Rising Mining and Construction Activities Boost Utility Trucks Demand

26 November 2020: Utility vehicles are motorized vehicles that carry out a particular task more effectively than a passenger vehicle. Utility trucks typically have sections for the storage of numerous tools and are great for any work that require easy access to them. Majority of the utility trucks are typical trucks with a utility body up-fit while some are equipped to offer various novel applications. 

Dump Truck Sector Led the Utility Trucks Industry

On the basis of product type, the utility trucks market is classified as fire, garbage, sweeper trucks, and dump. The dump truck sector led the utility trucks in the past and is anticipated to expand at the highest CAGR in the forthcoming period. This development can be attributed to rising mining and construction activities in developing countries, such as India and China. For example, as per the World Mining Congress, China is the largest manufacturer of mineral raw materials across the globe.

The garbage trucks sector is also likely to observe significant growth on account of rising municipal budget for disposal and waste management. In 2017, rear loader garbage trucks led the sector. Stringent fuel emission rules and rising importance of fuel-efficient vehicles will boost the demand for side and front loader vehicles in the forecast period.

Rising attention on automated cleaning is anticipated to offer potential development opportunities for sweeper truck manufacturers. With structure maintenance becoming a focus part, civic authorities and large township developers are becoming expressively reliant on road cleaning equipment. In addition, the Asia Pacific sweeper truck market is presently observing increased demand on account of rising awareness and importance of sustainable and clean infrastructure.

Market Insights

Companies are concentrating on new product launches and technological innovations to keep their position strong in the market. In December 2018, Manitex International Inc. declared its collaboration with Southwest Products for the development of its distribution network in California and Arizona.

Furthermore, the companies are participating in R&D on account of increasing demand for fuel-efficient vehicles. Some of the key players effective in the utility trucks market are Bucher Industries; AB Volvo; Daimler AG; BYD Motors, Inc.; Rosenbauer International AG; and Oshkosh Corp.

Injectable Drug Delivery (IDD) System Provides Improved Patient Experience

24 November 2020: The injectable drug delivery (IDD) market is expected to witness considerable growth on account of increasing need for drug delivery systems and rising instances of chronic diseases like diabetes and cancer. Injectables are used for the treatment of diseases such as cystic fibrosis, Wilson’s disease, autoimmune diseases, hemophilia, hepatitis C, etc. as they offer a faster course of action. Comatose and unconscious patients are administered these drugs over other modes of drug delivery.

 
Due to the effectiveness and speed of delivery, the target injectable drug delivery system provides improved patient experience and is one of the most effective routes of administration. The advancements in technology are promoting the global injectable drug delivery market. With regulatory government norms, there is a greater emphasis on companies to stay updated with the latest developments in order to mitigate the challenges within the industry and remain compliant to gain the edge over competitors.

R&D Investments Boost Drug Delivery System

On the basis of product, the injectable drug delivery market is segmented into formulations and devices. Conventional injection devices and self-injection devices are two segments of devices. Devices that are designed for self-injection include auto-injectors, pen-injectors, needle-free injectors, and others.

On the basis of formulations, the injectable drug delivery market is categorized into conventional drug delivery, novel drug delivery, and others. The conventional drug delivery systems include emulsions, reconstituted lyophilized formulations, solutions, and suspensions. Novel drug delivery systems include colloidal dispersions, which are niosomes, liposomes, mixed micelles, polymeric, and nanoparticles. Microparticles are designed specifically for the rapid absorption of the drug at the target location. Use of colloidal dispersions in the drug delivery systems has been rising significantly owing to rising investments by manufacturing companies in their R&D.

The fastest gaining segment of the injectable drug delivery market includes devices that are mostly self-injection devices. At the primary level, the usage of these devices promote the control and management of various disorders. 

Market Insights
The increasing instances of diabetes and cancer in recent years and rising use of injectable drugs in their treatment and the current trends in developing safety syringes, prefilled syringes, and auto-injectors are amplifying the market growth. 

In order to ease their manufacturing and distribution processes, major companies in the market have entered into consolidated partnerships for certain products. Leading companies in the injectable drug delivery market include like Baxter International, Inc.; Pfizer, Inc.; Becton; Terumo Corporation; Schott AG; Dickinson and Company; and among others.

Workforce Analytics- An Effective Solution for HR Activities

19 November 2020: Analytics allow the management and control of numerous features of workforce and help maintain employees’ information from the date of joining to the date of leaving. Workforce analytics include HR activities such as scheduling and staffing, time and attendance, employee benchmarking, and performance management, along with other core HR responsibilities. It also assists in improving the output of HR staff by offering self-service web interfaces. The workforce analytics not only permits businesses to access and manage their employee details effectually on a real time basis but also offers meaningful insights that allow smooth functioning of the organization. 

BFSI Application to be a Prominent Sector for Workforce Analytics

On the basis of application, the workforce analytics market is classified into IT and telecommunication, manufacturing, Banking Financial Services and Insurance (BFSI), healthcare, aerospace and defense, retail, etc. The BFSI segment is anticipated to be one of the prominent sectors for the market over the forthcoming period. The development of financial and banking services is expected to be catalyzed by end-to-end computerization. Given the increasing use and acceptance of workforce analytics, organizations receive personalized and fast solutions related to human capital on a real-time basis.

The growing proliferation of online business solutions as well as customer relationship management (CRM) and e-commerce transactions, in addition to an improved number of users, is anticipated to drive the demand for the market in the retail sector. The developing online communication that equally access retailers and consumers on a stable basis is creating, even more, data for dealers to store. Workforce analytics understands both structured and unstructured data, such as images and videos, and also understands and reasons the way humans do through senses, learning, and experience. In addition, establishments are encouraging investments in the healthcare sector in a bid to digitize and modernize the industry workforce and infrastructure. 

Market Insights 

Leading players effective in the workforce analytics market are Tableau Software.; ADP LLC; SAP Se; IBM Corporation; Genpact Ltd.; Kronos Inc.; PeopleSreme Pty. Ltd.; and Oracle Corporation; among others. These companies are involved in research and development activities to advance products compliance with the standards mandated by government establishments. Strategic partnership and investment are estimated to be the most effective way to gain quick access to the developing markets.

Growing Commercial Sector to Spur Propane Demand

10 November 2020: The propane market is expected to witness substantial growth due to rising demand in automobile and petrochemical industry. Propane is a flammable hydrocarbon that is liquefied through extensively used pressurization techniques and used in cooking, heating rooms, food, and also as a fuel in vehicles. It is also used for aerosol propellants, refrigerants, and petrochemical feedstock.

Propane is separated from petroleum refining and unprocessed natural gas using refrigeration. It can also be produced from heating crude oil using a distillation tower. Propane can be compressed and stored as liquid in various vessels such as BBQ gas bottles, large gas cylinders, and LPG storage tanks. 

Demand in Industrial Sector to Boost Propane Growth

Based on end use, the product can be segmented into industrial, commercial, residential, transportation, and agriculture. Industrial segment emerged as a leading end-use segment in 2016 and is expected to maintain its dominance over the forecast period due to increasing industrial applications.

Clean burning characteristics of propane gas make it ideal in applications such as preheating, cutting and brazing, soldering, heat treatment, and shrink wrapping. In petrochemical industry, it is used to calibrate process control analyzers in mixtures. 

Various other applications of the product include testing of engines and gas burners, atmospheres in metallurgy, calibration of gas mixtures, and production of different chemicals. The commercial end use segment is the second largest segment in terms of revenue owing to high consumption of food in restaurants and hotels.

Market Insights

Propane is used as an intermediate product in the production of propylene and ethylene. Rising demand for higher efficiency fuels in automotive industry and applications in other industries are responsible for driving the growth of the market. The product is also used widely in agriculture, commercial, and residential sectors that has led to various regulations and actions concerning safety. For being highly competitive, application development and customized end-uses are expected to be the key parameters.

In order to gain market share major leading companies are resorting to various strategies such as mergers, acquisitions, and capacity expansions in an attempt to diversify the end-use portfolio. The propane market is highly competitive in nature and some of the leading key players in the market are BP, ExxonMobil, Chevron Corp., Total SA, Royal Dutch Shell, and Sinopec.

Rising Aftermarket Modifications to fuel Automotive Refinish Coatings Demand

5 November 2020: The automotive refinish coatings market is expected to witness a considerable growth on account of increasing number of vehicles in countries such as India and China. Automotive refinish coatings are mainly used by repair centers and automotive body shops for refinishing the vehicles. Automotive vehicles need regular maintenance to enhance damages caused by external factors such as stones, extreme temperature, and accidental damages. The increasing instances of road mishaps and the demand for aftermarket modifications for vehicles is expected to propel the growth of the market. 

Superior Qualities of Polyurethane to Promote Segment Growth

Based on resin, the product is segmented into alkyd, acrylic, polyurethane, and others. Polyurethane held the largest share in terms of volume as it was the most widely used resin in 2015. Due to its superior properties and advantages, such as resistance to extreme temperatures and its potential to perform in varied environmental conditions, the segment is anticipated to witness growth. The factors responsible for augmenting the growth of the segment are characteristics such as UV protection and fungus resistance, which is especially suitable for tropical environments, high resistance to grease, water, and oil, and its capacity to repel impact and abrasion. 

Acrylic refinish offers benefits such as longer lifespan and smooth finish coatings that are extensively preferred for commercial vehicles and passenger vehicles. Its extensive use in refinishing of old cars, mid-range automobiles, and mini trucks, which is likely to propel the demand for the industry. 

Market Insights

Demand for automotive refinish coatings has increased as they enable enhanced appearance of vehicles and improve the durability. Aftermarket modifications, maintenance, and rising demand for repair of vehicles is likely to fuel the growth of the automotive refinish coatings industry over the forecast period.

High demand for UV-cured, waterborne, and high solids coatings, given their low to almost negligible VOC emissions, is expected to promote the growth of automotive refinish coatings over the forecast period. Various companies are inclined to manufacture cost-efficient and high-performance coatings by promoting product development initiatives, which is also anticipated to augment product consumption. However, volatile prices of raw materials is expected to hamper the industry in the coming years.

The automotive refinish coatings market is extremely competitive in nature due to presence of the key players such as, AkzoNobel, BASF SE, PPG Industries, and Axalta Coating Systems among others.

Ophthalmic Laser Industry to Benefit from Technological Advancements

3 November 2020: The ophthalmic lasers market is anticipated to witness growth due to rising prevalence of different types of chronic ophthalmic disorders. It is a medical equipment that is used to treat cells in the eye while operating on ophthalmic disorders. A particular spot in the eye can be specifically focused using the laser beam from the device. It acts as a source of clear, monochromatic light and used in therapeutic and clinical procedures. Ophthalmic lasers have various applications in procedures such as retinal photocoagulation, cataract surgery, laser iridotomy, laser trabeculoplasty, posterior capsulotomy, and variety of other disorders.

An Effective Solution for Refractive Error Corrections

Based on product segment, femtosecond lasers accounted for the largest share in 2016 in terms of revenue. Rapid technological advancements in the field of refractive error surgeries and lasers for cataract have resulted in surging demand for these products. Along with that, advanced technologies in the field of ophthalmology are promoting the demand for ophthalmic lasers in the market.

Highly adopted Excimer lasers are used for the treatment of refractive errors in healthcare facilities. For instance, Carl Zeiss Meditec AG launched a new product MEL 80 Excimer, which is used in refractive laser surgery. 

SLT and YAG lasers are also expected to witness significant growth owing to its uses in treatment of retina, glaucoma, and corneal surgery. For instance, Ellex Medical Lasers Limited, a company that manufactures ophthalmic lasers has a broad portfolio of SLT and YAG products that are used for the treatment of eye disorders.

Market Insights

High demand for harmless, economical, and pain-free ophthalmic lasers treatments and increasing geriatric population are factors responsible for driving the growth of the market. Growing prevalence of chronic and communicable eye diseases has fueled the demand for laser treatments so as to further avoid the risk of visual impairment and blindness. 

Some of the major players of the ophthalmic lasers market are Carl Zeiss Meditec AG; Alcon Laboratories, Inc.; Ellex Medical Lasers Limited; Bausch & Lomb Incorporated; Abbott Medical Optics, Inc.; Topcon Corporation; Lumenis; Ziemer Ophthalmic Systems AG; IRIDEX Corporation; and NIDEK Co., Ltd.

Enhanced Efficiency of Atherectomy Devices Propels Market Growth

29 October 2020: The atherectomy devices market is expected to witness considerable growth due to increasing demand for minimally invasive procedures/surgeries (MIS). These procedures cause fewer traumas to patient and promote quick recovery than other invasive procedures. A key driver of the market is the increasing cases of target diseases such as peripheral artery disease (PAD). Atherectomy devices are designed differently to either cut or shave and are used to remove atherosclerotic plaque from diseased arteries. Such devices are mainly used in hospitals, clinics, and ambulatory surgical centers (ASCs), leading to high demand for the product in hospitals globally. 

Success Rate of the Product Fuels Segment Growth

Based on types, the market is segmented into directional, rotational, orbital, and laser atherectomy devices. Directional atherectomy devices had the largest share of the market in 2016 due to its early inception in the market. In addition, its ability of plaque debulking and its availability in the market in various sizes are some of major advantages of the product. 

Another factor contributing to the high demand for the product is various clinical trials, which establish the efficiency of the devices. Trials such as EASE (Endovascular Atherectomy Safety and Effectiveness) and DEFINITIVE LE (determination of effectiveness of the SilverHawk peripheral plaque excision system for infrainguinal vessels/lower extremities treatment) have a success rate of more than 90%. This promotes the effectiveness of the devices, propelling the growth of the market.

Rotational atherectomy devices witnessed a considerable market share due to its wide usage in procedures. In almost 96% cases, there is no need of clinical assistance up to 9 months, which is expected to drive the demand for rotational devices, thus fueling the market growth over the next few years. The reimbursement scenario is also favorable for atherectomy devices, which is contributing to the growth of the market. In October 2014, the Centers for Medicare and Medicaid Services made some changes in the outpatient reimbursement scenario and increased the reimbursements rates by an average of 9%.

Market Insights

Atherectomy devices industry is mainly driven by continuous product development, growing target patient population, commercialization, favorable medical reimbursements, rising demand for minimally invasive atherectomy procedures, and strengthening distribution channels of major product manufacturers. 

Partnerships & mergers are among the key trends witnessed in the atherectomy device market in the recent years. For instance, in November 2018, the company acquired BTG plc and its key business including several peripheral interventional product lines. This acquisition is expected to help the company expand its interventional portfolio. 

Some of the leading companies in the atherectomy devices market are Cardiovascular Systems Inc.; Boston Scientific Corporation; Medtronic (Covidien), Spectranetics; Avinger Inc.; VOLCANO CORPORATION; Bayer AG; ST. JUDE MEDICAL; Straub Medical AG; BARD Peripheral Vascular; Terumo IS; and Cardinal Health (Cordis). 

Heated Jacket Offer a Solution in Harsh Conditions Fueling Market Growth

27 October 2020: In certain regions, temperature takes significant dip during winters leading to the surge in demand for heated jackets in the market. Other activities expected to drive the market growth include consumers engaging in outdoor activities such as hiking and rising demand for heated jackets from from sports enthusiasts for skiing, snowboarding, mountaineering, and biking. Heated jackets help cut down on number of layers of clothing required to provide free body movement especially during outdoor activities. In extreme harsh conditions, these product is also used by defense and military in combat and patrolling. 

Adventure Sports Fuel the Demand for the Product

Based on end user, men were observed to be using the product more than women and held the largest share of the market in 2018.  High average spending and surge in outdoor activities are anticipated to propel the demand for the market from this end user segment. Increasing number of adventure sports enthusiasts such as bikers and mountaineers are also propelling the growth of the segment. However, participation of women in adventure sports is also on the rise, which has resulted in the growth of women end user segment. 

Based on power rating, the 5 volt to 7.4 volt segment was held the largest market in terms of revenue in 2018. The 12 V battery can last up to 6.5 to 8 hours and provides medium, low, high, heat settings. The 7.4V battery lasts for up to ten hours and supplies heat to the body. 

Market Insights

Popularity of outdoor sports among consumers such as snowmobiling, motorcycle riding, winter biking, trekking, diving, downhill skiing etc. is propelling the demand for heated jackets. On the other hand, these jackets require a portable power source, which poses as a major drawback for the product. Consumers always need to keep a power back-up such as removable power bank in order to recharge the jackets after some time.

In February 2018, a new brand of Mercury “intelligent heated jacket” was launched in the U.S. The temperature of these jackets can be controlled by voice command and has pads made of electronic sensors and thin carbon fibers to detect outside temperature. It can also track the user’s body temperature and the movement effectively. 

The key players provide products with various smart features to attract maximum customers. Some of the major companies in the heated jacket market are Dewalt, Milwaukee, Bosch, Ororo, Firstgear, H2C Brands LLC (brand Volt), Fieldsheer (brand Mobile Warming), TechNiche International (brand IonGear), Ororo Heated Apparel, and Venture Heat. 

 

Usage in Fitness Routines to Boost Earphones & Headphones Demand

22 October 2020: The earphones & headphones market is expected to witness growth on account of consumer preference for enhanced audio experience, rising popularity of music industry, improving internet accessibility, and availability of advanced smart phones. Rapid advanced technology and innovation in designing and development of compact and light products has led to rising demand for smartphones and Bluetooth enabled earphones and headphones. Along with these, availability of low cost and affordable earphones & headphones is responsible for propelling the growth of the market.

In medical sector the product is used in ambulances as it allows hands free communications for the accident response team. It enables communication over the dispatch radio by using footswitches and has wired and wireless connectivity in need of the hour.

Enhance Virtual Reality Experience Fuels Product Demand

Based on application, the earphones & headphones industry is segmented into gaming, fitness, Virtual Reality (VR), and music and entertainment. Virtual reality is anticipated to be the fastest growing segment over the forecast period owing to customers’ preference for an enhanced VR experience. For example, in April 2016, Sony Corporation and Plantronics, Inc. announced a collaboration in order to provide enhanced VR experience for the customers by designing headphones with PlayStation VR. 

The gaming segment is expected to register a strong growth over the forecast period due to increasing popularity and its characteristic of improving gaming experience by enhancing sound. The trend of usage of earphones & headphones in gyms during fitness and workout sessions, the fitness segment is also expected to register rapid growth.

Market Insights

Constant R&D and advent of new devices is anticipated to drive the market growth in the future. Leading companies of the market are inclined to enhance the product quality by using innovative techniques in designing in order to attract customers to strengthen their position in the industry. Major companies are also focusing on increasing their network by announcing various strategies such as collaborations, mergers, and acquisitions to sustain the competition. For instance, in September 2018, Beats by Dre announced partnership with National Basketball Association (NBA) to provide headphone, wireless speaker, and audio partner for NBA.

Some of the key players of the earphones & headphones market are JVC; Apple, Inc.; Sony Corp.; Bose Corp.; Skullcandy, Inc.; Shure, Inc; and Sennheiser Electronic.

Development of Healthcare Services Boost RFID Blood Monitoring Systems

20th October 2020: As per the report by Grand View Research, Inc., the RFID blood monitoring systems market is poised to rise to a valuation of USD 511.5 million by 2022. Increasing occurrence of chronic diseases such as kidney, liver, heart, lung, and other contagious and non-contagious disorders are anticipated to drive the RFID blood monitoring systems development in the forecast period.

Increasing awareness among blood banks and hospitals about RFID enabled blood storage and rising blood transfusion cases are anticipated to drive the market growth in the years to come. In addition, increasing number of privacy and security issues associated with clinical applications and need for organized management of ample clinical data are expected to drive the market in the forecast period. There are two product types in RFID systems namely, systems and tags. These products enable easy and centralized storage of data in its digital form. It allows easy analysis and study of patient data, history, tests, records, etc. thereby enabling quick medical care. 

On the other hand, high cost of initial maintenance and installation process of RFID systems and strict government regulations are anticipated to hamper the RFID blood monitoring systems in the forecast period.

The emerging trend in the market is growing acceptance of these systems by hospitals and blood banks in established and emerging countries all over the world. This is another factor estimated to drive the growth of RFID blood monitoring systems over the years to come.

North America is developing as the largest regional market on account of increasing demand for hospital inventory management systems in the region and rising demand for developed and well equipped blood bank infrastructure. Rising number of funding for new schemes is one of the major factors attributing to the growth and increasing share of the regional market. For example, a project under the name automated identification and data capture systems with complete examination of radio frequency identification technology, was sponsored by a Small Business Technology Transfer funding from the US National Institutes of Health. 

The leading companies in the RFID blood monitoring systems market are Tagsys RFID Group; Log Tag; Terson Solutions; Logi Tag; Mobile ASpects Inc; Wave Mark; Solstice Medical LLC; and Stanley Innerspace, among others.

Intelligent Virtual Assistant to Offer Complete Device Control

15 October 2020: The intelligent virtual assistant (IVA) market is expected to grow considerably on account of rising adoption of the technology across several applications including BFSI, healthcare, and automotive, among others. The intelligent virtual assistant (IVAs) provides critical automation assistance to various business, organizations, and individuals. They include various advantages such as smart speakers and chatbots that assist them in various tasks and recognizes and listens to the requirements of the individuals. The virtual assistants are used in various tasks such as scheduling appointments, training, and other individual as well as business activities.

Intelligent Virtual Assistant Market

Smart Speakers Applications in Residential and Commercial Sector Fuels Segment Growth

On the basis of product, the smart speakers segment is the fastest growing segment in the market owing to their extensive use in commercial and residential sector. There is an increasing demand for the adoption of smart speakers in smart offices, smart homes, and automotive applications. Moreover, increasing use of smartphone has also been a major factor driving the growth of the market. Industrialization, increasing urban population, and the need for efficiency have created a need to integrate smart home appliance. These smart homes have automation system that controls various appliances such as security systems, smart thermostats, and HVAC through internet. Smart speakers connected with smart appliances help reduce the amount of work to be done.

In 2018, Chatbots accounted for the largest share of the market. Various sectors such as insurance, banking, retail, and consumer goods extensively use chatbots. Tele-callers use these chatbots in banking operations. Other text based technologies such as automated speech recognition (ASR), Text to Speech, etc. help chatbots communicate efficiently with the customers.

Market Insights

Factors responsible to drive the demand for the intelligent virtual assistant are automation in customer service sectors, usage of smartphones, increasing smart homes, and growing demand for home assistance. Another major factor propelling the growth of the market is increasing focus on patient engagement and the evolution of IoT. Advancement in speech and voice recognition technologies such as Amazons’ Alexa and Apple’s Siri, is another factor likely to have a positive impact on the virtual assistant market.

Due to their ability to listen to consumers’ inquiries and respond accordingly, intelligent virtual assistants are rendering everyday tasks conveniently. For instance, virtual assistants help users purchase services or a product by reducing wait time over a call for customer service. Capabilities of a virtual assistant can be tailored to suit several industries in order to improve customer experience. 

Leading companies in the market are aggressively inclined toward R&D activities and are keen on innovations. Major leading companies in the intelligent virtual assistants market include Oracle Corporation; Nuance Communications, Inc.; Welltok Inc.; Microsoft; True Image Interactive Inc.; IBM Corporation; eGain Corporation; Apple Inc.; Amazon; MedRespond; Verint; Google Inc.; CodeBaby Corporation; CSS Corporation; and Next IT Corporation.