December 6, 2023
Primary Sclerosing Cholangitis

Mobile Wallets Market is estimated to Witness Significant Growth Due To Rising Trends of Cashless Payments

The Mobile Wallets Market is estimated to be valued at US$ 3,604.7 Mn in 2022 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Mobile wallet is a type of electronic wallet that allows users to make payment through their smartphone. It provides a mobile platform to store payment cards such as debit, credit, prepaid card details for payments at merchant stores and online payments. With increasing digitalization, mobile wallets have gained popularity owing to its ease of use and convenience.

Market key trends:-

One of the key trends driving the growth of the mobile wallets market is rising trends of cashless payments. With growing awareness about convenience and safety aspects of digital payments, consumers are increasingly using digital payment modes such as mobile wallets for payments. As per study, globally mobile wallet transaction value is projected to increase from US$ 1 trillion in 2020 to over US$ 7.5 trillion by 2025. Growing penetration of smartphones globally is also fostering the adoption of mobile wallets. In addition, integration of advanced technologies such as artificial intelligence and blockchain with mobile wallets is expected to enhance security and boost its adoption in the coming years.

Market Overview:-

Primary sclerosing cholangitis (PSC) is a chronic inflammatory disease of the liver that specifically affects the bile ducts. It causes damage and scarring (fibrosis) of the bile ducts within the liver, eventually resulting in cirrhosis of the liver. The main symptoms of PSC include fatigue, itching, abdominal discomfort, and jaundice. If untreated, it can result in complications like liver cancer and liver failure. Currently, there is no cure for PSC and treatment focuses on relieving symptoms and slowing disease progression.

Market Dynamics:-

Growing research on novel drug therapies is expected to drive Primary Sclerosing Cholangitis Market Demand over the forecast period. Several clinical studies are currently underway to evaluate new treatment options for PSC. For instance, bezafibrate is being evaluated for its potential to reduce inflammatory markers and improve liver fibrosis in PSC patients. Similarly, monoclonal antibodies targeting specific pathways involved in PSC pathogenesis, such as interleukin 12/23, are in clinical trials. Rising awareness about PSC through patient advocacy groups and social media campaigns is also fueling the market growth. Support communities help newly diagnosed patients understand the complexities of the disease and available treatment approaches. This is increasing the rate of PSC diagnosis globally. However, the rare nature of the disease and lack of approved drug therapies continue to pose a challenge.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it