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Global Genetic Testing Market to Hit $25 Billion by 2025

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Global Genetic Testing Market to Hit $25 Billion by 2025

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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

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Report: Global Vaccines Market

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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.

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Global Diabetes Care Devices Market Report

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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

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Global Medical Electronics Market Report

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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

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Global Wearable Medical Device Market

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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

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Report: Medical Bed Market

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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

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

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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

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Healthcare Analytics Market Size to Cross $18,250.8 million by 2025

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Emergence of Big Data in healthcare and its impact on healthcare analytics market growth and set to exceed USD 18,250.8 million by 2025

There has been a significant paradigm shift in recent years pertaining to the collection, storage, maintenance, management and analysis of data. Over the years, bolstered by the wave of digitalization sweeping across the globe, data collection is transitioning gradually from paper-based charts to digital real-time analytics systems. 

This new data ecosystem is designed not just to enhance disease prevention rates but also to improve medical diagnostics, administer medications securely and augment overall treatment processes. Consequently, healthcare offerings are evolving from a one-size-fits-all approach to more patient-centric, customized treatment plans. 

The rising prevalence of big data owing to digitization of analytics is promoting the adoption of electronic health records or EHRs for patient’s health data collection, which is likely to add great impetus to global healthcare analytics market expansion.

The evolution of the healthcare landscape is generating immense demand for advanced healthcare data analytics. 

Healthcare analytics or clinical data analytics entails the use of EHRs to garner actionable insights into patient’s health condition and develop suitable treatment plans.

As the number of patients seeking healthcare solutions continues to surge and resources continue to deplete, conventional claims-based analytics systems are unable to accommodate the rapidly arising healthcare issues. This combined with the immense capacity of clinical data in EHRs is a major driving force behind the popularity of advanced healthcare analytics.

Considering the prolific expansion of the healthcare industry, numerous industry players are making persistent efforts towards enhancing health data analytics systems to streamline patient care.

For instance, InterSystems has recently partnered with digital engineering expert Virtusa in a bid to advance healthcare data analytics capabilities in vLife, Virtusa’s cloud-based life sciences platform.

The system comprises a robust, HIPAA-compliant data repository with multiple sources of data. Additionally, the platform features pre-built APIs as well as AI and machine learning-based models.

Prediction to Prevention – The Significance of Predictive Analysis in Healthcare Applications

Predictive analytics is a sophisticated healthcare data analytics tool that leverages historical data and real-time information in order to forecast potential outcomes. Considering the healthcare landscape, predictive analytics can be applied to consumer, claims or patient data through which healthcare workers can predict patterns or trends which can help enhance patient care or outreach programs.

To illustrate, according to a 2017 study, the University of Pennsylvania utilized a predictive analytics tool integrated with machine learning and EHR information to detect severe sepsis or septic shock in on-track patients, nearly 12 hours before the condition manifested.

Burgeoning need for Real-Time Healthcare Solutions

Empowered by the digital revolution, a large number of healthcare management systems are now leveraging real-time, event-driven data feeds. 

Since healthcare is a real-time activity, the ability to accumulate health-related data in real-time is a great boon for healthcare workers and clinicians. It gives them the ability to make point-of-care lifesaving decisions and reduce the dependency on resources, thereby cutting back treatment costs to a significant extent.

Real-time analytics demonstrate great potential in various healthcare-related scenarios; for instance, in the case of a patient’s blood pressure signifying an alarming increase, the healthcare analytics will send a real-time report to the doctor, who can immediately act on administering suitable measures to counteract the condition.

Many prominent industry players are working towards adopting real-time monitoring into their product innovations. For example, Apple has just revealed a new Apple Watch Series 4 with an integrated EKG (electrocardiogram) features, which helps users track their cardiovascular information in real time and alert them to any undiagnosed conditions.

Healthcare Analytics Transformation through Big Data

The emergence of big data has brought about a tremendous shift in the way data is collected, analyzed and used in a plethora of industries. Big data comprises large quantities of data generated through digitization of myriad sources, which is then merged and analyzed by specialized technologies. When used in healthcare analytics, big data makes use of population or individual-specific health data which can potentially mitigate the risk of epidemic, treat maladies and reduce costs, among other benefits.

In light of the changing healthcare spectrum, more and more physicians are basing their decisions on ample quantities of clinical data instead of simply asserting their professional theoretical opinion. 

With the healthcare industry swelling and more and more data being collected, professionals need a support system to ensure proper management and application of data. This is perhaps why the demand for big data analytics across the healthcare sector is witnessing such tremendous growth.

The U.S healthcare analytics market is currently making immense strides in big data analytics, by ensuring the adoption of EHRs across nearly 94% hospitals. A major industry player in the U.S market is Kaiser Permanente, who has developed and integrated a novel system called Health Connect. This system allows data sharing across multiple facilities and streamlines the use of EHRs.  

Source: https://www.gminsights.com/industry-analysis/healthcare-analytics-market 

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Marine Emission Control System Market to cross USD 14 billion by 2024

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Global Marine Emission Control System Market is set to grow from its current market value of more than $5 billion to over $14 billion by 2024; according to a new research report by Global Market Insights, Inc.

Stringency in the government mandates pertaining maritime pollution coupled with rising environment & health concerns will drive the marine emission control system market growth. The IMO has launched a directive with an aim to reduce nitrogen oxide emissions by diesel engine vessels, built or installed on and after 1st January 2016.

In addition, the IMO further declared global sulfur limit in 2016, reducing the sulfur content in fuel to 0.5%, that will go into effect from 1st January 2020.

Growing trade activities along with advancements in emission control technology will propel the product installation. Restructuring of the old vessels to build sustainable systems coupled with healthy orderbook & growing ship building industry will positively impact the business landscape. Imposition of monetary penalties in the instance of non-compliance to directives will further complement the marine emission control system market outlook.

Marine Emission Control System Market

China marine emission control system market is set to grow on account of increasing FDI flow coupled with cross-border mergers, acquisitions and tax inversions. The Chinese Ministry of Transport, on 3rd July 2018, published requirements with an aim to limit NOx emissions. The norms are applicable on engines imported and converted for domestic trade on & after 1st September 2018.

Installation of scrubber systems will witness an upsurge in demand owing to long term operational flexibility and less payback period. Hybrid scrubber system’ ability to treat high temperature and gas streams will positively impact the marine emission control system market share. In addition, increasing IMO directives to combat SOx emissions from marine industry along with R&D initiatives toward green shipping will complement the business outlook.

Recreational applications are anticipated to grow on account of rising disposable income and improvement in living standards. Ongoing investments in the development of tourism sector along with increasing demand for comfort and luxury will positively impact the marine emission control system market size.

Commercial applications will witness growth owing to stringent government mandates coupled with rising cross-border trade and long international voyage. Ongoing replacement and upgradation of old vessels with an aim to adopt sustainable systems is further projected to drive the marine emission control system market growth.

Europe Marine Emission Control Systems Market Size, By Application, 2017 & 2024 (USD Million)

The U.S. marine emission control system market will grow on account of ongoing R&D activities coupled with introduction of standards toward system operation, construction and inspection. Growing demand for commercial and navy vessels along with implementation of strict IMO protocols will foster the industry growth. MEPC strategy to limit the marine emissions and reduce the pollution by 50% by 2050 will further accelerate the product demand.

Some of the major marine emission control system market participants include Wärtsilä, Yara, Alfa Laval, DEC Maritime, Clean Marine, DuPont, Shanghai Bluesoul, Niigata Power System, Mitsubishi, Fuji Electric, Johnson Matthey, Kwangsung, Tenneco, Damen Shipyards, Ecospray Technologies and H+H Engineering.

Source:  https://www.gminsights.com/pressrelease/marine-emissions-control-system-market

 

Inland waterways to transit more shipments of export cargo and import cargo in international trade.
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Inland Waterways Vessels Market to Hit $2.25 Billion by 2024

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According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc., the Inland Waterways Vessels Market to grow at over 4.5 percent compound annual growth rate (CAGR) from 2017 to 2024.

Increasing trade activities via inland waterways is primarily driving the industry growth over the forecast timeframe. These vessels are highly preferred owing to their benefits including congestion free transportation, reliability, and cost effectiveness as compared to other modes, further escalating the revenue generation. Various governments across the globe are launching initiatives to modernize their marine ports, positively impacting the inland waterways vessels market till 2024.

Non-passenger vessels are likely to showcase dominance in the global inland waterways vessels market with more than 80 percent revenue share by 2024. High prominence of work boats such as general cargo ships and fishing vessels for carrying out specific tasks will primarily contribute to the revenue generation. Passenger ships will exhibit over three percent CAGR from 2017 to 2024 owing to rising government support across the globe for their enhancement. For instance, in October 2017, the Chinese government made an announcement for facilitation of cruise industry in the country.

Marine ports across the globe are witnessing increasing goods and passenger traffic, resulting in heavy investments. For instance, in March 2018, India’s port sector was rewarded $10 billion for the benefit of the industry participants for efficiently accomplishing their tasks including maintenance, operations, harboring, etc. This will instigate immense growth potential to the global inland waterways vessels market over the next eight years. However, restricted participation of private sector may hamper the industry growth.

Globally stringent requirements are witnessed which are associated with fixtures and fittings during the construction of vessels. For instance, investigation of Rhine ships (ROSR) and an EU Directive comprises several requirements to be adhered to. Moreover, an overall technical inspection of the ships is conducted for providing them with a certificate to transport commodities or passengers. These mandatory standards will enhance the quality of vessels, further improving the product sales, fostering the inland waterways vessels market growth over the coming years.

Global inland waterways vessels market from diesel oil will exhibit maximum volume share of over 90 percent till 2024 owing to strong prevalence of fuel in the industry. High usage of the fuel in majority of the vessels will augment to the revenue generation. LSFO will grow rapidly, witnessing more than 6.5 percent CAGR over the next eight years. The substantial growth is attributed to its rising deployment owing to increasing marine pollution and adverse environmental impacts. Moreover, this fuel fulfils the stringent regulatory standards, further contributing the industry growth.

Asia Pacific will capture highest revenue share in inland waterways vessels market, accounting for more than $1.75 trillion by 2024. Rising initiatives from countries including Japan, South Korea, and China for enhancement of marine transportation will essentially drive the industry growth. These countries have carried out extensive construction activities for bulk-carriers, new tankers, and liquefied natural gas (LNG) carriers over the past few years, further supporting the regional dominance. North America is likely to grow substantially, exhibiting more than 6 percent CAGR owing to regular modernizations in the terminals and continuous focus of industry participants to expand their fleet.

Sanmar, Rhenus Group, Sneed Shipbuilding, Bayliner, Viking, European Cruise Service, and CMA CGM Group are among the prominent global inland waterways vessels market participants. Other noticeable participants include Seacontractors, Windcat Work Boats, CIWTC, DFDS, and Norfolk Tug Company. Fleet expansion is among the key strategy implemented by the industry players to gain competitive edge. For instance, in March 2018, Viking planned to construct six vessels to be delivered within next few years.