Thermal Transfer Ribbon Market Regional Analysis:
North American Market Insights
North America region is anticipated to hold over 40.8% market share by 2035, driven by rising cases of chronic illness increasing hospital admissions. Moreover, hospital invoices, patient information, and medical rhythms are being printed with more frequency using thermal printers. Every year, there are about 805,000 heart attacks in the US. 605,000 of those are first-time heart attacks. Also, there were nearly 77 million patient visits to health centers in the United States in 2010, and by 2020, there were over 114 million. On the other hand, the market size in the region is expected to expand on the account of the frequent use of barcodes for transactions. By 2020, 11 million US households scanned a QR code around 10 million scans were recorded in 2018.
APAC Market Insights
The Asia Pacific thermal transfer ribbon market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to the rising trend of cashless payments and higher efforts put in by the government to boost digital transactions. The Ministry of Economy, Trade and Industry (METI) created the "Cashless Vision" in 2018, and it contained suggestions for Japan's move towards a cashless society. It aims to have 40% of transactions be cashless by the time of the Osaka Expo in 2025, with a potential increase to 80% in the future. In addition to this, India recorded around 23 trillion digital transactions in the third quarter of FY23.
Europe Market Insights
Europe region is poised to witness substantial growth through 2035. The growth of the market can be attributed majorly to the rising demand for receipts, even in the world of digitization, paper receipt still hasn’t lost their touch. Almost 11 billion till receipts, which cost at least USD 34 million to produce, are distributed annually by UK merchants. Cash transaction is still a huge part of Europe’s economy, which also increases the demand for hardcopy receipts. According to the statistics of the European Parliament, cash accounts for more than 50% of all payment transactions in more than 75% of Member States, and it is the most common payment method overall in almost all Member States.
