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Electronic Manufacturing Services Market is Set to Surpass USD 650 billion by 2026

Electronic Manufacturing

Electronic Manufacturing Services Market is Set to Surpass USD 650 billion by 2026

According to a recent study from market research firm Global Market Insights, The Electronic Manufacturing Services Market is anticipated to witness exponential growth on account of rising investments and innovation in technologies like IoT & AI. Manufacturing companies are steadily adopting automation and smart manufacturing techniques to enhance their production capabilities, reduce operational costs and develop high-quality products.

Incorporation of industrial robots for smart production could enhance operational performance of the industrial unit and minimize human intervention. In November 2017, Asteelflash introduced a pilot program for its production facility in California for the creation of smart factory. The program would include installation of collaborative robots and connected equipment to increase productivity and generate real-time data.

Growing inclination towards smart home devices coupled with increasing integration of Internet of Things (IoT) & artificial intelligence (AI) solutions in consumer appliances may drive electronic manufacturers to adopt EMS. Considering these aspects, Global Market Insights, Inc., estimates that the electronic manufacturing services market could reach USD 650 billion by the year 2026.

The Electronic Manufacturing Services Market from the medical & healthcare application segment is poised to register a CAGR of over 4% through 2026. This appreciable growth rate is characterized mainly by the rapid digitalization of medical devices and surgical machinery. For instance, Bigfoot has developed a novel medical system, designed to offer continuous glucose monitoring capability and on-demand delivery of insulin to patients with varying diabetic conditions.

The solution includes a sensor-based wearable medical device, a data processing engine as well as an insulin dosage calculator for fully automated glucose management and delivery. Such endeavors are anticipated to significantly expedite the demand for EMS solutions in the medical domain, as the focus on delivering secure and safe treatments intensifies.

In addition to this, the growing adoption of real-time monitoring devices and systems in the healthcare sector is enhancing the need for effective PCB assembly through EMS, which is in turn likely to augment industry outlook over the projected timeframe. Key medtech entities such as Philips Healthcare, Fresenius Medical Care, Johnson & Johnson Medical Devices Companies, and GE Healthcare, among others are making collaborative efforts with EMS solution providers to facilitate cost-efficient production of advanced medical devices. For instance, Johnson & Johnson Medical Device Division partnered up with Jabil in 2018, for the manufacture of invasive surgical devices and orthopaedical devices. This joint effort not only enabled the companies to enhance medical device production but is also anticipated to help J&J achieve savings of nearly $600 million to $800 million by 2022.

The logistics segment held nearly 5% of the Electronics Manufacturing Services (EMS) industry share in 2019 and is expected to depict commendable growth at a 3% CAGR through 2026. This growth is attributed largely to the rising investment by EMS solution provides in logistics and transportation operations, in order to facilitate on-time deliveries and mitigate any potential service defects stemming from improper transportation.

The global Electronic Manufacturing Services Market consists of several key players offering logistics services, including SIIX Corporation, Kitron ASA, KENCO, and Syrma Technology, among others. Additionally, the ongoing trend of highly priced technical products has urged consumer electronics producers to engage third-party logistics services. This collaboration with contract manufactures will enable the companies to expand their global presence whilst ensuring quick and timely deliveries.

The consumer electronics sector, particularly in the APAC region is undergoing a major shift in manufacturing trends, mainly due to the current political tensions between China and the United States. Numerous electronics producers, including Samsung, have moved their operations bases to countries such as Vietnam and India, when the first visible fallouts from the tensions first came to light.

Moreover, lucrative policies implemented by the government of India, such as the Foreign Direct Investment initiative are providing foreign players ample opportunities to establish a manufacturing presence in the region. These favorable policies coupled with an abundance of cheap labor and raw material supply in the region will add impetus to electronic manufacturing services market expansion over the estimated timeline.

Key Companies covered in Electronic Manufacturing Services Market are Advanced Semiconductor Engineering Inc., Benchmark Electronics, Inc., Celestica Inc, Compal Electronics, Inc., Delta Group Electronics, Inc, Fabrinet, Flex Ltd, Foxconn Technology Group, Integrated Micro-Electronics, Inc., Inventec Corporation , Jabil Inc., KeyTronicEMS , Kimball Electronics, Inc. ,Plexus Corp., Quanta Computer, Sanmina Corporation, SIIX Corporation, Sparton Corporation, TPV Technology Limited, TT Electronics, Wistron Corporation

Source: https://www.gminsights.com/industry-analysis/electronic-manufacturing-services-ems-market

forklift trucks

How has the Role of Forklift Trucks Evolved in Warehousing Operations Landscape Amid Flourishing E-commerce Presence Worldwide?

The rising global prevalence of technology and connectivity has set off a significant transformation of the industrial landscape, especially in the retail domain. As the world moves to an increasingly digitized platform, e-commerce, or electronic commerce, commonly associated with online shopping, is rapidly establishing itself as a favored retail choice among consumers. In fact, studies have shown that almost 95% of all shopping will be facilitated through e-commerce by 2040.

With such a prolific rise expected in e-commerce adoption over the forthcoming years, the demand for robust warehousing and distribution facilities takes significant precedence. This, in turn, augments the need for efficient material handling systems and components to ensure proper storage, loading, transport activities in the warehouses.

Since product transport is one of the most integral roles in the e-commerce distribution ecosystem, the forklift market is likely to garner tremendous interest as retail and shopping activities continue their transition to the online platform.

What are forklifts?

Forklift trucks, also known as jitneys or lift trucks, refer to a class of vehicles designed for industrial use. These systems comprise a power-operated platform attached to the front, which can be raised or lowered as required to lift or move cargo. The term forklift is derived from these platforms, which are usually in the form of fork-like prongs. Lift trucks are used across myriad industrial sectors for the efficient transport of goods and materials.

The origins of these systems can be traced back to 1887, when the first material handling equipment, known as a two-wheel hand truck, was created using a combination of wheels and iron axles. However, the history of the modern forklift is more commonly associated with the invention of the Tructractor by the Clark Equipment Company, in 1917. The machine, which is often credited as being the first forklift, was essentially a tractor with an attachment for product handling, bearing only a minor resemblance to their modern-day successors.

Since its inception, the forklift industry has undergone several evolutions. The industrial impact of this material handling equipment over the years has been profound, evidenced most prominently during its contribution to boosting efficiency and productivity in workforces during World War I and World War II eras.

Rising prevalence of e-commerce solutions amid turbulent global conditions

While e-commerce itself is on its way to establishing a firm presence in the retail landscape, the ongoing global crisis stemming from the coronavirus outbreak has brought about a significant shift in consumer preferences and behavior. The rise in demand across the globe for essential and daily goods, alongside limitations due to social distancing and quarantine protocols has breathed new life into the e-commerce journey, as more and more people turn towards online portals for safer and quicker shopping experiences.

Fueled by this expansion of e-commerce, logistics systems, including warehouses and distribution facilities have grown tremendously in number, thus accelerating the demand for lift trucks and other warehouse solutions.

E-commerce solutions are most attractive to consumers due to the various benefits and conveniences they offer over conventional shopping experiences, including free and faster delivery of products, hassle-free returns and exchanges, and wider selections, among others. In order to fulfill these benefits, warehouse and distribution operations need to be extremely efficient, in terms of timely movement and transport of products to and from the facility, making the role of forklift trucks a crucial one for the industry.

Many prominent figures in the e-commerce and retail-associated industries have taken heed of this and started to develop innovative warehouse transport technologies to cater to the rapidly surging demand for online products. A notable example of this is global delivery service DHL, which has implemented several technologies including AI, self-driving vehicles and robotic lift trucks, etc., at its North America warehouses, to accommodate evolving product demand.

Technological advancements shaping the forklift industry

The forklift industry has witnessed several advancements over the years. These progressions, which range from mobility solution to automation to power source technology evolution, each assert a considerable impact on the way the modern fork truck functions.

Chief among these advancements is the emergence of environmentally friendly forklift technologies, given the burgeoning costs of fuels and the rising impact of climate change on the global ecological structure. According to some studies, energy-efficient lift trucks can last over 20-30% longer than their internal combustion engine-based counterparts.

In light of this knowledge, several companies have forayed into the development of energy-efficient electric forklifts to cater to the evolving warehousing demand from the retail industry. For instance, GMH (Godrej Material Handling) has recently unveiled the three-wheel Bravo Electric Forklift for the 1.6-2 ton category, equipped with an advanced battery solution for optimum product transport and handling.

Apart from the ecological standpoint, forklift trucks have also undergone a significant transformation in terms of mobility, as was evidenced by the launch of the Sidewinder ATX-3000 forklift by Vetex, which is an omnidirectional lift truck, owing to a series of rollers used in place of traditional solid or pneumatic tires.

Automation has asserted its impact across the industrial spectrum in myriad applications, and fork truck technology is no different. Automated lift trucks are equipped with a host of sophisticated technological systems including guidance systems that help them self-navigate through warehouses and facilitate automatic pick-up and drop of products, with little to no human intervention required.

These systems are reshaping the way forklift trucks function across various industries including warehouse, automotive, manufacturing, and more. The Raymond Corporation has recently introduced an automated lift truck stacker that leverages vision-guidance technology from Seegrid Corporation, to enable autonomous stacking from pick-up to delivery locations.

Source: Global Market Insights

automotive aftermarket

A Glance at Expanding E-commerce Automotive Aftermarket Amid Rapid Technological Evolution in Vehicle Manufacturing

Technology has triggered a fundamental change across nearly every major retail domain, except for one; automotive. While digital communication, B2B sales, and retail have witnessed changing trends due to technological transformation, the automotive sector has been relatively slow on the uptake in this regard. It had remained considerably consistent for over a century since the establishment of the first car dealership in 1898 in Cleveland, however, electronic commerce is set to change the way automotive retailing works. With consumer shopping trends continuing their steady shift towards the digital domain, e-commerce automotive aftermarket is all ready to rule the roost.

One of the biggest impacts of technology on the automotive domain has been observed in the automotive aftermarket industry. Automotive aftermarket refers to the after-sale market of the automotive sector. In essence, any automotive parts or components such as vehicle equipment, collision repair, service repair, replacement tires and other accessories sold after the sale of the original vehicle, are considered to be a part of the “aftermarket”. The automotive aftermarket encompasses companies involved in the production, remanufacturing, retail, distribution, and installation of replacement car parts, service repair, equipment, and accessories.

In the modern era, the emergence of e-commerce automotive aftermarket entities, such as eBay Motors and Amazon Marketplace have redefined the automotive sale experience for customers across the globe. From a customer’s perspective, such platforms deliver the ideal solution for customers in search of non-mission-critical and other discretionary parts, where they can browse through similar products, check reviews and avail quick delivery at economical price points. This ease and convenience are among the major factors responsible for elevating digital platforms like Amazon to great heights in the e-commerce automotive aftermarket domain in recent years.

For conventional automotive retailers and OEMs, on the other hand, the rise of these digital solutions has considerably disrupted industry trends. However, this does not necessarily spell trouble for these traditional automotive entities. On the contrary, leveraged correctly, e-commerce for automotive aftermarket can actually present a vast array of lucrative avenues for these retailers to establish a strong long-term presence in the aftermarket auto parts landscape.

How is e-commerce transforming the automotive domain?

Traditional sales models for the automotive industry have been predominantly dealer-based. From gaining information, to test drives, to transactions to servicing, nearly all activities associated with automotive sales and after-sales were carried out at the physical brick-and-mortar automotive dealerships.

However, these days, many customers are turning their focus towards e-commerce automotive aftermarket for their retail experiences, given the convenience, speed, and autonomy provided by these platforms. In fact, a 2019 study conducted among 1,089 vehicle shoppers suggested that nearly 49% of consumers are open to purchasing their new vehicle completely online.

Therefore, it is unsurprising that e-commerce seems to be really coming into its own and eliciting a massive transformation across the automotive sales spectrum, for sale/lease of vehicles or parts alike.

Some automotive industry players have already begun to respond to this change in consumer interest. Porsche North America, Tesla Inc., Lynk & Co., and Rivian Automotive Llc are among the major companies that have initiated the direct sale of vehicles to the public through an online platform.

Similarly, dealers are also acknowledging the merits of e-commerce for automotive sales. For example, the Las Vegas-based Findlay Automotive Group has established an entirely digital car purchase program designed specifically for customers who prefer to shop from the comfort of their own homes rather than make a visit to the dealership. (Source: www.digitalcommerce360.com)

Traditional retail, fully-online, or omnichannel – the basic business-channel conundrum are automotive aftermarket players facing

Despite the massive digital influence of technologies such as e-commerce on automotive buying behavior, there is still a major chunk of the customer population that prefers the human element and tangibility of an in-person experience, when it comes to the actual transaction. In light of these trends, several modern online-only automotive aftermarket retailers are working towards striking up alliances with physical suppliers, service providers, and manufacturers, to deliver an omnichannel experience, otherwise known as bricks & clicks business model.

In essence, a bricks & clicks model involves the operation of a retail company via an online or digital store (clicks) as well as a physical establishment (bricks), thus combining both into a single retail strategy.

A notable example of this includes automotive part dealers delivering targeted content on their websites to ensure buyer engagement while directing them towards in-person retail centers to carry out activities such as purchase completion and test drives. Continental AG, for instance, has introduced a new e-commerce automotive aftermarket portal, which contains bundled information regarding the company’s entire product and service portfolio. The portal consists of a comprehensive digital catalog of various Continental brands and products, allowing customers to easily identify the correct part from the selected range. Furthermore, the platform also facilitates seamless integration between the customer and the right contact person for specific product and service groups. (Source: www.continental.com)

The COVID-19 impact and the road ahead

In the automotive sector, the ongoing coronavirus pandemic has triggered a tremendous, long-term disruption, creating an economic upheaval that is fundamentally different from anything observed during previous crises. Aside from the decline in GPDs, which is typical during economic downturns, the impact of this drop is considered to be two times worse than during the last recession, with a longer impact and extreme uncertainty over the upcoming years.

For example, nationwide lockdowns and physical distancing measures across the globe have marked a sharp decline in both customer foot traffic, as well as VMT (vehicle miles traveled). Also, with social distancing directives keeping populations largely housebound and the subsequently low vehicle density, collision rates have witnessed a massive decline. For instance, in Seattle alone, collisions have decreased by around 50% during the government-induced containment efforts, including travel restrictions. These conditions, alongside a potentially slow economic recovery trajectory, indicate that automotive aftermarket demand may not return to pre-pandemic levels for years.

That said, the rising affinity of customers towards online purchases may generate lucrative opportunities for novel e-commerce automotive aftermarket business models and service solutions. Several key businesses and consumers have already begun their transition towards e-commerce for aftermarket auto parts, a trend that is expected to persist in the foreseeable future.

Should automotive aftermarket players take strong long-term efforts now to enhance their business through e-commerce and adapt to the so-called “new normal”, the industry could likely make a stronger comeback from the crisis in the years ahead.

detection kits

COVID-19 Detection Kits Market Size Sees 17.3% Growth to Hit USD 8 Billion By 2026

The global COVID-19 detection kits market should increase from USD 3.3 billion till now in 2020 to USD 8 billion in 2026 at a compound annual growth rate of 17.3% for 2020-2026.

COVID-19 detection kits market is anticipated to garner noteworthy growth on account of growing cases of coronavirus registered worldwide. For the record, COVID-19 is a respiratory infection that is highly contagious and transmits through direct contact with an infected person or indirect contact with affected surfaces located near the immediate environment.

As of now, this virus has spread all over the world. Containing its spread has proven to be challenging for most developed as well as developing countries. In a bid to curb the spread of coronavirus, numerous countries are using COVID-19 detection kits that help identify the symptoms of the disease in early-stage patients.

Countries with a huge number of COVID-19 cases are currently going through grave public health problems. As a result, regulatory bodies like the U.S. FDA have decided to ease the regulatory process for COVID-19 detection kits, following the Emergency Use Authorization (EUA) guideline. This has enabled manufacturers to launch their test kits in the market more quickly.

Technological innovation and subsequent development in the field of coronavirus diagnostic kits will enhance the COVID-19 detection kits industry outlook. According to a study conducted by Global Market Insights, Inc., the COVID-19 detection kits market is estimated to reach USD 8 billion by the year 2026.

This growth can be contributed to the below-mentioned trends:

Immense popularity of RT-PCR assay kits-

Rising incidence of COVID-19 around the world could play a crucial role in driving the demand for RT-PCR assay kits. The segment is expected to be more profitable and might achieve 96% of the overall market share within 2020.

As per the Centers for Disease Control and Prevention (CDC), nearly 0.6 million positive COVID-19 cases have been reported up to this date in the U.S. Rising cases in the region may support the demand for RT-PCR assay kits. Other alternatives for RT-PCR assay kits include immunoassay test strips/cassettes.

Escalating demand across APAC-

The outbreak of COVID-19 in densely populated areas like India and China could augment the Asia Pacific COVID-19 detection kits industry over the years. Estimates claim that the regional market is likely to observe nearly 21% CAGR by 2026.

Facilities in APAC have recorded some recurrence cases of COVID-19 after the successful containment of the virus. This could develop the need for COVID-19 detection kits in the future.

Implementation of lucrative business strategies-

Companies operating in the market are implementing multiple growth strategies to expand their product portfolio and geographical presence by taking part in novel R&D initiatives.

Taking March 2020 for instance, Hologic revealed that it will be receiving grant funding from the U.S. government’s Biomedical Advanced Research and Development Authority (BARDA) to scale the production of COVID-19 detection kits. This collaboration would allow the firm to cater to the proliferating demand for detection kits.

Apart from Hologic, Co-Diagnostics, Cepheid, Abbott Laboratories, BGI, F. Hoffmann-La Roche, BioFire Diagnostics, Guangzhou Wondfo Biotech, GenMark Diagnostics, Qiagen, Quidel Corporation, and Mylab Discovery Solutions are some other leading firms in the COVID-19 detection kits market.

Source: Global Market Insights, Inc.

personal protective equipment

Personal Protective Equipment for Infection Control Market to Hit USD 17.1 Billion by 2026

The global Personal Protective Equipment for Infection Control Market should increase from USD 10 billion in 2019 to USD 17.1 billion in 2026.

The massive outbreak of COVID-19 has produced a significant rise in the revenue scale of global personal protective equipment for infection control market. Global Market Insights, Inc., predicts the personal protective equipment for infection control industry to garner appreciable gains over 2020-2026 while depicting a CAGR of -19.3 percent through 2026, perhaps due to the expanding number of surgical procedures and rising awareness about personal safety for infectious diseases.

The lucrative growth map of personal protective equipment for infection control market is evident from the surging importance of safety at vivid workplaces lined with stringent regulatory reforms pertaining to the safety standards. Numerous regulatory authorities have addressed safety standards during operations in manufacturing industries and various service organizations like hospitals and research laboratories.

Moreover, standard operating protocol developed for security and safety against infections at the workplace would favor the business growth over the due course of time. Although the PPE for infection control is unveiling new trends across the globe, the complexity and dearth of time in the production of these might hamper the industry growth to some extent.

Categorized into products, types, and end-use industries, the personal protective equipment for infection control market across the hand and arm product segment is poised to perform exceptionally well in the ensuing years. For the record, hand and arm personal protective equipment market acquired a business share of $4.2 million in 2019. The momentous growth of this segment can aptly be ascribed to the increased risk of infection worldwide. Besides, skin disorder, given the direct contact to toxic pathogens and radioactive materials would propel the industry growth in the years ahead.

Considering the type bifurcation, the disposable PPE market held a considerable revenue share of 74 percent in 2019 and is touted to witness appreciable growth during the mentioned timeframe owing to its ability to reduce risk of infection as it is disposed of after use.

Elaborating further, personal protective equipment for infection control market from the research and diagnostic laboratories segment is set to accrue phenomenal proceeds in 2020, fundamentally due to the growing R&D activities in order to bring forth advanced solutions for diagnosis and treatment. In addition to this, elevating COVID-19 cases worldwide has enunciated the massive demand for PPE in diagnostic laboratories for effective security and functioning.

Personal Protective Equipment for Infection Control market report provides a comprehensive landscape of the industry, accurate market estimates and forecast split by product, application, technology, region and end-use. All quantitative information is covered on a regional as well as country basis. The report provides valuable strategic insights on the Personal Protective Equipment for Infection Control market, analyzing in detail industry impact forces including growth drivers, pitfalls, and regulation evolution. The report also includes a detailed outlook on the Personal Protective Equipment for Infection Control market competitive environment, diving into the industry position of each major company along with the strategic landscape.

Personal Protective Equipment for Infection Control market report is an all-inclusive document, compiled and designed to provide best-in-class research, insightful analysis and accurate quantitative data. The coverage of this research is the most extensive when compared to other similar studies available on Personal Protective Equipment for Infection Control market. The industry ecosystem information presented in this report is next-to-none and aims to address all stakeholders of the industry, irrespective of their size and business function. Details of segmentation and cross reporting structure, wherever feasible, makes this Personal Protective Equipment for Infection Control market research one of its kind to offer the most in-depth, readily available data.

Speaking of the regional demographics, the United States is poised to emerge as one of the most remunerative growth regions for industry given the current coronavirus outbreak. It has been reported that the country captured an overall business share of more than 90 percent of the North America PPR for infection control market in 2019.

This growth is ascribed to the expanding development activities paired with rising healthcare spending. It is imperative to mention that, the ongoing disease spread has urged myriad companies to undertake development activities with an aim to offer effective and accurate solutions to abate the infection transmission across the country while boosting its stance in the global market.

Although the rising patient pool has produced a shortage of PPE, various organizations like 3M Company, Honeywell, and multiple others, have laid their focus on establishing M&As to manage the increasing demand for these. Thus, these strategic initiatives would enhance the industry outlook over the forecast period.

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Source: Global Market Insights, Inc.

Telemedicine

U.S. Telemedicine Market Trends, Size, Share, and Growth Until 2025

The U.S. Telemedicine Market should increase from US $19.5 billion in 2018 to US $64 billion in 2025 at a compound annual growth rate (CAGR) of 18.5% for 2019-2025.

The increasing occurrence of chronic diseases is among the most prominent factors that have created an ideal growth ground for the telemedicine market. Growing cases of chronic diseases are creating a growing need for the adoption of telemedicine services to offer better home supervision, which should further drive the U.S. telemedicine market outlook over the forthcoming time period.

An increasing number of patients suffering from a variety of chronic diseases such as diabetes, cancer, and heart disorders are expected to impel the need for telemedicine services across the United States.

Additionally, growing adoption of unhealthy habits like alcohol consumption and tobacco smoking and a lifestyle that is becoming increasingly sedentary, are among some of the most prominent factors that are contributing towards the growing prevalence of various chronic diseases. In fact, according to 2017 CDC data, approximately 14 out of 100 people across the United States above the age of 18 smoked cigarettes.

The tele-consulting service segment is projected to hold a valuation of $28.1 billion by 2025. The tele-consulting segment is expected to witness exponential growth over the forthcoming years due to the rapidly growing telecommunication infrastructure. Tele-consulting offers various consultation services for a wide spectrum of imaging modalities, a plethora of therapeutic indications and numerous different reading methodologies.

Growing applications of tele-consulting would exponentially impact on the telemedicine market growth during the analysis timespan, boosting industry expansion in the process.

In terms of component, the hardware subsegment is expected to witness exponential growth over the forecast timespan, recording a CAGR of 18.7%. There is an increase in the usage of telemedicine devices such as smartphones and tablets among others; which is a crucial factor that should significantly drive the segment growth over the forthcoming years. Additionally, numerous advancements in technology across the healthcare sector are also one of the major factors stimulating the hardware segment growth.

Telehome segment primarily caters to patients that are suffering from chronic diseases and are advised to not travel frequently. The telehome segment is slated to experience exponential growth of 18.9% over the forthcoming years. The implementation of telehome services is expected to rise owing to the advantages that it offers.

Telehome services provide opportunities to enhance patient care alongside substantial cost savings for patients choosing treatment at home, thereby driving the demand for telehome services, which should further drive the growth of the U.S. telemedicine industry.

Web/Mobile delivery segment accounted for a significant chunk of the U.S. telemedicine market, holding maximum revenue of over $11.9 billion in 2018. The Web-based telemedicine delivery platform is now a standardized infrastructure that is used to provide access to sophisticated telemedicine applications. The web segment can be beneficial for organizations having issues with offering healthcare services to patients living in remote areas. Additionally, increasing adoption of the web segment across the United States should drive the growth of segment which should further establish a distinguished U.S. telemedicine market growth trends during the forecast timespan.

Some of the most prominent players responsible for the growth of the U.S. telemedicine market are American Well, Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, Cerner Corporation, Cisco Systems, BioTelemetry, Honeywell International Inc, InTouch Technologies, Eagle Telemedicine, SOC Telemed, Specialist Telemed, and InSight.

Acquisitions, new product launch, mergers, and regional expansions are the primary business strategies implemented by market participant firms.

According to the latest research report by Global Market Insights Inc., the U.S. telemedicine market is projected to surpass a valuation of $64 billion by 2025.

Source: Global Market Insights, Inc.

stethoscope

Global Stethoscope Market to Hit US$520 Million by 2026

Global Stethoscope Market value over US$520 Million by 2026 end and register a CAGR of over 5% from 2020 to 2026. The rise in the geriatric population prone to chronic disorders coupled with a mounting need for advanced diagnostic devices across the globe is likely to drive the stethoscope market outlook.

The rise in the occurrence of cardiovascular diseases stemming from the widespread adoption of sedentary lifestyles and unhealthy eating habits is resulting in increased stethoscope industry demand. Recent technological advancements in diagnostics tools along with an increase in R&D activities by key industry players may foster the stethoscope market size. Moreover, development and introduction of advanced electronic stethoscope with wireless Bluetooth technology may further augment product penetration over the coming years. Stethoscope market size is touted to cross the USD 520 million mark by 2026.

Product-wise, the stethoscope market is segmented into electronic and acoustic stethoscopes. The electronic stethoscope segment is expected to grow at 5.5% over the analysis period. Such robust growth can be attributed to the variety of advantageous features offered by the product, such as ambient noise reduction, amplified sound output, enhanced frequency range, reduced time to get an accurate reading, visual display, and record & replay capabilities.

Usability-wise, stethoscopes are categorized as disposable and reusable. Disposable/single-use stethoscopes market is touted to grow at 6% over the projected timeframe. Increasing awareness among medical professionals pertaining to the prevention of cross-contamination and disease transmission is resulting in the massive adoption of disposable stethoscopes. Some healthcare facilities issue patients with single-use stethoscope in a bid to avoid cross-contamination and risk of disease transmission, which is likely to change industry trends in the coming years.

Based on end-user, the market is segmented into physician offices, hospitals, ambulatory surgical centers, academic institutes, urgent care centers, and others. In 2019, the ambulatory surgical centers’ segment generated a revenue of more than USD 78 million. As per the National Health Statistics, around 47% of surgical procedures are conducted in the ambulatory surgical centers across the U.S. annually. Increasing patient preference for outpatient procedures will augment the use of stethoscopes in ambulatory surgical centers, hence supplementing industry share.

Speaking in terms of head design, the stethoscope market is segmented as a single, double and triple head. Of all the three segments, the double head stethoscope segment held the majority of market share accounting for over USD 220 million in 2019.  These stethoscopes are considered to be the most durable and efficient models. Also, double head stethoscopes are cost-effective and often used in emergency situations by medical professionals owing to efficient and quick diagnostic results. Increasing demand and adoption rate of the model will positively impact market growth.

Key players contributing to stethoscope market expansion include American Diagnostic Company, 3M, Cardionics, HEINE Optotechnik, GF Health Products, McCoy, Invacare Supply Group, etc.

Source Credit: Global Market Insights, Inc.

automotive cybersecurity

Automotive Cybersecurity Market to Cross USD 837 Mn by 2024

The automotive cybersecurity market is set to grow from its current market value of more than $187 Mn to over $837 Mn by 2024, as reported in the latest study by Global Market Insights, Inc.

In an era where connected cars are deemed to mark the future of mobility, the market is indeed set to occupy a pivotal stance in smart and sustainable tech space. The cyber threats or security breaches in connected cars enable external access to the vehicle’s network and not just compromise the driver’s data privacy but can also pose serious threats to the driver’s physical safety and car’s operation. With data security breaches becoming intensely sophisticated, the automotive cybersecurity industry has turned out to be an inevitable investment spot that would aid the automotive sector’s continued roadmap toward connectivity without risk.

Speaking of competitive trends, strategic collaborations and partnerships have emerged as two of the top-notch measures adopted by the automotive cybersecurity market giants. One of the recent trends in this regard has been the JVs established between the automotive companies and technology conglomerates, in a bid to understand and resolve the security complexities in modern or connected vehicles.

The compulsion of connected services in vehicles for offering features like improved comfort, convenience, road safety and assisted parking will greatly benefit the automotive cybersecurity market, which apportioned revenues of over USD 187 million in 2017. With the mounting probability of a vehicle being hacked, a number of IT companies are partnering with automakers to develop security features and enhance vehicle safety measures. The  industry caters to every type of vehicle, from average passenger and luxury cars to heavy-duty trucks. Estimates suggest that close to 70 million connected vehicles will be running on the roads by 2020, a significant surge in comparison with the 2016 figure of 28 million. These statistics represent the vast amount of electronic control units (ECUs) that would be required in order to enhance the vehicles, instigating the market.

The network security dominates the automotive cybersecurity market and is projected to generate a market revenue of USD 236.4 million over the forecast timescale. The in-vehicle networks carry a variety of personal and operational identifiable information such as microphone recording, location, and call and navigation history, due to which protecting the data and messages over the network bus is important for privacy and operational security. Moreover, network protocols, such as Local Interconnect Network (LIN), Controller Area Network (CAN), automotive Ethernet, FlexRay, Wi-Fi, 5G network, Bluetooth, and Dedicated Short-Range Communication (DSRC), also aggravate cybersecurity threats. Therefore, it is important to adopt improved security techniques by interacting with security-enhanced network protocols to provide authenticity, integrity, and reliability of transmitted data.

One of the recent instances that validates the growing stance of collaborations & JVs as prominent growth tactics has been the partnership between SafeRide, one of the formidable automotive cybersecurity market players and Netherland based digital platform security giant, Irdeto. Under the terms of the recently inked partnership, SafeRide in collaboration with Irdeto is claimed to provide the OEMs and tier -1 automotive suppliers with a holistic cybersecurity solution for autonomous and connected vehicles.  Allegedly, SafeRide’s flagship vSentry solution would be integrated with Irdeto’s famous Connected Transport solution, Cloakware, to offer a multi-layered approach in protecting the platforms against tampering, automated attacks, and reverse engineering.

Europe’s automotive cybersecurity market is witnessing a fast growth rate and is projected to reach USD 224 million by 2024. Germany dominates the European automotive cybersecurity industry as it is the home to some of the leading automobile manufacturers including Ford, Volkswagen, BMZ, Audi, Mercedes-Benz, Opel, and Porsche. These companies are working with various software cybersecurity providers to increase the security offering aimed at maintaining passenger safety while traveling. For instance, in 2016, Volkswagen collaborated with three Israeli cybersecurity experts to establish an automotive cybersecurity company aimed at making vehicles and their ecosystem highly secured against cyber-attacks.

The companies functioning in the automotive cybersecurity market are investing in research and development strategies aimed at bringing about innovations in the automotive cybersecurity solutions. Some of the major vendors operating in the automotive cybersecurity industry are Audi, BMW, Ford, Honda, Nissan, General Motors, Volvo Car Group, Volkswagen, BT Security, Cisco Systems, Lear Corporation, Symantec Corporation, Argus Cyber Security Ltd., Intel Security, Arilou Technologies Ltd., Continental AG, and Karamba Security.

Source: https://www.gminsights.com/industry-analysis/automotive-cybersecurity-market

genetic testing

Global Genetic Testing Market to Hit $25 Billion by 2025

Genetic Testing Market is expected to exceed USD 25 billion by 2025. Growing incidences of genetic diseases coupled with the rising availability of advanced genetic tests will augment the industry growth.

Increasing awareness regarding the availability of genetic tests should escalate the genetic testing market growth throughout the forecast years. Industry players implement several promotional activities that raise awareness amongst the people. Moreover, due to increasing internet penetration in developing economies, individuals are becoming aware of the benefits of early diagnosis of genetic diseases. Above mentioned factors should surge the industry growth. However, the high cost of genetic testing may affect industry growth to some extent.

The unprecedented growth pace of the genetic testing market is rather evident from 23andMe’s recent launch of a grant program as a part of its Genotyping services for the research platform. A significant market contributor globally, through this invention, aims at promoting research studies with the intent to increase the revenue shares in the upcoming years. This trend itself bears testimony to the fact that the chief market players are opting for strategic moves to strengthen their position in the global genetic testing market share.

A business vertical of high repute, thriving extensively on personalized medicines, genetic testing market as of today stands as one of the outpaced, profitable industry spheres there is. Endorsed by the availability of technologically sound gene diagnosing kits and elevating cognizance regarding the use of personalized medicines, the commercialization potential of the genetic testing industry has surged immensely in the past few years.

Speaking of the test type spectrum, the carrier testing segment has stood tall during the past few years and is likely to develop at an appreciable pace during 2019-2025. For the records, the carrier testing segment accounted for USD 460 million in 2018. These tests find large scale use among couples to determine the chances of having a child with genetic disorders.

Also, they focus on detecting the probability of a healthy person carrying mutated genes. These factors have prompted healthcare professionals to recommend required treatments for the individuals comprising mutated genes thereby adding an impetus to genetic testing market trends.

North America’s genetic testing market will foresee over 10% growth throughout the forecast years. Increasing prevalence of genetic diseases will prove beneficial for regional growth. Cystic fibrosis, sickle cell anemia, thalassemia, and other genetic disorders affect millions of individuals in the U.S. annually that should spur the demand for upgraded genetic tests. Moreover, favorable regulatory scenario for genetic tests will further positively influence regional growth.

Companies are undertaking several initiatives to add innovations in the genetic testing market. Additionally, industry players such as 23andMe, BGI, BioMerieux, Cepheid, Counsyl and others have implemented several strategic initiatives such as mergers, acquisitions and product launches for gaining competitive advantage. For instance, in October 2016, 23andMe announced the launch of a grant program as part of its Genotyping Services for Research platform. The program is aimed at promoting research studies and obtaining proposals in which 23andMe experience is likely to garner more customers. This strategy will enhance 23andMe’s business grow

Source: https://www.gminsights.com/industry-analysis/genetic-testing-market,m

vaccines

Report: Global Vaccines Market

The U.S. vaccine market is anticipated to experience growth of 8.9% CAGR during the forecast timeframe. The high adoption rate of vaccines to reduce the incidence of infectious diseases along with several initiatives undertaken by government by increasing immunization rates and recommendations should stimulate business growth.

Japan’s vaccine market will grow significantly over the coming years to reach over USD 6.0 billion by 2025. Introduction of the routine vaccination program in October 2016 leading to the introduction of numerous important and routine vaccines having a higher rate of administration as compared to voluntary vaccines should drive the Japan vaccine market.

Increasing demand for preventive vaccines, the rising number of people suffering from infectious as well as non-infectious diseases globally will drive the vaccine market over the forecast timeframe. Increasing government funding for vaccine development will further boost industry growth.

Widespread routine vaccination programs and numerous initiatives undertaken by governments to encourage vaccine administration especially in developing and underdeveloped countries will positively impact industry growth. Growing awareness about reduced mortality due to immunization should propel vaccines industry growth over the forecast period.

High adoption of new vaccines coupled with technological advancements should stimulate business growth. Moreover, a strong product pipeline of leading companies such as Merck, Novavax, Emergent BioSolutions will lead to industry expansion over the coming years. However, high costs associated with transportation and storage of vaccines will limit the vaccines market growth to a certain extent over the foreseeable future.

Each time a nation is hit by an epidemic wave, children are one of the groups that take the deadliest hit. According to the Centers for Disease Control and Prevention, 1 or 2 of every 1,000 children who are diagnosed with measles die. During the nation’s recently witnessed measles outbreak, around 92 percent of children received a combination vaccine that prevents measles, rubella, and mumps. Immunization programs prevent and protect toddlers and infants from dangerous complications and failing to vaccinate may certainly put them at risk for fatal diseases. This has escalated the demand for vaccines for kids, which has subsequently influenced the growth curve of the vaccines market from the pediatric populace.

As per estimates, vaccines industry size from the pediatric age group is set to witness a CAGR of 9.1% over 2019-2025, given the high vulnerability of kids to infectious diseases along with the increasing implementation of pediatric immunization programs.

Driven by the ongoing pace of urbanization and the rising awareness regarding the potential dangers a pandemic can inculcate, the global vaccines industry is gaining increased attention. According to a new research report by Global Market Insights, Inc., the overall vaccines market size is anticipated to surpass $70 billion by 2025.

Some of the major market players involved in the global vaccines market are Merck, AstraZeneca, Johnson & Johnson, Novartis, Bristol-Myers Squibb, Abbott, Sanofi Pasteur, GlaxoSmithKline, Pfizer, Emergent BioSolutions, CSL, Astellas Pharma and Novavax. Firms are focusing on product launch to fortify their product base and market reach over the coming years.

Source: Global Market Insights, Inc.