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Battery Management System Market Rides On The Technological Developments In Automotive Industry

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A recent Transparency Market Research report states that global battery management systems market is expected to witness an exceptional growth during the forecast period of 2019 to 2027. According to the report, the market is anticipated to witness 18.5% CAGR during the projected tenure. The growth of the market is attributed to the rapid escalation of the power demand in various part of the globe. Both domestic and industrial domains have massive power consumption and interruption in power supply can disrupt their productivity. 

Based on these demands, the industries are investing power back-ups that can sustain power cuts keeping the productivity at a sustainable level. Majority of the time, these back-ups are battery driven and hence it gets crucial for the businesses to have a long lasting battery life. As a result of these demands, the battery manufacturers are developing services that can help businesses to manage their battery consumption. Due to these requirements, the global battery management systems market is expected to witness the projected growth between 2019 and 2027.

battery management system market infographic

Industrial Applications to Boost the Market to US$ 16.6 Bn

There are several industries that harness the benefits of battery management systems, especially automotive industry. The applications of these systems in automotive industry is so high that the market is projected to reach to the value of US$ 16.6 bn by the end of 2027. In terms of use, the demand for alternative propulsion systems to reduce the usage of conventional fuels is the major factor that boosts the growth of global battery management systems market. 

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Additionally, the demand for the better running and operations of machines in the manufacturing business also drives this growth. It is noticeable that the global battery management systems market is highly competitive and fragmented. This is because of numerous players that dominate the dynamics of the global battery management systems market. 

To withstand this competition, the business dealing this market are planning and conducting strategic mergers and collaborations. This allows the players to accommodate or get access to the resources that can help them achieve a sustainable future in the global battery management systems market. 

On the other hand, established players are acquiring various small and medium scale businesses to enhance their dominance in the market. Additionally, research and development is one strategy that allows both new players and veterans to bring innovative solutions in the global battery management systems market. With this strategy they can acquire new clients that can propel their profit in the projected time frame. 

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The competitive landscape of the clinical trial management systems market is highly fragmented with the presence of plethora of players, finds Transparency Market Research(TMR). Some of the prominent players operating in the market are Forte Research Systems Inc., Oracle Corporation,  DATATRAK,  Clinical Data Inc., BioClinica,  bio-Optronics, Inc., and PARAXEL International Corporation.

These players are focusing towards organic and in-organic growth strategies in order to concretize their market position. Along with this, they are looking forward to strengthen their geographical reach and increase customer base to garner majority of market share.

For instance, in June 2016, Oracle and Pfizer entered in a partnership wherin Oracle will offer Oracle Health Sciences InForm Cloud Service, Oracle Siebel Clinical Trial Management and Monitoring Cloud Service to Pfizer. This will help Oracle manage its 300 pulse clinical trials efficiently.

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According to TMR, the global clinical trial management systems market was noted at a valuation of US$1.1 billion in the year 2016. The market is anticipated to rise at an astonishing 13% CAGR. Rising at this CAGR, the market is projected to touch a valuation of US$3.2 billion by the end of 2025.

On the basis geography, North America is expected to hold the largest market share during the forecast period. This is mainly due to the early adoption of advanced technology and presence of improved healthcare infrastructure in the region. Based on type, enterprise CTMS is projected to enjoy majority of market share in the coming few years. This is mainly due to the several benefits offered such as real-time insights, efficient tracking, and regulatory management.

Increasing Adoption of Cloud-Based Technology to Offer Lucrative Opportunites

The clinical trial management system market is expected to grow at a significant pace in the coming few years, thanks to the increasing adoption of cloud-based technology in the health care industry. This new and advanced clinical trial management system helps in collaboration of different groups at various sites in order to coordinate the successful completion of trial. Thus helping organization to effectively plan their operations. Some of the key factors expected to drive the global clinical trial management systems market is rapid improvements in research & development activities, surge in investments by governmental and non-governmental organizations and rising prevalence of chronic disorders.

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Clinical trial management systems are number of software and hardware used to manage number of clinical operation in the healthcare industry

However, factors like lack of consumer awareness and longer approval time of clinical trials are expected to hamper the growth of the clinical trail management systems market in the coming few years. In addition to this, strict regulations to enrol patent for clinical trials is another factor projected to hinder the expansion of the clinical trial management systems market. Nevertheless, improving healthcare infrastructure in developing regions, development in life science and clinical research organizations and increasing adoption of CTMS solutions are some factors projected to hamper growth of the clinical trial management system market.

Partnerships Between Asian CROs and Pharma Companies to Boost Prospects

Further, easy availability of inexpensive resources and increasing patient pool across the globe are expected to offer several lucrative opportunities for the growth of the clinical trial management systems market. Moreover, the increasing partnerships between Asian CROs and pharma companies are other primary factor anticipated to drive the growth of the clinical trial management systems market in the coming few years.

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The vehicle safety systems are the vehicle technology assisting in preventing and minimizing the collision injury. The safety systems include seatbelts and headrest that helps to hold the occupant in place during collision and minimize the chances of injury.

Increased demand of high speed vehicles and rise in number of young consumers are resulting in an increased rate of accidents. A number of vehicles are currently being integrated with advanced safety features such as blind spot detection, lane keep assist, and anti-roll braking system.

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The Federal Motor Vehicle Safety Standard has made it mandatory for all vehicles in the U.S to have front seatbelts. Automakers have started utilizing the seat belt pretensioner in unison with the seatbelts in order to address the rising concern about occupant safety. The seat belt pretensioner senses sudden deceleration before a collision and locks the seatbelt and firmly holds the passenger in the seat and then, allows the person to come in contact with the deflating air bag. Seatbelts are the most widely employed restrain system and currently, it holds a prominent share of the market. Usage of airbags in the front and side of the vehicle, in order to minimize injury, is also a widely accepted safety restraint system. The front passenger and driver airbag is mandatory in North America.

Similar government regulations in developing countries for airbag are anticipated to boost the market. China’s New Car Assessment Program has made it mandatory for all vehicles to have frontal airbags, considering China witnesses a high rate of vehicle production, the demand of airbag is likely to increase. Automakers such as Mercedes Benz and BMW have deployed active head restraints in their cars. The active head restraints are powered by a pressurized gas or springs to support the occupants head during a collision and minimize the chances of whiplash injury.

Globally the automotive safety system market for vehicle can be segmented based on type of restraint, technology, vehicle, sales channel, and region. In terms of type, the automotive safety system market can be classified into five segments. The seatbelts segment holds a major share of the market across all regions. Adoption of airbags in developing countries is estimated to boost the safety system market. The development in technology and reduction of price of the active head restraint is anticipated to further boost its penetration into the automotive safety system market.

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Based on technology, the automotive safety system can be segmented into six segments. The antilock braking technology segment is witnessing expansion and is estimated to boost the automotive safety system market. The blind spot detection technology is gaining momentum due to the assistance is provides to the driver to spot oncoming vehicles.

Key players operating in the global automotive safety system market for automotive include Autoliv Inc., Takata Corporation, Nihon Plast Co., Ltd., Delphi Automotive Plc., ZF TRW, Toyoda Gosei Co., Ltd., Lear Corporation, Hyundai Mobis, Grammer AG, Johnson Controls, and Toyota Boshoku.

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Transparency Market Research (TMR) has published a new report titled, “Hospital Asset Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global hospital asset management market was valued at US$ 5.0 Bn in 2017 and is projected to expand at a CAGR of 12.0% from 2018 to 2026. Improvement and optimization of workflow, safety, and productivity; reduction in inventory, and higher return on investment are anticipated to boost the growth of the global hospital asset management market during the forecast period. 

Developed regions having better health care IT infrastructure are likely to account for major market share in terms of revenue in the next few years. Major market players are involved in continuous technological advancements through focused research and development activities, which is resulting in development of cost-effective solutions. Some of the prominent players are likely to expand their geographical presence through partnership agreements in the high growth potential developing markets during the forecast period.

Real-time Location Systems Segment to Account for Over Half the Market Share

The report offers detailed segmentation of the global hospital asset management market based on product and application. In terms of product, the real-time location systems (RTLS) segment is poised to account for major share of the global market in terms of revenue between 2018 and 2026. Factors attributed to high market share of the segment include strong brand presence of key players offering proprietary product technologies and technical advantages such as the ability of outdoor asset tracking, information encryption service, and tamper evident sensor, among others.

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Instrument Management Segment to Register Above Average Growth Rate

In terms of application, the global hospital asset management market has been categorized into patient management, staff management, instrument management, and supply chain management. The instrument management segment is anticipated to expand at a moderate growth rate during the forecast period. Intense competition between established companies as well as new entrants is likely to result in affordable asset tags during the forecast period. This in turn is expected to increase installation rate of hospital asset management solutions for instrument management.

Developing Countries Witnessing Government Support for Digitalization in Public Hospitals

Increased government focus on reducing workload of nurses and doctors and rise in focus of hospital administration to ensure patient as well as staff safety fuel the growth of the hospital asset management market in developing regions. In July 2016, the King Hamad University Hospital in Bahrain installed nearly 1,200 asset tags to locate wheelchairs, ultrasound equipment, and IV pumps to improve operational efficiency and response time. Increase in installation of hospital asset management solutions for instrument management is spurring the growth of the global hospital asset management market.

Fragmented Market, with Tier I Players Accounting for Nearly 25.0% Market Share

The report also provides profiles of prominent players operating in the global hospital asset management market. These include Ascom, Awarepoint Corporation, CenTrak, Ekahau, GE Healthcare, Honeywell International, Inc., Impinj, Inc., Sonitor Technologies, STANLEY Healthcare, and ZIH Corp. The global hospital asset management market is significantly fragmented and tier I companies accounted for nearly 25.0% market share in 2017. Strategic partnerships for research and product development has been a characteristic trend among the major players in the global hospital asset management market.

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The global in-vitro colorectal cancer screening tests market features an increasingly consolidated landscape with low threat of entry by new players, notes Transparency Market Research (TMR). A sizeable share of the global in-vitro colorectal cancer screening tests market has been contributed by only three companies in recent years. These leading companies-Beckman Coulter, Inc., Quest Diagnostics, Inc., and Sysmex Corporation-strive to retain their stronghold in the global in-vitro colorectal cancer screening tests market by engaging into long-term tie-ups and making several mergers and acquisitions.

TMR observes that prominent players currently witness low level of threat by new entrants as their entry are restricted by increasing regulatory pressure by prominent regulatory agencies such as U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA). This also makes the global in-vitro colorectal cancer screening tests market increasingly dynamic during the assessment period.

The global in-vitro colorectal cancer screening tests market stood at US$602.3 million in 2016 and is projected to reach a revenue worth of US$980.6 million by 2023 end. The market will clock a CAGR of 7.5% during 2015–2023.

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Of the various in-vitro colorectal cancer screening tests, fecal occult blood (FOB) testing is anticipated to attract a higher share by the end of the forecast period. By 2023 end, the segment is estimated to contribute opportunities worth of US$567.7 million in the in-vitro colorectal cancer screening tests market. The prominence is attributed to the extensive use of this test for diagnosing early signs of colon cancer. The simplicity and cost-effectiveness of the test has fueled its uptake.

Regionally, North America is expected to hold a lion’s share in the global in-vitro colorectal cancer screening tests market throughout the assessment period. The revenues are driven by the vast presence of elderly populations.

Substantial Morbidity and Mortality of Colorectal Cancer accounts for Copious Market Prospects

Colorectal cancer accounts for a substantial share of cancer-related mortality in several countries has risen over past few decades across the world. Being the third most common cancer and the fourth most common cause of cancer death, colorectal cancer accounts for substantial morbidity and mortality worldwide. The demand for in-vitro colorectal cancer screening tests for the early detection of the cancer rides on the back of these factors.

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The popularity stems from the fact that in-vitro colorectal cancer screening tests are largely non-invasive assay and meet conditions of screening validity and compliance. The demand is propelled by the need for high screening validity of the tests and cost effective assays among patient populations world over. The rising demand for regular periodic screening in healthy populations is also boosting the global in-vitro colorectal cancer screening tests market.

The growing case of middle- or late-stage colorectal cancer in various parts of the world is a notable trend bolstering the need for regular screening, thereby propelling the growth of the global in-vitro colorectal cancer screening tests market. The rising demand for tests with better sensitivity and specificity is catalyzing the uptake of fecal immunochemical tests in patient populations. Rising popularity of non-invasive diagnostics in the management of colorectal cancer is also expected to impart lucrative avenues to market players.

Strict Regulatory Framework in Several Countries key Constraint for New In-Vitro Colorectal Cancer Screening Tests

However, the growth in global in-vitro colorectal cancer screening tests market is beset by several factors. For one, the high cost of assays is hindering the demand. In addition, strict regulatory framework for approval in developing markets and the lack of devices with good sensitivity are trends hampering the prospects. Furthermore, the presence of a high degree of consolidation is also hindering the growth in the in-vitro colorectal cancer screening tests market.

Nevertheless, growing prevalence of inherited diseases in various parts of the world bodes well for the in-vitro colorectal cancer screening tests market. Moreover, a wide diversity of in-vitro colorectal cancer screening tests modules is in the pipeline, which will create abundant opportunities for market players to capitalize on. High unmet needs in developing markets also augur well for the growth.

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