Personal Care Market Intelligence

  Epoxy Resin Industry Overview The global epoxy resin market size was valued at USD 22.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2022 to 2030. Increasing demand for paints & coatings is anticipated to significantly drive the market growth during the forecast period. Increasing demand for epoxy resins is attributed to the growing construction spending, particularly on residential construction, especially in North America and Western Europe. The rapid growth in global manufacturing activities is expected to fuel the demand for paints & coatings used in the production of motor vehicles and other durable goods, as well as industrial maintenance applications. This is expected to boost the product demand globally. Asia Pacific has been the leading consumer of epoxy resins, fueled by increasing demand from China and India. Infrastructure development along with increasing automotive production has fueled paints & coatings de

  U.S. Terrazzo Industry Overview The U.S. terrazzo market size is estimated at USD 8.25 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030. The market is anticipated to be driven on account of the product’s high-performance characteristics, which include high durability, easy maintenance, impact resistance, negligible bacteria growth, and high stain resistance. The COVID-19 pandemic severely impacted U.S. trade and restricted the growth of the construction industry. The inadequate availability of labor, funds and raw materials are the primary factors affecting the construction industry, thus hampering the market growth. However, the market is expected to grow at a faster pace with a lucrative recovery rate. Gather more insights about the market drivers, restrains and growth of the U.S. Terrazzo market The Government of the U.S. announced a COVID-19 relief stimulus of USD 1.9 trillion in January 2021, which is expected to ad

  Succinic Acid Industry Overview The global succinic acid market size was valued at USD 222.9 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.7% from 2022 to 2030. The growth is attributed to the increasing usage of Succinic Acid (SA) in the pharmaceutical industry and the construction and infrastructure development activities. It is produced from petroleum and bio-based sources. Increasing preference for succinic acid over butane-based maleic anhydride in the production of chemicals, such as succinic anhydride, plastics, diethylmaleate, polymers, fumaric, and glyoxylic acid, which are conventionally manufactured from butane, is anticipated to positively influence the market growth. Petro-based SA is alpha, omega-dicarboxylic acid from the oxidation of methyl groups of butane to the corresponding carboxyl group. The bio-based variant is produced by the process of fermentation of sugars. The enormous amount of CO2 emission is a major concern for

  U.S. Hospice Industry Overview The U.S. hospice market size was valued at USD 32.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.20% over the forecast period. The rising geriatric population coupled with the increasing prevalence of chronic as well as age-associated diseases is anticipated to boost the market growth. According to the Population Reference Bureau, the U.S. population aged 65 years and above is expected to reach 95 million by 2060 from 52 million in 2018. The high prevalence of cancer, dementia, and respiratory, cardiovascular, and kidney diseases among the geriatric population is projected to further drive the market growth. The growing need for quality healthcare services at home along with the increasing Medicare reimbursement for hospice is expected to fuel the market growth over the forecast period. Medicare, Medicaid, and other public and private organizations provide coverage for hospice services. According to the Federa

  Pet Insurance Industry Overview The pet insurance market size was valued at USD 8.3 billion in 2021 and is estimated to expand at a compound annual growth rate (CAGR) of 16.7% from 2022 to 2030. Growing pet population, adoption of pet insurance in underpenetrated markets, increasing veterinary care costs, initiatives by key companies, and humanization of pets are some of the key drivers of this market. In 2020, Trupanion reported that over 800,000 pets were insured under the company’s policies across key markets in the U.S., Canada, and Australia. The COVID-19 pandemic presented several challenges for the companion animal industry including pet owners, veterinarians, veterinary hospitals, and animal health companies. However, the industry soon began to respond to the pandemic by deploying supportive measures to ensure access to veterinary care and other services. The challenges brought on by the pandemic also led to awareness among pet parents to reduce financial risk by getting a

  Fitness App Industry Overview The global fitness app market size was valued at USD 1.3 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2023 to 2030. The spreading COVID-19 pandemic led to nationwide lockdowns followed by social distancing norms, thereby aiding the transition from traditional studios and gyms to virtual fitness. It, in turn, has led to increased downloads and subscriptions of fitness apps. As per a report published by the American College of Sports Medicine (ACSM), it has been stated that fitness apps were ranked at number 13 in accordance with the 2019 fitness trends. Tough competition has been witnessed between brick-and-mortar gyms against in-app fitness. Information technology has transformed the way the fitness industry works. According to an article published by World Economic Forum in September 2020, it is stated that downloads of fitness and health apps increased globally by 46.0% due to the growing trend of on

  Laparoscopic Devices Industry Overview The global laparoscopic devices market size was valued at USD 6.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.2% from 2022 to 2030. The growth of the market is attributed due to the increasing incidence of obesity across all age groups, the rapidly growing geriatric population in the Asia Pacific region, especially in countries such as Japan, India, and China, and quick technological improvements. According to the WHO, in May 2020, there have been more than 42,48,389 COVID-19 reported cases and 2,94,046 deaths globally. The COVID-19 pandemic has created a significant challenge for the global healthcare industry. Restricted access to medical services has led to inadequate care for patients suffering from other diseases. Laparoscopy has been adversely impacted by the pandemic. During this period, surgeries are often even canceled or being postponed to the lower transmission of the virus. However, the ma

 The global veterinary diagnostics market size was valued at USD 6.63 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 11.2% from 2022 to 2030. The growth in this market is attributed to factors, such as increased expenditure on animal health, rising incidence of zoonotic diseases & number of veterinary practitioners, technological advancement in point of care diagnostics, and increasing disposable income levels in developing regions. The growing incidence of infectious animal ailments is further poised to augment the demand for veterinary diagnostics. Moreover, advancements in diagnostics together with the growing acceptance of innovative techniques in most of the laboratories are driving the market growth. For instance, in August 2021, FORCE Technology established a new subsidiary called AeroCollect A/S. AeroCollect technology with simple air samples offers a picture of the diseases in a herd. This is a revolution in animal diagnostics developed

Healthcare Contract Manufacturing Industry Overview The global healthcare contract manufacturing market size was valued at USD 211.9 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 9.6% from 2022 to 2030. An increase in offshoring, especially in emerging countries, and the changing regulatory landscape, are the prominent trends currently present in the market. Pharmaceutical and medical device companies are outsourcing low-end services to third parties (CMOs) to reduce the overall cost of production and speed up the time to market of products. This trend is expected to contribute to the growth of the contract manufacturing market in the foreseeable future. COVID-19 brought in unparalleled demand for diagnostic tests, Personal Protective Equipment (PPE), ventilators, and other critical medical supplies. COVID-19 has had a major impact on the supply-demand gap, with a 1,000 to 2,000-fold increase for PPE products, raw material shortages increased by

  Tattoo Removal Devices Industry Overview The global tattoo removal devices market size was estimated at USD 128.6 million in 2021 and is expected to expand at a CAGR of 9.6% from 2022 to 2030. Increasing adoption of laser treatments for aesthetic procedures and high demand for tattoo removal are the major market drivers. Growing demand for non-invasive procedures for aesthetics is also fueling the market growth. The market saw a significant setback due to the COVID-19 pandemic. The pandemic resulted in a reduction of various aesthetic procedures as they were not medical necessities, leading to the closure of medical aesthetic centers and dermatology clinics. However, after the second quarter of 2020, aesthetic procedures like tattoo removal started resuming and this might boost the market growth. The high prevalence of ‘tattoo regret’ among millennials is expected to propel the demand for tattoo removal devices. For instance, according to an article published by B&T MAGAZINE, n

  Cannabidiol Industry Overview The global cannabidiol market size was valued at USD 5.18 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.8% from 2022 to 2030. Cannabidiol is a chemical compound that is found in the cannabis sativa plant, and is extracted from hemp or cannabis, generally from hemp due to its naturally high cannabidiol (CBD) content. It has several benefits in treating anxiety and seizures and reducing pain. Due to its healing properties, the demand for CBD for health and wellness purposes is high, which is the major factor driving the market. In addition, the rising acceptance and use of products due to government approvals is a major factor expected to boost the production of CBD-infused products. Cannabidiol oil is increasingly being used to make skincare products to treat acne and wrinkles. Sephora, for example, had recently introduced cannabidiol or CBD skincare line to its stores. Similarly, Ulta Beauty is intending to lau

  Microdermabrasion Devices Industry The global microdermabrasion devices market size was valued at USD 474.2 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% over the forecast period. Rising cases of skin conditions and increased obsession with flawless skin are the key market growth drivers. The market witnessed a significant setback due to the COVID-19 pandemic. Since the majority of cosmetic products were not medical necessities, lockdown imposed in several countries led to the closure of beauty salons & med spas, dermatology clinics, and retail stores. However, the incidence of several skin conditions like contact dermatitis, seborrheic dermatitis, acne, etc. has increased during the COVID-19 pandemic. As microdermabrasion has proven to help treat acne and acne scarring, the demand for the procedure will likely increase. Many esthetic practitioners predict that there can be a significant increase in patient footfall post-pandemic. Var