The US Axial Spondyloarthritis market is anticipated to reach a ~USD 2.3 Bn. industry by 2028: Ken Research

 The United States Axial Spondyloarthritis market which currently has a market size of ~USD 1.3 Bn. is projected to grow at a CAGR of ~9.5% in the next five years as per the findings of Ken Research.

Story Outline

• Rising cases of Axial Spondyloarthritis pose as a demand for the correct diagnosis and treatment of AxSpA which helps in the growth of US AxSpA market.
• Increasing US health expenditure allows hospitals, research institutes and pharmaceutical company to research, diagnose, and treat AxSpA thereby accelerating the US AxSpA market.
• Technological advancements in diagnosing AxSpA such as MRI, CT scan, and ultrasound can provide early and correct diagnosis which pumps the US AxSpA market.
• Availability of various treatment options also help in the effective and efficient treatment of AxSpA which contributes in the growth of US AxSpA market.

A fast growing industry, rising cases of Axial Spondyloarthritis, increasing health expenditure, and technological advancements along with the availability of many treatment methods are the various reasons that are contributing to the growth of US Axial Spondyloarthritis market. This market is projected to grow at a CAGR of ~9.5% in between 2022-2028.

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• Rising cases of Axial Spondyloarthritis: accelerating the US AxSpA market

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Axial Spondyloarthritis is group of inflammatory disorders which have the traits of autoimmune diseases. It is primarily of two types, i.e., Ankylosing Spondylitis and Non-radiographic Axial Spondyloarthritis. The prevalence of Axial Spondyloarthritis is very high in the United States. It ranges in between 0.9% to 1.4%. Moreover, in the United States, more than 3 million people suffer from Axial Spondyloarthritis.

It’s one of the most common subtype, i.e., Ankylosing Spondylitis almost affects 1% of the US population. Its second type, i.e., Non-Radiographic Axial Spondyloarthritis affects about 0.5% of the US population. Speaking of its incidence rate, it was 0.39 in 2007 and rose from 0.39 to 0.57 in 2017. It is clear that the cases of Axial Spondyloarthritis is only rising in the United States and we will be seeing more cases of it in the near future.

Axial Spondyloarthritis is primarily caused by the presence of HLA-B27 gene and a high number of people in the US have this gene which increases their chances of developing Axial Spondyloarthritis in the future.

Overall, the prevalence of this gene is 3.5% in overall US population. Almost 7.5% of the Hispanic-White people have this gene. This gene is present in about 4.5% of the American-Mexican people. Lastly, 1% of Black-Non-Hispanic people have this gene. With such high prevalence of Axial Spondyloarthritis, there becomes a greater need to correctly diagnose the patients and furthermore, correctly treat them which ultimately helps in the growth of US Axial Spondyloarthritis market.

• Rising health expenditure: contributing in the growth of US AxSpA market

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The national health expenditure in the US has been constantly rising in the United States. The rising health expenditure helps hospitals, research institutes and pharmaceutical companies in correctly diagnosing and treating AxSpA. It also helps pharmaceutical companies in developing more medicines and therapies to help in the effective and efficient treatment of AxSpA.

In 2017, the US government made a health expenditure of ~USD 3.4 Tn. In 2018, ~USD 3.6 Tn. worth of expenditure was made in the healthcare sector. In 2019, this amount rose to ~USD 3.7 Tn. In 2020, a healthcare budget worth of ~USD 4.1 Tn. was allocated. Lastly in 2021, the US government made a healthcare expenditure of ~USD 4.2 Tn.

As it is evident, that the healthcare expenditure in the United States have only been rising and it is projected to rise further in the upcoming years. The rising expenditure would allow hospitals, diagnostic laboratories, pharmaceutical companies and research institutes to research, diagnose, and treat Axial Spondyloarthritis along with develop first line medicines and alternative therapies to effectively treat Axial Spondyloarthritis.

• Technological advancements: a boon for the US Axial Spondyloarthritis market

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Various technologies are used in the effective and correct diagnosis of Axial Spondyloarthritis. Some of the most common technologies used in the diagnosis of Axial Spondyloarthritis include Magnetic Resonance Imaging (MRI), Ultrasound, Gene Testing, and Computerized Tomography (CT) scan.

A Magnetic Resonance Imaging (MRI) is the most common method of diagnosing Axial Spondyloarthritis. This technology works by taking the cross-sectional images of your body parts with the help of radio waves and magnetic field.

It has a success rate of almost 80 to 97%. It helps in AxSpA diagnosis as it has the ability to detect early changes happening in the Sacroiliitis.

Ultrasound is another technology that is primarily used to diagnose AxSpA. It works by sending the body sound signals or ways as the internal body is examined. It is primarily used to take a look at the inflammation of Sacroiliac Joints to diagnose Ankylosing Spondylitis. The success rate of ultrasound ranges from 90% to 97%.

A Computerized Tomography (CT) scan is another technology that is used to diagnose AxSpA. It provides valuable information in regard for osteoporosis, ankyloses, erosion etc. which extremely helps in making the correct diagnosis of AxSpA. This scan has a success rate of almost 85%.

Thus, technology is indeed a boom for the US AxSpA market as the task of correctly diagnosing ankylosing spondylitis and non-radiographic Axial Spondyloarthritis has become greatly easier. With these technological advancements, early diagnosis is made which accelerates the US AxSpA market.

• Availability of many treatment methods:

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There are many treatment options when it comes to Axial Spondyloarthritis. NSAIDs, Biologics, Analgesics, and Glucocorticoids are primarily used in the effective treatment of Axial Spondyloarthritis.

NSAIDs is an initialism for Non-Steroidal Anti-inflammatory drugs. These drugs are the first line treatment of AxSpA which causes high pain and inflammation. These drugs reduce the pain and inflammation. The most common NSAIDs used in the treatment of AxSpA include Ibuprofen, Naproxen, and Diclofenac.

Biologics are another set of medications that are primarily used to treat Axial Spondyloarthritis. These medicines are generally given to such patients who do not respond to NSAIDs. Common biologics used to treat AxSpA include Adalimumab, Etanercept, Infliximab, Crtolizumab pegol, etc.

Sulfasalazine is a type of anti-rheumatic drugs which is primarily given to patients who complain of pain in other joints than the spine and pelvis ones. Moreover, this drug also has is known to make your back less painful and stiff.

Glucocorticoids can be best described as a type of steroids which are generally given for pain relief. These are anti-inflammatory and generally come in the form of injections.

Thus, there are many treatment options available for the treatment of Axial Spondyloarthritis. As the treatment options are widely present, more and more patients widely benefit from them which ultimately accelerates the US AxSpA market.

Conclusion

Axial Spondyloarthritis is an inflammatory health condition which is of two types, Ankylosing Spondylitis and Non-Radiographic Axial Spondyloarthritis. The US AxSpA market is associated with the diagnosis and treatment of AxSpA.

There are various factors responsible for the growth of this market which include rising cases of Axial Spondyloarthritis, increasing health expenditure, and technological advancements along with the availability of many treatment methods. As per Ken Research, this market is projected to grow at a CAGR of ~9.5% in the next five years.

Driven By Rising Health & Fitness Awareness, Brazil is Dominating South America Whey Market

 The Brazil Whey Protein market is expected to be ~$900 Mn in the forecasted period of 2022- 2028. The primary growth drivers of the market are rising health and fitness awareness, health benefits, an increasing number of fitness centers, increasing influence of e-commerce platforms, changing lifestyles, and sports nutrition.

STORY OUTLINE

• During covid-19, the e-commerce market for whey protein increased by 35% during the pandemic years.
• In Brazil there are 3400 points of sports nutrition centers used for the distribution of whey protein products in the country.
• In 2022 it was found that around 22% of the Brazilian population has attained gym membership and 19% are seeking fitness advice through online services.

According to Ken Research, In the last few years, the Brazilian sports nutrition market has been evolving with varieties of protein-based products leading in the sports nutrition category. As a result, the Brazilian whey protein market is growing significantly. One of the leading factors in the growth of whey protein in the market is the increasing health industry in the country. Currently, Brazil has a second position in the health club industry worldwide. In 2022, the country had ~36000 fitness centers because of that sports nutrition products in the industry increased by 9% on average a year.

1. Impact of Covid-19 on Brazil's Whey Protein market

• The Brazil whey protein market witnessed a drop of ~36% during the global pandemic in 2020. However, post-pandemic showed healthy growth covering the loss that occurred during the pandemic.
• Lockdowns and temporary closures of fitness institutes, gyms, and training academics declined the growth of sports nutrition products by 25%. Ultimately leading fall in the consumption of protein products.
• The e-commerce market of whey protein products gained traction during covid-19. The e-commerce market for whey protein increased by 35% during the pandemic years.

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2. Current Scenario of Brazil's Whey Protein Market

• The Brazil whey protein market enhanced by ~40% post-pandemic in the year 2022. This was the highest jump that the whey protein market witnessed ever, reopening of fitness clubs, gyms, and high consumption of sports nutrition were some of the major reasons behind this significant jump in the market.
• The market has a huge number of specialized stores and body shops that help the distributors to sell the whey protein products market in the country. In 2022, there are ~3400 points of sports nutrition centers in the country.
• Whey protein business in Brazil continues to grow and the market is projected to grow at a CAGR of 8% between 2022-2028 owing to different factors influencing the market.
• In Brazil, whey protein has such a significant impact that the market grows by 4% per year. The market is expanding by 30% through natural channels and by about 60% through traditional channels year over year.

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3. Growth Drivers of the US Powered Surgical Instrument Market

• The Brazil whey protein market is driven by rising health and fitness awareness, health benefits, an increasing number of fitness centers, increasing influence of e-commerce platforms, changing lifestyles, and sports nutrition.
• Rising health and fitness awareness among the commoners in Brazil is one of the primary growth drivers of this market. In 2022 it was found that around 22% of the Brazilian population has attained gym membership and 19% are seeking fitness advice through online services.
• The expansion of the whey protein market in Brazil has been greatly aided by the rise in the number of fitness centers and health clubs. The nation has 31,000 health clubs, which is the second-highest number in the entire world.
• Changing lifestyle is another major factor behind the growth of the whey protein market in the country. Around 52% of men and 44% of women in Brazil are overweight, this is one of the highest obesity rates in South America.

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4. Major Players in the Brazil whey protein market

• Brazil's whey protein market is extremely crowded with top domestic and foreign competitors. Some of the prominent companies in the Brazilian whey protein market include Arla Foods Ingredients, Carbery Group, Fonterra Co-Operative Group, Hilmar Ingredients, Friesland Campina, Agropur MSI LLC, Lactalis, and Leprino Foods.
• One of the biggest producers of whey protein in Brazil, Arla Foods Ingredients, has declared that its products are 100% whey-based and that it intends to offer protein products with a variety of tastes in the future. Protein beverages will be produced by the company using lactose-free ingredients.
• Leprino Foods acquired majority stakes in Lactojara, a Brazilian dairy manufacturer that produces crucial ingredients used in whey protein products. This increased the manufacturing capacity of Leprino Foods in the whey protein market.

Conclusion

Brazil's Whey Protein market has illustrated exceptional strength and development, overcoming the difficulties caused by COVID-19 widespread. Driven by raising health and fitness awareness, the market surged by roughly 40% in 2022 post-pandemic, fueled by the reviving of fitness establishments and heightened utilization of sports nutrition items. The surge in e-commerce amid the widespread, coupled with the country's vast network of specialized sports nutrition centers, played essential parts in supporting this development momentum. The market's extension is further moved by a surge in gym enrollments, advancing lifestyles, and a raising number of fitness centers. With a bunch of domestic and international competitors competing for dominance, the Brazilian Whey Protein market exhibits both advancement and diversity, with key players like Arla Foods Ingredients and Leprino Foods growing their reach and item offerings. As the country proceeds its health-conscious journey, the market's anticipated CAGR of 8% until 2028 means a promising future.

India to Lead Global Micro Lending at 11% CAGR by 2028

 India Micro-lending Market is projected to witness a massive jump in the forecasted period of 2023-2028 as the demand for micro-loans is rising at rapid growth. Major growth drivers of this industry are the unbanked population, the increasing population of microenterprises, government support for microfinance, and digital technology & mobile penetration.

Story Outline

• Indian Micro-lending Market get highly impacted by the pandemic as it increased the fraud cases in the industry by 69%. However, despite these challenges Indian micro-lending market fulfilled the financial needs of 60 million customers.
• In 2022 Micro-lending market of India is a primary provider of small loans to micro-enterprises consisting of 35% of the market.
• Despite a heavy banking presence in the country, around 190 Mn Indians don’t have bank accounts this is an untapped market area for players.

According to Ken Research: The Indian Micro lending market is growing rapidly and is expected to dominate the global micro-lending market by emerging as the most significant market by the end of 2028. As per the RBI (Reserve Bank of India), only 5% Of Indians have access to micro-finance loans. However, almost 50% of the country’s population is eligible and qualified for microloans. Further, the market is set to witness huge investments as the government aims to strengthen this market.

1. Impact of the Pandemic on the Indian Lending Market

The COVID-19 pandemic has had a slight effect on the microfinance sector given that it has made lending operations, like past-due or non-collectable loans, an implicit part of the financial system.

Despite the pandemic, the Indian micro-lending market fulfilled the financial needs of 60 million customers from 28 Indian states spread across 620 districts. The industry reported 90% collection efficiency during the pandemic and a growth of 20% in customer acquisition.

The industry was also get impacted by the surge in fraud cases during the pandemic, around 69% of micro-lending companies encountered fraud resulting in a loss of $1 Mn.

2. Current Scenario of the Indian Micro Lending Market

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The Indian micro-lending is the major contributor to the world lending market and is expected to grow at a CAGR of 11 % by 2028.

In 2022, the Indian micro-finance market witnesses a growth of 20% compared to the previous year.

The number of loan accounts in the Indian micro-lending market stood at 130 Mn in 2022 which is 10% higher than 2021.

In the same year, the Indian Micro-lending market provided loans to ~6 crore unique borrowers, through 12 crore loan accounts.

3. Growth drivers of the Indian Micro Lending Market

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In India, 190 Mn populace lacks access to traditional banking services. Micro-lending institutions step in to fill this gap by offering small credits and monetary services to people who wouldn't otherwise have access to credit.

Particularly, the increase in microenterprises and small firms in India has boosted the need for micro-lending services. These businesses usually need working money to maintain daily operations. Around 35% of microenterprises took small loans from Micro-lending institutions.

The Indian government's active support for microfinance initiatives, like Jan Dhan Yojana and different self-help group (SHG) programs, has played a vital part in cultivating the development of the micro-lending industry.

4. Major Players of the Indian Micro Lending Market

Equitas Small Finance, ESAF Microfinance and Investments Ltd, Fusion Microfinance Pvt Ltd, Annapurna Microfinance Pvt Ltd, Arohan Financial Service Ltd, BSS Microfinance Ltd, Asirvad Microfinance Ltd, and Bandhan Financial Services Ltd are some of the major players of this market.

Arohan Financial Service Ltd is the market leader in the micro-lending market of India. As of 2022, the company is active in 17 Indian states and has 2 million active end clients.

Another leading player in the Micro-lending market of India is Equitas Small Finance. The company has a network of 400 branches that consist of 22 states and 2 union territories.

Conclusion

The Indian micro-lending Industry is all set for massive growth in the forecasted period of 2022-2028. The market is projected to dominate worldwide by the end of 2028 with an estimated CAGR of 11%. The market bounced back after receiving setbacks during the global pandemic, even during the pandemic it served over 60 Mn clients from 620 districts of several Indian states. The market shows an excellent 90% collected efficiency throughout the pandemic. The market is driven by various factors affecting the market like the unbanked population, the increasing population of microenterprises, government support for microfinance, and digital technology & mobile penetration. Post-pandemic, the market showed remarkable growth with a noteworthy number of 130 million loan accounts. The market is ruled by major players like Equitas Small Finance and Arohan Financial Services. In the coming years, the Indian micro-lending market is set to dominate the world micro-lending market if it continued to grow at this rate.

UAE Patient Care Monitoring Market projected to reach $50 BN by 2028: Ken Research

 UAE is taking big leaps when it comes to investing in healthcare infrastructure & a growing aging population, patient care monitoring market is expected to record substantial growth.

UAE Patient Care Monitoring has seen an unrecognizable growth rate of 7.4 percent, surpassing other countries in the Gulf Cooperation Council (GCC), the nation's visionary approach is paving way towards becoming a leader in patient care monitoring. With a commitment reflected in substantial investment of over 20 billion dollars, it has emerged as a beacon of progress in healthcare infrastructure.

Story Outline

• The UAE’s commitment to healthcare infrastructure shines through its substantial $5 billion investment in 2022. With a projected growth rate of 7.4 per cent, surpassing its Gulf Cooperation Council (GCC) counterparts, the country is poised to pioneer patient care in the region.
• The UAE’s healthcare transformation is exemplified by the development of a groundbreaking Smart Hospital by the Royal Health Group. Integrating technologies like AI & IoT, this state-of-the-art facility uses AI, machine learning & predictive analysis to enhance patient outcomes.
• 67 percent of elderly people in UAE have chronic illnesses, so the rise in demand of patient care monitoring system is evident. These systems provide comprehensive health monitoring for the elderly while supporting their well-being and ensuring there is timely interventions for them.
• According to Ken Research, the UAE Patient Care Monitoring Equipment Market is expected to reach $50 billion in 2028, owing to the improving healthcare infrastructure & government’s support towards developing various kinds of digital technologies which makes healthcare & patient monitoring accessible to every citizen.

1. UAE’s $21.5 Billion Healthcare Leap: Pioneering Patient Care in the Gulf

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The United Arab Emirates (UAE) has been constantly investing in its healthcare infrastructure. In 2022, the country had invested $21.5 billion & the UAE healthcare sector is expected to witness the highest growth rate of 7.4 per cent compared to other countries within the Gulf Cooperation Council (GCC).

As the healthcare system continues to expand, there will be greater demand for advanced patient care systems to ensure efficient & effective patient care. That is where patient monitoring systems will increase in demand.

2. Revolutionizing Patient Care with UAE’s Smart Hospital Pioneers AI & IoT Integration

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Advances in medical technology & integration of technologies such as Artificial Intelligence (AI), Internet of Things (IoT) etc. which will lead to development of more sophisticated patient care monitoring system. In UAE, the Royal Health Group has been developing a first-of-its-kind, state-of-the-art Smart Hospital which leverages technologies like AI, machine learning & predictive analysis to improve patient outcomes, increase efficiency & improve costs.

These technologies aim to enhance patient safety & healthcare professional’s ability to make timely decisions.

According to Ken Research, the UAE Patient Care Monitoring System Market is expected to reach $50 billion in 2028, owing to the improving healthcare infrastructure & government’s support towards developing various kinds of digital technologies which makes healthcare & patient monitoring accessible to every citizen.

3. UAE’s Silver Surge: Meeting Elderly Healthcare Needs with Advanced Monitoring

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UAE is experiencing demographic changes including an aging population. In 2022, the population aged 65 & above was at 1.829 per cent and 67 percent elderly users in the UAE have chronic diseases like High Blood Pressure, Diabetes or Arthritis. Elderly individuals require a systematic & comprehensive monitoring of their health conditions, which can drive the demand for patient care monitoring systems.

4. UAE's Health Innovative AI-Powered Platform Battles Global Threats

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The UAE government has been displaying a keen interest in adopting digital healthcare solutions. The Ministry of Health & Prevention has launched Digital Health Monitoring Center, an innovative, digital AI-powered platform, with an aim to curb the spread of communicable diseases, based on the data of international organizations like World Health Organization (WHO) and Centers for Disease Control & Prevention. It is one of the most important innovative projects based on latest technology and data centralization to tackle potential global health threats in the future.

5. Empowering Care at a Distance: UAE Embraces Remote Patient Monitoring Revolution

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Remote monitoring plays a role in reducing hospital visits, provide personalized care & allow healthcare professionals to monitor patients from a distance. Mubadala Health, a UAE based integrated healthcare network, plans to integrate remote patient monitoring devices like BioIntelliSense Inc., for long term use.

COVID-19 pandemic has highlighted the importance of remote patient monitoring & this trend is likely to continue driving the demand for patient care monitoring system.

Conclusion

With investments of $21.5 billion driving pioneering initiatives, cutting-edge Smart Hospitals which nurture AI and IoT integration to customise patient care, innovative AI-powered platforms which are set to drive global health defense, the UAE is redefining healthcare in ways better than its peers in Gulf Cooperation Council (GCC) countries. Embracing the challenges of an aging population and lessons learnt from pandemic, the nation's commitment to advanced patient care systems and remote monitoring solidifies its role as a trailblazer in shaping the future of healthcare.

Siemens AG to be next in power in the UK Sensors and Actuators Market

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Siemens AG is rising rapidly with the growing technological advancements and demands, by leading in Energy Transition, Innovative Healthcare solutions etc. resulting in its growth.

STORY OUTLINE

• With Digitization of Industries, Siemens AG paves its way forward for extensive growth.
• Being efficiently capable in Energy Transition, Siemens AG grows its energy management capabilities.
• Siemens Health Engineering, are reshaping medical technologies with high end upgrades for better efficiency.
• Robotics and Automation being a strong hand, Siemens AG climbs the United Kingdom’s Sensors and Actuators Market.

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1. With Digitization of Industries, Siemens AG paves its way forward for extensive growth.

• With Siemens Digital Industries, promising initiatives and programs to lead to a growth of the company and its workforce.
• MindSphere is a cloud based operating system, mainly used for the IoT devices, enabling device connection to gather infrastructural data in order to increase operational efficiency.
• Siemens Digital Twin is such a system that allows for a virtual representation of an object, allowing the authorities to test and simulate before physically operating anything, preventing faulty errors.
• Siemens Factory Automation offers automation solutions with some of them being Programmable Logic Controllers (PLCs), Human Machine Interface (HMIs) increasing in overall technology and efficiency.

According to Ken Research, Siemens AG has enabled robust technology and improved Actuators and Sensors, for various organization and purposes ranging from Automotive to Aerospace and Defence agencies, leading to a large demand in the UK Sensors and Actuators Market.

2. Being efficiently capable in Energy Transition, Siemens AG grows its energy management capabilities.

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• Renewable Energy Source being a primary strongpoint for Siemens AG, enables a leading role in the wind energy sectors, providing wind farm developmental
• Siemens Energy Storage solutions, enabling to integrate intermittent renewable energies, with the help of technologies like green hydrogen generation and storage.
• Supporting the Decentralized Energy system, helping in starting Microgrids and local power generation, enabling communities and industries to run on their own power.
• Siemens Energy is currently investigating Carbon Capture and Storage technologies (CCS), enabling the mitigation of the emissions from the fossil fuel based power generation.

3. Siemens Health Engineering, are reshaping medical technologies with high end upgrades for better efficiency.

• Siemens Health Engineers offer an extensive portfolio of medical imaging systems, which includes X-ray, Computed Tomography (CT), and Magnetic Resonance Imaging (MRI) providing accurate data.
• With top notch in-vitro diagnostic solutions such as immunoassay systems, clinical chemistry analyser enabling the monitoring, disease detection and many more.
• Advanced software provide patients medical data to the authorities for fixation of an O.T or enabling a small visit, to make sure even while far apart they are well aware of their own situation.
• Artificial Intelligence and designing tools used by the Siemens Engineers to create a virtual representation enabling analyzation of medical images, improving its efficiency in diagnosis.

4. Robotics and Automation being a strong hand, Siemens AG climbs the United Kingdom’s Sensors and Actuators Market.

• With the incorporation of industry robots into the work field, managing material handling, quality control and assembly, is soon to increase the efficiency and management of the company.
• With the vision of introducing Collaborative Robots, who can work side-by-side other human employees, resulting in an ease of work and flexibility, increasing its growth and overall efficiency.
• Owing to the presence of Siemens SIMATIC Robot Library, commands and codes for the industrial robots are kept here with high level of security.
• With Siemens Motion Control systems and industrial IoT connectivity devices precise movement and machine control while connected to multiple devices, via cloud services, enables them to perform with more than usual efficiency.

CONCLUSION

With the innovative contributions and presence of Robotic Library, Siemens AG will quickly push through its boundaries resulting in a growth of the company in a quick succession.

Unveiling the Growth Trajectory of the US HR Analytics Industry

 What Is the Size of US HR Analytics Industry?

US HR Analytics Market is expected to grow at a CAGR of ~% between 2022-2028 and is expected to reach ~USD Mn by 2028.

In a competitive job market, attracting and retaining top talent is paramount. HR analytics helps optimize recruitment efforts by identifying the most effective sourcing channels and predicting candidate success. It also aids in understanding employee satisfaction drivers to enhance retention strategies.

Businesses seek to maximize employee performance. HR analytics assesses individual and team performance metrics, highlighting areas for improvement.

Furthermore, as demographic shifts impact the workforce, effective planning is crucial. HR analytics offers insights into workforce demographics, skills gaps, and potential succession candidates, aiding in strategic planning for future talent needs.

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The rise of remote and hybrid work models underscores the importance of monitoring employee well-being and engagement. HR analytics tracks remote work patterns, enabling organizations to enhance employee experience through flexible policies and targeted support.

US HR Analytics Market by Type of Development

The US HR Analytics market is segmented by On Premises and Cloud.

Based on Type, Cloud segment is emerged as the dominant segment in HR Analytics market in 2022.

the "Cloud" segment offers unparalleled scalability and accessibility. Cloud-based HR analytics solutions can accommodate varying data volumes and complexities, making them suitable for businesses of all sizes, from small startups to large enterprises. This scalability allows organizations to tailor their analytics solutions to their specific requirements, promoting widespread adoption.

With cloud-based HR analytics, organizations can access and analyze their workforce data from anywhere, facilitating remote work and enhancing collaboration among teams.

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US HR Analytics Market by End User

US HR Analytics market is segmented by Telecom and IT, BFSI, Consumer Goods and Retail and Healthcare.

On the basis of end user type IT and Telecom sectors emerged as the dominant segment in US HR Analytics market in 2022. the IT and Telecom sectors are characterized by highly dynamic and competitive environments where talent management plays a pivotal role. These industries rely heavily on skilled and specialized professionals, making effective HR management essential for attracting, retaining, and developing top talent.

Also, the nature of work in the IT and Telecom sectors often involves remote and distributed teams, contract workers, and freelancers. HR analytics provides insights into workforce productivity, collaboration patterns, and engagement levels, enabling these industries to optimize their distributed workforce strategies.

US HR Analytics by Region

The US HR Analytics market is segmented by Region into North, East, West, South and Central.

In 2022, the dominance region is West region in US HR Analytics market. the West region is home to major technological and innovation hubs such as Silicon Valley, which foster a culture of cutting-edge technology adoption. This environment encourages businesses to embrace advanced analytics solutions, including HR analytics, to gain competitive advantages through data-driven insights. Moreover, the West region hosts a significant number of startup ecosystems and agile enterprises that are more likely to adopt innovative solutions. Startups often leverage HR analytics to optimize their limited resources and attract top talent, further driving demand in the region.

Competition Scenario in US HR Analytics Market

The US HR analytics market is characterized by intense competition, with a mix of established players and innovative newcomers striving to capture a share of this rapidly growing industry.

Furthermore, specialized HR analytics firms like Visier and ADP offer dedicated solutions focused on extracting actionable insights from HR data. These companies cater to businesses looking for specific tools to optimize workforce planning, talent management, and employee engagement.

The competition also extends to cloud-based HR software providers like Workday and Cornerstone OnDemand, which are integrating analytics features into their suites. This strategy positions them as one-stop solutions for both HR management and data-driven decision-making.

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What Is the Expected Future Outlook for The Overall US HR Analytics Market?

The US HR Analytics market was valued at USD ~Million in 2022 and is anticipated to reach USD ~ Million by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022- 2028.

The US HR Analytics market is growing due to, combination of technological advancements, evolving workforce dynamics, and the increasing emphasis on data-driven decision-making in human resources management. HR analytics involves the use of data analysis and insights to enhance various HR functions, including recruitment, talent management, employee engagement, and retention.

The proliferation of digital tools and cloud-based platforms enables organizations to collect, store, and analyze vast amounts of employee data more efficiently. This facilitates the extraction of valuable insights that can drive strategic HR initiatives.

HR analytics can provide insights into remote workforce performance, collaboration patterns, and employee well-being, helping organizations adapt their strategies to new work paradigms.

there is a growing recognition among businesses that data-driven HR practices lead to better talent management and improved organizational performance. Companies are increasingly investing in HR analytics solutions to optimize recruitment processes, identify skill gaps, and enhance employee engagement, thereby boosting productivity and competitiveness.

Furthermore, the integration of artificial intelligence (AI) and machine learning (ML) into HR analytics is expected to revolutionize the market. Predictive and prescriptive analytics powered by AI can forecast workforce trends, model different scenarios, and recommend actions to mitigate potential challenges.

The US HR analytics market is the increasing need for strategic workforce planning. HR analytics provides insights into workforce demographics, skills, performance, and potential, enabling organizations to make informed decisions about talent acquisition, development, and succession planning. As the talent landscape becomes more competitive and dynamic, strategic workforce planning through HR analytics becomes a crucial tool for staying ahead in the market and ensuring long-term organizational success.

The US Biosimilar market is expected to reach ~USD 96 Bn Industry by 2028

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The United States Biosimilar market which currently has a market size of ~USD 9.48 Bn. is expected to grow at a CAGR of ~40% in the next five years and become a ~USD 96 Bn. industry as per the findings of Ken Research.

STORY OUTLINE

• Biosimilar drugs tend to be cost effective and this reason is a major factor which contributes highly to the growth of US Biosimilar market.
• Rising geriatric population results in an increased demand for Biosimilar drugs which ultimately helps in the growth of US Biosimilar market.
• Increasing cases of chronic diseases in the country also raises the demand for Biosimilar drugs thereby accelerating the US Biosimilar market.
• Growing partnerships between companies to develop Biosimilar drugs also helps in the growth and expansion of the US Biosimilar market.

A fast growing industry, cost effective nature of Biosimilar, rising cases of chronic diseases, and increase in geriatric population, along with rising strategic partnerships are the various reasons responsible for the growth of US Biosimilar market. This market is anticipated to grow at a CAGR of ~40% in the next five years.

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1.Cost effective nature of Biosimilar drugs: major factor responsible for the growth of US biosimilar market

One of the major reasons behind the significant growth of US Biosimilar market is the cost-effective nature of Biosimilar drugs.

Typically, Biosimilar drugs cost lesser than the generics products due to which they have gained popularity in the healthcare sector. Generally, these drugs cost 30% lesser than the generic or original drugs.

Lucentis is an original drug which is primarily used to treat macular degeneration. This drug is priced at around USD 1200 in the United States.

 Its most common biosimilar is Cimerli which is priced way lesser than Lucentis. It costs around USD 800 in the United States.

Humira is another generic biological which is generally used in the treatment of various autoimmune diseases. This drug is priced at approximately USD 3000. Amjevita is its popular Biosimilar drug which is priced at about USD 1500 in the US which is approximately 50% cheaper than the original drug.

Rituxan is a generic drug which is typically used to treat blood cancer. It is priced at about USD 1000 in the US. Its popular biosimilar drug is Truxima which is priced at about USD 900 in the US.

Herceptin is another expensive generic drug which is mainly used in the treatment of various cancers primarily stomach and breast cancers. The average cost of this generic drug in the US is USD 6800. Ogiviri is its biosimilar drug which is sold at approximately USD 3900 in the US.

Thus, it is evident that biosimilar drugs tend to be more cost effective than the original or generic drugs. Their cost effective nature is a major contributor of the growth of US Biosimilar market.

2.Rising geriatric population: generating the demand for Biosimilar drugs

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The geriatric population also has been increasing at a significant rate in the United States. The main reasons behind geriatric population are increase in life expectancy rates and decrease in fertility rates.

There were almost 25 aged people per 100 people in the US in 1980s. The number rose to 32 aged people per 100 people in 1990s. In 2000s, there were 35 aged people per 100 people. 2010 witnessed 40 aged people per 100 people.

 In 2020s, the number reached to 54 aged people per 100 people. This number is further expected to reach 72 aged people per 100 people in 2030s.

As the population rises, aged population becomes vulnerable to many health conditions and they end up requiring many medicines for the treatment of their health conditions.

In the US, approximately 80% of aged people (above 65) have at least one chronic health condition.

The rise in aged population also results in an increased demand for Biosimilar drugs as most of the aged population do not have any strong source of income and thus, they cannot afford generic drugs or original drugs which tend to be really expensive.

Thus, the geriatric population also contribute to the growth of the US Biosimilar market.

3.Increasing cases of chronic diseases: accelerating the US Biosimilar market

The prevalence of chronic health conditions is very high in the United States. A chronic disease is a health condition that prevails for a longer period. Some of the major chronic diseases in the US are cardiovascular diseases, cancer, diabetes, kidney diseases, Alzheimer’s, etc.

In the 2010, there were almost 140 million people living with chronic diseases. In 2015, USA witnessed approximately 150 million people with chronic diseases. This number rose to 155 million people in 2020. Further, this number is anticipated to become 165 million and 170 million people in 2025 and 2030 respectively.

As the prevalence of chronic health conditions rises, their dependence of medicines and drugs also rises. However, not everyone is able to afford original or generic drugs because they tend to be expensive. Thus, that is where the need to develop biosimilar rises.

Moreover, any country would not like to see its people suffer because they cannot afford original drugs. Thus, the countries put emphasis on developing cost effective drugs in the form of Biosimilar drugs.

4.Increasing partnerships between pharmaceutical companies to develop Biosimilar drugs:

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Biocon Biologics, a US firm, was involved in the acquisition of Viatris which is a global organization and is concerned with making Biosimilar drugs in the fields of endocrinology, and oncology along with immunology. The main aim of this acquisition was to make their portfolio as well as future Biosimilar drugs pipeline strong.

AbbVie collaborated with Samsung as well as Amgen to develop Biosimilar drugs for Humira which is a generic drug. For this purpose, AbbVie has started to give the license to Samsung as well as Amgen in various countries to produce the Biosimilar.

Teva Pharmaceuticals, which is a pharmaceutical company concerned with development of generic drugs formed a strategic partnership with Alvotech, which is Biosimilar pharmaceutical company to strengthen their business for developing Biosimilar drugs.

Sandoz and Just – Evotech Biologics decided to collaborate through a partnership to develop various Biosimilar drugs. This partnership also as resulted into former’s pipeline’s expansion to more than 20 biosimilar drugs.

Merck Bioventures and Hanwha made a partnership which involved approximately USD 7 Tn. to make a Biosimilar version of Enbrel which is a generic drug primarily used to treat Rheumatoid Arthritis and is currently developed by Pfizer and Amgen.

CONCLUSION

The United States Biosimilar Market can be best described as a market that is associated with the development of Biosimilar drugs which are an exact copy of original or generic drugs. There are various factors responsible for the growth of US Biosimilar Market.

Some of the major factors contributing to the growth of this market includes the cost-effective nature of Biosimilar drugs, rising geriatric population, rising cases of chronic diseases and increasing partnerships between companies to develop Biosimilar drugs.

US Enterprise Resource Planning Market Expected to reach $25 billion by 2028

The pandemic scenario has significantly impacted the expansion of ERP market & further growth has been expected in the healthcare sector & businesses offering healthcare-related goods & services.

In the current landscape of modern businesses, the transformative influence of Enterprise Resource Planning (ERP) solutions has come to the forefront. These success stories highlight how organizations in the United States are leveraging ERP systems to achieve operational excellence, drive growth, and navigate the complexities of a globalized economy. From harnessing AI and IoT integration to ensuring data security compliance, these underscore the pivotal role of ERP in shaping the trajectory of businesses across diverse industries.

Story Outline

• Ramco ERP’s successful implementation at Openwork's, a prominent US facility management provider, showcases the power of digital transformation in enhancing operational efficiency.
• Cloud-based ERP solutions, exemplified by Accolent ERP, are gaining traction amongst US small businesses for their flexibility & scalability.
• Integration of AI and IoT technologies into ERP systems, as demonstrated by SYSPRO, is reshaping business success. Real-time data collection from connected devices and AI-driven insights empowers decision-making while making sure there are opportunities for growth & competitiveness in the evolving market landscape.
• According to Ken Research, the US Enterprise Resource Planning market is set to reach $25 billion in 2028, due to rapid advancements in technology & an increasing need to improve operational efficiency so that the companies can easily navigate the complexities of a globalized economy.

1. Ramco ERP fuels Openwork's’ US Enterprise Resource Planning Triumph

Organizations have been increasingly embracing digital transformations to streamline their business process & improve operational efficiency.

Ramco Systems had provided a successful implementation of Ramco ERP Software at OpenWorks, a leading American management facility provider with a 360-degree view of its operations through its single integrated solution which helped in automating the company’s customer billing and payments to franchisees, asset tracking and optimizing franchise assignment processes.

2. Accolent ERP Empowers US Small Businesses with Cloud-Based Brilliance

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Cloud-based enterprise resource planning solutions are gaining popularity in the United States due to their flexibility, scalability & effectiveness. For instance, Accolent ERP provides cloud-based ERP software solutions for small businesses in USA, delivering an end-to end solutions for wholesale distribution.

Cloud based systems allow businesses to avoid heavy upfront investment in hardware & infrastructure while also offering the advantage of remote accessibility.

According to Ken Research, the US Enterprise Resource Planning market is set to reach $25 billion in 2028, due to rapid advancements in technology & an increasing need to improve operational efficiency so that the companies can easily navigate the complexities of a globalized economy.

3. Revolutionizing ERP with AI & IoT Integration for Business Success

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Nowadays, enterprise resource planning (ERP) systems’ integration with technologies like AI & IoT is gaining massive traction. SYSPRO, an ERP software solution in the United States has integrated Artificial Intelligence which offers many emerging & disruptive services for technology which includes Connected Services, Azure IoT Hub, Azure ML/AI & Azure Bot.

These technologies allow businesses to gather real time data from connected devices & leverage AI-driven insights for informed decision making.

4. Empowering Compliance: Secure ERP Solutions for Data Privacy & Cybersecurity

 ERP Solutions were being used to ensure compliance with industry regulations & data security standards. As data privacy concerns grew, organizations sought ERP solutions which will help manage their data securely.

National Institute of Standards & Technology (NSIT) by the US Department of Commerce had created a Cybersecurity Framework Implementation Guidance for Federal Agencies should be followed within any ERP-driven public sector to ensure end-to-end security compliance.

5. Mastering Global Growth: Empowering Businesses with ERP Solutions

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As markets become globalized day-by-day, there is a need for ERP systems that can handle multi-location operations, currencies, languages & tax regulations become crucial. Abas-USA encourages & consults with mid-market firms to set achievable project goals which will centralize process, standardize data, ensure compliance with international reporting standards & outline a strategy to encourage growth & success in a global market. ERP systems with international capabilities were in demand to support these growing global operations.

Conclusion

In the ever-evolving landscape of business technology, it highlights the role of ERP solutions in driving success. From enhancing operational efficiency through streamlined processes and secure data management to leveraging AI, IoT, and cloud-based innovations for growth, organizations are using the power of ERP to adapt, thrive, and stay competitive in a globalized world. These stories testify the transformative potential of ERP systems in shaping the future of business operations and strategies.

US Air Compressor Market Path to $31 Billion Growth Drivers, Market Domination, and Future Projections

 The US air compressors market is all set to achieve record market value in the forecasted period of 2023-2027. The US air compressors market is the largest market in North America and the third largest globally only behind China and Germany. The market is driven by factors such as high growth in the household appliance market, development of the automotive industry, and technological advancements in air compressors.

Story Outline

• The home appliances segment of air compressors dominates the market by capturing a market share of 60%.
• Around 70% of manufacturers of small-scale industries use compressed air systems in their operations.
• In 2020, Sulzer Ltd purchased a 25% share of Tamturbo Plc, an oil-free air compressor manufacturer and developer company by making a crucial investment in the company.

According to Ken Research, The US air compressor market is growing immensely owing to different factors influencing the market. The US air compressor market is the third largest market for air compressors in the world with an export value of 1.96 Bn in 2022, only behind China and Germany. The home appliances segment of the market is dominating the market. The home appliances market is anticipated to grow around 30 Mn units by 2027. The growth of the air compressor market is interlinked with developments in industries such as automobiles, manufacturing, pharmaceuticals, and electronics.

1. Influence of Covid-19 on US AIR Compressor Market

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• The US air compressor market suffered substantial revenue losses owing to plummeting demand from several industries during COVID-19. The demand for air compressors in the United States declined by 25 % in the year 2020 compared to 2019.
• The value chain of air compressors was affected significantly during the restrictions of the pandemic. Additionally, Elgi Equipment, one of the leading players in the market, closed 100% of its facilities due to the restrictions of the pandemic in 2020.
• During the global pandemic due to the temporary closure of the market, companies invested hugely in the research and development field to strengthen the area of innovation and technological advancements. Sullair, a leading air compressor manufacturer in the country launched Perkins, a portable diesel air compressor. Perkins compressors are capable of high ability and durability.

2. Current Scenario of the US Air Compressor Market

 

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• The US market of air compressors is dominating the global air compressor market and is anticipated to grow at a CAGR of 5.9% in the forecasted period of 2022-2027.
• The US air compressor market offers various application types. The home appliances segment of air compressors is dominating the market by capturing a market share of 60%. Followed by transportation, manufacturing, and commercial.
• The demand for oil-free and lightweight products is increasing in the industry as these air compressors are more effective industry operations. The market for oil-free air compressors in America is estimated to reach $1Bn by 2026.

3. Growth drivers of the US Air Compressor Market

 

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The market is impacted by different factors affecting the market. Some of the major growth drivers of the market are high growth in the household appliance market, development of the automotive industry, technological advancements in air compressors, the mature manufacturing industry, and high demand from small-scale industries.

• The enhanced demand for air compressors from small-scale industries is contributing immensely to the expansion of the market. Several industries such as chemicals & petrochemicals, oil & gas, construction, commercial, automobile, and pharmaceuticals require air compressors for a wide range of applications. Around 70% of manufacturers of all industries use compressed air systems in their operations.
• The technological advancements in the industry are lifting the US air compressor market. Recently, the market made a significant development in the IIoT (Industrial Internet of Things). This innovation has enabled to monitoring of air compressor systems remotely. Air compressors connected to the Internet of Things (IoT) give more than 150 data measures every second, giving the current state of its internal components like the motor, belt, oil barrel, etc.

4. Major Players of the US Bio-stimulants Market

• Some of the significant players in the market are Atlas Copco, Sullair LLC, Gardner Denver Inc., Kaser Kompressoren, Ingersoll-Rand Plc, Rolair System, Elgi Compressor USA Inc., Hitachi Industrial Equipment Systems Co. Ltd., Ciasons Industrial Inc., Aerzener Maschinenfabrik Gmbh, Quincy Compressor, Bauer Compressors Inc, and Others.
• In June 2023, Chat Industries started a strategic partnership with Avina Clean Hydrogen Inc. to supply chart industries’ Howden compressors for Alvina’a green hydrogen plant in southern California.
• Recently, Altas Copco introduced its ZR/ZT series of oil-free, 100% certified, and rotary screw compressor-equipped air compressors. Alongside, the company has also acquired a UK-based airflow compressor & Pneumatics for an undisclosed amount. In the year 2021.
• In 2020, Sulzer Ltd purchased a 25% share of Tamturbo Plc, an oil-free air compressor manufacturer and developer company by making a crucial investment in the company.

Conclusion

The US air compressor industry is balanced for exceptional development, anticipated to reach a market value of $31 billion during 2023-2027. Despite the effect of the pandemic, the market has bounced back due to its pivotal role across differing businesses. The home appliances section, anticipated to develop around 30 million units by 2027, maybe a prevailing force, whereas divisions such as automobiles, manufacturing, pharmaceuticals, and electronics altogether impact its direction. The market's recovery is credited to components like innovative progressions, advancements in oil-free and lightweight products, and the advancement of the automotive industry. With a solid foothold in North America and a CAGR of 5.9%, the US market remains energetic, driven by increased demand from small-scale businesses and the transformative potential of IIoT. Major players like Atlas Copco and Sullair LLC continue to contribute to the market's development through key associations and innovations.

US Esoteric Testing Market expected to reach $11.5 Bn by 2028

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As the elderly population in United States increases, along with an increasing need for early diagnosis & treatment, the esoteric testing is poised to record remarkable growth in the upcoming years

With an ever-evolving realm of healthcare, esoteric testing stands as a pioneering force revolutionizing personalized medicine in the United States. These specialized tests unravel genetic insights, driving personalized treatment strategies. The convergence of cutting-edge technology & advanced detection methods redefines disease management, especially crucial in the context of an aging population & the imperative of early detection.

Story Outline

• According to Ken Research, the US Esoteric testing market is expected to reach $11.5 billion in 2028, owing to increasing aging population & rapid advancements in technology which is leading to increasing demand for esoteric testing solutions
• With a rising elderly population vulnerable to complex health conditions, the demand for specialized testing is increasing. Esoteric tests offer early diagnosis opportunities, which gained even more significance in light of COVID-19 pandemic’s impact on healthcare dynamics.
• Advanced technology, like Advanced Molecular Detection (AMD) is revolutionizing disease detection by combining genome sequencing & bioinformatics. It attracts healthcare providers & researchers to embrace esoteric tests for enhanced diagnostics
• Esoteric tests are transforming personalized medicine by revealing genetic insights into susceptibility, treatment response & tailored care plans.

1. Esoteric Tests Revolutionizing Personalized Medicine in United States

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Esoteric tests play a crucial role in personalized medicine by providing detailed insights into an individual’s genetic makeup, susceptibility to diseases & treatment response.

In June 2022, few scientists at PACT Pharma, San Francisco, USA devised a personalized medicine plan where they used CRISPR-Ca9 non-viral precise genome editing to simultaneously knockout two endogenous T- cell receptor genes TRAC & TRBC, which will help in specifically recognizing mutations in cancer cells.

As personalized medicine continues to gain traction, the demand for esoteric tests that enabled treatment plans could drive market growth.

2. Advanced Technology & Esoteric Testing Lead the Way in Disease Detection

United States has been seeing advancements in the kind of technology being used, such as Advanced Molecular Detection (AMD) which integrates the latest next-generation genome sequencing technologies with bioinformatics & epidemiology experience across Center for Disease Control & Prevention (CDC) to find, track & stop disease causing pathogens like never before. Innovations like these could attract healthcare providers & researchers to utilize esoteric tests more frequently.

• According to Ken Research, the US Esoteric testing market is expected to reach $11.3 billion in 2028, owing to increasing aging population & rapid advancements in technology which is leading to increasing demand for esoteric testing solutions

3. Elevating Care for Seniors: Surge in Esoteric Testing with Growing Elder Population

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In 2021, the United States population, more than 55.8 million aged people i.e., above 65 years old, reside in the United States. This population accounts for about 16.8% of the country’s population. As the older population increases, they become prone to chronic & complex health conditions that might require specialized testing for accurate diagnosis & monitoring. Therefore, as the elderly population increases, there is an increase in esoteric testing as well.

4. Pioneering Early Detection: Esoteric Tests Reshape Healthcare Amidst Pandemic Impact

There is an increasing focus on early detection & diagnosis in healthcare, these days since it improves patient outcomes & reduce healthcare costs. The COVID-19 pandemic has put an impact on the growth in esoteric testing market. In February 2021, Agilent Technologies Inc. launched the Agilent Dako SARS-CoV2 IgG CoV2 Enzyme-Linked Immunosorbent Assay (ELISA) to detect immunoglobin G (IgG) antibodies qualitatively to SARS-CoV2 in human serum or plasma.

Esoteric tests that enable early diagnosis of conditions like cancer, neurological disorders & cardiovascular diseases could see heightened demand.

5. Building Blocks of Success: Healthcare Upgrades Fueling Esoteric Testing Market Growth

Improvements in healthcare infrastructure, particularly in terms of laboratory facilities & testing capabilities, could contribute to the growth of the esoteric testing market. The revenue of laboratory testing services in United States has been growing at an annualized 3.1% over the past 5 years from 2018-23. Growth in research & development, spending from public & private sectors will benefit demand & growth in high tech companies will attract substantial R&D investments to develop & improve new products.

Conclusion

In a landscape shaped by innovation and demographic shifts, esoteric testing emerges as a pivotal force in revolutionizing healthcare. Personalized medicine gains impetus with insights into genetics, while advanced technologies & early detection reshape disease management.

 The elderly population’s rise fuels demand, emphasized by a pandemic related healthcare realm. Upgraded infrastructure and research synergies propel the esoteric testing market forward, paving the way for a future where precise diagnostics pave the road for improved patient outcomes & sustainable patient growth.