govern all mining activities and clean up the previous ones, especially in developed countries that constitute a major market share. Government approval is required for all new and ongoing mining operations, including exploration activities. This permitting process ensures that the environmental standards are maintained from the beginning till the end of the mining and metal production operations.
Restraints: Food and Pharmaceutical Industry Dust Collection ProblemsThe typical food dust collection hurdles in the food and beverage industry include cereal ingredients, spices, raw grains, eggshell dust, flours, corn starches, sugars, and other sticky materials. Dust collectors with vertically mounted, wide-pleated filter cartridges and the highly efficient explosion-protection system can considerably control airborne dust and aid to mitigate cross-contamination concerns in the food and beverage manufacturing industry. The manufacturing of pharmaceutical products, including drugs, minerals, vitamins, or herbs, involves a broad range of processes with the potential to generate harmful dust. The dust poses unique challenges due to its potential effects on workers, chemical hazards in the industry, and the ability to degrade the value of the material.
Two concerns are critical while handling pharmaceutical dust, including personnel exposure to potent, toxic, or allergenic dust and the explosive properties of the dust. Inhalation of and exposure to biologically active dust that originates from various pharmaceutical processes/systems, including tablet presses, table coating, blending granulation, fluid bed drying, general room ventilation, and high-vacuum systems, can be very harmful.
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Global Dust Control Systems and Suppression Chemicals Research Report ScopeThe study categorizes the dust control systems and suppression chemicals market based on chemical type, system type, and end-users at the regional and global levels.
By Chemical Type Outlook (Revenue, USD Million, 2017-2030)By chemical type, the global dust control systems and suppression chemicals market is divided into calcium chloride, magnesium chloride, asphalt emulsions, lignin sulfonate, oil emulsions, polymeric emulsions, and other chemical types. In 2021, the calcium chloride segment accounted for 29.5% of the global dust control systems and suppression chemicals market. Calcium chloride is a hygroscopic salt that absorbs moisture from the air to form a solution in road gravel, keeping road surfaces moist even in hot and dry weather. Moisture aids in binding particles, resulting in a hard and compact road surface. Calcium chloride contributes to overall road surface stability because it penetrates several inches into the road base.
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In addition to being hygroscopic and resisting evaporation, calcium chloride also has a strong high surface tension, moisture film, low vapor pressure, and low freezing point. It depresses the freezing point of the moisture in the road surface to help minimize frost heave damage in the winter. Owing to such characteristics, calcium chloride is preferred for unpaved roads, especially during rainy seasons.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global dust control systems and suppression chemicals market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 4.6% in the global dust control systems and suppression chemicals market during the forecast period. Countries such as China, Japan, India, South Korea, and Australia are in Asia-Pacific. The region's growth is primarily due to strong economic growth in the domestic emerging countries such as China, Indonesia, Malaysia, and India.
Moreover, North America is accounted for the second-largest market share in 2021. The mining industry in the US is investing in research and innovation. The industry is developing an unknown mineral and its commercial application, which can provide prospects for growth in mining activities in the country in the coming years. More than 10% of the country’s infrastructure projects funded through 2020 are dedicated to projects in the mining sector. Hence, such developments are projected to drive the dust control systems and suppression chemicals market in the coming years.
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Key Market PlayersThe dust suppression chemicals market is heavily consolidated, with only a few major players remaining. Cargill, Incorporated leads the global market for dust suppression chemicals, followed by Ecolab, SUEZ, and Hexion. Many local players compete, but none have a significant global presence.
Other players are Chemtex Speciality Limited, ADM, GelTech Solutions, Cargill, Incorporated, Shaw Almex Industries Ltd, Benetech, Inc., Evonik Industries AG, Quaker Houghton, Borregaard, and Hexion.
Theglobal e-commerce plastic packaging market was valued at USD 18.2 billion in 2021, and it is estimated to reach USD 64.7 billion by 2030, registering a CAGR of 17.2% during 2022-2030. The e-commerce plastic packaging market comprises different product types, such as pouches, protective packaging, like air pillows, bubble packaging, shrink films, and other product types, such as labels and tapes. The complete e-commerce supply chain moves at a significant pace, and co-packers and brands need packaging that keeps pace while withstanding the rigors of this channel. Small and medium-sized brands with niche products have found that e-commerce supports their growth.
The key drivers in the studied market include the proliferation of online retailing and the emergence of omnichannel presence, along with the increasing usage of biodegradable plastic packaging for online retail. Companies adopt an omnichannel distribution strategy for their products, including online purchasing, fueling e-commerce plastic packaging growth. The boundaries between the several sales channels will diminish even further, providing a seamless shopping experience to the consumers. The factors challenging the market growth include the regulations over the use of plastic, pollution due to the generation of significant plastic waste through e-commerce channels, and lack of exposure to good manufacturing practices.
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However, multiple e-commerce players are switching to sustainable packaging materials, increasing the use of bioplastics. In June 2021, business-facing online retailer Btab announced sustainable packaging materials for e-commerce fulfillment across its operations. The company will utilize packaging materials that are both recyclable and biodegradable. Btab is undertaking multiple measures in the bioplastics industry to meet sustainability requirements that include the development of advanced, biodegradable packaging that is recyclable in the existing recycling systems
COVID-19 Impact on the Global E-commerce Plastic Packaging MarketDuring the pandemic, the shift from physical to virtual shopping was accelerated, forcing most businesses to migrate from on-premise to cloud operations. COVID-19 has expanded the e-commerce customer base beyond millennials and digital natives to include people of all ages. Even if lockdown orders are removed, many people will continue to use this sales channel, fundamentally changing the retail landscape.
The European Plastics Converters (EuPC) comprises 50.000 SMEs, and it is currently working to mitigate the effects of this crisis. Industries and governments are focusing their efforts entirely on crisis management. They have put all non-essential activities on hold for the next 12 months to focus on European citizens' health and safety. Even if online shopping falls again after in-store shopping resumes, the share of e-commerce in retail is anticipated to grow significantly and permanently. According to a new Loqate study, 69% of retailers reported a massive increase in their online sales average order value (AOV).
Furthermore, many plastic e-commerce packaging companies that are unable to increase production in response to high demand will be unable to survive in the post-pandemic market, as most of the organizations that rely on those packaging companies have already shifted to new companies to meet market demand.
Global E-commerce Plastic Packaging Market DynamicsDrivers: Growing Proliferation of Online Retailing and Emergence of Omni-channel PresenceThe past few years have seen a continual consumer purchasing shift toward e-commerce and away from brick-and-mortar stores. However, the e-commerce trend that was supposed to be a slow and steady trajectory upwards has turned into a significant rise due to pandemic shopping habits. On a parallel path, omnichannel fulfillment gained a foothold. Retailers are challenged to offer their customers a superior purchasing experience regardless of where the product is shipped. The objective is to make the right packaging choices that positively impact quality, speed, and shipping costs.
Packaging design could help brands significantly overcome the challenges in the omnichannel era. For instance, replacing aluminum cans and glass with flexible pouches and PET containers that are e-commerce-ready prevents damage. It reduces the need for extra protective wrapping, polybags, and secondary packaging, cutting costs considerably, thus, driving the usage of plastic packaging. A channel-specific packaging strategy works well for many companies, particularly nimbler e-commerce brands such as meal kit company Hello Fresh and toothbrush brand Goby.
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Challenges: Lack of Exposure to Good Manufacturing PracticesIncreasing concerns over additives used to manufacture some virgin plastics complicate recycling or pose risks to human or ecological health. For manufacturers of recycled plastics, uncertainty about the presence of these additives in the plastic waste can hinder recycling altogether. The lack of information and transparency regarding the use of additives in some plastic waste streams is thus a significant barrier to the increased recycling of those products.
The governments of G7 countries are poised to address these plastic manufacturing challenges through the following policy interventions: the creation of certification standards for recycled plastics; creation of requirements to collect and recycle all types of plastic products; facilitation of better coordination and communication across the plastics value chain, including through the promotion of chemical information systems; and restrictions on the use of hazardous additives in plastics manufacturing.
Scope of the Global E-commerce Plastic PackagingThe study categorizes the e-commerce plastic packaging market based on product type and end-users at the regional and global levels.
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The protective packaging segment is projected to account for the largest market share, by product typeThe global e-commerce plastic packaging market is divided into pouches and bags, protective packaging, shrink films, and other product types based on product type. In 2021, protective packaging was accounted for the largest market share, with 35.2% of the market revenue share. Protective packing supplies are items designed to protect and buffer a product from potential harm or destruction during transportation or storage. Depending on the goods contained therein, protective packaging is frequently utilized as the primary component of a product's packaging or as a supplementary type of package supply.
Consumers are giving more attention to their shipments' packing sustainability, as e-commerce sales have surged under the COVID-19-related stay-at-home mandate. One such sustainable protective packaging material is Flexi-Hex, a 100 % recycled paper-based solution that protects various fragile products of the sports, beverages, industrial, automotive, and marine industries. It can be expanded and pulled over the object to be protected. This efficient design saves room, protects products, and is recyclable and compostable.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global e-commerce plastic packaging market has segmented as North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is projected to register a CAGR of 18.2% during the forecast period. In Asia-Pacific, China is accounted for the largest market share. Due to expanding consumer preference for online shopping, the proliferation of payment options, online shopping events including single-day offers enticing discounts, and enhanced logistic infrastructure, China is one of the emerging nations where the e-commerce sector is expanding rapidly.
India is the fastest-growing region in the Asia Pacific, with a CAGR of 19.5% during the forecast period. Due to the increasing population, changing lifestyles, rising income levels, and growing economy, India's demand for e-commerce packaging has increased. The Department for Promotion of Industry and Internal Trade is reportedly aiming to use the Open Network for Digital Commerce (ONDC) to define protocols for cataloging, vendor finding, and price discovery to standardize the onboarding process of retailers on e-commerce platforms. With the broader interest of the country and its citizens, the department aspires to provide equal opportunities to all marketplace players to make the most of the e-commerce ecosystem.
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Key Market PlayersThe e-commerce plastic packaging market is mildly concentrated in nature, with few numbers of global players operating in the market such as Amcor PLC, Pregis LLC, Sealed Air Corporation, Sonoco Products Company, Storopack Hans Reichenecker GmbH, Berry Global Inc., Huhtamäki Oyj, CCL Industries Inc., Clondalkin Flexible Packaging, and ProAmpac LLC.
Theglobal electrical coil windings market size is projected to grow at a CAGR of 4.9% during the forecast period. Electrical coil windings are important components of electrical devices, such as generators, transformers, and motors. They are used for generating the required magnetic field for the functioning of a device or producing voltage using the application of an external magnetic flux.
Electrical coil windings are used in many electronic devices, which, in turn, find application across a variety of end-use industries such as industrial facilities, electronics & communication, medical equipment, power transmission & distribution, etc. The power transmission & distribution application accounts for a dominant share of the electrical coil windings market. Utilities are expanding their T&D networks by building new infrastructure to meet the growing demand for reliable power supply and last-mile connectivity. At the same time, utilities in areas with older infrastructure are investing in equipment upgrades to ensure that power systems remain reliable.
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Copper and aluminum were the two materials used in the electrical coil windings market. Copper provides superior conductivity and reliability, while aluminum is lightweight and has better flexibility. The emergence of copper-clad aluminum-based electrical coil windings has broadened the horizon. The winding wire's core is aluminum with a copper coating on the surface. This material provides the reliability and efficiency of copper with the lower weight and space properties of aluminum.
Scope of the Electrical Coil WindingsThe study categorizes the electrical coil windings market based on winding material, winding technology, winding type, application, and regions.
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The copper-based segment is projected to account for the largest market share by winding materialBy winding material, the electrical coil windings are segmented into copper-based, aluminium-based, and copper-clad-based. The copper-based segment is accounted for the largest market share in 2021. Copper has low electrical resistance and allows current to flow easily. A major factor in its use of copper is that it can be configured and shaped to produce any form of a coil.
Current flow through the copper wire coil windings wrapped around an iron core creates an electromagnetic field that will oppose or attract the magnetic field provided by the permanent magnets mounted to a drive shaft. The interaction of the electromagnetic field with the permanent magnet field produces torque. The voltage determines the motor’s torque output applied to the wire, the number of coils, coil windings, and the density. The current flow determines the motor’s maximum speed through the coils. Therefore, the application requirements for which the motor will be applied largely determine the coil winding requirements, creating a design challenge for engineers.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global electrical coil windings market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global electrical coil windings market during the forecast period. The region includes China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia-Pacific.
The demand for energy, the growing economy, and infrastructure development in the India and China are the major factor that is growing the market of the Asia Pacific region. For instance, until 2017, India had a national grid with an installed capacity of 326.8 GW and energy consumption of 1114.41 TWh, which shows the investment in this sector. To control this high energy consumption, the Indian government installs many transformers every year, increasing the demand for coil windings, helping the market grow. The Government of India has set a goal of 175 GW renewable power installed by the end of 2022, including 5 GW from small hydropower, 10 GW from biomass, 60 GW from wind, 100 GW from solar. All of these sectors are required the use of motors, and ultimately the consumption of coil windings will increase due to the trend of establishing renewable power instruments. This scenario is common in other Asian countries such as China and Indonesia, which will help the electric coil winding market grow rapidly.
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Key Market PlayersThe electrical coil windings market is mildly concentrated in nature with few numbers global players operating in the market such as North Devon Electronics, APW, Stimple & Ward, Endicott Coil, Quartzelec, Sag Harbor Industries, National Electric Coil, Stonite Coil, Peter Paul Electric, Precision Econowind, Swiger Coil Systems, and Others.
Theglobal air conditioning market is estimated to grow from USD 110.3 billion in 2021 to USD 188.1 billion by 2030, at a CAGR of 6.9% from 2022 to 2030. Air conditioning (often called AC, A/C, or air con) is a system used to cool down the temperature in an inside space by removing the heat and moisture from the room. Essentially, they work by taking warm air into a system and dispersing cold air, but there is much more to this process. Air conditioning systems are ubiquitous, with applications ranging from shopping centers, homes, commercial spaces to entertainment centers. AC is still a sought-after product, though environmentally optimized products' affordability is still a huge challenge. The economic growth in emerging markets continues to surge the demand for AC is anticipated to witness high growth over the next few years.
The COVID-19 pandemic has a negative impact on demand for air conditioners globally in 2020, owing to decreased consumer spending. The market is estimated to grow more in 2022 and record a stable growth aided by the changing climate atmosphere and rising demand from commercial constructions. Furthermore, consumers’ growing inclination toward convenience and comfort is expected to upkeep the demand for air conditioners over the forecast period.
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Growing customer expectations for better cooling from the air conditioning is one of the factors that will grow the market. The demand for air conditioning in off-highway applications has gone up due to comfort in harsh operating conditions. This will act as a catalyst in increasing operator efficiency. However, one major constraint affects the application of automotive air conditioning in off-highway vehicles, i.e., the space available for installing the system. Various OEMs are developing lighter, efficient, and smaller automotive air conditioning systems that easily fit off-highway vehicles.
Scope of the Air ConditioningThe study categorizes the air conditioning market based on technology, distribution channel, component, vehicle type, and end-users at the regional and global levels.
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The automatic air conditioning segment is projected to account for the largest market share by technologyBased on type, the global air conditioning market is divided into manual air conditioning, semi-automatic air conditioning, and automatic air conditioning. Technological advancement has made it possible to use a fully automatic air conditioning system at a lesser cost. Today, almost all manufactured vehicles are equipped with an air conditioning system. Therefore there is tough competition between automakers to provide enhanced comfort. This competition has increased the OEMs' pressure to deliver technologically advanced automotive air conditioning systems. The automotive air conditioning market comprises a limited number of players who have a strong position at the global level. To grow the market, players have adopted several strategies such as new product development and launches, regional expansions, acquisitions, mergers, partnerships, and collaborations.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global air conditioning market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America was accounted for the largest market share. The North American market, along with other developed markets worldwide, is expected to witness growth primarily powered by replacement sales. Moreover, rising promotional activities from the government to increase the adoption of energy-efficient air conditioning systems to reduce energy consumption are also expected to fuel the regional market's growth. Even though the overall market slumped due to the spread of the COVID-19 pandemic, Europe and North America recorded growth in 2020 and were not impacted as negatively as the rest of the world was affeceted. This is attributed to the strong demand in the last quarter of 2020 in both regions.
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Globally, Asia Pacific is projected to hold the highest CAGR in the global air conditioning market during the forecast period. The region includes China, India, Japan, Australia, South Korea, Southeast Asia, and the Rest of Asia-Pacific. The region's growth is primarily due to economic growth in the domestic emerging countries such as China and India. The automotive air conditioning market will be driven by rising automobile production and consumer demands for comfort. Increased vehicle demand and rising per capita income and technological advancements are key drivers for automotive air conditioning systems.
Key Market Players
The air conditioning market is mildly concentrated, with few global players operating in the market, such as Daikin Industries Ltd., Gree Electrical Appliances Inc., Emerson Electric Company, Midea Group Co. Ltd, Hitachi-Johnson Controls Air Conditioning Inc., LG Electronics Inc., Panasonic Corporation, Toshiba Corporation, Haier Group Corporation, Electrolux, Whirlpool, Voltas Limited, Bluestar, Mitsubishi Electric, and Robert Bosch
Every company follows its business strategy to gain the maximum market share. Currently, Daikin Industries Ltd., Hitachi-Johnson Controls Air Conditioning Inc., LG Electronics Inc., Panasonic Corporation, and Toshiba Corporation are major companies in the global air conditioning market.
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The global AI-enabled X-Ray imaging solutions market is expected to grow from USD 101.6 million in 2021 to USD 569.6 million by 2030, at a CAGR of 20.2% from 2022 to 2030. Artificial intelligence (AI) is currently evolving rapidly, given the availability of huge amounts of data and better machine learning algorithms. From speech recognition to self-driving cars, AI has made its way into daily lives and various industries, including healthcare. AI has become a critical component in the healthcare business, from medication discovery and development to image-guided therapy. Artificial intelligence (AI) algorithms, particularly deep learning, have made significant progress in image recognition tasks. In the field of medical image analysis, methods ranging from convolutional neural networks to variational autoencoders have found a broad array of applications, propelling it forward at a rapid pace.
Rising healthcare costs have aided the integration of AI in healthcare, a lack of communication between physicians and patients, poor health conditions, a shortage of physicians and medical staff, and the rising prevalence of chronic health disorders. As a result, the market's leading manufacturers have created AI-based tools and methodologies for simulating human cognitive activities and analyzing complex medical data in healthcare settings.
In the field of medical imaging, AI-based X-Ray solutions are used for image analysis, detection, diagnosis and decision support, image acquisition, reporting and communication, triage, equipment maintenance, and predictive analysis and risk assessment, among others. The AI algorithms identify patterns in medical images after being trained using many examinations and images, thus detecting abnormalities. Furthermore, deep learning algorithms are used for high-throughput extraction of quantitative data and peculiar features from the images. Likewise, the machine learning algorithms provide valuable information for predicting treatment response and the differentiation of benign and malignant tumors.
COVID-19 Impact on the Global AI-Enabled X-Ray Imaging Solutions MarketImmediately after the outbreak of the COVID-19 pandemic, the focus of the healthcare systems switched to managing the pandemic and related crisis. This led to hospital budgets shrinking and thus resulting in the grim growth of AI.
However, AI is being deployed in radiology departments across the globe to help fight the COVID-19 pandemic. AI-based tools are playing an important role in the pandemic. In China, for instance, an AI model has been deployed at 34 hospitals across the country. The model detects chest CT scans suspicious for COVID-19 patients to be isolated and tested. Similarly, in the U.K, Mexico, and Italy, based on the chest X-Rays pattern and opacities, AI is used to classify low, medium, or high-risk COVID-19 patients. Another algorithm monitors the progression of lung disease on the chest X-Rays of ICU patients. In addition, many AI-based companies are allowing hospitals to use services and technology free of cost or on a trial basis for research that is beneficial to both patients and companies. For instance, Mount Sinai Hospital in New York City is studying the potential of AI to detect COVID-19 by evaluating imaging findings along with the clinical history of patients and demographic characteristics. Thus, research studies suggest that radiologists have played an important role in identifying suspected COVID-19 patients and their disease progression.
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Global AI-Enabled X-Ray Imaging Solutions Market DynamicsDrivers: Expanding Range of ApplicationsWith the ongoing advancements in healthcare information technology, the scope of application of AI-enabled medical imaging is rapidly expanding. The use of AI-enabled medical imaging solutions is not limited to cancer screening. It is also becoming widespread in the fields such as neurodiagnostic, coronary diagnostics, and other general medical imaging procedures.
Moreover, algorithms based on AI are currently being used to detect critical bone disorders such as spinal stenosis. They are even used for the diagnosis and prevention of childhood blindness. For instance, the researchers at the Massachusetts General Hospital have introduced an algorithm for automatically labeling the vertebral column and grading spinal stenosis, for which MRI is the most frequently used diagnostic tool. MRI examinations are costly, have high inter-reader variability, and have lengthy acquisition times. Thus, the integration of AI-enabled solutions can assist the radiologists in improving the reporting consistency and decreasing the inter-reader variability.
Restraints: Privacy and Security Concerns Related to Healthcare DataBy deciphering medical device images, expediting medical research, and suggesting diagnoses, AI in healthcare focuses on evaluating patient data to enhance results. A considerable amount of health data is required to train a specific algorithm or AI model. Yet, strict privacy and security concerns constitute a substantial barrier to using this data in developing AI models.
Under federal law, patient data is heavily safeguarded, and any failure or breach in maintaining its integrity could result in legal and financial penalties. The majority of countries have enacted strong privacy laws and regulations that must be obeyed to obtain patient information. For example, the Health Insurance Portability and Accountability Act (HIPAA) is a policy in the U.S. that ensures patient privacy while still requiring the patient's agreement to disclose information.
Opportunities: Rapidly Evolving Machine and Deep Learning TechniquesDeep learning is a subtype of machine learning in AI that mimics the human brain and processes data while also establishing decision-making patterns. In the early 2000s, the discovery of artificial neural networks (ANNs) led to deep learning technologies. With multilayers of neurons, ANNs are evolving and getting more powerful, sophisticated, and deeper, allowing deep learning to assist strong machine learning.
Deep learning is a subtype of machine learning in AI that mimics the human brain and processes data while also establishing decision-making patterns. In the early 2000s, the discovery of artificial neural networks (ANNs) led to deep learning technologies. With multilayers of neurons, ANNs are evolving and getting more powerful, sophisticated, and deeper, allowing deep learning to assist strong machine learning.
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Scope of the AI-Enabled X-Ray Imaging SolutionsThe study categorizes the AI-enabled X-Ray imaging solutions market based on product, workflow, mode of deployment, and therapeutic application at the regional and global levels.
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The software segment is projected to account for the largest market share, by product typeThe market has been broadly segmented based on the type of products, including hardware and software. Software is the dominating contributor in the market, with a market share of 75.8% in 2021. The software segment includes the machine learning and deep learning solutions used in medical imaging. After being trained by using numerous examinations and images, the AI software solutions are used for various applications, including identification of image patterns and anatomical markers, improvement of radiology workflow, image analysis and acquisition, decision support, treatment selection, and monitoring, predictive analysis, and reporting and communication, among others.
Presently, the market is witnessing an exponential increase in the number of investments and funding to develop AI-based solutions for use in medical imaging. Due to AI technology's promising potential, numerous investors are providing funds to the software manufacturers, which is, in turn, fuelling the market growth. Additionally, the expected emergence of several other companies with AI-based medical imaging solutions under late stages of development is also expected to propel the market growth.
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Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global AI-enabled X-Ray imaging solutions market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. The Asia-Pacific region is expected to witness the highest CAGR of 22.9% during the forecast period 2022-2030. Most of the countries in the Asia-Pacific region are emerging economies facing significant technological advancements and improvements in healthcare systems.
Moreover, since the region comprises more than half of the world’s population, there is an increased healthcare burden, making proper disease diagnosis necessary. However, there is a lack of proper diagnosis in the region attributed to the lack of proper infrastructure and the poor radiologist-to-patient ratio. For instance, despite being a populous country, India has approximately one radiologist for every 100,000 population. Similar is the case with China and other Asian countries. Thus, the integration of AI in radiology practice is a crucial requirement. The manufacturers, along with the government and non-government organizations, are promoting AI in medical imaging.
Key Market PlayersEvery company follows its business strategy to attain the maximum market share. Currently, Agfa-Gevaert NV, Behold.AI Technologies Limited, Carestream Health, Inc., Arterys, Inc., Enlitic, Inc., General Electric Company, Infervision Medical Technology Co. Ltd., Konica Minolta, Inc., Lunit, Inc., Imagen Technologies, Inc., Quibim S.L., Siemens Healthineers AG, Vuno Co. Ltd., Qure.AI Technologies Pvt. Ltd., and Zebra Medical Vision, Inc. are some of the leading players operating in the global AI-enabled X-Ray imaging solutions market.
Theglobal antibody-drug conjugates market was valued at USD 4,990.5 million in 2021. It is projected to be worth USD 33,140.3 million by 2030, registering a CAGR of 26.7% from 2022 to 2027. Antibody-drug conjugates are the anticancer drugs that offer one of the fastest-growing treatments to cancer patients, capable of exploiting the specificity of monoclonal antibodies towards targeted antigens to release potential cytotoxic drugs with increased activity and decrease in toxicity as compared to chemotherapies. The market is anticipated to show lucrative growth over the forecast period. It is mainly driven by the increasing incidence of cancer, the growing geriatric population, changing in lifestyle patterns all over the globe. The market growth is primarily supported by technological advancements and recent development in worldwide healthcare.
Additionally, the research studies in the field and timely launch of the product are also boosting the market's growth. For instance, in 2019, the US Food and Drug Administration has approved three Antibody Drug Conjugates for various types of cancer. Thus, the growing older population and incidence of cancer coupled with advancements in the field of antibody-drug conjugates are expected to promote the revenue growth of the studied market; stringent government regulations and high costs associated with the manufacture can restrain the market growth over the forecast period.
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Thus, the growing older population and incidence of cancer coupled with advancements in the field of antibody-drug conjugates are expected to promote the revenue growth of the studied market; stringent government regulations and high costs associated with the manufacture can restrain the market growth over the forecast period.
COVID-19 Impact on the Global Antibody Drug Conjugates MarketDue to the high transmission of COVID-19, many countries have suffered many losses and continue to bear it on their economies and healthcare systems. Many countries had been in lockdown and have suspended their trades with other nations, implemented travel restrictions, etc., leading to a decline in the market capitalizations of major companies worldwide. However, the situation is found to be improving gradually with the increase in the vaccination rate.
According to the Cellular and Bioengineering Journal’s article titled ‘The Impact of COVID-19 on Cancer Risk and Treatment’, published in August 2020, reports that cancer patients are at high risk of developing severe complications following SARS-CoV-2 virus infection. It also reports that immune dysregulation and chronic inflammation may be potential drivers of severe outcomes in COVID-19-positive cancer patients. Thus, the increased complexity among the cancer-positive patients generates the need for advanced and effective therapy for the treatment and thus, drives the growth of the antibody-drug conjugates market over the forecast period.
Global Antibody Drug Conjugates Market DynamicsDrivers: Growing Geriatric PopulationWith the increasing levels of life expectancy due to improvement in health facilities all over the globe, every country in the world is experiencing changes in its population structure, and both the share and growth of the older population are growing tremendously. However, as the older age population is at immense risk of getting affected by cancer, the growth of the geriatric population is projected to drive the growth of the studied market.
Additionally, the American Cancer Society’s Report titled Cancer Facts and Figures 2021 reports show that the risk of developing cancer increases with advancing age. The same source also reports that 80% of cancers in the United States are diagnosed in people 55 years of age or older. Thus, increasing geriatric population is expected to contribute to the market's growth significantly.
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Restraints: Stringent Government RegulationsThe stringent regulatory framework exists for antibody-drug conjugates, which ultimately delays their quick approval and introduction in the market. Many countries and federal entities have laws that restrict industry-wide sales. Hence, it may impact the growth of the antibody-drug conjugates over the forecast period.
According to the MDPI Journal’s article titled ‘Advances and Limitations of Antibody Drug Conjugates for Cancer’ published in July 2021, reports that the Therapeutic Goods Administration (TGA), European Medicines Agency (EMA), and the US Food and Drug Administration have strict guidelines for stability testing preceding the registration and transport of prescription medicine. Because temperature fluctuations can affect aggregation, the guidelines recommend that real-time data be provided to justify the amount of time a drug product can be left out of the refrigerator before being returned to its recommended temperature.
Scope of the Antibody Drug ConjugatesThe study categorizes the antibody-drug conjugates market based on product, technology, target, application, and end-users at the regional and global levels.
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The Kadcyla segment is projected to account for the largest market share, by product typeBased on product type, the global antibody-drug conjugates market is divided into Adcetris, Kadcyla, and other product types. In 2021, the Kadcyla segment accounted for the largest market share of 49.1% in the global antibody-drug conjugates market. Kadcyla ( API: ado-trastuzumab emtansine) is currently available as an injectable for intravenous use only. The drug got its first approval in the United States in 2013, and it is currently one of the leading drugs in the market, owing to its high potency and efficacy in wide indications.
The increased demand for Kadcyla was driven by its usage in the early breast cancer setting and the ongoing clinical trials. In June 2020, NICE published the final guidance backing NHS use of Roche’s Kadcyla for the adjuvant treatment of human epidermal growth factor receptor 2 (HER2) positive early breast cancer in people who have already had therapy to shrink their tumor but have residual disease in the breast or surrounding lymph nodes before surgery to remove the tumor.
North America accounts for the highest CAGR during the forecast period
North America, Asia-Pacific, Europe, South America, and the Middle East & Africa are the regions in which the global antibody-drug conjugates market has been segmented. Globally, North America is estimated to hold the highest CAGR of 27.4% in the global antibody-drug conjugates market during the forecast period. The region includes the countries such as the US, Canada, Mexico.
After North America, Europe is the fastest growing region with a CAGR of 26.7% during the forecast period. The factors such as a rise in incidences of cancer, an increase in the geriatric population, and an increase in investments in research and development are some of the factors driving the market of antibody-drug conjugates in Europe. According to the estimations of the International Agency for Research on Cancer Globocan 2020 report, there were approximately 628,519 new cases of cancer in Germany in 2020. According to the report, the most common cancers in Germany are breast cancer, lung cancer, prostate, and colon cancer. The high incidence of cancer is indicative of the need to develop novel therapies like antibody-drug conjugates that can effectively reduce the burden, due to which there is expected to be scope for market growth.
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Key Market PlayersThe antibody-drug conjugates market is mildly concentrated in nature with few numbers global players operating in the market such as Novartis AG, Takeda Pharmaceutical Company Limited, F. Hoffman-La Roche Ltd., Pfizer, Inc., Seattle Genetics Inc., Genentech Inc., Immunogen Inc., Progenics Pharmaceuticals Inc., Immunomedics, Inc., Bayer Healthcare Pharmaceuticals., Agensys, Inc., Concortis Biotherapeutics, Celldex Therapeutics Inc., Sanofi S.A., and Synthon Holding B.V.
The global clinical decision support systems market size is estimated to grow from USD 2.0 billion in 2021 to USD 3.7 billion by 2030, at a CAGR of 6.7% from 2022 to 2030. CDS provides health care professionals and patients with the knowledge and person-specific information, intelligently filtered or presented at the appropriate times, to enhance health and healthcare. The core CDSS ecosystem comprises raw data providers, technology providers, software/CDSS developers, and end-users. The raw data is obtained from hospital operations data, patient information, medical images, and lab data. The latest technology is provided by tech giants or startups dealing with specific niches such as big data, artificial intelligence, and cloud service. The software/CDSS developers provide the CDSS platform or the system used by physicians, lab professionals, and nurses, among others.
The CDSS technology emerged due to the urgent need to check deaths due to medical errors that can be prevented across the globe. Preventable deaths due to medical errors claim approximately 400,000 lives every year. The cost associated with medical errors is approximately $1 trillion every year, which poses a substantial financial burden on the healthcare system. The CDSS technology emerged due to the urgent need to check deaths due to medical errors that can be prevented across the globe. Preventable deaths due to medical errors claim approximately 400,000 lives every year, and the cost associated with medical errors is approximately $1 trillion every year, which poses a substantial financial burden on the healthcare system.
COVID-19 Impact on the Global Clinical Decision Support Systems MarketImmediately after the outbreak of COVID-19, the focus of healthcare systems across the globe switched to managing the crisis caused by the pandemic. This led to hospital budgets shrinking, and consequently, the growth of the CDSS market seemed grim. However, various instances across healthcare applications where CDSS solutions have played a major role in the COVID-19 pandemic. Established players, emerging startups, hospitals, and research facilities have used CDSS solutions to solve the challenges posed by the COVID-19 pandemic.
The application of CDSS in healthcare in the pre-COVID-19 period has been driven by the growing need to reduce medical errors and improve patient outcomes. Also, rapid technology innovation, especially technologies such as AI and cloud computing, has been extremely influential in developing intelligent software solutions and can assist healthcare providers throughout the clinical workflow. The COVID-19 pandemic has caused a massive disturbance in North America, with the U.S. being the most affected country globally in terms of the number of COVID-19 cases as of December 2020. The adoption of CDSS has been promoted in the region to check the pandemic.
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Global Clinical Decision Support Systems Market DynamicsDrivers: Technological Advancements in the Field of Information TechnologyTechnologies such as EHR systems, business intelligence tools, and big data analytics are constantly evolving and aiding healthcare providers in the better management and analysis of patient data for making effective clinical decisions. According to the office of the National Coordinator for Health Information Technology, as of 2017, nearly 9 in 10 (86%) of office-based physicians had adopted some form of an electronic health record (EHR), and nearly 4 in 5 (80%) had adopted a certified EHR.
AI is another technological advancement playing a big part in transforming clinical decision support systems. There are ample complexities in clinical decision-making either at the level of diagnosis or at the level of designing a treatment regimen and ultimately increase the risk of disease-associated mortality.
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Restraints: The Reluctance of Clinicians to use CDSS Systems due to Computer IlliteracyDue to the lack of computer illiteracy, physicians in emerging countries often perceive the usage of CDSS as a threat to their professional autonomy. It is a concern amongst physicians that CDSS may erode the natural flow of their work routines and may not be in sync with their practice patterns. It is also a belief among some physicians that using CDSS, their years of medical experience may get decrypted distributed among peers and other non-professionals. However, this can be overcome by maximizing the engagement and participation of a physician in the decision-making process.
Opportunities: Integration of CDSS with BlockchainBlockchain can play a critical role in eliminating the interoperability challenge in healthcare and enhancing data security for health information exchanges (HIEs). Blockchain could be employed as a reservoir of a growing volume of patient data from different sources and also be used to exchange information securely. For instance, each time a patient visits a doctor, the doctor would update the patients’ health data on a blockchain-enabled HIE, which could be accessed later by both the patient and the doctor through a private key. Patients would limit data access on approved blockchains and share only the relevant parts of their medical records with their doctors or other clinics. The distributed and immutable nature of blockchain would reduce the likelihood of security breaches and facilitate the secure exchange of information. There have been notable initiatives taken for the integration of blockchain in healthcare. For instance, in October 2017, IBM Watson Health (a subsidiary of International Business Machines Corporation) partnered with the Center for Disease Control and Prevention (CDC) to explore new healthcare applications for blockchain.
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Scope of the Clinical Decision Support SystemsThe study categorizes the clinical decision support systems market based on product type, delivery mode, type, model, user interactivity, end-users, and application at the regional and global levels.
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The integrated segment is projected to account for the largest market share, by product typeThe global clinical decision support systems market has been segmented into two categories based on product type: integrated and standalone. In 2021, the integrated segment accounted for the largest market share in the global clinical decision support systems market. Integrated CDSS can be integrated with both the EHR and the medical devices in a healthcare setting. Healthcare delivery is becoming more interconnected and personalized by the day. After passing through large knowledge bases, most decisions are taken, and integrated CDSS makes the process more streamlined. As integrated CDSS can be incorporated into the EHR and medical devices in a professional setting, they are expected to have a maximum adoption rate due to quicker response time and smooth workflow.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global clinical decision support systems market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 7.0% in the global clinical decision support systems market during the forecast period. In many emerging countries in the Asia-Pacific region, the healthcare sector is getting more attention than before. Countries such as India and China have several digital health initiatives which have witnessed accelerated implementation during the COVID-19 pandemic. Hospitals and clinics are expected to account for the largest share of 2021-2030. Large hospital chains in the region focus on providing quality patient-specific care, and CDSS is witnessing increased adoption rates.
The CDSS market in China is at a nascent stage. The adoption rate is expected to increase during the next three-four years as AI becomes more integrated with the deployed healthcare systems. China is among the top countries with numerous R&D projects in AI in healthcare. The CDSS market in China is at a nascent stage. The adoption rate is expected to increase during the next three-four years as AI becomes more integrated with the deployed healthcare systems. China is among the top countries with numerous R&D projects in the field of AI in healthcare.
Key Market PlayersThe clinical decision support systems market is mildly concentrated in nature with few numbers of global players operating in the market, such as Allscripts Healthcare Solutions, Inc., Cerner Corporation, Change Healthcare, General Electric Company, International Business Machines Corporation, McKesson Corporation, RELX Group, Wolters Kluwer N.V., Epic Systems Corporation, Hearst Corporation, Inferscience, Inc., Medical Information Technology, Inc. (MEDITECH), Oncology Analytics, Inc., Persivia Inc., and VisualDx.
Theglobal vegan supplements market size was valued at USD 8,582.0 million in 2021 and is projected to reach USD 14,635.5 million by 2030, registering a CAGR of 6.9% from 2022 to 2030. Many countries have recognized lifestyle-related diseases as the main problem in the past few years, leading to a rise in health consciousness among consumers. A rise in consumer awareness regarding the health benefits of vegan supplements, such as benefits against chronic diseases to promote optimal health, quality of life, and longevity, fuels the demand for vegan supplements.
The rise in the aging population, increase in life expectancy rates, and growth in instances of chronic diseases have changed consumers' eating patterns. Also, owing to busy lifestyles, consumers now look for vegan supplements, which provide the essential nutrition and help them enhance their physical and mental wellness.
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In the past years, there has been an increase in vegan supplements powder among consumers across the globe. Powders are highly soluble, easier to handle, less bulky, and less prone to spoilage in long-term storage. Therefore, vegan supplement manufacturers are strategizing on extending production in powder form. Moreover, this powder is highly nutritious and free from artificial colors, flavors, and sweeteners. In addition, vegan supplement powder is available in various flavors such as vanilla, chocolate, berry, and others, which further boosts the market's growth.
COVID-19 Impact on the Global Vegan Supplements MarketThe vegan supplements industry is estimated to benefit consumers who want to lead healthier lifestyles and improve their dietary habits during COVID-19. Consumers believe that vegan supplements boost immunity power and could help them fight against coronavirus disease boost the adoption of vegan supplements, which propels the market growth.
Moreover, there is an increase in social media users due to a rise in internet penetration. Considering this, most of the players in the vegan supplements market strategize on promoting their products and services on the social media platforms such as Facebook, YouTube, Instagram, and others.
Social media marketing is one of the major strategies various companies and industries adopted during the COVID-19 pandemic on imparting awareness about their product offerings among target customers on social media channels. Furthermore, due to the COVID-19 crisis, many vegan supplement-producing companies increased their production to meet customer requirements. Thus, COVID-19 has completely impacted the vegan supplements market, as companies' production and sales increased in 2020, owing to the COVID-19 pandemic across the world.
Global Vegan Supplements Market DynamicsDrivers: Increase in population of vegetarians and vegansAcross the globe, customers are moving toward a healthier lifestyle and are turning toward vegetarian diets or vegan. Moreover, many consumers are inclined toward vegans and vegetarians due to personal health, environmental concerns, and animal welfare. Moreover, there is an increase in the transition rate from vegetarians to vegans owing to global movements such as veganuary. In addition, the number of vegans in the United States has risen from 0.4% to 3.5% in the last two years. According to Vegetarian Times Magazine's "Vegetarianism in America" report, the number of vegans in the United States is on the rise.
Restraints: Threat of counterfeit dietary supplementsThe rise in the consumption of vegan supplements has simultaneously led to an increase in the influx of fake and counterfeit supplements in the market. Moreover, counterfeiting refers to fake branding and the sale of non-authorized products and signifies a challenge for the real vendors of vegan supplements. Counterfeit brands are usually prevalent in developing economies where customers are highly price-sensitive. These brands are of low quality and often lead to inconvenience & safety issues that subsequently develop negative perceptions among customers. The online distribution channel is one of the major platforms where transactions of counterfeited brands can be easily concealed. Thus, the development of the counterfeited industry is anticipated to hamper the sale of the existing original vegan supplement brands in the market.
Opportunities: Untapped developing marketThe Asian-Pacific region market offers lucrative growth opportunities for the operating players due to countries such as China, India, New Zealand, Australia, and others. An increase in the adoption of the western lifestyle, a surge in population, and a rise in the disposable income of consumers drive the growth of the vegan supplements market. Moreover, an increase in awareness regarding vegan supplement products and their associated benefits has further augmented the market's growth. The developing region offers potential market players growth opportunities for innovative meat substitute products. Countries in Latin America, such as Brazil, are anticipated to unfold attractive business opportunities owing to a high prevalence of obesity in this region.
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Scope of the Vegan SupplementsThe study categorizes the vegan supplements market based on product type, form, and distribution channel at the regional and global levels.
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By product type, the protein segment is projected to account for the largest market shareBased on product type, the global vegan supplements market is segmented into minerals, vitamins, protein, and others. In 2021, the protein segment accounted for the largest market share of 44.4% in the global vegan supplements market. Proteins are considered to be the building blocks of life. There has been a rise in the number of health-conscious consumers across the globe in the last couple of years. Moreover, vegan supplement protein powder is becoming the first choice for vegan dieticians as it is a substitute for animal-based protein.
Vegan protein supplement improves digestion, cardiovascular health, and helps avoid added hormones & antibiotics, owing to which health-conscious people use it. Moreover, an increase in health awareness and the rise in the need for an active, healthy lifestyle worldwide majorly drive the growth of the protein segment. Furthermore, the easy availability of vegan supplement protein powder in online and offline platforms further contributes toward the growth of the vegan supplements market. A sedentary lifestyle and changes in eating habits have led to increased health risks.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global vegan supplements market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific is projected to hold the highest CAGR of 9.9% in the global vegan supplements market during the forecast period. There has been an increase in the demand for vegan supplements in the last 2-3 years in this region due to the surge in interest of people toward sports and fitness. Moreover, trust, good quality products, and safety are top vegan supplements purchase attributes in developing countries like India and China.
An increase in urbanization and a rise in the number of middle-class consumers in the developed and developing markets has encouraged the adoption of convenience-oriented lifestyles, making vegan supplements more desirable for all age groups. In addition, a rise in awareness and health concerns among consumers in the region is also expected to boost market growth. Moreover, the outbreak of coronavirus disease, coupled with the desire to boost immunity to fight against the disease among people, propels the vegan supplements market growth in the region.
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Key Market PlayersThe key players in the vegan supplements industry report include Bhu Foods, Danone S.A., Jarrow Formulas, Inc., Aloha, PLC, Kikkoman Corporation, NuGo Nutrition, Nestle S.A., Kerry Group, Nutrazee, and PepsiCo, Inc. Every company follows its business strategy to attain the maximum market share.
The global digital surgery technologies market size is expected to grow from USD 399.8 million in 2021 to USD 5,110.5 million by 2030, at a CAGR of 32.1% from 2022 to 2030. Digital surgery technologies are the in-built artificial intelligence capabilities to aid physicians in surgical navigation, surgical visualization, surgical intra-operative guidance, and in analyzing and improving the workflow efficiency of the surgical ecosystem. The technology in focus usually is an amalgamation of advanced visualization technologies (augmented reality (AR), virtual reality (VR), mixed reality (MR), artificial intelligence (AI) algorithms, and technologies).
To standardize the surgical procedures and reduce the risks associated with surgical complications, the advancement in terms of both hardware and software is filling various roles for their use in surgical training and thereafter performing the actual surgery on the patient. With respect to product types, digital surgery encompasses surgical data science tools, advanced visualization tools, surgical simulation tools, surgical navigation tools, and surgical planning tools, among other products.
The convergence of acquired data and computational power has chiefly gained more focus with the rise of IoT, data analytic tools, artificial intelligence, machine learning, deep learning, computer vision, 3D advanced visualization, virtual reality, augmented reality, mixed reality, and robotics in the technology market. Healthcare remains no exception not to be transformed, especially looking at surgical care in the operating room now established or present in almost all levels of hospitals around the world.
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COVID-19 Impact on the Global Digital Surgery Technologies MarketThe COVID-19 pandemic has adversely impacted digital surgery-based product manufacturers' business development and deployment activities. Engineers and experts cannot begin the manufacturing of advanced chips, among other products, in specific countries such as South Korea. These experts cannot go for work-related trips to countries, such as South Korea or Israel, to test and optimize the systems across various regions. Many potential business partners cannot make on-site visits to facilities or industry conferences for experience and trials of the various newly developed data science and surgical planning systems. The external labs affected by COVID-19 are experiencing delays in obtaining regulatory approval, thus increasing operating expenses. COVID-19 has also resulted in shutdowns or business disruptions for many companies’ manufacturers and suppliers.
However, the long-term impact of the COVID-19 pandemic on the operations of companies or their third-party partners will be majorly driven by future developments and upon resuming the usual operations of the markets, which are highly uncertain.
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Global Digital Surgery Technologies Market DynamicsDrivers: Enhanced Accuracy and Promising Recovery from Pre-Operative Surgical PlanningThe transformation of surgical planning before digitizing surgeries has led to computers assisting the surgeons with curating a set of pre-operative methods of pre-visualization of surgical intervention. And with the integration of the medical navigation system, the surgical training based on the CT or MRI dataset of the patient is transposed as the pre-define surgical steps for guidance before performing actual surgery.
The advantages of computer-based surgical planning have observed a decrease in surgical morbidity, improvement in ergonomics in the operating room, decreasing surgical risks, and saving operating time. This revolutionary beginning of surgeries makes a huge difference, particularly for high-precision surgical domains such as neurosurgery, oral, and maxillofacial surgery.
Restraints: Requirement of Additional Surgical TrainingThe learning phase with the computer-aided systems is an intensive phase for surgeons performing 150 to 200 procedures to become adept in their use. According to a 2015 commission report by the Royal Society of Medicine, London, U.K., five billion people in the world still don’t have access to safe surgery due to a lack of trained professionals. In addition, according to Fundamental VR, less than 0.5% of the world’s surgeons have access to quality training simulations.
Physicians require intensive training sessions as complex interventional technologies have been introduced across various healthcare segments. Simulation training also enables physicians to retain their current skillset. Thus, the expertise to adapt to these advanced digital technologies poses a major challenge for surgeons and other staff in the O.R. Most experienced professionals have been using conventional surgical methods. Thus, the reluctance of surgeons due to inadequate expertise and training poses a major setback for the digital surgery technologies market.
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Trends: Neutral Vendor PlatformsThe healthcare industry has been undergoing rapid transformations on a large and small scale, seen as changes. Keeping pace with the current advancements in existing systems makes it challenging to optimize the workflow while keeping the cost low for upgrading the systems. Therefore, choosing the vendors offering open platforms is a viable solution. These solutions can integrate and adapt to the hospital’s altering needs and keep the system ever-ready to take on innovations as they come.
Scope of the Digital Surgery TechnologiesThe study categorizes the digital surgery technologies market based on technology and product type at the regional and global levels.
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The AI algorithms segment is projected to be the largest market share by technologyThe technology segment of the global digital surgery technologies market includes augmented reality (AR)/ virtual reality (VR), AI algorithms, mixed reality (MR), and other technologies. The market is largely dominated by AI algorithms technology. The contribution of AI algorithms technology was registered to be 42.8% of the market revenue in the global digital surgery technologies market in 2021. Artificial Intelligence can be termed as ability of computers to respond as well as act like humans. AI constitutes various subfields each providing solutions to clinical problems in its own unique ways. Clinical algorithms are a sequence of instructions used to complete a task, such as resuscitating a person in cardiac arrest. An AI algorithm is a well-constructed set of rules given to a program, whether it's used to predict a diagnosis or chronic disease progression, or a medical device such as a robot. Artificial Intelligence can be termed as ability of computers to respond as well as act like humans. AI constitutes various subfields each providing solutions to clinical problems in its own unique ways. Clinical algorithms are a sequence of instructions used to complete a task, such as resuscitating a person in cardiac arrest. An AI algorithm is a well-constructed set of rules given to a program, whether it's used to predict a diagnosis or chronic disease progression, or a medical device such as a robot.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global digital surgery technologies market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is projected to be the fastest-growing region during the forecast period. The growth can be attributed to the rise in healthcare infrastructure development and the rising geriatric population in developing countries such as India, China, and Australia, constituting the Asia-Pacific region.
In the Asia Pacific, China has the largest market share. With a focus on giving opportunities to the regional players over foreign ones, the government in China is pouring funds into domestic startups with the vision of changing China into a global robotic powerhouse. Several emerging companies are still at the initial product development or preclinical stage. Also, many companies are awaiting China’s Food and Drug Administration (CFDA) approval, thereby limiting their market entry.
Key Market PlayersThe digital surgery technologies market is mildly concentrated in nature with few numbers global players operating in the market such as Osso VR, Augmedics Ltd., Brainlab AG, Medtronic Plc, Caresyntax, Inc., 3Dintegrated ApS, DASH Analytics, Novadaq Technologies, Inc., Fundamental VR, EchpPixel, Inc., Surgical Science Sweden AB, VirtaMed AG, Mimic Technologies, and Centerline Biomedical.
The global vacuum packaging market size is expected to grow at a CAGR of 5.6% from 2022 to 2030. Vacuum packing (or vacuum sealing) is a form of packaging that involves the removal of air from a food container to ensure its longevity. Pet food, human food, and agricultural produce are major end-users of vacuum packaging, with meat, poultry, and seafood as the major end-users under the food category. The main purpose of the packaging is to remove oxygen by attaching the packaging material to the product to increase resistance against any moisture and air elements.
Also, vacuum-packed products are protected from moisture, dust, and other environmental gases and are increasingly preferred by most manufacturers in the global food industry. Convenient packaging and easy handling are strongly driving vacuum packaging. Increasing disposable incomes and urbanization have also increased the demand for vacuum-packed products. Changing consumer trends for ready-to-go and lightweight packaging are key drivers of the vacuum packaging market.
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With the rising number of single-person households and small families, the demand for compact product packaging is growing. It has encouraged retailers to incorporate various packaging into their portfolios to meet customer needs and minimize food waste. Therefore, it has been witnessed that the demand for eco-friendly vacuum packaging has created new trends in food safety, ensuring longer shelf life and convenience of food products.
COVID-19 Impact on the Global Vacuum Packaging MarketCOVID-19 has impacted companies across geographies. Despite wide macroeconomic headwinds, some packaging suppliers have benefited from the economic pace powering short-term sales growth. Moreover, consumer demand for protein products also increased by over 70% for the second week of March 2020 (Y-o-Y), which is expected to create demand for trays and flexible films. Also, customers have increased demand for extended shelf life packaging due to a disruption in the supply chain amid COVID-19 measures.
In March 2020, grocery markets grew tremendously due to nationwide lockdowns that permit only the food industry to continue its sales. However, a short-term decline is expected during COVID-19 in the packaging industry, including the vacuum packaging market. Along with offline retail, online retail has been growing significantly during the pandemic, with exorbitant sales in groceries, which will supplement overall revenue generation in the vacuum packaging market. The high demand for vacuum packaging primarily comes from the food segment and is usually persistent across all seasons.
The high prices of premium food products are expected to impact the market considerably, while reasonably priced essentials will increase demand. The post-COVID-19 situation of Italy made packaging vendors reassess and revisit their inventories. They re-strategize their supply chain by reducing their dependence on cross-border suppliers owing to a fear of trade route blockade.
Global Vacuum Packaging Market DynamicsDrivers: Increase in Shelf LifeThe shelf life of food products is a vital factor behind the increasing demand for vacuum packaging formats. Vacuum packaging preserved food products three to five times longer than traditional packaging. However, the shelf life also depends on whether the vacuum-packed product is stored in a refrigerator, freezer, or pantry. The majority of vacuum-packed food products are meat & poultry and seafood. Vacuum packaging involves the removal of oxygen and any air trapped within the packaging of the product, which is a major reason for the increase in resistance of the food product from spoilage. The effect of microbial activity on fresh seafood results in a loss of flavor and odor, which leads to wastage. Moreover, the time sensitivity involved in handling, processing, holding, and transporting products in the supply chain drives the demand for vacuum-packed products, enabling top-notch quality and maximum profits for the vendor.
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Restraints: Growing Environmental Awareness About PlasticThe major challenge in the vacuum packaging industry is greenhouse gas (GHG) emissions, which are generated primarily due to energy consumption during plastic processing. Over the past decade, huge growth in the plastic processing sector has led to increased energy consumption and associated greenhouse gas emissions. LDPE, LLDPE, and HDPE are widely used in making plastic material and are the most common resins in vacuum packaging. Emissions from production to decomposition of plastic inflict unimaginable amounts of air and land pollution. Supposing plastic production continues to grow at the same pace, by 2025, these emissions are expected to reach one gigaton per year. With the expansion of the plastic industry, particularly in production, GHG emissions will attain alarming proportions in the future.
Opportunities: Demand of High Barrier PlasticsHigh barrier plastics are premium packaging materials that keep moisture, air, and other elements away from the item contained in the vacuum pack. High barrier packaging comes in two different forms: high barrier films and high barrier shrink vacuum packs. It also includes using many layers of plastic material (majorly PVDC and EVOH) to safeguard the pack from air and moisture. To enhance the product's shelf-life inside the vacuum pack with rich flavors and aroma. High barrier packaging is also growing in demand for food and non-food product applications. Further, the high barrier structure shows more robust puncture resistance properties, making the pack virtually immune to wear and tear.
The chances of food spoilage at any point in the entire supply chain have been a substantial motivator for using high-barrier packaging materials. With the increasing demand for high barrier packaging in the vacuum packaging industry, there is also a rising inclination toward recyclable high barrier plastics. Consumer awareness of convenience and eco-friendly packaging in the food industry is also responsible for the expected rise in high barrier vacuum packaging demand.
Scope of the ReportThe study categorizes the vacuum packaging market based on material, pack, and end-users at the regional and global levels.
By Material Outlook (Sales/Revenue, USD Million, 2017-2030)Request for Complete TOC and Figures & Graphs @ https://www.marketstatsville.com/table-of-content/vacuum-packaging-market
The PE segment is projected to account for the largest market share, by materialThe global vacuum packaging market is divided into PE, PVC, PP, and others based on material. In 2021, PE accounted for the largest market share of 40.7% in the global vacuum packaging market. Vacuum packages are manufactured in polyethylene, specifically low-density polyethylene (LDPE) and linear low-density polyethylene (LLDPE). High-density polyethylene (HDPE) has been used across several vacuum packaging applications since it protects vacuum packs from acids, oils, and other contaminating substances. Products that require zero exposure to oxygen largely demand LLDPE, which is the most flexible compared to LDPE and HDPE. The primary motives behind the usage of polyethylene packaging include flexibility, lightweight, strength, cost-effectiveness, and excellent sealing capability.
Further, polyethylene boasts good moisture resistance, which keeps the vacuum-packed product preserved for a longer period. Vacuum packs are mostly used in layers to safeguard their contents to the maximum extent. Polyethylene is used with polyamide (nylon) as a raw material to make flexible packaging, in which polyethylene takes up around 70% of the material and polyamide 30%. There has been a growing trend in using polyethylene vacuum pouches across various applications, including food products, pharmaceuticals, and more. Vacuum packs are excellent gas barriers with maximum puncture resistance and the ability to prevent food from damage.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global vacuum packaging market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 6.6% in the global vacuum packaging market during the forecast period. The vacuum packaging market has been growing at a healthier rate in the APAC region, holding the largest global share. The rise of populations, growing urbanization, and increasing food expenditures, particularly in China and India, are key drivers of the vacuum packaging market in APAC. The consumption of packaged food has been growing tremendously with the population in APAC.
Moreover, the huge number of small and large retail outlets is certainly a pillar to the growth of the vacuum packaging market. Increasing food expenditures and growing demand for meat and seafood are also contributors to APAC's vacuum packaging market. The selection of materials in these nations is important as people look for high-quality products with a longer shelf life. The APAC region has demand for low-cost vacuum pouches and premium quality vacuum packaging. Flexible vacuum packaging for food and pet food is expected to fuel the market growth during the forecast period.
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Key Market PlayersThe vacuum packaging market is mildly concentrated in nature, with few numbers global players operating in the market, such as CVP Systems, Inc., Sealed Air Corporation, Bemis Company, Inc., ULMA Packaging, Linpac Packaging Limited, Coveris Holdings S.A., Berry Plastics Corporation, Multisorb Technologies, Inc., Orics Industries, Inc., and Amcor Limited. Every company follows its business strategy to attain the maximum market share.