Market Research Blog – Page 3474 – New Product Development

Global Biopharmaceutical Contract Manufacturing Industry Poised for 8.8% CAGR, Aims for US$ 25.1 Billion Market Triumph by 2034 | FMI Reports

The Global Biopharmaceutical Contract Manufacturing Industry is poised for remarkable expansion, anticipating a Compound Annual Growth Rate (CAGR) of 8.8% throughout the projected period. According to the latest insights, the market’s value is forecasted to surge from US$ 10.7 billion in 2024 to an impressive US$ 25.1 billion by the year 2034.

This projection reflects the industry’s resilience and adaptability, fueled by advancements in biopharmaceutical manufacturing technologies and an increasing demand for outsourcing services. The market’s substantial growth is underlined by the collaborative efforts of key industry players and a growing emphasis on cost-effectiveness and efficiency in drug development processes.

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Regional Insights:

The U.S. dominates the North American region with a total market share of 91.0% in 2021 and is projected to continue experiencing high growth throughout the forecast period.

Germany is set to exhibit a CAGR of over 11.5% in the European Biopharmaceutical Contract Manufacturing Industry during the forecast period. In this region, the next-generation therapy market is believed to be driven by biological treatment options compared to the pharmaceutical option.

China holds 34.8% share in the East Asia market in 2021 and is projected to increase at a CAGR rate of 13.5% during the forecast period. The growth of the Biopharmaceutical Contract Manufacturing Industry in the country is growing because, most of the pharma and biopharma companies are focusing to capitalize on the growth.

Asia Pacific is gaining attention among manufacturers for biologics production at reduced manufacturing cost. Emerging regions offering greater profit margins are major focus points for Global Biopharmaceutical Contract Manufacturing Industry , globally.”

Key Takeaways of Global Biopharmaceutical Contract Manufacturing Industry Study

Although microbial-based platforms are abundantly used for the production of pharmaceuticals, mammalian-based cell culture is expected to gain traction during the forecast period, owing to higher efficiency and increasing demand.
In terms of product type, monoclonal antibodies currently hold a larger share of the biopharmaceutical contract manufacturing market, due to their superior efficacy as well as increasing adoption for the treatment of chronic diseases.
North America is anticipated to be the most lucrative region in the Global Biopharmaceutical Contract Manufacturing Industry, offering growth opportunities to market players.
The commercial application of biopharmaceutical contract manufacturing is expected to contribute a higher share as compared to clinical application by the end of 2034.

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Key Global Biopharmaceutical Contract Manufacturing Industry Players:

Catalent Inc.
Lonza Group Ag
Patheon N.V. (Thermo Fisher Scientific Inc.)
Abzena Plc.
Sandoz International GmbH (Novartis AG)
Fujifilm Diosynth Biotechnologies (FUJIFILM Holdings)
Baxter Pharmaceutical Solutions LLC (Baxter Inc.)
AbbVie Contract Manufacturing (AbbVie Inc.)
Samsung Biologics Co. Ltd.
ProBioGen AG
Pfizer Centre Source Ltd (Pfizer Inc.)
Novasep
Biomeva GmbH
Kbi Biopharma Inc
Rentschler Biotechnologie GmbH
Ajinomoto Althea Inc. (Ajinomoto Co., Inc.)

Key Market Segments Covered in Global Biopharmaceutical Contract Manufacturing Industry Research:

By Platform Type:

Mammalian Based
Microbial Based

By Product Type:

Monoclonal Antibodies
Recombinant Protein
Vaccine
Insulin
Growth factor
Interferons
Others

By Application Type:

Clinical
Commercial

By Therapeutic Area Type:

Autoimmune Diseases
Oncology
Metabolic Diseases
Ophthalmology
Cardiovascular Diseases
Infectious Diseases
Neurology
Respiratory Disorders
Others

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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 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 Small Molecule (API) Industry Forecasting a US$ 174 Billion Valuation by 2033 with a Strong 4.1% CAGR | FMI

The Global Small Molecule (API) Industry is on the brink of unprecedented growth, with forecasts indicating a substantial increase from US$ 116 billion in 2023 to an estimated US$ 174 billion by 2033. This remarkable trajectory reflects a Compound Annual Growth Rate (CAGR) of 4.1% over the forecast period.

As a cornerstone of the pharmaceutical sector, the Global Small Molecule (API) Industry plays an indispensable role in drug development and manufacturing processes. The anticipated surge in valuation can be attributed to several key factors, including heightened demand for novel therapeutic agents, continuous advancements in pharmaceutical research, and a growing global population contributing to a rise in disease prevalence.

Industry analysts highlight the robust 4.1% CAGR as evidence of sustained expansion and innovation within the Global Small Molecule (API) Industry. This growth is expected to be propelled by the unwavering commitment of pharmaceutical companies to research and development initiatives, coupled with the evolving dynamics of the healthcare landscape.

As the market continues to evolve, stakeholders, investors, and industry players are keenly watching the developments in the small molecule API sector. The anticipated increase in revenue to US$ 174 billion by 2033 underscores the market’s resilience and its vital role in shaping the future of pharmaceuticals.

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The oncology market is growing enormously. High-potency drugs constitute significant new drugs that are under development. Small molecule demand still dominates the API market, however, new biological entity demand is also growing rapidly healthcare expenditure is resulting in new molecule discovery, the evaluation of various molecules for possible disease treatment, and the adoption of an innovative approach to these studies.

As increasing prevalence of chronic disorders like cardiovascular diseases, diabetes, cancer, and infectious diseases, and increasing research on small molecule APIs will boost the market growth. Besides this, government funding for API manufacturing units is also increasing in developing countries like India, Israel, and China. In May 2020, AstraZeneca recovered the global rights to brazikumab from Allergan. Small molecule monoclonal antibody is developed for Crohn’s Disease and Ulcerative Colitis and adds to their growing presence in Immunology

The coronavirus pandemic has changed public medical care needs and spending however this is viewed as a transient effect on the Global Small Molecule (API) Industry . The immense COVID-19 patient pool attracted the spotlight on the treatment of these patients, in turn increasing the demand for small molecule API.

Key Highlights:

Substantial Revenue Surge: The small molecule API market is anticipated to witness a significant increase in revenue, growing from US$ 116 billion in 2023 to a projected US$ 174 billion by 2033.
CAGR of 4.1%: A robust Compound Annual Growth Rate of 4.1% reflects the steady and sustained expansion of the small molecule API market throughout the forecast period.
Driving Forces: Factors such as heightened demand for innovative therapeutic solutions, ongoing advancements in pharmaceutical research, and a growing global population contributing to increased disease prevalence are driving the market’s upward trajectory.
Industry Impact: The growth of the small molecule API market has far-reaching implications for pharmaceutical companies, researchers, and investors, shaping the future of drug development and manufacturing.

This impressive growth forecast positions the small molecule API market as a key player in the pharmaceutical landscape, promising opportunities for stakeholders and paving the way for advancements in healthcare globally.

“The market is highly competitive, compelling the key players to aim at strategic partnerships. Some of the leading players have been focusing on strategic collaborations to expand their footprint and portfolio” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.

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The use of external resources (people, equipment, and/or expertise) to facilitate the preparation of Active Pharmaceutical Ingredients (API) or advanced intermediates has become a common practice for most pharmaceutical development organizations. In early development, the reasons to seek external support for the manufacture of API were attributed to several factors, including a lack of sufficient internal capacity, a need to source unique technical expertise, or a desire to achieve overall cost reductions.

For organizations that have no internal GMP manufacturing capabilities whatsoever (e.g. biotech companies), outsourcing is, of course, a necessity. However, companies that have some level of internal manufacturing capacity may have options to use outsourcing to their strategic advantage. This outsourcing capability has increased the source of generating more revenue for new emerging companies. For the fast growth of the industry, they follow outsourcing strategies.

In addition, key players in the Global Small Molecule (API) Industry are keenly focusing on carrying out strategic activities such as advanced technology for manufacturing, and acquisitions, to create a strong position in the market is leading to vigorous developments which is helping the market to grow at a considerable rate.

For Instance, In January 2020, Novartis acquired of operations of Aspen in Japan. This acquisition strengthened Sandoz’s position in the world market of off-patent medicines and generic drugs manufacturing.

Key Participant Insights

Various manufacturers are undergoing partnerships, collaborations, acquisitions, and distribution agreements to improve their market footprint.

For Instance, in December 2020, Pfizer Inc. and PostEra announced a strategic partnership to accelerate small molecule drug discovery by developing a platform technology based on generative chemistry.

Also, in January 2020, Merck announced its strategic collaboration for an oncology platform with Taiho Pharmaceutical Co, Ltd. And Taiho Pharmaceutical Co., Ltd to expand its focus on small molecule inhibitors for cancer research.

Key players in the Global Small Molecule (API) Industry are focusing on developing novel drugs due to their demand across various therapeutic areas. Some of the key players are

Hoffmann-La Roche Ltd, Albany Molecular Research Inc., AstraZeneca, Merck & Co., Inc., BASF SE, Teva Pharmaceutical Industries Ltd., Sanofi S.A., Pfizer Inc., Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd., Novartis AG, Bristol-Myers Squibb, Boehringer Ingelheim GmbH, GlaxoSmithKline PLC, GILEAD Science Inc.,

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Global Small Molecule (API) Industry by Category Molecule Type

Standard API
HPAPI

Production

Captive/In-House
Out Source

Application

Clinical
Commercial

Therapeutic Area

Cardiovascular Diseases
Respiratory Disorders
Infectious Diseases
Metabolic Disorders
Oncology
Immunology
Neurology
Urology
Dermatology
Ophthalmology
General Health
Others

Author

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.

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Explosive Growth Projected: Video Streaming Software Market Set to Reach US$ 12.87 Billion by 2030

It is expected that the market for video streaming software would grow at a remarkable CAGR of 10.2%, from US$ 5.9 billion in 2022 to US$ 12.87 billion by the end of 2030. The need for original video material is now growing rapidly in the broadcasting sector.

As a result, a number of companies and broadcasters are working to improve their video streaming services and software by producing original content to bolster their brands. Given that live video streaming is still in its infancy, the quantity and calibre of premium live content available on various platforms is expanding.

Viewers who were earlier watching live events and sports on TV have started to shift towards these platforms, mainly due to the availability of live video content as per their linking and convenience. This demand-side trend is working in favor of the growth of the video streaming software market, which is projected for nearly threefold growth over the next decade.

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Key Takeaways of Video Streaming Software Market Study

For residential end-users, 4K or UHD video streaming software is becoming mainstream, and this trend is likely to grow with an increase in the availability of mobile devices that support these formats.
Although some regions such as Latin America have limited broadband penetration and high levels of piracy, they show great potential in becoming over-the-top (OTP) video streaming software market leaders in the coming years, owing to the changing habits of end users.
Although growth in the total number of video streaming subscriptions is slowing down in North America, consumption time or video streaming time per user continues to increase, as the content that is available to stream is constantly improving.

COVID-19 Pandemic Impact Analysis

Increasing cases of COVID-19 infections have forced governments across the world to legislate nationwide lockdowns. Citizens are required to stay indoors until the concerned authorities lift the lockdown orders. The first quarter (Q1) witnessed accelerated adoption of gaming and media platforms on a global level, as the need for digital entertainment rose among users.

Netflix and Amazon Prime, among other video streaming software and service providers, are registering increased influx of subscriptions, as the number of COVID-19 infections surge and strict lockdowns are legislated across the world. These lockdowns are propelling the adoption of video streaming software solutions, worldwide.

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More Valuable Insights on Video Streaming Software Market

Future Market Insights offers an unbiased analysis of the global video streaming software market, providing historical data of 2015-2021 and forecast statistics for 2022-2030.

Key Segment

Solution

Software
Services

Type

Live Video Streaming Software
Video-on-Demand (VoD)
- (Subscription) SVOD
- (Transactional) TVOD
- (Advertising) AVOD
- Others

Vertical

Media and Entertainment
Education
Healthcare
Banking and Financial Solutions
Travel and Tourism
Others

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Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

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Global Radiotherapy Device Industry Aims for US$ 12,895.19 Million by 2033, Boasting a Striking 6.6% CAGR | Unveils Press Release

The Global Radiotherapy Device Industry is on the brink of a transformative era, with a projected market value of US$ 6,805.43 million in 2023, expected to double and reach an impressive US$ 12,895.19 million by 2033. This remarkable expansion is fueled by a compelling Compound Annual Growth Rate (CAGR) of 6.6%, as revealed in a comprehensive report by FMI Insights.

The forecast period from 2023 to 2033 is set to witness unprecedented growth and innovation within the radiotherapy device sector. FMI Insights’ in-depth analysis highlights the industry’s resilience and adaptability, positioning it for substantial market gains. The report underscores the pivotal role of cutting-edge technologies, strategic investments, and evolving healthcare landscapes in propelling this growth.

Advancements in Technology Drive Growth: Radiotherapy, a cornerstone in cancer treatment, is experiencing continuous technological advancements and evolving treatment techniques. The ever-growing prevalence of cancer globally has led to an increased demand for cutting-edge radiotherapy devices. The industry’s pursuit of more effective and precise treatments has become a driving force behind the surge in demand for state-of-the-art radiotherapy solutions.

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Patient preference for minimally invasive techniques: Patients suffering from cancer, especially breast cancer (the second most common cancer in the world) are showing an increasing preference for minimally invasive treatment techniques and this is anticipated to fuel the growth in demand for radiotherapy.

The growing popularity of radiotherapy devices among oncologists: Radiation therapy being the most popular therapy type in cancer management, oncologists across the world are showing an inclination towards radiotherapy devices, given the fact that more than 50% of cancer patients are likely to receive radiotherapy during their treatment – either in primary disease management or for symptom control.

Global Radiotherapy Device Industry – Current Scenario & Future Outlook

The current scenario of the global Radiotherapy Device Industry indicates a growing demand for radiotherapy devices in developing countries owing to ease of regulations and increasing product affordability. The Radiotherapy Device Industry is highly consolidated with companies offering innovative products with latest technological advancements.

The future market outlook leans on minimally non-invasive technology that will generate the necessary demand in the global market. Among regions, North America will rule the global market for radiotherapy devices. Technological advancements coupled with growing instances of different types of cancers will make the global Radiotherapy Device Industry a lucrative destination for investors.

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Global Radiotherapy Device Industry: Segmental Forecast

The global Radiotherapy Device Industry is segmented based on product type into External Beam Radiotherapy Devices (sub-segmented into Linear Accelerators Devices and Proton Therapy Devices) and Internal Beam Radiotherapy Devices (sub-segmented into Brachytherapy); based on end-user into Hospitals, Ambulatory Surgical Centres, and Oncological Treatment Centres; and based on region into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, and Middle East & Africa.

By product type, External Beam Radiotherapy Devices will dominate the global Radiotherapy Device Industry in terms of value share, estimated to hold over 75% market share in 2017 and over 85% market share by the end of the forecast period in 2027. This segment will register a high CAGR of 10.7% during the forecast period.

By end user, Hospitals will retain a dominant position in the global Radiotherapy Device Industry with an estimated market valuation over US$ 6,500 Mn by the end of 2027. Oncological Treatment Centres will hold the runner-up position, registering a CAGR of 8.7% during the forecast period.

Among the regional markets, North America will retain its pole position in the global market with a Y-o-Y growth rate of 8.1% in 2018 over 2017. Latin America will witness sluggish growth throughout the forecast period, with a CAGR of 6.4% recorded between 2017 and 2027.

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Global Radiotherapy Device Industry: Competition Dashboard

The Future Market Insights report profiles some of the leading companies operating in the global Radiotherapy Device Industry including Varian Medical Systems, Elekta AB, Accuray, Inc., C.R. Bard, Inc., IBA Ion Beam Applications SA, Koninklijke Philips N.V., Siemens AG, Eckert & Ziegler Bebig, IsoRay, Inc., GE Healthcare, Vision RT Ltd., RaySearch Laboratories AB, Theragenics Corp, Toshiba Medical Systems Corporation, AngioDynamics, Inc., Mitsubishi Electric Corporation, Shinva Medical Instrument Company Limited, and Neusoft Medical Systems Co., Ltd.

Author

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.

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Global Dry Eye Syndrome Treatment Industry Projected to Exceed US$9.5 Billion by 2033 with a Remarkable 6.4% CAGR | Forecasts FMI

The Global Dry Eye Syndrome Treatment Industry is embarking on a remarkable trajectory, poised for a significant Compound Annual Growth Rate (CAGR) of 6.4% over the forecast period. According to the latest industry insights, the market, valued at an impressive US$ 5,120 million in 2023, is projected to soar to an estimated US$ 9,521 million by the year 2033.

This substantial surge in market value can be attributed to a synergistic blend of factors, with key contributors including the rising awareness of dry eye syndrome, continuous advancements in treatment modalities, and the burgeoning aging population. As the importance of ocular health gains widespread recognition, the demand for innovative and effective treatments is expected to escalate, propelling the market to unprecedented heights.

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One such example is the Narayana Nethralaya, a super specialty eye hospital based out of India, with a dedicated lab to diagnose and treat dry eyes. This lab aims to provide patients with awareness about eyelid problems such as Meibomian gland dysfunction, which lead to the development of dry eye syndrome.

Also, a similar trend is observed in developed markets such as the U.S. Various government awareness campaigns and not-for-profit initiatives try to create awareness about dry eye disease among the population that does not have access to eye care facilities. Eye Care America is an example of a public service organization run by the American Academy of Ophthalmology Foundation that provides free eye care through volunteer ophthalmologists.

Further, those who are age 65 or older and who have not seen an ophthalmologist in three or more years may be eligible to receive a comprehensive, medical eye exam and up to one year of care at no out-of-pocket cost. This consequently will increase the utilization of dry eye treatment products and drive the growth of the Dry Eye Syndrome Treatment Industry during the forecast period.

Key Takeaways from Global Dry Eye Syndrome Treatment Industry Study

Greater acceptance of artificial tears owing to improved patient comfort leads the artificial tears segment to account for the maximum share of 60.8% in 2021, expanding at 7.1% CAGR during the forecast period.
By prescription, Rx prescriptions are projected to account for 71.3% of the market share in 2022 indicating the highest demand, since the majority of the population visits hospitals to get the checkup done, in turn increasing the number of Rx prescriptions.
Retail pharmacies, as distribution channels held the largest share of 60.8% in 2021 and are expected to grow with the same trend throughout the forecast period.
By region, North America held the largest share of 37.6% of the Dry Eye Syndrome Treatment Industry in 2021 indicating the growth due to high prevalence and high treatment adoption rate in North America.

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“Growing incidence of dry eye syndrome due to growing aging population, and long working hours (increase in screen time) to drive the demand of Dry Eye Syndrome treatment products over the Decade,” says the FMI Analyst

Who is winning?

Global Dry Eye Syndrome Treatment Industry Key Players:

Allergen plc. (Abbvie)
Novartis AG
Otsuka Pharmaceuticals Co.Ltd.
Bausch Health Companies Inc.
Akron Inc.
Johnson & Johnson Inc.
Thea Pharmaceuticals Limited
OASIS Medical
Altaire Pharmaceuticals Inc.
Boiron USA
Similasan Corporation
Scope Ophthalmics Ltd.
Reckitt Benckiser Group PLC
Medicom Healthcare Ltd
FDC Limited.
Lupin Limited
Jamjoom Pharmaceuticals Co.
Sentiss Pharma Private Limited.

Some of the leading manufacturers of the Global Dry Eye Syndrome Treatment Industry focus on product launches and approvals with global expansion objectives, thereby, enhancing their market presence.

In January 2021, SIFI an Italy-based international ophthalmic company launched SYNFO for moisturizing and lubrication in dry eye treatment.
In December 2020, Alcon Canada announced the launch of its new product Systane an ultra-hydration lubricant eye drops preservative free containing Hyaluronic acid and HP-guar
In November 2020, Santen Pharmaceutical launched Cationorm categorized as an artificial tear for moisturization and long-lasting relief of dry eye.

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Want more insights?

Future Market Insights brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global Dry Eye Syndrome Treatment Industry is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.

The study provides compelling insights on the Dry Eye Syndrome Treatment Industry segment based on Product (Cyclosporine, Topical Corticosteroids, and Artificial Tears Punctal Plugs (removable, dissolvable), oral omega supplements, and others), prescription (Rx, OTC, Medical Devices), distribution channel (Hospital Pharmacies, Eye Health Clinics, Retail Pharmacies, and Online Pharmacies) across seven major regions.

Author

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.

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Global CCTV Camera Market Surges: Projected to Reach $21.4 Billion by 2033

The global CCTV Camera Market is currently valued at US$ 10,951.7 million, and it is poised for robust growth, with a projected Compound Annual Growth Rate (CAGR) of 6.9% from 2023 to 2033. By the end of this period, the CCTV Camera Market is estimated to reach a valuation of approximately US$ 21,409.3 million.

Critical infrastructure security is of utmost importance, as these facilities continuously face physical intrusions, thefts, terrorism threats, and trespassing issues. Many governments across the world are ramping up their security measures to protect critical infrastructure such as oil & gas refineries, power plants, smart grids, and water utilities from perimeter intrusion attacks.

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Key Takeaways of CCTV Camera Market Study :

North America is expected to hold a significant share in the global CCTV camera market during the forecast period.
Dome cameras are likely to capture a leading share in the global CCTV camera market among all model types during the forecast period, as these cameras are widely used for end-to-end security solutions all over the globe.
By technology, IP/network-based CCTV systems are anticipated to retain their hegemony in the global CCTV camera market during the forecast period, as they find immense application in the residential sector.
Demand for CCTV cameras in the residential sector is estimated to expand at an impressive CAGR. However, the commercial sector is estimated to continue to hold significant market share in the global CCTV camera market during the forecast period.

Drivers and Opportunities :

The CCTV Camera Market holds a significant position, contributing around 25% to the global video surveillance industry market. This market’s growth is propelled by the escalating demand for IP cameras, primarily due to the widespread proliferation of the Internet across various user applications.

In today’s diverse security landscape, CCTV systems have evolved to incorporate a variety of camera types, including IP cameras, dome cameras, bullet cameras, and more. This diversity ensures comprehensive surveillance coverage for a wide range of applications, further boosting market prospects.

Restraints :

While the CCTV Camera Market is on a growth trajectory, it faces certain limitations. These limitations include regulatory challenges and privacy concerns related to the increasing use of surveillance technology. Striking a balance between security needs and privacy concerns remains a challenge in the market’s expansion.

Region-wise Insights – Category-wise Insights:

Asia-Pacific leads the market, with China being a major contributor, owing to its rapid urbanization and increasing security awareness.
North America and Europe witness substantial growth, driven by the need for business security and government initiatives.
Latin America and Africa show potential for growth, driven by rising crime rates and infrastructure development.

In terms of camera types:

Dome cameras and bullet cameras are popular choices in commercial settings.
PTZ (Pan-Tilt-Zoom) cameras are gaining traction for their versatility and coverage.
IP cameras are becoming increasingly preferred for their advanced features and connectivity options.

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Global Phototherapy Treatment Industry is Expected to teach US$ 3,230.90 Million by 2033, registering a 5.2% CAGR | FMI Study

The Global Phototherapy Treatment Industry is estimated to be worth US$ 1,948.90 million in 2023 and is projected to be valued at US$ 3,230.90 million in 2033. Between 2023 and 2033, the industry is expected to register a CAGR of 5.20%.

The increasing prevalence of skin ailments such as psoriasis and eczema across the globe and the advancement of phototherapy technology are expected to influence the global market for phototherapy treatment over the forecast period. The aging population is more prone to skin disorders, and this demographic trend has boosted the demand for phototherapy services. With a larger aging population, there is a higher need for phototherapy treatment options.

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The increasing incidence of skin disorders such as psoriasis, eczema, vitiligo, and atopic dermatitis has been a significant driver. Phototherapy is a well-established and effective treatment for many of these conditions. Ongoing advancements in phototherapy technology have led to the development of more efficient and patient-friendly devices.

As awareness of the effectiveness of phototherapy as a treatment option for various skin disorders increases, more patients and healthcare providers are opting for this non-invasive treatment. The growing acceptance of phototherapy is contributing to market growth.

Increased healthcare spending by both governments and individuals has allowed for greater access to phototherapy treatments. Health insurance coverage for phototherapy services has also made the treatment more accessible to patients.

The phototherapy treatment market is expanding in emerging economies as healthcare infrastructure improves and more people seek treatment for skin disorders. The market is growing not only in developed countries but also in regions with a rising middle-class population.

Global Phototherapy Treatment Industry Key Takeaways

In 2022, the phototherapy treatment market was valued at US$ 1,838.10 billion.
Based on disease type, the acne segment is expected to account for a share of 60.4% in 2023.
Based on phototherapy, the blue light therapy segment is expected to account for a share of 42.20% in 2023.
Global phototherapy treatment demand in China is predicted to account for a CAGR of 6.70% through 2033.
Phototherapy treatment in the United States is expected to account for a CAGR of 2.30% between 2023 and 2033.
Germany is projected to expand by a value CAGR of 3.10% between 2023 and 2033.
By 2033, the phototherapy treatment market in India is anticipated to record a CAGR of 7.80% during the forecast period.

“The increasing number of people suffering from acne and psoriasis and growing technological advances in healthcare are anticipated to drive the market growth during the forecast period,” says an FMI analyst.

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Global Phototherapy Treatment Industry Competitive Landscape

The global phototherapy treatment market depicts a fragmented competitive landscape due to numerous players in the market. The key players in the market have adopted innovative strategies like mergers, partnerships, and acquisitions to enhance their market presence and strengthen their market hold.

GE Healthcare provides a wide range of healthcare solutions, including phototherapy equipment used in neonatal care for conditions like jaundice.
Lumenis is a global medical technology company known for its aesthetic and medical equipment, including phototherapy devices for dermatological treatments.
TheraLight is a company specializing in light therapy technology for various medical and dermatological applications, including skin conditions and wound care.

Valuable Insights Available

Future Market Insights offers an unbiased global phototherapy treatment Industry analysis, providing historical data from 2018 to 2022 and forecast statistics between 2023 and 2033.

To understand opportunities in the phototherapy treatment market, the market is segmented based on Disease Type (Psoriasis, Acne) by Phototherapy Type (Blue light therapy, red light phototherapy, Intense Pulsed Light (IPL) Phototherapy, Narrowband UVB Phototherapy, Psoralens+Ultravioletlight A (PUVA) Phototherapy) by End-user(Hospitals, Dermatology Clinics/Skin Care Centres, Wellness Centres, Home Care Settings) Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).

Global Phototherapy Treatment Industry Key Companies Profiled

Lifespan
UC Irvine Health
Buffalo Medical Group
Blackrock Clinic Limited
The Private Phototherapy Clinic Ltd
National Skin Centre Massachusetts General Hospital
Signify Holding
GE Healthcare
Natus Medical Incorporated

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Global Phototherapy Treatment Industry – Key Segments

By Disease Type:

Psoriasis
- Guttate Psoriasis
- Inverse Psoriasis
- Pustular Psoriasis
- Erythrodermic Psoriasis
- Plaque Psoriasis
Acne
- Acne Vulgaris
- Acne Conglobata
- Acne Fulminans
- Gram-Negative Folliculitis
- Acne Rosacea
- Pyoderma Faciale

By Phototherapy Type:

Blue Light Phototherapy
Red Light Phototherapy
Intense Pulsed Light (IPL) Phototherapy
Narrowband UVB Phototherapy
Psoralens+Ultravioletlight A (PUVA) Phototherapy

By End User:

Hospitals
Dermatology Clinics/Skin Care Centres
Wellness Centres
Home Care Settings

By Region:

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

About the Healthcare Division at Future Market Insights

The healthcare team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.

Author

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.

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Nandini Singh Sawlani

Connected Logistics Market Set to Skyrocket to US$73.4 Billion by 2033

The linked Connected logistics industry is expected to reach a valuation of $24.6 billion in 2023 and $73.4 billion in 2033. Over the projected period, connected logistics sales are expected to grow at an 11.5% CAGR.

IoT-enabled linked logistics solutions are expected to replace conventional transportation techniques, according to the connected logistics industry trend.Rising fuel prices and related environmental problems like pollution and carbon emissions shape the market trend.

The use of sensors, cloud computing, and automated procedures is common for the remote monitoring and management of supply chain operations. It also provides thorough comprehension of network issues, enabling quick and efficient decision-making.

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Improved supply chain visibility leads to long-term cost savings, necessitating the use of IoT-enabled solutions in a variety of industries, including manufacturing, transportation, and automotive.

It is expected that the target market will benefit from the increased adoption of Logistics 4.0 and ongoing work on improving autonomous logistics trucks.

One of the factors fueling the market growth is the decreasing cost of loT sensors and connected logistics hardware. However, rising security and safety concerns in the logistics sector limit the market’s growth to some extent.

Key Takeaways:

Asset tracking is the top priority for the players which is leading the devices segment towards a strong growth of 12.5%. Organizations can collect massive amounts of data during the shipping and transit processes by incorporating RFID chips and IoT devices.
In terms of mode of transportation, roadways hold the majority of the market share and is showing a substantial growth of 12.2%. This is due to the increasing demand for road-based transportation to transport retail goods over long distances.
The usage of cutting-edge technologies like machine learning, the Internet of Things, cloud computing, big data, analytics, and deep learning is leading United States towards a revenue share of US$ 16.5 billion by 2033.
Rising public and private investment in the transportation sector is enhancing market expansion in the area is driving the United Kingdom regional market towards an impressive growth of 12.5%
Japan is the most lucrative region of all growing at an impressive rate of 15.7%. Japan began transforming logistics in order to strengthen its position in the Asia Pacific logistics industry by integrating new technologies with existing processes.

Manufacturers Eying Opportunities through Aggressive Strategies

The competitive landscape of this market is split moderately because of the presence of several developing and established companies in the industry. Moreover, it is forecasted that the technological developments in logistic sectors is anticipated to quicken the product development as well as investment growth.

In the market, there are different competitors aiming at addressing the problems aggressively by framing plans which are going to leave an overall impact on the market development. The growth prospects of this market have a lot of room to flourish during the forecast period.

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Recent Development:

A top cloud-based logistics execution platform, BluJay Solutions was acquired by E2open Parent Holdings, Inc. for almost US$ 1.7 billion in May 2020. It is a foremost network-based provider of mission-critical, 100% cloud-based, and end-to-end supply chain management platforms.

Key Players:

AT&T Inc., IBM Corporation, Intel Corporation, SAP SE, Infosys Limited, Cisco Systems Inc., HCL Technologies Limited, Eurotech S.P.A., Microsoft, Oracle, Cloud Logistics, Zebra technologies, ORBCOMM, and GT Nexus.

Key Segments Covered in the Connected Logistics Market Report

By Component:

Connected Logistics Devices

Vehicle Telematics
Data Loggers
GPS Tracking Devices
RFID Tags

Connected Logistics Software

Fleet Management
Asset Tracking
Security Solutions

Connected Logistics Services

Consulting
Integration & Deployment
Support & Maintenance

By Transportation:

Connected Logistics for Roadways
Connected Logistics for Railways
Connected Logistics for Airways
Connected Logistics for Seaways

By Vertical:

Connected Logistics in Manufacturing
Connected Logistics in IT & Telecom
Connected Logistics in Automotive
Connected Logistics in Retail & Consumer Goods
Connected Logistics in Food & Beverages
Connected Logistics in Healthcare
Connected Logistics in Energy & Utilities
Others

By Region:

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

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Collaboration Tools Market Skyrockets: Expected to Surpass US$ 116 Billion by 2033

The Collaboration Tools Market is poised for remarkable growth, projected to reach a valuation of US$ 39,407.4 million by 2023, with an anticipated surge to US$ 116,338.4 million by 2033, boasting a robust CAGR of 11.4%. This meteoric rise is attributed to the widespread adoption of remote work practices, resonating with a vast global workforce.

The demand for collaboration tools is intensifying as businesses expand their footprints across diverse geographies, spurred by the forces of globalization.

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Key Takeaways:

The Collaboration Tools Market is on an upward trajectory, projected to reach US$ 39,407.4 million by 2023 and US$ 116,338.4 million by 2033, driven by the surge in remote work practices.
Globalization and the proliferation of business units across geographies are contributing to the growing demand for collaboration tools.
Innovation in gadgets and technologies is expected to further bolster the market’s growth, offering diverse solutions for enhanced connectivity.
Collaboration tools encompass a wide range of technologies, facilitating growth, resilience, and connectivity for businesses and entrepreneurs.

Drivers and Opportunities: The market’s dynamic growth can be primarily attributed to the surging appeal of remote work methods. An ever-expanding global landscape is propelling the need for collaboration tools to facilitate seamless communication and cooperation across borders. As the industry advances, it is poised to witness the emergence of innovative gadgets and technologies, further fueling its expansion. These tools encompass a wide spectrum, including collaboration software, programs, and web portals, empowering businesses and entrepreneurs to achieve unparalleled growth, resilience, and connectivity across various sectors. Collaboration technologies, encompassing both business and recreational spheres, are set to play a pivotal role in modern connectivity and productivity.

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Competitive Landscape – Regional Trends: In the competitive landscape, regional trends are indicative of the collaboration tools market’s potential. Different regions exhibit varying degrees of growth, with developed economies like North America and Europe witnessing robust adoption due to the prevalence of advanced communication infrastructures. Meanwhile, emerging economies in Asia-Pacific are experiencing a surge in demand, fueled by rapid industrialization and the need for efficient collaboration platforms.

Restraints: While the collaboration tools market showcases immense potential, certain challenges persist. Security concerns and data privacy issues remain significant obstacles, necessitating stringent measures to safeguard sensitive information. Moreover, the evolving regulatory landscape and compatibility issues may pose hindrances to the market’s smooth expansion.

Region-wise Insights – Category-wise Insights: Region-wise, North America is currently at the forefront of adoption, driven by its tech-savvy population and the dominance of multinational corporations. Asia-Pacific, on the other hand, is emerging as a promising market, fueled by a burgeoning startup ecosystem and increasing digitalization. In terms of categories, collaboration tools find extensive application in both business and leisure sectors, supporting diverse industries, from enterprises to entertainment and the arts.

Collaboration Tools Market Outlook by Category

By Solution:

Platforms
- Unified Messaging
- Enterprise File Sharing & Synchronization
- Portals & Intranet Platforms
- Project Management Platforms
- Enterprise Social Networks
Services
- Integration Service
- Technical Support
- Consulting

By Deployment:

On-premise
Cloud

By Enterprise Size:

Small & Medium Enterprises
Large Enterprises

By Industry:

BFSI
IT & Telecom
Healthcare
Travel & Hospitality
Retail & e-Commerce
Manufacturing
Others

Region:

North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan
Japan
The Middle East and Africa

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EV Power Module Market Set to Surge with a 24% CAGR, Anticipated Valuation Reaches US$ 16,805.4 Million by 2033

According to FMI’s study of the global EV power module market demand, the industries are anticipated to expand at a healthy CAGR of 24% on average. Consequently, by the end of the forecast period, the EV module market share’s entire worth might reach up to US$ 16,805.4 million. Back in the year 2022, the overall value of all EV power modules was around US$ 1,570.6 million. For this year 2023, FMI predicts the value to be around US$ 1,955.4 million.

As a result, the widespread adoption of EVs is anticipated to boost industries supplying components for electric vehicles on a worldwide scale. Moreover, rising public spending on the construction of a global charging network is also anticipated to encourage the selling of EV power modules.

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Key Takeaways

The United States is the leading region for the global EV power module market and contributes 10.1% of the revenue generated globally.
In Asia Pacific, China is projected to grow remarkably in sales of EV power modules produced in the country. It is further projected to witness an annual growth rate of 21.3% during the forecast years
Contrastingly, India is predicted to register a higher CAGR of 25.4% in demand for EV power modules through 2033.

Competitive Landscape

Continental AG, Robert Bosch GmbH, Denso Corporation, Hitachi Automotive Systems Ltd., Mitsubishi Electric Corporation, STMicroelectronics, ON Semiconductor, Infineon Technologies, Toshiba Corporation, NXP Semiconductors among others are some of the key players in the global EV power module market.

To get an advantage over rival businesses, EV power module suppliers are growing their operations by involving in strategic investments.

Recent Developments

ICONICS Inc., which is a software development company, reported in 2019 that Mitsubishi Electric Corporation acquired its shares. ICONICS Inc. concentrates on software solutions for the technological, processing, and construction of automation industries that include analytics, mobility, IoT, and cloud. The firm, based in the United States, become a fully owned subsidiary of the Mitsubishi Electric Group after the purchase.
In August 2018, FCA disclosed that its Toledo Machining Plant located in Ohio produced EV power modules for the 2020 Jeep Wrangler PHEV. This production line may include integrated multipurpose chargers that include an onboard charger with a DC-AC converter. By 2022, FCA plans to offer more than 30 EV models, including the Jeep Wrangler plug-in hybrid EV, with electrified options.
Robert Bosch GmbH unveiled a new power module for small vehicles in September 2022 that combines an electric motor and an integrated inverter. Mostly with help of a new type of semiconductor, the Company has decreased power loss by 20%, enabling an inverter performance of 97% and extended range.
Continental said in March 2021 that it has created a high-power power module for Jaguar Land Rover, comprising a microcontroller and a DC-AC inverter technology solution that is specially tailored to the needs of sporty, performance-oriented EVs. According to claims of Continental AG, the power electronics module can carry a large amount of electric current — up to 650 Ampere.
Hitachi Astemo Ltd. stated in December 2021 that its inverter was selected for use in Geely Automobile Holdings Limited’s “Leishen Hi-X” HEV powertrain design. It has a pure water-cooled, both-side cooling power module that is compact in size and powerful in performance.

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Key Segments

By Vehicle Technology:

Battery Electric Vehicles (BEV)
Hybrid Electric Vehicles (HEV)
Plug-in Hybrid Electric Vehicles (PEV)
Fuel Cell Electric Vehicles (FCEV)

By Vehicle Type:

Two-wheelers
Passenger Cars
Commercial Vehicles
Others

By Region:

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

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore FMI’s Extensive Ongoing Coverage on Automotive Domain

Plug-In Hybrid Electric Vehicles (PHEV) Market Share is anticipated to reach a high of US$ 3,80,665.9 Million by the year 2032.

Zero Emission Vehicle Market Demand is expected to grow at a massive CAGR of 25.4% during the period 2023 to 2033.

Electric Utility Vehicles Market Size is expected to reach a valuation of US$ 38,550.2 million by 2033. The market is projected to grow at a sturdy CAGR of 15.4% during the period 2023 to 2033.

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.

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