Brazil medical device market is expected to register growth at CAGR of 6% in terms of revenue by 2025- What measures can be undertaken to drive the industry’s growth?

 In future, it is anticipated that Brazil’s overall healthcare expenditure will increase, supported by increased investments in the country’s universal and public healthcare system, says a report by Ken Research.

1. Rising demand for priority medical devices for the first level of care in Brazil medical device market.

                       

Global trends in Brazil medical device Industry

The medical device manufacturing companies in Brazil are largely focusing on high end technology driven products. Moreover, with the prevalence of lifestyle diseases such as diabetes, stroke and chronic diseases such as HIV, Tuberculosis, the hospitals and specialized clinics require advanced and priority medical devices. The demand of these devices is growing majorly in the cities of Southeast region such as Sao Paulo and Rio de Janeiro largely due to the strong infrastructure support for the installation and accessibility of these medical devices.

2. Artificial Intelligence is leading to developments in the Medical Devices Market of Brazil.

                            

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The Brazilian medical segment is focused on areas that include technological innovations such as the practice of telemedicine, the application of artificial intelligence in diagnosis and the digitization of the patient's health history.

The use of artificial intelligence is one of the major trends which have positively impacted the medical device industry of the country. World Bank study shows that the use of the application of Artificial Intelligence to the analysis of electronic medical records could save BRL 22 Bn by avoiding unnecessary repetition of tests and treatments in Brazil. In addition, such technology improves turnaround time for patient testing and using predictive analytics on the basis of historical patient data can improve clinical outcome.

3. Cross Comparison of Imports and Local Production on the Basis of Major Exporting and Importing Countries.

                

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Medical Devices Market in Brazil is an import driven market. The equipment imported are majorly high complex medical devices that are not manufactured in Brazil largely due to the unavailability of raw materials and lack of manufacturing facilities in the country. Local Production constitutes for a lower percentage share as it is highly marked by the production of simple, less complicated devices or devices with established technologies.

Major Exporting countries to Brazil are USA, China, Japan, Germany, Mexico, Australia, Sweden, Ireland, France and others. Major local production happens in Sao Paulo and Rio de Janeiro located in South east region.

 

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The Europe Road Freight Market stood at $34 Bn in 2021 owing to active participation of market players & government to improve the infrastructure. Will the factors induce further market growth: Ken Research

 1.“Focus on infrastructure & policies:” Governments all across the globe are focusing on improving the infrastructure & policies when it comes to logistics market.

Click to Read Full Article:  Recent Trends in Europe Road Freight Market

In Western Europe, the average return on equity (ROE) in the transport and logistics sector is 0.86%. As of January 2022, companies in the air transport industry in Western Europe saw average returns on equity of approximately -45%. Many countries are, however, improving their transportation infrastructure to improve trade flow in Europe. For instance, Germany and the United Kingdom are developing infrastructure through construction projects. Countries such as Germany are improving their road infrastructure, with total roads reaching 8,30,000 km in 2021 from 600,000 kilometers in the previous year, representing an increase of 28% YoY.

2. “Tech to the rescue:” Technology-enabled transformations such as FMS & autonomous vehiclesand digital trucking aggregators with online load board and automated brokerage are driving the market growth.

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Technology has significantly changed due to AI’s important role in supply chain management, including the development of predictive optimization, which is expected to become one of the biggest drivers in the logistics industry. Technologies such as Real Time Location and Temperature Monitoring and Data Sharing which enables real time monitoring of the temperature of a refrigerated unit & customer has changed the way fleet operators view the logistics market. Other such technologies operating in the market currently are warehouse automation, fleet management software & Advanced driver assistance system.

3. “Growth is the way ahead:” With increasing investment, technological innovation & government focus, the road freight market in Europe is expected to witness a surge in terms of development.

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The Europe Freight Market is expected to grow at a steady pace owing to improvement in infrastructure & favourable government policies. The logistics investments in Europe reached approximately USD 34 Bn in H1 2022, witnessing a YoY increase of 13% in take-up driven by growth in e-commerce, which witnessed a rise by 13% YoY in 2021, amounting to approximately EUR 88.1 Bn (USD 94 Bn).

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From Plows to High-Tech Machinery: Will Myanmar's Agriculture Market sustain positive growth in the future?: Ken Research

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Myanmar Agriculture equipment has been growing with a growth rate of 25% between 2014 and 2020. The growth is attributed to rising labor wages in the country and increasing government initiatives toward the development of the agriculture equipment industry. However, the market has several growth restraints that hold back its growth.

So, what does the future hold for the Myanmar Agriculture machinery sector? Find out here!

1. Farm Wages Grew rapidly initially due to labour scarcity which led to an increase in Agriculture mechanization in Myanmar

2. Presently, Government Initiatives, Growth In Machinery Supply, and Labour Migration have been driving the growth of the market

3. However, Changing Farmer Interests, Lack of Financing / Credit are posing as challenges in the Agriculture Equipment Sector

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4. But Regulatory bodies are framing policies in order to curb the issues and develop Agricultural Mechanization in Myanmar

4.1 Government of Myanmar has formulated various strategies to improve food security, agricultural growth, and improve farmers’ welfare

5. With Government Initiatives and Public-Private Partnerships, the industry has high potential to grow more in the future

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Myanmar Agriculture Machinery Market

The Global Soda Ash Market stood at $19 Bn in 2022 owing to active participation of market players & growing EV market. Will the factors induce further market growth: Ken Research

 A steady market growth is anticipated in the upcoming years for the Global Soda Ash market, given increasing investment & market growth of partner industries, says a report by Ken Research

1. “Active involvement of various players:” Major players across the world are indicating interest in the Global Soda Ash Market

Click to Read Full Article: Global and Indonesia Soda Ash Industry

Rising Demand for container glass from food & beverage industry is projected to provide lucrative market growth opportunities in the upcoming years. Key players are investing heavily in production of container glass. For instance, in 2018, the Glass container company (GCC) announced to expand its production by 60% via a $17 Mn project backed by EBRD, Society General & European Union. As the investment in developing countries increases, the demand for soda ash will grow. As a result, several key players are increasing production capacity & expanding their business in developing regions. They’re also investing in R&D in developing regions.

2. “Soda Ash but in an electric way:” Extensive usage of Soda Ash in EVs is boosting the market with demand expected to witness an upsurge in the upcoming years.

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Increasing sale of Global electric passenger vehicle due to growing disposable income of individuals is a major trend for Global Soda Ash market given that soda ash is used extensively in EVs. According to International Energy Agency (IEA), in 2030, Global Electric Vehicle sales are expected to reach 23 Mn as per the new policy scenario. In the EV30@30 scenario, around 70% of the vehicle sold in Europe are EV’s, 37% in Japan, 30% in Canada & US & 29% in India.

3. “A steady way to go forward:” The market is expected to grow at a CAGR of 2% in the near future with growth picking up pace with time.

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The Global Soda Ash Market is expected to witness a robust growth in the near future owing to increase in sale of EVs & Personal care industry, emerging end user of Soda Ash, is expected to grow at a CAGR of 7% (2020-2024) with increased penetration rate of 32% (‘24) from 22% (‘20). The production capacity is also expected to increase Ash up to 15,000 MMT by existing players. When it comes to region, India and Australia in APAC and South-East Asian countries Including Indonesia, Thailand, Vietnam are expected to witness new Soda Ash Manufacturing Plants. For Instance: In June’19, Tata Chemicals (India) received approval to expand their production capacities from 1 MT to 11 MT.

Brazil Diagnostic Labs Market is expected to generated a revenue of more than USD 25 Bn by 2025- Will the industry reach its targeted growth?

 Growing number of laboratory equipment innovations, artificial intelligence in processes, ageing population, and number of chronic diseases in Brazil are the major growth drivers in Brazil Diagnostic Labs Market, says a report by Ken Research

1.Brazil diagnostic labs market is facing currency depreciation as a challenge.   

               

Opportunities to look for in Brazil Diagnostic Market

The local currency of Brazil has been depreciating over the years. The exchange rate with respect to USD depreciated from BRL 2.2 in 2013 to BRL 3.6 in the year 2018. Brazil, on the other hand, makes imports of laboratory equipment from countries such as Unites States of America, Germany and many other countries. The depreciation of currency increased the cost of imported laboratory equipment in the country. High costs on imports of laboratory equipment will lead to low profit margins for the company till the time it recovers the costs.

2. Increasing level of insurance penetration- Developments in Brazil Diagnostic Labs Market.

                         

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The increase in penetration level of private insurance is one major trend in the country. Penetration of Private insurance among Brazilians increased significantly from 19.9% in 2006 to 23.2% in the year 2016. This implies, as the number of insured individuals is growing, the use of diagnostic services will increase consequently in the country.

France showed highest percentage of 95% in terms of number of penetrated individuals followed by Canada and USA with 67.0% and 60.0% of the insurance penetration in the year 2018. On the other hand, Brazil accounted for 25.0% of the healthcare penetration which is expected to grow in future.

 3. Increasing Number of Mobile Applications for Healthcare - Trends in Diagnostic Industry.

                      

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Digital mobile applications play an important role in monitoring the health of the patient in Brazil. Some of the companies such as Apple and Samsung are investing heavily in the digital healthcare market. Moreover, Venture Capital Funds in the country is also inviting the investors for making investments in the tele healthcare market in Brazil. Boa Consulta is a startup that made it easier for the patients to schedule their appointment with the doctors. The Healthcare app is currently being used by more than 20,000 users. This startup’s services are helpful in finding out the healthcare specialists, checking reviews and booking appointments. 

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India’s consumer wearables Market is expected to grow at a CAGR of 20% by 2024. Will the Projections justify the growth rate? Ken Research

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India’s consumer wearables Market is expected to grow at a CAGR of 20% by 2024. Will the Projections justify the growth rate? Ken Research

A massive market opportunity is present for the Consumer wearables market in India owing to government initiatives, increasing investment & rising fashion trends, says a report by Ken Research

1. Government Initiatives to Bridge Gaps in consumer wearables Industry via appropriate schemes for development of domestic market in India.

Click to Read Full Article: India Consumer Wearables Market

The regional government bodies are implementing new policies which may significantly drive the market. For instance, in February 2022, The Indian government unveiled a new phased manufacturing scheme to encourage the domestic production of wearable and hearable devices (PMP). Most components used to make wearable, and hearable gadgets will no longer be subject to customs tax beginning on April 1, 2022, while importing such goods will range from 15 to 20 % from 2023 to 2026. While there will be a 20% tariff on imported smartwatches, Bluetooth speakers, true wireless stereos, headphones, earbuds, neckbands, and headsets, there will be a 0% to 15% duty on imported components between 2023 and 2026.

2. “Investment scenario getting a boost:’ India consumer wearables Market is getting massive investment boost & emergence of new startups.

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Various companies operating in the India Consumer wearables market are getting massive investment influx owing to government regulations & the infrastructure development. For instance, Indian electronics & wearables market was able to raise $100 Mn investment. All in all, the market is currently growing at a robust rate with startups & companies showing interest in entering the India market owing to vast opportunities.

3. India is expected to be a major hub for consumer wearables market growth in the upcoming years owing to massive investment flow.

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India is witnessing an increased investments alongside feature upgradation. For instance, the Gen7 Hybrid Smartwatch has been introduced by Fossil in India. The smartwatch series aims to integrate the functions of smartwatches with the design language of classic watches. The country is to witness a surge in the demand for consumer & smart wearables owing to the rising fashion & technology trends in the country with a higher adoption of digitalization by various industries in next few years. Moreover, the emergence of 5G technology in India is likely to grow the adoption of IoT-enabled products in the Indian market further contributing to the development of consumer wearables industry. All in all, a robust growth is expected in the upcoming years.

Future Outlook of Global Remittance Market: Ken Research

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Global Remittance Market By Geography

The Global Remittance market is segmented by geography into Asia Pacific, Middle East, Europe, Latin America, Africa & North America. By region, the remittance market was dominated by Asia-Pacific in 2020 and is expected to witness growth at the highest rate owing to growing number of immigrants and increasing adoption of digital remittance.

Competition Scenario in Global Remittance Market

Global Remittance Market is concentrated among the top 10 players. Prominent players are pursuing various strategies, such as research & development initiatives, product innovations, joint ventures & strategic partnerships, expansion, and mergers & acquisitions to gain a competitive edge in the market. Market players are focusing on leveraging the capabilities of newly emerged fintech companies to offer their consumers the utmost convince of remitting funds. The major companies dominating the Global Remittance market for its products, services, and continuous product developments are Bank of America, Citi Group Inc., Pay Pal, Wells Fargo, JP Morgan Chase among others.

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What is the Expected Future Outlook for the Overall Global remittance Market Across the globe?

The global remittance market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027 witnessing a CAGR of ~% during the forecast period 2022-2027. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Global Remittance market is driven by rise in mobile-based payment channels and cross-border transactions and decrease in remittance transfer time & cost drives the growth of the market. In addition, increase in adoption of banking & financial sectors across the globe fuels the remittance market growth.

However, rise in number of financial crimes and lack of awareness for digital remittance is expected to impede the market growth. Furthermore, technological advancements in digital remittance market is expected to provide lucrative opportunities for the market growth. The most important growth driver is the remittance flows coming via migrant workers.

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Global Remittance Market

Indonesia After Market Service Industry recorded a positive CAGR of nearly 5% in 2021- How will Authorized Workshops help the market to develop in future?: Ken Research

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Widespread availability of reliable and genuine parts in the independent aftermarket channels increase the challenge for non-genuine part players in 2020, as per a report by Ken Research.

1. Challenges faced by Indonesia’s Automotive Aftermarket Service Industry

Solutions to Mitigate the Challenges in Auto Aftermarket Industry

• Disruption of global and domestic supply chain lead to difficulty in importing and exporting components and parts from and to other countries. The market witnessed a decline in both the new car and used car sales in 2020 in Indonesia.
• Indonesian government has set a target to produce 20% electric and hybrid vehicles of total vehicle production by 2025. The car services companies will have to update their equipments and train their mechanics for the servicing of electric cars with time and money.
• Unorganized Multi Brand companies will face challenge in servicing the electric vehicles due to low budget to upgraded their services.
• Increasing competition in the automotive aftermarket service industry is affecting the business. Presence of large number of players in the market makes it difficult for the companies to create awareness. Consumers generally prefer visiting their nearest multi brand service centers for quick and low cost service.

2. Authorized Workshops are preferred by customers for their High Service Quality- Why is it so?

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• High level of service quality due to mechanic expertise and experience of working with same brand of car. Standardization of car service due to SOPs.
• High costs associated with service customization. Authorized/OEM Car Service Centres provide for high spare part cost due to genuineness of parts and high labour cost.
• The service cost is less during the warranty period at OEM Workshop. High quality of consumables and materials used, backed by strong brand partnerships.
• About 95% of cars in pre-warranty go to authorized service centres for service and nearly 20% of post-warranty cars are serviced by authorized centres.

3. Government initiatives and regulations in Indonesia automotive aftermarket service industry- tax cut policy on new cars is supporting the industry

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In 2021 the government decided to temporarily cut the luxury tax (PPnBM) on new car purchases in a bid to boost consumer spending. 100% tax cut applies for the first three months and a 50 per cent tax cut applies for the succeeding three months. The luxury tax cut in Indonesia lead to car sales surge by approx. 70% in March from February in 2021 and up by 10% from March, 2020.

According to National Industry Development 2015-2035 policy of Indonesia, the government focuses to Strengthen local components manufacturing capabilities by accelerating component production FDI and technology transfer. The government plans to turn Indonesia into an independent car manufacturing country that delivers completely built units (CBU) of which all components are locally-manufactured in Indonesia.

With a project allocation of INR 9000 Cr by GOI, massive infrastructure development alongside technological push is expected to boost market growth in the next 5 years: Ken Research

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The Agri-tech market is expected to witness a growth of 32% indicating a well versed adoption rate of technology in cold storage units & modernization of existing ones, says a report by Ken Research

1. Opening up of the sector and technological push is gearing up for unleashing the potential

Recent Trends in India Agricultural Cold Chain Market

The market is currently experiencing a technological push in terms of increasing technology adoption & modernisation of existing cold storage facilities. Cold storage operators with sound capacity & sizeable operations expressed willingness to upgrade their cold storage rooms with Controlled Atmosphere technology. Given the inherent benefits of technology, cold storage operators are looking to diversify clientele to export partners; fetching higher returns than normal market prices. Moreover, trends like entry of foreign players & increase in contract farming are some of the other trends that are being currently witnessed by the industry.

2. Technological and Warehousing developments could revolutionize the way cold logistics work in India.

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The market has witnessed increased technology adoption rate with technologies such as Remote monitoring systems (RMS) wherein an all-round check and SLA fulfilment by cold storage operators could be enabled at Wi-Fi enabled smartphone & the system takes away the pain of keeping check of temperature and humidity conditions. Other features such as ‘Portable cold storage solutions’ are also becoming the new trend.

3. The opportunity for technological inclusion in agricultural cold storage sector is anticipated to witness a surge in upcoming years.

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Trends such as adoption of CA Technology solar power systems & RMS alongside push by COVID-19 has geared up momentum for next 5 years along with the creation of massive opportunity for market growth. Moreover, backward integration by incumbents & rise of agri-tech startups solving industry problems fosters support from ecosystem participants. All in all, rising technological adoption is going to be witnessed in the upcoming years which is then expected to boost industry growth.

Malaysia Unorganized Automotive Aftermarket Services Market Poised to register a CAGR of over 11% during the period 2020-25. Will the projections justify growth?

 91% of the market is captured by unorganized independent garages which offer personal touch, flexibility, convenience and economic services to the customer: Ken Research

1. Low Service Cost Leading to Higher Preference of Multi Brand Car Service Centers

Click to Read Full Article: Malaysia Automotive Aftermarket Service Market

When it comes to authorized service car centers, high spare part cost is charged due to genuineness of parts & high labour cost. Extra services will be invariably charged separately for labour hours whereas, Multi Brand Car Service centres avail comparatively 40% less cost. Moreover, High level of customization & personal service is also available & owners can request a particular mechanic to work on car & supervise the operation.

2. Marketing Strategies & targeting a specific group Leading to Growth of OEM/Authorized Service Centers.

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Over 50% of the car parc in Malaysia are in the age group of 1-5 years, which leads to high demand for the authorized after sales workshop in Malaysia. Moreover, extended 2 year warranty for few brands in Malaysia is leading to an increased demand for the after sales services from an authorized service center. Authorized after sales workshops in Malaysia are offering ~20-30% discount on their services to attract the post warranty customers who generally prefer the multi brand workshops. Authorized after sales workshops providing additional value-added services and warranty on the serviced to retain their customers. All in all, higher transparency in authorized workshops is attracting the customers also after post warranty.

3. Organized Multi Brand Service Centers to Witness Increasing Market Share with Entrance of New Players.

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Malaysia aftermarket service market anticipated to record a CAGR of over 3% during the period 2020-2025. The market shall witness a growth in the revenue share from the OEM/ Authorized service centers owing to the increased discounts and offers provided by these centers to retain their customers. The market shall also witness surge in the sale of used cars in Malaysia leading to the growth of car service market. Entry of new players is expected in the years to come.