The U.S. Virtual Care Market size is expected to reach USD 46.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 30.75% from 2022 to 2030. Virtual care is an umbrella term encompassing all remote patient interactions with healthcare providers. High waiting times for physician appointments and the shift toward convenient and patient-focused care are boosting the market growth. In recent years, the inclination toward digital platforms from conventional care settings is increasing, which is propelling the market growth.
Rising healthcare expenses, advancements in telecommunication technologies, and the prevalence of chronic diseases are the primary factors driving the growth of the market. The cost of healthcare in the United States is gradually increasing. According to the National Health Expenditure Projections 2018-2027, national health spending in the United States is predicted to increase by an average of 5.5% per year between 2018 and 2027, reaching over USD 6.0 trillion by 2027. Virtual care solutions have been shown to improve health outcomes and cut expenses. Compared to traditional approaches, it saves money for patients, providers, and payers. Virtual care has decreased the cost of healthcare while increasing its efficiency through better management of chronic diseases, shorter travel times, shared staffing of health professionals, and fewer and shorter hospital stays. The aforementioned factors are expected to fuel the growth of the market. The adoption of telemedicine and online consultations has enhanced care management, elevated patients’ quality of life, and decreased healthcare expenditure. During the COVID-19 outbreak, the U.S. healthcare system witnessed favorable trends due to the emergence of telemedicine encouraging people’s participation in personal health management. Smartphones and mobile technologies enable the use of clinical and lifestyle applications to support, educate, and modify healthy behavior. Moreover, the industry is witnessing an increase in the number of investments, mergers & acquisitions, and entry of new and large-scale companies. This is anticipated to intensify the competition over the next several years. For example, in March 2021, Amazon.com, Inc. expanded access to its virtual visits and healthcare platform, Amazon Care, to Washington-based businesses. Earlier, Amazon Care was exclusively offered to the company's workers and their families in the state of Washington. In addition, the company intends to expand its virtual care product and services to its employees and other businesses in all 50 U.S. states. The COVID-19 pandemic boosted the demand for telemedicine services and online consultations. Key market players reported high growth in the number of users and revenue. For instance, the overall revenue of Teladoc Health Inc. increased 97.7% in 2020 when compared to 2019. The number of visits increased by 156% to nearly 10.6 million in 2020. Similarly, American Well Corporation witness a growth of 83.4% in revenue in 2020. Easy access to physicians through online platforms, travel restrictions, and measures to decrease the patient volume in hospitals positively impacted the market. Related Press Release@ U.S. Virtual Care Market Report U.S. Virtual Care Market Report Highlights
0 Comments
![]() The U.S. Office-Based Labs Market size is expected to reach USD 18.3 billion by 2030 expanding at a CAGR of 7.46% over the forecast period, according to a new report by Grand View Research, Inc. The increasing prevalence of vascular diseases and rising preference for minimally invasive procedures in outpatient settings are the major factors driving the demand for office-based labs (OBL) in the U.S. High prevalence of risk factors, such as smoking, high blood pressure, diabetes, and high cholesterol, along with the growing geriatric population, is expected to increase the incidence of Peripheral Artery Diseases (PADs). The resultant surge in the number of procedures performed for their treatment is anticipated to fuel the market growth during the forecast period. The rapidly transitioning healthcare delivery scenario is driving key market players to transform their business models to achieve maximum benefit from ongoing transitions. A key driving factor supporting the changing preferences of consumers is the cost-effectiveness of OBL. Some of the key reasons to visit office-based labs are preventive care, underlying chronic condition, pre/post-surgery care, and injuries/trauma. In addition, high patient satisfaction with a focused and dedicated team of doctors is expected to boost the market in the U.S. During the COVID-19 pandemic, private practices, such as OBLs, postponed elective procedures, which included elective angioplasty or elective rotational atherectomy during transcatheter aortic valve implantation, or any other elective vascular operations performed under general or peripheral anesthesia. According to the findings published by The Commonwealth Fund, in August 2020, the total number of ambulatory practices witnessed a decline of 60% and recorded a significant decline in provider office visits. Many OBLs in the U.S. have reported a sharp decline in their businesses, however, some of them are offering testing facilities and post-respiratory therapy. Related Press Release@ U.S. Office-based Labs Market Report U.S. Office-based Labs Market Report Highlights
Protein Labeling Market - Future Trends, Revenue Growth & Leading Players, Forecast To 20309/30/2022 The global Protein Labeling Market size is expected to reach USD 4.11 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.6% from 2022 to 2030. The study of Post-translational Modification (PTM) of proteins has gained immense popularity in cell biology and disease treatment and prevention. The introduction of effective quantification methods of protein expression with the use of tagging strategies, such as iodoTMTzero Label Reagent that detects nitrosylation, has driven an efficient determination of PTMs. Therefore, a rise in PTM-related studies is driving the market. The emergence of novel techniques and the launch of improved products are expected to positively influence market growth.
One such development includes the application of new spin labels that expand the capability of site-directed spin labeling of proteins. These labels in combination with electron paramagnetic resonance spectroscopy (SDSL-EPR) enable the investigation of protein structure, dynamics, and structural heterogeneity. The market is growing as private players and government agencies increased investments in proteomics and genomics R&D. Proteomics is the study of the entire protein content of a cell, tissue, or organism. Proteomic profiling approaches require protein labeling methods before separation and analysis. For example, the United States National Institutes of Health (NIH) allocated USD 37 billion to scientific research. Moreover, there is an increase in funding for life sciences research that supports molecular studies to better understand the fundamental processes by which diseases emerge, as well as the identification of biomarkers that identify the presence of disease or the gene/protein responsible for the condition. The Novo Nordisk Foundation awarded the University of Copenhagen a grant of up to USD 1.5 million to create a mass spectrometry facility, which is a new and exciting step in protein research. As a result, the market is being driven by increased spending on proteomics and genomics research and development. Protein labeling applications are widely employed for a variety of functions. Cell-based assays can offer information about intracellular molecular targets and have the advantage of being performed in a biological context. Fluorescent antibodies are important in clinical therapy as well as for investigating immunology, cell biology, and neuroscience. A mass spectrometer is a device that detects the m/z ratio of ions to identify and quantify compounds in simple and complicated mixtures. It has proven indispensable in a variety of domains and applications, including proteomics. Immunological approaches include ways of studying the immune system as well as the application of immunological reagents as instruments. Protein microarrays are a new type of proteomic technology that is rapidly gaining popularity in molecular biology and biochemistry. Related Press Release@ Protein Labeling Market Report Protein Labeling Market Report Highlights
![]() What Is Home Infusion Therapy? The intravenous or subcutaneous administration of drugs given to a patient at home through catheters or needles is known as home infusion therapy. The therapy requires drugs, equipment, and supplies for the treatment. Moreover, proper training and education are needed for the therapy. The medical staff often educate the patients and caregivers regarding the infusion of drugs, side effects, and outcome of the therapy. Home infusion therapy requires multiple coordination between the patients, pharmacies, doctors, health plans, home infusion pharmacies, and physicians. Home Infusion Therapy Market Size And Drivers According to the Grand View Research Inc report, the home infusion therapy market totaled USD 31.0 billion in 2021 and is anticipated to exhibit market growth at a compound annual growth rate (CAGR) of 7.9% from 2022 to 2030. The growth of the market is attributed to the cost-effective and convenient option available to the patients raised due to home infusion therapy. Favorable government rules and regulations regarding the usage of the therapy are driving the market growth. For instance, In the U.S., the Bipartisan Budget Act,2018 was introduced for providing insurance to the home infusion therapy patient as per the government regulation. Moreover, the growing prevalence of chronic diseases such as cardiovascular diseases is expected to impact market growth. The Most Preferred Product - Infusion Pumps, Why? Based on the product, the market is classified into infusion pumps, ambulatory pumps, intravenous sets, IV cannulas, and needleless connectors. Out of all these pumps, the infusion pump accounted for the highest revenue share of 50% in 2021 as it is the most used product of all. These pumps are widely used for the infusion of nutrients and medications such as insulin or other hormones, antibiotics, chemotherapy drugs, and pain relievers. into the patient’s body at a controlled amount. Infusion pumps provide advantages such as the ability to deliver medications in very small volumes, and the ability to infuse fluids at precise programmed rates or any automated intervals. Infusion Pumps-Definition, And Functioning The infusion pump is defined as a medical device that infuses fluids into the patient’s body. Infusion pumps are used in hospitals, nursing homes, homes, and other clinical settings. These are particularly operated by trained users for programming the rate and duration of fluid delivery through a built-in software interface. Types Of Infusion Pumps There are different types of infusion pumps such as large volume, syringe, enteral, insulin pumps, and others. Out of these pumps, some pumps are used for stationary use and others to be used as portable or wearable. There are two basic classes of pumps, large volume pumps, and small volume pumps. Large volume pumps can infuse fluid replacement such as antibiotics and nutrients in a large amount. Small volume pumps can pump hormones such as insulin or other medications such as opiates. Small volume pumps usually use a computer-controlled motor turning a screw pushing the plunger on syringes, whereas the large volume pumps use computer-controlled rollers pushing the silicone rubber which contains the medicine. Related Press Release@ https://www.grandviewresearch.com/press-release/global-home-infusion-therapy-market Infusion Pumps Market, Drivers The infusion pump market is anticipated to witness significant growth during the forecast period. The growth of the market is attributed to the availability of a variety of products such as enteral, syringe, multichannel, and peristaltic pumps and the accuracy gained by the software interface used for the use of infusion pumps. The rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer, and others and the growing cost of hospital-based infusion therapies have increased the demand for home infusion therapies. Moreover, the increasing research and development activities for enhancing home-based infusion products are propelling the market growth. Furthermore, the growing geriatric population who need long-term care and treatments aid the new product developments that target home-based infusion therapies, augmenting the infusion pumps market growth. To maintain the drug level in the bloodstream of patients suffering from cancer or diabetic conditions, infusion pumps are highly preferred. Cancer patients are treated with chemotherapy, which is administrated by providing medications to the patients in a continuous manner and this is possible using pumps. Moreover, for diabetic patients, the need for self-controlled pumps to provide continuous drug supply. Altogether these are the key factors rising the demand for infusion pumps, creating opportunities for market expansion. Market Trends & Opportunities The application areas of infusion pumps are Chemotherapy, gastroenterology, analgesia/pain management, and diabetes. These pumps are also highly preferred for the infusion of narcotic analgesics and anesthetics following bariatric surgery, cardiothoracic surgery, and laparoscopic cholecystectomy. Thus, to perform the surgeries, the use of infusion pumps is also increasing. As the number of surgeries is being performed, a greater number of infusion pumps will be in demand, accelerating the market growth. There are several regulations and standards implemented for the infusion pumps used to maintain the safety of patients. These are regulated by regulatory bodies such as the US Food and Drug Administration (FDA), the Medicines and Healthcare Products Regulatory Agency (MHRA), and the European Medicines Agency (EMA) to approve the launch of new products. For instance, in European countries, the CE market certification is a must for selling infusion pumps. There is a need to develop new infusion pumps across nations, creating opportunities for manufacturers to increase production. Moreover, the demand for specialty infusion pumps is increasing at a fast pace PCA pumps keep the anesthesia in control and minimize any complications arising due to anesthetics. The eternal infusion pumps are used to treat patients who are being suffered due to indigestions after surgeries Increasing cases of preterm births, growing prevalence of chronic diseases and COVID-19 Impact The COVID-19 outbreak positively affected the home infusion market as the technique was highly used in healthcare settings to treat the covid patients. For instance, in October 2020, Baxter announced third quarter sales of around USD 2.97 billion to provide COVID-related medical products sales, according to the MedTech Dive. However, the supply chain and operations were impacted by the stringent lockdown situation across the countries. The growth of the infusion pump market has thrived in the COVID-19 pandemic. People suffering from chronic diseases, and the geriatric population preferred home care treatments Moreover, conditions such as immune deficiencies, and congestive heart failure need infusion therapies. Long-term treatment with cost-effectiveness is considered a feasible treatment option for patients. Hence, the market for home infusion therapy is growing significantly across countries. Thereby, the demand for infusion pumps is propelling at a significant rate. Regional Insights The market in North America accounted for a revenue share of 55% of the total market. It is anticipated that the North America market continue dominating the market during the forecast period. The advanced technologies and the development of the R& D activities are attributing to the market growth in the region. The adoption of new technologies in infusion pumps and home infusion therapy services is driving the market growth. The Asia Pacific market is anticipated to expand at a CAGR of 9.8% during the forecast period. The growing awareness about the use and benefits of home infusion therapy is driving the demand for infusion pumps in the region. Role of Key Players The key players operating in the market are focusing on the rapid adoption of advanced technologies to develop new products and maintain their position in the competition. Moreover, they are emphasizing strategies such as mergers, acquisitions, and new product launches. For instance, Baxter International acquired Hillrom. This acquisition is estimated to build its geographic footprint and integrate medical device advancements. Future Scope Infusion pumps are advantageous and impactful for the growth of the home infusion therapy market. The demand for infusion pumps and their market is gaining significant traction at present days. Further, the market is estimated to witness considerable growth during the forecast period. Related Reports: EMEA Home Infusion Services Market U.S. Home Infusion Therapy Market The global Dental Matrix Systems Market size is expected to reach USD 589.1 million by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.8% from 2022 to 2030. A dental matrix system is used for three things, recreating the interproximal contact and the natural tooth shape, sealing the gingival walls and proximal of the prep, and overcoming the thickness of the matrix band. Dental matrix systems are built to establish a temporary interproximal wall of a tooth surface for the restoration procedure.
Restorative dentistry is one of the growing markets in the healthcare domain across the world. The market is mostly driven by factors such as the growing dental restorative procedures, rising incidence of dental problems, and increased demand for cosmetic dentistry. Furthermore, rising dental tourism and the growing adoption of digital dentistry in emerging markets are anticipated to boost the market growth during the forecast period. According to the National Institute of Dental Research, the most prevalent and common dental disease in both, adults and children is tooth decay. Nearly 92% of the population, between the ages of 20 to 64, have dental caries. The rising incidence of oral and dental problems is a major driver contributing to the growth of the market. With the rising disposable incomes in developing economies, the willingness to afford expensive dental procedures has also increased among the population, specifically among the aging population. Poor diet and sedentary lifestyle, especially amongst children, which leads to tooth decay, are driving the market. Furthermore, according to the American Dental Association (ADA), as of 2018, there are 199,486 dentists are working in the U.S. In addition, the Bureau of Labor Statistics mentions that dental cosmetic procedures are projected to increase by 19% from 2016 to 2026. This rising number of dental practitioners and clinics is also expected to contribute to the market growth. The COVID-19 pandemic has significantly affected the market. Due to the lockdown and global restrictions being imposed in most of the countries initially, many dental treatments and procedures were halted. The COVID-19 pandemic has caused a significant disruption in the supply chain of the overall medical industry. The outbreak had resulted in a decrease in the number of dental procedures performed each year, resulting in an overall decline in the market. Related Press Release@ Dental Matrix Systems Market Report Dental Matrix Systems Market Report Highlights
Intravenous Immunoglobulin Market Key Players, Industry Share, Growth, And Forecast To 20309/23/2022 ![]() The global Intravenous Immunoglobulin Market size is expected to reach USD 21.1 billion by 2030, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 7.3% from 2022 to 2030. The increasing prevalence of immunodeficiency diseases, coupled with the adoption of intravenous immunoglobulin (IVIG) therapies, is expected to fuel market growth over the forecast period. In addition, increasing off-label use of immunoglobulin and investments in the healthcare sector are factors propelling the market growth. Moreover, increasing incidences of bleeding disorders and the growing geriatric population are the factors contributing to the industry growth. The rising incorporation of subcutaneous immunoglobulin in the treatment of primary immunodeficiency diseases as well as in replacement therapy is anticipated to provide a growth platform to the market in the next seven years. Moreover, the key market players are focusing on breakthrough product introductions to expand their global distribution network. For instance, Octapharma U.S. got FDA clearance in July 2021 for Octagam 10%, its first intravenous immunoglobulin recommended for the treatment of the immune-mediated inflammatory illness known as dermatomyositis in adults. The COVID-19 pandemic, which is currently in its last stages, is expected to boost the worldwide market for intravenous immunoglobulin. In India, for instance, Bharat Biotech is conducting a study to create monoclonal antibodies as a potential COVID-19 treatment. The Council of Scientific and Industrial Research (CSIR) has approved the project as part of its New Millennium Indian Technology Leadership strategy. Moreover, COVID-19 has caused substantial issues for patients with mental and neurological disorders due to their increased susceptibility to infection. For instance, in April 2021, Grifols, a key provider of plasma-derived medicines, contributed to a research study in collaboration with both the NIH and NIAID, to analyze an intravenous anti-SARS-CoV-2 hyperimmune globulin among outpatients. This is expected to provide a boost to the market growth in the forecast period. Key players are adopting strategic alliances to sustain the competition. These initiatives include mergers & acquisitions, collaborations, and new product developments. For instance, in March 2022, Grifols' XEMBIFY has been approved in Europe, increasing access to novel medicines. Grifols' clearance in Europe allows it to extend its breakthrough European IG product range and offer patients and healthcare professionals another crucial therapy solution for primary and secondary immunodeficiencies. In February 2021, Pfizer gained US FDA clearance for the supplemental Biologics License Application (sBLA) with PANZYGA, an intravenous immunoglobulin to cure adult patients with severe inflammatory demyelinating polyneuropathy (CIDP). Related Press Release@ Intravenous Immunoglobulin Market Report Intravenous Immunoglobulin Market Report Highlights
Point Of Care Diagnostics Market Key Players, Industry Share, Growth, And Forecast To 20309/23/2022 ![]() The global Point Of Care Diagnostics Market size is expected to reach USD 68.59 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.8% from 2022 to 2030. The introduction of advanced technologies such as Telehealth enabled POCT is expected to fuel market growth. Furthermore, the rise in the geriatric population and their need for accessible home-based care are anticipated to drive the market. The adoption of POCT in emerging economies such as Africa and Latin America is anticipated to be a growth determinant of the global POCT market. The authorities are decentralizing the healthcare system and increasing their investments. For instance, the African regulations in Kenya allotted USD 346.7 to Managed Equipment Services project for the government's initiative toward modernizing facilities by procuring new equipment. The Ministry of Health selected GE Health and Philips to offer equipment across 47 countries. Similarly, Latin America decentralized IVD testing, which encourages private players to take strategic initiatives to meet the region’s existing demand for affordable POCT, especially in the infectious diseases segment. Currently developed POC devices and tests are employed across different medical diagnostic applications, including cancer, pregnancy, and infectious diseases. Patients and physicians employ POC tests to screen conditions, confirm diagnoses, and design suitable therapeutic approaches based on patient health. However, the enthusiasm displayed by different consumers, such as doctors, patients, and caregivers, varies widely. This dynamic consumption pattern of POC diagnostic products is also attributed to economic scalability, financial interests, and lack of a universal healthcare structure. In the light of COVID-19, the lockdown imposed across the globe has necessitated virtual visits and rapid diagnostic tests that assist patients to avoid hospital visits. Post-lockdown, the eHealth strategy is the emerging area of priority and investment such as an automated patient appointment system, lab result transmission system, healthcare workers' communication system, and medical products procurement system for the companies and governments. It is anticipated to continue to prioritize home-based healthcare delivery even after the pandemic, especially for patients with pre-existing conditions. For instance, NeuroMetrix, Inc. appointed a team to develop the business of DPNCheck, a POCT for peripheral neuropathies. The team is responsible for expanding the footprint in the healthcare market and focusing on the Medicare Advantage population. Related Press Release@ Point Of Care Diagnostics Market Report Point Of Care Diagnostics Market Report Highlights
![]() The Europe Mobility Aids Market size is expected to reach USD 3.98 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a significant CAGR of 3.2% in the forecast period. The high demand for home healthcare and an increase in the geriatric population requiring Long-term Care (LTC) are expected to propel the market growth during the forecast period. In addition, technical advancements in mobility aids are likely to boost product usage, resulting in market expansion. The introduction of new mobility support devices by key market players is anticipated to increase the number of products available in the market. This, in turn, will help facilitate the growth of the market. Furthermore, the aging population in the U.K. has increased significantly in the past five decades. As per the statistics published by Age U.K., in 2020, around 18.65% of people in the country were aged 65 years or over. Moreover, around 4 million older citizens in the U.K. were estimated to suffer from long-term illnesses severely affecting their mobility. The increasing geriatric population is a key growth-driving factor for mobility aids. The pandemic has had an ongoing adverse impact on various industries across the globe. Stay-at-home mandates, transportation bans, and workforce crunch have resulted in the disruption of supply chains. Although the market was not significantly affected, the supply chain bottlenecks and restrictions on the product as well as patient movement caused a decrease in sales revenues. Related Press Release@ Europe Mobility Aids Market Report Europe Mobility Aids Market Report Highlights
![]() The Europe Medical Foods Market size is anticipated to hit USD 7.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 2.9% from 2022 to 2030. The ever-increasing burden of chronic diseases and the growing geriatric population across Europe are primary reasons for the market to flourish. In 2021, the oral route of administration accounted for the largest revenue share of 69.5%. Ease of use and high availability of medical foods in this form has contributed to the high revenue. The enteral route of administration is expected to register the fastest growth. This can be attributed to the growing geriatric population suffering from chronic diseases who are unable to consume food orally. The enteral route of administration seems to be the preferred way of administrating nutrients through medical foods to the specific needs of geriatric patients. In the product type, the powder formulations held the largest revenue share in 2021. Owing to the vast product portfolios available in this formulation this segment has grown to a large extent. Powder formulations include nutrient mixes, protein shakes, and infant feeding formulas. The highest growth was registered by the liquid formulations due to the diversification of product portfolios of the key players in the medical foods industry. Chemotherapy-induced diarrhea had the largest revenue share in 2021 in the applications segment. Nutritional deficiency in cancer patients is a major concern and can be managed through proper nutrient management via medical foods and is a major factor in its growth. The fastest-growing sub-segment is diabetic neuropathy, high prevalence, and has been a key driver for its fast growth. The largest sales channel for 2021 was institutional sales, owing to the dependency of key players on representatives who directly provide products to physicians and clinicians at hospitals and clinics has accounted for the growth. The fastest-growing sales channel is online sales due to the ease of use of this channel, consumers can directly purchase specific needs FSMP products from the company websites or third-party websites reducing the number of visits to care centers and hospitals. The pandemic has made people realize the importance of good health and nutrition. Even though the supply chain of almost every business was affected, the market is expected to recover at a fast pace owing to the surge in demand for medical foods. An increase in demand for immunity-boosting foods and an increase in the number of people suffering from chronic illnesses have had a positive impact on the market. Related Press Release@ Europe Medical Foods Market Report Europe Medical Foods Market Report Highlights
Healthcare Predictive Analytics Market: Top Key Players, Trends, Scope and Segmentation, 20309/21/2022 The global Healthcare Predictive Analytics Market size is expected to reach USD 67.25 billion by 2030, registering a CAGR of 24.5% over the forecast period, according to a new report by Grand View Research, Inc. The rising burden of chronic diseases on a global level coupled with the increasing cost of healthcare are the key factors driving the market for healthcare predictive analytics and is resulting in wider adoption rates of the same across the globe. With the increasing adoption of telehealth and other consultation methods, the adoption of EHRs has led to enormous patient data in the past few years. This can be leveraged by the healthcare IT companies for predictive analytics for risk management, disease management, understanding of disease spread & trajectory as well as in delivering proper medical care to the patient for the best outcomes.
All of these factors have been driving the global market growth. An increase in healthcare expenditure in developed and developing countries due to a rise in the number of chronic diseases will also support market growth. In the Europe region, the healthcare expenditure as a percentage of GDP in 2019 was 9.92%. Technological advancements as well as rapid generation of patient data, more so during the COVID-19 pandemic due to teleconsultations, EHRs, etc. have made it possible to analyze data and derive meaningful results, which are oriented towards better patient outcomes. The healthcare predictive analytics tools not only help reduce costs & assist the care providers to decide on the best treatment plans but also significantly reduce the risk of fraudulent claims made to recover money from insurance companies. Annually, trillions of U.S. dollars’ worth of false insurance claims are made. For providers, predictive analytics has been a key to reducing costs significantly. The above-mentioned factors contribute significantly to the growth of the market. The financial application of predictive analytics is the largest in the segment owing to the massive amounts of money that can be saved by deploying these predictive tools in day-to-day work. The frauds alone when detected can be averted and result in trillions of dollars saved, moreover unnecessary tests and medication can be avoided with the help of predictive analytics, which can help determine the best treatment plans and evidence-based medicine or personalized medicines for the treatment of the disease. A trial conducted studied the financial implications of continuous monitoring in patients with opioid-induced respiratory depression, the study found that a median hospital could save up to $535,531 annually, and can shorten the cumulative stay by 103 days. The payers had the majority share of the end-use segment, comprising insurance companies who assess risk related to false claims as well as the high cost of treatments that are a concern for the providers. Adoption of predictive analytics tools for cost reduction as well as for saving money by detecting frauds in insurance claims is a major factor driving the growth of the segment. The providers are the fastest-growing category owing to the reduction in the cost of treatments and wider adoption rates among both private as well as government-affiliated providers. Related Press Release@ Healthcare Predictive Analytics Market Report Healthcare Predictive Analytics Market Report Highlights
|
Archives
October 2023
|