Increasing demand for cost effective "Pharmacovigilance Software" is propelling the market growth

The global Pharmacovigilance (PV) Software Market was valued at USD 117.3 million in 2015 and is expected to reach a value of USD 207.3 million by 2024. Increasing emphasis on regulatory compliances by government entities such as the U.S. FDA, European Medical Agency, etc. coupled with supportive initiatives are anticipated to drive the PV software market over the forecast period.

Increasing demand for fully integrated systems in an attempt to avert errors in database management is a crucial factor responsible for the adoption of these systems. Moreover, associated benefits of cloud-based platforms, such as remote access to information, reduction of operational costs, and ease of access are factors contributing toward the market growth in the near future.

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Further Key Findings from the Study Suggest:

• ADR reporting tools dominated the overall pharmacovigilance software market on the basis of functionality in 2015, due to the related benefits such as data entry and management with minimum errors. On the other hand, demand for fully integrated platforms is increasing to track individual case safety reports and avoid data redundancy through the elimination of errors. The aforementioned factors are anticipated to contribute toward lucrative growth of fully integrated systems in PV.
• On-demand software services, considered as cloud computing are expected to be the fastest growing service segment in the coming years due to its increasing adoption in the contract research organizations. Remote access to data, real-time data tracking, and a simpler complex physical ecosystem are the notable benefits associated with cloud-based systems.
• CROs segment is expected to exhibit profitable growth during the forecast period due to the increasing trend of outsourcing. PV service providers, in an attempt, to ensure sustainability, are providing customized end-to-end solutions to meet consumer needs. These firms are also incorporating integrated technologies, such as electronic data capture and hosting of PV warehousing to aggregate cross industry data, which enables risk evaluation. Furthermore, service providers are now operating via flexible and variable pricing structures to achieve operational excellence through constant product updates, which is expected to boost the usage rates over the next 7 years.
• North America held the largest market share as of 2015, majorly owing to the government aided initiatives favoring the adoption of PV software systems. For instance, the Open FDA initiative provides scientists and application developers the access to its massive database through open search-based programs, which is anticipated to boost the usage rates over the forecast period. Mini-Sentinel is a project started by the U.S. FDA to promote active surveillance systems, which provide statistically relevant data in less time. The aforementioned initiatives strengthen the growth of the regional market
• Many healthcare IT companies are shifting toward hosting of cloud-based platforms to gain an edge over the competition. Cloud-based technology helps in remote storage of large amounts of data to save free space on the devices and facilitates data retrieval as per client needs. The technology comprises 3 services including Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS)
• The key players serving pharmacovigilance software market are ArisGlobal, Ennov Solutions Inc.,Oracle Corporation, AB Cube, Sparta Systems, Inc., Max Application, EXTEDO GmbH, Relsys, Online Business Applications, Inc., and United BioSource Corporation

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Increase in Adoption of Electronic Medical Records (EMR) in Hospitals is Expected to Drive Medical Carts Market

The global Medical Carts Market is expected to reach USD 4.55 billion by 2025 by exhibiting a CAGR of 15.2% during the forecast period, according to a new report by Grand View Research, Inc. Increase in adoption of electronic medical records (EMR) in hospitals is expected to drive the medical carts market. The growth of the market can also be attributed to increasing demand for efficient care delivery and patient engagement solutions in healthcare facilities.

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Rising incidence of work-related musculoskeletal injury (MSI) among medical and nursing staff is anticipated to propel the demand for mobile medical carts over the forecast period. Furthermore, advancements in clinical workstations such as battery-powered systems with locking drawers and touchscreen communication channels are contributing to the increase in demand for these products over the forecast period.

Further key findings from the study suggest: 

• By product, mobile computing carts accounted for the largest share in 2016 owing to increased application in healthcare facilities, such as medical documentation, equipment delivery, dispensing of drugs, and telehealth services
• Mobile computing carts can be powered and nonpowered. The powered segment is expected to witness lucrative growth in the coming years due to benefits such as portability
• By type, emergency carts held the majority in 2016 owing to various technological advancements such as improved mobility, lighter weight designs, and enhanced ergonomics
• Hospitals are the largest end users of medical carts. This can be attributed to increasing incidence of work-related MSIs among hospital staff and spread of infectious diseases
• Companies are focusing on product launches and innovation to cater to differentiated demand from consumers. They are also offering cost-efficient care delivery solutions to stay ahead
• For instance, in October 2015, Ergotron, Inc. launched the SV10 series of Styleview Medical Carts to improve its revenue share.

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Cardiovascular Information System Market Worth $1.2 Billion By 2024

The global Cardiovascular Information System (CVIS) Market is expected to reach USD 1.2 billion by 2024, according to a new report by Grand View Research Inc. The global cardiovascular devices industry is growing swiftly owing to the increasing prevalence of heart diseases and other cardiovascular problems. 

In accordance with the growing patient population there is an exponential surge in the patient history documents and patient data records. The resultant,rising burden of patient data is pushing forward the demand for effective management tools; thus, offering increased accessibility of patient information to surgeons and the healthcare staff and hence enhancing the operational efficiency of the practices. In addition, factors, such as technological advancements and the gradually growing awareness regarding the availability of these improved systems are expected to fuel the growth of the cardiovascular devices market.

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However, factors,such as high system costs and the lack of skilled operators are impeding the overall growth. In addition, the presence of alternative data management tools is challenging the adoption of the information systems specific to cardiovascular data management. Some of the key players in the market are implementing strategies to expand market share. For instance, companies, such as Philips Healthcare and GE Healthcare offer CVIS systems along with their cardiac imaging products.  

Further key findings from the study suggest:

• The CVIS segment captured the largest market share of the global market in 2015. Integration of these systems with imaging devices is responsible for the highest adoption rate of this segment.
• Owing to the high cost of these systems, the CVIS segment is expected to maintain its dominance during the forecast period
• The cloud-based segment is anticipated to exhibit the fastest growth rate during the forecast period. The associated advantages, such as the affordable cost, remote accessibility of data, and the user friendly interface, are expected to fuel the adoption of the cloud-based mode of operation.
• North America capturedthe largest market share of around 36% in 2015. The dominance of the segment is expected to continue with a CAGR of 5.8% from 2016 to 2024.
• The factors contributing to the growth of the North America market include the increasing prevalence of heart diseases and the technological advancements in the region. Moreover, factors, such as the availability of highly advanced healthcare facilities and the higher adoption rate of the data management tools are augmenting the market growth in North America.
• Asia Pacific is anticipated to grow at the fastest rate during the forecast period. Countries, such as India and China are expected to be the fastest growing markets in the region owing to the large pool of cardiovascular patients and the rising healthcare expenditure.
• The booming medical tourism in Asia Pacific due to the availability of advanced healthcare facilities and services at a lower cost in comparison to the other developed countries serves as the pivotal factor in attracting cardiac patients worldwide to this region.
• Some major players in this market include Philips Healthcare, GE Healthcare, McKesson Corporation, Siemens Healthcare GmbH, Merge Healthcare, Inc., Agfa Healthcare N.V., Cerner Corporation, Fujifilm Medical Systems, Inc., Lumedx Corporation, and Digisonics, Inc.

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Behavioral/Mental Health Care Software Market:Understand the Behavior Patterns of Patient and Suggest Best Treatment

Mental health software (MHS) is custom built software that enables psychologists to understand the behavior patterns of patient/s and suggest them best treatment plan to deal against stress, anxiety, addiction, depression etc.MHS is widely used software by various professionals. It has the ability to retrieve pharmacy, laboratory and radiology data observations on the patients been treated.

The software beholds various features for better operations that display patient demographics in concurrence with the admission facility of the hospital i.e. the application records patient demographics as well as displays availability of bed/s and current census. The software further provides the ability to have a customized report to address patient individual needs. Simply put, a mental health software also acts as an ERP that helps healthcare professionals run mental practices, and proving effective for administration management, patient records, workflow, care delivery, billing and coding.

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Improved health reforms, encouraging government initiatives, rising number of people looking for behavioral health support pose are favorable factors and continue to boost the market growth. However, data privacy issues, shortage of skilled psychiatrists, healthcare IT professionals and lower approach to behavioral health EHRs are some of the market restraints.

High Content Screening Market Analysis, Size, Share and Growth 2022

Global high content screening market is expected to witness lucrative market growth as a consequence of rising need for development of new drug molecules owing to presence of obsolete drug therapies with less potency. The increasing need is also attributed to rising prevalence of chronic diseases requiring intensive treatment such as HIV AIDS, epilepsy and Parkinson’s disease. Rising need of determination and study of toxicity levels in the initial phases of drug discovery is also high rendering impact driver of the high content screening market. Technological advancements including usage of multicolored fluorescence based reagents, polarization techniques, automated imaging technology and flow cytometry are anticipated to drive the market growth further. With advent of these advancements, unwanted toxicities during drug interactions are eliminated. This leads to increase stability of new drugs, greater accuracy, reduction in drug discovery time and increased cost efficiency and hence is expected to further boost the demand for the market. Moreover, better data visualization tools, improved software and new detection methods such as fluorescence lifetime & multispectral imaging are predicted to drive the growth. Furthermore, benefits associated with these innovations such as application in gene identification & neonatal development studies and enhanced penetrability of drug are anticipated to provide growth potential to the high content screening market over the forecast period.

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The global high content screening market is segmented on the basis of product, end use and application. On the basis of product, it is segregated into consumables, microplates, instruments, software and service. On the basis of application, it is categorized into primary & secondary screening, compound profiling and target identification & validation. On the basis of end-use, it is segmented into contract research organizations, pharmaceutical & biotechnology companies and academic and research institutes. As of 2014, the high screening instrument segment held the substantial share in high content screening market owing to need for high cost efficient alternatives.

Geographically, high content screening market is segregated into North America, Europe, Asia Pacific, Latin America and MEA. As of 2014, North America held the largest share of the high content screening market owing to significant growth factors including increasing incidences of chronic diseases, rising prevalence of geriatric population, various collaborations with research institutes, high disposable income and advanced healthcare infrastructure.

Major players of high content screening market are Molecular Devices, Thermo Fisher Scientific, PerkinElmer Inc., Becton, GE Healthcare, Dickinson and Company, Merck KGaA, Cell Signaling Technology, Thorlabs, Inc., Genedata AG and Yokogawa Electric Corporation.

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Demand for Computational Biology Market Usage and Application is Expected to Grow at a Steady Growth Rate

The Global Computational Biology Market is expected to reach USD 4,285.1 million by 2020 growing at a CAGR of 21.1%, according to a new study by Grand View Research, Inc. Steady increase in the usage & application of computational biology for bioinformatics R&D programs designed for sequencing genomes to better understand biological systems and increasing number of clinical studies in pharmacogenomics and pharmacokinetics for novel drug discovery studies are expected to drive computational biology demand over the next six years.

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Computational genomics for cellular and biological simulation applications dominated the market in 2013, accounting for over 47% of global revenue. Key factors driving demand for these applications include the growth of drug designing, disease modeling and personalized medicine applications and the growing usage of computational biology for functional and structural genomics, epigenomics and metagenomics for the analysis of protein transcription, protein-protein interactions, gene sequencing and expression and 3-dimensional protein structure analysis.

Further key findings from the study suggest:

• North America was the largest regional market, accounting for 58.0% of the global revenue in 2013. Its large share is majorly attributed to the growing research investments and initiatives for development of drug discovery, disease modeling technologies and innovations in biological computation methods. It is expected that Asia Pacific will witness the fastest growth in the market, at an estimated CAGR of 28.0% owing to the increasing expenditure in clinical studies for pharmacokinetics and pharmacogenomics.
• The application of computational biology in proteomics for cellular simulation is expected to grow at the fastest CAGR of over 22% owing to the shift in sequencing studies towards further analysis of the nature of various biological proteins as a part of development of personalized medicine.
• Drug discovery and disease modelling applications dominated the market, accounting for 58.0% of global revenue in 2013. This large share is attributed by the extensive drug development pipelines present for a number of global branded and generic drug manufacturing firms such as Sanofi, Novo Nordisk and Eli Lilly.
• Computational Biology databases dominated the tools segment and accounted for 44.5% of the market revenue in 2013, owing to extensive genomic database usage for warehousing and data mining of biological and sequential data generated from genomic and proteomic studies. Consequentially, the software and services for the analysis of biological data is expected to witness the fastest CAGR of over 21.0%.
• Key players of this market include Schrodinger, Accelrys, Certara, Entelos, Simulation Plus and others.

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Newborn Screening Market: Increasing Awareness and Rising Demand for Newborn Diagnosis

The global newborn screening market is expected to reach USD 1.43 billion by 2022, according to a new report by Grand View Research Inc. Increasing occurrence of congenital disorders that lead to mental retardation or dysfunctioning body organs and the availability of advanced screening technologies are expected to drive market growth over the forecast period.

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Furthermore, the market is expected to witness a boost in demand owing to, the presence of Federal Bodies involved in organizing awareness and quality assurance programs to imbibe faith and decrease the number of deaths caused due to negligence & non-screening. For instance, in 2011, the Ministry of Health, Japan recommended the use of mass spectrometry in newborn screening and by 2014, the entire nation started utilizing it for 19 critical conditions.

Further key findings from the report suggest:

• Tandem mass spectroscopy is expected to account for over 25% of newborn screening market share by 2022, owing to its ability to render faster diagnosis and cost effectiveness.
• Pulse oximetry is expected to witness gains of over 9.0% over the forecast period. Masimo’s Eve software and Radical-7 oximeter gained CE marking in 2014 leading to a growth in demand supported by quality assurance and better analysis.
• Dry blood spot test is expected to witness lucrative growth over the forecast period. Free distribution of filter paper by government is expected to boost the primary screening of all newborns, thereby, accelerating market growth.
• Presently, 100% screening of over 4 million neonates is carried out in the North America annually. Encouraging efforts to prevent long term disabilities by healthcare providers and government agencies are some vital factors influencing regional market growth. Presence of favorable reimbursement policies reduces the burden of treatment cost, thereby, promoting higher procedure volumes
• Asia Pacific newborn screening market is expected to witness the fastest growth of over 11.0% during the forecast period. This growth is attributed to the presence of large untapped opportunities, rising healthcare expenditure levels, increasing disease prevalence rate, and the introduction of supportive government initiatives.
• Some key players of this market include Agilent Technologies Inc., AB Sciex LLC, Natus Medical Inc., PerkinElmer Inc., Covidien Plc, Masimo Corp., Trivitron Healthcare, Bio-Rad Laboratories Inc. GE Healthcare and Waters Corp.
• Market participants are constantly engaged in developing technologically advanced products in an attempt to improve presence and ensure sustainability. PerkinElmer’s “EnLite Neonatal TREC Kit” gained FDA approval in 2014 for the diagnosis and treatment of Severe Combined Immunodeficiency Disease (SCID) leading to replacement of non-approved tests in certain states of the U.S.
• Over 20 states along with the Navajo Nation and the District of Columbia have put screening programs into practice for the same.

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Post-Marketing Pharmacovigilance And Medical Information Market Worth $5.3Bn By 2022

Global post-marketing pharmacovigilance and medical information market is expected to reach USD 5.3 Billion by 2022, according to a new report by Grand View Research, Inc. Increasing prevalence of Adverse Drug Reactions (ADRs) coupled with incorporation of advanced ADR reporting tools is responsible for the overall growth of the post-marketing pharmacovigilance and medical information market. Increased drug consumption can be attributed to rising prevalence of chronic diseases such as tuberculosis that involve multiple drug regimes.

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Rising government initiatives for improvement of pharmacovigilance services and maintenance of medical databases are also responsible for inducing overall growth of post-marketing pharmacovigilance and medical information market. For instance, in December 2015, the USAID Systems for Improved Access to Pharmaceuticals and Services (SIAPS) launched PViMS tool to improve drug safety monitoring in low and middle income countries by helping clinicians, researchers, and regulatory authorities to collect, analyze, and monitor ADRs. 

Further key findings from the study suggest:

• Spontaneous reporting dominated the post-marketing pharmacovigilance market in terms of revenue share as of 2014 and accounted for over 30.0% of market owing to wide usage in reporting of unknown and suspected ADRs. Preference of healthcare professionals and researchers towards this method is also responsible for the overall growth of this segment.

• Cohort event monitoring is anticipated to be the fastest growing in post-marketing pharmacovigilance owing to application in all types of clinical events. Moreover, associated benefits such as early detection, high accuracy, and cost-efficiency are also anticipated to be the growth inducing factors.

• Books dominated the overall product segment in terms of revenue share as of 2014 owing to the preference by clinicians and healthcare professionals as a primary source of information pertaining to adverse drug reactions. Online media is anticipated to be the fastest growing segment with a CAGR of over 13.0 % during the forecast period owing to rising inclination towards digitalized data.

• Hospitals held the dominant share of end-use segment as a consequence of low costs associated with hospital based post-marketing pharmacovigilance surveillance. Research organizations segment is anticipated to show significant growth rate in coming years owing to streamlining of R&D in developing of new medicines and improving risk management through early prognosis of ADRs.

• The key players of post-marketing pharmacovigilance and medical information market include Accenture Plc., Clinquest Group B.V., Cognizant Technology Solutions Corporation, Covance, Inc., iMEDGlobal Corporation, inVentiv Health Clinical, Parexel International Corporation, Pharmaceutical Product Development, Inc., PRA Health Sciences, Inc., Quintiles, F. Hoffmann-La Roche Ltd., Sanofi Aventis, Synowledge LLC, Wipro Ltd., ArisGlobal, Ergomed Plc. Rising strategic alliances and mergers &acquisitions are also anticipated to drive market growth. For instance, in January 2016, strategic collaboration of Parexel and Optum for reducingcosts related to post-approval studies and spreading awareness among the population base.

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Electronic Health Records (EHR) Market Increasing System Productivity and Patient Satisfaction

The global Electronic Health Records (EHR) market is expected to reach USD 33.41 billion by 2025, according to a new report by Grand View Research, Inc. The government initiatives undertaken in support of EHR adoption are most likely to accentuate the market growth.

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The federal government introduced Health Information Technology for Economic and Clinical Health (HITECH) Act in 2009 for promoting usage of EHR amongst healthcare providers. The program included provision of training and assistance for health information technology (IT) workers in order to set up EHRs in the hospitals. 

The National Health Services (NHS), UK is planning to convert the documentation process into digitized form completely by the year 2018. In the U.S., federal government has announced financial incentives for physicians planning to adopt EHR systems. Any average physician with at least 30% of his/her patients covered with Medicare is eligible for incentives worth USD 44,000. 

Many region-specific initiatives are promoting eHealth services. For instance, EUR-Lex gave eHealth action plan for 2012 – 2020, which states the strategies for deployment of eHealth services amongst European nations. 

Further Key Findings From The Report Suggest:

• Web-based EHR was observed to be the largest product segment owing to the fact that it can be deployed without in-house installation of complex hardware infrastructure. Moreover, web-based EHR is expected to be the fastest growing product segment in the coming years

• Acute care EHR held the majority of EHR type market share at around 48% in the year 2016; whereas post-acute care EHR is likely to showcase fastest growth rate over the forecast period

• The hospital use EHR segment accounted for the largest end-use share due to the excessive adoption rate among hospitals, whereas ambulatory care EHR is expected to be the fastest growing segment

• As a part of the Health HITECH Act of 2009, the federal government allocated USD 27 billion for an incentive program, especially arranged for promoting adoption of EHR in hospitals and ambulatory care centers

• The EHR industry in Asia Pacific is projected to display substantial growth over the forecast period owing to various developments across major economies along with increased expenditure on healthcare IT. This regional market is expected to grow at a CAGR of 7% from 2017 to 2025

• According to Healthcare Information and Management Systems Society (HIMSS) analysis adoption model for EHR, more than 2.5% of total hospitals in the Asia Pacific region crossed stage 6 of EHR implementation by the end of 2016, fueling the regional market growth

• Some of the established key players in this industry include Cerner; Allscripts; McKesson Corporation; MEDITECH; Epic Systems Corporation; and NextGen Healthcare. Some of the emerging players are eClinicalWorks; Healthcare Management System; Healthland; and CureMD Healthcare; etc.

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Digital Pathology Market is Expected to Fuel the Market Growth in Coming Years

The global digital pathology market is expected to reach USD 979.0 million by 2025, according to a new report by Grand View Research, Inc. Increasing prevalence of chronic diseases, which triggers demand for advanced diagnostics, is expected to provide growth opportunities to digital pathology market. Growing economic stability and awareness pertaining to associated benefits with the use of computer-aided diagnostics is further contributing toward the industry growth.

Technological advancements such as digital imaging, computerization, robotic light microscopy, and multiple fiberoptic communications are some of the key factors contributing toward the rising adoption of digital pathology. In addition, introduction of cloud-based technology enabling storage of digital slides coupled with secure access to pathologists is expected to serve this industry as a potential growth driver.

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Digital pathology has important role in companion diagnostics and drug development pipeline, including molecular biology, biobanking, molecular tissue profiling, and tissue microarray analysis. Increasing demand for high-quality tissue samples in tissue-based biomarker research is propelling the adoption of this technology over the forecast period.

This market is expected to witness intense competition in near future owing to rising adoption of rigorous strategies by the market players to sustain competition. For instance; manufacturers of whole slide imaging systems are focused on obtaining premarket approval for diagnostic digital systems to capture more revenue share.

Further key findings from the study suggest:

• Whole slide imaging held the dominant share as of 2016 owing to its increased use in academic research

• Rising implementation of whole slide image scanning in stratified medicine and tissue-based biomarker research is one of the key contributing factors for the dominance of this technology

• Telepathology segment is expected to witness lucrative growth in the near future owing to the benefits associated with its use

• Telepathology offers faster diagnosis and synchronizes patient data, where healthcare professionals can remotely access this information

• Rising demand for accurate & faster diagnosis fosters the demand for static image-based systems that further contributes to the static telepathology system growth 

• Digital pathology has wide applications in academic research owing to various benefits such as cost-effectiveness and rapid results

• The availability of unified platforms for workflows in pathology is anticipated to boost the usage rate of computer-aided imaging technology in academic research, which is anticipated to boost the segment growth

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Healthcare Satellite Connectivity Market Improves Delivery of Services to Patients

The global healthcare satellite connectivity market is expected to reach USD 10.1 billion by 2025 according to a new report by Grand View Research, Inc. Globally, rising adoption of eHealth & other services and growing usage of technology platforms by hospitals & medical providers are crucial factors that boost the market growth.

U.S. healthcare satellite connectivity market, by component, 2014 - 2025 ($Billion)

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Several governments are working toward providing improved basic medical facilities in rural areas with a key focus on improving connectivity infrastructure in healthcare and provision of enhanced care services. Some of the players in satellite connectivity are also undertaking projects in order to enhance healthcare provisions in underserved regions. For instance, Satellite Applications Catapult, a satellite technology company has collaborated with the Cayetano Heredia University in Northern Peru to improve medical services in the remote areas of Amazonia by providing enhanced connectivity solutions for mobile healthcare facilities along with the usage of eHealth and mHealth solutions.

Furthermore, the increasing pressure on medical facilities due to reduced budgets, ageing population, increasing number of patients with chronic conditions, shortage of adequately trained medical staff & doctors, lack of proper infrastructure in rural areas, and growing demand for real-time distance learning, telemedicine, and video services of higher quality are some of the other factors contributing to the growing adoption of satellite technology in healthcare. According to the Federal Communications Commission, rural areas are underserved by terrestrial broadband services as compared to urban areas. In 2016, 20 % did not have access to services at even 4 Mbps/1 Mbps and 31 % lacked access to 10 Mbps/1 Mbps broadband services. Provision of high-speed satellite technology would be a key solution to eliminate this geographic barrier and offer superior medical facilities.

Further key findings from the report suggest:

• The system & software segment held majority of market share amongst the component segment in 2016 due to growing demand for data analytics in the healthcare sector

• eHealth was the dominating application segment in 2016 due to growing government initiatives promoting integration of technology in healthcare

• Hospitals & Clinics were the dominating end-use segment in 2016 with a share of 65.3% owing to the rising adoption of technology platforms for delivering medical care

• Fixed mobile services held majority of the market share in 2016 in the connectivity segment with a share of 83%

• The Asia Pacific market is expected to witness lucrative growth over the forecast period owing to the improving infrastructure and increasing patient pool

• Key players include Inmarsat plc; Hughes Network Systems LLC, SES S.A., X2nSat, Expedition Communications, Globalstar, Eutelsat

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Investments Increasing in Augmented Reality (AR) & Virtual Reality (VR) in Healthcare Market

The global augmented reality & virtual reality in healthcare market is expected to reach USD 5.1 billion by 2025 according to a new report by Grand View Research, Inc. The growing adoption of Augmented Reality (AR) & Virtual Reality (VR) in medical field, increasing investments in such emerging technologies, and constant developments in healthcare IT are some of the key factors responsible for growth of this market.

The market is majorly driven by applications in surgical simulations, diagnostic imaging, patient care management, rehabilitation, and health management. The application of AR & VR in training medical professionals provides them enhanced understanding of anatomy & physiology and assists in complicated surgeries that require precision, thus, resulting in reduced complications and lesser trauma. VR helps patients get over their worst fears and phobias through the exposure therapy. These technologies are also gaining significance in fitness management due to the development of various health apps that help train doctors as well as patients.

North America augmented reality & virtual reality in healthcare market, by technology, 2014 - 2025 (USD Million)

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The use of these advanced technologies in live streaming of surgeries for medical education coupled with patient monitoring & pain management serves as a market opportunity and is predicted to drive the segment substantially. These new disruptive technologies have revolutionized medical field and provide an innovative approach for transforming healthcare experience. The increasing focus on streamlining medical operations along with demand for better delivery of care services are driving the growing adoption of these technologies.

Increase in number of startups has led to higher demand for investments to fund development of AR & VR technologies. The market is witnessing an increase in private investments by various investors, which is expected to boost growth further. For instance, Swiss-based startup MindMaze is a well-funded company that has raised USD 100 million from Hinduja Group for development of VR hardware & software. In addition, increased government funding and supportive initiatives are expected to drive growth.

Further key findings from the report suggest:

• The hardware segment held the majority of the revenue share in 2016 due to rise in adoption of wearable devices in healthcare

• AR dominated the technology segment in 2016 owing to its increasing adoption in surgeries and medical training

• North America dominated the global market for AR and VR due to greater adoption of advanced technology and sophisticated infrastructure

• Asia Pacific AR and VR market is expected to witness a lucrative growth of 33% over the forecast period

• Some of the key players include CAE HEALTHCARE; GE Healthcare; Intuitive Surgical; Hologic, Inc.; Virtual Realities, LLC; and Philips Healthcare

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Digital Therapeutics Market: Easy Tracking and Monitoring of Patients

The global digital therapeutics market is anticipated to reach USD 9.4 billion by 2025, according to a new report by Grand View Research, Inc. The growth of the market is catapulted by increasing incidences of chronic diseases, increasing emphasis on preventive healthcare, the need to curb healthcare expenditures, and added benefits offered by digital therapeutics. Rise in number of venture capitalists that are investing in the market is another factor that is accelerating its growth.

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Digital therapeutics, commonly known as software-for drugs has been gaining much attention due to the number of benefits it offers to patients that utilize it. Continuous monitoring of patient’s vital stats, ability to ensure adherence to medications, prompt reminders are some of the most important benefits offered by digital therapeutics.

With an increase in the internet usage and dependency over smartphones, digital therapeutics offers easy tracking and monitoring of patients and their vital stats without intervention. This serves in a discrete and non-interventional manner to persuade individuals to adopt healthier lifestyles and improve physical well-being. Captivating design, extended assessment, and digital tracking are features that are attributing to increasing adoption of digital therapeutics by patients, employers, providers and others.

The North American region contributed to the largest market share owing to technologically advanced medical infrastructure and successful execution of ambulatory health in their healthcare system. Emerging countries like India, China and Brazil are also expected to flourish during the forecast period owing to adoption of enhanced healthcare infrastructure and medical technologies to curb the prevention of chronic diseases.

Further Key Findings From the Study Suggest: 

• The global digital therapeutics market size was estimated at $1.7 Billion in 2016 and is expected to grow at 21.0% CAGR from 2017 to 2025

• Diabetes is expected to gain the largest market share on the basis of application owing to increasing incidence rates globally and preventive steps taken to reduce them

• Obesity is also expected to account for a considerable market share due to various healthcare reforms to curb the disease initially and prevent further costs associated with the disease

• The adoption of digital therapeutics offers reduction in healthcare costs associated with diseases like diabetes and obesity and are thus being used on an increasing scale

• Digital tracking, continuous monitoring, and management of physical activity and eating habits are factors that are propelling the growth of the market

• Increasing usage in preventive areas for a wide range of diseases and disorders like respiratory disorders, CVD, and CNS disease are attributes that are bringing about growth of the market

• Patients accounted for the largest market share in the end-user’s segment owing to user-friendly interface and effective management of diseases

• The North American region accounted for the highest revenue owing to technological advancement and healthcare expenditure to curb rise in number of chronic diseases

• The Asia Pacific region is expected to garner considerable growth during the forecast period owing to increasing adoption of advanced healthcare technologies and rise in number of chronic diseases

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Healthcare Analytics Market Play a Major Part in Striving to Ameliorate the Health Economic Efficiency

The global healthcare analytics (HA) market is expected to reach USD 42.8 billion by 2024, according to a new report by Grand View Research, Inc. Efforts to reduce the spiraling healthcare costs is facilitating the usage of the healthcare analytics. Additionally, the benefits of HA include the improvement of patient access to customized care, the furthering of transparent operations to enable better public oversight, and innovation in patient care delivery and services.

Predictive Analytics market estimates and trends

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Furthermore, analytics play a major part in striving to ameliorate the health economic efficiency. For instance, l’Assurance Maladie in France employed analytics to assess the clinical safety of the class of cholesterol-lowering drugs, statins, which have been implicated in causing severe side-effects, and the derived results were used to introduce evidence-based performance measures to address the cracks in the operational system.

Further key findings from the study suggest:

• Descriptive analytics held a significant share in 2015 owing to its applications in process optimization in organizations. On the other hand, predictive analytics is anticipated to grow at a lucrative rate over the forecast period mainly due to its wide applicability in medical systems, such as fraud prevention, disease prevalence forecasts, and risk assessment.

• The services category dominated the component segment in 2015. Outsourcing of these big data services contributed towards their growth in leading to the high volume of services rendered. Moreover, the outsourcing of services helps in cutting costs associated with infrastructure requirements and in addition, avoids the requirement of skilled individuals to perform the same task.

• The hardware systems category dominated the component segment, high-cost of the hardware, such as the use of computer systems and internet servers contributed to its growth.

• On-premise delivered analytic services dominated the delivery mode category with around 54.0% share in 2015. However, the cloud-based delivery mode segment is anticipated to grow at a profitable rate over the forecast period. The benefits of the cloud system, which include remote data entry and real-time data entry features are expected to result in the growth of this segment.

• The applications of the healthcare big data include financial applications, operational & administrative applications, and clinical applications. Operational and administrative applications governed the applications segment and held a remunerative share in the year, 2015.

• The demand for financial applications is anticipated to boost over the forecast period. These applications include payment and claim settlements and fraud prevention and risk analysis. Various initiatives undertaken by the government, such as the Fraud Prevention System (FPS) from the CMS is promoting its adoption.

• The end-users of HA include payers, providers, and others. Payers held a significant market share in 2015 and the providers are anticipated to grow at a lucrative rate. The usage of these services by providers is for population health management, quality improvement, and personalized care.

• North America captured a significant share in the global market. Advanced healthcare infrastructure in this region and the growing per capita healthcare expenditure supported the greater consumption of these services.

• The Asia Pacific region is expected to witness gainful growth attributable to the untapped opportunities in the countries including India and China.

• Some key players operating in the healthcare analytics market include IBM Corporation, Oracle Corporation, SAS, Cerner Corporation, Allscripts Healthcare Solutions, Inc., Optum Health, Inc., and Verisk Analytics, Inc. The notable initiatives in the industry include new product launches, collaboration with government bodies, and investments directed towards R&D efforts.

• For instance, in December 2015 Truven Health Analytics, Inc. and Philips Electronics N.V. integrated Truven Health Micromedex Solutions in the management platform, the Tasy System. This integrated platform is anticipated to facilitate fast and easy access to a wealth of evidence-based medical information present in the drug interaction repositories of Micromedex Solutions.

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Biosimulation Market is Driven by High Demand for High Potency New Generation Therapeutics

The biosimulation market is expected to reach USD 3.77 billion by 2024, according to a new study by Grand View Research, Inc. The unprecedented global shift in the adoption of unhealthy lifestyles is resulting in the high prevalence of chronic diseases, such as cancer and diabetes, is expected to drive the biosimulation market during the forecast period. In addition, the rising geriatric population base highly susceptible to acquire the aforementioned chronic diseases result in enhanced demand for highly efficacious pharmacological drugs. This high requirement of efficacious drugs can be effectively met at a faster rate through the incorporation of the in silico approach, thus creating a high potential for biosimulation market growth opportunities in the future. Furthermore, increasing drug resistance, high drug failure rate, and availability of limited drugs to treat several diseasessuch as AIDS, pneumonia, tuberculosis, and others indicate the indisputable requirement for the incorporation of biosimulation in the drug discovery and development process. The widespread application of the in silico approach to developing efficacious drugs would generate drugs of greater potency in the market within a shorter span.

North America Biosimulation Market Share, by Application, 2014 - 2024 (USD Million)

View Summary Of This Report Click Here: https://www.grandviewresearch.com/industry-analysis/biosimulation-industry

The increasing demand can be attributed primarily to the significant cost reduction in the clinical trials and drug development & discovery process. This is due to the fact that the in silico software can predict adverse reactions, toxicity, and efficacy of the drugsin the early stages of the drug development, thereby reducing the probability of drug failure at the later stages and consequentially, control the overall expenditure. These above-mentioned factors serve as key reasons responsiblefor the heightened market demand.

Further key findings from the study suggest:

• The services segment is expected to exhibit growth at a significant CAGR of over 16.0% during the forecast period. This is a consequence of rising inclination of the big pharmaceutical companies to outsource their biosimulation process so as to reduce the overall cost incurred in research and development and divert its focus toward their core capabilities.

• The drug discovery segment is anticipated to witness an exponential CAGR of over 15.0% in the application segment. Associated benefits of biosimulation in drug discovery are anticipated to fuel the demand over the forecast period. These benefits include the elimination of potential drug failures, predict unfavorable drug interactions, and anticipate potential risks.

• In addition to these, certain other advantages include increased drug efficacy through the evaluation of optimal synergistic combinations, enable study of the mechanistic actions of drugs, and identification ofthe most suitable dosage forms, which render the drug discovery segment a profitable zone.

• In 2015, the pharmaceutical and biotechnology companies held a substantial share of this vertical of over 58.0% in 2015. This can be attributed to the consistent efforts of these companies to develop better medication options at a faster and cheaper rate through in silico biology techniques.

• Likewise, the academic research applications are presumed to witness constant growth as a consequence of the presence of various academic research groups that are involved in the study of complex biological systems using computer models, such as by the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK).

• In 2015, North America dominated the overall biosimulation marketat over 50.0%. The presence of regulatory authorities, consistently inclined towards ensuring patient safety, is a crucial factor presumed to be responsible for the dominant market share ofthis region. Moreover, the presence of highly skilled professionals also serves as a significant growth driver.

• The numerous collaborations amongst the leading playersthat are being undertaken to promote the incorporation of biosimulation systems are expected to be responsible for bolstering the growth inthis region. For instance, Entelos, Inc. collaborated with Bayer AG to develop novel gene-based drug targets and also with Johnson & Johnson, Inc. to optimize clinical trial designs through in silico models.

• Some of the leading players in this industry include Certara USA, Inc., Simulation Plus, Inc., Dassault Systems SA, Rhenovia Pharma Ltd., and Evidera, Inc. These players are actively involved in initiating collaborative strategies and frequent product launches to capture a larger share of the vertical.For instance, In April 2016, Simulation Plus, Inc. launched the DDDPlus Version 5.0, invitro dissolution experiment software. This upgraded version includes improvements in functionalities of the software that enable scientists and researchers to study the behavior of different pharmaceutical dosage forms.

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Increasing Demand for Cost Effective Pharmacovigilance Software is Propelling the Market Growth

The global pharmacovigilance (PV) software market was valued at USD 117.3 million in 2015 and is expected to reach a value of USD 207.3 million by 2024. Increasing emphasis on regulatory compliances by government entities such as the U.S. FDA, European Medical Agency, etc. coupled with supportive initiatives are anticipated to drive the PV software market over the forecast period.

View Summary Of This Report Click Here: https://www.grandviewresearch.com/industry-analysis/pharmacovigilance-software-market

Increasing demand for fully integrated systems in an attempt to avert errors in database management is a crucial factor responsible for the adoption of these systems. Moreover, associated benefits of cloud-based platforms, such as remote access to information, reduction of operational costs, and ease of access are factors contributing toward the market growth in the near future.

Further Key Findings from the Study Suggest:

• ADR reporting tools dominated the overall pharmacovigilance software market on the basis of functionality in 2015, due to the related benefits such as data entry and management with minimum errors. On the other hand, demand for fully integrated platforms is increasing to track individual case safety reports and avoid data redundancy through the elimination of errors. The aforementioned factors are anticipated to contribute toward lucrative growth of fully integrated systems in PV.

• On-demand software services, considered as cloud computing are expected to be the fastest growing service segment in the coming years due to its increasing adoption in the contract research organizations. Remote access to data, real-time data tracking, and a simpler complex physical ecosystem are the notable benefits associated with cloud-based systems.

• CROs segment is expected to exhibit profitable growth during the forecast period due to the increasing trend of outsourcing. PV service providers, in an attempt, to ensure sustainability, are providing customized end-to-end solutions to meet consumer needs. These firms are also incorporating integrated technologies, such as electronic data capture and hosting of PV warehousing to aggregate cross industry data, which enables risk evaluation. Furthermore, service providers are now operating via flexible and variable pricing structures to achieve operational excellence through constant product updates, which is expected to boost the usage rates over the next 7 years.

• North America held the largest market share as of 2015, majorly owing to the government aided initiatives favoring the adoption of PV software systems. For instance, the Open FDA initiative provides scientists and application developers the access to its massive database through open search-based programs, which is anticipated to boost the usage rates over the forecast period. Mini-Sentinel is a project started by the U.S. FDA to promote active surveillance systems, which provide statistically relevant data in less time. The aforementioned initiatives strengthen the growth of the regional market

• Many healthcare IT companies are shifting toward hosting of cloud-based platforms to gain an edge over the competition. Cloud-based technology helps in remote storage of large amounts of data to save free space on the devices and facilitates data retrieval as per client needs. The technology comprises 3 services including Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS)

• The key players serving pharmacovigilance software market are ArisGlobal, Ennov Solutions Inc.,Oracle Corporation, AB Cube, Sparta Systems, Inc., Max Application, EXTEDO GmbH, Relsys, Online Business Applications, Inc., and United BioSource Corporation

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Clinical Trial Management System (CTMS) market Size Projected To Reach $2.2 Billion By 2024

The global clinical trial management system (CTMS) market is expected to reach USD 2.2 billion by 2024, according to a new report by Grand View Research, Inc. Rising research activities and increasing complexity in data management for multiple verticals such as pharmaceutical and biotechnology are anticipated to present the clinical trial management system market with lucrative opportunities over the forecast period. These systems are capable for speeding up the research activity along with cost containment which is crucial for pharmaceutical companies that invest a lot on R&D innovation.

Global CTMS Market

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The present business scenario is witnessing rapid changes in the market place and consumer preferences are pushing the players to innovate and generate better performing products at a faster rate, in order to sustain the competition. Owing to the aforementioned reason, CTMS are designed in way that requires minimal documentation by clinical trial professionals avoids unnecessary & repeat testing and facilitates easy payment management. This at the end makes the whole process faster and reduces the time to market.

Further key findings from the study suggest:

• Enterprise based CTMS segment is expected to hold maximum shares and witness the fastest growth over the forecast period. Enterprise system dominated owing to their convenience and multiple user access. For instance, the enterprise CTMS currently being used in the University of Minnesota which offers implementation of a variety of functions via its core module.

• Cloud-based delivery mode is expected to witness the fastest growth and contribute over 15.0% share by 2024. Increasing popularity leading to higher adoption by end-users for cloud-based CTMS is the vital impact rendering driver.

• Pharmaceutical & biotechnology firms held about 40.0% share in 2025 and is expected to contribute highest revenue over the forecast period. Extensive pipeline and rising affinity towards collaborative research over the next decade is predicted to boost market growth.

• Asia Pacific is projected to drive the market growth and provide numerous opportunities to industry players. The efforts by government officials and research industry towards improving infrastructure, rising number of research studies and digitalization coupled with centralization of the management systems are promoting growth of CTMS market over the forecast period.

• The market is highly fragmented with numerous budding small scale companies. Few of the participants include; PARAXEL International Corporation, DATATRAK, Guger Technologies, Forte Research Systems Inc., MedNet Solutions, Bioclinica, Medidata Solutions Inc., and Oracle Corporation.

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Medical Billing Outsourcing Market is driven by greater management and financial flexibility

The medical billing outsourcing market was valued at USD 6.3 billion in 2015 and is anticipated to reach a value of USD 16.9billion by 2024, according to a new report by Grand View Research, Inc. Large amount of medical code representation for diagnosis and treatment coupled with the presence of multiple payers renders medical billingan intricate part of any medical practice, posing significant challenges. The challenge mounts when this process mandates adherence to the International Classification of Diseases-10th revision (ICD-10) code along with dealing with rising healthcare costs and declining reimbursements. Challenges in managing in-house billing processes include setbacks experienced in the IT structure, untrained staff, billing errors, and lack of proper financial policy in place. In order to curb or alleviate these challenges, several healthcare providers,such as acute care hospitals and clinics/physician offices, prefer outsourcing their medical billing process. According to studies, in 2015, 95% of independent physicians have acknowledged that outsourcing revenue management is the right decision.

View Summary Of This Report Click Here: https://www.grandviewresearch.com/industry-analysis/medical-billing-outsourcing-market

Healthcare providers face certain challenges in ascertaining the disadvantages of in-house operation or benefits of outsourcing revenue management operations;hence, they arrived at this decision by implementing thorough assessment and evaluation of the revenue percentage they spend on several billing operations. Currently, the healthcare system is witnessing a subsequent increase in outsourcing of medical billing services by hospitals and physicians. This increase is attributed to factors such as obligatory implementation of complex ICD-10 coding system, increasing healthcare costs, and federal mandate to implement electronic medical records (EMR) to maintain reimbursement levels.

Furthermore, clinics/physician offices are gradually outsourcing their revenue management to cut unnecessary costs and prevent the burden of managing an administrative team to ensure effectivehandling of in-house billing functions.

Further Key Findings From the Study Suggest:

• North America reported highest revenue growth in this market. The U.S. is witnessing rapid changes in healthcare structure reflected by implementation of new medical coding system known as the ICD-10 coding as well as pressure from the government to implement EMR management system. These changing regulations coupled with rising healthcare costs are major growth drivers for the market in this region.

• Multispecialty medical groups are implementing consolidation requiring electronic health record (EHR) integration and building large healthcare networks This integrationcreates a need forRevenue CycleManagement (RCM), which in turn demands additional expertise and trained personnel to manage the same. Consolidation of large healthcare practices is expected to be a one of the factors that will help in the growth of the market.

• Hospitals end-use segment accounts for the largest market share in the medical billing outsourcing market. The ability to gain total control over billing procedures and minimize loss is the main focus of these providers. As healthcare costs rise and profits are decline, RCMoutsourcing is expected to be the best practice considered by these care facilities to manage their revenue.

• Some of the key players in this industry include Accretive Health, Inc.; Allscripts; Cerner Corporation; EClinicalWorks; Experian Information Solutions, Inc.; GE Healthcare; Genpact; HCL; Kareo; McKesson Corporation; Quest Diagnostics; and The SSI Group.

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Hospital Information Systems Market rapidly increasing for efficient management of hospital operations

The global hospital information systems (HIS) market is expected to reach USD 39.7 billion by 2025 according to a new report by Grand View Research, Inc. The growing demand to reduce the wastage of healthcare budgets, minimize the risk of errors, and streamline the workflow of hospitals for improved outcomes are the key contributors to the market expansion.

There is a paradigm shift from traditional approach of paper-based manual operations to paperless IT-based solutions in hospital management. The growing number of government initiatives across the globe is accelerating the deployment of such technology. In 2016, the National Governors Association Center for Best Practices Health Division published a roadmap with an aim of improving the exchange of critical health data across different health entities.

View Summary Of This Report Click Here: https://www.grandviewresearch.com/industry-analysis/hospital-information-systems-his-market

The IT companies and healthcare organizations are collaborating at a greater level to develop high utility services and products to improve overall hospital administration. For instance, IBM and Cleveland Clinic have announced their 5-year agreement to expand Cleveland Clinic’s health IT technologies. Another example is partnership between Hospira and Latric Systems to work toward developing two-way communication between EMRs andHospira's smart infusionpumps.

Technological advancements such as adoption of EHR, eHealth platforms, cloud computing, Picture Archiving and Communication System (PACS), Radiology Information Systems (RIS), web-based technology, Software as a Service (SaaS) are gaining momentum in the medical sector.

Further Key Findings from the Study Suggest:

• In 2015, cloud-based technology was the dominating segment owing to cost considerations and data storage capacity

• Software segment was the leading segment in 2015 due to growing need for IT infrastructure in hospital management

• North America dominated the market in 2015. The U.S. is the largest market in North America due to the high adoption of such systems as a result of government initiatives and sophisticated healthcare facilities

• Asia Pacific is expected to be the fastest growing owing to the improving infrastructure in the emerging economies, increasing government spending on healthcare, and rising adoption of advanced technologies

• The market dynamics indicate the presence of strong competition amongst the key players like Carestream Health; GE Healthcare; Philips Healthcare; Cerner Corporation; NextGen Healthcare; Merge Healthcare (IBM), and many others

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