What Effect Insurance Purchase Has on Worldwide Healthcare Industry?

Along with food and housing, good health is one of the most critical aspects of a happy life. With the rapid surge in population, the prevalence of various diseases has also increased, which, in turn, has raised the demand for healthcare services around the globe. As a result, the healthcare industry is one of the most prosperous ones, especially in present times, when the COVID-19 pandemic is raging on. Currently, the industry in Germany, the U.S., France, the U.K., Japan, China, and Singapore is growing the fastest, as these are some of the worst-affected nations by the coronavirus infection and also because the healthcare spending here is among the highest anywhere.

In 2019, the medical sector of the U.S. was projected to reach $5,605.5 billion by 2024, but the future size might actually be a lot larger. Even in the coming years, the medical domain in this country is expected to grow the fastest, primarily due to the high prevalence of chronic diseases. One in every six persons in the U.S. has at least one chronic disease, as per the Centers for Disease Control and Prevention (CDC). In the coming years, the prevalence of cancer, in particular, is expected to surge sharply here, which would lead to a high footfall at hospitals and diagnostic centers.

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For a better understanding of the worldwide healthcare ecosystem, it can be segregated in several ways. For instance, if disease is considered, the entire industry could be broken down into cancer, cardiovascular and circulatory diseases, neuropsychiatric disorders, chronic respiratory diseases (CRD), diabetes, blood, and endocrine disorders, chronic liver diseases, and musculoskeletal disorders. Due to their death toll being the highest, around 17.9 million annually, as per the World Health Organization, the treatment of cardiovascular and circulatory diseases contributes the most to the healthcare sector around the world, including Germany.

Similarly, the healthcare industry could also be seen in terms of the imaging equipment used, since they are essential to diagnosing diseases and tracking the effect of treatment. Ultrasound devices, X-ray machines, computed tomography (CT) scanners, magnetic resonance imaging (MRI) systems, endoscopes, and mammography equipment are widely used at hospitals and diagnostic centers around the world. In Singapore’s case, specifically, X-ray machines are the most widely procured medical imaging equipment; by 2024, the country’s healthcare settings are cumulatively expected to have 7,000 X-ray machines.

Thus, as the burden of diseases increases around the world, the need for healthcare will become even dire.

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How is Need for Advanced healthcare Information System Driving Internet of Things (IOT) in Healthcare Market?

The demand for advanced healthcare information systems around the world is rising. Healthcare systems are fragmented worldwide, i.e., there are various healthcare providers for treating an individual with a particular illness. This lack of coordination among healthcare patients and professionals has had a negative impact on the quality of healthcare and its cost, which has further resulted in the fragmentation of healthcare information, including medical history, billing and administrative data, and patient demographics. It is due to these factors that the need for advanced healthcare systems for compiling fragmented information into a single channel is increasing.

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Internet of things (IoT) applications aid in compiling patient information related to rehabilitation, diagnosis, care, and treatment. The heterogenous computing through wireless communication system is referred to as IoT healthcare. The technology generates trillions of data by connecting several sensors and devices with the internet through several access networks. As per a report by P&S Intelligence, the global IoT in healthcare market size generated $56.1 billion in 2017 and is projected to reach a value of $267.6 billion by 2023, advancing at a 30.2% CAGR during the forecast period (2018–2023). Major end users of IoT healthcare are research & diagnostic laboratories, hospitals, surgical centers, & clinics, and clinical research organizations.

  

The major components offered under this technology are services, medical devices, and systems & software. Out of these, the largest demand during 2013–2017 was created for medical devices. Different types of medical devices are stationary, wearable external, and implanted. Wearable external devices were used the most during 2013–2017. Systems & software are expected to witness the fastest growth in demand in the coming years. Types of systems & software provided under IoT healthcare are network security, application security, data analytics, network bandwidth management, and remote device management. Among these, the largest demand during 2013–2017 was created for remote device management.

The growing penetration of connected devices in healthcare is a key driving factor of the IoT in healthcare market. The market for connected medical devices is witnessing rapid growth due to the requirement for improving patient care, reducing treatment costs, and increasing efficiency and accountability. IoT-based medical devices can facilitate quick discharge of hospitalized patients and prevent the need for frequent hospital visits, which further decrease healthcare costs. Attributed to these factors, IoT connected devices, including oxygen tanks, insulin pumps, cardiac monitoring devices, continuous positive airway pressure machines, and defibrillators, are increasingly being adopted in remote monitoring. These devices provide patients and their caregivers important information and eliminate the need for frequently visiting healthcare facilities.

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mHealth Market Growing due to Increasing Chronic Disease Menace

The increasing usage of smartphones and connected devices and surging geriatric population, prevalence of chronic diseases, focus on patient-centric healthcare services, and demand for remote patient monitoring services are driving the adoption of mobile health (mHealth). The mHealth market generated $23.0 billion in revenue in 2017, which is predicted to grow at a CAGR of 33.5% during the forecast period (2018–2023), to ultimately reach $132.2 billion by 2023. The term refers to the provision of healthcare services via mobile phones and other telecommunication devices.

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Blood glucose monitors, blood pressure monitors, multiparameter monitors, electrocardiograph (ECG) monitors, sleep apnea monitors, and pulse oximeters are among the various connected devices available. Among these, blood glucose monitors are expected to experience the fastest growth in the market, at a CAGR of 31.9%, during the forecast period. This would be due to the growing prevalence of diabetes, as a result of the changing lifestyle and food habits of people across the world.

The rising incidence of chronic diseases, including diabetes, cancer, stroke, heart diseases, and chronic obstructive pulmonary disease (COPD), is one of the key mHealth market growth drivers. Patients suffering from such conditions need continuous monitoring and strict adherence to medication schedule. With mHealth devices and apps, patients can not only monitor their own condition, but also receive timely advice from their doctors, without having to go anywhere. In addition, several mHealth apps alert patients about any anomalies and drug dose time.

The availability of 3G and 4G internet is also leading to the rising adoption of smartphones, which, together with the increasing awareness on the advantages of mHealth, is driving the market. Additionally, mobile devices are increasing penetrating across developing regions; as per the 2017 African Mobile Trends Paper, 960 million people or around 80% of the African population were mobile phone subscribers. Further, the U.S. Food and Drug Administration (FDA) had claimed that around half of the total 3.4 billion smartphone and tablet users would download healthcare apps in 2018.

Therefore, as more people purchase mobile communication devices and realize their advantages in the area of health and wellbeing, the market for mHealth will keep prospering.

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Healthcare IT Integration Market by Product & Services, Application and Forecast Report 2024

The global healthcare IT integration market size is estimated to witness a considerable growth during the forecast period. The major factors that will accelerate the growth of the healthcare IT integration market are high healthcare costs, government initiatives to curb this rising cost and the growing demand to incorporate IT in the healthcare domain. However, the cost of incorporation is expensive and needs to monitored for the growth in the global market.

The healthcare IT integration market has been categorized on the basis of product and services, and application. The products in healthcare IT integration market include interface/integration engines, media integration solutions, medical device integration software, and other integration tools. Based on the services provided, the market is segmented into implementation services, support and maintenance services, and training services. In the services segment, support and maintenance services hold the largest healthcare IT Integration market share and is expected to hold its position during the forecast period 2013-2023.

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The introduction of the electronic health record (EHR) market in hospitals, clinics and other organizations, to enable patient engagement, and increase the productivity conversely decreasing the healthcare cost, provides ample growth opportunities for the healthcare integration market. Further, Asia Pacific is an emerging healthcare market that holds a huge potential to offer IT solutions to curb healthcare complexities, this encourages investors and market players to consider expansion in the region.

Asia-Pacific is expected to be the fastest growing healthcare IT integration market in the forecast period. The rise in awareness with respect to various health conditions and the consequent increase in expenditure for a better healthcare infrastructure, thereby providing quality healthcare facilities at lower cost are some of the drivers for the region’s fastest growth. Further, the regulatory bodies in this region are rather less stringent as compared to the rest of the world which will further boost the growth of the healthcare IT integration market.

Some of the key players in the global healthcare IT integration market are Quality Systems Inc., Allscripts Healthcare Solutions, Inc., Orion Health, Oracle Corporation, Qualcomm Life, Inc., IBM Corporation, Corepoint Health LLC, GE Healthcare, Siemens Health, Epic Systems Corporation, Summit Healthcare Services, Inc.

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Increasing Geriatric Population Driving Population Health Management Market

The growing geriatric population, prevalence of chronic diseases, investments, and healthcare expenditure are the key drivers for the population health management market. Advancing at a 23.3% CAGR during the forecast period (2016–2022), the market is projected to garner more than $48.1 billion in 2022, compared to $13.6 billion in 2016. The collection of patient data via multiple health information technology resources to be compiled into one single record is termed as population health management (PHM). It is used to identify the diseased population, care gaps, and risks, as well as engage patients, devise treatment methodology, and measure clinical outcomes.

The population health management market is being driven by the rising geriatric population across the world. The United Nations Department of Economic and Social Affairs mentioned that by 2050, the percentage of people over the age of 60 would grow to 21.1% from 11.7% in 2013. With age, the body’s ability to heal wounds, circulate blood, and fight infections diminishes, which makes the elderly more susceptible to many diseases, such as cardiovascular and neurological diseases. Further, many older people sometimes require personalized treatment, in which PHM can be extremely helpful.

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Another factor driving the growth of the population health management market is the increasing chronic disease prevalence. Lifestyle changes, unhealthy diet, and lack of awareness about many medical conditions and preventive health checkups contribute to the rising incidence of chronic diseases. The Centers for Disease Control and Prevention estimated that in 2012, nearly 117 million people lived with one or more chronic conditions in the U.S. Patients suffering from such diseases require long-term treatment and care and may even suffer from secondary ailments. PHM helps in the easy management of diseases in a cost-effective way over extended periods of time.

The segmentation of the population health management market is also done based on component. The bifurcations of this segment are service and software; in the historical period, software was the larger of the two in terms of the revenue generated in the market. As the market for PHM is still in the developing phase, different end-users are predicted to invest in new software installations, which would further contribute to their high demand, thereby resulting in their growth during the forecast period.

Therefore, the market for population health management is projected to witness remarkable growth in the forecast period owing to the increasing menace of chronic diseases, especially among the elderly.

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Infection Surveillance Solutions Market Analysis, Share and Forecast Report 2024

Infection is the invasion and multiplication of microorganisms such as viruses, bacteria and parasites that are not normally present within the human body. An infection may cause no symptoms and be hidden, or it may cause symptoms and be clinically visible. An infection may remain localized, or it may spread through the blood or lymphatic vessels to become systemic (present in the entire body).

The global infection surveillance solutions market is growing due to the emergence of diseases caused by microorganisms that were previously not known. The microorganisms living naturally within the body are not considered as infectious for example, bacteria that normally live within the mouth and intestine such as E. coli do not cause an infection to the body. Hospital associated infections such as urinary tract infection, surgical site infections and pneumonia are increasing due to the use of contaminated devices, patient clothing, and other materials used in hospitals and clinics. This has thus provoked healthcare professionals and hospitals to adopt infection surveillance solutions to identify possible infections during the time the patient remains in hospital, and to develop necessary preventive measures for the same. These infection surveillance solutions also aid in diagnosing antibiotic resistant organisms (AROs) and infections due to non-sterile medical devices.

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The growth in the global infection surveillance solutions market is expected to be mainly due to the increasing incidence of HAIs; policies introduced by government for preventing these HAIs; and increase in expenditure in healthcare sector. According to World Health Organization (WHO), 9.9% of the gross domestic product (GDP) of the world was spent on healthcare in 2014. Furthermore, cost-effectiveness, and redundancy of clinical data and the increase in number of surgeries drive the growth of infection surveillance solutions market.

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The introduction of cloud-based software into the infection surveillance solutions market and high growth in developing countries across Asia-Pacific and Latin America provide vast area of opportunities for players in the infection surveillance solutions market.

Various players in the infection surveillance solutions market are focusing on collaborating with other companies to expand their product and service offerings as well as introduction of new treatment methods into the infection surveillance solutions market.

Some of the other key players in global market are, Premier Inc., Baxter International Inc., Gojo Industries, Inc., Truven Health Analytics (An IBM Company), DEB Group Ltd., Hygreen, Inc., Atlas Medical Software, and RL Solutions.

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Growing Requirement to Store Healthcare Data to Augment Healthcare Cognitive Computing Market Growth

Technological advancements in the healthcare industry, the increasing burden of chronic diseases, and a spur in the adoption of third computing platforms are driving the healthcare cognitive computing market. It valued at $1,722.0 million in 2017 and it is expected to advance at a 34.0% CAGR during the forecast period (2018–2024). Cognitive computing refers to the creation of human thinking in a computerized model via pattern recognition, data mining, and natural language processing.

The increasing partnerships among leading players are trending in the healthcare cognitive computing market. For research related to chronic diseases, the cognitive computing technology is widely being employed. This has been made possible by the increasing collaborations among manufacturing companies and research institutes. For instance, NVIDIA Corporation and Nuance Communications Inc. announced in November 2017 that they were planning to equip healthcare data scientists and radiologists with machine learning. This partnership was aimed at improving patient care by highlighting key clinical findings.

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The major contributing factor in the growth of the healthcare cognitive computing market is the technological advancements in the healthcare industry. The increase in clinical trials and drug discovery has resulted in the demand for data consolidation and advanced data analytics. The cognitive computing technology has been included to simplify doctors’ task of understanding patients’ conditions and devising a suitable treatment plan. These technologies have already been adopted by many hospitals in developed countries, such as Alder Hey Children’s Hospital, in collaboration with Roald Dahl Foundation, in 2016.

The healthcare cognitive computing market is segmented by geography, technology, end user, and deployment model. Based on end user, the categories are healthcare payers, healthcare providers, medical device companies, and pharmaceutical companies. In 2017, with a contribution of $767.2 million, the largest end user of these technologies was the healthcare providers category. This was mainly due to the implementation of advanced technologies and increasing patient pool across various regions.

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The deployment model segment of the market includes the on-premises and cloud categories. The larger category in the market in 2017 was cloud computing, which is expected to exhibit a 34.5% CAGR during the forecast period. The rapid growth can be attributed to cloud’s ability to store high amounts of data in a cost-effective manner, in turn, becoming accessible to even smaller hospitals to provide the best services possible.

Thus, the market is slated to experience growth during the forecast period as the demand for storing and organizing huge amounts of healthcare data is on the rise.

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How is Internet of Things (IoT) Revolutionizing Healthcare?

The healthcare spending is set to experience a growth of 5.4% between 2018 and 2022, compared to the 2013–2017 growth rate of 2.9%, according to the 2019 Global Health Care Outlook report published by Deloitte. Not only are the number of hospitals, cases of chronic diseases, and geriatric population increasing, but the sector is also going through rapid technological advancements. One of the recently introduced technologies, which is also becoming rapidly popular, is internet of things (IoT). Before delving into its application in healthcare, it is important to first understand its basic concept. IoT involves equipping various electronic devices with some sort of communication technology so that the data exchange among these happens automatically without the requirement for humans. In the medical field, these could range from a simple electronic prescription log to complicated equipment such as ventilators, cardiac monitors, and implantable pacemakers.

As per a study by P&S Intelligence, the IoT healthcare market valued $56.1 billion in 2017, from where it is predicted to ultimately reach $267.6 billion in the coming years at a CAGR of 30.2%. The technology finds many applications in the medical and wellness sector, including clinical operations and workflow management, telemedicine, connected imaging, medication management, and inpatient monitoring. Among these, the heaviest utilization of IoT up till now has been in telemedicine, and the trend is set to continue in the near future. It allows patients and doctors to see and communicate from a distance via audio-visual equipment. Not only can they talk to each other, but the patient data can be also automatically transferred from medical devices straight to the healthcare provider.

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This is of special benefit to patients who live in remote areas, far from a healthcare facility such as a clinic, nursing home, or a full-fledged hospital. IoT-enabled telemedicine saves time by enabling quick data exchange and money by doing away with frequent hospital visits. The elderly or those who are confined to a bed and are unable to travel are also prominent users of telemedicine. Defibrillators, insulin pumps, cardiac monitoring devices, continuous positive airway pressure machines, and oxygen tanks are the most prominent remote patient care devices to be equipped with IoT. As these provide swift medical care and improve patient outcomes, the demand for these devices is rising across the world.

Growing prevalence of lifestyle-related and chronic diseases has created the need for constant self-monitoring of health parameters. Several mHealth apps help people keep a check on their glucose levels, heart rate, blood pressure, and other vitals. These apps and connected medical devices have popularized the use of IoT in personalized healthcare management, as these also record the disease progression, and help patients in scheduling appointments and managing medication. The rising smartphone use has led to an increase in mHealth app downloads, further impacting the IoT healthcare market positively.

Similarly, on the basis of technology, the domain can be divided into BLE, Wi-Fi, ZigBee, NFC, satellite, and cellular. Among these, Wi-Fi led the IoT healthcare market in 2017 with 41.8% revenue contribution. The reason for this is the growing adoption of Wi-Fi tools and gadgets in hospitals for transferring data to and from the cloud. This is also why, as per the study, the Wi-Fi category is expected to advance with the highest CAGR (32.1%) during the forecast period.

Hence, we see that advancements in technology, allowing for remote patient monitoring and real-time disease management, will continue to drive the IoT healthcare market progress.

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Global Radiation Dose Management Market is Expecting Worldwide Growth

The rising concern associated with radiation exposure, increasing awareness and industry initiatives regarding the issue, and surging prevalence of chronic diseases are some of the factors responsible for the growth of the radiation dose management market. In 2016, the market generated a revenue of $129.8 million, and it is expected to attain a size of more than $1700.0 million by 2023, advancing at a CAGR of 46.0% during the forecast period (2017–2023).

RDM refers to a solution that can be integrated with medical systems, such as electronic health record (EHR), picture archiving and communication system (PACS), and radiology information system (RIS), to monitor, archive, and track the radiation exposure and aid in improving patient safety. Based on product, the radiation dose management market is bifurcated into solutions and services. Of these, during the historical period (2013–2016), solutions dominated the market, and these are projected to continue dominating it during the forecast period.

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One of the main purposes of radiological protection is to prevent the patient from the adverse effects of radiation. Exposure to high radiation doses over a short period can sometimes cause life-threating diseases, such as cancer and radiation sickness, symptomized by fainting, nausea, vomiting, hair loss, diarrhea, bleeding, confusion, and mouth and skin sores. Radiation exposure not only affects patients, but it can also affect the public, as well as those inside medical and emergency settings. Therefore, the need to check radiation exposure is boosting the growth of the radiation dose management market.

For instance, as per the United States Food and Drug Administration (USFDA), for nuclear medicine, the average adult effective dose is between 0.2 and 416 mSv and estimated dose equivalent (no. of chest X-rays) is 10–2050. Further, the incidence of chronic diseases, such as chronic obstructive pulmonary disease, cancer, hepatitis, acquired immunodeficiency syndrome, and cardiovascular diseases, is growing. These diseases are diagnosed by different imaging techniques, such as CT scan, which need various radioactive compounds to detect the disease.

Hence, the growing awareness on the adverse effects of radiation exposure, governments’ surging initiatives, and increasing incidence of chronic diseases are predicted to augment the market growth. 

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Digital Health Market is Predicted Substantial Growth at a CAGR of 21.1% During Forecast Period

Smartphones, tablets, and other internet platforms are the epitomes of innovation in the world. Over the last five years (2013–2017), there has been an exponential increase in the use of smartphones and tablets. The innovations have greatly helped sectors such as education, transportation, business, and healthcare reach the masses. Digitization of healthcare has considerably improved the doctor–patient interaction, thereby leading to the growth of the digital health sector.

Offering an insight into the scenario, P&S Intelligence has predicted substantial growth in the global digital health market at a CAGR of 21.1% during 2018–2023. Digital health refers to the integration of information technology into healthcare services. Individuals, hospitals, and clinics are the end-users of digital healthcare solutions. Among these, individuals are expected to constitute the largest end-user base globally, progressing at a CAGR of 21.9% during the forecast period.

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Smartphones and other technologies have made a major contribution to the growth of the digital health market. According to a European Union press release, among all devices, smartphones were the preferred platform to access the internet in 2016, accounting for over 79% of all internet users. With advancements in technology, the adoption of the latest mobile applications in healthcare has increased considerably. Apart from smartphones, the progress of the digital health market can be credited to the use of tablets and other internet platforms, such as desktops and laptops.

Telemedicine, mHealth, electronic health records (EHRs), and healthcare analytics are the various divisions of the technology segment of the domain. Of these, mhealth had the largest share, of 31.5%, in the market during the historical period, and it is expected to register 33.5% CAGR during the forecast period. Government initiatives toward the implementation of mhealth and rising awareness about its advanced applications have driven the digital health market growth to a great extent.

Some of the other key players in the digital health industry are Qualcomm Incorporated, Cerner Corporation, eClinicalWorks LLC, Epic Systems Corporation, McKesson Corporation, athenahealth Inc., General Electric Company, Koninklijke Philips N.V., Cisco Systems Inc., and AT&T Inc.

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Increasing Funding Driving Blockchain Technology in Healthcare Market

The global blockchain technology in healthcare market attained a value of $44.6 million in 2017 and is further expected to witness a CAGR of more than 67.1% during the forecast period (2018–2023­). This growth is due to the implementation of blockchain in pharmaceutical supply, growing funding and investments in the technology, and increasing number of regulations for safeguarding consumer data. A distributed system which stores records of data transactions completed online is called blockchain. In healthcare, it helps bring together clinical data across multiple healthcare organizations, such as clinics and hospitals.

The blockchain technology in healthcare market is divided into claims adjudication & billing management, drug discovery & clinical trials, prescription drug abuse, drug supply chain management, clinical data exchange & interoperability, and others, in terms of application. Among these, clinical data exchange & interoperability held the largest (40.0%) share of the market in 2017 and is predicted to grow at the highest CAGR during the forecast period. This is because the blockchain technology can potentially transform the sharing and storage of clinical information and data across the total care continuum, including healthcare partners, patients, and payers.

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One of the major driving factors of the blockchain technology in healthcare market is the increasing number of regulations for safeguarding consumer data. Governments across the world are implementing stringent regulations to protect consumer information due to the growing incidents of data breach and theft. For instance, a new European Union data protection rule, the “General Data Protection Regulation (GDPR)”, came into effect in May 2018. The GDPR aims to protect EU citizens from data and privacy breaches, and because of the existence of such regulations, companies across the world have to invest in data security.  

The need for better management of medical data is creating great opportunities for the players in the blockchain in healthcare market. The life sciences and healthcare industries generate and work on huge amounts of data, due to which they are facing problems on several fronts including fragmentation, inconsistency, cybersecurity, and interoperability. The blockchain technology has shown great potential in establishing a healthcare ecosystem that can manage the privacy, security, and interoperability of health data in a better way. In addition, it also assists healthcare providers in delivering better care.

Hence, the rising number of regulations for safeguarding consumer data and increasing investments and funding in the blockchain technology are driving the growth of the market.

GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET SEGMENTATION

By Application

·         Clinical Data Exchange and Interoperability

·         Claims Adjudication and Billing Management

·         Drug Supply Chain Management

·         Drug Discovery and Clinical Trials

·         Prescription Drug Abuse

·         Others

By End User

·         Pharmaceutical Companies

·         Healthcare Providers

·         Healthcare Payers

·         Others

By Geography

·         North America Blockchain in Healthcare Market

·         Europe Blockchain in Healthcare Market

·         Asia-Pacific (APAC) Blockchain in Healthcare Market

·         Latin America (LATAM) Blockchain in Healthcare Market

·         Middle East and Africa (MEA) Blockchain in Healthcare Market

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