Latest Industry Insights

The global Investigational New Drug CDMO Market size is expected to reach USD 6.8 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.9% from 2021 to 2028. Some of the key players in this industry are Lonza, Catalent, Recipharm AB, Siegfried Holding AG, Thermo Fisher Scientific Inc. This is largely due to the increased R&D investments, along with stringent regulations pertaining to IND.

The U.S. FDA and the European Medicines Agency (EMA) are health authority bodies that regulate the use of investigational drugs in the U.S. and the European Union, respectively. In addition, investigational review boards (IRBs) in the U.S. and ethics committees (ECs) in the European Union must approve the use of drugs in humans.

It is the requirement of a federal law that a drug be the subject of an approved marketing application prior to it is distributed or transported across the state lines. Hence, sponsors aiming to conduct clinical studies that involve an IND should gain exemption from the FDA to permit the shipping of the investigational drug to clinical investigators in several states.

The pandemic has significantly impacted the global economy in 2020 and has an ongoing impact on various industries. However, the market for IND CDMO has benefited from the pandemic. Prior to COVID-19, prospective sponsors demanded facility audits to ensure CDMOs had the required capacity, equipment, and personnel to undertake their projects. Nowadays, CDMOs should find new ways to attract new sponsors, such as through videos, virtual reality, and other technologies that allow sponsors to virtually experience the site.

Related Press Release@ Investigational New Drug CDMO Market Report

Investigational New Drug CDMO Market Report Highlights

• In terms of product, the small molecule segment dominated the market with a revenue share of 89.0% in 2020. This is largely due to the increasing number of small molecules in development. Besides, in 2019, the small molecules dominated the new drug approvals accounting for 79% of all the NME approvals
• Based on service, the contract development segment led the market with a revenue share of 85.5% in 2020. The contract development offers several benefits over in-house development of drugs, such as access to industry experts, less time to market, cost-effectiveness, and more focus on core competencies
• By end user, pharmaceutical companies accounted for the largest share of 69.4% in 2020. This is due to the changes in the pharmaceutical industry that have an impact on research and development strategies, which, in turn, influence new drug approval trends
• Asia Pacific to register the fastest growth rate of 7.7% over the forecast period. Due to the rapid growth of pharmaceutical firms and contract manufacturing organizations in developing countries, such as India and China, the region is likely to overtake Europe and North America in the near future

The Australia Facial Injectables Market size is expected to reach USD 15.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 26.3% from 2021 to 2028. Augmented products such as botulinum toxin type A and Hyaluronic Acid (HA) fillers are used in combination to improve outcomes in the lower region of the face. HA fillers are mostly preferred by physicians due to lower hypersensitivity reactions, lower biodegradation, and higher viscosity; they also support the longevity of the restored volume after filler injection.

Body image is a major personal concern among the youth in the country. According to Mission Australia’s Youth Survey Report 2018, nearly 30.4% of participants were concerned about body image, with around 13.6% reporting to be extremely concerned, while approximately 16.8% of them were very concerned about their body image. The survey also revealed that women (~41.5%) were more concerned about body image as compared to men (~15.4%). Moreover, according to a 2017 study published in Psychiatry Research, nearly 3% of male teenagers in the country were reported to have symptoms of body dysmorphism. Thus, a large number of young people expressing concern about body image and physical appearance is anticipated to boost the demand for cosmetic procedures, thereby driving the market growth.

Social media as well as other traditional media and advertising platforms are also anticipated to have a significant impact on beauty standards and body image. For instance, the 2016 HuffPost Australia article stated that approximately 77% of women in Australia believed that media and advertising establish an unrealistic beauty standard, which is difficult to achieve. Persistent influence of media’s portrayal of a particular standard of beauty for young women is anticipated to trigger a desire for cosmetic procedures to achieve perceived beauty standards, thereby facilitating the market growth.

Related Press Release@ Australia Facial Injectables Market Report

Australia Facial Injectables Market Report Highlights

• The hyaluronic acid segment emerged as the largest segment in 2020. This is attributed to increasing demand as a dermal filler or in cosmetic preparations due to strong water retention properties
• The botulinum toxin type A segment is anticipated to witness comparatively higher growth during the forecast period. This can be attributed to rise in applications of BoNTA in cosmetic (aesthetic) procedures
• The aesthetics segment dominated the market and accounted for the largest revenue share in 2020

The global Personal Health Record Software Market size is expected to reach USD 14.87 million by 2028, growing at a CAGR of 9.9% over the forecast period, according to a new report by Grand View Research, Inc. Some of the key players in this industry are Healthspek, Health Companion, NoMoreClipboard, Patient Ally, Records For Living, Inc., Practice Fusion, Inc. High acceptance of advanced technologies, growing demand for centralizing, and streamlining of healthcare information, rising awareness among patients for medical information storage and management, and increasing government initiatives will support the market growth during the forecast period.

For instance, in October 2019, The Union Ministry of Health and Family Welfare, Government of India developed an app, ‘My Health Record’, which permits users to store their past prescriptions, detailed health profile, lab records & diagnoses at one platform and share it with medical specialists when required. The COVID-19 has toppled the way of work and life, enforcing healthcare groups to share individual’s medical records in a format that is meaningful and easily available.

The Department of Health and Human Services Office of the National Coordinator for Health Information Technology, together with the Centers for Medicare & Medicaid Services, issued two new rules to come into force in April 2021. One rule requires healthcare groups to make health record data available electronically through broadly-used technical standards. While the other forbids “information blocking,” where healthcare groups place excessive practical, cost, and technical barriers to the sharing of health information.

The North American region held the largest revenue share of over 55% in 2020 owing to the government initiatives for eHealth and an increased need to follow regulatory guidelines and curtail the rising healthcare costs. The European region held the second-largest market share in 2020 owing to the decreased cost of care and prediction of a possible medical emergency.

Key players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, among others to maintain a competitive edge in the market. For instance, in March 2020, Knapsack Health launched a free Personal Health Record for individuals, families, and caretakers.

Related Press Release@ Personal Health Record Software Market Report

Personal Health Record Software Market Report Highlights

• High acceptance of advanced technologies to cater to the growing customer needs and expansion of digital healthcare has contributed significantly to the market growth
• In terms of revenue, the software & mobile apps component segment dominated the market in 2020 owing to increased supportive government initiatives
• The Cloud-based deployment mode segment is expected to register the fastest CAGR over the forecast period owing to the technological up-gradation in the healthcare sector and growing focus on healthcare digitization
• The standalone architecture type segment accounted for the largest revenue share in 2020 due to wide adoption on account of its benefits, such as privacy control
• Key players in the personal health record software market focus on various strategies, such as new product developments and business expansions, for better market penetration
• For example, in September 2020, PicnicHealth raised $25 million for its patient health record management service; thereby, strengthening its market position

The Europe Veterinary Pharmaceuticals Market size is expected to reach USD 9.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2021 to 2028. The key factors anticipated to fuel the market growth include increasing demand for companion animal products, pet expenditure, the prevalence of diseases in companion as well as livestock animals, and initiatives by the market players. For instance, in September 2020, Boehringer Ingelheim collaborated with the Fraunhofer Institute for Molecular Biology and Applied Ecology IME to develop sustainable veterinary antiparasitics that are safe and effective.

The COVID-19 pandemic significantly impacted the market leading to bottlenecks in the supply chain and reduced sales for several companies. Other impacts on the market include reduced R&D activities, low demand, and operational hurdles due to changing policies and restrictions. However, soon governments, regulatory bodies, and companies began implementing measures to help the economy and businesses recover. These measures included the easing of restrictions, monetary stimulus and policy changes, conditional exemptions, and other initiatives. As on-site GMP inspection visits were disrupted due to COVID-19, the EMA extended the validity of GMP certificates till the end of 2021 without any further action from the holder. These included manufacturing or import sites of active substances as well as finished products located in the EEA region.

In addition, to ensure an uninterrupted supply of veterinary medicines in the EU Member States, product information and labeling regulations were relaxed. For instance, during the pandemic and within the boundaries of Article 61(1) of Directive 2001/82/EC, member states may allow exemptions for labeling and packaging requirements for veterinary products such as not translating labels into the official language and so on.

The rising pet population and increasing expenditure on pets have led to a surge in demand for companion animal products, such as pet foods, pharmaceuticals, and veterinary services. This trend is estimated to continue over the forecast period. For instance, a 2020 report by FEDIAF estimated the annual sales of pet food products at about EUR 21.8 billion. Across the European region, the rise in single-person or small households, along with the rising geriatric population, is also expected to contribute to the growing pet population. In addition, the COVID-19 pandemic has catalyzed market growth with a surge in pet adoption. In January 2021, Deutsche Welle— a German media company reported an exponential rise in pet ownership in the country.

Competition in the European market for veterinary medicines is expected to remain high during the forecast period. The market is highly fragmented owing to the presence of several small and large players. This results in high competition among small players to sustain their market position. Moreover, companies are increasingly adopting various strategies, such as mergers & acquisitions, regional expansion, and product launches, to grow in the market. For instance, in August 2021, Elanco accelerated its expansion strategy in the pet health industry through the acquisition of Kindred Biosciences. This complemented the company’s Innovation, Portfolio, & Productivity (IPP) strategy and added three potential dermatology blockbusters estimated to be launched by 2025, to its lineup.

Related Press Release@ Europe Veterinary Pharmaceuticals Market Report

Europe Veterinary Pharmaceuticals Market Report Highlights

• The market is expected to remain innovation-led with frequent acquisitions and strategic alliances
• By product, the anti-infectives segment dominated the market in 2020. This can be attributed to the rising incidence of pathogenic infections in pets due to bacteria, viruses, or fungi
• The need to reduce the incidence of parasitic infections to secure food sources by safeguarding the health of livestock animals is also estimated to propel market growth in the coming years
• The growing pet market is anticipated to fuel demand for companion animal pharmaceuticals targeting various pathogens and conditions. The rising concerns over zoonoses, especially since the COVID-19 pandemic, have increased concerns among pet parents regarding their pet’s health
• Market players are investing in R&D activities and developing new as well as existing products for better animal health outcomes
• For instance, in 2019, Dechra pharmaceuticals launched 15 products from its Le Vet pipeline. Additionally, Norbrook has launched 5 R&D projects during 2020, with plans to develop 10 more products in the next 2 years

The global Immune Health Supplements Market size is expected to reach USD 132.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.3% from 2021 to 2028. The growing prevalence of various infectious diseases caused by several micro-organisms, such as bacteria, fungi, viruses, and parasites, coupled with the rising demand for supplements to increase the body's immune system, is expected to boost the immune health supplements adoption across the globe. Besides, increasing adoption of immunity-boosting products due to the COVID-19 pandemic is also anticipated to accelerate the market growth over the forecast years. According to the Council for Responsible Nutrition (CRN) report in 2020, the consumption of dietary supplements among Americans was about 73 percent. However, taking dietary supplements among individuals for immune health has been increased from 27 percent to 32 percent from 2019 to 2020.

As of 2020, the vitamin and mineral supplements segment held the largest revenue share. The increasing adoption of vitamin C, D, multivitamins, and minerals resulted in a high revenue share for the segment in the market. An unhealthy diet limited physical activity, and a sedentary lifestyle are the key factors responsible for increasing vitamin and mineral intake to improve an individual's immunity, especially in the developed regions such as North America and Europe. However, the increasing patient population and growing awareness for vitamin and mineral consumption are the major factors expected to boost market growth in emerging economies such as Asia Pacific and Latin America during the forecast period. However, the herbal supplements segment is also anticipated to be the second-largest product segment due to its popularity for long-term consumption as immunity boosters without any side effects.

By form, the tablets segment accounted for the largest revenue share in 2020. Due to its longer shelf life and high preference of adoption among the individual's tablets segment is expected to be the dominated segment. Tablets are more stable than the capsule, particularly in moist environments. In addition, tablets are largely manufactured by the key market players than the other form of supplements. Further, properties of tablets such as durability, inexpensive, can be split into two parts, and higher dosage accommodation is anticipated its high adoption and maximum value share in the market.

The respiratory tract infection segment held the largest revenue share in 2020. Due to the increasing prevalence of respiratory disorders such as COPD, asthma, COVID19, immune health supplements adoption has increased in the last couple of years. Particularly, the rapid rise in life-threatening coronavirus disease from the last year has increased the adoption of immunity-boosting products to manage respiratory tract infections. Taking supplements such as Vitamin C, D, and minerals such as zinc and probiotics offers unique properties to reduce the risk of respiratory tract infection, duration, and severity of infection.

As of 2020, the self-medication segment accounted for the largest revenue share than the prescription-based segment. It can be attributed due to the high percentage of self-medicated supplements using the population around the globe. Further, most of the vitamins and mineral supplements do not require a prescription. One can purchase them from pharmacies, groceries, and any convenience stores. Besides, the growing awareness among the individuals to use immunity-boosting products due to COVID19 is also expected to provide a high market share to the self-medication segment over the forecast years globally.

The pharmacies/drug stores segment dominated the market and accounted for the largest revenue in 2020. The availability of a wide variety of products and the high preference of consumers to buy immune health supplements from pharmacies are the factors responsible for the largest market share of this segment. Moreover, the availability of both prescriptions based and over-the-counter products for the consumers is also expected to accelerate the growth of the Pharmacies/drug stores segment over the forecast years.

North America dominated the market and accounted for the largest revenue share in 2020. The increasing prevalence of various health disorders, increasing usage of immune-enhancing products, and high spending capacity by the consumers are the factors anticipated to provide the majority of market share to the region. However, Asia Pacific countries, such as China, India, and Japan, are expected to witness significant growth over the forecast years due to the large population, increasing awareness, and growing consumer base in these countries.  

Related Press Release@ Immune Health Supplements Market Report

Immune Health Supplements Market Report Highlights

• The market is expected to grow well over the forecast period owing to the increasing prevalence of several infectious diseases and growing awareness to improve immune health
• The vitamin and mineral supplements segment dominated the market in 2020 owing to high demand and increasing use for immune health
• The respiratory tract infection application segment dominated the market in 2020 owing to the increasing adoption of immune supplements to reduce the risk of respiratory tract infection across the globe
• The self-medication segment dominated the market in 2020 majorly due to a growing preference for self-medicated use of supplements than prescription-based
• The pharmacies/drug stores segment dominated the market in 2020 owing to the availability of a wide range of products and high consumer preference
• North America dominated the market in 2020 majorly due to high spending capacity and increasing uses of immune health supplements in the region

The global Indoor Farming Market size is estimated to reach USD 75.3 billion by 2028, exhibiting a CAGR of 10.9% from 2021 to 2028, according to the new report conducted by Grand View Research, Inc. The increasing demand for food owing to the rising population is expected to drive the growth. Factors such as declining water supply, urbanization, and climate change have contributed to the loss of arable land. This in turn is driving demand for indoor farms to produce food. The challenges, such as rising global temperature and extreme weather conditions, act as a barrier in the traditional farming technique. The European Environment Agency (EEA) has carried out several initiatives to build vertical farms to overcome these challenges and produce food in an environment-friendly way.

Indoor farming increases the crop yield and reduces the farming impact on the environment by reducing the distance traveled in the supply chain. It reduces the need for the land space required to grow plants compared to traditional farming methods by using growing shelves mounted vertically. Rising consumer awareness regarding the consumption of healthy and fresh food is anticipated to positively influence the growth of the market for indoor farming over the forecast period. Furthermore, the use of technology, such as LED indoor farming to create nature-like conditions will help farmers meet the expected demand for food supply in near future.

Europe dominated the market in 2020 and is anticipated to remain dominant over the coming years, owing to the continuous adoption of advanced technologies such as LED lighting, controlled environment agriculture. Asia Pacific is expected to exhibit the fastest CAGR from 2021 to 2028, owing to the increasing indoor farms in countries such as China and Japan. Increasing adoption of greenhouses and vertical farms is projected to bode well for regional growth. In addition, the rising demand for pesticide-free, fresh vegetables and fruits is expected to fuel the regional market growth.

Related Press Release@ Indoor Farming Market Report

Indoor Farming Market Report Highlights

• The greenhouses segment dominated the market in terms of revenue in 2020 as these facilities produce higher yields. Greenhouses offer a stable and highly controlled environment for the cultivation of flowers, vegetables, and fruits
• The fruits, vegetables, and herbs segment is estimated to register the fastest CAGR over the forecast period, owing to the increasing food consumption along with growing consumer awareness regarding the importance of healthy eating, especially in regions such as Europe and Asia Pacific
• The climate control systems segment is projected to expand at the highest CAGR during the forecast period, as the crop development can be controlled by adjusting and monitoring the concentration of minerals
• Some of the key players operating in the market include LumiGrow (U.S.), Illumitex (U.S.), Hydrodynamics International (U.S.), and Agrilution (Germany)

The global Legal Services Market size is anticipated to reach USD 1,196.01 billion by 2028, exhibiting a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The growing use of latest technologies in offering legal services is expected to drive the market growth. A strong emphasis on ensuring transparency in the relationship with clients is also expected to drive the growth of the market.

Law firms are increasingly adopting chatbots to aid in optimizing the work process and save time and costs for themselves as well as their clients. Chatbots can help law firms in digitizing the information and searching for lawyer-specific documents, among other tasks. Chatbots can also help in following up with non-responsive clients and seeking the required information through automated conversations.

Law firms are exploring different ways to help their clients in reducing exposure to risks and the costs incurred on compliances by aiding them in better management of information, thereby paving the way for adopting document automation software in legal services. Document automation software takes end-users through a questionnaire to collect relevant data and direct them throughout the entire document creation process. Such an approach relieves the end-users from the tedious process of understanding the terminologies appearing in the document.

Social networking holds significant potential to transform the way legal services are delivered. As such, law professionals are adopting various social media tools to accomplish a myriad of legal tasks as well as pursuing their career objectives. Social networking platforms, including LinkedIn, Facebook, and Twitter, are particularly helping law professionals in reaching a larger audience.

Related Press Release@ Legal Services Market Report

Legal Services Market Report Highlights

• The corporate segment is expected to emerge as the fastest-growing segment over the forecast period as disputes over organizational audits, discrimination & harassment of employees, copyright violation, and patent infringement continue to rise
• The private practicing attorneys segment is expected to witness substantial growth over the forecast period owing to the increased opportunities for attorneys in large enterprises as well as small- & mid-sized enterprises
• Law firms are changing their hiring patterns in line with the evolving requirements of the clients
• Law firms are collaborating with professional service providers to offer unified multi-disciplinary services to their clients

List of Key Players of the Legal Services Market

• Baker & McKenzie
• Clifford Chance LLP
• Deloitte
• DLA Piper
• Ernst & Young (E&Y)
• Kirkland & Ellis LLP
• KPMG
• LATHAM & WATKINS LLP
• PwC
• Skadden, Arps, Slate, Meagher & Flom LLP

The global Fire Protection System Market size is expected to reach USD 130.37 billion by 2030, according to a study conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 6.7% from 2022 to 2030. Increasing adoption of wireless technology in fire protection systems, growing human and property loss owing to fire breakouts, and stringent fire safety regulations are projected to fuel the market growth.

Increasing implementation of building safety codes and renovation projects is also anticipated to be a major factor influencing the market growth. The application and usage of fire protection systems are anticipated to increase continuously with the developments of commercial entities and corporations. Furthermore, technology enhancements such as extinguishing technology based on mist and products such as laser optical/infrared smoke detectors, alarms with embedded voice evacuation announcements, hypoxic air fire suppression systems, and wireless fire alarm systems are expected to gain traction in the market globally. Moreover, in 2020, the market will be hampered due to the COVID-19 crisis, which has interrupted production, impacted demand, and caused supply chain disruption.

The growing trend of integrating fire alarm and detection systems with building automation systems offers vast growth opportunities to the market. Connectivity with building automation systems is increasingly becoming a major feature of fire protection systems in commercial, industrial, and residential applications. This can be attributed to the fact that such integration allows for the development of systems that are capable of sharing and gathering data, which can help in alerting individuals about fire safety issues in the premises. A notable rise in investments in smart building automation technologies across several regions is expected to lead to new opportunities for building automation systems in the industrial and commercial sectors.

Consumers in developed regions such as Europe and North America have seen a steady rise in demand over the past few years, and the growth trend is also projected to continue over the next few years. However, a lack of stringent regulations and the high cost of advanced fire protection systems have kept the markets in emerging countries largely untapped. Nevertheless, improving economic conditions in countries, including Brazil and India, are anticipated to boost the demand for fire protection systems over the forecast period.

Infrastructural development activities across the Asia Pacific region owing to the rising demand for new transport and utility infrastructure will drive the demand. The high rate of urbanization is placing increased pressure on under-invested, weak city infrastructure. The consecutive rise in focus on new residential and infrastructural development projects is expected to propel the demand for fire protection systems across this region; thus, such factors are fueling the market growth.

Related Press Release@ Fire Protection System Market Report

Fire Protection Systems Market Report Highlights

• The fire detection product segment dominated the market in 2021 and the trend is expected to continue over the forecast period
• By service, the maintenance services segment is anticipated to be the fastest-growing segment over the forecast period. The demand for these services is often driven by new building construction activities, modernization activities, and demand for system upgrades
• The commercial application segment dominated the market in 2021 and the trend is expected to continue over the forecast period. Increasing investment by companies in reducing the loss of property and life and safeguarding the infrastructure across several applications is estimated to further propel the demand for fire protection systems in the commercial sector
• North America held the largest revenue share of over 35.0% in 2021. The increasing demand for smart buildings and intelligent houses, which deliver optimum safety and security, is expected to drive the regional market

The global Blockchain Technology Market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 85.9% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market. The growing use of cryptocurrency worldwide is also anticipated to drive market growth. This is because cryptocurrencies, such as Ethereum and bitcoin, operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits, such as easy transactions, inflation hedge, and enhanced security.

According to the statistics provided by TripleA, a cryptocurrency solution provider, more than 300 million people worldwide used or owned cryptocurrency in 2021. The growing demand for blockchain across the government sector due to benefits, such as protection of sensitive data, reduced cost, and improved efficiency is driving the market growth. Various government agencies, such as the Department of Homeland Security (DHS) in the U.S. are demanding blockchain technology-based applications to enhance their data security.

The DHS is funding startups to conduct research and development to explore new approaches to cyber security using blockchain technology. The COVID-19 pandemic is expected to positively impact the market growth over the forecast period. The growing online sales due to the COVID-19 pandemic are expected to create the demand for blockchain technology among e-commerce companies. E-commerce companies use this technology for supply chain management.

Related Press Release@ Blockchain Technology Market Report

Blockchain Technology Market Report Highlights

• In terms of type, the public cloud segment is expected to retain its dominance over the forecast period. The growing preference of governments for efficient and open transactions is driving the segment growth
• In terms of components, the infrastructure & protocol segment dominated the market in 2021 and is expected to witness significant growth over the forecast period. The demand for the infrastructure & protocol is high among network developers as it helps them in developing customized networks for their clients
• In terms of application, the payments segment dominated the market in 2021. The segment growth can be attributed to the capability of blockchain technology to facilitate payments by reducing the number of intermediaries, which helps reduce transaction costs
• In terms of enterprise size, the large enterprise segment dominated the market in 2021. The rapid adoption of blockchain technology by large enterprises to enable digital services across different business channels accentuated the segment growth in 2021
• In terms of end use, the financial services segment dominated the market in 2021. The increasing investment in this technology by finance service providers propelled the segment growth in 2021
• The increasing adoption of the technology in emerging economies, such as China and India, is expected to create growth opportunities for the market players in the Asia Pacific region over the forecast period

The global Customer Relationship Management Market size is expected to reach USD 157.6 billion by 2030, according to new research by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.3% from 2022 to 2030. The continuous demand for innovative solutions to analyze customer information, collate critical customer data, and transform it into a better customer experience strategy are driving factors for CRM solutions across all sizes of businesses. This further led to the integration of customer relationship management solutions with advanced technologies such as big data analytics, machine learning, and AI-powered analytics are expected to boost product innovation and development across CRM solutions for a better customer experience and high operational efficiency.

The adoption of CRM solutions has shown tremendous growth in recent years with several benefits, including reduced marketing cost, improved operational efficiency, and efficient data-based management of an organization’s entire sales process. With the rapid growth of mobile and cloud solutions, organizations are increasingly insisting on efficient access to real-time customer data for improved customer engagement to drive sales growth and maintain customers for a long period. Furthermore, the increasing penetration of CRM solutions through smart mobile devices and internet services is one major trend in the sales and marketing domain globally.

The continuous demand for the optimized implementation of advanced technologies such as predictive and prescriptive analytics to maximize current operational processes is a key driving factor for investments and innovation in CRM solutions. For instance, in September 2021, Salesforce.com, Inc. announced the collaboration with Slack, a business communication platform, to empower the sales team to collaborate in real-time to close more deals from anywhere. Moreover, this integration enables marketing teams and agency partners to collaborate in a shared digital workspace.

Related Press Release@ Customer Relationship Management Market Report

Customer Relationship Management Market Report Highlights

• In terms of solution, the CRM analytics segment is anticipated to expand at a significant CAGR throughout the forecast period. The artificial intelligence and its applications, machine learning, and the growing use of integration of business intelligence and analytics in CRM software are expected to drive the growth of the segment over the forecast period
• In terms of deployment, the cloud segment is expected to account for a significant CAGR of 15.5% during the forecast period.The market is projected to retain its dominance over the forecast period as it offers various advantages, such as cost efficiency, accessibility, and virtually no equipment costs. Moreover, the increasing use of mobile applications is likely to further accelerate the growth of the market
• The Small and Medium Enterprises (SMEs) segment is anticipated to register a CAGR of 14.9% over the forecast period. The continuous adoption of advanced technologies and minimizing business challenges is driving the implementation of CRM solutions in SMEs globally. Furthermore, increasing in business productivity, innovation in marketing strategies, and customer retention are also driving market’s growth
• In terms of end use, the IT and telecom segment is likely to register the highest CAGR of 15.2% from 2022 to 2030. The key factors that boost the adoption of CRM solution in the IT and telecom segment includes competence needs, high capital expenditure, improved customer service processes, and better sales projection
• In Asia Pacific, the market is expected to register at the highest CAGR over the forecast period due to emerging economies such as China and India that hold a large customer base across several industries and verticals. Furthermore, the increasing awareness about innovative marketing strategies and sales tools to improve customer engagement, growing penetration of the internet, rise in the number of social media platforms, and smartphone usage are expected to promote regional growth over the forecast period

The global Astaxanthin Market size is expected to reach USD 4.75 billion by 2028, registering a CAGR of 16.8%, according to a new report by Grand View Research, Inc. Increasing adoption of dietary supplements, growing awareness among people regarding healthy lifestyle, and government initiatives to increase the manufacturing capacity are anticipated to boost the market growth. For instance, in May 2019, Algalíf Iceland ehf. received financial aid from EU’s SME Instrument program and Icelandic Centre for Research’s Technology Development Fund to expand its manufacturing capacities by adding spray dryers.

Cost-effective technologies widely used for astaxanthin production include Photo Bioreactor (PBR) and Flat Panel Airlift (FPA) reactors. Furthermore, other technologies used are open pond, closed microalgae, hybrid (a need-based combination of open pond system & flat panel photobioreactor), green technology production system energized by natural sunlight, and supercritical carbon dioxide extraction systems.

Market players are aggressively finding innovative methods to improve production for meeting the growing demand in the nutraceutical and pharmaceutical industry. For instance, an ongoing study conducted by scientists at the University of Pennsylvania has shown a route to optimize the production of astaxanthin by using a strain of E. coli. According to a study, the production rate of biomass via modified E. coli was 16 times higher than the current algae cultivation method. This reflects the industry’s ability to invest in new technologies for meeting the quality standards and demands of consumers.

Increasing research on the usage of astaxanthin products for different applications will create a new opportunity in the market. Many studies have been conducted to evaluate the potential of astaxanthin in different end-use industries. For instance, in April 2021, a study was published in MDPI related to the use of astaxanthin-based feed additives in the poultry industry. The study revealed that a moderate dose could efficiently improve egg yolk color and the general health of laying hens. Moreover, in April 2019, researchers in Japan and China investigated the use of astaxanthin on aging using a mice model and found improved dysregulation of aging-related gene expression.

The nutraceutical industry is a dynamic and evolving end-use industry that offers new opportunities to key players looking to introduce novel products. Key players are continuously conducting R&D to develop a novel product for nutraceutical applications. Companies, such as Algatech Ltd. and Cyanotech Corp., have introduced ready-to-mix and water-dispersible powder for the supplements & beverages industries. Similarly, companies are studying its applications in the pharmaceutical industry.

Companies are adopting strategies, such as new product launches and partnerships with major players in end-use industries, to increase the penetration of natural astaxanthin-based products. For instance, in March 2019, Algatech Ltd. entered into a partnership with a personal care product manufacturer for astaxanthin topical applications in the U.S. market. This initiative was anticipated to drive the commercial reach of the product in North America, thereby fueling the global market.

The market is highly competitive due to the presence of a large pool of players. Key players are adopting new technologies and producing an optimal quality of products to increase sales and gain maximum market share.

Related Press Release@ Astaxanthin Market Report

Astaxanthin Market Report Highlights

• In 2020, natural astaxanthin accounted for the largest market share and is anticipated to maintain its dominance over the forecast period
• Microalgae is the largest natural source, which held more than 70% of the total natural astaxanthin product
• Ongoing studies to expand the use of astaxanthin products are anticipated to boost the demand in the coming years
• Based on product, dried algae meal or biomass is the largest segment and is expected to maintain its dominance over the forecast period
• Asia Pacific region is expected to experience the fastest growth over the forecast period owing to the increasing adoption of nutraceuticals and increasing consumer disposable income in the region

The global Home Healthcare Market size is expected to reach USD 545.1 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.88% over the forecast period. This growth can be attributed to cost-efficiency, improved patient outcomes, and convenience offered by home healthcare agencies. In addition, the rising geriatric population and the growing prevalence of chronic diseases, such as Alzheimer’s, dementia, and orthopedic conditions, are expected to drive market growth. As per the Population Reference Bureau data updated in June 2019, the number of people aged 65 years and above was 52 million in 2018 and is projected to double by 2060 to reach 95 million. The World Health Organization (WHO) statistics state that there are around 50 million dementia patients in the world with 10 million new cases getting added every year. This number is expected to reach 82 million by 2030.

The elderly population is expected to outnumber the children population in the span, which is a demographic shift and poses to be a public health challenge. Moreover, the maintenance and establishment of hospitals and other healthcare settings need high capital investment. Some of the healthcare solutions providers are following a merger and acquisition strategy to enter the market and provide cost-effective services and leverage the expertise of the merged or acquired firm. Also, shifting trends toward in-home healthcare services for patients to avoid hospital stays is another key factor driving the market growth. During the COVID-19 pandemic, the majority of the nursing facilities were significantly impacted, while the in-home services aided the majority of healthcare providers to offer their services in a safe environment.

The demand for home care services is expected to increase in the immediate future, owing to the ongoing COVID-19 pandemic. These services are safer and cost-effective alternatives to hospital services. External substitutes, including hospitals, informal care, and other healthcare establishments, pose a limited threat, mostly due to their high costs. Thus, the threat of substitutes in the market is expected to be moderate during the forecast period.

Related Press Release@ Home Healthcare Market Report

Home Healthcare Market Report Highlights

• Services dominated the component segment in 2020. Growing demand for skilled nurses for rehabilitation services, wound dressings, tube feedings, and maintaining stable patient health drive the growth of this segment
• Mainly, patients with major trauma due to accidents or those suffering from strokes opt for rehabilitation services for improving their way of talking, walking, and feeding themselves all over again
• The demand for home therapeutic equipment is increasing due to the rising prevalence of chronic conditions, such as respiratory diseases, kidney disorders, and diabetes
• Advancement in technology is likely to favor market growth. For instance, active home telemonitoring devices can help in capturing vital signs and symptoms, which help the home health agency
• North America is the most matured regional market. The presence of a large geriatric population, sophisticated healthcare infrastructure, and relatively higher patient disposable income levels are some of the key factors driving the regional market
• Europe held a significant share in 2020. With the ongoing COVID-19 pandemic, the demand for nurses, attendants, physicians, physiotherapists, and caregivers is expected to rise, with home care services being considered a safer alternative to hospital services

The global Smart Kitchen Appliances Market size is expected to reach USD 43.83 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 18.6% from 2021 to 2028. Customers are drawn to the new and smart kitchen appliances because they are energy-efficient, eco-friendly, and have a user-friendly interface. Furthermore, as disposable income and purchasing power rise, customers are able to increase their spending on high-end smart kitchen equipment, resulting in increased demand and market growth.

Kitchen appliance manufacturers have recognized the potential of IoT and are investing time and money to build infrastructures that will allow their products to communicate with one another. This feature is valued by consumers that use IoT devices, and it is expected to boost the market growth throughout the forecast period. The Internet of Things (IoT) is a growing network of common objects that connects industrial machinery with consumer home appliances to share data and complete tasks while people are occupied with other activities. The inclusion of small amounts of computational power in appliances has resulted in significant lifestyle enhancements.

Millennials and Gen Xers are most likely to have smart home technology products in their homes, according to Security.org. Persons under the age of 44 are more likely to acquire smart kitchen equipment than people over 45.

According to ValuePenguin, 52% of people who are very concerned about climate change and own a smart home device acquired it because it is better for the environment, compared to 20% of those who are moderately concerned and 10% of those who are not. In addition, 66% of those who are extremely concerned about climate change intend to purchase another smart home gadget in the next six months. Only 41% of respondents were somewhat concerned, while 20% were not at all concerned, indicating that people concerned about the environment are more likely to be repeat buyers of smart home gadgets.

Related Press Release@ Smart Kitchen Appliances Market Report

Smart Kitchen Appliances Market Report Highlights

• By product, the smart refrigerators segment accounted for the largest share of 34.23% in 2020. Smart refrigerators are becoming more common as smart cities and smart infrastructure are more widely adopted. They have emerged as the most popular kitchen appliances. Owing to technological advancements, consumers can now view what's inside their refrigerators with their smartphones
• Based on the application, the residential segment dominated the market and grabbed a revenue share of 56.83% in 2020. As smart appliances are replacing traditional appliances in kitchens, millennials and the young population are also taking interest in cooking. In addition, rising tourism and travel are increasing consumers’ interest in different cooking cultures and multi-cuisine food, which is thereby contemplating consumers to opt for smart kitchen appliances in their households
• North America dominated the market and held a revenue share of 33.33% in 2020. The increasing number of smart grid projects, changing consumer preferences, and an increase in spending power are fueling regional market growth. Another noteworthy trend in North America is the increased investments in residential construction projects. The rise in the number of residential and commercial construction projects will lead to an increase in the regional demand for smart kitchen appliances

The global Vascular Grafts Market size is expected to reach USD 2.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2021 to 2028. The increasing prevalence of various cardiovascular disorders, such as Myocardial Infarction (MI), Coronary Heart Disease (CHD) or Coronary Artery Disease (CAD), and stroke, coupled with rising demand for minimally invasive surgeries among the patient population is boosting the market growth.

In addition, the market is further driven by a wide number of medical applications and improvements in the development of intraoperative techniques. For instance, the number of peripheral artery procedures increased from 249,350 in 2011 to 280,349 in 2016 in the U.S., according to a research study published by the American Roentgen Ray Society. The COVD-19 pandemic has negatively impacted the country’s growth owing to recommended deferrals of elective medical procedures globally coupled with increasing prioritization for COVID-19 treatment.

The endovascular stent-grafts product segment held the largest revenue share in 2020. The growth of the segment is due to the increasing prevalence of cardiovascular aneurysms. A sedentary lifestyle, limited physical activity, and substance abuse are resulting in a high prevalence of renal and cardiac diseases globally. The impact of these factors is especially high in developed regions such as North America and Europe.

However, the prevalence of these diseases is expected to increase in emerging economies, such as Latin America and the Asia Pacific, owing to changing demographics and rising healthcare expenditure. Key parameters contributing to market growth in these regions include the increasing prevalence of cardiac and renal diseases in the geriatric population, increasing disposable income, and changing lifestyles. On the other hand, the peripheral vascular grafts segment is anticipated to be the fastest-growing segment during the forecast period owing to the increasing number of patients suffering from coronary heart disease across the globe.

The cardiac aneurysm application segment accounted for the largest revenue share in 2020. It can be attributed to the increasing prevalence of hypertension, high blood sugar, and other age-related risk factors. The cardiovascular diseases segment is driven by the rise in the incidence of coronary artery diseases in the geriatric population and an increase in risk factors, such as hypertension, diabetes, and obesity in the adult population. However, vascular occlusion application is expected to be the fastest-growing segment due to the easy availability of graft procedures, rising prevalence of vascular occlusive diseases, technological advancements resulting in the development of novel therapies like warfarin. It supports in reducing acute ischemia severity post-PTFE grafts occlusion, which, in turn, minimizes the potential risks associated with prosthetic vascular grafts.

As of 2020, the polytetrafluoroethylene raw material segment accounted for the majority share. It is anticipated to witness the fastest CAGR during the forecast period. Low risk of degradation and infection due to polytetrafluoroethylene grafts is a key factor contributing to the largest share of this segment. For instance, PTFE vascular graft offered by B. Braun Medical Ltd. has a kink-resistant, uniquely flexible design that is sufficiently porous, encouraging cellular in-growth, and offers maximum protection against suture pullout, blood loss, and delamination or tearing. However, the development of novel vascular grafts, such as the Spider graft, which are less defective as compared to PTFE, may impede PTFE market growth.

North America dominated the market in 2020. The growth is attributed to developed healthcare infrastructure, rising geriatric population, increasing prevalence of various health disorders, and increasing acceptance of technologically advanced products in the region. On the other hand, MEA is anticipated to register the fastest growth during the forecast period owing to the increasing prevalence of diabetes, cardiovascular diseases, and end-stage kidney and heart failures across the region.

Related Press Release@ Vascular Grafts Market Report

Vascular Grafts Market Report Highlights

• The market is anticipated to grow well over the forecast period owing to the introduction of innovative solutions and rising demand for minimally invasive procedures
• The endovascular stent-grafts product segment dominated the market in 2020 owing to rising patient preference for minimally invasive endovascular stent-grafts for the treatment of thoracoabdominal aortic aneurysm
• The cardiac aneurysm application segment dominated the market in 2020 owing to the rising prevalence of cardiovascular diseases across the globe
• The polytetrafluoroethylene raw material segment dominated the market in 2020 majorly due to rising demand for novel engineered prosthetics and technologically advanced products
• North America dominated the market in 2020 majorly due to developed healthcare infrastructure and increasing acceptance of novel technologies

The global ePharmacy Market size is expected to reach USD 169.3 billion by 2028 and is expected to grow at a CAGR of 18.4% over the forecast period, according to a new report by Grand View Research, Inc. Factors driving the adoption of ePharmacy include the improved access to online & web-based services, increasing awareness regarding e-comme rce amongst consumers, rise in the number of internet users, and a surge in the aging population experiencing difficulty to visit pharmacies. In addition, benefits, such as affordability, convenience, and ease in the availability of medicines, are boosting the adoption of these platforms. High treatment costs are driving the demand for low-cost healthcare services, which, in turn, is bolstering the adoption of online pharmacies owing to the lucrative offers, such as price discounts, provided by them.

The COVID-19 pandemic has positively impacted the market growth and transformed the fortunes of ePharma companies owing to increasing consumer switch from traditional buying towards online purchases of general medications and medical devices, such as oximeters, thermometers, and health supplements. As per an article published by Economic Times, in July 2021, the number of households utilizing ePharmacy services grew 2.5 times to 9.0 million during the pandemic. Thus, the ePharmacy segment has also gained significant growth during the lockdown period imposed due to the pandemic, as governments declared the delivery of medicines through e-commerce platforms as essential services.

Related Press Release@ ePharmacy Market Report

ePharmacy Market Report Highlights

• The global market will witness significant growth owing to the rising internet penetration and high adoption of e-commerce platforms
• North America dominated the market in 2020 owing to the increased prevalence of chronic diseases, developed healthcare infrastructure, and penetration of IT in healthcare across the region
• Industry players in this market have significantly expanded their customer base as well as their product & service offerings to keep up with the growing needs of the consumers
• The main focus of these players is on increasing the Customer Lifetime Value (CLTV) by catering to their healthcare needs in a comprehensive manner, as various online pharmacies have started offering additional services like e-diagnostics, e-consultation, and retailing of health & wellness products
• Furthermore, a rise in the number of strategic initiatives is aiding market growth. For instance, in August 2020, Amazon India announced the launch of Amazon Pharmacy in Bengaluru, India
• This launch marked the entry of the company in the online medicine segment that has gained significant traction during the COVID-19 outbreak.

The global Histology And Cytology Market size is expected to reach USD 37.10 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.74% from 2021 to 2028. The factors contributing to the market growth include an increase in the demand for the early detection of diseases, increased standardization of pathology laboratories, and implementation of immunohistochemistry and innovation in microscopy.

In addition, organizations are collaborating for the standardization of cytopathology across the world, which is driving the market. For instance, in May 2020, the International Agency for Research on Cancer (IARC)entered in collaboration with the International Academy of Cytology (IAC) for publishing a series of cytopathology reporting systems for presenting an international approach that can be used for cytopathology of different body sites. The two organizations are engaged in the expansion and development of internationally recognized diagnostic reports for cancer and other precancerous disorders worldwide.

Moreover, companies are launching new and automated instruments for cytology, which is further contributing to the market growth. For instance, in January 2021, F. Hoffmann-La Roche Ltd. launched uPath HER2 Dual ISH image analysis and uPath HER2 (4B5) image analysis-two automated digital pathology algorithms for breast cancer. These two solutions offer rapid and accurate patient diagnoses in breast cancer.

COVID-19 has become a catalyst for changing traditional pathology workflows with the integration of artificial intelligence (AI) and digitalization solutions. During the pandemic, these tools have helped and continue to assist in remote reviewing of pathological cases, hence preventing the delay in patient care. Companies have reported the increasing adoption of digital pathology solutions post-COVID-19.

Related Press Release@ Histology And Cytology Market Report

Histology And Cytology Market Report Highlights

• Based on type of examination, cytology accounted for the largest revenue share in 2020 and is expected to maintain its lead in the forecast period owing to the integration of computational analytical tools for advancing cytology systems. Histology is expected to witness gradual growth from2021 to 2028 owing to moderate innovation in histological systems
• In the cytology segment, by application, the other cancers segment held the largest share in 2020 owing to the increasing diagnosis of various cancers such as pancreatic cancer and bile duct cancer with histopathology and cytopathology. The cervical cancer segment is expected to witness the fastest growth over the forecast period. Institutes are integrating computer algorithms for improving the accuracy and efficiency of cervical cancer screening
• The breast cancer segment held the second-largest share in 2020 owing to the increasing incidence and mortality rates across the globe. This has resulted in the increasing need for the early diagnosis of breast cancer, in turn, driving the segment
• By product, the consumable and reagents segment dominated the market in 2020 owing to the expanding portfolios of the entities operating in the consumable market space. Instruments and analysis software system is expected to expand at a substantial CAGR from 2021 to 2028 owing to the steep increase in the demand for automated histology instruments
• In terms of application, the drug discovery and designing segment accounted for the largest revenue share in 2020 owing to the growing importance of cytopathology in disease understanding, further aimed at rapid drug development
• North America dominated the market in 2020 owing to the prevalence of cancer, the presence of key players, and developed healthcare infrastructure