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U.S. Telemedicine Market Trends, Size, Share, and Growth Until 2025

Telemedicine

U.S. Telemedicine Market Trends, Size, Share, and Growth Until 2025

The U.S. Telemedicine Market should increase from US $19.5 billion in 2018 to US $64 billion in 2025 at a compound annual growth rate (CAGR) of 18.5% for 2019-2025.

The increasing occurrence of chronic diseases is among the most prominent factors that have created an ideal growth ground for the telemedicine market. Growing cases of chronic diseases are creating a growing need for the adoption of telemedicine services to offer better home supervision, which should further drive the U.S. telemedicine market outlook over the forthcoming time period.

An increasing number of patients suffering from a variety of chronic diseases such as diabetes, cancer, and heart disorders are expected to impel the need for telemedicine services across the United States.

Additionally, growing adoption of unhealthy habits like alcohol consumption and tobacco smoking and a lifestyle that is becoming increasingly sedentary, are among some of the most prominent factors that are contributing towards the growing prevalence of various chronic diseases. In fact, according to 2017 CDC data, approximately 14 out of 100 people across the United States above the age of 18 smoked cigarettes.

The tele-consulting service segment is projected to hold a valuation of $28.1 billion by 2025. The tele-consulting segment is expected to witness exponential growth over the forthcoming years due to the rapidly growing telecommunication infrastructure. Tele-consulting offers various consultation services for a wide spectrum of imaging modalities, a plethora of therapeutic indications and numerous different reading methodologies.

Growing applications of tele-consulting would exponentially impact on the telemedicine market growth during the analysis timespan, boosting industry expansion in the process.

In terms of component, the hardware subsegment is expected to witness exponential growth over the forecast timespan, recording a CAGR of 18.7%. There is an increase in the usage of telemedicine devices such as smartphones and tablets among others; which is a crucial factor that should significantly drive the segment growth over the forthcoming years. Additionally, numerous advancements in technology across the healthcare sector are also one of the major factors stimulating the hardware segment growth.

Telehome segment primarily caters to patients that are suffering from chronic diseases and are advised to not travel frequently. The telehome segment is slated to experience exponential growth of 18.9% over the forthcoming years. The implementation of telehome services is expected to rise owing to the advantages that it offers.

Telehome services provide opportunities to enhance patient care alongside substantial cost savings for patients choosing treatment at home, thereby driving the demand for telehome services, which should further drive the growth of the U.S. telemedicine industry.

Web/Mobile delivery segment accounted for a significant chunk of the U.S. telemedicine market, holding maximum revenue of over $11.9 billion in 2018. The Web-based telemedicine delivery platform is now a standardized infrastructure that is used to provide access to sophisticated telemedicine applications. The web segment can be beneficial for organizations having issues with offering healthcare services to patients living in remote areas. Additionally, increasing adoption of the web segment across the United States should drive the growth of segment which should further establish a distinguished U.S. telemedicine market growth trends during the forecast timespan.

Some of the most prominent players responsible for the growth of the U.S. telemedicine market are American Well, Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, Cerner Corporation, Cisco Systems, BioTelemetry, Honeywell International Inc, InTouch Technologies, Eagle Telemedicine, SOC Telemed, Specialist Telemed, and InSight.

Acquisitions, new product launch, mergers, and regional expansions are the primary business strategies implemented by market participant firms.

According to the latest research report by Global Market Insights Inc., the U.S. telemedicine market is projected to surpass a valuation of $64 billion by 2025.

Source: Global Market Insights, Inc.

stethoscope

Global Stethoscope Market to Hit US$520 Million by 2026

Global Stethoscope Market value over US$520 Million by 2026 end and register a CAGR of over 5% from 2020 to 2026. The rise in the geriatric population prone to chronic disorders coupled with a mounting need for advanced diagnostic devices across the globe is likely to drive the stethoscope market outlook.

The rise in the occurrence of cardiovascular diseases stemming from the widespread adoption of sedentary lifestyles and unhealthy eating habits is resulting in increased stethoscope industry demand. Recent technological advancements in diagnostics tools along with an increase in R&D activities by key industry players may foster the stethoscope market size. Moreover, development and introduction of advanced electronic stethoscope with wireless Bluetooth technology may further augment product penetration over the coming years. Stethoscope market size is touted to cross the USD 520 million mark by 2026.

Product-wise, the stethoscope market is segmented into electronic and acoustic stethoscopes. The electronic stethoscope segment is expected to grow at 5.5% over the analysis period. Such robust growth can be attributed to the variety of advantageous features offered by the product, such as ambient noise reduction, amplified sound output, enhanced frequency range, reduced time to get an accurate reading, visual display, and record & replay capabilities.

Usability-wise, stethoscopes are categorized as disposable and reusable. Disposable/single-use stethoscopes market is touted to grow at 6% over the projected timeframe. Increasing awareness among medical professionals pertaining to the prevention of cross-contamination and disease transmission is resulting in the massive adoption of disposable stethoscopes. Some healthcare facilities issue patients with single-use stethoscope in a bid to avoid cross-contamination and risk of disease transmission, which is likely to change industry trends in the coming years.

Based on end-user, the market is segmented into physician offices, hospitals, ambulatory surgical centers, academic institutes, urgent care centers, and others. In 2019, the ambulatory surgical centers’ segment generated a revenue of more than USD 78 million. As per the National Health Statistics, around 47% of surgical procedures are conducted in the ambulatory surgical centers across the U.S. annually. Increasing patient preference for outpatient procedures will augment the use of stethoscopes in ambulatory surgical centers, hence supplementing industry share.

Speaking in terms of head design, the stethoscope market is segmented as a single, double and triple head. Of all the three segments, the double head stethoscope segment held the majority of market share accounting for over USD 220 million in 2019.  These stethoscopes are considered to be the most durable and efficient models. Also, double head stethoscopes are cost-effective and often used in emergency situations by medical professionals owing to efficient and quick diagnostic results. Increasing demand and adoption rate of the model will positively impact market growth.

Key players contributing to stethoscope market expansion include American Diagnostic Company, 3M, Cardionics, HEINE Optotechnik, GF Health Products, McCoy, Invacare Supply Group, etc.

Source Credit: Global Market Insights, Inc.

automotive cybersecurity

Automotive Cybersecurity Market to Cross USD 837 Mn by 2024

The automotive cybersecurity market is set to grow from its current market value of more than $187 Mn to over $837 Mn by 2024, as reported in the latest study by Global Market Insights, Inc.

In an era where connected cars are deemed to mark the future of mobility, the market is indeed set to occupy a pivotal stance in smart and sustainable tech space. The cyber threats or security breaches in connected cars enable external access to the vehicle’s network and not just compromise the driver’s data privacy but can also pose serious threats to the driver’s physical safety and car’s operation. With data security breaches becoming intensely sophisticated, the automotive cybersecurity industry has turned out to be an inevitable investment spot that would aid the automotive sector’s continued roadmap toward connectivity without risk.

Speaking of competitive trends, strategic collaborations and partnerships have emerged as two of the top-notch measures adopted by the automotive cybersecurity market giants. One of the recent trends in this regard has been the JVs established between the automotive companies and technology conglomerates, in a bid to understand and resolve the security complexities in modern or connected vehicles.

The compulsion of connected services in vehicles for offering features like improved comfort, convenience, road safety and assisted parking will greatly benefit the automotive cybersecurity market, which apportioned revenues of over USD 187 million in 2017. With the mounting probability of a vehicle being hacked, a number of IT companies are partnering with automakers to develop security features and enhance vehicle safety measures. The  industry caters to every type of vehicle, from average passenger and luxury cars to heavy-duty trucks. Estimates suggest that close to 70 million connected vehicles will be running on the roads by 2020, a significant surge in comparison with the 2016 figure of 28 million. These statistics represent the vast amount of electronic control units (ECUs) that would be required in order to enhance the vehicles, instigating the market.

The network security dominates the automotive cybersecurity market and is projected to generate a market revenue of USD 236.4 million over the forecast timescale. The in-vehicle networks carry a variety of personal and operational identifiable information such as microphone recording, location, and call and navigation history, due to which protecting the data and messages over the network bus is important for privacy and operational security. Moreover, network protocols, such as Local Interconnect Network (LIN), Controller Area Network (CAN), automotive Ethernet, FlexRay, Wi-Fi, 5G network, Bluetooth, and Dedicated Short-Range Communication (DSRC), also aggravate cybersecurity threats. Therefore, it is important to adopt improved security techniques by interacting with security-enhanced network protocols to provide authenticity, integrity, and reliability of transmitted data.

One of the recent instances that validates the growing stance of collaborations & JVs as prominent growth tactics has been the partnership between SafeRide, one of the formidable automotive cybersecurity market players and Netherland based digital platform security giant, Irdeto. Under the terms of the recently inked partnership, SafeRide in collaboration with Irdeto is claimed to provide the OEMs and tier -1 automotive suppliers with a holistic cybersecurity solution for autonomous and connected vehicles.  Allegedly, SafeRide’s flagship vSentry solution would be integrated with Irdeto’s famous Connected Transport solution, Cloakware, to offer a multi-layered approach in protecting the platforms against tampering, automated attacks, and reverse engineering.

Europe’s automotive cybersecurity market is witnessing a fast growth rate and is projected to reach USD 224 million by 2024. Germany dominates the European automotive cybersecurity industry as it is the home to some of the leading automobile manufacturers including Ford, Volkswagen, BMZ, Audi, Mercedes-Benz, Opel, and Porsche. These companies are working with various software cybersecurity providers to increase the security offering aimed at maintaining passenger safety while traveling. For instance, in 2016, Volkswagen collaborated with three Israeli cybersecurity experts to establish an automotive cybersecurity company aimed at making vehicles and their ecosystem highly secured against cyber-attacks.

The companies functioning in the automotive cybersecurity market are investing in research and development strategies aimed at bringing about innovations in the automotive cybersecurity solutions. Some of the major vendors operating in the automotive cybersecurity industry are Audi, BMW, Ford, Honda, Nissan, General Motors, Volvo Car Group, Volkswagen, BT Security, Cisco Systems, Lear Corporation, Symantec Corporation, Argus Cyber Security Ltd., Intel Security, Arilou Technologies Ltd., Continental AG, and Karamba Security.

Source: https://www.gminsights.com/industry-analysis/automotive-cybersecurity-market

genetic testing

Global Genetic Testing Market to Hit $25 Billion by 2025

Genetic Testing Market is expected to exceed USD 25 billion by 2025. Growing incidences of genetic diseases coupled with the rising availability of advanced genetic tests will augment the industry growth.

Increasing awareness regarding the availability of genetic tests should escalate the genetic testing market growth throughout the forecast years. Industry players implement several promotional activities that raise awareness amongst the people. Moreover, due to increasing internet penetration in developing economies, individuals are becoming aware of the benefits of early diagnosis of genetic diseases. Above mentioned factors should surge the industry growth. However, the high cost of genetic testing may affect industry growth to some extent.

The unprecedented growth pace of the genetic testing market is rather evident from 23andMe’s recent launch of a grant program as a part of its Genotyping services for the research platform. A significant market contributor globally, through this invention, aims at promoting research studies with the intent to increase the revenue shares in the upcoming years. This trend itself bears testimony to the fact that the chief market players are opting for strategic moves to strengthen their position in the global genetic testing market share.

A business vertical of high repute, thriving extensively on personalized medicines, genetic testing market as of today stands as one of the outpaced, profitable industry spheres there is. Endorsed by the availability of technologically sound gene diagnosing kits and elevating cognizance regarding the use of personalized medicines, the commercialization potential of the genetic testing industry has surged immensely in the past few years.

Speaking of the test type spectrum, the carrier testing segment has stood tall during the past few years and is likely to develop at an appreciable pace during 2019-2025. For the records, the carrier testing segment accounted for USD 460 million in 2018. These tests find large scale use among couples to determine the chances of having a child with genetic disorders.

Also, they focus on detecting the probability of a healthy person carrying mutated genes. These factors have prompted healthcare professionals to recommend required treatments for the individuals comprising mutated genes thereby adding an impetus to genetic testing market trends.

North America’s genetic testing market will foresee over 10% growth throughout the forecast years. Increasing prevalence of genetic diseases will prove beneficial for regional growth. Cystic fibrosis, sickle cell anemia, thalassemia, and other genetic disorders affect millions of individuals in the U.S. annually that should spur the demand for upgraded genetic tests. Moreover, favorable regulatory scenario for genetic tests will further positively influence regional growth.

Companies are undertaking several initiatives to add innovations in the genetic testing market. Additionally, industry players such as 23andMe, BGI, BioMerieux, Cepheid, Counsyl and others have implemented several strategic initiatives such as mergers, acquisitions and product launches for gaining competitive advantage. For instance, in October 2016, 23andMe announced the launch of a grant program as part of its Genotyping Services for Research platform. The program is aimed at promoting research studies and obtaining proposals in which 23andMe experience is likely to garner more customers. This strategy will enhance 23andMe’s business grow

Source: https://www.gminsights.com/industry-analysis/genetic-testing-market,m

vaccines

Report: Global Vaccines Market

The U.S. vaccine market is anticipated to experience growth of 8.9% CAGR during the forecast timeframe. The high adoption rate of vaccines to reduce the incidence of infectious diseases along with several initiatives undertaken by government by increasing immunization rates and recommendations should stimulate business growth.

Japan’s vaccine market will grow significantly over the coming years to reach over USD 6.0 billion by 2025. Introduction of the routine vaccination program in October 2016 leading to the introduction of numerous important and routine vaccines having a higher rate of administration as compared to voluntary vaccines should drive the Japan vaccine market.

Increasing demand for preventive vaccines, the rising number of people suffering from infectious as well as non-infectious diseases globally will drive the vaccine market over the forecast timeframe. Increasing government funding for vaccine development will further boost industry growth.

Widespread routine vaccination programs and numerous initiatives undertaken by governments to encourage vaccine administration especially in developing and underdeveloped countries will positively impact industry growth. Growing awareness about reduced mortality due to immunization should propel vaccines industry growth over the forecast period.

High adoption of new vaccines coupled with technological advancements should stimulate business growth. Moreover, a strong product pipeline of leading companies such as Merck, Novavax, Emergent BioSolutions will lead to industry expansion over the coming years. However, high costs associated with transportation and storage of vaccines will limit the vaccines market growth to a certain extent over the foreseeable future.

Each time a nation is hit by an epidemic wave, children are one of the groups that take the deadliest hit. According to the Centers for Disease Control and Prevention, 1 or 2 of every 1,000 children who are diagnosed with measles die. During the nation’s recently witnessed measles outbreak, around 92 percent of children received a combination vaccine that prevents measles, rubella, and mumps. Immunization programs prevent and protect toddlers and infants from dangerous complications and failing to vaccinate may certainly put them at risk for fatal diseases. This has escalated the demand for vaccines for kids, which has subsequently influenced the growth curve of the vaccines market from the pediatric populace.

As per estimates, vaccines industry size from the pediatric age group is set to witness a CAGR of 9.1% over 2019-2025, given the high vulnerability of kids to infectious diseases along with the increasing implementation of pediatric immunization programs.

Driven by the ongoing pace of urbanization and the rising awareness regarding the potential dangers a pandemic can inculcate, the global vaccines industry is gaining increased attention. According to a new research report by Global Market Insights, Inc., the overall vaccines market size is anticipated to surpass $70 billion by 2025.

Some of the major market players involved in the global vaccines market are Merck, AstraZeneca, Johnson & Johnson, Novartis, Bristol-Myers Squibb, Abbott, Sanofi Pasteur, GlaxoSmithKline, Pfizer, Emergent BioSolutions, CSL, Astellas Pharma and Novavax. Firms are focusing on product launch to fortify their product base and market reach over the coming years.

Source: Global Market Insights, Inc.

diabetes

Global Diabetes Care Devices Market Report

The revenue graph of the diabetes care devices market has been witnessing considerable momentum in recent years owing to the increasing usage of self-monitoring blood glucose and insulin delivery devices. Obesity, smoking, genetic mutations, a sedentary lifestyle, unhealthy diet have led to an escalation in the number of diabetes patients. The occurrence of diabetes is gradually rising, such that more than 1 in every 10 adult individuals or 12.2% of the U.S. population aged 18 years or older is affected with it. Diabetes is considered as the seventh leading cause of death.

According to WHO, 422 million adults globally are diabetic patients, 1.6 million deaths are directly attributed to diabetes each year and 1 in 3 adults aged over 18 years is overweight and 1 in 10 is obese. In essence, all these statistics demonstrate the rapid growth in the number of diabetic patients which has driven the growth prospects of the diabetes care devices industry. According to a research report by Global Market Insights, Inc., the revenue portfolio of the diabetes care devices market will exceed USD 41.5 billion by 2025.

Diabetes is increasing among adults as well as children due to the prominence of an indolent lifestyle. In 2016, 41 million infants and young children were reported to be obese or overweight, 124 million children and adolescents were obese which counts to be a tenfold increase in the last four decades and nearly 1 in 5 children and adolescents are overweight or obese. Obesity is the primary cause which has led to the prevalence of diabetes as almost everyone prefers to enjoy an unhealthy lifestyle without realizing the significance of physical wellness. As per the Pan American Health Organization (PAHO), around 305,000 people died due to type 2 diabetes in America in the year 2014.

Increasing count of deaths due to diabetes has intensified the sales of diabetic care devices. The latest technologies and devices are being preferred over traditional techniques due to their ability to deliver accurate results. Launched recently, Senseonics’s Eversense Continuous Glucose Monitoring (CGM) system is one such unique and revolutionary device. Termed as the first implantable device to measure glucose level, Eversense CGM has received approval from the U.S. Food and Drug Administration (FDA) which is being touted as a groundbreaking step forward in the dynamic diabetic management world.

The device uses a unique light-based technology to send glucose level data to an app on cell phone, warning patients about their rising or dropping glucose level. It can be worn up to 90 days which is impressive as Dexcom and Medtronic’s sensor technology can be used for up to 10 days only. Eversense CGM is one of many innovations unveiled by medical device makers to check on diabetes and demonstrates the enormous growth opportunities being opened up for the diabetes care devices industry.

Numerous innovations in the healthcare sector have ensured that several options and product ranges are available to keep a check on diabetes. Many of these are in the pipeline and are awaiting regulatory approval. For instance, a ready-to-use glucagon emergency pen by Xeris Pharmaceuticals is awaiting regulatory approval from FDA depending upon the meeting in June 2019. Apparently, there are a number of devices in the early production phase or are seeking FDA approval – a factor that would benefit the growth prospects of diabetes care devices market.

Moreover, myriad studies are being carried out today to find out new approaches to manage diabetes. For instance, the Juvenile Diabetes Research Foundation (JDRF) is a non-profit organization which offers funding to cure type 1 diabetes (T1D). The organization has invested over $2.2 billion in research funding since its inception. A T1D patient Lindsey Redepenning is a commendable example of recovery through Medtronic 670g Artificial Pancreas hybrid closed-loop system developed with the contribution of JDRF. Implantation of artificial pancreas is a new technology that effectively helps in curing T1D by releasing insulin in with changing blood glucose levels in a similar way to a human pancreas.

In a nutshell, rising number of R&D investments and consistent efforts of non-profit organizations like JDRF will propel diabetes care devices market share. Additionally, the launch of technologically-superior and highly efficient blood glucose measuring devices is likely to assist the diabetes care devices market in registering exponential growth in the times to come.

Source: Global Market Insights

medical electronics

Global Medical Electronics Market Report

Medical Electronics Market size is set to cross US$ 169 billion by 2025 with13% CAGR confirms a recent research report by Global Market Insights. What can only be construed as an innovation that may impact India’s medical electronics industry to quite an appreciable extent, Philips, a renowned brand across the electronics sector, has recently launched two new diagnostic instruments, namely, MobileDiagnost Opta and BV Vectra in India.

The former, a digital X-ray system, has been designed to find extensive applications in intensive care units and operation theatres. BV Vectra, on the other hand, is a mobile C-arm system that is anticipated to be used in orthopedic surgeries. With the presence of three major electronic equipment manufacturers – Siemens, GR, and Philips, and their objective to manufacture the contemporary ‘Made-in-India’ medical devices, it is anticipated that India’s medical electronics market will experience lucrative growth in the years ahead.

Bringing forth a slew of product innovations in the market has been touted as a major growth strategy for businesses, particularly in the medical electronics industry, given the robust requirement of the healthcare space to enhance operational efficiency and lower medical care expenditure. Kinpo Electronics Incorporation, for example, has recently received the EU certificate that approves its newly launched wearable ECG monitor, called the BC1 patch that apparently helps in the prevention of cardiovascular disease. The medical certification allows the firm to promote BC1 within the European Union.

Kinpo expected to commence product marketing in key European countries by the third quarter of 2017 under its own brand referred to as XYZlife. The device provides real-time monitoring, data pertaining to medical history, and authentic medical reports, in addition to encompassing an exceptional function that helps users to contact physicians during emergencies. Experts cite that the BC1 patch is likely to prompt industry rivals to introduce similar products in the market, which would undeniably impel the product landscape of the medical electronics industry.

Recently in 2017, Mackenzie Health, a renowned healthcare service provider based in Canada, had collaborated with Epic systems corporation, a U.S. based software developing firm, to introduce a new end-to-end electronic medical record system in Canada. The innovative tool assists medical practitioners in the decision-making process and facilitates speedy access of medical health records, in addition to providing improved medication safety and minimizing error occurrences related to closed-loop medication administration & bar code authentication. This medical system is the first of its kind launched across the country and is predicted to have a sizable impact on the U.S. medical electronics industry, which apparently held more than 90% of the overall revenue share in 2016.

The competitive landscape of the medical electronics market has witnessed numerous M&As for the last few years. In fact, recently, Becton, Dickinson and Company, a leading player across the medical technology industry, has declared the acquisition of Caesarea Medical Electronics, a key Israel based player across the infusion pump systems industry.  The acquisition will help the former expand its infusion pumps product portfolio, thereby facilitating the firm to strengthen its position across the medical electronics market.

The U.S. has been singled out as one of the most profitable growth avenues across the North America medical electronics industry, subject to the large presence of major manufacturers in the region and the extensive deployment of advanced technology. The wide insurance coverage provided under the Affordable Care Act and the appreciable improvements in healthcare infrastructure facilities across the region are certain to provide a positive impetus to U.S. medical electronics market.

Some of the firms partaking in the medical electronics market share include Toshiba Corporation, Siemens, GE Healthcare, Medtronic Public Limited Company, and Phillips. Most companies have been reported to be adopting new strategies to expand their business scope, contributing extensively to medical electronics market revenue.  Considering the developments that the medical electronics industry is replete with, it comes as no surprise that the medical electronics market is slated to hit a revenue margin of over USD 169 billion by 2025.

Source: https://www.gminsights.com/industry-analysis/medical-electronics-market

wearable medical device

Global Wearable Medical Device Market

The global wearable medical device market size is expected to exceed more than $87bn by 2025; Growing at a CAGR of more than 39.4% in the given forecast period.

The increasing convergence between wearables and medical products has proved beneficial in transforming wearable medical devices market outlook. Having emerged as one of the most profitable niche verticals in the worldwide healthcare and medical devices sector, this industry is not yet a mainstay in the field, but most medical device manufacturers are nevertheless adding wearable components to their product lines. These fitness trackers help users to stay in shape, all while being easy to use, comfortable, and not cumbersome.

The foremost factors that have led to the increasing popularity of wearable medical devices are active promotion and growing expenditure on advertisement of these devices, essentially enlarging the geographical reach of wearable medical devices market. Amongst all the existing wearable medical devices, activity/fitness monitors have witnessed meteoric rise in their popularity owing to the technological advances in battery, sensor, and material design.

What will be the impact of the popularity of fitness monitors on wearable medical devices market outlook?

In the year 2018, fitness monitors segment accounted for more than 25% of wearable medical devices market share and is projected to observe significant growth by the year 2025. Activity monitors help to keep track on fitness-related metrics including walking distance, sleep (in some cases), heartbeat, and calorie consumption. Sedentary lifestyle has led to disorders such as obesity and other chronic conditions, a need to prevent which will help to fuel activity monitors segment growth over 2019-2025. The growth of activity monitors segment will simultaneously augment wearable medical devices industry by 2025.

Wearable medical devices market to accrue substantial profits from fitness and sports sector by 2025

Wearable medical devices market forecast report compiled by Global Market Insights Inc. projects that global revenue of the industry slated to exceed $87 billion by 2025. The proliferating union of medical products and wearables has proved favorable in transforming wearable medical devices market trends. After emerging as one of the most lucrative niche verticals in the global healthcare and medical devices sector, many medical device manufacturers have been including wearable devices in their product lines.

In terms of geographical expansion, the U.S. wearable medical devices market has witnessed considerable growth and is anticipated to reach more than USD 23 billion of revenue by the year 2025. The most significant factors that have proved beneficial for the market are the launch of technologically advanced healthcare monitoring products along with rising awareness regarding fitness. High disposable income and growing prevalence of lifestyle diseases would further proliferate the U.S. wearable medical devices industry size over the forecast duration.

The largest obstacle that is hindering the rapid product penetration is the concern regarding data privacy. Most users appear uncomfortable with an AI-based sensor or other miniaturized electronic device keeping a record of their every movement. Even though there has been a considerable increase in the number of people allowing these devices to become a part of their daily life, there is still a long way to go for wearable medical devices to become mainstream.

It is imperative to take note of the fact that the healthcare sector used to function in a siloed structure for the safeguarding of intimate patient data. However, now that they have emerged out of those silos, the protection of user data has taken even more priority, essentially marring the growth prospects of wearable medical devices market.

The major industry players are involved in adoption of several strategies including merger and acquisition, strategic collaboration, and partnerships to strengthen their business position. A few of the players operating in wearable medical devices market are Fitbit, Sotera Wireless, Omron Corporation, Koninklijke Phillips N.V. Apparently, these firms are focusing on untapped emerging nations to gain competitive edge and acquire significant market share globally. Reports forecast that the remuneration portfolio of worldwide wearable devices market is set to surpass USD 87 billion by the year 2025.

Source: https://www.gminsights.com/industry-analysis/wearable-medical-devices-market

medical bed

Report: Medical Bed Market

The global geriatric population is on the rise with the population aged over 65 years set to outnumber children under the age of 5 years over the coming years. Older people are generally more susceptible to infectious or chronic ailments, mostly due to age-related deterioration of the immune system. This vulnerability to various health risks including contagious and chronic diseases, as well as injuries associated with falls and physical disabilities is likely to add impetus to the global medical bed market.

The surge in the occurrence of chronic ailments is also causing a rise in hospitalizations for accurate and effective patient care. This upsurge in tandem with rising disposable incomes and rapid healthcare infrastructure advancements are promoting the widespread acceptance of medical beds on a global scale.

Several favorable healthcare policies and mandates have been enacted to ensure the availability of proper and effective medical care to those in need. For instance, in March 2017, the Indian government released a healthcare reform that requires healthcare facilities to have a minimum of 2 beds per 1000. This means there will be nearly 2,623 beds over the coming decade, including new as well as replacement beds.

Elderly population growing at a rapid pace

The older generation, or the “baby boomers”, account for a large chunk of the global population, and rising. In 2019, the number of individuals over the age of 65 years was recorded at nearly 703 million. This number is set to double by 2050 to reach 1.5 billion.

Most frequent users of the Emergency Department or ED services are elderly people suffering from one or more chronic ailments. Common maladies associated with old age include cataracts and vision deterioration, hearing loss, back, neck pains and osteoarthritis, diabetes, cardiovascular conditions, dementia, and depression, among others. As a result of this, the demand for effective and adequate emergency services has been growing extensively of the past year, proliferating the requirement for efficient healthcare equipment, including medical beds.

The growing elderly population has also brought about the establishment of dedicated geriatric healthcare facilities like Athulya Assisted Living, the brainchild of Karthik Ramakrishnan. The facility, located in Chennai, is considered a premium assisted living center and features myriad advanced healthcare provisions including sophisticated ECH machines, assisted medical beds as well as trained healthcare staff.

Rising occurrences of chronic ailments and subsequent rise in hospitalizations

The rapid expansion of the elderly population is also leading to a higher prevalence of chronic health conditions such as diabetes, cancers, cardiovascular ailments, stroke, and respiratory ailments. This increase is likely to assert pressure on healthcare systems to be able to provide adequate care and treatment to these patients.

In 2017, emergency department visits from patients suffering from at least one chronic condition accounted for nearly 60% of the cumulative annual visits, incurring an expenditure of nearly $8.3 billion.

Furthermore, over 90 million U.S residents suffer from at least one chronic condition, with seven out of 10 individuals succumbing to a chronic ailment. These numbers indicate a strong need for effective medical equipment including sophisticated medical beds.

While there are several healthcare systems put in place for the treatment of acute medical issues, many facilities are not equipped to deal with chronic ailments and long-term care. Given the prolific rise of chronic disease cases, medical bed industry players are taking consistent efforts towards developing revolutionary healthcare solutions geared towards long-term treatment.

The emergence of new healthcare technologies

For hospitalized patients, hospital bed security is characterized by sporadic visits from nurses and doctors. Due to this, any potential decline in the patient’s clinical condition may go unnoticed for a period of time, causing a delay in treatment administration and increasing the risk of mortality or morbidity.

However, in recent times, many up and coming technologies are coming into existence, designed to combat this issue and mitigate risks associated with hospitalization.

In fact, the digital healthcare sector is expected to hit $536.6 billion by 2025.

One of the most prominent advancements in the medical bed industry is brought forth by Hill-Rom, a multinational medical technologies provider and the foremost hospital bed producer in the world. Hill-Rom has unveiled a new technology called EarlySense, designed to integrate with Hill-Rom’s Centrella Smart+ bed platform and provide continuous, contact-free monitoring solutions including heart and respiratory rate sensing and analytics system.

Additionally, a new study published in an American Society for Microbiology journal has revealed that using copper as a component in ICU medical beds would harbor an average of 95% less bacteria than conventional beds, ensuring low-risk levels among hospitalized patients.

Source: https://www.gminsights.com/industry-analysis/medical-bed-market

healthcare

Surging Efforts by Healthcare IT Firms to Boost the Demand for Advanced Electronic Health Record Software

Electronic Health Record Market size is set to cross USD 38 billion by 2025; according to a new research report by Global Market Insights, Inc.

NextGen Healthcare, one of the most prominent names in the electronic healthcare records market, has set yet another milestone with its announcement of acquiring Medfusion, a patient experience platform, in November 2019. The agreement has bolstered NextGen’s stance in the electronic healthcare records industry as it aims at offering an overall seamless experience to the healthcare consumers. The deal, anticipated to close in early December 2019, will transfer Medfusion’s data services business out of the company.

The growing medical industry is one of the major factors responsible for driving the demand for EHR. Likewise, the industry has been a witness to transforming developmental trends fostered on account of product innovations, geographical expansion, mergers and acquisitions to name a few. On that note, some of the accomplishments of the top-notch electronic health records industry players are underlined below:

Epic Systems Corporation

Established in 1979, EPIC Systems stands as a number one choice for medical professionals as far as electronic health record software is concerned. In fact, the company has been voted as a proficient software suite in Best in KLAS awards in over 7 segments following this year.

Additionally, the company had generated the highest net market share in 2018 with over 121 wins with advanced integrated delivery network hospitals, standalone hospitals, and customer additions.

In the initial months of 2017, EPIC Systems Corporation announced its alliance with Minnesota based nonprofit academic medical center with an intent to drive the mutual improvements for health IT companies along with a large health system. The partnership granted access to over 18,000 pages of content on over 4,000 health topics to the patients making use of Epic. Patients can use the Mayo Clinic application to search through the symptoms, conditions, and disorders as well as general life period and healthy lifestyle information through Epic MyChart.

It has been further claimed that Epic along with the second-largest EHR software provider, Cerner, holds a considerable share of the EHR market. Apparently, more than 250 million people hold an Epic HER with them.

Continuing with its success trends, in November 2019, Mary Free Bed, a non-profit rehabilitation hospital, reportedly declared having signed a 10-year strategic agreement with Covenant Healthcare to make use of its Epic EHR software. This deployment is just another of the company’s progressive proliferation as a pioneer in EHR software.

Epic Systems Corp is now gearing up to invest in providing health through electronics or telecommunications. Industry analysts claim that the telehealth initiative is anticipated to mushroom in the upcoming years promoting ample room for the company to grow in the field.

Allscripts

Apple Incorporation’s recent announcement to integrate Allscripts’ electronic health record data into its platform is likely to provide a massive momentum to the Allscripts EHR portfolio. The company’s collaboration with Apple would support it to gain global traction with the providers eager for enhanced interoperability.

Not only this, the company in July 2014, was awarded the US Health Provider Partner of the Year award from the Microsoft Corporation on the accounts of its novel innovations, collaborations and leadership contributions in the domain of patient health. For the records, the US Health Provider Partner of the Year award acknowledges the excellence and accomplishments of Microsoft industry partners that have been vividly producing exceptional results in the due course of time across the healthcare industry.

The deployment of machine learning in the Allscripts’ EHR would comparatively minimize the time spent on documentation and physician burnout. This initiative anticipates a sure shot way for Allscripts to expand in the global EHR market.

All in all, the demand for electronic health records has come to serve as a major factor for companies to bring up a spate of innovations in the healthcare IT space. Numerous companies are rigorously working towards the development of advanced HER software and systems to promote proper healthcare across the globe.

Source: https://www.gminsights.com/industry-analysis/electronic-health-record-market