Alginate Market Size Worth $1.02 Billion By 2027

The global alginate market size is expected to reach USD 1.02 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.7% from 2020 to 2027. Increasing product demand from the processed food industry as a superior thickening and gelling agent is expected to augment the growth of the market.

Growth of the food and beverage industry in BRICS and the Middle East owing to increasing domestic consumption is anticipated to heighten the consumption of alginates. Increasing demand for convenience foods on account of the rising affinity of the consumers towards the consumption of these products is expected to further promote the market growth over the forecast period.

Propylene glycol alginate is expected to register high gains on account of its increasing use in the beer manufacturing industry, primarily for stabilization of beer foam. Therefore, rising consumption of beer across the globe due to the surge in female drinkers and expansion of the retail network in developing regions are expected to increase the demand for alginate in the coming years.

Alginate finds broad application in the pharmaceutical sector and acts as an emulsion stabilizer, thickening agent, disintegrant, and film-forming agent for tablets. Rising demand for alginate in the tablet coatings on account of superior performance characteristics is expected to fuel the product demand over the forecast period.

Buyers in the industry lay increased emphasis on product quality and exhibit low price sensitivity. Consumers in the food industry opt for extensive product customization in order to attain gelling, thickening, or stabilizing characteristics, thereby resulting in increased product prices in the economy. As a result, manufacturers are forced to alter their margins and selling prices.

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https://www.grandviewresearch.com/industry-analysis/alginate-market

Further key findings from the report suggest:

The high G type segment accounted for a share of over 52.0% in terms of revenue in 2019 owing to high adoption by the food and beverage industry due to its superior thickening and gelling properties
By product, sodium alginate accounted for 41.3% share of the global volume in 2019 and is expected to witness significant growth in the years to come. This can be attributed to its widespread application in the food industry and utilization in the production of sauces, dressings, whipped cream, and jellies
The pharmaceutical application segment is estimated to expand at the fastest CAGR of 5.5% in terms of revenue from 2020 to 2027. The use of alginate fibers formed through the interaction of sodium alginate solution with calcium chloride for wound healing is projected to emerge as one of the primary growth drivers for the segment
Asia Pacific emerged as the leading regional market and accounted for a 36.58% share of the total volume in 2019. The increasing application scope of alginate in various end-use industries, coupled with the rapid industrialization in the Asian countries including China, India, and Thailand, is anticipated to drive the regional market in the coming years
The market is highly competitive due to the presence of a large number of companies involved in product manufacturing. Companies strive to locate their manufacturing locations close to the seaweed vegetation in a bid to minimize the high logistic costs incurred for the transportation of wet seaweed.

Patient Handling Equipment Market Worth $23.4 Billion By 2024

The patient handling equipment market is expected to reach USD 23.4 billion by 2024, according to a new report by Grand View Research, Inc. The upsurge in the demand for products, such as slings, lifts, powered electric wheelchairs, due to the high risk of physical injuries in the manual lifting of heavy loads is a key growth driver of the patient handling equipment market. In addition, the growing prevalence of injuries, such as lower back pain, musculoskeletal disorders (MSDs), etc., is expected to boost growth in this sector. These injuries are avoidable by practicing safe patient handling guidelines and using equipment for the same.

Associated advantages and availability of improved products such as prime Transport Chairs (TC), temperature management systems, and patient transfer solutions, which offer safe, comfortable, and dignified transfer are the factors anticipated to provide lucrative growth to this sector in the near future.

Increasing incidences of Non-communicable Diseases (NCD), such as diabetes, asthma, cancer, stroke, etc., requiring patient handling equipment in homecare settings, hospitals, and intensive care units are further expected to boost market growth over the forecast period.

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http://www.grandviewresearch.com/industry-analysis/patient-handling-equipment-market

Further key findings from the study suggest:

The mechanical and nonmechanical equipment segment is expected to grow at a lucrative CAGR of above 12.0% owing to high penetration of hospital furniture, stretchers, evacuation equipment, ambulatory aids, and accessories in healthcare settings
On the other hand, medical beds held a lucrative share in this industry in 2015, due to the high adoption rate by hospitals and long-term acute care centers. Moreover, the introduction of technologically enhanced products and comfort offered by them are the factors attributing to its dominant share
The critical care segment is anticipated to grow lucratively during the forecast period, due to rising treatment rates and adoption of equipment to curb increasing prevalence of critical conditions and reduction in mishaps that occur during patient handling. Moreover, the critical care nursing and intensive care units requiring stable and safe handling practices for cardiothoracic, coronary, trauma, and surgical units supporting patients’ health are expected to widen the consumer base for these devices
Home care setting is anticipated to grow lucratively as a consequence of increasing patient preference to reduce hospital stay and cost for the treatment. In addition, the increasing preference of home care facilities by elderly patients’ is expected to intensify the demand for patient handling equipment over the forecast period. Moreover, increasing applications of long-term care programs, home health agency, and homecare services are expected to propel the market growth during the forecast period
Some key players in this market include Stryker Corporation; Hill-Rom Holdings, Inc.; Invacare Corporation; Getinge Group; Guldmann, Inc.; Stiegelmeyer, Inc.; Benmor Medical Ltd.: Sidhil Ltd.; ArjoHuntleigh, Inc.; Etac Ltd.; Joerns Healthcare; Handicare, Inc.; Mangar International Ltd.; Linet Americas, Inc; and Prism Medical Ltd.
These players are adopting strategies such as technological innovation, new product launch, and strategic collaborations, including mergers and acquisitions to capitalize on their industry share. For instance, in March 2016, Prism Medical Ltd. acquired lifts and elevating business of Shoppers Home Health Care in a probe to expand its business capabilities and strengthen its services portfolio. Similarly, in November 2014, Stiegelmeyer, Inc. introduced new technology “e-help,” an intelligent sensor technology for homecare and in-patient services enabling deeper market penetration.

Medical Plastics Market Size Worth $45.2 Billion By 2027

The global medical plastics market size is expected to reach USD 45.2 billion by 2027,expanding at a CAGR of 8.6% over the forecast period, according to a new report by Grand View Research, Inc. Robust growth of the healthcare industry coupled with rising healthcare expenditure across the world are anticipated to drive the market growth. The market is expected to register significant growth owing to the high adoption of plastics for implants on account of their chemical inertness and superior fatigue resistance.

Asia Pacific region is expected to progress at a CAGR of 9.5% over the forecast period, in terms of revenue, on account of rising consumer expenditure on healthcare. In addition, the low cost of medical procedures in the region makes it a favorable destination for medical tourism, thereby leading to an increase in the demand for medical devices. Furthermore, the recent outbreak of COVID-19 in countries such as China, India, Japan, Australia, and Indonesia creating a huge demand in various application such as testing equipment, medical bags, gloves, masks, ventilators, syringes, surgical drapes, and personal protective equipment. Thus, the rising number of coronavirus cases in the region is projected to substantially drive the market growth.

Medical components application segment accounted for a majority of the share in the global medial plastics market, driven by the high consumption of superior grade plastics in the production of catheters, syringes, containers, medical bags, and surgical equipment. The requirement for easier sterilization coupled with the need for lightweight and high-strength products is expected to propel the product demand in the aforementioned application.

Medical device packaging segment is projected witness significant growth over the forecast period.Rising chronic diseases owing to the growing population of individuals aged over 65 years of age. The enhanced mechanical and thermal properties offered by PVC as compared to traditional materials such as metals and glass are anticipated to open up new avenues for the market growth. Increasing demand for portable, lightweight, and compact medical devices is likely to boost the consumption of medical plastics over the forecast period. In addition, increasing demand across the globe owing to the COVID-19 pandemic is augmenting the demand for medical device packaging segment.

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https://www.grandviewresearch.com/industry-analysis/medical-plastics-market

Further key findings from the study suggest:

In terms of revenue, North America dominated the overall market and is projected to expand at a CAGR of 8.7% over the forecast period
Medical components was the largest application segment in the global market in 2019 and is anticipated to continue dominating the market over the forecast period
The companies operating in the industry are involved in the production premium quality plastic composites used for specialized applications in order to achieve a high degree of product differentiation
Various strategic initiatives were recorded over the past few years in order to boost the market growth. For instance, in April 2020, Exxon Mobil Corporation announced to increase the monthly production of specialized polypropylene by 1,000 tons to meet the growing need for medical masks and gowns owing to the spread of coronavirus. This surge in production of polypropylene is expected to help the masks and gown manufacturers to produce an additional 20 million gowns or 200 million medical masks