How Practice Management Systems Market Growth Mirrors Rapid Electric Health Record Adoption?

In February 2009, the U.S. government passed the Health Information Technology for Economic and Clinical Health (HITECH) Act to encourage the adoption of electronic health records (EHR). Similarly, the EHR standards were launched by Government of India in 2013 and amended in 2016. EHRs are electronic versions of patient records, which can include their prescriptions, doctor visit schedules, diagnosis summary, lab and imaging results, and insurance and medical billing information. The rising implementation of EHRs has given rise to a new occupation: practice management.

Thus, with the rapid digitization of the healthcare sector, the practice management systems market size is expected to witness a robust increase in its revenue, from $9.3 billion revenue in 2017 to $16.0 billion by 2023, at a 9.7% CAGR during 2018–2023 (forecast period). A practice manager looks after all the administrative and financial functions of a clinic or hospital, such as medical billing, governance, transcription utilization, essential supplies procurement, staff hiring, personnel policy and benefits management, regulatory compliance management, and service marketing.

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Practice management systems, which help in accomplishing the above-mentioned tasks, are available as standalone and integrate systems. Of these, the integrated variants had been more preferred till 2017, as they offer a single interface for all tasks. This improves the administrative and clinical efficiency and allows doctors and other healthcare professionals to engage with patients better, which ultimately results in an enhanced level of care at optimal costs. As the increase in the cost of medical services is a concern everywhere, the adoption of practice management systems is increasing.

Around the world, North America was the largest practice management systems market in 2017, as several companies here offer health information technology solutions and the fact that the documentation process here is being swiftly digitized. Asia-Pacific (APAC) would observe the fastest integration of these systems in medical practice in the coming years, on account of the rising government support for healthcare sector digitization and EHR, e-prescription platforms, and patient engagement solutions. Additionally, Europe- and North America-based providers of such solutions are rapidly expanding their operations in APAC, which would further spur the demand for them here.

Hence, as more and more healthcare processes and data shift to digital platforms and demand for cost-effective medical services increases, practice management systems would find an increasing number of takers in the coming years.

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Why are Connected Devices Significant for Retail Cloud Market Prosperity?

For a lot of people these days, life without their smartphone is unimaginable. With their utility expanding way beyond calling and messaging, these electronics are virtually serving as people’s personal assistants. One of the strongest impacts of the increasing smartphone usage has been on the retail industry. More and more people are now shopping online, than going to the good-old brick-and-mortar stores. 

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The retailers and brand owners too have embraced the trend, by offering online shoppers exclusive discounts, cashbacks, same-day delivery, and lots more. With more and more stuff selling online, the retail sector is rapidly adopting cloud computing for enhanced operations. Thus, with the surge in the smartphone ownership rate and internet penetration, the retail cloud market is also growing rapidly. 

Smartphones are now doubling up at points of sale (POS), with storeowners using them to take payments, manage their inventory, and track the location of various supplies or the deliveries going out. By integrating cloud with such POSs, retailers can analyze customers’ preferences and accordingly modify their offerings. This is also helping the industry in recommending stuff to customers and adjusting marketing strategies, to retain and gain customers.

Another area where retail cloud market are being leveraged is compliance management. Edge-to-edge solutions for compliance cycle management allow retailers to see detailed product information when sourcing them or selecting the supplier. Additionally, these solutions also offer comprehensive customer support, which helps retailers engage with their customers and tend to their requirements, queries, and complaints better. 

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This ultimately builds brand image, which is quite important in today’s times of stiff competition, where consumers are not only brand-conscious, but also retailer-conscious. Of the various solutions offered by retail cloud vendors — customer management, supply chain management, data security, workforce management, and reporting and analytics — end users are the most quickly opting for reporting and analytics. 

This is because of the increasing requirement for solutions that can help them in the analysis of data. With data at the core of important business decisions, analyzing it to gain actionable insights is being felt as the need of the hour. With reporting and analytics, end users can scour through huge volumes of unstructured and structured data to study customers’ buying patterns and preferences, so they know which product to promote to whom.

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How is the Rising Adoption of Cloud Computing Fuelling the Surge of Global Security Policy Management Market?

Owing to the burgeoning need for the security of enterprise networks, on account of the increasing prevalence of cyber-attacks, the demand for security management policy solutions is expected to rise in the coming years. 

For instance, the number of distributed denial of service (DDOS), one of the most lethal types of cyber-attacks, is expected to increase from 7.3 million to 14.5 million from 2017 to 2022 respectively. In addition to this, businesses are increasingly adopting advanced technologies such as cloud computing and internet of things (IoT), thereby further boosting the demand for  security management policy solutions.

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The rising need for security policy management solutions from the banking, financial services, and insurance (BFSI) industry is another important factor responsible for the surge in the adoption of these solutions. Since the last few years, there has been a huge growth in the adoption of technologies such as natural language processing (NLP), machine learning, and cloud computing by the organizations operating in the BFSI sector. 

This has consequently propelled the adoption of security policy management solutions for helping in the assessment of outcomes of policy changes and thus reducing risks, ensure compliance with industry standards, and prevent operational disruption. Due to the above-mentioned factors, the global security policy management market generated a revenue of $1,622.3 million in 2018 and is predicted to attain value of $2,647.1 million by 2024, exhibiting a 9.1% CAGR during 2019–2024(forecast period). 

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Security policy management solutions are adopted in multiple industries namely banking, financial services, and insurance (BFSI), IT & telecom, manufacturing, government, and retail and e-commerce. Amongst these, the BFSI industry, owing to the rising usage of artificial intelligence (AI) solutions and online banking, recorded the highest adoption of these solutions in 2018.

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How is Growing Chronic Disease Burden Aiding in Embolotherapy Market Growth?

Irrespective of the economic standing of the countries, the growing burden of chronic diseases has become a major cause of worry for governments across the globe. Changing lifestyle and degrading quality of the environment has resulted in the increased prevalence of chronic diseases, such as cancer, cardiovascular diseases, hepatitis, and disorders of the nervous system. The World Health Organization reported that in 2018, about 9.6 million deaths occurred due to cancer, globally. In another study, conducted by the American Society of Clinical Oncology, in the 2006–2015 period, an approximate annual increase of 3% in liver cancer cases was observed in the US.

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The deliberate occlusion of vessels with the help of different embolic agents, such as glue, balloons, and coils is referred to as embolization. Embolotherapy is carried out for various purposes, such as devascularization of organs, bleeding control, reduction of tumors, and elimination of vascular malformations.  This is performed while treating numerous conditions, such as gastrointestinal disorders, urological & nephrological disorders, neurological disorders, peripheral vascular diseases, and cancer. During 2014–2018, embolotherapy was most extensively used in the treatment of cancer. In the coming future, cancer would continue being the largest application area for embolotherapy.  In the forecast period (2019–2024), the embolotherapy market is predictedto register an 8.0% CAGR.

In recent years, many new products have received approvals or have been launched in the embolotherpay market. One such example is of Torpedo, is a product of Merit Medical Systems Inc., which was launched in September 2019. The product is made of a patented gelatin foam that is loaded into a cartridge and delivered to the targeted vasculature via a syringe. The features of the Torpedo foam are that is it is hydrophilic, biocompatible, resorbable, and especially used in the hypervascular tumor emobilization. The availability of such products for patient care is helping them recover faster without compromising the quality of care.

Various life-threatening conditions, such as arteriovenous malformations, aneurysms, and strokes, are being treated with several embolic agents that are available in the market, such as absorbable gelatin pledgets and powder, stainless steel coils, ethanol, polyvinyl alcohol foam, and glue. Many manufacturers are working for the development of liquid embolic agents that can be used in the treatment of other diseases besides HCC.  In October 2018, for their product named the Magic Glue, Balt International Received the CE mark. This product is a next-generation cyanoacrylate liquid embolic agent, which is used in the embolization of arteriovenous malformations.

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Growing need for remote accessibility in organizations to take forward mobile virtual private network market forward

Organizations' Increasing demand for wireless protected accessibility for critical application area surging prevalence of cyber Threats, and growing need for remote data accessibility in businesses are Strengthening the prospects for the mobile virtual private network market . In the year 2017, the market is down 5.4 million, and it is predicted to register a CAGR of 19.7% over the forecast period (2018-2023). Mobile VPN creates a private network around the public network and helps users send and receive data securely and secretly from smartphones and PCs to and from the network.

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Field workers, physicians, and medical staff are rapidly adopting these solutions to access sensitive medical records and healthcare applications via wireless networks. On the basis of distribution channel, the mobile VPN market is categorized into direct sales, value-added resellers, partners and distributors, and online. Out of these, in 2017, the partners and distributors category contributed over 40.0% revenue to the market. The category is also predicted to dominate the market during the forecast period, as they offer better on-premises services compared to other suppliers.

Geographically, in 2017, North America contributed the largest revenue to the mobile VPN market, and it is also anticipated to continue leading it during the forecast period. Within the continent, in 2017, the telecommunications sector registered the dominant revenue share in the North American market due to the significant adoption of mobile devices here. However, the Asia-Pacific region is predicted to witness the highest CAGR of more than 30.0% in the market during the forecast period.

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This is mainly attributed to the strong encryption algorithms of VPNs with long-key strengths that help in securing confidential data at the time of transmission, which is critical for private and public enterprises. Nowadays, organizations prefer using centrally managed remote offices that help them provide secure access to confidential data to their workforce at a low cost. Further, to reduce operational costs and maintain local presence, companies are providing remote access to business-critical applications so their employees can work from anywhere. Hence, a mobile VPN is a vital solution for such businesses where employees have access to a company's network via wireless devices.

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How is Coronavirus Resulting in Growth of Flu Treatment Market?

Flu, which also goes by the name influenza, is quite a common disease these days, and it affects millions of people across the globe each year. According to the World Health Organization, the disease affects 5 million people severely and results in approximately 650,000 deaths each year. The symptoms of seasonal influenza include a sudden onset of fever, cough, muscle & joint pain, a runny nose, headache, severe malaise, and sore throat. While most people recover from these symptoms in about a week without needing any medical intervention, influenza can cause severe illness or death, particularly in people with other risk factors.

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Seasonal influenza viruses are of four types, namely types A, B, C, and D, among which, influenza A and B viruses circulate and are responsible for the seasonal epidemics of the disease. Those suffering from uncomplicated flu infections are mostly provided palliative treatment (symptomatic relief); however, people who suffer from severe infections are treated using antivirals. Some of the major companies in the flu treatment market are Idenix Pharmaceuticals, Gilead Sciences, Pfizer Inc., GlaxoSmithKline PLC, and Bristol-Myers Squibb LLC. The demand for different flu treatment medicines has further been increasing on account of the novel coronavirus.

A number of countries, including Japan, the U.S., and China, are working of developing drugs for treating coronavirus; however, these will need to go through animal testing, followed by human trials in various phases, before getting the regulatory approval for mass production. In this scenario, the available antivirals are being clinically tested on patients, who are affected by COVID-19. For example, Avigan, the Japanese flu drug containing favipiravir, was reportedly given to about 340 people in China, who had tested positive for coronavirus. The patients are claimed to have recovered without displaying any side-effects after the administration. On similar lines, patients in Shenzhen tested negative for the virus after just four days of being given favipiravir, and those who weren’t given the same treatment tested negative after 11 days.

Moreover, chest X-rays of 91% of the patients treated with favipiravir displayed improvements in lung function, while only 61% people who weren’t given the treatment showed betterment in their lung condition. Due to these results, trials are also being conducted in Wuhan, with the drug. Attributed to this preliminary success of favipiravir, various other influenza medicines are predicted to be utilized in COVID-19 trials in the upcoming months, which is further expected to result in the growth of the flu treatment market.

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Why Digital Pen Market Growth Depends on People’s Purchasing Power?

Compared to $694.917 in 1970, the average person earned $8,826.15 in 2017, according to the World Bank. This clearly shows that people now have more to spend on products that they wouldn’t dare think of buying until 10¬–15 years ago. Such ‘products’ mainly include smartphones, laptops, computers, tablets, and other high-end consumer electronics.

With the rise in the uptake of smartphones and tablets, the popularity of digital pens is also increasing around the world. Thus, with the surge in the disposable income of people, the digital pen market is projected to grow to $2,098.1 million by 2023 from $773.5 million in 2017, at an 18.4% CAGR during the forecast period (2018–2023).

Just like a regular pen writes on paper, a digital pen writes on a digital pad, like the screen of an iPad, smartphone, or an external writing pad connected to a PC. With such consumer electronics, what people write is instantly converted to a digital form, thereby giving users the convenience of not having to type the text separately on a keyboard or tablet or smartphone screen.

With people owning more than one communication device, often with different operating systems (OS), the sale of multiple-OS digital pens is surging more rapidly than single-OS variants.

The usage of such devices is not just rising at the individual level, but also at the enterprise level. Digitization is picking up pace around the world, as governments and organizations are scrambling to eliminate as much of the paperwork as possible, as quickly as possible.

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For instance, police departments in Germany and the U.S. have begun using digital pens to file crime and missing people reports. Similarly, the banking, financial services, and insurance (BFSI) sector is utilizing these consumer electronics to fill forms for new accounts and loans, to reduce its operational costs incurred by procuring writing paper.

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