Growth Drivers
Rising Number of Road Accidents – Human error, including unlicensed driving, texting, drinking while driving, and driving while intoxicated, is the primary cause of most accidents. For instance, the likelihood of an accident and the severity of any injuries sustained increase with speed. Every year, vehicle accidents claim the lives of at least 1 million people globally.
Increasing Health Spending – Spending more on healthcare lowers mortality, cardiovascular disease, injury, poisoning, and cancer rates. It boosts the effectiveness of human capital, which contributes to economic growth. In 2020, American healthcare expenditures rose by more than 9%.
Increasing Rates of Liver Cirrhosis, Tuberculosis, and Asthma – A high consumption of alcohol contributes to more than 200 disorders, such as alcohol use disorder (AUD) and liver cirrhosis. According to estimates, 1 in 400 adults in the United States suffer from liver cirrhosis.
Rising Enforcement of Global Road Safety Regulations – The governments of multiple areas are working to raise awareness about the various aspects of road safety, and the social and economic effects of accidents. As per estimates, implementing laws requiring the use of seat belts and motorcycle helmets, respectively, might potentially save more than 50,000 lives in China.
Challenges
Base Year |
2024 |
Forecast Year |
2025-2037 |
CAGR |
18.1% |
Base Year Market Size (2024) |
USD 1.38 billion |
Forecast Year Market Size (2037) |
USD 12 billion |
Regional Scope |
|
Author Credits: Radhika Pawar
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