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Medical Devices and equipment play an essential role in helping doctors examine and monitor patients. Further, they can help in improving the living standards of the patients using medical devices to monitor changes in the case of chronic diseases. According to the Indian Medical Device Industry Research Report published by Research on Global Markets, the market is estimated to expand at a 15.27% CAGR till 2023. Various government initiatives have been working on promoting the growth of the medical devices market in the country. One such initiative taken by the government to boost the market is the Make in India Plan. The mega plan is to eventually establish India as a manufacturing hub for medical devices of international standards that can cater to the domestic and the overseas market. This initiative was mainly taken to cut down on the reliance of the country on imports and lower costs. The pan that is being considered for the medical devices market is very much similar to the incentive package for the electronics industry that helped boost the local production of smartphones. The government has decided to provide a 25% subsidy for the medical devices market in India to see similar growth results in this industry. India is the fourth largest medical devices market in Asia, right after Japan, China and South Korea. The government is trying to get rid of all the roadblocks so that India can catch up with the rest of the world in the existing competition. Additionally, India allows 100% foreign direct investment in the medical devices market. But the investors have been cautious, citing an unpredictable regulatory environment. Almost 70% of the medical devices sold in India are imported. The excessive dependence on import of high-tech devices from developed countries is one of the factors that has been hindering the growth of the domestic medical devices market. The rising investments in R&D of new generation medical devices by the medical technology companies and the consent of the regulatory authorities for their approval are expected to boost the Medical Devices Market in India.
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Today, gamers wait eagerly for the next, big release from leading players in the gaming industry. The average revenues earned by the Global Digital Gaming Market have increased in just the last decade, marked by a CAGR of 15.7%, to a value of USD 264.9 Bn in revenue by 2023. Over the next five years, research states that this growth rate is expected to stay positive and constant. But only a few growth drivers are expected to stay the same. We’ll describe them as themes to show how they will drive expectations in the future of this industry. Different ways to monetize a game Games are one product that can be found in the regular brick & mortar stores, mobile stores, live online and downloadable formats. How we play games have become more digitized recently and as a result, developers have found new ways to capitalize on it via multiple offerings on a single product like in-game purchases, micro-transactions, expansion packs, and advertising. Playing games on new platforms Improved mobile internet services and streaming have also changed how games are delivered and utilized on platforms. For example, mobiles can now stream very heavy games, software development companies make use of cloud-based data centers to power games so players needn’t purchase heavy CPUs, consoles, etc. and finally streaming of games from a larger collection of online game content as determined by a recent Global Digital Gaming Market forecast. New, interactive gaming formats Games are more entertaining and can now involve more players playing one game. We’ve had multi-player formats before, but nothing like what it is today. Gamers around the world can log online into the same game adding an all-new social aspect to the game. Apart from the multi-player format, one can choose from battle royale games, team-based strategy. It’s a little tough to know what exactly gluten-free foods are and entering this market unprepared might be a bad idea. This is because this market is still in the nascent phases and in 2019, it’s a very different scene from what it was earlier. So, what are the foods that are considered as ‘gluten-free’? According to the updated Gluten-Free Food market report we have on our exclusive platform, this answer is an easy one – its whole foods that aren’t spelt, rye, barley, wheat, and 90% oats. Manufacturing of certain foods determines their gluten-free as well. For example, oats don’t have gluten in them but they are often processed in packaging and food processing plants that might process other types of grain, so it’s possible that the finished oats foods can be contaminated with traces of gluten. So the Global Gluten-Free Food Market scope is pretty immense, especially when you think about how many kinds of processed/packaged foods are out there made using gluten-rich ingredients – snack bars, cereals, cakes, desserts, loaves of bread and even some frozen food items. That’s quite a lot, and if you’re planning on buying gluten-free foods, you need to pay attention to ingredients listed on the packaging or look for items that specify if they’re free of gluten or not. It’s how foods are processed that matters – such as potatoes; in the natural form they don’t have gluten, but the frozen French fries that you find in stores, often do as they are normally coated with a flour mix that gives them that crisp when fried. So this is why the scope of the global gluten-free food market is growing, in fact, the list of foods that could contain gluten is too long to be mentioned here. To get a full description of those foods as sold in 2019, how they’re made and companies that have the lead in this arena, see our report on the gluten-free food market. Not long ago, healthy eating habits meant avoiding anything that is not fresh out of the farms. However, in the last decade, food in general and healthy eating, in particular, changed significantly. As millennial population grew all over the world and they started to use money independently, consumer behaviour across has transformed. Pay close attention to the kind of businesses that are catering to the millennials, and you’ll be surprised what this generation spends on and the logic that drives these spends. For instance, millennials are willing to spend thousands of dollars on getting a tattoo, but when it comes to buying clothes, they wait till the end of season sales kick in. Similarly, even in the food industry a lot has changed with the advent of millennials. In this blog, we are going to look at some of these factors that have contributed to the rising penetration of frozen food products and the growing Global Frozen Food Industry Market Size. 1) Globalisation and international trade – With purchasing power of consumers growing, thanks to the millennials, we can see a deluge of products flooding the markets which are more often than not manufactured and distributed by foreign players. Globalization and economic development have opened doors to foreign trade hence brands are no longer out of options when it comes to their expansion plans. 2) Fast paced life – Millennials lead a very fast paced life and as a result frozen and packaged ready to eat food products come very handy when they have to eat a tasty meal. All it takes one is to cut open the packet, microwave it and delicious dinner is on the table. This speed is essential to match the demands of the millennial lifestyle and as a result the Global Frozen Food Industry Market Size is on the rise with more and more new brands entering this space. How does an online grocery store work? Simply put, they collect orders via common portals and then assign orders for delivery to designated customers. That’s what it looks on the outside, on the inside each player in the Online Grocery Market In India, has to develop an approach that makes sense to them based on market conditions. How do they do that?
There are a few models that are practiced and seem to work. The warehouse-model. Here, the company in question has its own warehouses/warehouses managed by a group of staff, that also handles other functions like wastage, procurement, etc. The last time we checked, BigBasket worked on this model and they also market many of their in-house white-label brands. Pros: It is possible to have better control over the margins they have. Cons: It is costly to build and maintain as there are physical warehouses, this can get more capital intensive with more warehouses that you build. The local store aggregation. Here the company might only manage the incoming orders. Then they pass them over to local stores to fulfill and deliver to the respective customers. This involves maintaining a network of small local retailers. Pros: The model hardly has any assets like what’s seen in the warehouse and is also cost-effective because of this. Cons: The customer experience can differ, even be inconsistent as the delivery quality can vary from one retailer to the next. Some might even be impacted due to shortcomings of their own. The delivery-only model. Here, the company does not own any inventory to hold products, just a fleet of delivery guys and vehicles. They work by getting orders, procuring products from the stores and then purchasing those items from them or delivering the orders for them. Pros: It’s the exact opposite of local store aggregation, where the company has better control over the kind of delivery experience they build. Cons: Customer orders are subject to a fill rate, where fulfillment is determined by stock availability, without lost sales or backorders. The Deep-Integration Omni-channel model. This is a more complex take on the delivery-only model, where the company is interconnected with reputed offline stores. They process orders from their own warehouses and that of these offline stores as well, to try to capitalize on the offline and online preferences that buyers have in the Indian market for online grocery. Pros: The delivery and customer experience is in their hands. It is cost-effective because of its asset-light. Cons: The orders delivered or fulfilled are dependent on the inventory partner if the product or the actual partner is available. Financial technology (Fintech) is used to describe those technologies which seek to improve and automate the delivery and use of financial services. Fintech is a part of the digital economy which has successfully produced innovations that have transformed the way we live.
The global fintech market is experiencing a bullish rise due to its potential to unleash a new era of competition, innovation and job-creating productivity in the economy. The fintech market is not only about digitising money but also about monetising data. With the use of fintech technology, we can make mobile payments. This is probably the most popular among the services that fintech technology provides. Since it seems as though everyone with a smartphone uses some form of mobile payment option. The use of increasingly sophisticated technology, services have emerged to allow consumers to exchange money and make payments online. Some of the hallmark examples of fintech in action are cryptocurrency and blockchain. The blockchain sector in fintech has been dedicated to providing banking with a more seamless and efficient experience. Fintech has also successfully disrupted the insurance industry and includes everything from car insurance to home insurance and data protection. Fintech technology has affected the insurance industry tremendously. It has improved its efficiency, worked on reducing costs and improving risk assessment and also revolutionised the customer experience. The customer services have been redefined by the introduction of chatbots and AI interfaces. Fintech is also being used in stock trading and robo-advice. The biggest technology trends that has been affecting the fintech in recent times are artificial intelligence (AI), cyber-security, biometrics, identity management and cryptography among other things. The adoption of fintech will continue to disrupt the delivery of financial services. The growth of the global fintech market can be attributed to the increasing number of start-ups catering to the financial applications like banking, wealth management and insurance. Related Story: Products that are disrupting the Global Fintech Market Is the mobile wallet market in India suffering due to rise in FinTech? Upcoming Trends in the Global Fintech Market The domestic market will always be the biggest one for the E-Commerce Market In India. Only because the business opportunity is high owing to the population size and no single e-commerce platform can deliver all those needs. As a result, players of all sizes do have the chance to gain some part of this huge market and succeed. But how they navigate this market matters a lot, especially to the startups who need to match up to the bigger players. If done right, it could be good for them but if not it could lead to a very ugly mess. Let’s see how bad it could get. Well, the Indian e-commerce scene has turned out to be a very attractive one to lots of global giants, such as Amazon, that has already captured a big part of the global market – the revenue it earns from their India market is just a small drop in the ocean. The other big-time player is Walmart that had entered the arena after buying out Flipkart, even though their own domestic market had failed. And we have similar cases with Alibaba buying PayTm. So, trying to get started in this market might not be easy for small-time players. Yet, on the other hand, small players can place their faith in the customers that look for innovative pricing and products, and that the total number of customer does keep increasing. If they do have the right strategy, they could gain new customers for every customer they lose out. The other advantage is to make the best use of current platforms, keeping in mind the limitations they have, and capitalize on that. One more move is to take the trouble of enhancing the uniqueness and reliability that they guarantee Indian e-shopper, who still values offline shopping because of security factors and being able to see before they buy. So could technology and consumers save the day for the small-time e-commerce player? Only time will tell. Related Story: Scope of the E-Commerce Market In India Who else is gaining from the E-Commerce Market In India? What’s pushing the E-Commerce Market In India? After demonetization, it seems that all online payment options became the preferred way to do things. We already had our credit cards, debit cards, and online bank transactions but now they were much better and had evolved to include cash on delivery, mobile payments as well.
In General But, which is the all-time favourite? Is it still the cards, or are we more digital now, or is it some other? According to what Visa found out in a recent survey, payment cards – this includes everything from credit, debit and prepaid cards – was the most used form of payment, and this was largely just for online purchases. Another majority described how they still preferred cash on delivery, as it offered them some level of transparency, security. And there was another group of people who preferred using just the debit card. In India But what this really shows is that we have officially made that shift over to cards, from our cash medium. So today, consumers are now concerned about using the right medium at the right time, and this depends a lot on the amount being paid. For example, they are more likely to use digital wallets for food ordering, mobile recharges and booking a bus or cab, in fact, any smaller payments that would’ve been a hassle had we not made this digital shift. And, it’s faster, convenient and successful – in that, you don’t run short on cash, search for change and don’t have to wait at ATMs. COD is still preferred even it does involve handling cash. COD gives buyers the experience of being able to see first and then buy, a good move to make especially when making bigger purchases. The other advantage it has is that it permits the user to pay only after placing an order for an item, and it could be days before he actually receives that item. So, he can be prepared with the exact amount or doesn’t have to worry about tracking a transaction should cancel that order. For more actionable insights into the E-Payment Solutions Market In India, get a customized report here. There has been a lot of growth in the hospitality and the Hotel Industry In India recently. When compared with the previous decade, the industry didn’t have enough exposure, growth and this had a lot to do with the tourism infrastructure that wasn’t all that good. Now, however, there has been lots of movement and it even creates a plethora of new jobs each year.
Even though the hotel and tourism sector are worlds apart, they can’t be seen separately as hotels can only function when there is enough footfall in the tourism, travel sector. In India, it has also materialized as one of the key drivers of growth. During the CY 2017, over 10.04 Mn foreign tourists visited India, and after that, the industry registered a year on year growth of 7.5%. This rate also took into account the international corporate travelers and domestic travelers moving outstate. This was fostered by the Indian government, which had permitted 100% foreign direct investment (FDI) in tourism. These incoming investments went mainly into the construction projects, development of hotels, resorts, and recreational facilities. And today, this industry is one of the key contributors in the Indian economy, contributes immensely to the National GDP and provides employment to millions. You can look at it in two ways. In tourism, there are many reasons why someone would embark on a journey. And based on those needs, you have tourism for adventure, studies, medical and healthcare, ecotourism, rural, pilgrimages, wildlife and heritage In hotels, there are several kinds of temporary lodging offerings based on the kind of budgets that each of these tourists are prepared to pay for. So, tourists can choose from among resort hotels, business hotels, extended apartment hotels, timeshare hotels, convention centers, homestays and luxury hotels. Based on regular assessments by the Economic Survey of India and research on our side, India’s hotel industry is expected to reach a value of INR 1,210.87 Bn by the end of 2023, with a majority of their share coming from the unorganized sector and the rest from the organized sector. Related Story: How profitable is the Hotel Industry In India Can the Hotel Industry In India deal with present issues Good times ahead for the Hotel Industry in India! Rice is an essential component of sustaining life on this planet and with population increasing with passing time, the primary challenge is to produce more and more rice but at smaller lands and using less water and labours. Increasing productivity while decreasing usage of resources is a very big challenge and is faced by all regions that produce rice. In this blog let us look at the United States and study what are the challenges faced by the players in the US Packaged Dry Rice Market.
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