The global Hospital Information System Market size is expected to reach USD 85.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.9% from 2021 to 2028. An increase in the adoption of hospital information systems (HIS) for improving operational efficiency in administration, financial, and legal tasks in hospital settings is one of the key factors attributed to the market growth. In addition, growing awareness regarding advanced IT services and consequently growing requirements to curb healthcare costs are among other key driving factors. With the surging adoption of hospital information systems due to the several benefits of information technology, such as lower healthcare expenditure and higher operational efficiency, the demand for analytical IT solutions is increasing in healthcare. Hospital information solutions aid in reducing medical and administration errors. Electronic Health Records (EHRs), electronic medical records, patient engagement solutions, and population health management are the key types of information systems registering high adoption among end-users. The growing need for efficient management of a large volume of healthcare data generated and its accessibility by the medical practitioners is one of the key factors driving market growth recently. Furthermore, IT companies and healthcare settings are entering into partnerships and collaborations to streamline the data storage, curb rising costs and effectively use data analytics for better healthcare delivery and outcomes coupled with efficient management and distribution of patient data. For instance, in February 2019, IBM Watson Health announced its 10-year investment of USD 50 million in a research partnership with and Vanderbilt University Medical Center (VUMC) and Brigham and Women’s Hospital, which aimed to focus on the intersection between AI, EHR data, and the user experience. Related Press Release@ Hospital Information System Market Report Hospital Information System Market Report Highlights
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Inflammatory Bowel Disease Treatment Market: Industry Demand, Analysis and Future Trends 202811/29/2021 The global Inflammatory Bowel Disease Treatment Market size is expected to reach USD 27.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. Increasing awareness about the disease, rise in geriatric population, and favorable initiatives undertaken by regulatory bodies are anticipated to drive the market growth over the forecast period. For instance, in January 2020, the U.S. FDA allowed ABIVAX to conduct a phase 2B clinical trial of ABX464 on U.S. patients living with moderate-to-severe ulcerative colitis.
Increasing adoption of strategies such as new product development and expansion is expected to drive market growth. For instance, in June 2020, Takeda Pharmaceutical received U.S. FDA approval to manufacture Entyvio (vedolizumab) in its U.S.-based manufacturing facility. The approval is expected to support the growing demand for the drug in the U.S. and nearby countries. Moreover, Takeda pharmaceutical is heavily investing in the development of the market in China. An increase in initiatives undertaken by various organizations to tackle the challenges in the development of novel therapy development is expected to boost the market growth in the coming years. For instance, in May 2019, Crohn’s and Colitis Foundation released a five-year plan to mark unmet needs in IBD research and development and IBD treatment. Moreover, European Chronic Disease Alliance has taken many steps to improve the life of patients living with inflammatory bowel disease. Implementation of favorable healthcare policies in developed countries is increasing the prescription of novel drugs for the treatment of inflammatory bowel disease. For instance, in September 2017, the Australian Therapeutic Goods Administration listed Stelara on Pharmaceutical Benefits Scheme (PBS) for the treatment of the severe condition of Crohn’s disease in adults. PBS listing of Stelara will increase the prescription of the drug in the country. The clinical-stage companies involved in the development of innovative treatments for IBD are expected to fuel the market growth. For instance, Germany-based Sterna Biologicals, a clinical-stage company is conducting phase IIb clinical trials for the treatment of ulcerative colitis. Moreover, Galapagos NV, a research-based company is conducting phase 3 clinical trials for its JAK inhibitor, Filgotinib, for the treatment of Crohn’s disease and ulcerative colitis. The product is expected to receive approval for IBD treatment in the next 2 to 3 years. Regulatory bodies are encouraging the manufacturers to increase research initiatives by introducing programs such as U.S. Orphan Drug Program. For instance, in August 2017, InDex Pharmaceuticals Holding AB’s drug candidate cobitolimod (intended for the treatment of ulcerative colitis) received orphan drug designation by the U.S. FDA. In August 2019, the drug met the primary endpoints of phase 2b clinical studies for the development of ulcerative colitis treatment. Related Press Release@ Inflammatory Bowel Disease Treatment Market Report Inflammatory Bowel Disease Treatment Market Report Highlights
The global Healthcare Automatic Identification And Data Capture Market size is expected to reach USD 62.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 22.3% from 2021 to 2028. The growth is attributed majorly due to the increasing focus of pharmaceutical companies on optimizing the supply chain. For instance, in October 2020, Sandoz launched its first RFID-tagged critical injectable medicines in the U.S.
Furthermore, technological advancements by market players and favorable government policies pertaining to automatic identification and data capture (AIDC) solutions are expected to fuel the market demand in coming years. The National Health Authority of India issued new guidelines for the Ayushman Bharat scheme. These guidelines for to introduce biometric authentication at the time of admission and discharge of the patients. These types of initiatives are anticipated to propel market growth. In recent years, RFID tools, which use wireless communication to identify and track equipment and assets, have seen strong adoption in healthcare settings. Upgrading of inventory management in pharmacies, hospitals, life and science companies, high demand for enhanced patient safety by healthcare providers, and implementation of automated processes in healthcare facilities are expected to fuel the healthcare RFID market growth during the forecast period. The COVID-19 outbreak is also becoming an emerging driver for the adoption of biometric solutions. As the COVID-19 is revealing the importance of AIDCs around the world. Hence, it is estimated that the market will witness lucrative opportunities due to the COVID-19 outbreak. Related Press Release@ Healthcare Automatic Identification And Data Capture Market Report Healthcare Automatic Identification And Data Capture Market Report Highlights
The global Disposable EEG Electrode Market size is expected to reach USD 921.3 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.6% from 2021 to 2028. Medtronic PLC, Ambu A/S, CONMED Corporation, BIOPAC Systems Inc. are some of the key players in this industry. Increasing cases of HAIs, technological advancements, and rising prevalence of neurological disorders and Acute Ischemic Stroke (AIS) are the key driving factors for the market.
Stroke is the most common cause of death, followed by heart and cancer diseases worldwide. For instance, according to the WHO, in 2016, 15.2 million deaths of the 56.9 million deaths worldwide were due to stroke. Acute Ischemic Stroke (AIS) is the most common form of stroke, caused due to reduced blood supply to the brain, making brain cells die. For instance, according to U.S. CDC, 87.0% of strokes are classified as ischemic strokes, with the U.S. being the most commonly affected country. According to Southwestern Medical Center, about 795,000 people in the U.S. suffer from a stroke every year. Furthermore, according to National Center for Biotechnology Information (NCBI), strokes occur more commonly in women than men, especially in the elderly population (aged 55 to 65). Moreover, according to the U.K. Stroke Association, more than 100,000 strokes occur in the U.K. every year. In every 2 seconds, someone in the world is likely to have a stroke. Stroke is the fourth biggest killer in the U.K., fourth in England and wales, and third in Scotland and Northern Ireland. Around 1 in 10 patients who have a hemorrhage stroke die before reaching a hospital. In addition, according to the U.K. Stroke Association, nearly 85.0% of all strokes are AIS and 15.0% are hemorrhage stroke. Disposable EEG electrodes can be used for the early-stage detection of the stroke. Thus, the increasing prevalence of AIS is expected to drive the market over the forecast period. Related Press Release@ Disposable EEG Electrode Market Report Disposable EEG Electrode Market Report Highlights
The global Endodontic Files Market size is expected to reach USD 50.5 million by 2028, recording a CAGR of 4.8% over the forecast period, according to a new report by Grand View Research, Inc. Higher disposal income levels and rising awareness concerning dental care are expected to drive the market growth. In addition, the rising technological advancement in the field of alloy files and the increasing number of root canal procedures are fueling the market growth.
The government initiatives to provide dental care at subsidized rates or free of cost through the public sector for the low-income groups and dependent groups further encourages more dental visits and dental care awareness. Moreover, the regional associations dedicatedly working towards endodontic, such as the American Association of Endodontists, The Asian Pacific Endodontic Confederation, and The Australian Society of Endodontology, help in creating awareness and support and develop the members associated. The business strategies adopted in terms of mergers and acquisitions by the key players are propelling the research and development activities resulting in the development of technologically advanced products, which are more efficient and facilitates faster treatment. In addition, it is encouraging geographical expansion, making the files available to dental hospitals, clinics, and academic hospitals worldwide. The Covid-19 pandemic has further given a boost to the online distribution channel. However, during the initial phase of the pandemic, dental care was affected largely as the dental practices were at high risk of spreading the virus. The dental clinics had to stop the operations and later a complete structural change was needed to prevent the dentist from getting infected. Related Press Release@ Endodontic Files Market Report Endodontic Files Market Report Highlights
Buttock Augmentation Market by Sientra, Inc, POLYTECH Health & Aesthetics, Allergan, Sebbin11/26/2021 The global Buttock Augmentation Market size is anticipated to reach USD 6.6 billion by 2028, according to the new report of Grand View Research, Inc. The market is expected to expand at a CAGR of 22.0% from 2021 to 2028. Sientra, Inc, POLYTECH Health & Aesthetics, Allergan, Sebbin are some of the key players in this industry. Buttock augmentation also called gluteal augmentation is a technique used to contour, size, and enhance the appearance. A buttock lift is reported to improve the tone of the underlying tissue and is mainly done by using implants, fat grafting, or sometimes a combination of the two.
Factors like rising technological advancement in aesthetics, rising disposable income, increasing aesthetic consciousness and the high success rate of augmentation procedures are propelling the market growth. According to the International Society of Aesthetic Plastic Surgery, around 5, 34,345 butt augmentation and lift procedures were carried out globally in 2019. Buttock augmentation accounts for 4.7% of total surgical procedures globally. Growing social media influence, high consciousness towards aesthetic appearance, and its association with self-confidence and self-image by an individual are some of the reasons for market growth. In the light of COVID-19, the market was hampered as patient appointments for surgical treatments were temporarily suspended. However, since the government in many countries has allowed resuming elective surgical procedures, clinics have also started buttock lift and grafting procedures again. Moreover, according to the BBC network, inquiries and appointments for many surgical and non-surgical cosmetic treatments have seen a surge following the pandemic and are thus expected to propel market growth. Related Press Release@ Buttock Augmentation Market Report Buttock Augmentation Market Report Highlights
The global Durable Medical Equipment Rental Market size is expected to reach USD 35.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. The growth is attributable to financial benefits offered by renting durable medical equipment (DME) as it aids in bridging the gap between capital availability and clinical needs. Moreover, before buying, renting DME helps in determining whether or not they are a suitable fit.
The COVID-19 pandemic has disrupted the supply chains of various medical devices. The shelter-in-place mandates have led to a shortage in the workforce across the supply chain industry. However, there has been a sudden surge in the demand for respiratory equipment owing to the ongoing coronavirus pandemic. The DME rental players are fulfilling these demands for hospitals as well as home care patients. Looking at the short-term necessity of these products, and to boost sales, various local manufacturers have come up with a marketing strategy that involves renting out this equipment. Therefore, the market for DME rental is projected to grow with a lucrative CAGR during the pandemic crisis. The rising number of people with disabilities across the globe is boosting the demand for wheelchairs, crutches, walkers, and other such personal mobility equipment and aids. This, in turn, boosts the demand for DME rental. According to the WHO, more than a billion people have some form of disability in the world that accounts for around 15% of the global population. Also, there is a rapid increase in the number of people with disabilities owing to rising chronic health conditions and demographic trends. For instance, over 54 million adults have arthritis in the US according to a study by the CDC. This number is projected to cross 78 million by 2040. The market is also driven by the growing demand for therapeutic and monitoring equipment. This demand is attributable to improving healthcare infrastructure across the globe coupled with continuous technological advancements in durable medical equipment. Renting advanced durable medical equipment helps in keeping up with the changing technology in a cost-effective manner. Moreover, people who need mobility equipment temporarily mostly prefer renting. The rise of financial services for renting DME has been beneficial for various end-users such as hospitals, institutes & laboratories, as well as home care. Moreover, renting equipment confers cost benefits to end-users, as it reduces ownership costs and in turn allows these players to adopt advanced product modules. Medical equipment insurers typically cover around 50% to 80% of the overall cost of durable medical equipment such as a wheelchair. The maintenance and insurance are taken care of by the provider. This, in turn, reduces the risk for end-user and augments the growth of the market. Related Press Release@ Durable Medical Equipment Rental Market Report Durable Medical Equipment Rental Market Report Highlights
Healthcare Patent Filing Outsourcing Market Size is Predicted to Witness 5.5% CAGR till 202811/25/2021 The global Healthcare Patent Filing Outsourcing Market size is expected to reach USD 1.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.5% from 2021 to 2028. In-house departments of pharmaceutical and medical devices firms typically do not have sufficient time to carry out patent filing processes. Even if they do, it will be a costly option for the firms. Therefore, the market is significantly driven by the growing need for cost-saving and time-saving in patent filing processes.
The market suffered a hefty decline of 2.1% in 2020 owing to the COVID-19 pandemic. Organizations such as the European Patent Office (EPO) and the United State Patent and Trademark Office (USPTO) announced relaxations such as extension of deadlines in order to accommodate 2019 novel coronavirus related delays and interruptions. However, with the lifting of COVID-19 related shelter-in-place mandates and commercialization of the vaccine, the bottle necking of patent filing is clearing. The market is projected to recover from 2021 onwards and expand with a lucrative CAGR over the forecast period. Growing innovations in the medical device and pharmaceutical space is driving the market. Surging number of start-ups in the healthcare industry with new and innovative products, will also boost market growth. Patent applications are majorly filed by the well-established players in the healthcare industry such as Novartis, Covidien, Boston Scientific, Medtronic, Ethicon, Olympus Corp. These companies innovate in-house, partner with high-tech companies for consumer-facing offerings, and also license technologies from universities. Such companies hold huge potential market growth across the globe. Related Press Release@ Healthcare Patent Filing Outsourcing Market Report Healthcare Patent Filing Outsourcing Market Report Highlights
The global Medical Devices Reimbursement Market size is expected to reach USD 892.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.8% from 2021 to 2028. Aviva, Nippon Life Insurance, CVS Health, WellCare Health Plans, BNP Paribas, Aetna are some of the key players in this industry. The rising number of regulatory reforms and increasing efforts of healthcare providers to reduce cost and improve the quality of medical devices are anticipated to propel market growth.
Medical device reimbursement is defined as the payment a third-party private or public insurer pays a healthcare provider for the cost incurred while using medical equipment. The major factors fueling the growth of the market are growing dependence on reimbursement, increasing prevalence of chronic diseases, and growing preventive care. Focus on early diagnostics and preventive care may in turn lead to higher activity within the diagnostic device industry, thus promoting more reimbursement share from them. For instance, a fundamental paradigm shift towards incentivizing early diagnosis through reimbursement is noticed across developed economies, such as by screening for breast cancer. With an increasing demand for medical equipment, reimbursement services are expected to provide various opportunities for healthcare industries to poach upon. Additionally, the increasing number of people pursuing insurance, and consolidation of the healthcare system are major factors fueling the market. North America dominated the market and accounted for the largest revenue share of about 50.0% in 2020, and is expected to maintain its dominance over the forecast period. Increasing adoption of healthcare device reimbursement and the rising awareness with regard to cost implications are expected to drive the market in the region. In addition, the rising demand for healthcare equipment and the increasing number of healthcare centers is expected to drive the market in this region. The growing prevalence of chronic diseases is driving the demand for various healthcare instruments. Even though the advent of COVID-19 has severely affected the medical device industry, demand for homecare medical equipment has increased. This, in turn, is positively impacting the reimbursement coverage of remote monitoring devices, wearable devices, home infusion equipment, and durable healthcare instruments. Related Press Release @ Medical Devices Reimbursement Market Report Medical Devices Reimbursement Market Report Highlights
The global Oncology Information Systems Market size is expected to reach USD 4.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2021 to 2028. Elekta AB, Accuray Incorporated, Varian Medical Systems, RaySearch Laboratories, Cerner Corporation, BrainLab are some of the key players in this industry. The increasing prevalence of cancer and rising product development pertaining to cancer research undertaken by key players are driving the market growth. According to estimates published by GLOBOCAN in 2020, 19.3 million new cancer cases were diagnosed and 10.0 million cancer-related mortalities were recorded. The growing cancer burden is expected to boost the demand for advanced oncology therapies with accurate and efficient results, thereby aiding the market growth.
Increasing investment in the field of oncology is one of the key factors expected to boost market growth over the forthcoming years. Market players are collaborating to enhance product development and expand their business footprint. For instance, in 2020 Accuray Inc. collaborated with Brainlab, a German digital surgery company, to expand Accuray’s CyberKnife platform treatment abilities for the neuro-radiosurgery sector. Similarly, in 2020 ViewRay Inc collaborated with VieCure, an AI informatics company, to develop solutions to enhance the adoption of personalized cancer care. These factors are expected to drive the oncology information system (OIS) market growth. Moreover, key players are focused on developing more advanced OIS with an aim to improve cancer treatment. Companies are either solely or partnering with other key players to accelerate product development. For instance, in April 2019 Accuray Inc launched Synchrony Motion Tracking and Correction technology for its Radixact system. Similarly, in January 2018 Elekta collaborated with IBM Watson Health to develop and improve Elekta’s cancer care systems. In 2020 Varian Medical Systems invested USD 10.0 million in COTA Inc. and entered a strategic collaboration with the company to strengthen its position in the oncology sector. Such initiatives are expected to boost the growth and development of OIS during the forecast period. Related Press Release@ Oncology Information Systems Market Report Oncology Information Systems Market Report Highlights
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