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APAC To Observe Fastest Growth In the Private Healthcare Insurance Industry

Healthcare Insurance Industry

As per a report by P&S Intelligence the healthcare insurance market is growing rapidly, and it will continue like this in the years to come. This is mainly attributed to the increasing elderly population, rising gross domestic product and healthcare expenses, and growing prevalence of chronic illnesses across the world.

Private healthcare insurance companies provide a variety of plans for disease, income protection, and medical. Medical insurance denotes the policy of health insurance that covers high deductible medical expenses. This policy covers specific expenses on a limited amount, for instance, emergency services, ambulatory patient services, and hospital bed expenditures.

Some prominent international players in the private healthcare insurance industry include AXA Group, Allianz SE, Aetna Inc., Aviva plc, Cigna Corporation, Zurich Insurance Group, GIE BNP Paribas Cardif, Continentale Krankenversicherung a.G, Assicurazioni Generali S.p.A., and British United Provident Association Limited. These companies are present in Germany, the U.S., France, Spain, Italy, the United Kingdom, China, Switzerland, Japan, Australia, India, Mexico, and Brazil.

Established in 1890, Allianz SE is an insurance provider that operates in 70 countries worldwide. The company offers insurance products and services through its three main segments: health/life insurance, asset management, and property-casualty insurance.

AXA Group, established in 1982, is an insurance company that operates across six distinct segments: Asia, France, the U.S., Europe, transversal and central holdings, and international. The group provides a wide range of products and services across multiple categories, including life and savings, health, property and casualty, banking, and asset management.

The U.S., China, India, Japan, France, Germany, Italy, the U.K., Spain, Switzerland, Australia, Mexico, and Brazil have well-established insurance networks of international players. Additionally, government-mandated insurance policies play a crucial role in driving the growth of both the private and public healthcare insurance industry.

The global private healthcare insurance industry will observe the fastest growth in APAC, particularly in China, India, Australia, and Japan. This growth can be attributed to several factors, such as the increasing healthcare insurance industry, the mounting incidence of chronic illnesses, and rising consciousness regarding healthcare in the region. The growth of the medical tourism industry also contributes to the development of the industry in APAC.

Some of the key players in APAC include Allianz SE, AXA Group, Ping An Insurance (Group) Company of China Ltd., China Life Insurance Co. Ltd., Aetna International, Nippon Life Insurance Company, Allianz SE, Star Health & Allied Insurance Company Limited, Religare Health Insurance Company, and ICICI Lombard General Insurance.

Moreover, the overall dynamics of the healthcare insurance industry in the APAC are undergoing significant changes, driven by improvements in healthcare infrastructure and expenses. As a result, healthcare insurance plans are becoming popular among people in Asia.

Hence, with the increasing elderly population and mounting prevalence of chronic illnesses across the world, the industry of private healthcare insurance will continue to grow in the years to come.

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Why Is Autoimmune Disease Diagnostics Demand Rising Robustly?

Autoimmune Disease Diagnostics Market

The Multiple Sclerosis International Federation (MSIF) states that 2.8 million people around the globe were living with multiple sclerosis in 2020, and this autoimmune disease affects around 1 in 3,000 people worldwide. Further, the American Lung Association estimates that approximately 200,000 new cases of sarcoidosis are recorded in the U.S. each year. Additionally, the National Organization for Rare Disorders states that 1 in 10,000 individuals around the world are affected by systemic scleroderma, and this autoimmune disorder is highly prevalent among the Australian and North American populations.

Thus, the increasing prevalence of autoimmune disorders is expected to drive the autoimmune disease diagnostics market at a CAGR of 8.5% during the forecast period 2020–2030. According to P&S Intelligence, the market was valued at $4,086.2 million in 2019, and it will generate $10,012.9 million revenue by 2030. The market growth is also facilitated by the rising public awareness regarding such diseases and the increasing number of awareness programs being organized by public and private organizations to impart knowledge about such disorders.

In recent years, several researchers have discovered new biological markers or biomarkers to diagnose autoimmune diseases. For example, in August 2019, researchers at the University of Alberta discovered a new biological marker to identify the existence of myasthenia gravis, a rare autoimmune disease. This biomarker can also be utilized for formulating new personalized treatment procedures and predicting the course of the disease. Scientists around the world are also discovering biomarkers to detect multiple sclerosis, rheumatoid arthritis (RA), sarcoidosis, scleroderma, systemic lupus erythematosus (SLE), and sjögren’s syndrome.

The product segment of the autoimmune disease diagnostics market is bifurcated into instruments, and consumables and assay kits. Of these, the consumables and assay kits category generated a higher revenue during the historical period (2014–2019), and it is expected to retain its dominance in the forecast years as well. This can be ascribed to the surging incidence of autoimmune diseases and the rising number of research activities to identify the cause of such diseases.

These autoimmune disease diagnostic products are used in academic institutes and research centers, hospitals, and diagnosing centers in autoantibodies and immunology, cytokine, flow cytometry, human leukocyte antigen (HLA), inflammatory marker, and routine laboratory tests. Currently, hospitals are the largest user of such products, owing to the improving healthcare infrastructure, the rising prevalence of chronic autoimmune disorders, the soaring number of awareness programs and campaigns being conducted by public and private organizations, and the increasing deployment of technologically advanced medical devices by these healthcare facilities.

Globally, the North American autoimmune disease diagnostics market generated the highest revenue during the historical period, on account of the mounting healthcare expenditure, soaring aging population, and increasing cases of autoimmune diseases in the region. Additionally, the presence of leading market players also contributes to the regional market growth. Whereas, the Asia-Pacific market is expected to display the fastest growth throughout the forecast period, owing to the booming elderly population and mounting public awareness regarding autoimmune diseases in regional countries.

Therefore, the surging burden of autoimmune diseases and the growing public awareness about such disorders will facilitate the adoption of autoimmune disease diagnostic products, globally.

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Medical Gloves Industry To Observe Fastest Growth In Asia-Pacific

Medical Gloves Market

As per a statement by P&S Intelligence, the medical gloves industry will reach USD 20,435.6 million, propelling at a rate of 10.8%, by 2030.

The growth in the industry is credited to the increasing elderly population, the growing risk of contagious diseases, mounting healthcare expenses, the growing volume of surgeries, and the increasing incidence of chronic diseases.

The medical gloves industry had been positively affected by the COVID-19 pandemic, due to the sudden surge in medical supplies demand.

Based on raw materials, the nitrile category held the largest share of the medical gloves industry in recent years. This is mainly due to its non-allergic properties.

North America is expected to dominate the industry in the years to come, owing to the widespread necessity for medical gloves in healthcare units, and the existence of strong key players.

Moreover, APAC is expected to witness the fastest growth in the coming years, owing to the increasing elderly populace and rising number of surgical procedures and diagnostic examinations.

A key trend observe in the industry is the fondness for non-powdered medical gloves over powdered medical gloves by the customers, due to the non-allergic properties of the non-powdered medical gloves.

In the past few years, players in the industry have been involved in product launches and mergers & acquisitions to maintain a competitive edge.

Hence, due to the increasing elderly pullulation, increasing incidence of chronic diseases, and growing risk of contagious diseases, the medical gloves industry will continue to grow significantly in the years to come.

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Global Facial Skin Ablative Treatment Industry Analysis and Future Scope

Facial Skin Ablative Treatment Market

The global facial skin ablative treatment market is projected to be worth USD 8,394.3 million by 2030, growing at a CAGR of 7.8%, according to P&S Intelligence. This growth can be ascribed to the growing count of aesthetic measures being conducted throughout the globe, the thriving populace of aging individuals, improvements in technology, growing per-capita income, and rising awareness regarding progressive aesthetic treatments, through meetings and conferences.

On the basis of application, the acne and other scars category had the highest revenue share in the facial skin ablative treatment market in the past few years, and it is projected to remain in the leading position in the future as well. This would mainly be because of the high occurrence of acne in both men and women throughout the world.

The Generation Y category led the industry in recent years, on the basis of demography. This is mainly because of the vast populace of the individuals in this age group, joined by the high occurrence of skin illnesses and rising realization regarding looks among them.

In the past few years, North America held the largest share in the facial skin ablative treatment market, and also the region is projected to be dominant in the future as well.

The Asia-Pacific region is projected to grow at the highest development rate in the facial skin ablative treatment market in the coming few years.

This would mainly be because of the rising healthcare investments and personal per-capita income, growing expenditure by manufacturers, growing aesthetic medicinal tourism industry, and rising populace in the region.

As per the United Nations Department of Economic and Social Affairs (UNDESA), the populace of people aged 65 years and more will touch 225.4 million in India, 356.6 million in China, 52.0 million in Brazil, and 84.8 million in the U.S. by 2050.

Hence, the growing count of aesthetic measures being conducted throughout the globe, the thriving populace of aging individuals, improvements in technology, and growing per-capita income, are the major factors contributing to the growth of the facial skin ablative treatment market.