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Animal Wound Care Industry Overview

The global animal wound care market size is expected to reach USD 1.82 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 6.92% from 2023 to 2030. Key factors driving the industry growth include the rising adoption of companion animals, increasing pet population, increasing demand for veterinary surgeries, and rising animal injury cases. The global population of companion animals has also increased. In November 2021, the American Veterinary Medical Association (AVMA) reported that the companion animal population increased significantly from 2016 to 2020. As per the article, there were an estimated 76.8 million dogs in 2016 in the U.S., which increased to 83.7 million in 2020.

There was a similar increase in the pet cat population, from 58.4 million in 2016 to 60 million in 2020. As per the European FEDIAF, in 2021, there were nearly 113.5 million cats and 92.9 million dogs in Europe. Thus, the constantly rising pet population and respective adoption rates of dogs & cats are driving the industry. In addition, animals like dogs are more likely to sustain minor or major injuries. Accidental trauma to dogs is one of the more frequent types of injury incidents that are documented. Major trauma, such as bone fractures, internal & external injuries, hemorrhage & organ trauma, joint dislocations, brain trauma, and skin wounds including rashes, are frequently caused by car accidents. In the United States, each year, over 10,000 accidents, involving dogs, are reported, some of which result in damage or even the death of animals.

The U.S. Department of Transportation estimates that each year, over 1 million animals pass away on roads. On the other hand, dog fights or attacks can cause severe wounds in the skin and soft tissues, as the teeth can puncture deep into the underlying tissues, muscles, and organ walls. Untrained pets are more likely to get cuts, scrapes, and minor wounds frequently. Animals get injured in various scenarios, which can be severe and require immediate veterinary wound care for stitches, infection prevention, etc. Thus, with the increasing pet adoption and animal population globally, the demand for veterinary wound care & surgeries is also rising. This is expected to boost industrial development. Moreover, rising disposable income is expected to fuel the market growth during the forecast period.

For instance, a 2021 report by FEDIAF estimated that Europe’s annual pet product sales were about USD 28.1 billion, which grew by 3.1% from 2020. The animal health industry directly contributes to the global economy via wages, exports, jobs, and taxes. High-level R&D investments in various countries have led to the development of novel wound care medications for veterinary purposes. Macro-level economic factors, such as government agreements to improve supply chains and political issues including conflicts between countries are significantly impacting the industry. The pandemic has financially impacted as well as put other implications on most of the veterinary fields, including the animal wound care sector.

Governments all over the world responded to the COVID-19 pandemic with essential measures, such as countrywide lockdowns, following social distancing norms, large-scale quarantines, and travel restrictions. These were anticipated to negatively impact the animal healthcare businesses as well as veterinary services. Moreover, during the initial stages of the pandemic, cancellation & postponement of veterinary elective surgeries resulted in a decline in postoperative wound cases. Moreover, COVID-19 caused supply chain disruptions and decreased veterinary clinic visits & admission rates.

Animal Wound Care Market Segmentation

Grand View Research has segmented the global animal wound care market on the basis of product, animal type, end-use, distribution channel, and region:

Based on the Product Insights, the market is segmented into Surgical Wound Care Products, Advanced Wound Care Products, Traditional Wound Care Products, and Therapy Devices.

• The surgical wound care products segment dominated the industry and accounted for the maximum share of more than 40.40% of the overall revenue. Sutures, staplers, tissue adhesives, sealants, and glues are examples of products used in surgical wound care. Skin staplers have become increasingly common due to their benefits including ease of use, shorter surgical times, and simplicity of removal.

• Wet-to-dry dressings are recommended as the first step in traditional therapy. On the other hand, the therapy devices segment is projected to grow at the fastest CAGR from 2023 to 2030. For the treatment of various acute and chronic wounds, negative pressure wound therapy (NPWT) has gained more popularity.

Based on the Type Insights, the market is segmented into Companion Animals, and Livestock Animals.

• The companion animal segment dominated the global industry and accounted for the maximum share of more than63.85% of the overall revenue. Rising pet healthcare costs, especially in developed regions, are among the key factors driving the growth of this segment.

• The livestock animal segment is also expected to witness a significant growth rate from 2023 to 2030 owing to the increased demand for animal protein and growing consumer awareness about high-quality products. Domestic animals may develop wounds from accidents, attacks, animal or insect bites, barbed wire injuries when grazing, and wounds from fighting. The complications that arise with wounds are caused by infection as the bacteria at the site release toxins that may cause an abscess, necrosis, and slough. Therefore, wound care is immediately required before the infection spreads to the nearby tissues or bloodstream.

Based on the End-use Insights, the market is segmented into Veterinary Hospitals/Clinics, Homecare, and Research Institutes.

• The veterinary hospitals and clinics segment dominated the industry in 2022 and accounted for the maximum share of more than 40.00% of the overall revenue owing to faster diagnosis and easy availability of & access to treatments in vet hospitals & clinics.

• The homecare segment is projected to register the fastest growth rate over the forecast period. Nationwide lockdowns helped pet parents be more aware and get trained about their pet’s health. Minor pet wounds can be treated at home as not every scratch or injury requires emergency care.

Based on the Distribution Channel Insights, the market is segmented into Retail, E-commerce, and Veterinary Hospitals/Clinics.

• Due to high accessibility and affordability, the veterinary hospitals and clinics segment dominated the global industry in 2022 and accounted for the highest share of more than 45.00% of the overall revenue. Veterinary hospitals are the primary healthcare facility, with their main objective to provide urgent medical treatment to patients.

• Veterinarians are committed to providing patients with better primary care services for a speedy recovery. The staff at clinics advises pet owners regarding pet food and the benefits of medicine in addition to providing veterinarian treatment. This enables more efficient animal wound care management and control. The e-commerce segment is expected to register the fastest growth rate during the forecast period.

Animal Wound Care Regional Outlook

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

Key Companies Profile & Market Share Insights

The market is highly competitive and fragmented. Key players are offering the right balance of affordability and quality products to customers, thereby increasing their net sales. Companies are also constantly undertaking numerous strategic initiatives, such as acquisitions, collaborations, product launches, R&D, and partnerships, to increase their market share. For instance, in September 2021, Neogen Corp. acquired CAPInnoVet, Inc., an Atlanta-based companion animal health business that offers pet medications. This acquisition offered the company an opportunity to enter the retail market. Some of the prominent players in the global animal wound care market include:

• B. Braun Melsungen AG
• Medtronic
• 3M
• Johnson & Johnson (Ethicon)
• Virbac
• Advancis Veterinary Ltd.
• INNOVACYN, Inc.
• Vernacare (Robinson Healthcare)
• NEOGEN Corp.
• KeriCure, Inc.

Order a free sample PDF of the Animal Wound Care Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Animal Wound Care Industry Overview

The global animal wound care market size is expected to reach USD 1.82 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 6.92% from 2023 to 2030. Key factors driving the industry growth include the rising adoption of companion animals, increasing pet population, increasing demand for veterinary surgeries, and rising animal injury cases. The global population of companion animals has also increased. In November 2021, the American Veterinary Medical Association (AVMA) reported that the companion animal population increased significantly from 2016 to 2020. As per the article, there were an estimated 76.8 million dogs in 2016 in the U.S., which increased to 83.7 million in 2020.

There was a similar increase in the pet cat population, from 58.4 million in 2016 to 60 million in 2020. As per the European FEDIAF, in 2021, there were nearly 113.5 million cats and 92.9 million dogs in Europe. Thus, the constantly rising pet population and respective adoption rates of dogs & cats are driving the industry. In addition, animals like dogs are more likely to sustain minor or major injuries. Accidental trauma to dogs is one of the more frequent types of injury incidents that are documented. Major trauma, such as bone fractures, internal & external injuries, hemorrhage & organ trauma, joint dislocations, brain trauma, and skin wounds including rashes, are frequently caused by car accidents. In the United States, each year, over 10,000 accidents, involving dogs, are reported, some of which result in damage or even the death of animals.

The U.S. Department of Transportation estimates that each year, over 1 million animals pass away on roads. On the other hand, dog fights or attacks can cause severe wounds in the skin and soft tissues, as the teeth can puncture deep into the underlying tissues, muscles, and organ walls. Untrained pets are more likely to get cuts, scrapes, and minor wounds frequently. Animals get injured in various scenarios, which can be severe and require immediate veterinary wound care for stitches, infection prevention, etc. Thus, with the increasing pet adoption and animal population globally, the demand for veterinary wound care & surgeries is also rising. This is expected to boost industrial development. Moreover, rising disposable income is expected to fuel the market growth during the forecast period.

For instance, a 2021 report by FEDIAF estimated that Europe’s annual pet product sales were about USD 28.1 billion, which grew by 3.1% from 2020. The animal health industry directly contributes to the global economy via wages, exports, jobs, and taxes. High-level R&D investments in various countries have led to the development of novel wound care medications for veterinary purposes. Macro-level economic factors, such as government agreements to improve supply chains and political issues including conflicts between countries are significantly impacting the industry. The pandemic has financially impacted as well as put other implications on most of the veterinary fields, including the animal wound care sector.

Governments all over the world responded to the COVID-19 pandemic with essential measures, such as countrywide lockdowns, following social distancing norms, large-scale quarantines, and travel restrictions. These were anticipated to negatively impact the animal healthcare businesses as well as veterinary services. Moreover, during the initial stages of the pandemic, cancellation & postponement of veterinary elective surgeries resulted in a decline in postoperative wound cases. Moreover, COVID-19 caused supply chain disruptions and decreased veterinary clinic visits & admission rates.

Animal Wound Care Market Segmentation

Grand View Research has segmented the global animal wound care market on the basis of product, animal type, end-use, distribution channel, and region:

Based on the Product Insights, the market is segmented into Surgical Wound Care Products, Advanced Wound Care Products, Traditional Wound Care Products, and Therapy Devices.

• The surgical wound care products segment dominated the industry and accounted for the maximum share of more than 40.40% of the overall revenue. Sutures, staplers, tissue adhesives, sealants, and glues are examples of products used in surgical wound care. Skin staplers have become increasingly common due to their benefits including ease of use, shorter surgical times, and simplicity of removal.

• Wet-to-dry dressings are recommended as the first step in traditional therapy. On the other hand, the therapy devices segment is projected to grow at the fastest CAGR from 2023 to 2030. For the treatment of various acute and chronic wounds, negative pressure wound therapy (NPWT) has gained more popularity.

Based on the Type Insights, the market is segmented into Companion Animals, and Livestock Animals.

• The companion animal segment dominated the global industry and accounted for the maximum share of more than63.85% of the overall revenue. Rising pet healthcare costs, especially in developed regions, are among the key factors driving the growth of this segment.

• The livestock animal segment is also expected to witness a significant growth rate from 2023 to 2030 owing to the increased demand for animal protein and growing consumer awareness about high-quality products. Domestic animals may develop wounds from accidents, attacks, animal or insect bites, barbed wire injuries when grazing, and wounds from fighting. The complications that arise with wounds are caused by infection as the bacteria at the site release toxins that may cause an abscess, necrosis, and slough. Therefore, wound care is immediately required before the infection spreads to the nearby tissues or bloodstream.

Based on the End-use Insights, the market is segmented into Veterinary Hospitals/Clinics, Homecare, and Research Institutes.

• The veterinary hospitals and clinics segment dominated the industry in 2022 and accounted for the maximum share of more than 40.00% of the overall revenue owing to faster diagnosis and easy availability of & access to treatments in vet hospitals & clinics.

• The homecare segment is projected to register the fastest growth rate over the forecast period. Nationwide lockdowns helped pet parents be more aware and get trained about their pet’s health. Minor pet wounds can be treated at home as not every scratch or injury requires emergency care.

Based on the Distribution Channel Insights, the market is segmented into Retail, E-commerce, and Veterinary Hospitals/Clinics.

• Due to high accessibility and affordability, the veterinary hospitals and clinics segment dominated the global industry in 2022 and accounted for the highest share of more than 45.00% of the overall revenue. Veterinary hospitals are the primary healthcare facility, with their main objective to provide urgent medical treatment to patients.

• Veterinarians are committed to providing patients with better primary care services for a speedy recovery. The staff at clinics advises pet owners regarding pet food and the benefits of medicine in addition to providing veterinarian treatment. This enables more efficient animal wound care management and control. The e-commerce segment is expected to register the fastest growth rate during the forecast period.

Animal Wound Care Regional Outlook

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

Key Companies Profile & Market Share Insights

The market is highly competitive and fragmented. Key players are offering the right balance of affordability and quality products to customers, thereby increasing their net sales. Companies are also constantly undertaking numerous strategic initiatives, such as acquisitions, collaborations, product launches, R&D, and partnerships, to increase their market share. For instance, in September 2021, Neogen Corp. acquired CAPInnoVet, Inc., an Atlanta-based companion animal health business that offers pet medications. This acquisition offered the company an opportunity to enter the retail market. Some of the prominent players in the global animal wound care market include:

• B. Braun Melsungen AG
• Medtronic
• 3M
• Johnson & Johnson (Ethicon)
• Virbac
• Advancis Veterinary Ltd.
• INNOVACYN, Inc.
• Vernacare (Robinson Healthcare)
• NEOGEN Corp.
• KeriCure, Inc.

Order a free sample PDF of the Animal Wound Care Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

North America Cheese Powder Industry Overview

The North America cheese powder market size is expected to reach USD 2.1 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.9% over the forecast period. The market is majorly driven by the increasing demand for convenience foods owing to a time-constrained lifestyle. The increasing awareness about the harmful effects associated with synthetic food ingredients is further driving the growth of natural ingredients, such as cheese powders, in the region.

Consumers around the world are demanding convenient solutions that can help with their busy lifestyles and simplify nutritional requirements. Ready-To-Eat (RTE) meals are becoming an essential part of human life. These meals are preferred due to their nutritional values, ease of preparation, and availability of a wide selection. These meals have played a significant role in the growth of the food & beverage industry and are highly popular among end-users.

The U.S. fast-food industry has witnessed tremendous growth from being a mere USD 6 billion industry in 1970 to more than USD 250 billion in 2019. People have been increasingly focusing on the ingredients and flavors used in the food products along with their origin. This changing trend has pushed manufacturers to offer new and innovative ingredients, helping the growth of the market.

The foodservice and retail sectors are finding major opportunities for the product across the globe. Millennials are pushing manufacturers to think out of the box as this generation prefers products that are healthy, high in proteins, easy-to-use, and taste good. Their needs have a huge impact on the way products are manufactured, including the packaging elements.

However, the increasing occurrence of lactose intolerance and milk allergies is expected to hinder the growth of the cheese powder market over the forecast period in North America. Lactose intolerance is a very common trait found across almost every part of the world and over 60% of the global population has some levels of milk allergies. Consumers with lactose intolerance are turning their focus toward lactose-free plant-based alternatives to incorporate the necessary calcium and vitamins in their diet, which is expected to create challenges for the market in the region.

North America Cheese Powder Market Segmentation

Grand View Research has segmented the North America cheese powder market on the basis of product, application, and region:

Based on the Product Insights, the market is segmented into Cheddar, Parmesan, Blue Cheese, Romano, Swiss, and Other.

• The cheddar cheese powder segment dominated the market in 2020 with a revenue share of over 40%. Cheddar cheese is a ripened, hard cheese and has a long shelf life. It has a high demand due to its distinct flavor, taste, and aroma. Increasing demand for specialty and premium flavors is expected to create opportunities for the growth of this segment.

• Other cheese powders including Blue cheese, Romano, and Swiss. These are also gaining popularity owing to their exotic taste. These products are anticipated to grow considerably on account of their utilization in a wide range of applications, such as snack seasonings, salad dressings, dips, sauces, and topical snack coatings.

Based on the Application Insights, the market is segmented into Snacks, Bakery & Confectionery, Dips/Dressings/Dry Mix/Sauces, Flavors, Ready-To-Eat, and Others.

• The snacks application segment dominated the market with a share of 26.9% in 2020. The global sales of snacks totaled approximately USD 519.6 billion in 2020 and North America held a significant share of it. The sales grew significantly in Mexico owing to growing per capita disposable incomes, presenting a potential growth opportunity for the industry.
  
  
• Cheese powder is a popular flavoring agent with a natural origin and long shelf life without the addition of preservatives. Consumers are favoring natural ingredient-based food products owing to growing awareness related to the ill effects of synthetic flavors, which is responsible for the high demand for clean label products in North America.

• The RTE application segment is expected to witness a revenue CAGR of 5.7% over the forecast period. The global pandemic has boosted the demand for RTE meals in the region owing to the closure of restaurants and foodservice outlets. Moreover, these meals are easy to prepare.

Key Companies & Market Share Insights

The market is highly competitive and is driven by consumer demand and innovative product offerings. The market presents several growth opportunities for new participants owing to the easy availability of raw materials. The continuous shift in consumer preferences has helped stir up the market, which used to be limited to cheddar cheese powder. Factors, such as regional market size, production capacity, demand for new products, competition intensity, labor costs, and infrastructure availability, influence the distribution of final products. These factors act favorably in Mexico, leading to a higher growth rate in the country as compared to the U.S. and Canada. Some of the prominent manufacturers in the North America cheese powder market include:

• Land O’lakes, Inc.
• Kerry
• The Kraft Heinz Company
• Lactosan A/S
• Adm
• All American Foods
• Commercial Creamery Company
• Dairy Farmers of America, Inc.
• Bluegrass Ingredients, Inc.
• Agropur

Order a free sample PDF of the North America Cheese Powder Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Middle East Movies & Entertainment Industry Overview

The Middle East movies and entertainment market size is anticipated to reach USD 3.57 billion by 2028, registering a CAGR of 8.5% during the forecast period, according to a new report by Grand View Research, Inc. Increasing popularity of 3D movies that give the audience an experience of virtual reality is projected to drive growth. Additionally, the introduction of new marketing and distribution platforms such as IPTV, digital newspapers, DTH, and digital cable, as well as the online sales of music and movies, is anticipated to boost industry progress.

The Middle East movies and entertainment market is characterized by the presence of several well-established players. These players account for a significant market share and have diverse product portfolios and a strong presence across the region. The market also comprises small to midsized players that offer a selected range of products and mostly serve country-level customers.

Product launches help companies address the evolving needs of customers and gain a competitive edge over other players by offering new and innovative entertainment services. For instance, in April 2020, beIN Media Group, LLC launched a new cinema service that offers the latest international movies. The company announced ground-breaking cooperation with film distributors so that it can provide the latest movies straight to subscribers before they are seen in the cinema. This latest on-demand service is a positive announcement from the company given the current situation, and it would help keep consumers entertained and connected during the coronavirus crisis, bringing cinema to households across the Middle East and North Africa (MENA).

Some of the key players operating in the market are focusing on acquisitions to diversify their product offerings and strengthen their position in the market. For instance, in March 2019, The Walt Disney Company closed its USD 71 billion acquisition of 21st Century Fox’s entertainment assets. This acquisition allows the company to produce and distribute news, sports, and entertainment content through Fox News, Fox Sports, the Fox Network, and the Fox Television Stations.

The key companies are also focusing on strategic measures to expand their reach to a larger consumer base. For instance, Netflix Inc. is focusing on expanding its streaming membership business across the globe. To achieve the same, the company is improving its members’ experience by expanding its streaming content with an emphasis on programming a compelling mix of content that delights its existing members and attracts new members. Furthermore, it is continuously enhancing its user interface and extending streaming services to internet-connected screens.

Middle East Movies & Entertainment Market Segmentation

Grand View Research has segmented the Middle East movies and entertainment market based on product and country:

Based on the Product Insights, the market is segmented into Movies, and Music & Videos.

• This high share is attributed to the fact that television has been a strong, growing, and increasingly dynamic industry in the Middle East with a surge in the total number of channels. Though Pay TV and other on-demand services constitute a small portion of the industry, as compared to other countries across the globe, these are expanding at a notable rate. 
• The movies segment is projected to register the highest CAGR of over 14.0% over the forecast period. The Middle East represents one of the fastest-growing regions for movies (box office), with a rising consumer inclination toward regional content. As per mideastmedia.org, movie content from outside the region claims the majority of cinema revenues. 

Key Companies & Market Share Insights

The market is characterized by the presence of various well-established players such as Huhtamäki Oyj; Dart Container Corporation; Berry Global Group Inc.; Pactiv LLC; DUNI AB; Netflix, Inc.; Amazon.com, Inc.; beIN Media Group, LLC; MBC Group; Sony Entertainment, Inc.; and The Walt Disney Company. These players account for a significant market share and have diverse product portfolios and a strong presence across the region. The market also comprises small to midsized players that offer a selected range of products and mostly serve country-level customers.

Many market players are adopting strategies such as new and revolutionary content launches to strengthen their position and to drive revenue growth. In May 2020, beIN SPORTS announced the launch of a standout new beINSPIRED podcast that celebrates trailblazing female athletes, all of whom have paved the way for present and future female athletes to keep breaking barriers. The beINSPIRED podcast delves into the inspiring stories of female athletes worldwide, such as Paris Saint-Germain’s Nadia Nadim and Chelsea FC captain and Olympic silver-medalist Magdalena Eriksson. Some of the prominent players operating in the Middle East movies and entertainment market are:

• beIN Media Group, LLC 
• Sony Entertainment, Inc.
• The Walt Disney Company
• All Over Group
• Netflix, Inc.
• SilverGrey
• The Idea Factory
• MBC Group
• Amazon.com, Inc.
• Mazzika Group

Order a free sample PDF of the Middle East Movies & Entertainment Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Automotive Smart Display Industry Overview

The global automotive smart display market size is expected to reach USD 16.98 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.2% from 2021 to 2028. The growing demand for advanced safety features, automotive and cockpit electronics, and semi-autonomous and autonomous vehicles is expected to drive the market. The increasing demand for improved in-vehicle experience and the changing consumer buying behavior, along with the growth of luxury, premium, and high-end cars worldwide, are also expected to fuel the market demand over the forecast period.

The surge in demand for vehicle navigation and connectivity system in the automotive sector led to a growth in the usage of automotive visualization technology. The visualization technology has played a significant role in the advancement of the cockpit technology, which has led to the incorporation of interactive and smart displays in several vehicles launched by prominent automakers, such as Jaguar Land Rover, Mercedes-Benz, Volkswagen, Audi, and BMW. Moreover, the technology is gaining prominence among automotive display suppliers with an uptick in demand for automotive in-vehicle infotainment solutions as well as display solutions. An increase in the sales of passenger vehicles equipped with smart displays and in-vehicle infotainment systems, coupled with features such as navigation, driver assistance, and real-time traffic monitoring, is expected to bolster the market growth over the forecast period.

Asia Pacific held the largest share in 2020 owing to the presence of several key players, such as Panasonic Corporation (Japan), Yazaki (Japan), and Nippon Seiki (Japan) in the region. The region is characterized by the presence of developed nations such as Japan and South Korea, along with emerging economies such as China and India. In recent years, the region has emerged as a hub for automobile production.

Automotive Smart Display Market Segmentation

Grand View Research has segmented the global automotive smart display market on the basis of display size, display technology, application, and region:

Based on the Size Insights, the market is segmented into Less than 5”, 5”- 10”, and Greater than 10”.

• The 5”-10″ display size segment accounted for the largest revenue share of 46.7% in 2020. 5”-10″ smart displays are used for applications, such as advanced instrument clusters, center stack touchscreen displays, and rear-seat entertainment touchscreen units.

• The greater than 10” smart display segment is projected to register the fastest CAGR of 9.2% from 2021 to 2028. The segment is majorly driven by applications in electric vehicles, premium cars, and semi-autonomous and autonomous cars. An increase in the demand for semi-autonomous, autonomous, and electric vehicles is expected to drive the demand for larger than 10″ smart displays.

Based on the Technology Insights, the market is segmented into LCD, TFT-LCD, OLED, and Others.

• The TFT-LCD display segment accounted for the largest share of 53.4% in 2020. LCD and TFT-LCDs are commonly used in display applications as they meet the durability and temperature standards. Depending on the range of temperature required and the function of the display, manufacturers use a combination of TFT and LCD in a vehicle.
• The OLED display segment is expected to register the fastest CAGR of 10.3% from 2021 to 2028. Passenger cars with OLED displays are being showcased at various automotive exhibitions, however, the penetration rate is low compared to the LCDs in the consumer models.

Based on the Application Insights, the market is segmented into Digital Instrument Cluster, Center Stack, Head-up Display (HUD), and Rear Seat Entertainment.

• The center stack display segment accounted for the largest share of over 40.0% in 2020. Center stack displays are infotainment systems that offer a range of interactive features, such as navigation, music, cabin temperature controls, and other information. Advancements in the field of self-driving and connected cars are expected to propel the demand for center stack displays in vehicles.

• The Head-up Display (HUD) segment is projected to register the fastest CAGR of 8.7% over the forecast period. HUD is a transparent display that provides information in the driver’s line of sight without the need to look away from the road. 

Automotive Smart Display Regional Outlook

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

Key Companies Profile & Market Share Insights

Key players offer a wide range of automotive smart display components, such as digital instrument cluster, digital cockpit system, center stack display, rear-seat entertainment system, and head-up display unit for passenger cars and commercial vehicles. The companies are focusing on providing technologically driven and advanced products to enhance their product offerings in the market. Companies are undertaking strategic initiatives such as regional expansions, acquisitions, mergers, partnerships, and collaborations to grow in the market.

Moreover, these players are consolidating their market shares by undertaking M&A activities. For instance, in October 2020, Hyundai Mobis announced a strategic investment in Envisics, a provider of Augmented Reality Head-up Display (AR HUD). Hyundai Mobis and Envisics are expected to develop autonomous driving specialized AR HUD, targeting mass production by the year 2025. In May 2018, Continental AG increased its investment in DigiLens Inc. The latter company is a provider of holographic waveguide projection technology. DigiLens Inc.’s holographic waveguide technology would enable the use of head-up displays for applications in automotive displays. Some prominent players in the global automotive smart display market include:

• Alps Alpine Co., Ltd.
• Continental AG
• Denso Corporation
• Hyundai Mobis
• Nippon Seiki Co., Ltd.
• Panasonic Corporation
• Pioneer Corporation
• Robert Bosch GmbH
• SAMSUNG (HARMAN International)
• Visteon Corporation

Order a free sample PDF of the Automotive Smart Display Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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Virtual Fitting Room Industry Overview

The global virtual fitting room market size is expected to reach USD 15.43 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 25.2% from 2021 to 2028. The prevalence of high-tech simulations to mimic face-to-face buying behavior with the help of advanced 3D technologies is expected to drive the market. Furthermore, the intervention of digital transformation technologies, such as Augmented Reality (AR) and Artificial Intelligence (AI), is projected to create enormous opportunities for virtual fitting rooms over the forecast period.

The virtual try-on technology is significantly beneficial for retailers and is gaining popularity amongst consumers in recent times. Online merchandising witnesses a large number of returns/exchanges majorly because of the customer’s dissatisfaction regarding inappropriate fits and sizes. The virtual fitting room technology has been efficiently assisting consumers in trying and rejecting the products before placing an order, thereby converting one-time buyers into repeat customers.

Furthermore, companies are coming up with upgrades that can provide tactile, fabric, or texture sense for consumers purchasing via e-commerce websites to reduce return rates and build brand loyalty. The customer data collected through an interactive mirror is used to understand customer preferences and improvise strategies aimed at boosting sales. This is a breakthrough in the retail industry to leverage purchase data for designing future business strategies.

The COVID-19 pandemic has compelled governments worldwide to enforce regulations for temporarily closing brick and mortar stores, which indirectly boosted sales on e-commerce websites. With retail sales observing a dip in the past few months, buyers have now swiftly shifted to e-commerce websites. This creates significant opportunities for virtual fitting room solution providers to capture a more extensive customer base.

Virtual Fitting Room Market Segmentation

Grand View Research has segmented the global virtual fitting room market on the basis of component, application, end-use, and region:

Based on the Component Insights, the market is segmented into Hardware, Software, and Services.

• The software segment accounted for the largest revenue share of over 45.0% in 2020 and is expected to maintain its lead in the market from 2021 to 2028. The segment is also expected to register an impressive growth rate over the forecast period.

• The services segment accounted for a significant share in 2020. The segment is further divided into installation, support & maintenance, and consulting. The consulting segment is expected to register the highest CAGR over the forecast period. 

Based on the Application Insights, the market is segmented into Apparel, Beauty and Cosmetic, Eyewear, Footwear, and Others.

• The apparel application segment accounted for the largest revenue share of close to 40.0% in 2020 and is projected to maintain its lead over the forecast period. Additionally, the rising deployment of VR and AR to offer an immersive experience is expected to create growth opportunities for this segment.

• Online apparel retailers are deploying fitting room solutions with artificial intelligence to recommend the customer sizes, designs, and styles based on their past searches and purchases. Physical apparel stores and independent fashion houses are making use of the technology to strengthen their brand image.

• The beauty and cosmetic application segment is expected to register the highest growth rate over the forecast period. The rising popularity of e-marketplace is encouraging famous beauty and cosmetic brands to shift to online product deliveries. 

Based on the End-use Insights, the market is segmented into Physical Store, and Virtual Store.

• The virtual store segment held the largest revenue share of over 50.0% in 2020 and is expected to register the fastest CAGR over the forecast period. The e-commerce sector has gradually established itself as one of the most prominent players in the global economic landscape and is expected to overtake the brick-and-mortar shopping model for some products, in terms of sales, in the near future.

• The easiest way to attract customers toward online sales is to cater to their personalized needs and improve the quality of their shopping experiences. The major concern of customers while shopping online has always been improper fitting of apparel, which is a key challenge affecting sales. 

Virtual Fitting Room Regional Outlook

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

Key Companies Profile & Market Share Insights

The market is dominated by various global and regional players striving to gain a competitive edge in the market. The virtual fitting room technology simplifies trying and buying. This is encouraging companies to expand their core capabilities in the virtual fitting room business. Furthermore, market participants are significantly investing in R&D activities to offer state-of-art solutions that can accurately sense the user’s body structure. AstraFit, the leading player in the market, creates a 2D model of the customer’s body structure and determines the fitting size, and underlines the suitable length of the apparel. Furthermore, the company’s superfast garment digitization system measures only one size manually, after which it automatically establishes other sizes.

The upsurge in the adoption of smart technologies to create a simulated environment for service designing is adding to the immense competition between online retailers. To retain their positions in the fashion retail market, online vendors are collaborating with AR technology providers to improve customer satisfaction and attract a more extensive consumer base. For instance, Gap Inc., a prominent global fashion retailer, collaborated with Avametric, a U.S.-based cloth simulation technology provider, to introduce The DressingRoom, a new application. The application is featured with five body types. It utilizes AR technology and an interactive mannequin to determine the consumer’s fit, allowing customers to choose the appropriate outfit. Some prominent players in the global virtual fitting room market include:

• AstraFit
• Else Corp Srl
• Fision AG
• Fit Analytics
• FXGear Inc.
• Magic Mirror
• MemoMi Labs Inc.
• Metail
• Perfitly

Order a free sample PDF of the Virtual Fitting Room Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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Hair Restoration Industry Overview

The global hair restoration market size is anticipated to reach USD 13.6 billion by 2028, according to the new report of Grand View Research, Inc. The market is expected to expand at a CAGR of 15.4% from 2021 to 2028. Hair restoration technique which includes surgical as well as a non-invasive treatment option is an effective procedure to increase hair thickness, fill in a receding hairline, and treat baldness as well as severe alopecia.

According to the American Academy of Dermatology, androgenic alopecia is the most common cause of hair loss in both men and women. According to the American Hair Loss Association, 95 % of hair loss in men is caused by androgenetic alopecia and around 40% of men notice symptoms of baldness by the age of 40.

The market is currently witnessing a surge in treatment adoption due to high psychological stress, poor dietary habits, reduced nutritional levels with age progression, and increasing hormonal changes due to lifestyle shifts among the global population. This surge can also be due to the increased success rate of the transplantation procedures and technological advancement in the field of less invasive hair repair.

In the light of COVID-19, the market was hampered as the footfall of patient appointments for surgical Follicular Unit Extraction (FUE) or Follicular Unit Transplantation (FUT) treatments was temporarily suspended. However since the government in many countries has allowed resuming elective surgical procedures, clinics have also started hair transplant procedures again and international organizations like the International Society of Hair Restoration Surgery (ISHRS) has set strict protocols for resuming hair restoration practices as well as offer patient guidance in finding hair repair clinics deemed.

Hair Restoration Market Segmentation

Grand View Research has segmented the global hair restoration market on the basis of procedure, therapy, and region:

Based on the Procedure Insights, the market is segmented into Follicular Unit Extraction, and Follicular Unit Transplantation.

• The FUE segment accounted for the highest market share of 70.0% in 2020. FUE is a type of hair transplant done by taking individual hair follicles from the skin and moving them to another part of the body where the hair is thinner or absent; also known as grafting. 

• Robotic FUE can have a survival rate of 100% thus providing a higher yield of hair. With the increasing success rate of FUE procedures and the less-invasive nature of the technique, FUE is expected to exponentially grow during the forecast period.

Based on the Therapy Insights, the market is segmented into Low-Level Laser Therapy (LLLT), Stem Cell hair restoration, and Platelet-Rich Plasma.

• The Platelet-rich Plasma (PRP) segment had the largest market share of 38.0% in 2020. Plasma-rich protein is said to strengthen a poor donor, increase the transplanted graft yield rate, reduce graft transaction rate, and healing of wounds from the donor and recipient area.
• The stem cell hair restoration segment and the Low-level Laser Therapy (LLLT) segment are also expected to witness significant CAGR over the forecast period. LLLT technique irradiates photons into scalp tissues which are then absorbed by weak cells to encourage hair growth.

Hair Restoration Regional Outlook

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

Key Companies Profile & Market Share Insights

The competitive landscape is strengthened by service quality and expertise in carrying out complicated hair transplant procedures. There are very few companies manufacturing transplant devices and others offer topical products like gels, serums, and lotions. For instance, In February 2018, Venus Concept announced the acquisition of NeoGraft Solutions’ hair restoration business (“NeoGraft”). Neograft was a developer of hair restoration technologies and topical products. Some of the prominent players in the hair restoration market include.

• Venus concept
• Bernstein Medical
• Bosley
• The Harley Street Clinic
• Advanced hair studio
•  Milla Marie
• Lexington Intl., LLC
• Cole Hair Transplant Group

Order a free sample PDF of the Hair Restoration Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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Healthcare Patent Filing Outsourcing Industry Overview

The global healthcare patent filing outsourcing market size is expected to reach USD 1.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.5% from 2021 to 2028. In-house departments of pharmaceutical and medical devices firms typically do not have sufficient time to carry out patent filing processes. Even if they do, it will be a costly option for the firms. Therefore, the market is significantly driven by the growing need for cost-saving and time-saving in patent filing processes.

The market suffered a hefty decline of 2.1% in 2020 owing to the COVID-19 pandemic. Organizations such as the European Patent Office (EPO) and the United State Patent and Trademark Office (USPTO) announced relaxations such as extension of deadlines in order to accommodate 2019 novel coronavirus related delays and interruptions. However, with the lifting of COVID-19 related shelter-in-place mandates and commercialization of the vaccine, the bottle necking of patent filing is clearing. The market is projected to recover from 2021 onwards and expand with a lucrative CAGR over the forecast period.

Growing innovations in the medical device and pharmaceutical space is driving the market. Surging number of start-ups in the healthcare industry with new and innovative products, will also boost market growth. Patent applications are majorly filed by the well-established players in the healthcare industry such as Novartis, Covidien, Boston Scientific, Medtronic, Ethicon, Olympus Corp. These companies innovate in-house, partner with high-tech companies for consumer-facing offerings, and also license technologies from universities. Such companies hold huge potential market growth across the globe.

Healthcare Patent Filing Outsourcing Market Segmentation

Grand View Research has segmented the global healthcare patent filing outsourcing market on the basis of domain, service, origin, and region:

Based on the Domain Insights, the market is segmented into Medtech, and Pharmaceutical.

• The medtech segment dominated the market and accounted for the largest revenue share of 51.2% in 2020. This is attributed to growing technological advancements in the medical devices industry. For instance, in 2016, Medtronic, Olympus, and Boston Scientific filed 182, 150, and 225 patents respectively.

• The medtech segment is further sub-segmented into assistive care devices, consumables and disposables, diagnosis and imaging devices, drug delivery devices, surgical devices, and wearable medical devices. The wearable medical devices segment is expected to expand with the fastest CAGR over the forecast period

Based on the Service Insights, the market is segmented into Pre-filing, Filing & Prosecution, and Post Grant.

• The filing and prosecution segment dominated the healthcare patent filing outsourcing market and accounted for the largest revenue share of 51.5% in 2020. This share is attributable to the complexity associated with filing and prosecution coupled with cost-efficient attained by outsourcing such tasks.
• The pre-filing segment accounted for the second-highest share by service in 2020. Pre-filing is a crucial step in patent filing as a lot of time and money of applicants could be wasted if the step is not done by professionals with strong knowledge of the patent processes. 

Based on the Origin Insights, the market is segmented into Resident, and Non-resident.

• The resident segment dominated the market and accounted for the largest revenue share of 63.5% in 2020. Approximately, 70.0% of the overall patents registered on the WIPO repository are resident patents. However, the non-resident segment is projected to expand with a faster CAGR as filing patents in one country does not ensure protection from plagiarism in another country.

• Also, the aid of local patent outsourcing firm with the know-how of local regulations is beneficial for applicants to get a patent in another country. Such factors will augment the growth of the non-resident segment over the forecast period.

Healthcare Patent Filing Outsourcing Regional Outlook

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

Key Companies Profile & Market Share Insights

This market is highly fragmented in nature due to the presence of a substantial number of medium to small sized patent outsourcing firms. The majority of the market players are privately held. High technical know-how is required for healthcare patent filing outsourcing therefore entry barrier for new players is high. Also, large medtech and pharmaceutical players going for in-house patent filing processes might hinder the market growth. However, single point service and deep professional expertise offered by the outsourcing players will help further penetrating the in-house territory and augment market growth over the forecast period. Some of the prominent players in the healthcare patent filing outsourcing market include:

• Clarivate
• ipMetrix Consulting Group
• CRJ IPR Services LLP
• Patent Outsourcing Limited
• Synoptic Intellectual Patents (P) Limited
• Dennemeyer
• Powell Gilbert
• Bristows
• Hoyng Rokh Monegier
• Carpmaels & Ransford Services Limited

Order a free sample PDF of the Healthcare Patent Filing Outsourcing Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Disposable Surgical Devices Industry Overview

The global disposable surgical devices market size is expected to reach USD 9.3 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.8% from 2021 to 2028. The growing prevalence of chronic diseases, such as cardiovascular, neurological, urological, and infectious disorders, is expected to drive the overall market. Chronic diseases are a global healthcare concern, with over half of the adult population in the U.S. suffering from them, resulting in over 75% of the total healthcare expenditure. Thus, a rise in infectious and chronic diseases is expected to create a significant demand for disposable surgical devices.

Cancer has become a significant healthcare burden and a leading cause of death across the globe. According to the WHO, almost 1 in 6 deaths can be attributed to this disease. Estimates from the same source indicate that over 70% of cancer-related deaths typically occur in middle- and low-income countries. Thus, a steady rise in the number of curative, preventive, and diagnostic cancer surgeries has been observed globally, creating a high demand for disposable surgical equipment.

The growing number of road accidents is expected to augment the demand for disposable surgical instruments. According to the WHO, around 10 million people are injured or disabled due to road accidents every year, creating a demand for surgeries. Such wounds are commonly managed using surgical sutures. Hence, the increasing number of road accidents is expected to positively impact demand for disposable surgical sutures and staplers.

The increasing government initiatives for the usage of disposable medical devices to avoid hospital-associated infections are expected to boost the usage of single-use devices. The growing number of surgical procedures is expected to increase the need for disposable surgical devices. 

Disposable Surgical Devices Market Segmentation

Grand View Research has segmented the global disposable surgical devices market based on product, application, and region:

Based on the Product Insights, the market is segmented into Surgical Sutures & Staplers, Handheld Surgical Devices, and Electrosurgical Devices.

• Surgical sutures and staplers held the largest share of 45.3% in 2020. Surgical sutures are threads used after surgery or in treating an injury to close incisions or repair cuts. Surgical staplers are also used for wound closure and are more precise than sutures.

• Electrosurgical devices are expected to grow at the fastest rate of 8.4% over the forecast period. Electrosurgical instruments help perform surgeries in ambulatory surgical centers (ASCs) or clinics without the need for hospital settings.

Based on the Application Insights, the market is segmented into Neurosurgery, Plastic & Reconstructive Surgery, Wound Closure, Obstetrics & Gynecology, Cardiovascular, Orthopedic, General Surgery, and Others.

• General surgery held the largest share of 23.1% in 2020. The growing number of general surgeries is expected to contribute to the segment growth. A large number of disposable surgical devices are used for general surgery.
• The obstetrics and gynecology segment is expected to witness significant growth during the forecast period. Obstetrics specifically includes pregnancy and childbirth, whereas gynecology is a broader aspect including all the female reproductive organ disorders.

Disposable Surgical Device Regional Outlook

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

Key Companies Profile & Market Share Insights

Key market players hold a significant share of the market due to their broad product portfolio. They are forming strategic alliances to expand their product portfolio. For instance, in November 2020, Aspen Surgical acquired Protek Medical Products, Inc. This acquisition will help Aspen in strengthening its product portfolio, which also includes disposable surgical devices. Some prominent players in the global disposable surgical devices market include:

• B. Braun Melsungen AG
• Smith & Nephew plc
• Aspen Surgical
• Alcon Laboratories, Inc.
• Zimmer Biomet
• Medtronic
• Becton, Dickinson and Company
• Ethicon
• CooperSurgical Inc.
• Surgical Innovations

Order a free sample PDF of the Disposable Surgical Devices Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Europe Homogeneous Precious Metal Catalyst Industry Overview

The Europe homogeneous precious metal catalyst market size is expected to reach USD 2.4 billion by 2028 registering a CAGR of 18.9% over the forecast period, as per a new report by Grand View Research Inc. Increasing preference for homogeneous catalyst over heterogeneous ones owing to their specific features, especially associated with selectivity, drive the market growth. Furthermore, the market is expected to witness a significant hike in demand amid the Covid-19 pandemic as PGM catalysts are utilized in the formulation of several APIs, such as a few antibiotics used for Covid-19 treatment.

The demand for the product is likely to be prominent from the pharmaceutical & biomedical and petroleum refining end-use industries. In addition, the presence of refineries at prime locations, coupled with top oil & gas companies, is estimated to contribute to the product demand. Moreover, growth in the agrochemicals and power generation sectors in the European economies is anticipated to augment the product demand over the forecast period.

In addition, the market is expected to witness significant growth over the forecast period owing to the benefits it has received from high-value product segments. For instance, the application of catalysts in an automobile reduces carbon emissions that are harmful to the environment and, thus, their application is highly promoted by the governments. In addition, increasing energy demand from economies, such as France, Slovakia, Hungary, Belgium, Sweden, and Bulgaria, is likely to drive the market.

The presence of adequate oil reserves in countries including Russia, Norway, the U.K., and Italy, is expected to further complement the market growth in the region. Consequently, major market participants are shifting their focus toward increasing capacities and catering to the growing demand across geographies. Market players in the region are focusing on innovation for the development of advanced products to exhibit better performance during the process. Such factors have bolstered the market growth in the region. However, the Covid-19 pandemic has affected several key economies, such as Italy and Germany, limiting the market growth.

The governments in these countries had imposed complete lockdown, which restricted the movement of all forms hampering the overall oil consumption by the transportation sector. In addition, curtailed commercial and industrial activities have further reduced fuel consumption. Consequently, refiners are forced to cut their production instantly, which may result in high expenses once the situation settles. Furthermore, some refiners are projected to lose their share to competitors, which is expected to hamper the overall product demand in the short run.

Europe Homogeneous Precious Metal Catalyst Market Segmentation

Grand View Research has segmented the Europe homogeneous precious metal catalyst market on the basis of product, end-use, and country:

Based on the Product Insights, the market is segmented into Platinum, Palladium, Rhodium, Ruthenium, Iridium, Gold, and Others.

• The palladium product segment led the overall market in 2020 and accounted for the largest revenue share of over 50%. The segment is estimated to retain its dominant position throughout the forecast period owing to extensive product usage in applications requiring hydroesterification reactions. 
• The platinum-based product segment is estimated to witness significant growth in the coming years as these products have rising demand in hydrosilylation reaction applications due to their highly reactive nature. However, uncertainties in price and the Covid-19 impact on the supply chain and demand are likely to hinder the growth of this segment. 
  
  

Based on the End-use Insights, the market is segmented into Pharmaceutical & Biomedical, Refineries, Agrochemicals, Fine Chemicals, Electrochemical, Power Generation, and Other Industrial.

• The refinery end-use segment led the overall market in 2020 and accounted for a revenue share of more than 20%. The segment is expected to grow further at a steady CAGR of over 18% from 2021 to 2028 as precious metal catalysts help in optimized and economic oil production.

• The others end-use segment includes the paper and construction sectors. In the paper end-use segment, these catalysts are used in the coating process of packaging. In the construction segment, they are used in transparent roofing, sanitary field shower walls, and noise protection walls.

Based on the End-use Insights, the market is segmented into Pharmaceutical & Biomedical, Refineries, Agrochemicals, Fine Chemicals, Electrochemical, Power Generation, and Other Industrial.

• The refinery end-use segment led the overall market in 2020 and accounted for a revenue share of more than 20%. The segment is expected to grow further at a steady CAGR of over 18% from 2021 to 2028 as precious metal catalysts help in optimized and economic oil production.

• The others end-use segment includes the paper and construction sectors. In the paper end-use segment, these catalysts are used in the coating process of packaging. In the construction segment, they are used in transparent roofing, sanitary field shower walls, and noise protection walls.

Key Companies Profile & Market Share Insights

The market is highly concentrated with the presence of major producers of various grades of the product catering to a wide array of end-use industries. The innovation in the market also gets driven by customized demands by the end-users, which invest directly with the catalyst formulator companies like BASF SE and Clariant Inc. to come up with customized products to suit their specific needs. Demonstration of technical capability by the key players can further expand their product portfolio and help them secure a better market position. Companies are also focusing on mergers and acquisitions to increase their customer base and acquire new markets.

Recent Developments

• In June 2022, BASF announced the construction of a large-scale battery recycling black matter facility in Schwarzheide, Germany.  Indicating the prevalence of several EV car manufacturers and cell makers in Central Europe, the site is a perfect location for the expansion of battery recycling activities. This investment will result in the creation of around 30 new production positions, with a start date of early 2024
• In June 2022, Evonik invests $220 million in a new triglyceride manufacturing plant for mRNA-based medicines in the United States, in collaboration with the US government. The new factory will position the company for future expansion in revolutionary mRNA-based therapeutics beyond COVID-19 vaccines, reinforcing its reputation as a leading strategic ally for creative pharmaceutical firms throughout the world
• In May 2022, Argor-Heraeus announced its complete acquisition of Erbas, a renowned Ticino-based watchmaker and jewelry manufacturer. The mutual decision broadens the scope of Argor-Heraeus’ service offerings. The agreement constitutes a substantial step forward in terms of end-product tracking, which is critical in a supply chain simplification sector

Some of the key companies in the Europe homogeneous precious metal catalyst market are:

• Alfa Aesar
• Heraeus Holding
• BASF SE
• Evonik Industries AG
• Johnson Matthey
• Clariant AG
• Haldor Topsoe
• Umicore
• American Elements
• Chimet S.p.A.
• Shaanxi Kai Da Chemical Engineering Co., Ltd.
• Sabin Metal Corporation

Order a free sample PDF of the Europe Homogeneous Precious Metal Catalyst Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter