AI to Minimize the Administrative Work Done by Doctors

Studies have shown the time spent in monotonous administrative work to entre patient health report into electronic health record (HER) systems have increases the working hours for the doctors. The introduction of artificial intelligence tools will help the doctors to save their time and manage their shifts efficiently.

A researcher from Google Brain has lately developed a new language-modelling task that can estimate content of freshly written notes by examining patient medical records. The records will include data related to laboratory measurements, demographics, medications, and past notes. According to the study, already published on arXiv, Brain trained generative models by using Medical Information Mart for Intensive Care (MIMIC-III) EHR dataset and after that he compared the notes derived by the models with real notes from the dataset.

Dictation services and employment of assistants to write up notes for clinicians are the most commonly used methods used by clinicians. These methods helps them to reduce their time spent on administrative work. However, the use of artificial intelligence tools will help in better management of such issues. AI tools will also reduce cost spent on employing staff and other resources.

The language model also benefits in auto correction and error checking while adding notes, says Peter Liu, researcher of the study. The focus of this research is to build effective language models for clinical notes.

Liu also adds up by saying, maximum context provided by the EHR is not sufficient to predict the note completely. This happens mostly in the case of imaging data provided in radiology reports by MIMIC_III. Therefore, further work is required for its efficient use.

Global Paints and Coatings Market Fuelled by Construction Boom

San Francisco, California, August 24, 2018: TMR Research’s latest report, titled, “Paints and Coatings Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” finds that rapid urbanization worldwide is providing major tailwinds to the global paints and coatings market growth. Paints and coatings essentially serve to improve the appearance and provide protection to residential and commercial structures. The demand in the global paints and coatings market is also expected to soar because of the thrust on infrastructural development particularly in emerging economies in Asia Pacific and Latin America.

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Increasing number of application areas are set to create more growth opportunities in the global paints and coatings market. In response to it, deep-pocketed savvy players are already pouring money into development of advanced products. On the downside, however, there are a few drawbacks which the global paints and coatings market has to contend with. Those include discharge of toxic and volatile organic compounds into the environment. To tackle the challenge, manufacturers have come up with green coatings and nano-coatings. The report predicts the water-borne paints and coatings will see rising popularity in the near term.

From a geographical standpoint, Asia Pacific at present leads the global paints and coatings market with maximum share. This is mainly because of the increasing construction activities in the region, particularly in the large, populous, and emerging economies of China and India. Europe is another prominent paints and coatings market because of the demand from the automation and aviation industries in the region.

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The report predicts the global paints and coatings market to become more competitive over the course of the next few years because of the entry of many new players. Some of the dominant players already operating in the market are AkzoNobel N.V., Sherwin-Williams Company, Masco Corporation, the Valspar Corporation, Helios Group, Dow Corning, Bergers Paints India Ltd., PPG Industries, and Asian Paints Ltd.

Paints and Coatings Market Feeding-off Prospering Automotive and Construction Industries in APAC

The market for paints and coatings has been a highly profitable one for several decades, gaining traction from its expanding application scope. Additionally, the vendors of the paints and coatings market have always been evolving their offerings, devising ideal products that meet the requirements of the end product. As per the projections of a business intelligence report by Transparency Market Research (TMR), the demand in the global paints and coatings market will increment at a notable CAGR of 5.4% during the forecast period of 2013 to 2019. In terms of revenue, the global paints and coatings market is estimated to reach a value of US$143.9 billion by the end of 2019.

The analyst of the report has detected an intensely competitive vendor landscape. A large pool of players are connected to the value chain and are staking a strong claim by formulating contracts with end use industry players. That being said, the TMR report has identified AkzoNobel N.V., Axalta Coatings System, Sherwin-Williams Company, PPG Industries, and The Valspar Corporation as a few companies who are ahead of the curve. The prominence of these players can be attributed to their strong supply chain, constant bid to innovate, and frequent indulgence into mergers and acquisition activities. For instance, AkzoNobel had gained strong ground over its competitors a couple of years ago by acquiring BASF’s industrial coats.

Going forward, technological expertise are expected to pave a new way of greater shares over the competitors. For example, production via nano technology and usage of fluro-additives have proven their worth in cutting manufacturing costs and enhancing products. Additionally, the vendors are expected to indulge into rigorous research and development activities to develop a product portfolio that is richer than their counter-parts. Formulating ecofriendly products is a recent trend, particularly since increased emphasis of several governments to preserve the environment.

Product-wise, the TMR report has segmented the paints and coatings market into solvent-borne technologies, waterborne coating, powder coating, high solids and radiation cure, and others such as specialty coatings. Among these, a strikingly soaring demand for waterborne coatings has been witnessed, generating more than one third of the total demand as of 2017. The report also bifurcates and highlights the potential of demand that is coming from the end-use industries of commercial, residential, medical and healthcare, automotive and aviation, and others. Geographically, APAC has been identified as the region with maximum growth opportunities.

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The proven ability of paints and coatings to increase the durability, presentation, and performance of end-products is the primary driver of the market for the same. Additionally, growing popularity of elastomeric coating in tilt-up concrete in building construction is expected to reflect positively over the market in the near future. On the other hand, difficulties pertaining to obtaining thin films in powder coatings and transportation, requirement of greater drying time, and stringent regulations for environmental challenges are obstructing the market from attaining greater profitability.

Paints and Coatings Market Exhibit a Steady Growth Over 2025

Global Paints and Coatings Market: Snapshot

Buoyed by a booming construction sector worldwide, which in turn has received a fillip from the bettering economic conditions across countries, the global paints and coatings market has seen stellar growth in the past couple of years. Going forward too, the market will clock good growth.

Some of the main players operating in the global market for paints and coatings are Sherwin-Williams Company, AkzoNobel N.V., the Valspar Corporation, Masco Corporation, Helios Group, Bergers Paints India Ltd., Dow Corning, PPG Industries, Asian Paints Ltd., RPG International Inc., Axalta Coatings System, Diamond Vogel, and KCC Corporation. More aspiring companies are predicted to enter the fray in the near future thus making the competitive landscape even more cutthroat.

The big guns operating in the paints and coatings industry are expending a lot of energy and money on enhancing their product portfolio in order to draw greater number of consumers. This coupled with the progress in technology and rise and popularity of environmental-friendly products is expected create more avenues for growth in the market in the next couple of years.

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From a geographical perspective, Asia Pacific is slated to emerge as the most attractive market in the years to come due to an explosive growth in the construction industry, particularly in the densely populated emerging economies of China and India. Europe too is expected to offer good opportunities for growth in the foreseeable future on the back of aviation and automation industries driving up demand in the region.

Global Paints and Coatings Market: Overview

The global market for paints and coatings is anticipated to witness a significant growth throughout the forecast period. The high rate of urbanization is predicted to contribute towards the development of the overall market in the coming years. The introduction of nano-coatings and green coatings is predicted to create promising growth opportunities for key players operating in the global paints and coatings market throughout the forecast period. As a result, the global paints and coatings market is likely to exhibit a progressive growth rate in the near future.

Global Paints and Coatings Market: Key Trends

The development of the building and construction sector and the increasing number of manufacturing activities in developing economies are anticipated to encourage the growth of the global paints and coatings market in the coming years. In addition, the growing popularity for waterborne paints and coatings is estimated to offer potential growth opportunities in the forecast period. On the flip side, the environmental rules and regulations concerning to paints and coatings and the changing costs of raw materials are projected to restrict the growth of the overall market in the next few years.

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Global Paints and Coatings Market: Market Potential

Paints and coatings are beings used extensively across the globe in order to enhance the look and offer a high level of protection. With technological advancements, the market is predicted to witness a high level of growth in the coming few years. Furthermore, with the rising number of applications across the diverse industries is likely to encourage the participation of new players in the near future, resulting in an intense competition across the globe. The market is projected to face several challenges owing to the discharge of several harmful volatile organic compounds increasing the environmental concerns, which is predicted to curtail the growth of the overall market in the coming years.

Global Paints and Coatings Market: Regional Outlook

From a geographical point of view, the global market for paints and coatings has been categorized into Europe, North America, Asia Pacific, and the Rest of the World. In the last few years, Asia Pacific led the global market and accounted for a key share throughout the forecast period. A tremendous rise in the construction activities and the growing demand from diverse industries are projected to fuel the growth of the Asia Pacific paints and coatings market in the near future.

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Furthermore, the Europe paints and coatings market is expected to offer lucrative opportunities for key players operating in this region. A significant contribution from the aviation and automation industries is anticipated to supplement the growth of the market in the forecast period. On the other hand, the Rest of the World segment is anticipated to register a high growth rate, thanks to the remarkably rising construction activities and the rising rate of industrialization.

Global Paints and Coatings Market: Competitive Analysis

Some of the prominent players operating in the paints and coatings market across the globe are AkzoNobel N.V., Helios Group, Bergers Paints India Ltd., The Valspar Corporation, Masco Corporation, PPG Industries, Asian Paints Ltd., RPG International Inc., Sherwin-Williams Company, Dow Corning, Axalta Coatings System, Diamond Vogel, KCC Corporation, and BASF SE. With the rising number of players expected to enter the market is anticipated to strengthen the competitive landscape of the market.

The key players in the global paints and coatings market are making remarkable efforts in order to expand their product portfolio and attract a large number of consumers across the globe. In addition, advancements in technology and emergence of environmental-friendly products are anticipated to offer several growth opportunities for players operating in the global paints and coatings market in the next few years.