Market Research Blog – Page 14600 – New Product Development

Gas Engines Market Outlook Cover New Business Strategy with Upcoming Opportunity 2032

According to a recent analysis issued by FMI, the gas engines market share is likely to reach US$ 7 billion by 2032, up from US$ 4.6 billion in 2021, expanding at a steady CAGR of 4%. The analysis concludes that the increasing demand for gas engine generators is proportional to the increase in gas engine use.

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Consumption of energy on a global scale has risen dramatically during the last decade. This increase is due to the Asia Pacific region’s rising economy. As a result, natural gas is frequently used as a bridge fuel to help economies move to renewables and other sustainable energy sources.

Natural gas accounted for around 25% of total primary energy consumption worldwide in 2020 and is expected to grow. In addition, natural gas-fired power plant stations are more affordable and straightforward to construct than coal-fired power plants.

When gas motor for bicycle is utilized instead of coal, air quality generally improves. As a result, demand for all sorts of gasoline engine fuels increased. Cogeneration, trigeneration, and quad generation technologies further improve the efficiency of gas-fired power plants. In industrialized nations such as the United States, the United Kingdom, Germany, and Ireland, cogeneration and trigeneration systems are used.

The efficiency of combined heat and power plants ranges from 60% to 80%. As a result, developing countries will soon adopt gas engines to attain operational excellence and significantly cut their carbon footprint. On the other hand, COVID-19 has severely damaged the world economy and energy industry, disrupting supply chains and suffocating demand.

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Key Takeaways:

Rising energy consumption and worries about energy security will drive demand for natural gas and mini gasoline engine in the coming years. In addition, the inexpensive cost of gas and its ease of transportation and handling have sparked considerable interest in the desire for gas-powered engines.
The global gas engines market may be divided into 10–20 M.W., 5–10 M.W., 2–5 M.W., 1–2 M.W., and 0.5–1 M.W. segments based on power output. Therefore, the 10-20 M.W. and 5-10 M.W. categories are predicted to have the largest market share, followed by the 2-5 M.W. categories.
Engine manufacturers have responded by offering new, purpose-built natural gas engines ranging in size from tiny light-duty engines rated at a few kW to low-speed two-stroke fuel marine engines rated at more than 60 M.W.
Rapid urbanization and rising worldwide population are two significant factors driving power demand, particularly the honda gx270 generator in emerging nations, boosting the global gas engines market growth.

Competitive LandscapeThe global gas engines market is dominated by Rolls-Royce Holdings (U.K.), Volkswagen (M.A.N. Energy Solutions) (Germany), Siemens Energy (Germany), INNIO (Austria), Cummins (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Ningbo C.S.I. Power & Machinery Group Co., Ltd. (China), I.H.I. Power Systems (Japan), J.F.E. Engineering Corporation (Japan)

Rolls-Royce Holdings will introduce engine running periods of up to 96,000 hours between overhauls (T.B.O.) for the newest MTU Series 4000 engines for commercial maritime applications in December 2021. In general, depending on the duration and intensity of operation, all marine engines of the newest MTU Series 4000 may now run for up to 25 years before requiring significant maintenance.
Caterpillar (U.S.) bought Carbon Point Solutions (U.S.) in September 2021 to concentrate and trap CO2 for use. Carbon capture systems based on patented technologies can be used in engines and gas turbo at oil and gas sites, distributed power plants, industrial plants, and waste-to-energy sites. This collaboration will aid in the reduction of greenhouse gas emissions.
Siemens Energy (Germany) inked a deal in April 2021 with Spanish E.P.C. contractor TSK to offer highly efficient energy technologies and services to Atinkou (previously known as Ciprel V), a new combined-cycle gas power station to be built in Jacqueville, Côte d’Ivoire.

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Pharmaceutical Lipids Market is projected to rise at a considerable pace between 2021 and 2031

Global pharmaceutical lipids market is projected to rise at a considerable pace between 2021 and 2031, finds Future Market Insights in an in-depth study. Growth registered in the market is attributable to increasing cases of cholesterol abnormalities and lipid associated disorders. Lipids are generally utilized in industries such as cosmetics and personal care, beverage and food, and pharmaceutical. Rising urbanization that has led to remarkable lifestyle changes have been influencing trends in the cosmetics and personal care industry. Expansion of the sector, which also is a key end user, will fuel sales of pharmaceutical lipids.

Social media and digitalization are greatly influencing the sales of beauty care products. Coupled with this, increasing demand for the effective and fast-acting medications combined with improvement of advance drug manufacturing facilities have been driving the pharmaceutical lipids market. Also, the rising incidence of cancer, neurological diseases, cardiovascular diseases, and other chronic diseases are expected to fuel the demand for pharmaceutical lipids

According to the report, demand in the triglycerides segment within the market will be considerably high. It is expected to account for nearly 44% of the market in 2021.

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Key Takeaways from Pharmaceutical Lipids Market Study

The global pharmaceutical lipids market will rise at 5.2% CAGR between 2021 and 2031
The U.S. is the most lucrative market in the global pharmaceutical lipids market and is expected to grow with a CAGR of 5.5% between 2021-2031
The demand for triglycerides will continue rising in the U.K., driving pharmaceutical lipids sales
Germany will lead the Europe market; France too will continue exhibiting high demand
China will account for maximum sales in East Asia

Who is Winning?

Companies operating in the market are looking for strengthening their footprint via strategic tie-ups and acquisitions. The pattern is primarily seen across companies operating in Europe and North America.

Key Participant Insights

The pharmaceutical lipids market is considered to be an exceptionally competitive market. The strategies involve growing new lipid-based formulations. Research is being led in regards to designing combination drugs (proteins and lipids) for projection with respect to dyslipidemia and furthermore cardiovascular disorders. This pattern is relied upon to make a significant rise in the estimated time frame. The key market players covered by FMI include ABITEC Corporation (ABF Ingredients), NOF (Nippon Oil & Fats) Corporation, Lipoid GmbH, Nippon Fine Chemical Co. Ltd., BASF SE, Dishman Group, Cayman Chemical Company, CordenPharma, Croda International Plc, Gattefossé, IOI Oleo GmbH, Merck KGaA, Stepan Company and Evonik Industries AG.

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Why Future Market Insights?

• Comprehensive analysis on evolving purchase pattern across different geographies
• Detailed insights of market segments and sub-segments for historical as well as forecast period
• A competitive analysis of prominent players and emerging players in the keyword market
• Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years

Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario

About FMI:

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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Oral Solid Dosage Pharmaceutical Formulation Market to grow from US$ 493.2 Billion in 2017 to US$ 926.3 Billion by 2027

Future Market Insights (FMI), in its report, projects the global oral solid dosage pharmaceutical formulation market to register 6.5% CAGR during the forecast period 2017 to 2027. In terms of revenue, the market will reach nearly US$ 500,000 Mn in 2017; by 2027 is further estimated to surpass US$ 900,000 Mn.

Instead of increasing pipeline productivity for biologics and patent cliff challenges, oral solid dosage forms hold substantial opportunity in extending product lifecycle and leveraging growth potential. Manufacturers are employing various life cycle management patent strategies which include obtaining patents on isomers, metabolites, prodrugs, and new drug formulations such as extended, controlled, or rapid release formulations.

North America to Remain Largest Market for Oral Solid Dosage Pharmaceutical Formulation

North America will remain the largest market for oral solid dosage pharmaceutical formulation, followed by Asia Pacific Excluding Japan (APEJ) and Western Europe. Revenue from the market in North America is expected to surpass US$ 300,000 Mn by 2027-end. In addition, APEJ is projected to reach revenue worth US$ 294,750.4 Mn in the market by 2027. Latin America is expected to be the fastest growth region in the market, expanding at 9.2% CAGR through 2027. In contrast, Japan will witness a sluggish growth in the market.

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By dosage form, tablets will continue to remain preferred in the market, with sales estimated to surpass US$ 500,000 Mn by 2027-end. Sales of tablets are anticipated to exhibit the highest CAGR in the market, followed by capsules. Capsules are expected to be the second most lucrative dosage form in the market, expanding at 6.1% CAGR through 2027.

Immediate Release to Remain Dominant in the Market during 2017-2027

Based on release mechanism, immediate release will remain dominant in the market, expanding at 6.4% CAGR through 2027. Immediate release is expected to generate revenue over US$ 400,000 Mn by 2027-end. Controlled release under extended release segment, is expected to register 7.4% CAGR through 2027.

Retail pharmacy is expected to be the largest end-user of oral solid dosage pharmaceutical formulation market by 2027-end. Retail pharmacy is expected to exhibit highest CAGR in the market through 2027. In contrast, Hospital pharmacy is expected to exhibit lowest CAGR, even though it stands as second largest end-user in the market during the forecast period.

Increasing Presence of MNCs to Drive Market Growth in Latin America

Latin America is emerging as a manufacturing hub for oral solid dosage forms on the back of availability of low-cost resources. Multinational companies are focusing on expanding their presence in this region. These factors are expected to propel market growth in Latin America. Oral solid dosage forms are cost-effective and comparatively easy to manufacture than other dosage forms. They are most commonly used pharmaceuticals for treating various disease conditions in North America, which in turn is driving growth of the market in this region.

Growing effluent consumers in APEJ countries such as China, India and Korea are boosting growth of the oral solid dosage pharmaceutical formulation market in this region. Consumers here are adopting wealthy-life-fast-paced western lifestyle, leading them to suffer western lifestyle-related diseases including diabetes, cancer, and obesity. This compels them in seeking innovative drug treatments, which in turn is expected to fuel market growth in APEJ. However factors such as decreasing productivity of Asian manufacturers and containment issues, and low R&D expenditure coupled with challenges incurred in USFDA compliance are expected to impede growth of the market in APEJ.

Key players identified in FMI’s report include AstraZeneca Plc., Bristol-Myers Squibb Company, Eli Lilly and Company, Gilead Sciences, Merck & Co. Inc., Novartis AG, Pfizer Inc., AbbVie Inc., Boehringer Ingelheim GmbH, Hoffman-La-Roche Ltd., Johnson & Johnson, Biogen Inc., Bayer AG, Teva Pharmaceticals, Amgen Inc., Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co., Ltd., Shire Plc., Celgene Corporation, Astellas Pharma Inc.

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Generic Injectable Market to rise at 11.6 % CAGR through the end of the forecast period 2021-2031

Generic injectable are cost friendly and display faster treatment efficacy in a safe and effective manner for chronic ailments including cancer, diabetes, and cardiovascular diseases. According to Future Market Insights (FMI), the demand for generic injectables is expected to rise considerably, enabling the market to surpass US$ 85.0 Bn by the end of 2021. In coming years, the rising cases of chronic disease will support the expansion of the market.

Generic injectable substitutes branded products offers various advantages to patient in terms of prices without affecting treatments. Cancer treatments are often fraught with drug shortages with supplies in countries falling short owing to low access to payers and reimbursement. Increasing technological advancements in the production of generic injectables for the treatment of chronic diseases have led to the higher adoption of generic injectables in clinical practices associated with improved outcomes.

Increasing investments in research and development projects and favorable regulatory policies are some factors enabling growth in the generic injectable market. Also, growth in healthcare spending and medical tourism is supporting growth in market. As of 2020, the global healthcare industry is the second largest industry in terms of R&D spending, ranked after computing and electronics. Moreover, the rapidly expanding healthcare R&D expenditure is expected to overtake the expenditure of the computing and electronics industry in 2020. The healthcare industry spent approximately US$ 48 billion on R&D in 2015, which rose to around US$ 159.0 billion during 2020.

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The impact of the COVID-19 pandemic on the generic injectable market has been marginal. The generic Injectable market is expected to experience short-term negative growth owing to a sharp reduction in research activities and reduced resources available to meet the unprecedented requirements of the industry.

As a result of the continuing spread of COVID-19, various service providers are focusing on novel approaches to the treat pneumonia associated with COVID-19 using generic injectables. Thus, scientists are focusing on injections effective for covid-19 treatment. This provides niche opportunities for generic injectable market to grow.

Key Takeaways from Generic Injectable Services Market Study

Despite restricted growth amid COVID-19, the demand for generic injectable is expected to rise at nearly 5% through 2021
Sales of monoclonal antibody injectables will account for nearly One-fourth of the market, driven by increasing prevalence of autoimmune diseases
Increasing focus on early diagnosis will enable France to register 12.6% Y-o-Y growth in 2021
Germany and France are expected to exhibit increasing demand to tackle concerns pertaining to rising incidence of cancer
United States will account for more than 29% of the global market through the end of 2031 owing to R&D investments
The U.K. will exhibit a double-digit y-o-y growth at above 11% in 2021, as demand from hospital pharmacies continues to grow

Increase in Funding For Research Activities Offers Growth Opportunities

Leading manufacturers in the generic injectable market are strengthening their market position through collaboration with various other organization. Governments in developed and developing countries are actively taking initiatives to encourage research activities for the development of generic injectable offerings.

For instance, In January 2020, Merck announced its Strategic Collaboration for Oncology Platform with Taiho Pharmaceutical Co, Ltd. to expand its focus on small molecule offerings in injection inhibitors for cancer research.

Big drug manufacturers are also expected to benefit from globalization of labor, i.e. employment of a skilled local labor force at cheaper rates in order to derive large cost savings. Further, this would also allow larger room for R&D investments into net sales. As per data from EFPIA and PhRMA, annual pharmaceutical R&D expenditures are rising at 2.5% p.a. in Europe as compared to 3.3% p.a. in U.S. over the latest measurable period 2016-2020.

Who is winning?

The global market is set to expand in the forecast period, due to the rising prevalence of chronic diseases globally and the adoption of generic injectables. Leading organizations within the market are set to focus on research and development to offer early and precise diagnosis of the ailment, besides offering effective patient care.

Leading manufacturers in the global generic injectable market include Pfizer Inc., Novartis AG, Teva Pharmaceutical Industries Ltd., Sanofi S.A., Sun Pharmaceutical Industries Ltd., AstraZeneca Plc, Merck & Co. Inc., Mylan N.V., Cipla Inc., Dr.Reddy’s Laboratories Ltd., Samsung Biologics, Aurobindo Pharma Ltd., Fresenius SE & Co. KGaA, and Baxter International Inc.

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Dermal Fillers Market is projected to exhibit 2.9% CAGR between 2021 and 2031

Growing inclination towards non-invasive procedures and increasing efficiency of dermal fillers have been driving the dermal fillers market. Future Market Insights (FMI) in a new study has projected the market to reach US$ 4.04 Bn by the end of 2021. The application of dermal fillers ranges from better aesthetic outcomes to the treatment of forehead augmentation.

The use of dermal fillers is not restricted to facial skin procedures, it also includes various derma aesthetic procedure treatment. Moreover, an increase in the number of non-invasive aesthetic surgeries and an increasing number of aesthetic surgeons are expected to be important factors for surging the demand for dermal fillers.

According to the Plastic Surgery Statistics Report, in 2019, there were around 13,618,735 non-surgical procedures performed by plastic surgeons worldwide.

Additionally, increasing awareness concerning the dermal fillers in emerging countries, the emergence of new products and d new indications are enabling growth. Besides this, the rising ageing population is one of the major factors that is rapidly fuelling the demand for dermal fillers. The rising demand for anti-ageing treatment to effectively diminish the signs of ageing and facial treatment will keep the demand for dermal fillers high.

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FMI has projected absorbable dermal fillers to remain most preferred. It is expected to account for over 99% of dermal fillers sold through 2031.

Key Takeaways of Dermal Fillers Market Study

The global dermal fillers market will continue expanding at a steady pace. FMI has projected the market to exhibit 2.8% Y-o-Y growth in 2021
The U.S. is one of the key markets for dermal fillers, accounting for over 89% of North America market in 2021
Demand for dermal fillers is expected to remain significantly high in the U.K. FMI has projected it to exhibit over 5% Y-o-Y growth in 2021
Germany and France are other lucrative markets for dermal fillers in Europe
Dermal fillers sales in Japan are expected to be considerably high. South Korea too will continue exhibiting rising demand for dermal fillers

Who is Winning?

The regulatory approval for new products is one of the key factor responsible for enormous competition among market players globally. Some of the leading market players have been focusing on product launches. Besides this mergers & acquisitions and collaboration remain the key trends among market players intending to expand their footprint globally.

For instance, AbbVie Inc., acquired Allergan Aesthetics, the onset of the completion of its acquisition of Irish-domiciled pharmaceutical company in January 2020. Allergan Aesthetics would operate as a new global dedicated business with its research & development function including aesthetic products, botox Cosmetic, the Juvederm collection of dermal fillers, and Coolsculpting body contouring.

Also, Revance Therapeutics signed an exclusive U.S. distribution agreement in January 2020 with Teoxane SA for its innovative Resilient Hyaluronic Acid products like RHA2, RHA3, and RHA4. Hence this agreement would expand the Teoxane’s aesthetic products sales.

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Aromatherapy Market is expected to be valued US$ 11.8 Billion by 2029

The aromatherapy market is estimated to be valued at ~US$ 4.6 Bn in 2019, unveils the new research study by Future Market Insights (FMI). According to the report, the aromatherapy market is projected to grow by ~7% YOY in 2020, primarily influenced by greater emphasis on good health and wellness.

Expansion of Product Lines by Essential Oil Manufacturers

In order to cater to growing demand for essential oils possessing therapeutic properties, various essential oil and diffuser manufacturers are focusing on expanding their product line in the aromatherapy market. For attracting new customers, companies are not only focusing on expanding their distribution network to hypermarkets and supermarkets, but also to premium drugstores and department stores.

Major companies in the aromatherapy market are adopting multi-level or referral marketing strategy to gain distinct competitive edge. Introduction of membership plans are gaining momentum among the aromatherapy market players, where specific members are given significant discount on aromatherapy products. These members are also known as independent salespeople (independent business owners (IBO)) or consultants. Consultants refer essential oils to others and earn some sort of incentives and discounts on their purchase.

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Sales via rapidly penetrating e-commerce channels remain a prominent strategy adopted by key players in the recent years. Companies such as Young Living and doTerra, are actively engaging their customers to sign up as distributors to increase the sales of their new products through multi-level marketing plan. In the multi-level marketing strategy, companies are providing membership incentives, rewards, compensation plans, opportunity products, etc. These initiatives taken by the company is thus likely to influence the overall growth of the aromatherapy market.

Added Benefits of Essential Oils for Various Ailments Aiding the Market Growth

Aromatherapy acts as a complementary treatment in many viral and bacterial diseases such as acute respiratory infections, viral infections, influenza, and bronchitis. Aromatherapy can be used during prophylactic and therapeutic treatment regimens for many diseases such as Initial forms of atherosclerosis, coronary heart disease, neuro-dystonia, hypertension, hypotension, anxiety, depression, insomnia and many such disorders. Thus, added benefits and applications of essential oils in many indications will continue to account for greater gains in the aromatherapy market.

Aromatherapy – A Preferred Therapy to Improve Quality of Life

Studies have been conducted to prove the effectiveness of essential oils that support the body to heal. Essential oils such as thyme, rosemary, oregano, chamomile, and frankincense are used for the treatment of certain benign tumors to selectively harm or disable cancer cells while leaving healthy cells intact. Increasing inclination towards natural remedies provides good growth opportunities for players in the essential oil industry in the near future. Also, presently aromatherapy has been used for cancer patients as it reduces anxiety levels and relieves emotional stress, pain, muscular tension, and fatigue after chemotherapy or post radiation therapy.

Risk Factors Associated with Aromatherapy Restricting Market Growth

Some risk factors and complications are associated with aromatherapy as individuals have unique metabolism, vitality, and physical makeup. Therefore, acceptable dose for one may not be appropriate for others. Risk factors such as toxicity, skin sensitization, photosensitivity etc. have been reported with patients undergoing aromatherapy. However, many essential oils are contraindicated for use during pregnancy and breast-feeding due to their abortifacient properties. Thus, increasing apprehensions regarding the risks of essential oils and other complications result in low preference and reluctance for undergoing aromatherapy by patients, which in turn restrains revenue growth of the aromatherapy market to a certain extent.

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Microneedle Drug Delivery Systems Market value is poised to reach US$1.2 Billion with a CAGR of 6.6% by the end of forecast period 2020-2030

Emerging applications of microneedle drug delivery systems are expected to fuel their demand over the next decade. According to a recent report published by Future Market Insights (FMI), the global microneedle drug delivery systems market will grow at a CAGR of 6.6% between 2020 and 2030. The market is witnessing surging demand in the field of pharmacy and cosmetics.

The rising incidence of diseases such as cancer, diabetes, migraine, and others and the need to accurately administer medications are driving the market. Additionally, the demand for minimally invasive and painless treatment methods is expected to bode well for the market.

The report uncovers hidden growth opportunities. It also highlights potential threats to the market players. Some of the key takeaways from the report are highlighted below.

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Key Takeaways from the Report

Solid microneedles are expected to lead the market during forecast period of 2020-2030 among product type
Hospitals are the leading end users of microneedle drug delivery systems, with specialty clinics gaining popularity.
Specialty clinics are expected to grow at an accelerated rate as one of the key end users of microneedle drug delivery systems
North America is the largest market for microneedle drug delivery systems. Along with Europe, it is expected to cover more than 70% of the market by end of 2030.
East Asia is expected to be the fastest growing regional market during the next decade.

Covid 19 Restricting Pace of Growth

The onset of pandemic has disturbed the entire business ecosystem. With productions coming to a halt and supply chains disrupted due to lack of transport, manufacturers of microneedle drug delivery systems are impacted in a big way.

Also, because of several restrictions by governments like social distancing, doctors and practitioners are choosing to avoid any surgical treatments which are not absolutely and immediately necessary.

Furthermore, cosmetic field which is another major user of microneedle drug delivery systems is also impacted as almost all treatments under their umbrella are considered to be not urgent.

Who is winning?

The key market players in microneedle drug delivery systems market include the 3M Company, Becton, Dickinson and Company, Zosano Pharma Corporation, Raphas co. ltd., Nanopass Tech, Corium International, Inc., Valeritas, Inc., Nitto Denko Corporation, Microdermics, Inc., TheraJect Inc., Vaxxas Pty Ltd., Endoderma Ltd., QuadMedicine, SNvia Co., Ltd., Small Lab and AdminMed Nano BioSciences LLC

Consolidating their positions through mergers, acquisitions and new product launches, global microneedle drug delivery systems market players rely heavily on new product innovation and differentiation for gaining an edge over their competitors.

The market is poised to grow during the forecast period owing to the increasing cases of diseases and needle phobia among patients. However, changing regulatory dynamics are expected to affect the growth of microneedle drug delivery systems market in the future.

For instance, Zosano Pharma’s clinical trial of zolmitriptan with microneedle drug delivery system was stopped by U. S. Food and Drug Administration because inconsistencies were found in the drug delivery.

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Behavioural Health Market is projected to expand at 3.4% CAGR over the forecast period of 2022-2028

According to the latest market report published by Future Market Insights titled “Behavioural Health Market: Global Industry Analysis 2013–2021 and Opportunity Assessment 2022–2028”, the global behavioural health market is expected to expand at 3.4% CAGR over the forecast period 2022-2028.

North America is expected to hold the highest revenue share in the global behavioural health market over the forecast period. Currently, over 43.8 million adults in the U.S. are suffering from mental illness, which is fuelling demand for behavioral health services. Developing economies are witnessing large demand for home care services, day care services, and internet-counselling services, which is further expected to boost revenue growth of the behavioural health market in emerging markets.

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Global Behavioural Health Market: Segmental Analysis & Forecast

The global behavioural health market is segmented based on service type, disorder type, and region. Based on service type the market is segmented into outpatient counselling, intensive case management, home-based treatment services, inpatient hospital treatment, emergency mental health service and others. The inpatient hospital treatment services type segment is expected to represent highest revenue share in the global behavioural health market. Home-based treatment services are expected to gain popularity among people in the coming years and this segment is expected to expand at a CAGR of 4.0% over the forecast period.

Based on disorder type the market is segmented into the anxiety disorder, bipolar disorder, depression, eating disorder, post-traumatic stress disorder (PSTD), substance abuse disorder and others. Among all disorder types, the anxiety disorder segment is anticipated to continue to lead the global behavioural health market due to a high patient pool globally and high adoption of behavioural health therapy among patients suffering from anxiety issues. According to the WHO, globally 260 million people are suffering from anxiety disorder.

Increased exposure to drugs and alcohol among young adults and strengthening insurance coverage policies for mental health are identified as key trends among end users in the global behavioural health market. Furthermore, rehabilitation programs for substance abuse disorder patients, outpatient counselling for ADHD affected children, and campaigns to spread awareness regarding mental disorders and drug addiction, etc. are some of the major factors that are driving the growth of the global behavioural health market. Government initiatives to reduce the burden of mental illness and rehabilitation services by non-government organizations (NGO) are further expected to positively impact revenue growth of the global behavioural health market.

Global Behavioural Health Market: Competition Analysis

The global market for behavioural health is fragmented with many local and regional level players operating in the worldwide market. Some of the key players featured in the global behavioural health market report include Acadia Healthcare Co., Inc., Universal Health Services Inc., Magellan Health Inc., National Mentor Holdings Inc., Behavioral Health Services Inc., Behavioral Health Network Inc., North Range Behavioral Health, Strategic Behavioral Health LLC, Seton Healthcare Family (Ascension Health) and Ocean Mental Health Services Inc. etc. among others.

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Smart Pill Boxes & Bottles Market is anticipated to expand at a high CAGR of 9.9% to reach US$ 254.7 Million by 2028

Sales of smart pill boxes and bottles are likely to reach around 800 thousand in 2019. According to a new analytical research study by Future Market Insights (FMI), smart pill boxes and bottles market will remain a high growth-low volume landscape over the course of next few years. Over 43% of total sales will be accounted by smart pill boxes. The report envisages a higher rate of adoption for smart pill bottles.

Almost 70% of adult patients are observed to discontinue or manipulate drug therapy, resulting in non-adherence to prescribed medication. The study opines that this directly adds to the economic burden on healthcare delivery system in form of emergency cases and hospitalization.

Smart pill boxes and bottles are increasingly being perceived as a potential solution to such challenges posed by increased healthcare delivery costs. Significance of medication adherence continues to rise with increasing prevalence of chronic conditions, propelling demand for smart pill boxes and bottles.

Dementia and geriatric care remain the key application areas of smart pill boxes and bottles, according to the report. More than 80% of sales is accounted by aging patients and dementia-afflicted population. Cancer management is likely to emerge lucrative in terms of applicability in coming years.

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With surging demand for high-quality healthcare delivery, senior care centers, hospitals, long-term care centers, and homecare settings are accelerating adoption of medication dispensers, thereby elevating the revenue growth of smart pill boxes and bottles market. Some of the leading companies are actively involved in the development of advanced technology medication dispensing devices with zero error risks during medication.

Home care settings maintain the highest consumption share in smart pill boxes and bottles market that roughly equates 65% of total sales. Almost a fifth of smart pill boxes and bottles sold are installed at seniors care and assisted living centers. FMI’s analysis indicates that long-term care centers are also creating promising market opportunities for smart pill boxes and bottles manufacturers and distributors.

North America continues to reign supreme owing to early adoption of advanced technology enabled smart pill boxes and bottles, accounting for more than a third of the global market revenue. European market for smart pill boxes and bottles also represents a substantial volume share, majorly driven by German patients. South and East Asian regions are briskly developing high-potential markets for manufacturers and distributors of smart pill boxes and bottles, says the report.

The vendor landscape of smart pill boxes and bottles market remains fairly consolidated and competitive, as Tier 1 manufacturers continue to account for a majority of share in the market in terms of volume. While dominance of Koninklijke Philips N.V., PharmRight Corporation & Livi, and AdhereTech prevails in smart pill boxes and bottles market, the report finds that the competition among these players is characterized by product innovation, new launches, and technological advancements.

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Respiratory Devices Market sales have grown at 9.1% CAGR between 2021 and 2031

Rising prevalence of chronic obstructive pulmonary disease (COPD) and obstructive sleep apnea has been increasing the demand for respiratory devices. Future Market Insights (FMI) in a new study has forecast the market to continue exhibiting high demand through 2031. While 2020 has proven exceptionally crucial to the market, growth will remain positive 2021 onwards, despite declining a little in comparison to remarkable sales recorded in 2020 amid COVID-19 outbreak.

Increasing prevalence of sleep disorders, especially in the U.S. and other European countries, creates lucrative growth opportunities for the sleep testing respiratory devices market. According to the National Healthy Sleep Awareness Project, around 25 million adults in the U.S. were suffering from sleep apnea. Continuous focus on the market introduction of technologically advanced respiratory devices such as nebulizers, pulse oximeters and spirometers is expected to drive the respiratory devices market growth during the forecast period.

Growing preference for smart or wearable respiratory devices over general respiratory devices in developed countries also creates a significant opportunity for global market players operating in the respiratory devices market. Adoption of portable devices for neonatal and adults suffering respiratory diseases is growing respiratory devices demand. For instance, Patients suffering from chronic respiratory diseases require continuous oxygen supply. A portable oxygen concentrator has several other benefits such as lightweight, small shape and easy to carry, which makes it the best choice of device.

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Hospitals are likely to remain chief end users of respiratory devices. They have been relentlessly offering patient care amid COVID-19 outbreak. Even as numbers of COVID-19 patients soared, healthcare centers around the world pushed through challenges to offer required care. Hospitals therefore accounted for a little above 40% of respiratory devices sold in 2020. By 2031, the number of respiratory devices sold in hospitals is expected to rise further.

Key Takeaways of Respiratory Devices Market Study

Respiratory devices market will exhibit impressive growth through 2031. The market is forecast to exhibit 9.3% CAGR in 2021
U.S. will remain the most lucrative market, accounting for almost 87% of respiratory devices sold in North America
UK will exhibit impressive Y-o-Y growth at 10.5% in 2021
Germany and France will continue exhibiting high demand for respiratory devices
China and Korea will remain bright spots in East Asia market, however, Japan will remain dominant through the forecast period

Partnerships to Develop New Products – Imperative Strategy for Market Players

Leading manufacturers of the respiratory inhaler are focusing on strategic partnerships with software and digital companies to serve the selected population. Besides, such collaborations also help manufacturers improve their distribution channels as well as to launch their products. For instance, In June 2020, Medtronic plc entered into a partnership with Foxconn Industrial Internet to begin manufacturing Medtronic’s Puritan Bennett 560 (PB560) ventilators in the United States.

Similarly, Smith’s Medical has signed a distribution partnership with Medline Industries for distribution of the Portex acapella, a vibratory PEP therapy device to focus on the non-acute and home care channels in 2019.

What else is in the report?

Future market insights offer a unique perspective and actionable insights on Respiratory Devices market in its latest study, presenting historical demand assessment from 2016 – 2020 and projections from 2021–2031 based on product type (Respiratory Consumables, Nebulizers, Oxygen Concentrators, Positive Airway Pressure (PAP) Devices, Polysomnography Devices, Pulse Oximeters, Mechanical Ventilators, Spirometers), by end-users (hospitals, ambulatory surgical centres, clinics, long term care centres and others) in seven key regions.

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