Market Research Blog – Page 1974 – New Product Development

Gigabit Interface Converter Market to Surge with a CAGR of 10.7%, Expected to Reach $2,631.3 Million by 2033

The Gigabit Interface Converter Market is predicted to develop at an impressive 10.7% CAGR from 2023 to 2033, preceding the lower 8.6% CAGR witnessed between 2018 and 2022. FMI estimates the market valuation to rise from US$ 949.3 million in 2023 to US$ 2,631.3 million by 2033.

GBICs offer high-speed data transfer capabilities necessary for networking and communication systems. The utilization of GBICs to attain gigabit-level speeds has become essential as the demand for faster and more effective data transmission has increased across a range of industries. Strong networking infrastructure is needed to support the growth of data centers, cloud computing, and high-performance computing environments. To manage greater data loads and maintain steady connections, networking equipment shall be upgraded with the help of GBICs.

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Key Takeaways

India’s Gigabit Interface Converter market is expected to expand rapidly, with a CAGR of 15.7% by 2033, owing to increased digitization efforts and network infrastructure upgrades.
The Gigabit Interface Converter market in the United Kingdom is expected to develop at a CAGR of 10.3% by 2033, driven by the demand for high-speed connectivity across industries.
The Gigabit Interface Converter market in China is expected to rise at a CAGR of 12.4% by 2033, reflecting the country’s continued investments in telecommunications and data transmission technologies.
As the country focuses on optimizing network efficiency and capacity, Australia’s Gigabit Interface Converter market is predicted to rise gradually at a CAGR of 2.7% by 2033.
The market for Gigabit Interface Converters in Japan is expected to amplify at a 3.4% CAGR by 2033, driven by the integration of modern networking solutions and the demand for reliable high-speed data transfer.

Competitive Landscape

The Gigabit Interface Converter (GBIC) market is characterized by a dynamic interplay between established players, new entrants, and advancing technology. With their broad product portfolios and well-established customer bases, market leaders such as Cisco Systems, HP Enterprise, and Juniper Networks dominate the market. These business titans use their strong brand recognition and global presence to grab a sizable market share.

The Gigabit Interface Converter market is quickly evolving as demand for better data rates and bandwidth continues to rise. The transition to more advanced optical transceiver technologies such as SFP, SFP+, QSFP, and beyond adds a new layer of competition as companies strive to develop cost-effective, energy-efficient, and high-performance solutions that meet the expanding needs of networking infrastructure across industries.

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Recent Developments

The next generation of OmniConverter® 10G Multi-Gigabit / Multi-Rate Ethernet and PoE Media Converters was released in November 2022 by Omnitron Systems, a top supplier of Ethernet, Power over Ethernet (PoE), and fiber network equipment.
The preferred manufacturer of wired and wireless connectivity products, L-com, an Infinite Electronics brand, announced in January 2021 that it had launched a new line of triple-speed, Gigabit Ethernet switches and media converters for use in demanding industrial and commercial networking applications where PoE connected devices are required. The two variants from L-com’s new Gigabit Ethernet switch range come with plug-and-play, unmanaged operation and PoE-capable RJ45 ports.

Key Segments

By Application:

Oil & gas
Chemical
Healthcare
Food and beverages
Water and wastewater
Others

By Type:

Single-mode GBIC
Multi-mode GBIC

By Region:

North America
Latin America
Asia Pacific
Europe
Middle East & Africa

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Counterfeit Drug Detection Device Market Set to Expand, Projected to Reach USD 1,615.6 Million by 2034 at a 3.3% of CAGR

The counterfeit drug detection device market is poised to achieve a valuation of USD 1,167.7 million, with steady growth anticipated throughout the forecast period from 2024 to 2034. The market is projected to grow at a compound annual growth rate (CAGR) of 3.3%, culminating in a predicted market value of USD 1,615.6 million by the end of 2034.

The increasing prevalence of counterfeit pharmaceuticals is driving demand for advanced detection devices. These devices play a crucial role in ensuring the safety and efficacy of medications, protecting consumers from the risks associated with counterfeit drugs.

As the healthcare industry continues to combat the proliferation of fake medicines, the adoption of sophisticated detection technologies is expected to rise. This growth underscores the importance of innovation and vigilance in safeguarding public health.

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Counterfeit pharmaceuticals are misleading and inferior drugs; this is a global problem. Anticounterfeit medication detection devices are medical gadgets designed to detect counterfeit pharmaceutical packaging, labeling, and chemical composition. The World Health Organization defines a counterfeit medication as any pharmaceutical product that has been intentionally mislabeled about its identity or origin.

Competitive Landscape in the Counterfeit Drug Detection Device Market:

The counterfeit drug detection device market is fairly fragmented. While a few reputed companies have a significant share of the market demand, newer players and small-scale players also have the potential to thrive.

Technologically advancing the products, to keep the product line moving, is given priority by market players. Geographical expansion is also given significance by market players.

Recent Developments in the Counterfeit Drug Detection Device Market

In February 2022, the AD Minidose U9 RAIN RFID was launched by Avery Dennison Smartrac
for enhanced RFID applications in the healthcare sector.
In August 2021, Vestcom was acquired by Avery Dennison Corporation.
In December 2021, Stratio, Inc., with the help of South Korea’s National IT Industry Promotion Agency (NIPA) launched an AI-enabled imaging solution. It is designed to detect infringements at border checkpoints.
In September 2021, the Fluoride ISE was introduced by Metrohm for the detection of, as the name suggests, fluoride.

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Key Companies in the Counterfeit Drug Detection Device Market:

Spectris
Spectral Engines Oy
Consumer Physics
Olympus Corporation
Stratio, Inc.
Rigaku Corporation
Thermo Fisher Scientific, Inc
GAO RFID
Cellular Bioengineering, Inc
Metrohm AG

Key Segments:

By Product:

Counterfeit Chemical Composition Detection Devices
- Ultraviolet/Vis Devices
- Infrared & Near Infrared Spectroscopy Device
- Raman Spectrometers
- XRD & XRF Spectroscopy Devices
Counterfeit Packaging & Labelling Detection Devices
- RFID Analyzer
- Scanning & Imaging Systems
- Others

By Modality:

Portable Devices
Hand-held Devices
Bench-top Devices

By End User:

Pharmaceutical Companies
Drug Testing Laboratories
Research Organization

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)

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Global Bamboo Packaging Market to Reach US$ 950.3 Million by 2033, Driven by Rising Demand for Sustainable Solutions

The global bamboo packaging market is poised for significant growth, with a valuation set to reach US$ 511 million in 2023 and projected to expand at a robust CAGR of 6.4% over the next decade. By 2033, the market is anticipated to achieve a valuation of US$ 950.3 million. The top five providers of bamboo packaging collectively contributed 25-30% of the revenue share in 2022, underscoring their critical role in market expansion.

Core Concepts in the Bamboo Packaging Industry

Current Market Value: In 2023, the bamboo packaging market is valued at US$ 511 million.
Future Market Size: By 2033, the market is projected to surpass US$ 950.3 million.
CAGR Prediction: The bamboo packaging market is expected to grow at a CAGR of 6.4% from 2023 to 2033.
Top Profitable Countries: India and China are the primary countries showing notable profitability potential for bamboo packaging.
Historical Growth: From 2018 to 2022, the market grew at a 4% CAGR, reaching US$ 480.3 million by the end of 2022.

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Market Insights

The cups and straws segment is expected to dominate the bamboo packaging market, holding approximately 24% of the market value share by the end of 2033. This segment’s growth is driven by increasing demand from food service providers and the broader adoption of sustainable packaging solutions.

According to Future Market Insights (FMI), the bamboo packaging market totaled US$ 480.3 million in 2022. The market is expected to create an incremental growth opportunity of US$ 414.8 million during the forecast years, reaching US$ 950.3 million by 2033. The top three countries held around 35-40% of the global bamboo packaging market in 2022.

Key Market Insights:

Rise of Eco-Friendly Packaging Solutions: With the negative impact of plastic packaging on the environment becoming increasingly evident, the demand for sustainable packaging alternatives has surged. Bamboo, a natural and biodegradable material, has emerged as a preferred alternative to disposable plastics. Manufacturers are transitioning to bamboo packaging due to its eco-friendly properties and cost-effectiveness.

Advantages Over Plastic Packaging: Bamboo packaging offers numerous advantages over plastic, including biodegradability, cost-effectiveness, and easy availability. Bamboo production releases significantly more oxygen compared to other trees, contributing to reduced carbon footprints. Its versatility allows for the creation of various packaging products such as boxes, straws, pallets, and more, making it an ideal replacement for plastic packaging.

Growing Application in the Food & Beverage Industry: Packaging plays a crucial role in the food industry, ensuring food safety and protection from external contaminants. Bamboo packaging, with its biodegradable nature and excellent insulation properties, is gaining traction as an ideal solution for food packaging. From food containers to takeout containers, coffee cups, and straws, bamboo packaging offers a secure and eco-friendly packaging option without leaching harmful substances into the food.

Regional Opportunities: South Asia and East Asia are anticipated to be the most lucrative markets for bamboo packaging, driven by the easy availability of bamboo material and its rising applications in various industries such as food & beverage and cosmetics & personal care. The market is expected to nearly double during the forecast period in these regions.

Growing Sustainability Concerns to Push Demand in the Market

Increasing environmental concerns have increased the preference for sustainable packaging across the globe. Consumers are becoming more aware of the effects of plastic and single-use packaging on the surroundings. Bamboo packaging is a replacement for metal or plastic packaging as it grows without the need for pesticides.

Bamboo packaging can be composted easily and sustainability is in every process connected with the production. Hence, various manufacturers are also replacing plastic packaging with bamboo packaging to achieve sustainability. For instance, Dell has started using bamboo packaging to protect laptops. They have started using bamboo for interior cushioning. Thus, rising awareness regarding sustainability is fuelling the demand for bamboo packaging.

Further, government organizations are also providing support to bamboo packaging manufacturers. According to the report by the International Bamboo and Rattan Organisation, in 2021, various representatives from government and non-government organizations took part in the event to discuss bamboo as an alternative material to plastic.

China’s recent policies saw restrictions and a ban on the import of plastic waste. China is ready to replace plastic with bamboo packaging. Thus, various efforts from the government and various other organizations are propelling the growth of the bamboo packaging market.

Bamboo Packaging Market Landscape

The key players operating in the global bamboo packaging market are HuhtamakiOyj, APackaging Group., Pi Sustainable Packaging Co., Ltd., Bloom Eco Packaging Co., Ltd., Golden Arrow, Inc., and Three Bamboo. Also, some of the other noticeable players in the market are Xiamen HBD industry & trade CO., LTD, Meysher Industrial Group, Sunkea, GUANGZHOU HUIHUA PACKAGING PRODUCTS CO. LTD, Ningbo Willest International Trading Co., Ltd., Yiwu Cool Commodity Co., Ltd., BeGreen Packaging, Bio Transito SAS Ltd, and others.

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Global Bamboo Packaging Market by Category

By Pulp Type:

Recycled Pulp
Virgin Pulp

By Packaging Type:

Cups & Straws
Bottles & Jars
Boxes & Cartons
Clamshell
Tubes
Mailers
Barrels
Crates
Pallets
Others (Bowls, Plates, etc.)

By End Use Industry:

Foods & Beverages
Pharmaceuticals
Cosmetics & Personal Care
Electrical & Electronics
E-Commerce
Automotive
Agriculture

By Region:

North America
Latin America
Europe
South Asia
East Asia
The Middle East & Africa
Oceania

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Geofencing Market to Surge from $1.87 Billion in 2022 to $9.6 Billion by 2032 with a 17.8% CAGR

It is anticipated that throughout the forecast period, the market for geofencing use would grow at a CAGR of 17.8%. Rising from US$ 1,867.2 million in 2022 to US$ 9,596.6 million in 2032, is the anticipated growth in the geofencing industry.

As real-time monitoring is essential for data analysis and accounts for the bulk of the geofencing market share, demand for geofencing is increasing. To provide reliable data, geofencing additionally uses GPS and RHD technologies. Geospatial and analytical tool usage is driving up market share, and geofencing is no exception.

FMI anticipates that the demand for geofencing throughout the projected period is anticipated to be fueled by the technology’s numerous applications for a number of goals. Geofencing is also becoming more popular as it helps businesses interact with their customers, draw in more foot traffic, and foster stronger customer loyalty. Companies may stay in the spotlight and demonstrate a keen understanding of their consumers’ needs by personalizing and adapting their offers based on customer data.

However, one of the key constraints identified for the geofencing market is the high cost of geofencing devices. It also has some restrictions in terms of radius coverage and rigorous maintenance, limiting the use of geofencing. Furthermore, installation costs may severely restrict the growth of the geofencing market throughout the projection period. The geofencing market is expected to expand since it enables businesses to target specific customers by personalizing and disseminating notifications and adverts in real-time.

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Key Takeaways from Geofencing Market Study

With a share of 41.0%, the hardware segment dominates the geofencing market by solution.
Due to the broad use of these solutions by sectors including transportation and logistics, retail, automotive, and government, the hardware segment dominated the geofencing market in 2021.
According to technology, active geofencing holds a 57.8% share of the geofencing market. The versatility and usefulness of active geofencing have improved.
The transportation and logistics industry is anticipated to have the largest market share of 24.2% throughout the forecast period. When it comes to the implementation of geofencing market solutions, the transportation and logistics segment is one of the most important industries.
North America is expected to occupy 35.2% of the market during the projected period. The majority of stable and established economies in North America spend extensively in R&D, promoting the development of new technology.
The Europe region is also predicted to see exceptional growth. The key players and research and development initiatives are projected to generate more profit in the coming years.
In 2021, India held a 10.5% share of the Asia Pacific geofencing market.
In 2021, China held a 12.3% share of the Asia Pacific geofencing market.
During the projected period, the South Asia and Pacific region is expected to grow at a CAGR of 22.5% between 2022 and 2032.

“The various applications of geofencing and technologies for a variety of goals are expected to promote geofencing adoption throughout the projection period. However, the high cost of geofencing devices is projected to hamper the market growth.” –FMI Analyst

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Competitive Landscape

Companies in the geofencing market are working to increase the accuracy and integration functionality of their solutions while also extending their capabilities. These firms are creating solutions for a wide range of client segments for promotion, asset tracking, workforce management, and fleet monitoring applications through aggressive promotion and marketing techniques.

Major firms with great brand recognition, successful competitive strategies, and distribution dominance include IBM, Microsoft, Google, and Samsung. Overall, the geofencing market players are highly competitive.

Google, Apple, Bluedot Innovation, Thumbvista, Esri, Embitel, Simplifi.fi, Gimbal, Mapcite, UpSnap, Placecast, Swirl Networks, GeoMoby, Localytics, Urban Airship, Pulsate, PlotProjects, Radar Labs, and DreamOrbit are a few companies in the geofencing business.

Latest Developments in the Geofencing Market:

August 2022 – DJI received the world’s first C1 EU-type drone evaluation certificate under the European Drone Regulation. This has helped them build a trustworthy brand image and attract new clients for the organization.
March 2022 – Using the Samsung Knox platform, Samsung and Telus successfully introduced Canada’s first next-generation Mission Critical Push-to-X (MCPTX) services, which provide information and data as well as important operational features such as geofencing and video to keep the public safe.
In March 2022, Microsoft Firm finalized its acquisition of Nuance Communications, Inc., a US-based corporation, for a total purchase price of USD 18.8 billion, mostly in cash. Nuance is an artificial intelligence software firm with experience in healthcare and enterprise AI, and the acquisition is most likely help the company to expand.

Key Segments Covered in the Geofencing Market Report

By Solution:

Hardware
Software
Services

By Technology:

Active Geofencing
Passive Geofencing

By Industry:

Transportation and logistics
Retail
Healthcare and life sciences
Industrial manufacturing
Media and entertainment
Government and defense
Banking, Financial Services, and Insurance (BFSI)
Others (agriculture, education, construction and engineering, and energy and utilities)

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific excluding Japan (APEJ)
Japan
Middle East & Africa (MEA)

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Tissue Engineered Skin Substitute Market Poised for Steady Growth, Projected to Reach USD 3.5 Billion by 2034 at a CAGR of 3.9%

In 2024, the tissue engineered skin substitute market is set to achieve a valuation of USD 2.4 billion, with expectations to expand significantly over the next decade. The market is forecasted to grow at a CAGR of 3.9%, culminating in a projected value of USD 3.5 billion by 2034.

This robust growth is driven by the increasing demand for advanced skin regeneration therapies. Tissue engineered skin substitutes offer innovative solutions for treating severe skin injuries, burns, and chronic wounds, providing significant improvements in healing times and patient outcomes.

As the healthcare industry continues to evolve, the adoption of cutting-edge technologies and regenerative medicine is expected to rise, propelling the market forward. The growing prevalence of conditions requiring advanced wound care solutions underscores the critical role of tissue engineered skin substitutes in modern medical treatments.

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More biomimetic tissue structures have been developed as a result of tissue engineering and the enhanced capacity to integrate biomaterials and cell culture systems with contemporary manufacturing techniques. Improvements in technology are paving the way for better skin substitutes made of tissue. Intriguing biofabrication methods for the creation of bioengineered skin substitutes are biotextiles and 3D bioprinting. A US research team has created a method that makes it possible to print whole blood vessels and skin in three dimensions. Such state-of-the-art fabrication techniques will open up a substantial market opportunity worldwide.

Though significant advancements have contributed to the expansion of the market, certain limitations still exist. The inability of tissue-created skin substitutes to grow skin appendages like hair follicles, sebaceous glands, and nails is one of the biggest challenges facing R&D teams.

Key Takeaways – Tissue Engineered Skin Substitute Market Study

Demand for biologic skin substitutes is expected to rise during the forecast period due to increased tissue engineering research. Engineers from Caltech and ETH Zurich, for example, developed an artificial skin out of pectin, a naturally occurring long-chain polymer found in plant cell walls that allows the production of natural and fresh dermis.
Diabetes and chronic wounds are growing increasingly widespread, resulting in an increase in demand for tissue engineered skin substitutes.
The incidence of diabetic foot ulcers, venous leg ulcers, and pressure ulcers is expected to drive demand for tissue engineered skin substitutes in developing nations such as China and India.

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Leading Manufacturers Setting the Pace for Product Innovations

The tissue engineered skin substitute market is a consolidated market. The tier 1 companies in the tissue engineered skin substitute market such as Allergan Plc., Mimedex Group Inc., Integra LifeSciences Corp. and Integra LifeSciences Corp. are expected to hold more than half of the total revenue generated by tissue engineered skin substitutes. The key players in the market are reshaping their current product portfolio by focusing on the introduction of new and advanced technologies and innovating new products.

Key Players:

Smith & Nephew plc.
Acelity L.P. Inc.
Mölnlycke Health Care
Integra Life Sciences
Allergan plc
Regenicin
Organogenesis Inc.
MiMedx
LifeNet Health
Kerecis
Medline Industries, Inc.

Seeking More Insights?

Tissue engineered skin substitute market, a new study from Future Market Insights, opines on the evolution of tissue engineered substitute market from 2014 to 2021 and presents demand projections from 2022 to 2029 on the basis of; product (acellular skin substitute, biologic skin substitute, cellular skin substitute and synthetic substitute), material (synthetic and natural), application (chronic wound, acute wound and other applications such as breast reconstruction etc.) and end user (hospital, specialty clinics, ambulatory surgical centres and research laboratories) across seven prominent regions.

Tissue Engineered Skin Substitute Market by Category

By Product:

Acellular Skin Substitutes
- Acellular skin substitutes based on Amniotic Membrane
- Other Acellular skin substitutes
Biologic Skin Substitute
- Allograft
- Xenograft
Cellular Skin Substitutes
- Cellular skin substitute based on amniotic membrane
- Other cellular skin substitutes

Synthetic Skin Substitutes

By Material:

Synthetic
Natural

By Application:

Chronic Wounds
- Venous leg Ulcers
- Diabetic Foot Ulcer
- Pressure Ulcers
Acute Wounds
- Traumatic Wounds
- Burn Cases
Other Applications

By End User:

Hospital
Specialty Clinics
Ambulatory Surgical Centers
Research Laboratory

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Laparoscopic Device Market to Surpass USD 20.5 Billion by 2034 at a 4.2% of CAGR

In 2024, the laparoscopic device market is poised to reach a valuation of USD 13.59 billion, driven by increasing adoption across surgical procedures and advancements in minimally invasive techniques. Despite challenges in supply chains, companies are employing innovative tactics to mitigate disruptions and maintain market momentum.

The laparoscopic device market is expected to exhibit a steady growth trajectory, expanding at a CAGR of 4.2% through 2034. By the end of the forecast period, the market is anticipated to exceed USD 20.5 billion, driven by several key factors:

Laparoscopic devices, known for their precision and reduced recovery times, are becoming essential tools in the fight against obesity-related health issues. As more patients and healthcare providers turn to these advanced surgical options, the market is expected to see sustained growth.

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The market for laparoscopic devices is anticipated to expand at a 5.8% compound annual growth rate (CAGR) from US$ 12.3 billion in 2022 to US$ 18.4 billion by 2029.

Over the next ten years, there is expected to be a significant growth in the laparoscopic devices industry. due to the quick rise in the demand for minimally invasive surgical treatments as well as the growing potential for use in colorectal and bariatric surgery.

According to the report, the laparoscopic devices market is anticipated to grow over the coming years due to a combination of increased foreign direct investment (FDI) in developing countries and marketing and promotional initiatives.

Key Takeaways :

Steady demand growth is observed for bariatric surgery, in line with the expanding obese population coupled with wide-scale adoption rate of minimally invasive techniques. Sales of laparoscopic devices for bariatric surgery will surpassing that for colorectal surgery towards the end of projection period.

Sales of laparoscopic devices will be higher in North American countries. The availability of skilled surgeons and several advantages of minimally invasive surgery over open surgery are few factors driving the market of laparoscopy devices.

The key players in the laparoscopic devices market are focusing on technologically advanced surgical systems with improved dexterity, ergonomics, and visual enhancements that provide advantages to surgeons and minimize the risk for patients while undergoing laparoscopic procedures.

Increasing consumer base along with modern amenities in the healthcare sector is expected to drive sales of laparoscopic devices in developing regions.

Rising private and foreign investments in the laparoscopic devices market and adoption of subscription commerce marketing model by market players are anticipated to shape the overall laparoscopic devices market.

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Key Companies Profiled :

Olympus Corporation

Braun Melsungen AG

Intuitive Surgical Inc.

Medtronic plc.

Stryker Corporation

Smith & Nephew Plc

CareFusion Corporation

Ethicon US, LLC

KARL STORZ GmbH & Co. KG

Richard Wolf GmbH

Endocontrol SA

Tekno-Medical Optik Surgery GmbH

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Laparoscopic devices market by Category :

By Product:

Direct Energy System Devices
Trocars/Access Device
Internal Closure Devices
Laparoscopes
Hand Access Instruments
Insufflation Devices
Robotic Assisted Surgical System

By Therapeutic Application:

Bariatric Surgery
Colorectal Surgery
General Surgery
Gynecological Surgery
Urological Surgery

By End User:

Hospitals
Ambulatory Surgical Centers
Clinics

By Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan
Japan
Middle East and Africa (MEA)

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Animal Model Market Poised for Growth, Expected to Reach Nearly USD 3,476.8 million by 2034

In 2024, the animal model market is set to achieve revenues of approximately USD 1,943.3 million, driven by their shorter life cycles, high genotype similarity, and suitability for laboratory testing. A recent analysis forecasts that the market will grow at a moderate compound annual growth rate (CAGR) of 6% over the next decade, aiming to surpass USD 3,476.8 million by the end of this period.

Animal models, known for their shorter life cycles, high genotype resemblance to humans, and ease of laboratory testing, play a crucial role in biomedical research. These characteristics make them indispensable tools for studying disease mechanisms, testing new treatments, and advancing medical knowledge.

According to the latest animal model demand analysis report, the market’s growth is fueled by increasing research activities and the need for effective preclinical models in drug development. As the scientific community continues to seek reliable and efficient methods for medical testing, the demand for animal models is expected to rise significantly.

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Animal models play a crucial role in various stages of drug development, from initial discovery to preclinical and clinical trials. Their use enables researchers to understand biological mechanisms, test the efficacy and safety of potential treatments, and evaluate disease progression and therapeutic interventions.

Key Takeaways from the Animal Model Market Study Report:

The market in North America is expected to account for over 40% of the global market share in 2024, followed by Europe.
The United States creates the most demand for preclinical animal models in North America and is poised to advance further with a 6.7% CAGR through 2034.
Germany is expected to continue to be the most lucrative market for animal models in Europe, exhibiting a growth rate of 8.2% through 2034.
The United Kingdom is another notable market for the use of laboratory animals, which is likely to exhibit a 6.6% CAGR till 2034.
China is the leading supplier of animal models for preclinical research in Asia and is expected to witness a 6.1% CAGR through 2034.

Competitive Landscape for the Animal Model Market Participants:

The competition in the animal model industry is highly concentrated, and many contemporary participants are focused on the rat and mouse model segment. However, the approval and adoption of many other animal species, like pigs or non-human primates, is expected to diversify the market by increasing animal model suppliers.

“Rising demand for biomedical research animals and their increased use in the development of personalized medicine has created new opportunities for existing animal model suppliers. Further, more government support in the form of funding and subsidies for supplying laboratory animals in pharmacological studies has encouraged many start-ups in recent years,” – says a lead analyst at FMI.

Key Players Profiled in the Animal Model Market Report:

Charles River Laboratories International, Inc.
Horizon Discovery Group plc.
The Jackson Laboratory
Taconic Biosciences, Inc.
Genoway SA
Eurofins Scientific SE
Crown Bioscience, Inc.
Envigo CRS SA
Transposagen Biopharmaceuticals, Inc.

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Key Segments Covered by Animal Model Industry Survey Report:

By Species Type:

Rats
Mice
Guinea Pigs
Rabbits
Monkeys
Dogs
Pigs
Cats
Other Species

By Application:

Basic and Applied Research
Drug Discovery and Development
Other Applications

By End User:

Academic & Research Institutions
Pharmaceutical Companies
Biotechnology Companies
Contract Research Organizations (CROs)
Other End Users

By Region:

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

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Truck-Mounted Knuckle Cranes Market to Expand USD 1,365.0 Million by 2032, with a 5.1% CAGR

MRB-Automotive-Truck-Mounted Knuckle Cranes Market

The global Truck-Mounted Knuckle Cranes Market is anticipated to create opulent growth over the forecast period by generating a CAGR of 5.1% from 2022 to 2032. The global market grew from USD 827.8 Million in 2022 to USD 1,365.0 Million by 2032. Over 3/4th of the market for truck-mounted knuckle boom cranes is now occupied by new sales. According to the historical analysis conducted by Future Market Insights, the global demand for truck-mounted knuckle boom cranes increased at a CAGR of 2.2% during the historical period from 2017 to 2021 and totaled a valuation of USD 794.9 Million by the end of 2021. The growth of the market is attributed to the surging end-use industries including construction, mining, energy, and logistics across the world.

According to the projections estimated by the International Monetary Fund, global economic growth is anticipated to surge by 3.6% in 2023. The growth is creating a sizable window of opportunity for the infrastructure sector in different economies of the world. Owing to the rising construction activities and better financial conditions in several countries, it is predicted that the worldwide market for truck-mounted knuckle cranes will boost exponentially.

Truck-mounted knuckle boom cranes accumulate around 30% to 35% of the present market and this number is anticipated to propel further attributing to their expanding applications across diverse industries on account of their design, enhanced performance, and safety features. Furthermore, with increased functionality and heightened safety precautions, truck-mounted knuckle boom cranes have become ideal material handling equipment that is being used across construction and logistics sectors. These cranes also comprise impressive load-lifting capacities and a perfect design that enhances operator visibility.

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Key Takeaways

The increasing growth of various end-use industries including logistics and construction boosting the market. In addition to that, the growing demand for versatile material handling solutions is some of the key factors expected to boost sales of truck-mounted knuckle boom cranes during the forecast period.
These cranes are powerful truck-mounted equipment utilized for lifting heavy loads. They are designed in such a way that they efficiently handle heavy loads with lightweight and highly maneuverable features.
Over recent years, truck-mounted knuckle boom cranes have become the most popular type of truck crane. Since they are perfect for loading and unloading heavy machinery and cargo in restricted spaces. Moreover, they are rapidly being utilized across several industries such as transport, construction, mining, oil & gas, and logistics.
Hence, the rapid expansion of the construction, energy, logistics, and mining industries across the globe is anticipated to bolster the sales of truck-mounted knuckle boom cranes during the projection period.
Since crane machines are often utilized in the construction industry, material loading, and manufacturing sectors, the sales of knuckle boom-loader cranes are expected to rise in the global market. The high load capacity and adaptable designs are expected to satisfy the requirements of several industries, including construction, marine, mining, and forestry.
The demand for robust machines comprising strong lifting capacity and optimal energy efficiency is on the rise. This trend is anticipated to augment sales of the truck-mounted knuckle cranes market over the coming years.
Truck-mounted knuckle boom cranes are designed in such a way that they are perfect for loading & unloading heavy objects in the construction, forestry, logistics, and energy sectors. These high load-bearing capacity cranes can work in compact spaces.

Key Companies Profiled

SANY Group; Xuzhou Construction Machinery Group Co., Ltd.; Hiab AB; Tadano Limited; Furukawa Co. Ltd; Kawasaki Heavy Industries; Terex Corporation; Palfinger AG; TIL Limited; Manitowoc Co.; Electromech Manufacturing Industries; Action Construction Equipment; Altech Industries; Kobelco Construction Machinery Co. Ltd.; Zoomlion Heavy Industry Science & Technology Co., Ltd.; Hyva

Competitive Landscape

Key market players are focusing on developing more user-friendly features and targeting reducing fuel consumption. In order to enhance the operational efficiency of these cranes. Also designing these cranes to operate conveniently in the lesser working space is a key area of focus which is attracting research and development activities from prominent players.

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Key Segments Covered in Truck Mounted Knuckle Boom Cranes Industry Analysis

By Capacity:

Small Duty
Medium Duty
Big Duty
Heavy Duty

By Sales:

New Sales
Aftermarket

End-Use Industry:

Construction
Mining
Oil & Gas
Energy
Forestry
Logistics

By Region:

North America
Latin America
Europe
South Asia
East Asia
Middle East & Africa

More Insights into the Truck-Mounted Knuckle Boom Cranes Market

On the basis of demography, South Asia and Pacific region is expected to dominate the global market as it is predicted to account for US 74.5 million during the forecast period of 2022-2032. The growth of the regions can be attributed to the rising government spending on developing and upgrading public infrastructure in countries like India and China.

Various developing countries are heavily investing in enhancing infrastructure in order to boost economic growth in the region. Moreover, the Indian government has recently launched the Make in India Scheme and around 6,000 new construction projects in various sectors including energy, roadways, and railways.

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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FMI Analysis States Global Commercial Beverage Dispenser Market Surging Towards USD 1,700 Million by 2033, Driving 6.1% CAGR Growth

The commercial beverage dispenser market is on an upward trajectory, with forecasts indicating a significant surge in valuation to exceed USD 1,700 million by 2033. This impressive growth, underpinned by a robust Compound Annual Growth Rate (CAGR) of 6.1%, reflects the sector’s resilience and adaptability in meeting evolving consumer demands.

The strategic integration of upselling techniques has emerged as a driving force behind the global expansion of Quick Service Restaurant (QSR) chains and dining establishments. This strategic approach has notably accelerated the widespread adoption of commercial beverage dispensers, renowned for their durability and efficiency, particularly evident during peak festive seasons.

In the fast-food sector, convenience reigns supreme, and commercial beverage dispensers seamlessly align with this consumer preference. This attribute, coupled with a concurrent rise in consumer income and expenditure, has propelled demand for these dispensers. The convergence of these factors has positively influenced discretionary spending behaviors, fostering increased indulgence in fast food consumption, thus further catalyzing market growth.

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Key Observations:

The leading material segment is metal, projected to flourish with a robust Compound Annual Growth Rate (CAGR) of 6.5%. This choice is driven by metal’s innate conductivity and its ability to withstand temperature variations effectively. Vendors favor metal as the material of choice.
Among beverage types, the highest-performing segment is alcoholic beverages, expected to thrive with a CAGR of 5.8%. The surge in consumption of alcoholic drinks can be attributed to various factors, including the increasing prevalence of depression and work-related stress among both young individuals and adults.
The Chinese market for commercial beverage dispensers has exhibited remarkable growth, anticipated to attain the highest CAGR of 8.1% during the forecast period. This remarkable growth trajectory is attributed to amplified alcohol consumption, the impact of the pandemic, and rapid digitization.
While China’s ascent in the market is highlighted by the highest CAGR, North America commands the largest market share, valued at USD 148.5 million. This region is anticipated to surpass a valuation of USD 336.9 million by 2033. The surge in alcoholic beverage consumption, coupled with an expanding consumer base embracing advanced technologies, underpins this growth.

Primary Growth Catalysts of the Commercial Beverage Dispenser Market:

As per FMI’s analysis, the trajectory of growth within the commercial beverage dispenser market is set to gain momentum, propelled by the escalating proliferation of convenience shops, shopping centers, and recreational hubs. Furthermore, manufacturers of commercial beverage dispenser equipment are poised to unlock substantial developmental prospects, driven by emerging trends such as eco-friendly culinary practices, the evolution of smart kitchens, and the integration of the Internet of Things (IoT).

The augmentation of this market is expected to be expedited by the adept deployment of strategies by manufacturers, aimed at elevating profitability, attracting higher consumer footfall, and nurturing robust customer relationships. The extent of device integration holds paramount significance in enhancing in-store efficiency through the provision of all-encompassing solutions. The contemporary customer base leans on self-service technologies to expedite the checkout process.

Competitive Landscape Analysis:

Market players deploy their capabilities to effectively segregate distinct funnels and compartments, ensuring a seamless and user-friendly navigation experience on screen. In their pursuit of expansion, manufacturers adopt strategies such as acquiring smaller entities, forming strategic partnerships with complementary brands, and orchestrating mergers to enhance their supply chains. Notable contenders in the commercial beverage dispenser market encompass Santos, Bunn, Grindmaster Cecilware, Taylor, and Avantco Equipment.

Recent Market Advancements:

Santos has introduced the Cold Drink Dispenser 34, designed to cater to a diverse range of cold beverages. This innovative dispenser boasts multiple capacities for dispensing, including 12, 24, and 36 liters.
Bunn has unveiled its LCA-1 LP Low Profile with Scholle 1910LX, a cutting-edge offering designed for dispensing low-to-medium volumes of coffee-on-demand, particularly for shelf-stable products.

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Key Segments Covered in the Commercial Beverage Dispenser Market Report:

By Base Material:

Metallic
Glass and Acrylic
Polycarbonate
Other Base Materials

By Dispenser Style:

Push Button
Lever

By Type:

Drop-in
Countertop

By Beverage Type:

Alcoholic
Non-alcoholic

By End User:

Household
Cafes & Bars
Hotels & Restaurants
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia & ASEAN
Oceania
Middle East & Africa

Author:

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.

She has exceptional analytical skills and often brings thought leadership to the table.

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.

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FMI Study Affirms Global Fish Filleting Machine Market to Surge Past USD 3,470 Million Revenue by 2033, Growing at 4.1% CAGR

The latest insights from Future Market Insights (FMI) reveal a promising trajectory for the global fish filleting machine market, projecting a valuation surpassing USD 3,470 million by 2033. Fueled by a robust Compound Annual Growth Rate (CAGR) of 4.1%, this anticipated expansion underscores the sector’s resilience and continued evolution within the realms of automation and innovation.

FMI’s comprehensive analysis attributes this substantial growth to several key factors. Chief among them are technological advancements driving operational efficiencies, an escalating consumer preference for processed fish products, and the optimization of logistical operations across the supply chain. Notably, the adoption of filleting machines facilitates a hygienic processing environment, eliminating human contact and bolstering consumer confidence in the quality and safety of filleted fish products.

With its transformative impact on the seafood processing industry, the proliferation of fish filleting machines underscores a paradigm shift towards enhanced productivity and quality assurance. As market dynamics evolve, stakeholders are poised to capitalize on this burgeoning market opportunity, leveraging innovation to meet burgeoning consumer demand while ensuring sustainable business growth.

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Market Growth and Influencing Factors:

In light of the comprehensive analysis conducted by Future Market Insights (FMI), the Fish Filleting Machine Market has demonstrated substantial growth driven by a confluence of factors. This surge is attributed to the integration of technological advancements, a growing consumer inclination towards processed fish products, and advancements in logistics. The adoption of fish filleting machines is reshaping the landscape, ensuring hygiene and untouched quality, thereby influencing the consumer preference for filleted fish products.

Ensuring Quality and Hygiene through Technological Advancements:

The utilization of fish filleting machines has introduced a paradigm shift in fish filleting practices, elevating hygiene standards and quality preservation. These machines offer the advantage of maintaining cleanliness and eliminating human contact, effectively enhancing the desirability of filleted fish products in the market. The noticeable differences in the quality and physical attributes of machine-filleted fish reinforce the importance of consistent performance, positioning these machines for substantial adoption within the food and beverage industry in the forecast period.

Key Report Attributes and Market Projection:

The current Fish Filleting Machine Market value is estimated at USD 2,325 million in 2023. With a projected Compound Annual Growth Rate (CAGR) of 4.1%, the market is anticipated to reach an impressive value of USD 3,470 million by 2033. This forecast underscores the significant growth potential within the industry and the upward trajectory it is poised to follow.

Historical Insights and Industry Advancements:

Delving into historical market trends, FMI’s experts unveil an exceptional surge in the Fish Filleting Machine Market over the past years. The market value demonstrated a remarkable increase of approximately USD 1,145 million from 2022 to 2023 alone, reflecting an impressive growth trajectory. Notably, during the period of 2018 to 2023, the market witnessed a steady Compound Annual Growth Rate (CAGR) of 2.9%.

Quality Advantages and Cost-Efficiencies:

The surge in sales of industrial fish filleting machines can be attributed to their superior performance, impeccable quality standards, and enhanced hygiene. By minimizing individual errors and material losses, these machines offer substantial cost savings potential when compared to manual filleting practices. This advantage is a driving force in the adoption of these machines across the industry.

Opportunities in Seafood Processing and Aquaculture:

The growth of seafood processing plants in recent years has not only bolstered market prospects but also expanded opportunities for vendors to drive sales of new fish filleting machine units. Additionally, the thriving aquaculture industry, characterized by controlled fish cultivation, nourishment, and harvesting, has contributed to price stability and amplified farmed fish production. These dynamics are instrumental in shaping the market landscape for multi-species fish filleting machines, driven by an increase in consumer demand.

In essence, the fish filleting machine market is poised for significant expansion, driven by a confluence of technological advancements, evolving consumer preferences, and an ever-growing seafood industry. The forecasted growth highlights the industry’s transformative journey towards elevated hygiene standards, quality preservation, and operational efficiency.

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Key Players:

AGK Kronawitter GmbH
Uni-Food Technic
Kroma
Marel
Carnitech
BAADER
Breivik
Grupo Josmar
Sepamatic
PF MAX Company
Grasselli
Pisces Fish Machinery
WOLFKINGTECH
KM Fish Machinery
POWERTECH

Key Segments in the Fish Filleting Machine Market:

By Machine Type:

Stand-alone System
Integrated System

By Operation Type:

Automatic
Semi-automatic

By Sales Channel:

Direct Procurement
E-commerce Platforms
Others

By Region:

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

Author:

Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers’ shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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