Market Research Blog – Page 11537 – New Product Development

Physical Security Market is Expected to Reach a Sum of US$ 229.11 Billion During 2022 – 2032

During the forecast period 2022-2032, the physical security market is expected to grow at a value of 6.3%. In 2022, this market was predicted to have a global valuation of US$ 117 Billion, and is expected to reach a sum of US$ 229.11 Billion by 2032. The market is going to face increasing demand owing to the increase in security concerns of the consumers for both residential and organizational purposes.

From 2017 to 2022, the physical security industry grew at a CAGR of 5.9%. Global physical security market growth has been boosted by an increase in terror attacks and an increase in awareness. Moreover, technological advancements have also contributed to the growth of the physical security market. Physical security market growth, however, is hindered by privacy concerns and lack of integration between physical and logical security. On the other hand, the escalating demand for security in smart cities is likely to offer lucrative opportunities for the expansion of the physical security market during the forecast period.

North America is expected to maintain its leadership position in the physical security industry during the forecast period, owing to a rise in the adoption of physical security solutions across critical infrastructures such as nuclear power plants, chemical plants, and oil and gas facilities across the region. However, Asia-Pacific is expected to be one of the fastest growing regions during the forecast period, driven by a high demand for physical security solutions and an increase in terror attacks.

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Key Takeaways from the Market Study

In 2022, the global physical security market is estimated to have a global market size of US$ 124.37 Billion.
The physical security market in North America acquired 39% of the global market share in 2021.
The APAC region is expected to grow with a 5.5% CAGR during 2022-2032.
The systems segment took over 66% of the global physical security market share in 2021.
The market was dominated by the SMEs segment in 2021 and a 8.5% CAGR is expected during 2022-2032.
The residential segment is projected to exhibit a 7% CAGR during 2022-2032.

Competitive Landscape

To gain a larger share of the market, top companies provide diverse solutions to address a range of applications. Moreover, companies seek to increase their market share by merging, acquiring, and forming strategic alliances. The company pursues a variety of strategic initiatives to achieve its goals, including partnerships, mergers, acquisitions, collaborations, and new product development. They offer systems and services to a wide range of industries.

Immersal-Part of Hexagon, which develops visual positioning systems and mapping software, has been acquired by Hexagon AB. in July 2021. A leader in PKI solutions, DigiCert, Inc., has partnered with Johnson Controls to provide advanced, digital, physical security solutions to buildings in May 2021.
Hangzhou Hikvision Digital Technology Co., Ltd. released its Hikvision AX PRO wireless external tri-tech detector and dedicated camera in February 2022.
An Edge360 security solutions provider partnered with Quanergy Systems, Inc., an AI-enabled LiDAR platform, in 2022. Edge360 will be able to provide video surveillance based on LiDAR technology in residential buildings and financial institutions as a result of this partnership.

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More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global physical security market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of component type (systems, services, others), by organization size (SMEs, large enterprises), by end-users (Transportation, Government, Banking & Finance, Industrial, Utility & Energy, Residential, Industrial, Retail, Commercial, Others) and across five major regions (North America, South America, Europe, Asia Pacific and Middle East & Africa).

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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years

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Lawful Interception Market is Reaching a Market Value of US$ 12.9 Billion During 2022-2032

The global lawful interception market is anticipated to secure a market value worth US$ 12.9 Billion while recording a CAGR of 14.8% during the 2022-2032 forecast period, according to a recently published Future Market Insights report. Increasing cases of cybercrimes and the rapid digitalization of firms are anticipated to play a vital role in developing the market in the forecast period.

As per the FBI, U.S citizens lost more than US$ 6.9 Billion to internet crimes in 2021, a jump of more than US$ 2 Billion from 2020. In addition, deployment of 5G networks is gaining significant traction, which is likely to increase cyber-attacks scope across the globe. 5G networks are likely to cover one-third of the globe’s population and also account for approximately 1.2 billion connections by 2025. This is expected to influence the market positively in the forecast period.

Also, the implementation of favorable laws for lawful interception by several governments is expected to augment the market size. Communications Assistance for Law Enforcement Act (CALEA) is one of the laws that features LI standards in the United States.

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Further, The European Telecommunication Standards Institute (ETSI) and the Third Generation Partnership Project (3GPP) have led the way in standardization. Moreover, with increasing international cooperation between various nations, the market is likely to strengthen. European countries such as New Zealand, Canada, Australia, Canada, and the U.S have played a significant role in strengthening the LI standards.

The surging demand for data-based communication and mobile phone tracking systems to aid security agencies in safeguarding and maintaining consumer interest is another vital cause that is expected to provide avenues of expansion to the market in the forecast period. FamiSafe, Glympse, uMobix, mSpy, and Cocospy are some of the known mobile tracker apps. On the contrary, the intercepted content breaches individuals’ right to privacy and raises ethical concerns, which is likely to inhibit the market growth in the forecast period.

Key Takeaways from the Market Study

Global lawful interception market to surge 4x from 2022-2032
By component, lawful enforcement solutions to expand at a CAGR of 14.6% during the forecast period.
Fixed network lawful interception is expected to dominate, rising at a CAGR of 14.1%
US is projected to garner US$ 4.4 Billion in market value by 2032, reflecting a 14.2% CAGR
China to be an opportunistic investment hub across Asia, reaching US$ 904.7 Million by 2032
Japan is anticipated to grow at a CAGR of 13.3% during the forecast period

Competitive Analysis

Key players in the global lawful interception market include VOCAL Technologies Ltd, Utimaco, Aqsacom Incorporated, BAE Systems plc, and Verint Systems. Notable developments in the market are as follows

In June 2022, Utimaco announced that it had successfully closed the investment round with SGT Capital, its new owner. SGT Capital’s ownership of Utimaco has obtained all mandated regulatory approvals, such as Committee on Foreign Investment in the United States (CFIUS), Energy and Industrial Strategy, the United Kingdom’s Department for Business, and Germany’s Federal Ministry for Economic Affairs and Climate Protection.
In May 2022, BAE Systems received a contract worth US$ 24 Million from the U.S Defense Advanced Research Projects Agency (DARPA) to develop software that independently configures tactical networks for mission-critical communications as part of the Mission-Integrated Network Control (MNIC) program. MNIC aims to demonstrate an integrated system that offers a secure path for communication to assist multi-domain operations.

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More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global lawful interception market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.

Key Segments Profiled In The Lawful Interception Market Study

Lawful Interception Market by Component:

Lawful Interception in Solutions
Lawful Interception in Services
- Lawful Interception in Professional Services
- Lawful Interception in Managed Services

Lawful Interception Market by Network:

Fixed Network Lawful Interception
Mobile Network Lawful Interception

Lawful Interception Market by Network Technology:

Digital Subscriber Line (DSL) Lawful Interception
Integrated Services for Digital Networks (ISDN) Lawful Interception
Long Term Evolution (LTE) Lawful Interception
Public Switch Telephone Network (PSTN) Lawful Interception
Voice over Internet Protocol (VOIP) Lawful Interception
Wireless Local Area Network (WLAN) Lawful Interception
Worldwide Interoperability for Microwave Access Lawful Interception

Lawful Interception Market by Communication Content:

Lawful Interception of Voice Communication
Lawful Interception of Video
Lawful Interception of Text Messaging
Lawful Interception of Facsimile
Lawful Interception of Digital Pictures
Lawful Interception of File Transfers

Lawful Interception Market by Mediation Device:

Lawful Interception Routers
Lawful Interception Switches
Lawful Interception Gateway
Lawful Interception Handover Interface
- Handover Interface 1
- Handover Interface 2
- Handover Interface 3
Lawful Interception Intercept Access Point (IAP)
Lawful Interception Management Server

Lawful Interception Market by Type of Interception:

Active Lawful Interception
Passive Lawful Interception
Hybrid Lawful Interception

Lawful Interception Market by End User:

Lawful Interception by Lawful Enforcement Agencies
Lawful Interception by Government

Lawful Interception Market by Region:

Lawful Interception Market in North America
Lawful Interception Market in Europe
Lawful Interception Market in Asia Pacific
Lawful Interception Market in Middle East and Africa
Lawful Interception Market in Latin America

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years

Network Analytics Market Anticipated to Generate Market Size of US$ 14.4 Billion During 2022- 2032

The network analytics market share is anticipated to account for US$ 14.4 Billion in 2032, up from US$ 2.5 Billion in 2022, advancing at a CAGR of 19.3% during the forecast period from 2022 to 2032.

Demand for network analytics applications is likely to boost due to preventing and detecting errors & solve security threats. The IT companies are likely to improve the data security, predict traffic and perform forensic investigations to increase the network analytics market size.

The sales of network analytics are rising due to immoral and misusing of data around the region’s companies. They are afraid of stealing data and misleading it through various sources to get rid of it. The adoption of network analytics for different applications is likely to rise in the coming year.

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It is one of the genuine and real-time application software which detects errors faster with IoT and generates the demand by end-users all around the globe.Here are some of the key end-user, including hospitals, healthcare centers, telecom, BFSI & others are estimated the network analytics market growth during the forecast period.

Adopting 5G, IoT, and cloud are boosting the technology & solving the error spot with their potential audit work in the network analytics market trends. It examines, monitor, detect and manage the process in a systematic manner that grabs the attention of the benefits among the consumers generating a high demand for network analytics applications in the market.

The US market is dominating the network analytics market share all around the globe due to the penalty of misusing data & the great infrastructure & advanced resources available in the country, with counting the highest CAGR of 19.1% during the forecast period from 2022 to 2032.

The China market took the second position in network analytics market growth, accounting for a CAGR of 18.6% during the forecast period from 2022 to 2032.

Key Takeaways:

Based on components, the network intelligence solution segment is likely to dominate the network analytics market share with a CAGR of 19.4% during the forecast period 2022 to 2032.
Based on deployment type, the on-premises segment is anticipated to lead the network analytics market size in the forecast period 2022 to 2032.
The US holds a prominent role in the network analytics market trends due to the misusing of data in the country.
By 2032, the network analytics market share is anticipated to rise to the valuation of US$ 14.4 Billion with a CAGR of 19.3%.

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Competitive Landscape:

Several key competitors companies are adopting to rise the network analytics market growth through various methods such as merges, collaboration, partnerships & others. The key driving companies are to carry out maximum revenue in the network analytics market future trends.

Some of the key competitive companies are Ericsson, Huawei, Cisco, Nokia, Netscout & others are generating lion’s share in the coming period.

All these leading companies are going to expand the network analytics market size in the forecast period from 2022 to 2032.

Key Segments

By Components:

Network Intelligence Solutions
Services {Professional Services, Managed Services

By Application:

Customer Analysis
Risk Management
Fault Detection
Network Performance Management
Compliance Management
Others {Network Control & Optimization, Network Design & Capacity and, Threat Management

By Deployment:

On-premises
Cloud

By Organization Size:

SMEs
Large Enterprises

By End-User:

Cloud Service Providers
Managed Service Providers
Telecom Providers
Others (Internet Service Providers, Satellite Communication Providers and Cabel Network Providers

By Region:

North America
Asia-Pacific
Europe
Middle East & Africa
Latin America

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Ear Health Market is CAGR of 6.3% during the forecast period 2022-2032

As per the ear health market report by Future Market Insights (FMI), the market is envisaged to move forward at a modest pace with a CAGR of 6.3% during the forecast period 2022-2032.

Technological advancements in-ear health market and hearing aid devices, such as the ability to wirelessly connect devices to smartphones, i.e., Bluetooth hearing aids, are expected to be a few vital factors boosting the ear health market growth.

As per the ear health market study, the ear health market size is projected to scale up by an increase in the number of patients experiencing noise-induced hearing loss and a shift in consumer preference for plant-based supplements.

Furthermore, the study finds that untapped emerging markets in developing countries provide lucrative ear health market opportunities for market participants, auguring well regarding the ear health market future trends.

Countries all over the world are focusing on hearing solutions, which has resulted in the implementation of a variety of initiatives aimed at raising awareness and providing free care to patients. Therefore, these can be considered as emerging trends in-ear the health market.

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Governments provide subsidies, grants, and funding to help people prevent and an incentive to develop various types of hearing aids with low hearing aid prices.

For instance, the Statewide Infant Screening-Hearing (SWISH) program in New South Wales (NSW) in Australia aims to identify babies born with permanent bilateral deafness in NSW. Such initiatives are expected to increase demand for ear health devices around the world and, in turn, surge the sales of ear health products.

Ear health market opportunities could be narrowed as hearing aids for tinnitus do not always work for every patient. In addition, many of them experience side effects due to taking these supplements. It can also cause severe bleeding in people on blood thinners or have clotting problems which impede the adoption of ear health devices.

Considering the factors mentioned above, the ear health market is likely to garner a revenue of around US$ 3 Bn by 2032.

Key Takeaways:

Behind-the-ear hearing aids are likely to dominate the market based on product type since many BTE models are Bluetooth compatible and enable better wireless connectivity, driving the market.
Attributing to the feature of multiple program memories, digital devices are expected to expand at a significant CAGR over the forecast period by technology type. In addition, the demand for these auditory aids is expected to increase due to their added features.
The hospital pharmacies segment is anticipated to hold a large portion of the market by distribution channel. The same can be credited to favorable health reimbursement for hearing implant surgeries and increased hearing implant penetration.
Based on patient type, the adult segment is expected to lead the market on account of the growing geriatric population and increasing awareness of the various hearing devices, including rechargeable hearing aids and implants available in the market.

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“Attributing to the high levels of noise pollution, rising prevalence of the geriatric population, as well as improvements in global market players’ distribution networks, the Asia Pacific market is expected to spike at the fastest pace during the forecast period. Furthermore, market leaders are constantly developing the best hearing aids that improve the benefits of these devices for target consumers and drive regional acceptance.” avers an FMI expert.

Competitive Landscape:Benson Hearing, Starkey, Phonak, GN Store Nord A/S, MED-EL, William Demant Holding A/S, Widex USA, Inc., Sivantos Pte LTD, and Medtronic are some of the largest hearing aid companies. William Demant, GN ReSound, Sonova, Starkey Technologies, Widex, and Sivantos are the top six companies in the market, accounting for over 90% of the total market.

Sonova’s dominant position in the market is primarily due to new product launches and continuous innovation, such as sales of hearing aids online. However, market players such as WS Audiology, RION Co. Ltd., Starkey, and others are expected to strengthen their positions by increasing research investments to penetrate the market by hearing aid marketing.

Manufacturing outsourcing has also emerged as a key ear health market trend for participants looking to improve or maintain their ear health market share. Owing to the superior manufacturing expertise, strong presence of hearing aid specialists, and affordable hearing aids, the hearing aid market in China and South Korea are among the top destinations for manufacturing outsourcing.

A few recent developments in the ear health market are as follows:

GN Store Nord A/S has announced the release of ReSound Key, a comprehensive hearing aid portfolio that provides greater access to improved hearing technology around the world. This launch will assist the company in strengthening its product portfolio and catering to a larger customer base.
Sennheiser, a company, primarily involved in the development of medical audio coupled with low hearing aid cost, was acquired by Sonova Holding AG. This strategic move will help to strengthen the company’s market position and contribute to revenue growth.

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Key Segments

By Type:

Ear Health Devices
Diagnostic Devices
Tinnitus and Ear Impairment Care Supplements
Ear Infection Treatment Medication

By Region:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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Drug Screening Market is a CAGR of 16% during the forecast period 2022-2032

As per the Future Market Insights research, the drug screening market is forecasted to advance at a tremendous pace with a CAGR of 16% during the forecast period 2022-2032.

Drug Screening Market to reach US$ 5.3 Bn in 2021 to US$ 18 Bn by 2032 showing an immense improvement

A crucial driver of the drug screening market is the overuse of prescribed drugs and the elevated use of narcotics. According to one of the recent World Drug Reports, drug and alcohol abuse and consumption are on the rise globally.

Drug abuse killed nearly 500,000 people, while drug use disorders resulted in the loss of 18 million years of a healthy life, primarily due to opioids. Similar increases in alcohol consumption have been observed, with the consequences being an increase in the incidence of impaired driving.

The rising consumption of illicit drugs and alcohol will accelerate the development of drug screening products and services on the road, fuelling the drug screening market growth.

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Some countries, including South Africa, Colombia, Chile, Argentina, and Canada, consider workplace drug and alcohol testing to violate employee privacy. Such prohibitions in various countries may impede the adoption of drug screening devices etc., thereby limiting the overall market growth.

Several new products, devices, and services have also received regulatory approval and are being adopted by government agencies and corporate organizations and are expected to broaden drug screening market opportunities.

Companies in this market are expected to gain new opportunities as their business strategies shift toward oral swab drug tests and the development of the concept of fingerprint-based drug screening, thereby driving the demand for drug screening devices etc.,

Furthermore, New Psychoactive Substances (NPS) such as tryptamines, ketamine, piperazine, and phenethylamines can be considered emerging trends in the drug screening market. Owing to its low cost and dependability, urine samples are the most commonly used for testing, ramping up urine drug tests.

Influenced by factors as mentioned earlier and developments, the drug screening market is forecasted to touch US$ 11 Bn by 2026.

Key Takeaways:

By product type, the consumables segment is likely to dominate the market since they provide improved solutions to make testing accurate and quick, accelerating market growth.
As it is a quicker and less invasive sample to collect at the roadside, the oral fluid sample segment is expected to account for a significant drug screening market share by sample type.
By drug type, the cannabis/marijuana segment is forecasted to hold sway over the drug testing industry since marijuana or cannabis is the most commonly used illicit substance in critical markets.
Drug testing laboratories are predicted to be at the forefront of the market by end-use, owing to their widespread acceptance and accurate result.
The drug screening market size accounted for around US$ 5.3 Bn in 2021.

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“North America is projected to reign the market owing to the government implementing strict workplace testing regulations as well as expansion strategies followed by players. Furthermore, the region’s high adoption of technologically advanced solutions & favourable reimbursement scenarios has fuelled the market growth. New organ-on-a-chip platforms enable more precise and accurate perception of drug effects on the human body, and its advancements are also contributing to the growth of the North American drug screening market.” asserts an FMI researcher.

Competitive Landscape:

Some of the notable players in the drug screening market are Premier Biotech (US), Abbott Laboratories (US), Alfa Scientific Designs (US), OraSure Technologies (US), Shimadzu (Japan), Drägerwerk (Germany), LifeLock (US), Thermo Fisher Scientific (US), MPD Inc. (US), Omega Laboratories (US), Psychemedics (US), Roche (Switzerland), and Siemens Healthineers (Germany), Quest Diagnostics (US).

To capture larger market shares, key companies are pursuing various growth strategies such as mergers and acquisitions, geographic expansion, product invention leading to some significant recent developments in the drug screening market.

Drager Safety Canada’s Drager drug test 5000 drug testing device received government approval, making it the country’s first roadside oral fluid drug testing device with active government support.
Intelligent fingerprinting limited, based in the United Kingdom, has released the world’s first portable fingerprint drug test to detect and analyze marijuana, opiates, and amphetamines. The newly launched device allows for sample collection and analysis in 10 minutes, speeding up the process.

Key Segments

By Sample Type:

Urine samples
Breath Samples
Oral Fluid Samples
Hair Samples
Other Samples

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By Product and Service:

Drug screening
Analytical Instruments
Rapid Testing Devices
Consumables
Drug Screening Service

By End User:

Drug Testing Laboratories
Criminal Justice and Law Enforcement Agencies
Hospitals
Drug Treatment Centers
Individual Users
Pain Management Centers
Schools and Colleges
Workplaces

By Region:

North America
Latin America
Asia Pacific
Europe
Middle East & Africa

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Surgical Instruments Tracking System Market is projected to grow at a rate of 15% CAGR during the forecast period 2022-2032

[250 Pages Report] Surgical Instrument Tracking System Market is expected to grow with a wholesome growth rate of more than 15% over the forecast period 2022-2032, finds Future Market Insights (FMI) in a recent market analysis. With the need to reduce costs and increase productivity, tracking systems are becoming more popular among healthcare providers.

The US FDA’s (Food and Drug Administration) proposed UDI (Unique Device Identification) requirements are expected to promote growth in the surgical instrument tracking systems market. According to the UDI rules, labelers (manufacturers, processors, specification formulators, re-packagers, and re-labelers) of surgical instruments are anticipated to administer immediate marking at the individual instrument degree.

The high system costs, long investment cycles, affordable restraints, and technological boundaries are expected to inhibit market growth to some extent. Also, due to the COVID-19 pandemic, there was seen a little drop in growth in the first quarter of 2021.

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With elective and non-elective surgeries held up, delayed, or abandoned worldwide, there was a noticeable drop in the application of surgical instrument tracking systems and consumables.

Surgical instrument tracking systems additionally lead to greater monitoring by responsible parties, while limiting medical errors, resulting in increased demand. Other major drivers for market expansion include usability of such solutions in inventory management and during the work cycle, which includes surgeries, storage, sterilization protocols, and post-surgery. As a result of this, total market sales will reach US$ 900 Mn by the ending of 2032.

Emerging economies like India and China, as well as countries in the Middle East, Latin America, and Southeast Asia, are likely to provide major growth possibilities for surgical instrument tracking systems manufacturers.

Rising healthcare costs and improving healthcare infrastructure are likely to provide growth opportunities for market players in all of these economies. The surgical instrument tracking systems market will prosper significantly as a result of this.

Key Takeaways

In 2022, the North America surgical instruments tracking systems market is expected to account for about 38.5% of the total market.
The surgical instruments tracking systems market in Asia Pacific is expected to register a CAGR of 19% over the projected period, owing to the region’s unexplored potential opportunities.
The RFID surgical instruments tracking is expected to gain a lot of traction, with a CAGR of 18.4% by 2032, according to surgical instruments tracking system market forecast.
Hospital is the dominant sector of surgical instrument tracking systems market, which is estimated to account for more than 33% of revenue by 2026.

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Diversification of Portfolio to Be the Key to Market Dominance

Some of the major participants in the surgical tool tracking systems market include Fortive Corporation (US), Material Management Microsystems (US), Becton, Dickinson and Company (BD) (US), Haldor Advanced Technologies (US), Getinge AB (Sweden), and STERIS (US), STANLEY Healthcare (US), Surgical Safety Scanner (US) and many others.

To get a stronger foothold in the surgical instruments tracking system market, leading companies are focusing on surgical instrument management, and employing innovative marketing strategies, technological advancements, mergers, and acquisitions.

Steris, a seller of infection control, surgical equipment, and other hospital supplies, purchased Key Surgical for US$ 850 Mn in October 2020, expanding its geographic reach and adding complementing product lines.
T-DOC 2000 surgical tool traceability system was created by Getinge AB and Intelligent InSites, Inc. from reprocessing to inventory and logistics to use, the solution supports the sterile supply workflow of instruments, consumables, and implants.
Flexible 6012 and Flexible 6027 RFID tags, which enable mounting flexibility, are durable, and are IP67-rated, were released in July 2020 by Vizinex RFID(US), making them perfect for tracking a variety of assets in indoor situations.
In May 2020, STANLEY Healthcare and CISCO linked up. STANLEY’s AeroScout Real-time Location System (RTLS) platform has been completely integrated and certified with CISCO DNA Spaces, the next-generation indoor position services platform, to give healthcare organizations enterprise-wide transparency into the location and condition of equipment and individuals.

Key Segments By Component:

Software
Hardware
Services

By Technology :

Barcode
Radio Frequency Identification (RFID)

By End User:

Hospital
Public Hospital
Private Hospital
Other End Users

By Region:

North America
Latin America
Europe
Asia-Pacific excluding Japan
Middle East & Africa

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Self Testing Market is projected to record a CAGR of 5.5% amid the forecast period by 2030

As per the latest market study by Future Market Insights (FMI), the global self-testing market is projected to record a CAGR of 5.5% amid the forecast period, 2020-2030.

Consumers are swiftly adapting to buy self-testing kits due to early detection of severe allergies or diseases with the assistance of STI/STD self-tests, cancer-tests, and intolerance self-tests. Pharmacies are receiving a positive response online against the conventional approach of buying them from retail pharmacy stores subsequent to seeking medical advice. Market players are formulating these testing kits together with a range of wellness and prevention strategies, scoping from chronic disorder management and acute infection diagnoses to detecting probable risks of diseases.

Moreover, the COVID-19 outbreak and successive ripple effects have obliged retailers to shut down their stores, impacting the profit margins of self-testing kit producers. With brick-&-mortar stores closing down temporarily, players are placing their bets on e-commerce/online platforms to endure pandemic shockwaves.

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“Easy accessibility of product via online pharmacies or retail pharmacies is promising the producers to enter into an agreement with distribution and supply chain networks to enter untapped markets and establish a global footprint,” opines FMI analyst.

Self -Testing Market – Major Takeaways

The global self testing market is forecasted to reach a valuation of US$ 11 Bn by 2030.
By product, digital monitoring instruments will continue to be the preferred product category as they help care for ailments ranging from chronic to recovery conditions from acute episodes by gathering important patient data at-home settings.
Based on the application, around 8 out of 10 users opt for utilizing these kits for testing blood glucose.
Among distribution channels, the retail pharmacies will remain dominant attaining revenue close to US$ 3.5 Bn, by 2030.

Self -Testing Market – Key Drivers

Demand for reliable and easy self-testing devices and kits has escalated owing to the fast generation of results along with maintaining the privacy.
Easy accessibility and advertising schemes are influencing the self-testing market growth, optimistically.
Growing awareness concerning healthcare and related ailments along with non-profit organizations and government’s encouragement complements the market growth.

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Self -Testing Market – Regional Analysis

North America remains the biggest market for self-testing kits, worldwide, trailed by Europe, due to mature healthcare infrastructure and favorable government policies.
The European region is anticipated to be the second most lucrative region owing to the increasing occurrence of diabetics and the growing adoption rate.
East Asia self-testing kits market is foreseeing huge demand, soaring investments in healthcare infrastructure up-gradation in addition to increasing trend of home diagnosis.

Self -Testing Market – Competitive Landscape

Market players extend to reap notable revenues from retail pharmacies. Conversely, they are additionally delving into new revenue streams in supermarkets/hypermarkets and online pharmacies. Prominent players operating in the global self-testing market include ARKRAY Inc., ACON Laboratories Inc., Becton, Dickinson & Company, Assure Tech (Hangzhou) Co. Ltd., Roche Holding AG, Bionime Corporation, True Diagnostics Inc., and Quidel Corporation.

Self- Testing Market – Taxonomy

Product

Digital Monitoring Instruments
Midstreams
Cassettes
Cups
Strips
Test Panels
Dip Cards
Others

Application

Pregnancy & Fertility Testing
Blood Glucose Testing
STD/ STI Testing
Cancer Testing
Cholesterol Testing
Drug of Abuse Testing
Thyroid Testing
HIV Testing
Others

Get Valuable Insights into the Self Testing Market

Future Market Insights, in its new offering, provides an unbiased analysis of the global self testing market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the self testing market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.

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Orthopaedic Prosthetics Market will witness a CAGR of over 4.5% during forecast period by 2030

As per Future Market Insights (FMI) – an ESOMAR-certified market research firm, global orthopaedic prosthetics market will be worth US$ 3.22 Bn by 2030.

Orthopaedic prosthetics have been witnessing personalized breakthrough innovations since the last few years. The market is witnessing customized prosthetics that enable modifications on the basis of functionality and anatomy of the respective patient.

According to FMI, tailored orthopaedic prosthetics, an outcome of 3D imaging software, is available in various lengths and sizes. This innovation is likely to drive the orthopaedic prosthetics market during the forecast period.

“The market is expected to witness a paradigm shift. Emphasis is being laid on consumer-friendly products, so as to simplify the lives of amputees”, says an FMI analyst.

Reconstructing or amputating of lower limb proves to be challenging for both – practitioners as well as patients as it largely depends on the affected limb’s viability and characteristics.

However, advances with respect to orthopaedic prostheses have paved the way for loads of options to be considered while choosing between limb amputation and reconstruction.

As such, the well-fitting prostheses avert the rest of the soft tissue’s breakdown by redistribution of compressive force at the time of weight bearing, thereby minimizing force on skin. This convenience holds the flag for lower extremity orthopaedic prosthetics high in the forecast period.

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As far as technology is concerned, digitally empowered devices are the future of orthopaedic prosthetics market. Along with anticipating patients’ actions (through the use of AI), these devices enable remote monitoring.

Digitally powered orthopaedic prosthetics are all set to revolutionize the market at present and also in the forecast period.

Also, as mentioned above, personalization of products gets a simplified approach with digitization, as traceability becomes easy. Also, 3D imaging helps the patient visualize the placement of limbs well in advance, thereby voicing his/her choice with regards to implants.

Though North America and Europe account for leading revenue share, opportunities in Asia Pacific are growing. The countries like India, China, Thailand, Saudi Arabia are on the verge of increasing the contribution of their GDP towards healthcare.

As Asia Pacific is home to majority of those suffering from diabetic ailments, the orthopaedic prosthetics market set to catch up herein. On the other hand, the consistency shown by North America and Europe could be attributed to increasing incidences of peripheral vascular diseases concerned with limbs coupled with injuries related to sports.

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Orthopaedic Prosthetics Market, a new study from Future Market Insights, opines on the evolution of the orthopaedic prosthetics market from 2014 – 2018 and presents demand projections from 2020 – 2030 on the basis of; product (upper extremity prosthetics, lower extremity prosthetics, sockets, liners and modular components), technology (conventional, hybrid orthopaedic prosthetics and electric powered orthopaedic prosthetics) and end user (prosthetic clinics, hospitals, rehabilitation centre and others) across seven prominent regions.

ORTHOPAEDIC PROSTHETICS MARKETS TAXONOMY

The global orthopaedic prosthetics market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.

Product

Upper Extremity Prosthetics
- Hand Prosthetics
- Elbow Prosthetics
- Shoulder Prosthetics
Lower Extremity Prosthetics
- Foot & Ankle Prosthetics
- Knee Prosthetics
- Hip Prosthetics
Liners
Sockets
Modular Components

Technology

Conventional
Electric Powered
Hybrid Orthopaedic Prosthetics

End User

Hospitals
Prosthetic Clinics
Rehabilitation Center
Others

Region

North America
Latin America
Western Europe
Eastern Europe
APEJ
Japan
Middle East and Africa

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Over-the-Counter Pain Medication Market is predicted to rise at a CAGR of 4.1% from 2022 to 2028

The OTC (over-the-counter) pain medication market surpassed US$ 21.8 billion in 2022, with growth influenced by changing perceptions of generic pharmaceutical drugs, according to a recent study published by Future Market Insights (FMI). The study opines that market revenue will rev up at an improved rate of 4.1% to exceed US$ 27.7 Bn in 2028. FMI analyzes various aspects of market growth influencing the OTC pain medication market.

Many consumers are making a shift to generic drugs to reduce total spending on non-prescription or OTC pain medication. Various governing bodies, such as the United States Food and Drug Administration (FDA), have implemented stringent regulations and labeling rules to ensure the safety and effectiveness of OTC pain medications.

Leading players in the OTC pain medication market are collaborating with generic drug-makers to capitalize on the trend of consumer inclination towards generic versions of branded OTC pain medications, finds FMI.

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Key Companies Profiled

Pfirzer Inc.
Johnson & Johnson Services Inc.
Bayer AG
Sanofi S.A.
GlaxoSmithKline plc.
Bristo-Meyers Squibb and Company
Teva Pharmaceutical Industries Ltd.
Mylan N.V.
Merck & o.
Cardinal Health Inc.

The FMI study features valuable and actionable insights obtained through thorough research on OTC pain medication market. Some of the insights mentioned in the study are,

Growing geriatric population and prevalence of chronic pain-related disorders among the elderly population is bolstering sales of OTC pain medications.
Over 20% of the adult population of the world is already suffering from pain-related disorders and new cased of pain-related problems are reported by over 10% of the global population, which is increasing significantly every years. This is providing an impetus to growth of the OTC pain medication market.
Increasing awareness about the side effects of pain killers, such as stomach ulcers and gastrointestinal problems, may hamper the OTC pain medication market growth.
Developed countries will dominate the OTC pain medications market with more than half the revenue share of the market. However, developing countries in Southeast Asia will witness fastest growth in the OTC pain medication market with rapidly developing pharmaceuticals and healthcare sector in the region.

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Acetaminophen Drugs Hold Majority Share in OTC Pain Medication Market

The FMI study thoroughly assesses growth of the OTC pain medication market based on various drug classes, such as Nonsteroidal anti-inflammatory drugs (NSAIDS), acetaminophen, and local anesthetics.

The study finds that acetaminophens are among the most commonly purchased OTC pain medication, and this drug class holds 45% share in the revenues of OTC pain medication market. As acetaminophen is considered as a safer pain medication than other pain relievers, its demand will continue to remain high in the upcoming years, opines the FMI study.

The Consumer Healthcare Products Association (CHPA), an American trade association, recently published a study on the misuse of acetaminophen-based OTC combination products. The study found that a 28 percent decline was recorded in therapeutic misuse exposures involving acetaminophen-containing OTC combination products.

The incidents of acetaminophen misuse decreased from 8,753 to 6,278 between 2007 and 2016, which is a substantial evidence for the safety and effectiveness of acetaminophen-containing OTC pain medications.

Thereby, the FMI study opines that the acetaminophen drugs will maintain a maximum share of over US$ 8.7 billion in the OTC pain medication market through 2019, and the trend will continue to persist in the coming future.

Governments take Initiatives to Spread Awareness about Safe Use of OTC Pain Medications

Despite the increasing reliance on OTC pain medications, a large consumer group is still skeptical about their effectiveness and positive impacts on health. In order to help consumers to avoid incorrect use of OTC pain medications, many governing bodies including FDA have developed guidelines and tips for patients for choosing appropriate OTC pain medications.

Consumers are becoming conscious about the drug fact labeling (DFL) requirements and other regulations vis-à-vis OTC pain medications, which is influencing major dynamics of the OTC pain medication market, projects the FMI study.

The study provides a futuristic overview of the OTC pain medication market with important information about growth prospects of the market during the forecast period 2022-2028. The study predicts that the OTC pain medication market will witness healthy growth at a healthy 4.1% value CAGR to reach US$ 27.7 Bn by the end of the assessment period.

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Key Segments of Over-the-Counter Pain Medication Industry Survey

Over-the-Counter Pain Medication Market by Drug Class:

Non-steroidal Anti-inflammatory Drugs (NSAIDs)
Local Anaesthetics
Acetaminophen

Over-the-Counter Pain Medication Market by Route of Administration:

Oral
Topical
Others

Over-the-Counter Pain Medication Market by Dosage Form:

Tablets
Capsules
Creams
Gels
Others

Over-the-Mounter Pain Medication Market by Distribution Channel:

Hospital Pharmacies
Drug Stores
Retail Stores
through e-Commerce
Others

Over-the-Counter Pain Medication Market by Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa (MEA)

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Companion Animals Drug Market is projected to increase from a valuation of US$ 36.94 Billion in 2022

Growing at a CAGR of 5%, the global Companion Animal Drugs Market is anticipated to increase from a valuation of US$ 36.94 Billion in 2022 to US$ 47.23 Billion by the end of 2027.

According to the report, increasing focus on pet healthcare is likely to contribute to the build-up of the companion animal drugs market by the end of 2029. Inclination towards compounded drugs to maintain animal health and welfare is expected to increase the sales of companion animal drugs market in 2019 and beyond.

Collaborative Ventures to Promote the Companion Animal Drugs Market Growth

Collaborative ventures such as One Health promotes unification of veterinary and medical sciences, leading to better disease surveillance, control and education, especially for companion animals such as dogs and cats. One Health venture enables identification of alteration in infection travelling patterns. The patterns are changing mostly in case of parasites due to change in climate and increasing host-vector interactions. Some organizations helping in monitoring of One Health in companion animals are Companion Animal Parasite Council and European Scientific Counsel Companion Animal Parasites.

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Such ventures are expected to complement the growth of the companion animal drugs market.

Low Awareness of Animal Diseases to Hamper the Companion Animal Drugs Market Growth

In many developing countries, people lack awareness regarding certain serious companion animal diseases as opposed to livestock diseases, which are more regularly monitored. This is primarily true with regards to pet vaccinations, which is a mandatory requirement for up to three years. Additionally, parasitic medications for companion animals and livestock are different. Lack of awareness with regards to differentiation of these medication varieties leads to adverse drug side effects and thus low administration of companion animal medications. Such factors are likely to create a hindrance in the growth of the companion animal drugs market.

Also, majority of animal healthcare drugs have limited scope for patent extension, primarily due to drug portfolios dominated by drugs that have crossed maturity, which in turn is expected to deter the growth of the companion animal drugs market over the forecast period.

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Who is winning?

The global market is set to expand its scope in the forecast period, due to rising prevalence of orthopedic disease globally and adoption of 3D bioprinting at various stages of development of orthopedic implants by medical manufacturers. In addition to this, cost effectiveness and increase adaption of 3D bioprinting in dental and regenerative medicine application has augmented the sales of 3D bioprinting.

The key market players covered by FMI include 3D Systems, Inc, GE Healthcare (Concept Laser, Arcam AB), EOS GmbH Electro Optical Systems, Renishaw plc, Stratasys Ltd, Ltd, EnvisionTEC, Formlabs, Inc And Organovo Holdings Inc, and Advanced Solutions Life Sciences, consolidating their positions through mergers, acquisitions and new product launches.

Companion Animal Drugs Industry Survey

Companion Animal Drugs Market by Product:

Antibiotics
Anti-inflammatory
Parasiticides
Heart Worm Products
Behavioral Products
Nutritional Products
Skin Care Products
Vaccines

Companion Animal Drugs Market by Distribution Channel:

Veterinary Hospitals
Veterinary Clinics
Pharmacies and Drug Stores

Companion Animal Drugs Market by Region:

North America Companion Animal Drugs Market
Latin America Companion Animal Drugs Market
Europe Companion Animal Drugs Market
East Asia Companion Animal Drugs Market
South Asia & Pacific Companion Animal Drugs Market
Middle East & Africa (MEA) Companion Animal Drugs Market

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