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Emerging Industries that will Shape the Future of the Economy

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Emerging Industries that will Shape the Future of the Economy

One of the very few silver linings emerging from the coronavirus pandemic affected the job market is, several new job opportunities becoming available to people that are bringing unique qualifications to the market. The expert data analysts working at LinkedIn explored numerous job listings to find out that there is an increased demand for qualified specialists in diverse fields. They saw the exponential growth potential for these industries.

1. Personal protective equipment (PPE)

PPE or personal protective equipment is one of the more talked about industries during the COVID-19 pandemic. Demand for PPE has been off the charts and several countries relied on the import of the equipment from other nations such as China. These countries are facing an acute shortage of this critical equipment. In the wake of the devastating damage as a result of COVID-19, there is a sharp call for different hospitals to maintain stockpiles of the PPE in case there is another break out of the crisis in the future. Almost all PPE has an expiry date and therefore a constant supply of this equipment is needed to maintain reserves. This also means that manufacturers are going to be working on the demand continuously. There will be a demand for conventional masks as well as high-tech equipment and as a result, this industry is set to boom in the upcoming years.

2. Virtual meeting platforms

Virtual meetings have been successful in bringing a sense of normalcy to work from home lives. One company is at the forefront of this sector and that is Zoom. Zoom boomed at the time of this crisis and its stock prices surged by more than 100% within a couple of months. Google decided to make the premium features of Google Hangouts free till September. Microsoft found out that the number of daily users of its software Teams jumped by more than 30% in March alone. As many organizations are forced to adapt to work from home scenarios there are greater chances of more remote work in the future. It is expected that a quarter of the US workforce will be working from home by the end of 2021.

3. Cannabis

The cannabis industry is all set to expand onto many newer markets in 2021. This might be the right opportunity to start a new business in this space. It is easy to envisage the cannabis industry as something that requires growing the plant, refining the products, and dispensaries that sell these products. Although these elements are at the base of a huge cannabis supply chain, keep in mind that the cannabis industry is far more complex and there are many other areas involved in the business. Two broad categories classify the industry plant-touching businesses and ancillary businesses. However, there are several challenges involved in cannabis real estate development such as:

-Development of proper partnerships.

-Constantly changing rules and regulations.

-Banking, finance, and insurance challenges.

-Marketing and advertising regulations.

-Stigma

4. Cybersecurity

Cybersecurity was always a big business, however; a rising dependency on various digital assets such as virtual meeting platforms has meant that the company data is more susceptible than ever to hacking. The advent of COVID-19 has proved to be one of the major threats to cybersecurity as scammers around the world are taking advantage of all the uncertainty surrounding the disease. Spam email campaigns have become commonplace. For many companies, this transition of moving their services online was rushed and as a result, all the necessary steps regarding customer security are not getting followed. But there is an increasing trend to spend more on the requisite online security measures.

Conclusion

The COVID-19 pandemic saw the whole wide world come to a standstill. As a result of this situation, several businesses are struggling quite a bit to stay alive as the crisis rolls over. But despite this onslaught from the pandemic several industries saw their profits grow and this trend is likely to continue even post-pandemic. Other struggling industries will also begin to flourish now as the pandemic crisis comes to a close. The industries mentioned above are only some of the sectors that will grow exponentially after the pandemic. Many other sectors will thrive in the aftermath of the pandemic.

personal protective equipment

Personal Protective Equipment – The Product of Choice for Frontline Personnel

The globe has been observing a stringent rise in the count of industrial fatalities lately. In fact, as per the Ministry of Social Affairs and Health, Finland, more than 7,500 people die every year across some of the major industries including manufacturing, construction, and others primarily due to the negligence of PPE kits while working. Given the rising accidental count, PPE has now become more of a necessity across the aforementioned sectors, enabling the personal protective equipment industry to gain further prominence in recent years.

This has undeniably compelled personal protective equipment companies to focus on designing exceptional and superior protective wear with a view to ensuring maximum safety for workers.

However, in the midst of the ongoing pandemic situation, the global PPE industry has been witnessing a dramatic revolution in the global business sphere. Having originated from the Wuhan province of China, COVID -19, apart from claiming millions of lives, has brought about a major halt in vivid businesses in turn slowing down the economy of various countries. Amid this critical situation, the demand for PPE has, however, massively increased in order to offer protection to frontline warriors including the workers and medical staff. Not just the healthcare sector, but the thriving polymer industry is also leveraging the benefits of rising PPE demand, as the need for NBR latex gloves and similar PPE has exhibited a prolific upsurge.

Why PPE?

PPE, as of today, stands as a firm line of defense against some of the serious injuries that occur at workplaces, and while considering the current healthcare situation, it stands as a pivotal form of cross-contamination barrier between two or more people. That said, it is important that the credibility factor of this equipment remain unquestioned, for maintain the safety standards.

While citing an instance illustrating the increased proactiveness of personal protective equipment companies during the peak COVID season, it is crucial to state the mention of Medtronic- a pioneer in medical device production. Recently, the company donated personal protective equipment worth USD 1 million to a relief organization- International Medical Corps- in an effort to support its ongoing coronavirus response efforts in Puerto Rico and the continental United States. As per close officials, the donation covers about 408,000 KN95 respirators and more than 1.1 million surgical masks, which are being distributed to more than 15 hospitals and healthcare facilities across the hot spot zones.

The aforementioned is just one example of initiatives that are revolutionizing the PPE industry sphere. Below listed are some of the recent developmental trends that are fueling the growth scope of the PPE market.

PPE vending machines in rail stations- for safe and distant commuting

Considering the health risk for day-to-day commuters, the Chicago Transit Authority (CTA) has reportedly announced its plans of setting up PPE vending machines at some of its rail stations to ensure maximum commuter safety, given the burgeoning COVID-19 cases in the city. The machines are approved by the CTA’s board and is deemed to contain PPE including disposable face masks, hand sanitizer, disposable gloves, and sanitizing wipes and considered to be pocket friendly for the people, ranging from $3.87 to $10.

Such measures are anticipated to stand as an exemplary model for other countries and states who have been brainstorming into the ways of making traveling easy and risk-free for its people.

An internship for COVID-19 PPE production?

Innovation and internship programs have been the center of attraction for college as well as school-going champs, in an attempt to gain practical knowledge on the field. However, the outbreak of coronavirus pandemic has slashed on some emerging dreams. Nevertheless, with more than 400,000 COVID cases in the country, the State University of New York has launched a grant program that gives the students and faculty a chance to develop innovative alternatives to PPE for the city’s frontline warriors.

Named SUNY Prepare Innovative and Internship Program, the internship would offer USD 10,000 for faculty and students and is claimed to be open for all SUNY state-operated and Community College campuses. This initiative would not only bridge the demand-supply gap but would offer the student an opportunity to explore the world of combating the challenges posed by COVID-19.

Increased demand for lighter PPE

Personal protective equipment, although offering optimum safety and security from unwanted chemical spills, infection control, and other accidents, are infamous for heavyweight and suffocation they create. This has brought about a surge in demand for lighter protection, particularly across the industries that make use of powered air-purifying respirators. Various studies claim that a lot of existing PAPRs on the market are incredibly heavy and their design lacks even weight distribution, leading to strains and aches on operators. Since more and more workforces are tuning to heavy PPE today, lightweight PPE structure is emerging as an important design component to deliver on.

With this, considering the ongoing COVID-19 chaos, the healthcare sector is set to emerge as a prime revenue source for all PPE kit suppliers today. This leaves the public to ponder over: With the world currently being in turmoil due to novel coronavirus pandemic, will personal protective equipment emerge as a first line of defense?

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.