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North America Electrical Testing Services Market Projected to Grow at 6% CAGR and Reach US$ 4.5 Billion by 2033

The North America Electrical Testing Services Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the North America Electrical Testing Services market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for North America Electrical Testing Services. 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 North American Electrical Testing Services Market is currently experiencing a significant surge in demand, primarily driven by an increased emphasis on regulatory compliance and safety protocols within industrial plants and manufacturing facilities. This heightened focus is a direct response to the implementation of stringent regulations aimed at avoiding penalties associated with negligence and non-compliance. Consequently, businesses are increasingly adopting electrical testing services to ensure that their work environments adhere to industry standards and are devoid of potential hazards.

Moreover, the necessity to minimize downtime and maintain uninterrupted operations is escalating, further accentuating the need for these essential services. Projections suggest that the North American electrical testing services market is poised to reach a valuation of US$ 2.5 billion in 2023, with expectations of reaching US$ 4.5 billion by 2033. This trajectory highlights a significant compound annual growth rate (CAGR) of 6% from 2023 to 2033. As industry participants recognize the pivotal role of electrical testing services in ensuring compliance and operational continuity, the market is strategically positioned for sustained growth over the next decade.

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The importance of electrical testing services has grown significantly, becoming integral to ensuring regulatory compliance and minimizing risks associated with negligence and hazardous work environments. This surge in demand is fueled by an increasing emphasis on safety within industrial plants and manufacturing units, alongside efforts to reduce operational downtime.

Forecasts indicate substantial growth in the global electrical testing services market, driven by factors such as the rapid electrification of railways, advancements in steel production, and a heightened focus on proactive equipment testing to mitigate potential breakdowns.

These services play a crucial role in preventing issues like short circuits, lubricant leakage, corrosion, and wiring faults, thereby fueling market expansion. Industries, especially manufacturing and power generation sectors, are increasingly relying on comprehensive electrical equipment testing, contributing to market growth.

Moreover, investments in developing electrical infrastructure to ensure reliable electricity in key regions like Mexico, the United States, and Canada are expected to further drive demand for electrical testing services. North America, in particular, is anticipated to experience a surge in sales driven by stringent regulatory frameworks mandating regular inspections to prevent potential hazards in electrical equipment and power distribution lines.

Key Takeaways

Canada’s electrical testing services industry is projected to grow with a CAGR of 6.2% during the forecast period.
The demand for electrical testing services in Mexico is expected to grow with a significant CAGR of 6.5% during the forecast period.
By service type, the transformer testing segment is projected to grow with a CAGR of 6.8% during the forecast period.
By end-user, the power generation station segment is projected to grow with a CAGR of 7.1% during the forecast period.

“Increasing investments to develop electrical infrastructure is expected to drive market growth during the forecast period,” comments an FMI analyst.

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Competitive Landscape

The North American electrical testing services market is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.

The key industry players are Schneider Electric, Siemens AG, Eaton Corporation plc, General Electric Company, ABB Inc., Power Products & Solutions, American Electrical Testing, Haugland Group LLC, Dekra, TCS Electrical Co., Phase One Electric, Intran, GEM Electrical Services, Electric Power Systems.

Some recent developments in the North American electrical testing services market are:

In June 2023, ABB Inc. declared the acquisition of Munich-based smart home products leader, Eve Systems GmbH, with operations in Europe and the United States.
In June 2023, Siemens Digital Industries Software integrated Supplyframe™ Design-to-Source Intelligence platform with Siemens Xcelerator portfolio enhancing real-time supply chain intelligence for comprehensive digital twin technology.
In August 2021, RESA Power, a U.S.-based electrical solutions provider, announced the acquisition of EPIC Energy Solutions, LLC, an electrical testing company. This acquisition enables RESA Power to enhance its testing capabilities in the Midwest region.
Siemens Mobility acquired Optrail in June 2023 to broaden its Train Planning System capabilities.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global North America electrical testing services market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the North American electrical testing services market, the report is segmented on the basis of end-use (power generation stations, transmission and distribution stations, steel plants, major refineries, railways, other industrial (laboratory, etc.), data centers, healthcare and hospitality, and commercial establishments) and service type (transformer testing, circuit breaker testing, protection testing, battery testing, rotating equipment vibration testing, motors/generator testing, and thermographic testing) across two major countries (United States and Canada).

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Key Segments Profiled in the North America Electrical Testing Services Industry Survey

By End Use:

Power Generation Stations
Transmission and Distribution Stations
Steel Plants
Major Refineries
Railways
Other Industrial (Laboratory, etc)
Data Centers
Healthcare and Hospitality
Commercial Establishments

By Service Type:

Transformer Testing
Circuit Breaker Testing
Protection Testing
Battery Testing
Rotating Equipment Vibration Testing
Motors/Generator Testing
Thermographic Testing

By Country:

United States
Canada

Author By:

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.

About Us

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.

Contact:

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Tower Crane Rental Market: Anticipated CAGR of 5.8% Envisages a Market Valuation of US$ 12.8 Billion by 2033

The Tower Crane Rental Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Tower Crane Rental market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Tower Crane Rental. 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,

The tower crane rental market is currently experiencing notable expansion, driven by the increasing adoption of tower crane rentals across various industries, particularly in construction and infrastructure. This growth is spurred by a rise in projects aimed at strengthening and modernizing existing infrastructure. Tower crane rentals are favored for their cost-effectiveness, adaptability, and efficiency in managing complex lifting tasks, making them indispensable as construction projects diversify and expand in scale and complexity.

Projections suggest that the global tower crane rental market is poised to reach a significant valuation of around US$ 7.3 billion by 2023, driven by the rising demand across a wide range of industries. Looking ahead, the market is expected to maintain its upward trajectory, reaching an estimated value of US$ 12.8 billion by 2033. This growth trend is projected to demonstrate a Compound Annual Growth Rate (CAGR) of 5.8% from 2023 to 2033.

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In the foreseeable future, a considerable upsurge in market growth is anticipated, driven by several pivotal factors. Among these factors, the increasing adoption of tower crane rentals across diverse end-user segments stands out prominently. This trend is further amplified by a surge in infrastructure projects aimed at modernization and expansion, serving as a significant catalyst for market expansion.

An noteworthy development is the expanding utilization of tower crane rentals within the mining industry, showcasing their versatility in handling and unloading heavy materials. This diversification of usage within the mining sector is expected to play a crucial role in augmenting overall sales and fostering market growth.

Recent years have witnessed a substantial surge in urbanization and rapid migration from rural to urban areas, significantly contributing to the escalation in construction activities. This upward trajectory in construction is further bolstered by an increasing demand for rental services in the realm of tower crane technology, driven by notable technological advancements.

Modern tower cranes are now equipped with a range of advanced attributes, including enhanced lifting capacities, robust safety systems, precise control mechanisms, and energy-efficient operations. These cutting-edge features have collectively heightened the demand for tower crane rentals, with projections indicating a sustained upward trajectory during the forecast period.

The North American market emerges as a prominent player in the global tower crane rental industry, attributed to robust construction activities in the region. The proliferation of development projects in urban and metropolitan areas has generated compelling demand for tower crane rentals, fostering market expansion.

Simultaneously, the Asia Pacific region is experiencing rapid growth in construction and infrastructure development, resulting in a strong demand for tower crane rentals. The substantial increase in construction activities observed in countries such as China, India, and Japan has significantly fueled the need for tower crane rental services, solidifying the Asia Pacific region’s pivotal role in this market.

Key Takeaways from the Market Study

From 2018 to 2022, the tower crane rental market demand expanded at a CAGR of 5.2%
Based on design type, the top-slewing segment accounts for a CAGR of 5.7%
By application, the construction segment is expected to expand at a CAGR of 5.6% during the forecast period
North America to emerge as a promising tower crane rental market, capturing a CAGR of 5.7%
The tower crane rental industry in the United Kingdom is predicted to reach US$ 8.7billion by 2033
Asia Pacific to be an opportunistic tower crane rental market, expected to capture a CAGR of 5.5% during the forecast period.
South Korea’s tower crane rental industry is predicted to achieve a market revenue of US$ 7.4billion by 2033

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Competitive Landscape

The global tower crane rental market is fragmented with the presence of several large and medium-scale players. The leading players in the market are investing in strategic agreements in order to capture market share.

Prominent players in the tower crane rental market are:

Konecranes
Liebherr
Mammoet
Maxim Crane Works, L.P.
Morrow Equipment Company
Morwest Crane & Services
Bigge Crane and Rigging Co
Stafford Crane Group
Leavitt Cranes
Value (US$ Million)ed Crane & Rigging
Locabens Equipamentos
Grumont Equipamentos Ltda
JASO Group
Arcomet
WOLFFKRAN International AG
Uperio Group
Al Faris
KAR Group
CC Crane Hire
Industrial Leasing Corporation

Mammoet’s tower crane rental division provides a wide range of tower crane models with varying lifting capacities and configurations to meet diverse project requirements. The company ensures that its rental fleet consists of modern and well-maintained tower cranes equipped with the latest safety features and technological advancements.
Wolffkran offers a comprehensive range of tower crane models, including luffing jib cranes, saddle jib cranes, and flat-top cranes. These cranes are known for their high-quality construction, advanced technologies, and efficient performance. Wolffkran’s tower cranes are designed to meet the demanding requirements of construction projects, ranging from small-scale developments to large and complex structures.

Know More about What the Tower Crane Rental Market Report Covers

Future Market Insights offers an unbiased analysis of the global tower crane rental market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the tower crane rental market, the market is segmented based on lifting capacity, design type, product type, vendor type, and application across five major regions.

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Global Tower Crane Rental Market by Category

By Lifting Capacity:

Up to 5 Tons
5 – 10 Tons
10 – 20 Tons
20 – 50 Tons
Above 50 Tons

By Product Type:

Self-Erecting
Hammerhead Crane
Luffing Jib Tower Crane
Mobile Tower Crane

By Design Type:

Top Slewing Tower Crane

Bottom Slewing Tower Crane

By Vendor Type:

Original Equipment Manufacturer (OEM)
Independent Service Provider

By Applications:

Building and Construction
- Residential and Commercial
- Industrial
- Civic Infrastructure
Marine and Sea Ports
Mining
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia

Author By:

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.

About Us

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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

Global Prostate Health Industry Set to Surge, Anticipated to Hit US$ 92.9 Billion by 2033 with Impressive 9.2% CAGR, Unveils FMI Analysis

The Global Prostate Health Industry is poised for an extraordinary transformation, with projections indicating a substantial surge in value over the next decade. According to recent market insights released by [Your Company Name], the industry is anticipated to reach a remarkable US$ 92.9 billion by the year 2033, marking a significant leap from its 2023 valuation of US$ 38.6 billion. This growth is underpinned by a robust Compound Annual Growth Rate (CAGR) of 9.2% forecasted from 2023 to 2033.

The Global Prostate Health Industry stands as a critical segment within the broader healthcare landscape, dedicated to the diagnosis, treatment, and prevention of prostate-related conditions. The projected upswing in industry value is indicative of several key factors shaping its trajectory.

Growing Awareness: There is a palpable increase in global awareness surrounding prostate health issues, with individuals and healthcare providers alike recognizing the importance of proactive care and early detection.

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According to major regulatory bodies around the world (such as the WHO, MHRA, TGA, and EMA), cancer patients are at a higher risk of COVID-19 infection than adults with good prostate health, and screening, diagnostic exams, and surgical procedures in hospitals and cancer centers are severely limited or postponed.

As a result, caregivers and hospitals can expect elective surgeries and screening procedures to be delayed.

However, the market has gradually increased since the second half of 2020, owing to an increase in the number of oncology appointments and a rise in the adoption of prostate health therapies, among other things, as a result of efforts to clear backlogs and new cases, which further shapes the Global Prostate Health Industry’s future trends.

An increase in demand for prostate cancer treatment and management, as well as an increase in the use of hormonal agents in non-metastatic castration-resistant (nmCRPC) and metastatic hormone nave (mHNPC) prostate cancer settings, are other factors that contribute to the demand for prostate health treatment.

Furthermore, the untapped potential of developing economies presents lucrative Global Prostate Health Industry opportunities during the forecast period.

Prolonged treatment times and a lack of demand for prostate cancer medical treatment drugs in developing countries, on the other hand, are expected to reduce the size of the Global Prostate Health Industry.

Although both drugs and surgery can treat BPH and improve prostate health, they are not without risks. Alpha-blocker side effects include dizziness, orthostatic hypotension, and rhinitis.

These are especially concerning in the elderly, as they can result in significant morbidities such as falls, and the resulting injuries are expected to have an impact on prostate cancer treatment adoption trends.

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Global Prostate Health Industry Key Takeaways:

Prostate cancer is expected to account for the largest share of the prostate health market based on disease indication, owing to significant growth in the geriatric population and a large target patient population.
In the type market, neurostimulation devices are expected to have the highest prostate health market share.
The hospital pharmacies segment is expected to lead the prostate cancer treatment market due to the strong presence of hospital pharmacies around the world and the convenience offered by hospital pharmacies.
The rapidly growing patient population for benign prostatic hyperplasia in the region, particularly in Japan, China, South Korea, Hong Kong, and Taiwan, is a critical factor for Asia-Pacific market growth.

“USFDA took steps to boost the growth of the cancer therapy market by approving drugs that are still in the clinical stage, thereby speeding up clinical trials and investments in R&D by businesses and research organizations can be credited to market growth in the United States which is a major contributor to the North American prostate health market.

Moreover, favorable reimbursement policies, a strong healthcare infrastructure, and some other emerging trends in the Global Prostate Health Industry such as product launches have also contributed to the market’s rapid growth.” asserts an FMI analyst.

Competitive Landscape:

AstraZeneca plc, Bristol-Myers Squibb Company, Astellas Pharma Inc., F. Hoffmann-La Roche AG, Bayer AG, erring Pharmaceuticals Inc., Ferring Pharmaceuticals Inc., Ipsen Pharma, Johnson & Johnson, Takeda Pharmaceutical Company Ltd., and GlaxoSmithKline Plc are among the key players in the Global Prostate Health Industry.

Within the global prostate cancer diagnostic market, there are several significant drug and equipment manufacturers, and their status as a significant player is primarily based on specific product markets.

Players have been looking for novel ways to expand their market through innovative prostate product launches.

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Recent developments in the Global Prostate Health Industry are as follows:

The first commercial production of Axumin (fluciclovine) in Italy was announced by Blue Earth Diagnostics, with the first Italian patients being dosed.
Myovant partnered with Pfizer to commercialize Orgovyx (relugolix), a prostate cancer drug.
In the United States, Dr Reddy introduced generic Abiraterone Acetate Tablets USP, 250 mg, which is a therapeutic equivalent generic version of Zytiga (abiraterone acetate) for prostate cancer.

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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Nandini Singh Sawlani

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
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T: +1-845-579-5705
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Global Point of Care Molecular Diagnostics Industry Aiming for a Striking US$ 11.1 Billion Market by 2033, Fueled by a CAGR of 9.7%

The Global Point of Care Molecular Diagnostics Industry is positioned for unprecedented expansion, according to the latest forecast by Future Market Insights (FMI). With a projected valuation of US$ 4.4 billion in 2023, this dynamic industry is on track to reach an impressive US$ 11.1 billion by 2033, reflecting a robust Compound Annual Growth Rate (CAGR) of 9.7% throughout the forecast period.

The remarkable trajectory of this industry signifies a growing demand for point-of-care molecular diagnostics, driven by the escalating prevalence of infectious and chronic diseases. Conditions such as cardiovascular disease, diabetes, and the ongoing challenges presented by COVID-19 have contributed to the surge in demand for rapid and accurate diagnostic solutions.

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The growing advanced technology, diagnostic tests, preventive medicine, and knowledge of molecular mechanisms are driving the market growth. Furthermore, the adoption of the Global Point of Care Molecular Diagnostics Industry by laboratory specialists for sequencing DNA & multi-gene is expanding the market size. These diagnostics rapidly show the results with accuracy and are estimated to increase the sales of point-of-care molecular diagnostics.

Increasing respiratory, gastrointestinal, and sexually transmitted diseases are advancing the market growth. Emerging economies, government initiatives, and low-cost POC molecular diagnostics are the prime factors that propel market opportunities.

Factors Restraining the Global Point of Care Molecular Diagnostics Industry Growth

The market is going through a growth decline due to a few factors which are given below:

The dearth of consciousness about healthcare products, and poor penetration of advanced healthcare devices restrain market growth. The unavailability of advanced devices and the absence of government policies must gain market growth in developing countries.

Which Technology Category Booms the Global Point of Care Molecular Diagnostics Industry Growth?

The RT-PCR category dominates the global market with its remarkable CAGR of 9.2% during the foreseen time. The adoption of RT-PCR is rising due to the rise in tests such as genomics, COVID-19, proteomics, and others. It is a real-time system that shows results immediately, has high sensitivity, and costs efficiently. Due to the significant growth of infectious patients, healthcare providers are accelerating the demand for RT-PCR to provide patients with relevant data immediately.

Global Point of Care Molecular Diagnostics Industry Key Takeaways:

The Global point-of-care Molecular Diagnostics Industry is expected to have a valuation of US$ 11.1 billion by 2033.
With a CAGR of 9.7%, the global market increasing from 2022 to 2033.
The United States market is anticipated to capture a CAGR of 9.5% through 2033.
With a CAGR of 8.8%, the United Kingdom market significantly uplifts during the forecast period.
China’s market is expected to expand at a CAGR of 9.1% over the forecast period.
Japan’s market is likely to capture a CAGR of 8.2% from 2023 to 2033.

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Who is winning?

Key players fragment the global market by contributing an impressive role. These players are bringing new ideas and adapting them to build advanced products, which in turn surging market opportunities. Growing technologies, including Artificial Intelligence and the Internet of Things, have surpassed market growth in recent years.

By accepting these technologies, key players welcome better detection machines and equipment as per patients’ requirements. They further follow several effective marketing strategies such as partnerships, mergers, acquisitions, agreements, and product launches.

Recent Developments in the Global Point of Care Molecular Diagnostics Industry:

In Feb 2022, Sense Biodetection signed an agreement with Una Health to distribute COVID-19 testing equipment.
In Dec 2021, FIND Company invested a valuation of US$ 21 million in S.D. Biosensor, Biomeme, Quaife, and Bioneer for manufacturing, developing, and launching an affordable COVID-19 testing detector.
A healthcare provider BioMérieux agreed to partner with Africa Medical Supplies Platform in Oct 2020 to supply premium quality COVID-19 diagnostic solutions.
Abbott Laboratories announced its new COVID-19 detection product which can deliver results within minutes, in March 2020.
In Oct 2018, QIAGEN agreed to enhance its portfolio with STAT-Dx to provide its customers with a next-generation PCR system.

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Global Point of Care Molecular Diagnostics Industry Segmentation by Category

By Products & Services:

Assays & Kits
Instruments &Analyzers
Software & Services

By Technology:

RT-PCR
INAAT
Other Technologies

By Application:

Respiratory Diseases
Sexually Transmitted Diseases
Hospital-acquired Infections
Cancer
Hepatitis
Gastrointestinal Disorders
Other Applications

By End User:

Physicians’ Offices
Hospitals & ICUs
Research Institutes
Other End Users

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.

About Future Market Insights (FMI)

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Nandini Singh Sawlani

Global Sepsis Diagnostics Industry Aims for Spectacular 8.1% CAGR, Targets Surpassing US$ 1.2 Billion by 2033 | Reports FMI

The Global Sepsis Diagnostics Industry is on the brink of an unprecedented growth phase, with a projected Compound Annual Growth Rate (CAGR) of 8.1% between 2023 and 2033. Valued at US$ 561.2 million in 2023, the market is anticipated to soar beyond US$ 1.2 billion by the close of 2033.

This significant expansion is fueled by a confluence of factors driving demand for sepsis diagnostics. The escalating prevalence of antibiotic-resistant bacterial strains, a steadily aging global population, and an upswing in hospital-acquired infections have intensified the need for advanced diagnostic solutions. Notably, the surge in product approvals for sepsis diagnosis is expected to further propel the demand for cutting-edge diagnostics within the sector.

Despite the optimistic trajectory, the industry faces challenges that warrant attention. The shortage of experienced specialists for sepsis diagnosis poses a notable obstacle, compounded by a lack of awareness and the persistent reliance on conventional processes during antibiotic production, all identified as factors impacting the sales of sepsis diagnostics.

However, the market’s potential is buoyed by positive indicators in developing markets. The increasing incidence of newborn umbilical cord infections and a rise in surgical procedures in these regions provide a favorable landscape for the growth of sepsis diagnostics.

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HAIs, also known as nosocomial infections, are a leading source of morbidity and mortality in hospitals around the world. Urinary tract infections, pneumonia, and sepsis are the most frequent hospital-acquired infections (HAIs). In addition, in immunocompromised individuals, aged patients, and people with chronic conditions, HAIs can cause sepsis. Because of the significant rise in HAIs around the world, demand for sepsis diagnostic devices is projected to expand in the future years.

Sepsis is a complex condition to detect, and even a one-minute delay in antibiotic delivery increases the chance of death by 7.6% in septic shock patients with hypertension. As a result of the emerging trends in the Global Sepsis Diagnostics Industry, there is a greater need for quick sepsis detection to avoid antibiotic therapy delays in sepsis patients.

Many sepsis diagnostic companies are growing their product offerings in point-of-care technologies, which can quickly identify sepsis, cut down on diagnosis time, and improve life expectancy after sepsis.

Key Takeaways from the Global Sepsis Diagnostics Industry

Attributed to the presence of a larger consumer population in developing markets such as India and China, the Asia Pacific region of rapid sepsis diagnostics is expected to grow profitably over the forecast period.
The Global Sepsis Diagnostics Market adoption trends indicate North America is likely to generate more than $200 million in revenue by the end of 2026. The sepsis diagnostics companies in the region are growing due to well-established healthcare infrastructure and increased usage of innovative products. Septic poisoning is also one of the leading causes of death in the United States.
As per the sepsis diagnostics market analysis, microbiology technology is likely to gain traction. Microbiology is expected to generate more than $200 million in income by 2026.
By product, the sepsis diagnostics market opportunities are divided into blood culture media, assays & reagent kits, devices, and software. The blood culture media segment held the most significant market share during the forecast period. This growth can be ascribed to a rise in blood culture media as a sepsis diagnostics device.

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“Sepsis diagnostics devices are expensive, limiting the growth of this industry. Additionally, in certain countries, there are no clear guidelines for the treatment of sepsis, and there is a lack of awareness about the repercussions of sepsis if it is not treated effectively.”

Competitive Landscape Organizations in the global quality articulation market are consolidating and acquiring systems to gain a competitive advantage and generate significant profits. On the other hand, some players benefit from significant new work systems to gain a competitive advantage in the Global Sepsis Diagnostics Industry statistics.

Cytovale Inc. and the Biomedical Advanced Research and Development Authority, or BARDA, announced cooperation in April 2020 to increase the use of Cytovale’s Rapid Sepsis Diagnostic System for identifying sepsis in patients with probable respiratory infections, such as COVID-19.
Immunexpress announced a quick SeptiCyte, a one-hour molecular diagnostic test for sepsis, on Biocartis’ Idylla platform in Europe in October 2020. This is one of the first deeply integrated, immune response-based diagnostics to help clinicians diagnose sepsis and Global Sepsis Diagnostics Industry analysis.

Global Sepsis Diagnostics Industry Key Segments

By Product:

Blood Culture Media
Assays & Reagents
Instruments, and Software

By Technology:

Blood Culture
Immunoassays
Molecular Diagnostics
Flow Cytometry
Microfluidics
Biomarkers

By Method:

Automated Diagnostics
Conventional Diagnostics

By Pathogen:

Bacterial Sepsis
Fungal Sepsis
Viral Sepsis
Others

By Test Type:

Laboratory Tests
Point-of-Care Tests

By End User:

Hospitals and Specialty Clinics
Pathology & Reference Laboratories
Research Laboratories & Academic Institutes

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Author

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)

Contact Us:

Nandini Singh Sawlani

Global Stoma Ostomy Care Industry to Reach US$6.5 Billion by 2033, Fueled by a Steady 4.9% CAGR | FMI Findings

The Global Stoma Ostomy Care Industry is set to achieve unprecedented growth, with a projected value of US$3.8 billion by the end of 2022. This remarkable surge is expected to continue with a compound annual growth rate (CAGR) of 4.9% throughout the forecast period from 2023 to 2033, positioning the industry to soar to an approximate value of US$6.5 billion by 2033.

Several key factors contribute to this extraordinary growth trajectory within the stoma care market. The rising prevalence of diseases necessitating ostomy care, combined with continuous advancements in surgical techniques and ostomy products, has played a pivotal role in propelling this significant expansion. Furthermore, heightened awareness and favorable reimbursement policies have created a supportive environment for the market’s sustained growth.

Among the most prevalent conditions requiring ostomy care are colorectal cancer, bladder cancer, and inflammatory bowel disease (IBD). These medical conditions often demand surgical intervention, such as surgical excision of aggressive melanoma of the intestine. In certain instances, patients require ostomy procedures, which involve the creation of a surgical incision through the abdomen to establish a new waste minimization conduit.

As we move forward, the stoma care market is poised to provide vital support and innovative solutions for individuals facing these medical challenges, contributing to improved healthcare outcomes and quality of life.

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The adoption of stoma ostomy care procedures has increased worldwide due to the rising occurrence of these diseases and increased exposure to risk factors such as changing eating habits and increased antibiotic use in children.

However, despite recent advancements, the stoma ostomy market faces several constraints that limit its growth potential. These include stoma care issues, discomfort and other concerns associated with ostomy products, societal stigma, and increased acceptance of alternative therapies, particularly in developing countries.

While stoma surgeries are generally safe, there are some risks involved, including life-threatening issues such as necrosis and exhaustion. As a result, the acceptance of stoma care appliances may be limited to some extent.

Global Stoma Ostomy Care Industry Key Takeaways:

The USA market will hold a market share of around 28.7% in the 2023 global market.
Germany is set to hold around 5.3% of the global market share in stoma ostomy care in 2023.
The Indian market is projected to expand at a CAGR of 3.8% during the forecast period.
Due to a growing number of patients suffering from target diseases such as colorectal cancer, Ostomy Bags is predicted to occupy a considerable revenue share of 84.3% in the global market by 2023.
Due to the rising frequency of IBD, bowel cancer, and colon cancer in both developed and developing nations, as well as the favorable reimbursement environment in developed countries, the colostomy sector is predicted to hold a high market share of 88.8% in the global market in 2023.

“Improvement in product design will remain a key differentiator as end users have to face stigma with the drainage bags,” reports an FMI analyst.

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Global Stoma Ostomy Care Industry Competitive Landscape

The European market for stoma ostomy care is the largest. However, according to recent trends, key players are focusing on the Asia Pacific market due to low labor costs and a large pool of patients.

Coloplast Singapore released SenSura Mio in February 2022, which uses the latest elastic adhesive technology and is appropriate for all peristomal body profiles. SenSura® Mio is being offered in Singapore for the first time in Southeast Asia to improve the quality of life for ostomytes, or those who have had an ostomy and now have a stoma.
Trio Healthcare received financing from SWK Holdings Corporation, a specialized finance company based in the United States, in February 2020, to accomplish significant local and global expansion ahead of an anticipated product launch in 2021.

Key Players in the Global Stoma Ostomy Care Industry

BAE Systems Plc, ConvaTec Inc., Hollister Inc., EuroMed, Inc, 3M Company, Smith & Nephew plc, FNC Medical, Nu–Hope Laboratories, Inc., Marlen Manufacturing & Development Co., Torbot Group, Inc, Cymed Micro Skin, Alcare Co., Ltd., B. Braun Melsungen AG., Salts Healthcare Ltd, Securi–T USA., Welland Medical Limited, Flexicare Group Limited.

More Insights Available

North America is expected to dominate the stoma care market, owing to the high incidence of colorectal cancer and inflammatory bowel disease in the region, as well as the high adoption rate of advanced stoma care products. The United States is the largest market in North America, followed by Canada.

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Global Stoma Ostomy Care Industry Key Segments

By Surgery Type:

Colostomy
Ileostomy
Urostomy

By Product:

Ostomy Bags
Ostomy Accessories
- Belts & Tapes
- Skin Protection &Skin Barrier
- Irrigation Sets
- Convex Inserts
- Stoma Caps

By Application:

Cancer
Inflammatory Bowel Disease
Bowel Obstruction
Fecal Incontinence
Trauma and Infection

By End–Users:

Hospitals and Specialty Clinics
Home Care Settings
Ambulatory Surgical Centers

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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Sterile Packaging Market Poised to Reach US$ 29.5 Billion by 2033, Driven by Healthcare Advancements and Safety Priorities

The global sterile packaging market is on a trajectory of substantial growth, with estimations indicating a value surpassing US$ 16.8 billion in 2023, and projected to escalate to US$ 29.5 billion by 2033, exhibiting a commendable CAGR of 5.8% over the review period from 2023 to 2033.

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Key Market Insights:

Rising Healthcare Emphasis: The demand for sterile packaging solutions is propelled by the growing emphasis on healthcare and pharmaceutical products. With medical advancements progressing, the necessity for safe and contamination-free packaging becomes paramount to maintain the efficacy of life-saving drugs, medical devices, and equipment.
Patient Safety and Infection Control: Healthcare systems worldwide prioritize patient safety and infection control. As a result, the demand for sterile packaging solutions is expected to surge as organizations prioritize measures to ensure the safety and well-being of patients.
Incremental Growth Opportunity: Global sterile packaging sales are anticipated to surge 1.7 times over the forecast period, creating an incremental opportunity of US$ 12.7 billion. This growth underscores the critical role that sterile packaging plays in maintaining the integrity and effectiveness of medical products.

As the global healthcare landscape evolves, the sterile packaging market is poised for significant expansion, driven by collective efforts to enhance safety, health, and quality across various sectors.

Business Growth Opportunities:

Increasing Healthcare Expenditure: The growing global healthcare expenditure is creating a significant demand for sterile packaging solutions, driven by the need to maintain product integrity and prevent contamination in medical devices and pharmaceuticals.
Rising Demand for Biopharmaceuticals: The expanding biopharmaceutical industry, including the development and production of biologics, vaccines, and biosimilars, is driving the demand for advanced sterile packaging solutions to ensure the safety and efficacy of these sensitive products.
Stringent Regulatory Standards: The implementation of stringent regulations and standards by health authorities worldwide is pushing companies to adopt innovative sterile packaging technologies to comply with requirements and enhance product safety.
Technological Advancements: Continuous advancements in packaging technologies, such as the development of intelligent and active packaging systems, are providing opportunities for companies to offer more sophisticated and efficient sterile packaging solutions.
Globalization of Pharmaceutical Supply Chains: The increasing globalization of pharmaceutical supply chains is leading to higher demand for reliable sterile packaging to ensure product integrity during transportation and storage across diverse geographical regions.

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Industry Trends:

Focus on Sustainable Packaging: There is a growing trend towards sustainable and environmentally friendly sterile packaging solutions, driven by increased awareness of environmental issues and the push for more eco-friendly practices across industries.
Emphasis on Single-Use Packaging: The shift towards single-use packaging, especially in the pharmaceutical and biopharmaceutical sectors, is gaining momentum to reduce the risk of contamination and enhance overall product safety.
Rapid Growth of E-Commerce in Healthcare: The rise of e-commerce in the healthcare sector is influencing sterile packaging trends, with a need for packaging solutions that ensure product safety during online transportation and storage.
Increased Adoption of Flexible Packaging: Flexible sterile packaging formats, such as pouches and flexible blister packs, are gaining popularity due to their lightweight nature, cost-effectiveness, and adaptability to various product shapes and sizes.
Integration of Smart Packaging Technologies: The integration of smart packaging technologies, such as RFID tracking and sensor-based indicators for real-time monitoring of product conditions, is becoming more prevalent in sterile packaging to enhance supply chain visibility and product safety.

Competitive Landscape

Manufacturers of sterile packaging are implementing a number of measures to meet the rising demand for their goods and maintain their position as market leaders. They are improving their supply chains to suit the growing need for sterile packaging.

To efficiently deliver goods to customers, it entails optimizing production procedures, guaranteeing a stable supply of raw materials, and improving distribution networks. Manufacturers can fulfill deadlines and react quickly to client requests when their supply chains are optimized.

Leading producers of sterile packaging are expanding their product lines and looking into new market opportunities to serve a variety of sectors. To access untapped markets and niches, they are expanding into them. Diversification might create growth opportunities while reducing hazards brought on by reliance on specific sectors.

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Sterile Packaging Market by Category

By Product Type:

Thermoform Trays
Bottles/Containers
Vials & ampoules
Caps & Closures
Pre-filled syringes
Blister & clamshells
IV Bags & pouches
Wraps
Others (Lids, etc.)

By Material Type:

Plastic Sterile Packaging
Glass Sterile Packaging
Metal Sterile Packaging
Paper & paperboard Sterile Packaging

By End Use:

Pharmaceutical & Biological
Surgical & Medical Instruments
Food & Beverage
Other End Use

By Region:

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

Author

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.

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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T: +1-845-579-5705
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Global Peptide Synthesis Industry Targets US$1.1 Billion Valuation by 2033 with an Outstanding 8% CAGR | Reveals FMI Reports

The Global Peptide Synthesis Industry is experiencing an unprecedented surge, with projections indicating a remarkable trajectory towards a US$1.1 billion valuation by 2033. In 2023, the market is expected to hit US$520.0 million, propelled by a robust Compound Annual Growth Rate (CAGR) of 8% during the forecast period.

The driving force behind this phenomenal growth is the escalating incidence of metabolic disorders and chronic diseases such as diabetes, oncology, and obesity. This trend underscores the critical need for innovative medical solutions, where peptide synthesis emerges as a pivotal player. Its wide-ranging chemical versatility, potent biological activities, and low toxicity make it a preferred choice in the pursuit of cutting-edge healthcare solutions.

The market’s expansion is further fueled by the escalating demand for pharmacological components in medication. As the need for treatments targeting cardiovascular, neurological, and renal failures continues to grow, the significance of peptide synthesis in the pharmaceutical landscape becomes increasingly evident.

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Governments’ initiative programs, advanced healthcare therapy with adopting the latest technology, and research and development activities are further surging the market opportunities.

Rising consumer healthcare and pharmaceutical sectors are increasing the demand for peptide synthesis. Moreover, the growing malignancies, uneven lifestyles, and deadly diseases propel market opportunities. Due to its effective result, the growing popularity of enzymatic technology upsurges market growth among patients.

How Key Players Faced Threats in the Global Peptide Synthesis Industry?

Due to the lack of a peptide purification system, several therapeutic peptides go through the parenteral route. The adoption of peptide synthesis medications is widely used to treat a chronic illness for a long period of treatment, may face a problem for key players. Enzymatic breakdown and limited intestinal mucosa are a few causes of adopting oral peptide drugs.

These medicines have poor lipophilicity and charged functional groups, which are difficult to handle or absorb. However, several peptide synthesis companies are given that peptides have short half-lives and limited bioavailability. Fast metabolism and conformational changes restrict protein therapies and the bioavailability of peptides.

Pharmaceutical and Biotechnology Sectors Leading the Market Growth

Growing research and development activities, low-cost therapies, and efficient and low toxicity are a few important factors that propel market growth. The significantly growing advanced technology in the pharmaceutical and biotechnology sectors is driving peptide synthesis market expansion.

In 2022, according to Science Direct, advanced oral drugs treated diabetes patients through peptide medications. Moreover, in Jan 2022, Novo Nordisk launched its new and world’s first diabetes management ‘peptide in a pill’.All these developments are boosting the pharmaceutical and biotechnology sectors.

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Increasing Patients of Chronic Disease Dominates the United States Market

The United States is leading the global market by capturing an impressive CAGR of 7.8% during the foreseen time. Increasing chronic patients, including cardiovascular and diabetes, are fostering market growth. The rising demand for peptide-based vaccines is increasing the demand for peptide synthesis.

According to a report by the American Cancer Society, around 1.9 million new cancer cases grew in the United States. The innovation of new drugs, rising government policies, and new market entrance are surging the United States peptide synthesis market opportunities.

Global Peptide Synthesis Industry Key Takeaways:

The peptide synthesis market is expected to have a valuation of US$ 1.1 billion by 2033.
With a CAGR of 8%, the global market increasing from 2022 to 2033.
The United States peptide synthesis market is anticipated to record a CAGR of 7.8% through 2033.
With a CAGR of 7.1%, the United Kingdom market significantly uplifts during the forecast period.
China’s market is expected to hold a CAGR of 7.4% over the forecast period.
Japan’s market captured a CAGR of 6.5% from 2023 to 2033.

Global Peptide Synthesis Industry Competitive Landscape:

The present prominent players fragmented the market. These players invested a huge amount in research and development activities to acquire maximum output. Through their marketing strategies, these prominent players upsurge the market growth.

Global Peptide Synthesis Industry Key Players:

GenScript Biotech Corporation
Bachem Holding AG
Thermo Fisher Scientific Inc
Merck KGaA
Kaneka Corporation

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Global Peptide Synthesis Industry Recent Developments:

In June 2020, Evonik announced its new peptide, which is highly soluble and chemically defined to supply amino acids.
In May 2022, the United States Food and Drug Administration approved the Mounjaro injection that helps to control blood sugar and type 2 diabetes disease.

Global Peptide Synthesis Industry by Category

By Product and Services:

Reagents
Equipment
Services

By Technology:

Solid-phase peptide Synthesis
Solution-phase Peptide Synthesis
Hybrid & Recombinant Technology

By End Use:

Pharmaceuticals & Biotechnology Companies
CDMOs & CROs
Academics & Research Institutes

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.

About Future Market Insights (FMI)

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Foam Cooler Box Market Projected to Reach US$ 3.26 Billion by 2033, Fueled by Demand for Convenient and Eco-Friendly Packaging Solutions

According to a recent market analysis by Future Market Insights (FMI), the foam cooler box market is poised for substantial growth, with sales forecasted to surge at a 6.6% CAGR, reaching US$ 1.72 billion in 2023. With this impressive compound annual growth rate, the market is expected to reach US$ 3.26 billion by 2033.

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Key Market Drivers:

Increasing Demand for Convenient and Eco-Friendly Packaging Solutions: The foam cooler box market has experienced significant growth driven by the rising demand for convenient and eco-friendly packaging solutions. With the growing popularity of outdoor activities such as camping and picnics, foam cooler boxes have emerged as a preferred choice for consumers seeking portable and efficient cooling solutions.
Wide Range of Sizes and Configurations: Foam cooler boxes offer a vast range of sizes and configurations, making them more suited for single-use purposes compared to conventional plastic or metal coolers. Their lightweight design and excellent insulation qualities make them ideal for preserving food quality, particularly for storing seafood products.
Focus on Sustainability: Manufacturers are increasingly focusing on producing foam cooler boxes made from eco-friendly materials, such as recycled materials and biodegradable foam, to meet the growing demand for sustainable packaging solutions. The trend toward eco-friendliness and sustainability has positively impacted the foam cooler box industry, with consumers favoring reusable and durable alternatives to traditional single-use plastic containers.
Opportunities in E-commerce: The rise of e-commerce and the increasing popularity of online shopping present significant opportunities for growth in the foam cooler box market. Online marketplaces provide a platform for manufacturers to reach a wide audience and sell their products globally, driving market growth and expansion.

Innovations and Investments: Leading manufacturers in the foam cooler box market are investing heavily in research and development to create innovative and eco-friendly products. With a focus on expanding product lines and diversifying offerings, manufacturers are introducing foam coolers with built-in Bluetooth speakers and solar panels, catering to evolving consumer preferences and market trends.

As the foam cooler box market continues to evolve, opportunities for growth abound, driven by consumer demand for convenience, sustainability, and innovative packaging solutions.

Key Takeaways

The market in the United Kingdom is anticipated to rise, exhibiting a CAGR of 5.43% through 2033.
The United States dominated the market in 2022 holding a 21.2% share of the global market.
In 2022, Japan held a 4.8% market share globally.
With a CAGR of 10.11% from 2023 to 2033, India is expected to advance significantly in the market.
The market in China is expected to proliferate, registering a CAGR of 9.01% over the forecast period.
Germany accounted for 3.7% of the global market in 2022.

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Growth Opportunities in the Foam Cooler Box Industry:

E-commerce Expansion: The increasing trend of online shopping and home delivery services presents a significant growth opportunity for foam cooler boxes, as they are essential for the safe transportation of temperature-sensitive goods.
Medical and Pharmaceutical Applications: With a growing focus on healthcare and pharmaceutical logistics, foam cooler boxes play a crucial role in maintaining the integrity of temperature-sensitive medical supplies and medications during transportation, creating a niche market.
Biodegradable and Sustainable Solutions: Consumer demand for eco-friendly packaging solutions is driving innovation in foam cooler boxes. Manufacturers have the opportunity to capitalize on the development of biodegradable and sustainable materials, aligning with environmental concerns.
Cold Chain Management: The increasing need for an efficient cold chain in the food and beverage industry, as well as the pharmaceutical sector, provides growth prospects for foam cooler box manufacturers offering advanced insulation and temperature control technologies.
Customization and Branding: Offering customizable and branded foam cooler boxes to businesses, event organizers, and retailers provides a unique growth avenue. Personalized solutions cater to specific customer needs and enhance brand visibility.

Industry Trends:

Technological Advancements: The industry is witnessing advancements in insulation technologies, including the use of phase change materials and vacuum insulation panels, to improve the thermal performance of foam cooler boxes.
Regulatory Compliance and Standards: Increasing emphasis on maintaining product integrity during transportation has led to the development of stringent regulations and standards, shaping the industry to focus on compliant and certified foam cooler box solutions.
Rise of E-Commerce Packaging Solutions: As e-commerce continues to grow, the foam cooler box market is witnessing a trend towards packaging solutions designed specifically for online retail, ensuring the safe and efficient delivery of temperature-sensitive products.
Global Supply Chain Challenges: The industry is impacted by global supply chain challenges, influencing manufacturing processes, sourcing of raw materials, and distribution networks. Adaptable supply chain strategies are essential to navigate these complexities.
Demand for Lightweight and Space-Efficient Designs: With a focus on reducing transportation costs and environmental impact, there is a trend toward lightweight and space-efficient foam cooler box designs that maintain optimal insulation properties while minimizing overall weight and volume.

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Foam Cooler Box Market by Category

By Capacity:

Up to 25 Quart
26-75 Quart
76-150 Quart
Above 150 Quart

By Carrying Method:

Side Handles
Lid Handles
Shoulder Strap
Wheel

By Material type:

Expanded Polystyrene
Expanded Polypropylene
Polyurethane
Closed-cell Polyethylene

By End Use Industry:

Food & Beverages
Pharmaceutical
Cosmetics & Personal Care
Chemical
Others

By Region:

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

Author

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

Global Medical Rehabilitation Robotics Industry on Track for 15.2% CAGR, Envisioning a US$1.76 Billion Market by 2033 | FMI

Global Medical Rehabilitation Robotics Market

The Global Medical Rehabilitation Robotics Industry is on the brink of an extraordinary surge, with a projected Compound Annual Growth Rate (CAGR) of 15.2%. By the year 2033, this dynamic sector is anticipated to achieve a significant valuation of US$1.76 Billion, showcasing substantial growth from the US$366.2 Million recorded in 2022.

In tandem with this growth, the Pediatrics Rehabilitation Robotics Market, although in its nascent stages, promises a bright future. The expansion of rehabilitation services dedicated to patients with conditions such as autism and cerebral palsy is expected to be a pivotal driver for the market’s expansion.

According to the latest reports from the World Health Organization (WHO), the year 2021 witnessed a staggering 1.71 Billion people grappling with musculoskeletal disorders. This alarming statistic underscores the critical need for the adoption of rehabilitation robots. These cutting-edge devices play a pivotal role in assisting physically challenged and differently-abled individuals in maintaining balance, standing up, and sustaining their gait.

One of the highlights of medical rehabilitation robotics is its myriad of benefits, particularly in affording individuals with spinal cord injuries the opportunity to stand and walk at a reduced metabolic cost. Moreover, this industry is at the forefront of technological advancements, incorporating Machine Learning (ML) and Artificial Intelligence (AI) alongside advanced sensor technologies. The burgeoning geriatric population further propels the exponential growth of the medical rehabilitation robotics industry.

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Along the above-mentioned lines, PARO comes across as a companion robot that has been specially designed for those suffering from Alzheimer’s, dementia, and various other cognition disorders. Dr. Takanori Shibata from Japan’s National Institute of Advanced Industrial Science and Technology has come up with this assistive robot for helping those with disabilities fulfill daily activities like eating and walking.

The robotic lower-body exoskeleton is being used to assist the ones with paralysis of the lower limbs and does encourage muscle activity therein.

Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Medical Rehabilitation Robotics Market’ with its team of analysts and consultants deploying a 360-degree view in its primary, secondary, and tertiary modes of research.

“With Spike in cases of stroke, the global medical rehabilitation robotics industry is expected to go great guns shortly”, says an analyst from Future Market Insights.

Key Takeaways from the Global Medical Rehabilitation Robotics Industry

North America holds more than 40% of the market share due to growing incidences of spinal cord injury followed by rising aging and disabled population.
Europe holds a significant market share with Germany leading from the front with Spain, Denmark, and the UK leading from the front.
The Asia-Pacific is expected to grow at a rapid pace in the medical rehabilitation robotics industry with countries like Japan obtaining the status of ‘super-aging society’.

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Competitive Robotics

Ekso Bionics Holdings, Inc. received approval from the US FDA for marketing the EksoNR robotic exoskeleton for usage with patients suffering from MS (Multiple Sclerosis).
Tyromotion, of late, completed acquisition of yband therapy AG (a Swiss-based start-up) for encouraging patients’ ownership of recovery with cutting-edge movement trackers.
Bionik Laboratories Corporation, in January 2019, did launch InMotion ARM/HAND robotic system to clinically rehabilitate stroke survivors and the ones having mobility impairments owing to neurological conditions. The enhanced robotic system has been developed according to principles of motor learning as well as neuro-plasticity and makes use of AI and data analysis for offering individualized therapy to the patients.
ReWalk Robotics, Inc., in June 2019, did announce that the US FDA approved the ReStore soft exo-suit system for selling to the rehabilitation centers all over the US.
Cyberdyne Inc., in January 2018, obtained approval from the US FDA to sell HAL (Hybrid Assistive Limb) lower-body exoskeleton in the licensed medical facilities all over the US.
Stryker Corporation, in the year 2020, did receive regulatory approval for MAKO robotic surgery system in Japan for partial knee indication.
Accuray, in 2020, did launch CyberKnife S7 System, which comes across as a next-generation CyberKnife platform with real-time, advanced, AI-driven motion tracking as well as synchronization treatment delivery for SBRT (stereotactic body radiation therapy) and SRS (stereotactic radiosurgery).
Medtronic, in 2020, completed acquisition of Medicrea through AI, patient specific implants, and predictive modeling.
Intuitive Surgical, in 2019, did receive clearance from the US FDA regarding da Vinci Single-port Surgical System.

Key Global Medical Rehabilitation Robotics Industry Players:

Ekso Bionics Holdings Inc.
AlterG Inc.
Bionik Laboratories Corp.
Cyberdyne Inc.
Rewalk Robotics.
Instead Technoligies Ltd.
Hocoma AG.
Fourier Intelligene
Tyromotion Gmbh
Toyota Motor Corporation
BeatBots LLC
Bioxtreme
Rex Bionics Inc.
LEADERS REHAB ROBOT Co. Ltd.

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Key Segments Covered in Global Medical Rehabilitation Robotics Industry Research

By Product:

Exoskeletons
Therapeutic/ Assistive

By Extremity:

Upper Extremity
- Arm
- Wrist
- Shoulder
- Elbow
Lower Extremity

By Therapy:

Limb Mobility
Gait
Sensory

By Patient:

Adults
Pediatric

By Application:

Neurorehabilitation
Physical Rehabilitation
Others

By End user:

Hospitals
Wellness centers
Rehabilitation centers
Homecare

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.

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 5,000 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