Bot Services Market is Expected to Expand at a CAGR of 27.4% from 2022-2032 | Future Market Insights, Inc.

The global bot services market stands at US$ 1.6 Bn at present and is expected to reach US$ 18 Bn by the year 2032 at a whopping CAGR of 27.1% between 2022 and 2032.

The e-Commerce and BFSI sectors are more into usage of chatbots. Enterprises do adopt chatbots for internal tasks as well as customer service. One of the catalysts to bot services market is growing demand for feature phones along with incorporating advanced NLP and AI techniques. Urbanization and digitization have revolutionized the world, and bot services have played a vital role. Efforts are also being made for standardizing the ecosystem worldwide.

Various service companies did turn into bots during the pandemic, so as to help the clientele resolve issues without any propagation delay. The healthcare industry did see a spike in the sales of chatbots during the pandemic era. Several public healthcare and commercial websites made use of chatbots for diagnosing isolated patients and getting basic healthcare assessment done. On these grounds, the WHO, in April 2020, came up with chatbots on Fb messenger for providing precise information about Covid-19. Future Market Insights has walked through these facts with probable calls to action in its latest market study entitled ‘Bot Services Market’

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Key Takeaways from Bot Services Market

  • North America holds the largest market share due to the US being home to hordes of IT companies.
  • Europe is at the matured stage in bot services market and expected to show this consistency in the upcoming period.
  • The Asia-Pacific, led by India, Japan, and China, is expected to be the fastest growing region in bot services market in the near future.

Competitive Landscape

  • Microsoft Corporation, in January 2021, did announce transitioning Microsoft healthcare Bot Service to ‘Azure’ to enable customers to take an advantage of the latter’s improved tools, compliance, and security features.
  • Poynter Institute’s IFCN (International Fact-Checking Network), in May 2020, came up with Whatsapp-enabled chatbots for providing access to translated network comprising over 80 fact-checking organizations across the globe.
  • Alvaria, in June 2022, put forth its very first native product called ‘Alvaria CX Suite’, which comes across as combination of Noble Contact Center and Unified IP/Advanced List Management from Aspect. CX suite has been rounded out with self-service, omnichannel, fraud detection capabilities, and compliant outreach.
  • Meta, in February 2022, launched the latest innovation regarding Universal Speech Translator, wherein it would be extending support to languages sans standard writing system (both – spoken and written).
  • Baidu, in November 2021, tabled PLATO-XL. It’s an AI model meant for dialogue generation. At present, it does outperform existing commercial chatbots on several conversational benchmarks, thereby showing exceptional performance.
  • Mindsay, in April 2021, used Genesys App Foundry for publishing AI chatbots. The agents are likely to quickly leave and engage in conversations with the customers through chatbot interface by integration of Mindsay chatbots with Genesys Cloud, that too, day in day out.
  • Yellow Messengers, an AI chat bot firm, did receive US$ 20 Mn in April 2020 from an investor for fulfiling the growing need of the market.

“With internet penetration witnessing an exponentiation, the global bot services market is likely to grow inadvertently in the forecast period”, says an analyst from Future Market Insights.

What are the inclusions of Bot Services Market Report?

  • Future Market Insights offers an exclusive perspective and various real-time insights on the bot services market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
  • The research study is based on service (platform and framework), by mode of channel (website, contact centers, social media, and mobile applications), by business function (sales & marketing, human resource, finance, supply chain & logistics, and IT), by application (customer engagement & retention, workforce management, agent performance management, content management, appointment scheduling, employee on-boarding, and others), by deployment mode (on-premises and cloud), by organization size (SMEs and large enterprises), and by vertical (BFSI, retail & e-Commerce, healthcare & life sciences, media & entertainment, travel & hospitality, IT telecom, government, and other verticals).
  • Bots let users add various intelligent agents communicating without investment of money and time in incorporating AI of their own.

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Bot Services Market Segmentation

By Service:

  • Framework
  • Platform

By Mode of Channel:

  • Website
  • Contact Centers
  • Social Media
  • Mobile Applications

By Business Function:

  • Sales & Marketing
  • Human Resource (HR)
  • Finance
  • Supply Chain & Logistics
  • Information Technology (IT)

By Application:

  • Customer Engagement & Retention
  • Workforce Management
  • Agent Performance Management
  • Content Management
  • Appointment Scheduling
  • Employee On boarding
  • Other Applications

By Deployment Mode:

  • On-premises
  • Cloud

Organization Size:

  • Large Enterprises
  • SMEs

Verticals:

  • BFSI
  • Retail & e-commerce
  • Healthcare & Life Sciences
  • Media & Entertainment
  • Travel & Hospitality
  • IT & Telecom
  • Government
  • Other Verticals

By Region:

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

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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.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:      

Nandini Singh Sawlani 

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Global Allergy Immunotherapy Market to Exceed US$ 4.07 Billion by 2033, Riding on the Wave of 8.9% CAGR

FMI, a leading market research and analysis firm, forecasts a significant upswing in the Global Allergy Immunotherapy Industry. In 2023, the market is set to reach an estimated value of US$ 1.74 billion, with a remarkable compound annual growth rate (CAGR) of 8.9% projected from 2023 to 2033. By 2033, the market is expected to surpass an impressive milestone, reaching a valuation of US$ 4.07 billion.

The burgeoning allergy immunotherapy industry is carving its path to success by adopting principles similar to those utilized in immunotherapy treatments for cancer. While the spotlight often shines on cancer immunotherapy for its innovative approaches, it is essential to acknowledge the growing significance of allergy immunotherapy in addressing allergies, which impact millions of individuals worldwide.

This substantial growth trajectory highlights the market’s potential for substantial advancements in allergy treatment, significantly improving the lives of those suffering from allergies. It also underlines the market’s commitment to harnessing the principles of immunotherapy for the greater good, showcasing innovation that extends beyond the realm of cancer treatment.

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The predicted revenue growth could be related to the burden of allergy conditions, which are becoming more prevalent globally. The responsibility that complex allergies with increased morbidity place on the healthcare system motivates research and development in this area for the introduction of innovative medicines.

The primary factors propelling the global market are:

  • The expansion of industrialization and population.
  • Improvements in healthcare and medicine.
  • The launch of novel immunotherapeutic medications.

Current regulatory approvals, such as those for oral dissolvable tablets, are further enhanced to gain a larger global allergy immunotherapy industry share.

Compared to other treatments already on the market, sublingual allergy immunotherapy has been clinically shown to be more effective and have fewer adverse effects. Another factor influencing the allergy immunotherapy industry growth is the demographic shift in the population and the macroeconomic environment.

The prevalence of asthma and allergy respiratory illnesses has increased due to rising air pollution levels inside and outside. According to the Asthma and Allergy Association of America (AAFA), rising pollen levels cause more than 25 million allergies.

Europe and North America are the two leading markets for allergy immunotherapy, and they are likely to continue holding a sizable market share during the forecast period. Given the increased awareness, healthcare reimbursement regulations, and growth in the population who suffer from allergies, Europe is estimated to hold a significant portion of the global allergy immunotherapy industry.

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“Allergy immunotherapy represents a transformative approach to allergy treatment. This therapeutic method offers long-term relief by desensitizing the immune system to allergens, fundamentally changing how we manage allergies and providing hope for sufferers worldwide.”—by Lead Analyst at Future Market Insights.

KEY TAKEAWAYS:

  • The market in the United Kingdom is anticipated to rise, exhibiting a CAGR of 9.1% through 2033.
  • The United States is expected to develop at a 9.1% CAGR during the forecast period.
  • With a CAGR of 9.3% over the forecast period, Canada is predicted to grow rapidly in the market.
  • The market in China is expected to increase, registering a CAGR of 8.8% over the forecast period.
  • Germany is estimated to grow decently, registering a CAGR of 9.7% until 2033.

COMPETITIVE LANDSCAPE:

Top players operating in the allergy immunotherapy market are ALK Abello, Stallergenes Greer, Allergy Therapeutics, Aimmune Therapeutics, Anergis, Arrayit Corporation, Biomay AG, HAL Allergy Group, DBV Technologies, and others.

These key players in the market are developing innovative products, such as sublingual and subcutaneous immunotherapy, to cater to the growing demand for effective allergy treatments. They also invest in research and development to improve existing therapies’ efficacy and safety and expand their market reach through strategic partnerships and collaborations.

RECENT DEVELOPMENTS:

  • In September 2021, ALK confirmed that by expanding the number of patients by at least 100,000 yearly, it intends to make allergy testing, immunotherapy treatments, and adrenaline products accessible by 2030.
  • In June 2021, with the complete restoration of SCIT manufacturing in Antony, Stallergenes Greer declared that Alustal®, its subcutaneous allergen immunotherapy (SCIT) remedy, is now accessible in Italy and Spain.

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Global Allergy Immunotherapy Industry Segmentation:

Product:

  • SLIT Tablets
    • Odactra
    • Grastek
    • Ragwitek
    • Oralair
    • Actair
    • Others
  • Oral
    • Palforzia
    • Others
  • Injections
  • Others

Immunotherapy:

  • Sublingual Immunotherapy
  • Subcutaneous Immunotherapy
    • Specific Immunotherapy
  • Others

Indication:

  • Allergic Rhinitis
  • Allergic Asthma
  • Food Allergy
  • Atopic Dermatitis
  • Others

Allergen:

  • Pollens
    • Grass Pollens
    • Weed Pollens
    • Tree Pollens
  • House Dust Mites
  • Mold
  • Animal Dander
  • Bee Venom
  • Cockroaches/Insects
  • Others

Distribution Channel:

  • Institutional Sales
    • Government Hospitals
    • Semi-Government Hospitals
    • Private Hospitals
  • Retail Sales
    • Retail Pharmacy
    • Drug Stores
    • Online Pharmacy

Author

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

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

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 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

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Hydraulic Fluids Industry Poised for Growth: Projected to Reach US$ 12.6 Billion by 2033 with a Stable 3.6% CAGR

The global hydraulic fluids industry is poised for significant growth, with projections indicating that by 2033, it will expand to an estimated US$ 12.6 billion, following a steady compound annual growth rate (CAGR) of 3.6% between 2023 and 2033. In 2023, the market is expected to reach US$ 8.8 billion. This anticipated growth comes after a robust historical period from 2018 to 2022, during which the global hydraulic fluids industry exhibited a CAGR of 5.5%, showcasing the industry’s resilience and potential for continued development.

The hydraulic oil market includes a variety of specialty oils used in hydraulic systems to transmit power and lubricate moving parts. These systems are standard in several industries and applications, including industrial machinery, construction equipment, automotive and marine equipment, and aerospace.

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Hydraulic fluids perform several essential functions in hydraulic systems. They transmit power from the prime mover (such as an electric motor or motor) to an actuator (such as a cylinder or hydraulic engine) that performs mechanical work. In addition, hydraulic fluid also lubricates moving parts, prevents corrosion, and dissipates heat generated during operation.

Environmental sustainability has become an essential priority in the hydraulic oil market. The need for environmentally friendly formulations is increasing to meet regulatory requirements and address ecological concerns. This comprises biodegradable liquids, low-toxicity options, and those with low environmental impact.

The preparation and use of hydraulic fluids are subject to several regulatory standards and industry stipulations. These standards ensure that liquids meet precise performance, safety, and ecological criteria. The hydraulic oil market is worldwide, with significant demand from advanced economies and developing markets. Diverse regions may have exact industrial orientations and preferences for specific types of hydraulic fluids.

The industry’s continuous research and development activities focus on generating more effective and longer-lasting formulations. This comprises the growth of advanced additives and base oils that improve fluid performance. The market is modest, with both large multinationals and small specialized manufacturers. Companies can differentiate through product performance, environmental sustainability, and service offerings.

Key Takeaways from the Hydraulic Fluids Industry Report

  • The United States hydraulic fluids industry is projected to reach US$ 2.1 billion in the forecast period.
  • The United Kingdom’s hydraulic fluids industry is set to be valued at US$ 476.5 million by 2033.
  • China’s hydraulic fluids industry will likely total US$ 1.5 billion by 2033.
  • Japan’s hydraulic fluids industry is estimated to register US$ 1.1 billion by 2033.
  • Based on base oil, the mineral oil segment is set to witness a CAGR of 3.3% from 2023 to 2033.

“In the automotive industry, hydraulic fluids are majorly used in clutches, brakes, and power steering systems. Clutch, brake, and power steering fluids are the forms of hydraulic fluids used in the automotive sector. These fluids aid by generating force (transferring kinetic or potential energy) and protecting contact surfaces from wear and tear.” says an FMI Analyst.

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Competitive Landscape

Key companies and manufacturers are directing on expanding their service & and product portfolios by launching new products. They would also employ several growth strategies such as acquisitions, advertising, partnerships, deals, and mergers to stay significant in the market.

For instance,

  • In July 2020, SWEPI LP, completed the acqusiiton of its Appalachian shale gas position to NFG Midstream Covington, LLC and Seneca Resources Company, LLC.
  • In March 2022, BASF SE, an globally renowned company, revealed that its plant in China, will produce synthetic ester base oils.

Top Key Players in the Market

  • ADDINOL Lube Oil GmbH
  • Amalie Oil Co.
  • Bechem Lubrication Technology
  • LLC
  • Bel-Ray Company LLC
  • BP PLC
  • Chevron Corporation

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Get More Valuable Insights into the Hydraulic Fluids Industry Report

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global hydraulic fluids industry presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.

The study incorporates compelling insights on the hydraulic fluids industry based on point of sale (aftermarket, OEM) base oil (mineral oil, synthetic oil, bio-based oil) end-use (construction, metal & mining, agriculture, oil & gas, transportation, cement production, food processing) other end-uses) across several regions.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:       

Nandini Singh Sawlani  

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Applicant Tracking System Market is Expected to Progress at a CAGR of 5.3% from 2022 to 2032 | FMI

An analysis by Future Market Insights released recently estimates that the Applicant Tracking System will generate US$ 2.1 billion in sales in 2022 and will increase at a compound annual growth rate (CAGR) of 5.3% from 2022 to 2032. It is anticipated that the market would be valued US$ 3.8 billion by the end of 2032. The ability of the programme to be modified and customised to meet end-user demands is what accounts for the rise.

For easy access by recruiters, the programme collects and stores resumes in its database. Despite their corporate origins, applicant tracking systems allow organisations to customise the software to suit their own end-user requirements. For instance, in April 2021, the American employment company UKG and the cloud-based recruiting software platform iCIMS announced their collaboration.

Through the partnership, iCIMS will be able to increase precision and data quality, conserve employee data, speed up decision-making, and ease internal mobility. Hiring managers and recruiters can send new hire insights through the company’s applicant tracking system platform, which quickly synchronizes the employee data to improve the procedures for transfers, new engagements, and rehires.

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The Impact of Covid-19 on Applicant Tracking System Market

The COVID-19-related economic crisis increased businesses’ interest in applicant tracking system software. Despite the shutdown, the global market for applicant tracking system expanded by 4.54% in 2020. Due to social distance and rules requiring employees to stay at home, it was difficult to fill open positions that were necessary to keep businesses operational. Remote recruiting was advised in order to keep the hiring process productive and to safeguard both recruiters and candidates.

On the other hand, a shift to virtual recruiting calls for the adoption of technology with plenty of features and sophisticated candidate tracking strategies. Due to the rising popularity of hiring automation and virtual interviewing platforms like Skype, Zoom, and Microsoft Teams, the market for applicant tracking systems has expanded.

Competitive Landscape

Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in Applicant Tracking System market are focused on their alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their Applicant Tracking System market share.

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Some of the recent developments of key Applicant Tracking System providers are as follows:

  • In January 2020, for its HR product line, Jobvite introduced a data science strategy. By ensuring that corporate recruiters have access to the most qualified applicants, this program aims to save time for both candidates and recruiters. Several algorithms and data sources, including corporate and recruiter hiring preferences, are incorporated into this data-driven strategy.
  • In December 2020, to enhance the company’s Talent Cloud Platform with employee-generated video storytelling, iCIMS recently announced the acquisition of Altru Labs, a mobile video platform.

More Insights Available

Future Market Insights, in its new offering, presents an unbiased analysis of the Applicant Tracking System   Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals extensive growth in Applicant Tracking System in terms of Component (Software, Services) Deployment (On-premises, Cloud) Organization Size (Small & Medium Enterprises, Large Enterprises) End-Use (IT & Telecommunication, BFSI, Healthcare & Life Sciences, Consumer Goods & Retail, Manufacturing, Others) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

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Applicant Tracking System Market Segmentation

By Component:

  • Software
  • Services
    • Training, Support & Maintenance
    • Integration & Implementation
    • Consulting

By Deployment:

  • On-premise
  • Cloud

By Organization Size:

  • Small & Medium Enterprises
  • Large Enterprises

By End Use:

  • IT & Telecommunication
  • BFSI
  • Healthcare & Life Sciences
  • Consumer Goods & Retail
  • Manufacturing
  • Others

By Region:

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

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.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:      

Nandini Singh Sawlani 

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Sulfone Polymers Industry Poised for Strong Growth: 5.0% CAGR Expected Globally from 2023 to 2033

According to Future Market Insights (FMI), the global sulfone polymers industry is poised for rapid growth, with a projected value of over US$ 1,343.9 million in 2023. FMI’s comprehensive market assessment foresees a steady compound annual growth rate (CAGR) of 5.0% between 2023 and 2033, underscoring the enduring significance of sulfone polymers in a wide range of industries and applications, indicating a sustained upward trajectory for this versatile material.

Sulfone polymers are a class of high-performance engineering thermoplastics that have gained significant importance in various industries due to their exceptional properties and versatile applications. These polymers are characterized by a sulfone (SO2) group in their molecular structure, providing them with outstanding thermal, mechanical, and chemical resistance properties. As a result, sulfone polymers have found widespread use in demanding applications where other conventional thermoplastics may not meet the required performance standards.

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The sulfone polymers industry has experienced steady growth over the past few years, driven by increasing demand from key end-use industries, including automotive, aerospace, and electronics. The growth in these sectors, coupled with ongoing research and development efforts to enhance polymer properties, is expected to continue fueling market expansion.

The rising focus on sustainability and eco-friendly materials also presents opportunities for sulfone polymers, as certain formulations can be recycled and reused. Furthermore, advancements in manufacturing processes and technological innovations are likely to drive down production costs and increase market accessibility.

Drivers of the Sulfone Polymers Industry

  • The rapid expansion of the electrical and electronics sectors around the world is driving up demand for sulfone polymer.
  • Rising demand for amorphous thermoplastics with higher strength and hydrolytic stability is likely to drive market growth.
  • Demand for consumer goods and healthcare services is expected to drive market growth.

Restriction in the Sulfone Polymers Industry

  • The complex process cycle involved in the production of conventional polymers, as well as the need for cost-effective raw materials, may limit the market growth.
  • Given its low resistance to UV light and higher cost, it is not widely used by small to medium-sized businesses.

Opportunities in the Global Sulfone Polymers Industry

  • The demand for high-performance sulfone polymers has increased due to rapid technological advancements in the automotive and aerospace industries.
  • Due to their lighter weight and higher strength, composite materials made of sulfone polymers have replaced metals in the aircraft industry. This trend is anticipated to fuel the sulfone polymer market.

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Key Takeaways from the Sulfone Polymers Industry

  • The United States is expected to account for a sizable portion of the North American sulfone polymers market. The market is expected to account for 31.6% of the global market. The rapid development of the healthcare sector has significantly aided market growth.
  • Polysulfone sulfone polymer sales are expected to grow at a significant 5.4% CAGR and hold a significant market share of 42.6% by 2033. End uses such as automotive, health care, and consumer goods drive demand for the polysulfone segment.
  • Germany is expected to hold 6.1% of the global sulfone polymers market in 2033. Several suppliers and distributors in the region serve the country’s market. This facilitates the growing demand for sulfone polymers in a variety of end-use industries and is expected to generate high demand for sulfone polymers in the country over the forecast period.
  • China is expected to continue to be a major producer of sulfone polymers around the world. This is primarily due to the country’s rapid industrialization. According to FMI, China is expected to account for a fair share of the global sulfone polymer market, creating an incremental opportunity of more than US$ 70.8 Mn during the analysis period.

Top Players in the Sulfone Polymers Industry

  • Mitsubishi Chemicals Holdings Corporation
  • Sumitomo Chemical Co., Ltd.
  • Solvay SA
  • Saudi Basic Industries Corporation (SABIC)
  • Sino Polymer
  • UJU New Materials Co Ltd.
  • Shandong Horan
  • RTP Company

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Sulfone Polymers Industry Survey by Category

Sulfone Polymers Industry by Product Type:

  • Polysulfone Polymers
  • Polyethersulfone Polymers
  • Polyphenylsulfone Polymers

Sulfone Polymers Industry by End Use:

  • Automotive & Transportation
  • Healthcare
  • Electrical & Electronics
  • Consumer Products
  • Industrial Processing
  • Other Products

Sulfone Polymers Industry by Region:

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:       

Nandini Singh Sawlani  

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Global Benign Prostatic Hyperplasia (BPH) Prostate Treatment Industry to Soar to US$ 39.5 Billion by 2028, with a CAGR of 4.7% | Says FMI

The Global Benign Prostatic Hyperplasia (BPH) Prostate Treatment Industry is poised for remarkable growth, with expectations to reach a substantial valuation of US$ 39.5 billion by 2028. This surge reflects an average compound annual growth rate (CAGR) of 4.7% from 2022 to 2028. In 2022, the market is already on the path to reaching an estimated US$ 30.04 billion.

The driving force behind this growth is the increasing preference for minimally invasive surgeries. This trend is expected to stoke demand for BPH prostate treatment, offering patients more effective and less invasive options, thereby boosting market growth during the forecast period.

The rising incidence of benign prostatic hyperplasia plays a pivotal role in the market’s expansion. As BPH cases continue to escalate, and with a growing number of patients opting for minimally invasive procedures, the benign prostatic hyperplasia (BPH) prostate treatment market holds promising prospects in the coming years. Moreover, the global aging population is contributing significantly to the market’s growth, presenting a substantial opportunity for BPH treatment providers.

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The increasing cases of benign prostatic hyperplasia (BPH) along with a surge in preference for minimally invasive surgeries are primary growth drivers of the target market. Furthermore, the growing popularity of Ayurveda, especially in South Asian countries, will generate more growth-inducing opportunities for the BPH treatment market. Due to all of these considerations, the target market observed a surge in growth rate as it rose to a CAGR of 3.7% from 2013 to 2021.

Heightened emphasis on healthcare, a growing geriatric population, degenerating lifestyle, poor dietary habits, hereditary inheritance of the disease, advancing research and development, and better availability of treatment procedures are some of the prominent factors that positively influence the BPH treatment market growth during the forecast period.

“Rising adoption of minimally invasive procedures coupled with rising incidences of benign prostatic hyperplasia will augment the global growth of the benign prostatic hyperplasia (BPH) prostate treatment market over the forecast period,” says an FMI analyst.

Key Takeaways:

  • High costs and side effects associated with BPH drugs may stymie market growth.
  • North America will account for the dominant portion of the global benign prostatic hyperplasia (BPH) prostate treatment market share.
  • The growing geriatric population coupled with increasing cases of BPH drive the market in the U.S.
  • Ayurveda medicines for BPH will present lucrative opportunities in India.
  • Institutional sales channel accounts for 64.7% of the global benign prostatic hyperplasia (BPH) prostate treatment market share.

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Competitive Landscape

Pfizer Inc., NxThera Inc., NeoTract Inc., Sanofi S.A, GlaxoSmithKline Plc., Allergan Plc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Eli Lily & Company, and Cardinal Health Inc., among others are some of the major players in the benign prostatic hyperplasia (BPH) prostate treatment market profiled in the full version of the report.

Leading market players are focusing on increasing investment in research and development activities. These participants are keen on offering new treatment options to patients.

More Insights into Benign Prostatic Hyperplasia (BPH) Prostate Treatment Market Report

In its latest report, FMI offers an unbiased analysis of the global benign prostatic hyperplasia (BPH) prostate treatment market, providing historical data from 2013 to 2021 and forecast statistics for 2022 to 2028. To understand the global market potential, growth, and scope, the market is segmented on the basis of treatment type (BPH drugs (alpha blockers, 5-alpha reductase inhibitors, phosphodiesterase-5 (PDE-5) inhibitors, muscarinic receptor antagonist (MRA), combination drug), BPH devices (prostatic stents, suture base implant systems, transurethral RF thermal therapy devices)), distribution channel (institutional sales (hospitals, ambulatory surgical clinics, specialty clinics), retail sales (retail pharmacies, drug stores), online pharmacies), and region.

According to the latest FMI reports, based on segmentation, the institutional sales segment leads the market. This segment accounts for 64.7% of the overall market share owing to the rising demand for minimally invasive surgeries. The retail sales segment accounts for 26.7% while the online pharmacies segment holds 8% of the global benign prostatic hyperplasia (BPH) prostate treatment market share.

Based on region, the benign prostatic hyperplasia (BPH) prostate treatment market in the United States will exhibit impressive growth during 2022-2028. The rising geriatric population coupled with increasing cases of BPH propel the target market growth in this country. Growth in research and development activities will further aid the target market growth during the projected period. Besides, India’s benign prostatic hyperplasia (BPH) prostate treatment market, too, will present notable growth. This is due to the popularity of Ayurveda as well as a surge in BPH cases. Thus, these two countries will demonstrate significant growth in the benign prostatic hyperplasia (BPH) prostate treatment market during the forecast period.

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Key Segments of BPH Prostate Treatment Industry Survey

BPH Prostate Treatment Market by Treatment Type:

  • BPH Drugs
    • Alpha Blockers
    • 5-Aplha Reductase Inhibitors
    • Phosphodiesterase-5 (PDE-5) Inhibitors
    • Muscarinic Receptor Antagonist (MRA)
    • Combination Drug
  • BPH Devices
    • Prostatic Stents
    • Suture Base Implant Systems
    • Transurethral RF Thermal Therapy Devices

BPH Prostate Treatment Market by Distribution Channel:

  • Institutional Sales
    • Hospitals
    • Ambulatory Surgical Centres
    • Specialty Clinics
  • Retail Sales
    • Retail Pharmacies
    • Drug Stores
  • Online Pharmacies

Author

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

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

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 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

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Embedded System Market is projected to reach a valuation of US$ 1,52,544.6 Million in 2032

Embedded System Market
Embedded System Market

Over the course of the projected period, it is predicted that the market for embedded systems will grow at a CAGR of 5.8%. By 2022 and 2032, it is projected that the market will be worth US$ 86,450.3 million and US$ 1,52,544.6 million, respectively.

The embedded system is quickly gaining popularity on a global scale because it is widely utilised in manufacturing for a range of functions, including temperature control, driving, networking machinery, managing the speed of assembly lines, and other activities.

The fact that an embedded system is often used for managing, monitoring, and assisting machinery, plant, and equipment operations may be the reason for this.

The term “embedded system market” describes the market for computer systems that are created to carry out certain tasks within bigger systems, such as machinery or electronic gadgets. Embedded systems are designed for low power consumption, small size, and real-time operation and often include a microprocessor or microcontroller along with other hardware and software components.

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The growing demand for smart and connected devices across numerous industries, including automotive, healthcare, industrial automation, and consumer electronics, is what propels the market for embedded systems. These sectors make use of embedded systems to increase productivity and performance while enabling features like communication, control, and monitoring.

Based on the hardware components employed, such as microcontrollers, digital signal processors (DSPs), field programmable gate arrays (FPGAs), and application-specific integrated circuits (ASICs), the embedded system market can be divided into many groups. The most often utilized embedded system components are microcontrollers because they provide an affordable and adaptable solution for a variety of applications.

Competitive Landscape

Key Players Revolutionizing the Embedded Systems Market

The market is consolidated by key players present all around the region. These players play a vital role in the growth of the market by applying various marketing strategies to acquire maximum revenue. Some of the common methodologies are product launches, mergers, and collaborations.

Recent Developments in the Embedded System Market

  • In December 2019, a company named NXP Semiconductors acquired Marvell Company’s Wi-Fi and Bluetooth connectivity for US$ 1.8 Billion. The deal was taken place to improve the connectivity and scalable processing to their consumers.
  • In November 2019, STMicroelectronics launches its new product STM32WB, which is a wireless microcontroller that can support 5.0 technology Bluetooth. It provides high security and is affordable.

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Key Segments in the Embedded Systems Market

By Type:

  • Embedded Hardware
  • Embedded Software

By End Use Industry:

  • Automotive
  • Industrial
  • Healthcare
  • Consumer Electronics
  • Energy
  • Communication
  • Aerospace & Defence

By Region:

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

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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.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:      

Nandini Singh Sawlani 

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Anticipated Surge: Stainless Steel Industry Market Value Set to Reach US$ 215.89 Billion by 2033

According to Future Market Insight’s projections, the global stainless steel industry is poised to achieve a significant milestone, reaching a value of US$ 215.89 billion by 2033. This anticipated value represents a substantial increase from its estimated worth of US$ 126.38 billion in 2023, showcasing a robust Compound Annual Growth Rate (CAGR) of 5.5%. This remarkable growth trajectory underscores the enduring demand and promising future of the stainless steel industry.

Investments in infrastructure and housing projects are set to boost the demand for stainless steel. As a versatile material, stainless steel witnesses surging demand across industries like construction, automotive, aerospace, electronics, and healthcare. Stainless steel’s advantages over carbon steel, such as flexibility, strength, corrosion resistance, aesthetic appeal, low maintenance cost, and long product life cycle, are projected to drive market growth. The upswing in these sectors, especially in emerging markets, propels the development of the stainless steel market.

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As urban centers expand and populations soar in developing regions, the need for stainless steel products in residential, commercial, and transportation projects rises accordingly. Stainless steel’s exceptional corrosion resistance positions it as the material of choice for marine, chemical, and water treatment applications, further fueling its demand. With an upsurge in manufacturing across multiple industries, stainless steel becomes indispensable for machinery, equipment, and industrial applications.

The market is set to grow significantly in the construction industry due to increased usage, presenting lucrative opportunities. Stainless steel has become more accessible and cost-effective as technology has improved its corrosion resistance and durability. The rise in construction projects, both commercial and residential, and infrastructural endeavors are likely to contribute to the increased demand for stainless steel during the forecast period.

The booming automotive industry is driving the demand for stainless steel due to its exceptional corrosion resistance, high strength, and heat resistance. These qualities make it ideal for various automotive components like seatbelt springs and hose clamps. Ongoing technological advancements in the automotive sector, especially in electric vehicles, are further fueling the adoption of stainless steel. Consequently, the growing demand from automobile manufacturers is expected to propel the stainless steel market growth significantly.

The market witnesses an upswing in specialized stainless steel grades tailored for specific applications, such as duplex stainless steel for offshore oil and gas industries and super-austenitic stainless steel for extreme corrosion environments. The aerospace industry gravitates toward lightweight stainless steel materials to enhance fuel efficiency and reduce emissions. In the food and beverage sector, the hygienic properties and ease of cleaning offered by stainless steel make it the top choice for equipment and containers used in food processing.

The market is likely to experience significant growth during the projected period due to the increasing technological advancements aimed at producing sustainable stainless steel. Global megatrends like mobility, urbanization, population, and economic development, and the impact of climate change drive this growth. Additionally, rising CO2 emissions have spurred steel producers to seek eco-friendly alternatives that are durable and recyclable at the end of their lifecycle.

The stainless steel market benefits from its eco-friendly nature, boasting high recyclability and an extended life cycle. This attracts environmentally conscious consumers and industries alike. The push toward sustainability and recycling opened opportunities for companies engaged in stainless steel recycling and processing. Continuous research and development of novel stainless steel alloys with enhanced properties present lucrative prospects to address specific and demanding applications.

Key Takeaways from the Stainless Steel Industry

  • The stainless steel industry in the United Kingdom is anticipated to rise sizably, exhibiting a CAGR of 4.9% through 2033, driven primarily by the country’s increasing investments in infrastructure projects and the growing demand for stainless steel products in the automotive sector.
  • In 2022, the United States held an 8.8% share of the global stainless steel industry, with a significant contribution driven by the country’s robust manufacturing sector and the consistent demand for stainless steel in construction projects, particularly in the booming infrastructure and real estate markets.
  • With a CAGR of 6.1% over the forecast period, India is predicted to develop rapidly in the stainless steel industry, propelled by the country’s ambitious government initiatives to boost infrastructure and construction projects, along with increasing demand for stainless steel in automotive, aerospace, and consumer goods manufacturing sectors.
  • In 2022, Japan held a 13.4% share of the global stainless steel industry, driven by its advanced technological innovations, strong export-oriented manufacturing sector, and growing demand in construction and engineering industries.
  • The stainless steel industry in China is poised to experience rapid growth, registering a CAGR of 5.7% over the forecast period, primarily fueled by the country’s massive infrastructure projects, rising demand in manufacturing and construction, and strong global trade presence.
  • In 2022, Germany accounted for 5.3% of the global stainless steel industry, with its position bolstered by the country’s highly developed engineering and automotive sectors, along with a focus on technological advancements and precision manufacturing.

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Competitive Landscape in the Stainless Steel Industry

Key players are actively engaged in various strategies to maintain and expand their market presence. This includes:

  • investing in research and development to enhance product quality and efficiency
  • strategically acquiring or partnering with regional companies to strengthen their market position
  • adopting sustainable practices to meet increasing environmental demands

These players are closely monitoring technological advancements and consumer trends to stay competitive and meet evolving customer needs.

Recent Developments by Key Players

  • In September 2022, Outokumpu introduced Circle Green, a novel line of sustainable stainless steel. It boasts an impressive carbon dioxide footprint that is 92% lower than the global industry average.
  • In December 2021, Jindal Stainless introduced India’s inaugural branded stainless steel variant of chequered sheets designed for various applications, including the transport and infrastructure industries.

Key Companies Identified

  • Outokumpu
  • Acerinox
  • Yieh United Steel Corp.
  • Baosteel Group
  • Aperam
  • Jindal Stainless Limited
  • Gerdau
  • Vallourec
  • Others

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Key Segments In The Stainless Steel Industry

By Type:

  • Austenitic Stainless Steel
  • Ferritic Stainless Steel
  • Duplex Stainless Steel
  • Martensitic Stainless Steel
  • Precipitation Hardening Stainless Steel

By Form:

  • Flat Products
  • Long Products
  • Tubular Products

By End-Use:

  • Building & Construction
  • Industrial Machinery & Components
  • Automotive & Transportation
  • Home Appliances
  • Cookware & Cutlery
  • Medical & Surgical Tools
  • Others

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:       

Nandini Singh Sawlani  

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Global Gastric Electrical Stimulator Industry Set to Surge, Anticipated to Reach US$ 433.8 Million by 2033 | FMI Reveals

The Global Gastric Electrical Stimulator Industry is on an impressive trajectory, with projected growth reaching US$ 433.8 million by 2033, as per estimations. In 2023, the market is expected to attain a valuation of US$ 240.6 million. This phenomenal ascent is attributed to a robust compound annual growth rate (CAGR) of 6.1% anticipated between 2023 and 2033.

The market is experiencing a significant evolution driven by the infusion of cutting-edge high-frequency stomach electrical stimulators. These innovations are set to revolutionize the landscape of managing chronic illnesses, particularly gastroparesis, offering promising solutions to patients and healthcare providers alike.

This substantial market growth promises a brighter future in the realm of gastric electrical stimulators, opening doors to enhanced patient care and medical advancements. As technology continues to advance and the demand for improved healthcare solutions rises, the market’s potential for transformation remains unparalleled.

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“Enterra system, a critical medical device which is highly used to treat Gastroparesis has received FDA approval as a humanitarian use device, on the back of its potential to treat or diagnose a disease or condition affecting approx. 4000 individuals annually in the United States. Though conditionally, the American College of Gastroenterology (ACG) also recommends adoption of gastric electric stimulators for individuals with chronic, stubborn nausea and vomiting caused by Gastroparesis. The gastric electric stimulators, like Enterra, is a battery-based gastric neurostimulator, which is usually rooted under the skin in lower abdomen part of the body”, Senior Analyst, FMI.

According to the FMI report on the gastric electric stimulators market, given the rarity of Gastroparesis and the prevalence of gastric-related issues, investments in R&D and clinical studies have increased significantly in recent years. Furthermore, the growing acceptance of gastric electric stimulators as an effective alternative to gastrectomy in patients with end-stage gastric dysfunction is expected to significantly accelerate demand for gastric electric stimulators by the end of 2026.

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High-Frequency Product Type Gaining Colossal Traction

According to the FMI report, high-frequency variants of gastric electric stimulators are gaining significant traction as one of the most compelling product types, as opposed to low-frequency variants of gastric electric stimulators. According to the FMI gastric electric stimulators market report, high-frequency variants of gastric electric stimulators are not only minimally invasive and extremely patient-friendly in terms of insertion, but also have a comparatively longer battery life than low-frequency variants. Furthermore, according to FMI analysis, with over 75% market share in gastric stimulators, high-frequency variants of gastric electric stimulators are likely to improve the Gastroparetic treatment landscape.

Though, gastric electrical stimulation makes the most viable treatment option for chronic drug-refractory nausea and vomiting peripheral to Gastroparesis of idiopathic or diabetic etiology, Enterra Therapy associated risks remain exceptionally high, thereby hampering the adoption of gastric electric stimulators.

North America Gastric Electric Stimulators Industry Remains Lucrative

According to the FMI Gastric Electric Stimulators Report, North America is likely to maintain its market dominance between 2018 and 2026. Growing investments in medical studies and R&D activities, ongoing technological advancements and innovations, and the presence of several leading market players are other key factors paving the way for lucrative opportunities in the gastric electric stimulators market across North America, according to the FMI report.

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According to the gastric electric stimulators market report, the global gastric electric stimulators market will remain highly consolidated, with market Mughals accounting for approximately 5o% of global revenue share, owing to their superior product offering and extensive demographic presence. Furthermore, in order to capitalise on the growing demand for gastric electric stimulators, leading market players are planning collaborations and acquisitions of local players in order to strengthen their market presence.

Author

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

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

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 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

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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Millennials to Take the eSports Market to Attain a Healthy Revenue of US$ 18.65 Bn at a CAGR of 21.5% during Forecast Period of 2022-32 | Future Market Insights, Inc.

The global eSports market is worth US$ 3.41 Bn as of now and is expected to reach US$ 18.65 Bn by the year 2032 at a thumping CAGR of 21.5% from 2022 to 2032.

With increase in frequency of live streaming of sports, expanding reach of audience, noteworthy outlays, engagement initiatives, and expanse of networks for league competitions, the global eSports market is bound to grow unabated in the next 10 years. The field of sports is turning out to be more specialized day after day, which is generating opportunities for players, influencers, game creators, and event planners. With huge prize funds at the global level, the youth is looking at eSports as one of the most promising career opportunities. Plus, universities have started doling out specific eSports programs for attracting talented workers.

The major sources of income for eSports include media rights, products, tickets, direct marketing, sponsorships, and publisher charges. Besides, Ads and sponsorships are amongst the primary income channels showing an ever-increasing demand since the last few years, as far as revenue-generating resources are concerned.

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Competitive benefits offered by eSports include option of choosing teams, organizations, and athletes that are way beyond the geographical barriers. It is also capable of interacting with non-conventional media. The main entities regarding eSports sector are inclusive of organizers, distributors, and creators. Marketers are in-charge of distribution and advertising, whereas developers conceptualize the idea of the game.

Video games are actually altering the way engagements happen in digital environment these days. They are, in fact, much more than just a thriving entertainment industry. It has been observed that gaming business promulgates creativity by pushing the upper limits with respect to achievements. Microsoft and Google are developing novel technologies for serving zillions of players across the globe. Video games at the forefront include Counter-Strike, League of Legends, PUBG, Fortnite, and likewise. Also, the current scenario is such that participants are willingly accepting pay-to-play concepts as well as money transfers. There are loads of online game marketers and also reviewers assisting lovers of gaming in eSports market.

Premium streaming sites are trending at the moment and likely to be advantageous for online gaming businesses like Electronic Arts and Ubisoft by curtailing expenses related to gaming systems. All these factors are bound to take the eSports market by storm in the forecast period. However, lack of standardization regarding eSports worldwide is likely to restrain the market. Future Market Insights has walked though these facts with insights in its latest market study entitled ‘eSports Market’.

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Key Takeaways from eSports Market

  • North America holds the largest market share due to it being subject to incorporation of 5G data connection, followed by Europe.
  • The Asia-Pacific is expected to witness the fastest growth in the eSports market in the forecast period. This could be credited to the fact that eSports is declared an official sport in China. South Korea is already a well-established nation on the count of eSports. It has a well-built infrastructure for gaming houses, trainers, chefs, and researchers.
  • By revenue source, sponsorship dominates the market.
  • BY application, platforms lead the market.
  • By platform, smartphones rule the market.

“Millennials look upon eSports as a profession due to highly impressive global prize tools, thereby driving the eSports market”, says an analyst from Future Market Insights.

Competitive eSports Market

  • Twitch Interactive, Inc. has an exclusive platform for ‘live streaming’, which the fans have adopted for watching major tournaments. Twitch had, of late, witnessed the fans investing 24 Bn hours watching the streamers in the year 2021.
  • Rooter Sports Technologies Pvt. Ltd., in March 2022, acquired media rights for every IP of Sky Esports for a year. Sky Esports is one of the leading organizers of sports tournaments in South Asia.
  • Korean Esports Association (KeSPA), in April 2022, inked a 3-year sponsorship deal with SK Telecom, so as to render the latter KeSPA’s official sponsor.
  • FanClash was launched for start-ups in 2020 by Rishabh Bhansali and Richa Singh – both from IIM-A. It makes provision for rendering fantasy sports experience for eSports.

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What does the Report Cover?

  • Future Market Insights offers an exclusive perspective and various real-time insights on the eSports market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
  • The research study is based on application (platform and service), by streaming type (on-demand and Live), by device type (smartphone, smart TV, desktop, laptop, tablets, and gaming console), and by revenue stream (media rights, game publisher fee, sponsorship, digital advertisement, and tickets and merchandise).

Market Segmentation

By Application:

  • Platform
  • Service

By Streaming Type:

  • On Demand
  • Live

By Device Type:

  • Smartphone
  • Smart TV
  • Desktop
  • Laptop
  • Tablets
  • Gaming Console

By Revenue Stream:

  • Media rights
  • Game publisher fee
  • Sponsorship
  • Digital advertisement
  • Tickets and merchandise

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.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:      

Nandini Singh Sawlani 

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