Global Coronary Stents Industry is expected to be valued at a significant US$51.2 Million, growing at a steady CAGR of 5.1%. by 2032 | FMI

The Global Coronary Stents Industry is projected to reach a substantial worth of US$ 51.2 million by 2032, with a consistent compound annual growth rate (CAGR) of 5.1% from 2022 to 2032. The market is anticipated to reach an estimated value of US$ 33.36 million in 2022.

The growing elderly population, the rise in cardiovascular disease incidence, and the rise in lifestyle-related health problems including diabetes, obesity, and other illnesses are the main factors driving the market’s expansion. Throughout the projected period, a strong increase in the coronary stents industry is expected.

Key drivers of this growth include the heightened awareness of the numerous advantages associated with stenting procedures. These procedures are known to significantly improve blood flow and protect against further damage to the heart muscle, thereby contributing to the market’s remarkable progression. Moreover, stenting is instrumental in alleviating the symptoms of heart disease, including angina and shortness of breath, ultimately reducing the need for more invasive coronary bypass surgery. Consequently, both medical practitioners and patients are increasingly favoring stenting as it is minimally invasive and facilitates a relatively swift post-operative recovery period.

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Furthermore, a rise in the global geriatric population is leading to a larger patient pool with serious cardiovascular diseases. Again, hypertension is arising as a grave public health concern. Obesity, too, adds to this burden as one of the primary risk factors accountable for different cardiovascular diseases worldwide.

Coronary stenting is prescribed to patients who are suffering from coronary artery blockage. Though angioplasty is the first line of treatment for patients with acute coronary artery blockages while the number of patients undergoing stenting has been increasing steadily over the last ten years. This is owing to the rise of outpatient coronary stenting procedures, which shortens long hospital stays. Additionally, a large number of cardiologists prescribing stenting procedures for patients with CAD is a prime factor that will likely fuel revenue growth of the coronary stent market during the forecast period.

“Increasing cases of lifestyle diseases like obesity and diabetes often result in heart issues which, in turn, supplements the global growth of the coronary stents industry over the forecast period,” says an FMI analyst.

Key Takeaways:

  • Rising awareness of the benefits associated with stenting will strengthen market prospects.
  • Prevalence of alternative treatment methods, product failure, and recalls are certain factors that may hamper market growth.
  • Growing cases of coronary artery diseases propel the coronary stent market in the United States.
  • Favorable government support for the healthcare sector will present new market opportunities in China.

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Competitive Landscape

Abbott, Medtronic, Boston Scientific Corporation, Terumo Corporation, B Braun Melsungen AG, Biotronik, Stentys SA, MicroPort Scientific Corporation, C. R. Bard, Inc., and Cook Medica among others are some of the major players in the coronary stents market profiled in the full version of the report.

Key market players are focusing on product upgradation and offering new features to meet the rising consumer demand. These organizations are employing strategies like new product releases, partnerships, collaborations, mergers, and acquisitions to gain a competitive advantage.

More Insights into Coronary Stents Industry Report

In its latest report, FMI offers an unbiased analysis of the global coronary stents industry, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (drug eluting stent (DES), bare metal stent (BMS), bioresorbable vascular stent (BVS)), raw material (cobalt chromium, stainless steel, platinum-chromium, nickel-titanium, polymer), end user (hospitals, ambulatory surgical centers, cardiac catheterization laboratories), and region.

According to the latest FMI reports, based on region, China’s coronary stent market will likely exhibit an impressive growth rate during the observation period due to favorable government support for the healthcare sector. The coronary stent market in the United States is anticipated to demonstrate substantial growth over the forecast period. The rising prevalence of coronary artery disease is spurring the demand for interventional cardiology treatment in this country. Sedentary lifestyles, smoking, poor dietary habits, and pollution often contribute to increasing cases of cardiovascular diseases. All of these factors are expected to drive the demand for the target market during 2022-2032.

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Key Segments Covered in the Global Coronary Stents Industry Analysis

By Product:

  • Drug Eluting Stent (DES)
  • Bare Metal Stent (BMS)
  • Bioresorbable Vascular Stent (BVS)

By Raw Material:

  • Cobalt-Chromium
  • Stainless Steel
  • Platinum – Chromium
  • Nickel – Titanium
  • Polymer

By End User:

  • Hospitals
  • Ambulatory Surgical Centers
  • Cardiac Catheterization Laboratories

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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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Global Echo Sounders Market to Poised for a 3.3% CAGR Surge Towards US$ 412.3 Million by 2033

The echo sounders Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the echo sounders market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for echo sounders. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The global echo sounders market is poised for significant expansion, with a projected valuation reaching US$ 298 million by the conclusion of 2023. Demonstrating a dynamic trajectory, this industry is forecasted to experience substantial growth throughout the period from 2023 to 2033, with an anticipated Compound Annual Growth Rate (CAGR) of 3.3%. This positive momentum is anticipated to propel the market towards a concluding value of US$ 412.3 million by the year 2033.

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The remarkable growth of the global echo sounders market can be attributed to a convergence of factors that are poised to fuel its expansion. Among the primary driving forces are:

  1. Maritime Industry Advancements: The maritime industry’s constant pursuit of cutting-edge technologies to enhance navigational safety and efficiency is a significant driver. Echo sounders play a pivotal role in mapping the seabed and ensuring safe navigation, making them indispensable for maritime operations.
  2. Increasing Demand for Fisheries and Aquaculture: Echo sounders are instrumental in fisheries and aquaculture activities, aiding in the accurate identification of fish schools and underwater structures. The growing demand for seafood and sustainable fishing practices is amplifying the need for these devices.
  3. Rising Environmental Concerns: The echo sounders’ capability to monitor water quality, depth, and marine ecosystems is vital for environmental conservation. With heightened environmental awareness, governments and organizations are investing in echo sounder technology to better understand and protect marine environments.
  4. Technological Advancements: Ongoing advancements in echo sounder technology, such as higher resolution imaging and improved data processing capabilities, are enhancing their functionality and appeal across various industries.

However, amid this growth, the global echo sounders market faces certain challenges, including:

  1. Cost Barriers: High initial investment costs associated with echo sounder systems can deter smaller businesses and organizations from adopting this technology, limiting market penetration.
  2. Regulatory Hurdles: Stringent regulations and licensing requirements in some regions may create barriers to market entry for new players and pose compliance challenges for existing ones.
  3. Limited Accessibility in Remote Areas: In remote and less developed regions, access to advanced echo sounder technology may be limited, hampering market growth potential in these areas.

Key Takeaways:

  • Expanding Applications in Maritime Industry: The global echo sounders market is expected to experience significant growth due to its expanding applications in the maritime industry.
  • Integration with Recording and GPS: Single beam echo sounders, when integrated with recording devices and GPS systems, offer a cost-effective solution for seabed mapping, driving market growth.
  • Technical Innovation in Multi-Beam Systems: Technical innovations in multi-beam echo sounders are making them more cost-effective, increasing their market attractiveness.
  • Demand for Compact Systems: The market is poised to benefit from the demand for compact echo sounder systems with low power consumption, especially in autonomous and remotely operated vehicles.
  • Increase in Number of Beams: Advancements in multi-beam echo sounder systems are enabling a higher number of beams, ensuring full seabed ensonification and creating market opportunities.
  • Advancements in Soundings: Development in providing a greater number of soundings, coupled with beam-forming technology improvements, enhances the overall performance and application of echo sounders in various industries.

Competitive Landscape:

Numerous prominent players dominate the Echo Sounders market, collaborating to deliver top-tier Echo Sounder solutions that elevate the global analytics landscape. Concurrently, a wave of global startups has emerged, dedicated to meeting the specific demands of the Echo Sounders industry.

Established in 2003, CHCNAV has consistently been at the forefront of innovation. In April 2022, the company introduced the D230, a single beam echo sounder meticulously engineered for shallow water bathymetric surveys, boasting an impressive accuracy of 0.02 meters, along with a deviation of only 0.1 percent times the water depth.

Founded in 2012 and headquartered in Reading, England, Qmee has made significant strides in the industry. On May 13th, 2022, Kantar successfully acquired Qmee, marking a milestone in its trajectory. Qmee’s recent launch of the 100M Wireless Echo Sounder Sonar Sensor Fishfinder underscores its commitment to pushing the boundaries of technology in the Echo Sounders sector.

Key Players:

  • Kongsberg Maritime AS
  • Navico
  • Knudsen Engineering Ltd.
  • Teledyne Odom Hydrographic, Inc.
  • CEE HydroSystems
  • FURUNO ELECTRIC CO., LTD.
  • KAIZEN IMPERIAL
  • Fugro

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Key Segments Covered in the Echo Sounders Industry Analysis

By Product Type:

  • Single beam
  • Multi-beam

By Application:

  • for Fishing
  • for Marine Survey
  • for Other Applications

By Usage:

  • Fixed
  • Portable

By Frequency Range:

  • Below 30 kHz
  • 30 to 100 kHz
  • Above 100 kHz

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • The Middle East & Africa

About Future Market Insights (FMI)

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

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Global Suspended Ceiling Systems Market Set to Reach US$ 10.5 Billion by 2032, With a 4.5% CAGR

Future Market Insights Forecasts Robust Growth Driven by Affordable Housing Construction

Future Market Insights (FMI), an ESCOMAR certified market research and consulting firm, predicts that the global for suspended ceiling systems market share is poised to reach US$ 10.5 billion by 2032. The rising demand for affordable housing is anticipated to be a key driver behind the growth of the suspended ceiling systems market in the coming years.

According to FMI’s latest report, the global market for suspended ceiling systems was estimated to be worth US$ 6.8 billion in 2022. The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.5 % from 2022 to 2032.

Driving Factors: Affordable Housing and Versatility of Suspended Ceiling Systems

The increasing global imperative to develop accessible housing solutions is projected to play a substantial role in the heightened requirement for suspended ceiling systems. These systems offer a practical and adaptable means of crafting visually appealing interior environments while simultaneously concealing essential infrastructure and utilities.

A suspended ceiling system facilitates uncomplicated access for equipment upkeep, either through tile removal or the utilization of access panels. This attribute not only facilitates seamless maintenance but also allows for dynamic spatial configurations beneath the ceiling. It is important to acknowledge that the installation of suspended ceiling systems may result in a marginal reduction in headroom, typically around 100mm.

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Utilizing the Void Space: A Multitude of Possibilities

Suspended ceiling systems offer a distinct advantage in the creation of a versatile void space between the ceiling and the floor above. This feature has significantly contributed to the burgeoning demand for these systems within both commercial and residential sectors.

This cavity serves as a highly practical area for the seamless distribution of essential services such as heating, ventilation, and air conditioning (HVAC), plumbing, and electrical wiring services. Furthermore, it presents an ideal platform for the installation of a diverse array of devices, ranging from smart speakers, light fixtures, and wireless antennas to CCTV cameras, fire and smoke detectors, motion sensors, sprinkler systems, and other intelligent appliances.

Additionally, this space can function as an air ‘plenum,’ wherein the void itself functions as a pressurized conduit for the efficient supply or extraction of air from the occupied area located beneath the suspended ceiling.

Opportunities for Participants in the Suspended Ceiling System Market

The resurgence of commercial construction activities in key global markets has acted as a driving force for the growth of new construction, as well as repair & maintenance and renovation projects. This upward trend has also stimulated the demand for interior solutions with superior noise absorption capabilities, particularly in office spaces, departmental stores, public utility areas, and educational institutions. Consequently, there is a projected increase in the utilization of suspended ceiling systems in the coming years. This is anticipated to promote the adoption of environmentally friendly and lightweight materials such as mineral wool, metal, and gypsum ceilings within the suspended ceiling system, thereby contributing to the enhancement of indoor air quality and the optimization of energy, water, and other resource efficiencies.

Advancements in technology pertaining to the production of low volatile organic compound (VOC) materials for ceiling panels are expected to create promising opportunities within the suspended ceiling system market. The report on Suspended Ceiling System is a comprehensive amalgamation of primary information, qualitative and quantitative assessments by industry analysts, and insights from industry experts and participants across the value chain. It offers a thorough analysis of prevailing market trends, macroeconomic indicators, and governing factors, along with segment-specific market attractiveness. Additionally, the report effectively delineates the qualitative influence of various factors that impact segments and geographical regions within the Suspended Ceiling System market.

Regional analysis includes:

  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil, Argentina, Peru, Chile, Rest of LATAM)
  • Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Russia, Poland, and Rest of Europe)
  • East Asia (Japan, South Korea, and China)
  • South Asia (India, Indonesia, Malaysia, Philippines, Thailand, Rest of South Asia)
  • Oceania (Australia, and New Zealand)
  • Middle East and Africa (GCC Countries, Turkey, Iran, Israel, S. Africa, Rest of MEA)

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Market Participants:

Some of the market participants operating in the global Suspended Ceiling System market identified across the value chain include AWI, Knauf, SAS International, USG, Menards, Chicago Metallic Corporation, CertainTeed, Rockfon, Chicago Metallic, Saint-Gobain, Foshan Ron Building Material Trading, Grenzebach BSH, Guangzhou Tital Commerce, Haining Chaodi Plastic, Shandong Huamei Building Materials, New Ceiling Tiles, Odenwald Faserplattenwerk, Techno Ceiling Products, among the others. Key market players are pitching the unique properties of suspended ceiling system such as superior acoustic insulation properties, easy installation and dismounting etc. to win over new customers in the market.

By Segmentation:

On the basis of material, the global suspended ceiling system market has been segmented as:

  • Mineral wool
  • Metal
  • Gypsum

On the basis of type, the global suspended ceiling system market has been segmented as:

  • Ceiling
  • Grids

On the basis of application, the global suspended ceiling system market has been segmented as:

  • Commercial Construction
  • Residential Construction
  • Industrial Construction

About Future Market Insights (FMI)

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

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Oxy-Fuel Welding Equipment Market: Projected CAGR of 6.4% and US$ 2.8 Billion by 2033

Future Market Insights Anticipates Strong Growth for Global Oxy-Fuel Welding Equipment Market

ESCOMAR certified market research and consulting firm, Future Market Insights (FMI), has released an insightful report on the global oxy-fuel welding equipment market. The report highlights the market’s remarkable growth trajectory and its pivotal role in various industries. The market size, which was valued at US$ 1,274.6 million in 2018, is projected to soar to an impressive US$ 1,531.1 million by 2023.

Growth on the Horizon

The forecast period from 2023 to 2033 holds promising prospects for the global oxy-fuel welding equipment market. FMI predicts a robust Compound Annual Growth Rate (CAGR) of 6.4%, propelling the market to reach an estimated size of approximately US$ 2.8 billion by the close of 2033. The driving force behind this growth lies in the escalating demand from various sectors.

Versatility and Application Diversity Drive Demand

Oxy-fuel welding equipment has garnered substantial attention due to its versatility and extensive range of applications across multiple industries. Leveraging a combination of oxygen and fuel gases like acetylene, oxy-fuel welding generates high-temperature flames essential for welding and cutting purposes.

The technique has found widespread acceptance across sectors such as construction, automotive, manufacturing, and repair services. The unique advantages offered by oxy-fuel welding make it an indispensable tool for professionals in these fields.

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Materials Expertise Fuels Demand

A pivotal factor amplifying the demand for oxy-fuel welding equipment is its prowess in handling diverse materials. This method effectively welds or cuts an array of metals, including steel, cast iron, copper, and aluminum. The capacity to work seamlessly with different materials positions oxy-fuel welding as a favored choice, particularly in sectors involving a broad spectrum of metalworking tasks.

Safety, Reliability, and Market Trends

Safety and reliability remain paramount in welding processes, and oxy-fuel welding equipment excels on both fronts. Engineered with stringent safety measures and features, the equipment ensures secure operations.

Future Market Insights (FMI) has identified several trends shaping the oxy-fuel welding equipment market:

Advanced Equipment Adoption: The market is witnessing a surge in the adoption of advanced oxy-fuel welding equipment with digital controls and automated features.

Portability in Demand: The increasing need for on-site applications is driving the demand for portable and compact oxy-fuel welding systems.

Enhanced User Experience: Integration of safety features and ergonomic design advancements are contributing to an improved user experience.

Sustainability Matters: The market is moving towards energy-efficient and eco-friendly technologies, reflecting the industry’s commitment to sustainability.

Niche Application Focus: Specialized oxy-fuel welding equipment catering to niche applications like underwater welding and aerospace requirements are on the rise.

Technological Leap: The emergence of augmented reality (AR) and virtual reality (VR) solutions for training and simulation purposes is expected to further boost demand.

Leading the Way: Regional Insights

Geographically, United States has emerged as a frontrunner in contributing to the global oxy-fuel welding equipment market’s growth. Its [mention key factors contributing to the region’s growth] have established it as a significant player in the industry’s expansion.

As the global market for oxy-fuel welding equipment continues to evolve, Future Market Insights (FMI) remains at the forefront of delivering comprehensive market insights, enabling businesses to make informed decisions in this dynamic landscape.

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Competitive Landscape

The market for oxy-fuel welding equipment is a relatively concentrated industry, with tier-1 manufacturers controlling between 50% and 55% of the overall market share. The Eastwood Company, Colfax Corporation, Illinois Tool Works Inc., and ESAB Welding & Cutting Products are regarded as the market’s top players, all of whom have a medium-to-high level of market presence.

Businesses are making substantial investments in order to increase their production in the local market and seize expansion prospects. Additionally, manufacturers are extending their reach in order to improve customer service and sales through a strong distribution network.

Key Players:

  • Illinois Tool Works Inc.
  • Koike Aronson, Inc.
  • Colfax Corporation
  • The Eastwood Company
  • American Torch Tip Company
  • Quality Components Co. Inc.
  • Rexarc International, Inc.
  • Detroit Torch & Mfg. Co.
  • Flame Technologies, Inc.
  • Rotarex S.A.
  • Uniweld Products, Inc.

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Oxy-fuel Welding Equipment Market Outlook by Category

By Process Type:

  • Oxyacetylene Welding
  • Oxyhydrogen Welding
  • Pressure Gas Welding
  • Others

By End Use:

  • Energy & Utilities
  • Aerospace
  • Transportation
  • Metal Fabrication
  • Maintenance & Repair
  • Automotive
  • Others

By Region:

  • North America
  • Latin America
  • East Asia
  • South Asia and Pacific
  • Western Europe
  • Eastern Europe
  • Central Asia
  • Russia and Belarus
  • Balkan and Baltics Countries
  • Middle East and Africa

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

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Global Spray Booth Ventilation Systems Market Poised for Steady 3.1% CAGR Growth, Anticipated to Reach US$ 800 Million by 2032

The Spray Booth Ventilation System Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Spray Booth Ventilation System market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Spray Booth Ventilation System. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2032. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The market for Spray Booth Ventilation Systems has witnessed substantial expansion, driven by its integral role in establishing secure and efficient environments for various spraying operations. These power-ventilated structures are intricately designed to capture and redirect residues, vapors, and sprays away from the operational zone, channeling them effectively into an exhaust system. Consequently, this ventilation mechanism significantly reduces workers’ exposure to hazardous substances, particularly noxious paint vapors.

According to recent data, the Spray Booth Ventilation System market achieved a value of US$ 568 million in 2021, followed by a subsequent increase to US$ 585 million in 2022. This upward trend is attributed to the swift adoption of these systems across diverse sectors, including automotive, aerospace, construction, and railways. Projections for the global Spray Booth Ventilation System market indicate a moderate Compound Annual Growth Rate (CAGR) of 3.1 percent from 2022 to 2032. By the conclusion of 2032, the market is anticipated to reach an estimated value of approximately US$ 800 million, highlighting the sustained and escalating demand for these ventilation solutions.

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A spray booth serves as a power-ventilated structure specifically designed to contain and facilitate spraying operations. Its primary objective is to effectively channel residues, vapors, and spray away from the operational area and into a designated exhaust system. The utilization of a spray booth’s ventilation system is integral for mitigating workers’ exposure to potentially hazardous substances. This proactive approach ensures the removal of contaminated air from the workplace, safeguarding employees and promoting a healthier working environment.

In paint shops, the local exhaust ventilation system emerges as a preferred method of control due to its efficiency. The lower exhaust-flow rate not only diminishes heating costs but also enhances overall effectiveness compared to alternative systems. By efficiently redirecting and managing the dispersion of paint vapors, the spray booth ventilation system significantly contributes to the reduction of toxic or flammable vapor and gas accumulation. Notably, its design eliminates the need for extensive floor space, optimizing the layout of the workspace.

Regular maintenance of the spray booth ventilation system is imperative for sustaining employee protection and ensuring work quality. This entails maintaining cleanliness within the booth, ensuring proper heating, and adhering to a schedule of routine inspections. Additionally, the timely replacement of air filters is a critical measure for sustaining the optimal functionality of the ventilation system. Through these concerted efforts, a well-maintained spray booth ventilation system becomes a pivotal component in fostering a safe and productive work environment.

Spray Booth Ventilation System Market: Dynamics:

Stringent government standards and regulations, exemplified by organizations like OSHA and EPA, dictate precise guidelines for spray booth ventilation. Designing spray booths to effectively filter out flammable contaminants and directing air currents towards exhaust systems is crucial for ensuring proper ventilation. Failure to implement a robust spray booth system poses significant risks, including the inhalation of toxic fumes and potential health issues stemming from solvents and chemicals containing volatile organic compounds (VOCs).

Additionally, inadequate ventilation systems may increase the likelihood of fires, triggered by the interaction of paint fumes with reactive chemicals or electrical discharge. Such incidents can adversely impact the performance of the spray booth, underscoring the importance of a well-designed ventilation system. A high-quality ventilation system not only mitigates these risks but also contributes to achieving superior finish quality, thereby reducing cycle times and costs, ultimately enhancing customer satisfaction.

Professionals involved in the integration and installation of spray booth ventilation systems tailor solutions to meet specific client requirements. This customization ensures that the ventilation system aligns seamlessly with the unique needs of diverse spray booths and finishing environments. The escalating demand for ventilation solutions spans various applications, including automotive pre-stations, aircraft paint booths, open-face gel booths, mix storage rooms, large equipment paint booths, and both small and large spray booths. This increasing demand is expected to drive the growth of the spray booth ventilation system market throughout the forecast period.

Spray Booth Ventilation System Market: Regional Outlook:

The global spray booth ventilation system market is significantly driven by North America due to rising awareness among end use industries and stringent government regulations towards worker’s safety, environmental protection, among others. Furthermore, the European market is another region which is estimated to perform considerably in the coming future with growing demand for spray booth ventilation system to enhance productivity, quality of the service, and efficiency of the plant. Growing automotive production and maintenance, aerospace industry, among other industries to propel the demand of spray booth ventilation system market over the forecast period.

Asia Pacific, on the other hand, is gaining substantial traction and growth in the global spray booth ventilation market due to rising demand for efficient spray booths and efficient work to maintain and reduce lead time. Latin America and Middle East & Africa market are expected to register considerable growth in the global spray booth ventilation system market over the forecast period.

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Spray Booth Ventilation System Market: Market Participants:

Some of the market participants in the global spray booth ventilation system market are:

  • Ventam Systems Limited
  • ELTA Group
  • Moldow A/S
  • Spray Systems
  • Nova Verta
  • PAINT PERFECT SPRAY BOOTH SYSTEMS
  • KAYCO SPRAY BOOTHS
  • DJK Europe GmbH
  • Global Finishing Solutions
  • FAM SRL

The Spray Booth Ventilation System Market report covers exhaustive analysis on:

  • Spray Booth Ventilation System Market Segments
  • Spray Booth Ventilation System Market Dynamics
  • Spray Booth Ventilation System Market Size
  • Spray Booth Ventilation System Market Supply & Demand
  • Spray Booth Ventilation System Market Current Trends/Issues/Challenges
  • Spray Booth Ventilation System Market Competition & Companies involved
  • Spray Booth Ventilation System Market Technology
  • Spray Booth Ventilation System Market Value Chain

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Key Segments Profiled in the Spray Booth Ventilation System Industry Survey

Booth Type:

  • Semi Downdraft
  • Side Draft
  • Cross Draft
  • Open Face
  • Bench
  • Downdraft

By Application:

  • Industrial
  • Automotive
  • Aerospace
  • Construction
  • Marine
  • Railways

By Region:

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

About Future Market Insights (FMI)

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

Contact Us :

Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
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Global Commercial Induction Cooktops Market Poised for Remarkable Growth, Projected to Reach US$ 22 Billion by 2033, With a 5.6% CAGR Growth

The commercial induction cooktops Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the commercial induction cooktops market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for commercial induction cooktops. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

The commercial induction cooktops market is on the brink of a substantial transformation, with projections indicating a remarkable valuation of US$ 22 billion by the year 2033. This impressive surge is driven by an anticipated Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period from 2023 to 2033. Several factors are converging to facilitate this unprecedented growth, with the widespread expansion of non-residential development projects globally emerging as a prominent catalyst.

In accordance with a recent report by Future Market Insights (FMI), the global commercial induction cooktops market is poised to achieve a value of US$ 12.3 billion in the year 2022. This establishes the groundwork for an era characterized by substantial growth and innovative advancements within the culinary industry.

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Driving Factors

  1. Booming Non-Residential Development Projects: The proliferation of non-residential development projects across the world is nothing short of astounding. As cities expand and urbanization accelerates, the demand for commercial induction cooktops is witnessing an unprecedented surge. These cooktops, renowned for their energy efficiency, precision, and speed, are becoming indispensable in various commercial setups, including restaurants, hotels, catering services, and more. The need for quick and efficient cooking solutions in these establishments is propelling the adoption of commercial induction cooktops to new heights.
  2. Energy Efficiency and Sustainability: In an era characterized by heightened environmental consciousness and stringent energy regulations, commercial induction cooktops stand as paragons of sustainability. Their exceptional energy efficiency, minimal heat wastage, and reduced carbon footprint have garnered favor among businesses striving to reduce operational costs while contributing to a greener planet. This alignment with eco-friendly practices not only augments the market’s growth but also resonates with socially responsible businesses.
  3. Precision and Control: Commercial kitchens demand precision and control over cooking processes. The superior temperature control and instant responsiveness offered by induction cooktops cater perfectly to the culinary needs of professional chefs and cooks. This precision not only enhances the quality of food but also reduces wastage, making commercial induction cooktops an indispensable tool for culinary excellence.

Restraints

While the prospects for the global commercial induction cooktops market appear exceptionally promising, a few challenges warrant consideration:

  1. Initial Investment Costs: The upfront costs associated with acquiring commercial induction cooktops can be substantial, posing a barrier for some businesses, particularly small enterprises. However, it is crucial to note that these initial investments are offset by long-term savings through reduced energy consumption and operational efficiency.
  2. Maintenance and Repairs: Like any technological innovation, commercial induction cooktops require maintenance and occasional repairs. The availability of skilled technicians and spare parts may pose logistical challenges for businesses in certain regions. Companies must proactively address this concern to ensure uninterrupted operations.

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Key Takeaways:

  • Rising adoption of energy-efficient kitchen appliances and urbanization are driving the growth of the commercial induction cooktops market.
  • Increasing prices of conventional cooking fuels and changing lifestyles contribute positively to the market’s expansion.
  • The proliferation of eateries and fast food restaurants, driven by rising disposable incomes and busy lifestyles, is boosting the demand for commercial induction cooktops.
  • Investments by real estate companies in commercial infrastructure development further stimulate market growth.
  • Induction cooktops are already recognized as safer alternatives to gas and electric stoves due to features like cool surfaces and automatic shut-off. Future advancements may introduce even more sophisticated safety features, such as real-time overheat, spill, and fire detection.

Competitive Landscape:

The global market demonstrates significant fragmentation, marked by the presence of numerous international and domestic companies. A majority of these leading players actively pursue strategies to expand their market share, with a primary focus on introducing innovative product offerings and making substantial investments in research and development initiatives to secure a competitive advantage.

In June 2023, Inan Led Galay Group made a noteworthy announcement, unveiling its state-of-the-art E&S distribution system. Operating under the brand name Pegasus Cooking Equipment, the company introduces a diverse range of electric and gas pizza ovens designed to cater to a wide spectrum of needs. Additionally, Pegasus Cooking Equipment expands its product portfolio to include a comprehensive range of electric cooking equipment, such as ranges, griddles, hotplates, fryers, and pizza ovens. These products are readily available in stock at competitive price points, showcasing the company’s commitment to meeting diverse market demands.

Key Players:

  • Panasonic Corporation
  • CookTek
  • The Vollrath Company, LLC
  • Garland Group
  • Elecpro
  • APW Wyatt
  • Equipex
  • True Induction
  • Globe Food Equipment Co.
  • Lincat Limited
  • Buffalo

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Key Segments Profiled in the Commercial Induction Cooktops Industry Survey

By Number of Hobs:

  • Single Hob
  • Double Hob
  • Multi Hob

By Type of Installation:

  • Countertop
  • Drop-In
  • Floor-Standing

By End User:

  • Restaurants
  • Hotels
  • Canteens
  • Others

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia and Pacific
  • East Asia
  • Middle East and Africa

About Future Market Insights (FMI)

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

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Global Wearable Medical Device Industry is expected to grow to US$ 84.8 Billion by 2034, With a projected CAGR of 8.20% | FMI

The Global Wearable Medical Device Industry is expected to grow significantly, with projections indicating a jump from US$ 38,580.9 million in 2024 to an anticipated US$ 84,848.6 million by 2034. Future Market Insights’ market intelligence supports this significant increase with a projected Compound Annual increase Rate (CAGR) of 8.20% for the next ten years.

A radical change is occurring in the healthcare landscape as a result of the old healthcare models being reevaluated in light of the increasing burden of illnesses. Healthcare organizations, medical service providers, and governments have been compelled to prioritize rapid and regular patient diagnosis due to factors including sporadic hospital visits for normal check-ups and an increasingly sedentary lifestyle.

Wearable medical devices are emerging as a pivotal solution to address these challenges, offering continuous monitoring and real-time data collection. This trend is further accelerated by the active encouragement of routine diagnosis by regional and national healthcare agencies through awareness programs and various campaigns. These initiatives are fostering heightened awareness among the masses regarding the benefits of wearable medical devices for monitoring and diagnosing vital signs.

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Key Takeaways from the Global Wearable Medical Device Industry Report

  • The wearable medical device market achieved a market size of US$ 36,604.3 million in 2023. During the historical period, the market registered a CAGR of 7%.
  • By product, the wearable therapeutic medical device segment is estimated to acquire a value share of 55% in 2024.
  • Based on the application, the home healthcare segment is anticipated to obtain a market share of 63% in 2024.
  • The wearable medical device industry in the United States is expected to expand at a CAGR of 5% through 2034.
  • The wearable medical device market in France is projected to register a CAGR of 8% from 2024 to 2034.
  • The wearable medical device market in India is estimated to record a staggering CAGR of 40% over the forecast period.
  • The market in Singapore is projected to grow at a CAGR of 10% through 2034.

“Continuous advancements and release of upgraded wearable medical devices by leading players are expected to be a go-to-market strategy of leading players. Additionally, players are expected to explore the potential of wearable medical devices in various new segments,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)

Competitive Landscape in the Global Wearable Medical Device Industry

Market players are developing advanced wearables and exploring new application cases for wearable medical devices, which is contributing to market growth. The industry participants are acquiring firms with complementary technologies and collaborating with other healthcare institutions, technology providers, and pharmaceutical firms to expand their distribution channels, leverage expertise, and develop integrated solutions.

Players are further emphasizing privacy and data security and prioritizing user-friendly designs to boost user adoption and compliance. Industry participants are getting involved in targeted marketing campaigns toward certain healthcare professionals and patient segments to elevate brand recognition and drive device adoption.

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Recent Developments in the Global Wearable Medical Device Industry

  • In July 2023, Dexcom, a developer of constant glucose monitors, revealed that it is making a Type 2 diabetes monitor for patients who don’t require insulin. The company also offers a cash-pay choice for patients not secured by health insurers and Medicare.
  • In July 2023, Samsung announced that it is gearing up to launch ‘Galaxy Ring’ equipped with smart health features in 2024. For the success of its recent wearable endeavor, the Korean tech giant is collaborating with international as well as domestic component manufacturers.

Manufacturers of the Global Wearable Medical Device Industry

  • Medtronic plc
  • Siemens AG
  • Fitbit Inc.
  • Bayer AG
  • Panasonic Corporation
  • Animas Corporation – Johnson and Johnson
  • Smiths Medical – A Smiths Group Company
  • Koninklijke Philips N.V.
  • Owlet Baby Care
  • OMRON Corporation
  • Hoffmann-La Roche Ltd
  • Rest Devices Inc.
  • Others

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Global Wearable Medical Device Industry Segmentation

By Product:

  • Wearable Monitoring and Diagnostic Devices
  • Foetal and Obstetric Devices
    • Wearable Foetal Monitors
    • Infant Motion Sensing Monitors
  • Continuous Glucose Monitoring Devices
  • Cardiac Monitoring Devices
    • Wearable Heart Rate Monitors
    • Wearable Pulse Oximeters
    • Wearable Blood Pressure Monitors
  • Wearable Therapeutic Medical Device
  • Hearing Aid
  • Insulin Pump
  • Respiratory Therapy Devices
    • Sleep Apnea Devices
    • Non-invasive Ventilation
  • Health and Fitness Devices

By Application:

  • Patient Monitoring
  • Home Healthcare
  • Health and Fitness

By Distribution Channel:

  • Hospital Pharmacies
  • Clinics
  • Online Channels
  • Hypermarkets

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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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Nandini Singh Sawlani

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
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Website: https://www.futuremarketinsights.com
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Global Laboratory Information Systems Industry is expected to grow at a rate of 5.3%, reaching US$ 3,620.3 Million by 2034 | FMI

The Global Laboratory Information Systems Industry is expected to expand at a strong rate, with a notable 6.0% year-over-year increase. By the end of 2024, the market is anticipated to reach a significant worth of US$ 2,166.3 million, according to Future Market Insights Inc.’s most recent estimate.

Several causes have contributed to this remarkable increase, including the development of technology, the growing need for effective data administration in laboratories, and the expansion of the healthcare sector. The market for laboratory information systems (LIS) has grown to be essential to improving data accuracy, operational effectiveness, and overall laboratory performance.

It is estimated that the market will continue to grow at a Compound Annual Growth Rate (CAGR) of 5.3% over the next ten years. The worldwide laboratory information system market is expected to continue its rising trend and reach an amazing worth of US$ 3,620.3 million by 2034.

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Germany dominates the European market for laboratory information systems, having accounted for a 28.2% market share in 2014, followed by France. The UK is expected to become a major market for laboratory information systems (LIS) in the coming years.

The European laboratory information systems market is segmented based on products, types, components, delivery modes, end users, and countries. The product segment is divided into standalone LIS and integrated LIS. The types included in the report are clinical LIS and anatomical LIS. The components covered in the report are services and software. On-premise, remotely hosted, and cloud-based are delivery modes discussed in the report. The end users’ segment is further classified into clinical diagnostic laboratories, hospitals, anatomical pathology laboratories, blood banks, and molecular diagnostic laboratories. Countries such as Germany, Italy, Spain, the U.K., and France would experience tremendous growth.

The European Commission’s new framework, Horizon 2020 has been the largest ever research and innovation programme in Europe for various fields including life sciences with a budget of $95 billion (€77 billion) from 2014-2020. In October 2017, The European Commission announced its plans to invest $37 billion (€30 billion) in this fund during 2018-2020 including $2.5 billion (€2 billion) to support Open Science, and $740 million (€600 million) for the European Open Science Cloud, European data infrastructure and high-performance computing. Horizon 2020 opened funding opportunities for future and emerging technologies and the ICT Work Programme for life science researchers. Thus, increasing R&D activities and government funding will ultimately boost the demand for effective data management and hence drive the laboratory informatics market in Europe.

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Global Laboratory Information System Industry Key Takeaways

  • Impressive Growth Trajectory: The global laboratory information system market is experiencing a substantial year-on-year growth of 6.0%, reaching a projected valuation of US$ 2,166.3 million by the end of 2024. This surge is indicative of the market’s vitality and potential.
  • Continuous Evolution with Technology: Technological advancements play a pivotal role in driving the adoption of laboratory information systems. The market is witnessing a transformation with cutting-edge technologies, enhancing operational efficiency and data accuracy in laboratories.
  • Rising Demand for Efficient Data Management: Laboratories are grappling with vast amounts of data, necessitating sophisticated information systems for efficient management. The demand for robust laboratory information systems is on the rise as organizations recognize the importance of streamlined processes and organized data.
  • Healthcare Sector as a Key Contributor: The expanding global healthcare industry is a significant catalyst for the laboratory information system market. These systems are becoming indispensable in supporting diagnostic and research activities, aligning with the growing needs of the healthcare sector.
  • Projected CAGR of 5.3% for the Next Decade: Looking ahead, the market is poised for sustained growth with a projected Compound Annual Growth Rate (CAGR) of 5.3% over the next decade. By 2034, the laboratory information system market is anticipated to achieve a noteworthy valuation of US$ 3,620.3 million.

Competitive Landscape from the Global Laboratory Information Systems Industry:

Top companies in the Global Laboratory Information Systems Industry are constantly releasing new products to increase their market share. They are bolstering their global reach through mergers, partnerships, and acquisitions.

Recent Developments in the Global Laboratory Information Systems Industry:

In September 2022, McKesson Corporation signed an agreement in principle to extend its partnership with CVS Health to distribute pharmaceuticals to mail-order and specialty pharmacies, retail pharmacies, and distribution centers through June 2027.

Global Laboratory Information Systems Industry  Key Companies Profiled: 

ECerner Corp, Evident, McKesson, Medical Information Technology, Epic Systems Corporation, SCC Soft Computer, Roper Technologies Inc., CompuGroup Medical, and LabWare

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Key Segments Covered in the Global Laboratory Information Systems Industry Analysis

By Components:

  • Software
  • Hardware
  • Services

By Delivery Mode:

  • On-Premise
  • Cloud-Based

By End User:

  • Hospitals
  • Clinics
  • Independent Laboratories
  • Others

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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.

Contact Us:      

Nandini Singh Sawlani

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Low-Calorie Chocolate Industry Set to Hit US$ 2.8 Billion by 2032 | FMI

The global low-calorie chocolate market is set to witness growth at a CAGR of 9.9% and is anticipated to reach a valuation of around US$ 2.8 Billion by 2032.

Chocolate is still a popular flavor in confectionery, so manufacturers and brands are incorporating low-calorie chocolate into different forms and categorizations to meet new demand. As a result, low-calorie chocolate categories are evolving and borders are blurring, while snacking and gifting are undergoing a mini-revolution.

Consumers today are increasingly seeking truly indulgent experiences when it comes to confectionery, desserts flavors, and textures. This has undoubtedly sparked new levels of innovation among chocolatiers and confectioneries across the globe. The texture is receiving a lot of attention, with new trends like larger low-calorie chocolate chunks and crunchy chocolate layers making their way into the market.

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“The key players in the global low-calorie chocolate market provide a clear way of categorizing the products. Manufacturers are focusing on producing innovative product technologies through research and development in order to increase their revenue stream.” says a Future Market Insights analyst.

Key Takeaways:

  • In terms of nature, sales of organic low-calorie chocolates are expected to grow at a 11.3% CAGR during the forecast period.
  • Based on product type, dark chocolate is anticipated to hold a dominant share of the market.
  • On the basis of sales channels, the online retail store segment is expected to witness high demand in the forthcoming years. a lucrative growth rate over the forecast period.
  • The Europe low-calorie chocolate market is anticipated to dominate the global market with a share of around 29.8% in 2022, but South Asia is expected to witness a lucrative growth rate during the forecast period.

Competitive Landscape

Brands are upping their game to assure sustainable production techniques as consumers become more concerned about environmental hygiene. Leading players are investing in sustainable methods for production, and are launching innovative chocolate formulations to gain a competitive edge.

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Future Market Insights, in its new report, offers an impartial analysis of the global low-calorie chocolate market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.

The study offers compelling insights based on the nature (organic and conventional), by product type (dark chocolate, white chocolate, and milk chocolate), by sale channel (modern trade, convenience stores, traditional grocery stores, specialty stores, online retail stores, and others), across seven major regions of the world.

About Food & Beverage Division at Future Market Insights

The Food & Beverage team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.

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Low-calorie Chocolate Market by Category

By Nature:

  • Organic
  • Conventional

By Product Type:

  • Dark Chocolate
  • White Chocolate
  • Milk Chocolate

By Sales Channel:

  • Modern Trade
  • Convenience Store
  • Traditional Grocery Store
  • Specialty Store
  • Online Retail Stores
  • Others

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Sugar Substitute Market Set to Soar, Expected Value Surpasses US$ 28.57 Billion by 2033

The sugar substitute market is likely to hold a valuation of US$ 28.57 billion by 2033. As of 2023, the market value is US$ 17.13 billion. The demand for lower-calorie alternatives is witnessing growth, making the sugar substitute market grow by 5.2% from 2023 to 2033.

As the world fights lifestyle-related chronic diseases like hypertension, diabetes, and obesity, the demand for artificial sweeteners such as stevia, monk fruit extract, and erythritol will likely experience an exponential surge in the near future. These sweetening solutions are curated to replicate regular sugar’s exact taste and texture without increasing blood sugar levels, making it an excellent choice for health-conscious individuals.

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Governments in some countries are also actively promoting the use of low-calorie sweeteners to discourage sugar consumption and the associated health-related issues. The easy availability in supermarkets and e-commerce platforms also has played a pivotal role in the expansion of the overall market size for sugar substitutes. These artificial sweeteners find their applications in various foods and beverages like diet sodas, flavored drinks, ready-to-serve juices, etc.

Despite the current popularity of naturally procured sugar alternatives, artificial sweetening agents dominate the sugar substitute market due to their easy availability, affordability, and familiarity with consumers all over the world. Well-established companies in the food and beverage industry have heavily invested in experimenting with their products by using artificial sweeteners during production. This has led to the overall expansion in the market for sugar substitutes in the past few years.

“There is a lot of room for innovations in the sugar substitute market. Key players in the companies can blend various artificial sweeteners together to create a product that matches the taste and texture of regular sugar. They can even introduce fruit-flavored artificial sweeteners to give consumers a more delightful experience. Companies can also focus on curating plant-based sugar alternatives, thus appealing to a wider consumer base”, opines an FMI analyst.

Key Takeaways from the Sugar Substitute Market Report:

  • The sugar substitute market is expected to grow at a modest rate of 5.2% from 2023 to 2033.
  • Artificial sugar substitute products dominate the global market with an overall revenue share of 65.40%.
  • The United States of America is the largest consumer of sugar substitute products, with a revenue share of 33.2%.
  • The United States is followed by China (14.7%), Germany (8.3%), and Japan (5.8%) in terms of the consumption of sugar alternatives.
  • The food and beverage industry is the largest consumer of sugar alternative products, with a global share of 69.40% of the sugar substitute market.

“The research manager’s market study reveals that the sugar substitute market is experiencing significant growth driven by increasing consumer awareness of health concerns related to sugar consumption. With a growing demand for low-calorie and sugar-free alternatives”, says Nandini Roy Choudhury Client Partner for Food & Beverages at Future Market Insights, Inc.

Competitive Landscape of the Sugar Substitute Market:

According to a Future Market Insights study, the sugar substitute market is set to grow exponentially, thanks to heavy investment by key players in research and development in the past few years. To fulfill the everlasting demand for sugar alternatives, brands have capitalized on this opportunity and expanded beyond international boundaries. As the demand continues to grow, it is very likely that more local players will enter the competition, thus contributing to the overall market.

Global Sugar Substitutes Market by Category:

By Source:

  • Natural
  • Artificial

By Type:

  • High-Intensity Sweeteners
    • Stevia
    • Aspartame
    • Cyclamate
    • Sucralose
    • Saccharin
    • ACE-K
    • Others
  • High Fructose Syrup
  • Low-Intensity Sweeteners
    • D-tagatose
    • Xylitol
    • Maltitol
    • Sorbitol
    • Erythritol
    • Mannitol
    • Others

By Product Type:

  • Nutritive
  • Non-Nutritive

By Application:

  • Food & Beverages
  • Nutrition and Health Supplements
  • Pharmaceuticals
  • Cosmetics and Personal Care

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

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Key Developments in the Sugar Substitute Market:

  • A Canadian startup called Biofect Innovations has developed a method to transform substances such as lactose, starch, and glycerol into a protein-based sweetener named brazzein, which is thousands of times sweeter than sugar and boasts improved health attributes.
  • Alchemy Foodtech, a startup based in Singapore, has introduced a sweetening solution designed for food companies seeking to replace sugar and reduce overall product calories. In February, Subway introduced the Chocolate Chip Cookie Siew Dai, incorporating Alchemy SweetFibre, resulting in nearly a 50% reduction in the cookie’s sugar content.
  • The US Food and Drug Administration (FDA) granted approval for allulose as a novel food additive. Allulose, a naturally occurring low-calorie sugar substitute found in fruits and vegetables, possesses sweetness akin to sugar without causing blood sugar spikes.

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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Nandini Singh Sawlani   

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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