Virtual Healthcare Delivery Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2027

 

Global Virtual Healthcare Delivery Market is expected to reach the market valuation of US$ 122 billion by 2027 expanding at a reasonable CAGR of 24.6% during the forecast period (2021-2027) from US$ 32.6 billion in 2021. Hectic and tiring lifestyle coupled with the surging prevalence of chronic disease across the globe is contributing to the growing demand for virtual healthcare delivery market. Moreover, the COVID-19 pandemic gave a robust boom to the industry as the World Health Organization (WHO) recommended using virtual healthcare delivery for the purpose to reduce the need for the person to go to health care facilities to evaluate suspected cases of COVID-19 disease.

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The various factors driving the market of virtual Healthcare Delivery is the surging demand for on-demand non-emergency medical treatments to patients globally. Moreover, the key benefits such as the chance to find more readily qualified second opinion online and saves time and travel expenses are contributing to the growing market of virtual healthcare delivery systems.

Furthermore, a rise in internet penetration coupled with the adoption of smartphones is supporting the growth of the market. The U.S Health Department announced video chat apps such as Apple's FaceTime and Zoom for consultations owing to the rise in COVID-19 patients. In a study, it was found that around 44.87% of people across the globe have smartphones. There were around 4.7 bn mobile phone users globally and out of that around 3.2 bn were smartphone users. Moreover, it is expected that by the end of 2020, mobile phone users would reach 4.8 bn, and out of that 3.5 bn would be smartphone users.

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The benefits of virtual healthcare delivery such as online consultations and meetings, status reports, and check-ins, are some of the catalysts to the growing market. Also, the escalating aging population and the preference for virtual consultation for routine health checkups are contributing to the growing market. As per a report by the United Nations, there were around 703 million people globally who were above 65 years. Further, it is expected that by 2050 the number would reach around 1.5 billion.

Based on the Platform Type, the market is bifurcated into Video consultation, Audio consultation, Messaging, and KIOSK. Video consultation grabbed the major market share and accounted for around 52% in 2019. The same segment is anticipated to maintain its dominance during the forthcoming years too. The benefits such as remote monitoring of patients after discharge, consultation with a doctor of choice with no traveling, etc. are some of the supporting factors for the great adoption of the video consultation.  However, the KIOSKS segment is anticipated to exhibit robust growth in the forecast period of 2021-27.

Based on the Components Type, the market is bifurcated into solutions and Services. The services segment grabbed the lion’s share and accounted for 58.33% in 2019 and is anticipated to maintain its dominance during the analyzed period as well. The availability of healthcare IT service providers and the launch of new services on regular basis across the globe are gaining end-users traction. Therefore, the market of services segment is witnessing an uptick. However, the software segment is forecast to grow at a steady pace owing to the adoption of these solutions in the developing nations as well.

Based on the Delivery Mode, the segment is bifurcated into Web/ Telephonic and Call Centers. The Web/ Telephonic segment captured the major market share in 2019 and contributed around 73% owing to the surging internet penetration and mobile phones. It was found that around 60% of the global population uses the internet. However, the call center segment is expected to witness double-digit growth in the forecast period. It was revealed that Call centers can generate an ROI of 3:1, driving revenue, and patient loyalty.

Based on Specialty, the market is bifurcated into Cardiology, Radiology, Psychiatry, Urgent Care, Remote ICU, Dermatology, and Others. The cardiology segment grabbed the major market share owing to the rising prevalence of cardiovascular disease. As per WHO, Cardiovascular disease is the number 1 cause of death globally. Around 31% of all the deaths across the globe happen due to CVDs.  However, the dermatology segment is expected to grow at a considerable CAGR owing to the increasing number of patients related to skin problems.

 Based on the End-Users, the market is bifurcated into payers, providers, patients, and others. Provider segment grabbed the major market share and accounted for 51.44% In 2019. The Providers represent the medical community that includes hospitals, care facilities, and physicians. A surge in the healthcare facilities leading to a great adoption of virtual healthcare delivery.

Additionally, the report provides detailed initiatives that are being taken in the field of healthcare. The market is classified into distinct regions including North America (the U.S and Canada), Europe (Germany, France, Spain, Italy, and United Kingdom), Asia-Pacific (China, Japan, India), and the Rest of the World. North America generated maximum revenue of US$ 9.4 billion in 2019 owing to the presence of numerous local and foreign players in the countries such as the U.S and Canada. Moreover, well-established healthcare infrastructure across the region is also a growth catalyst to the industry. However, the APAC is an emerging leader in the healthcare service provider is expected to witness the CAGR growth of 26.66% during the forecast period 2021-2027.

Allscripts Healthcare Solution, American Well, Biotelemetry, Blue Sky Telehealth, Cisco Systems, Honeywell International, McKesson Corporation, OBS Medical, SOC Telemed, MDLIVE, Inc., and AMD Global Telemedicine are some of the prominent players operating in the global Virtual Healthcare Delivery market. The companies are more focused on strategic alliances and new product development to gain a competitive edge in the industry.

The Virtual Healthcare Delivery Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Smart Healthcare Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2027

 

The Global Smart Healthcare Technologies and Products Market are expected to reach the market valuation of US$ 78.8 Billion by 2027 expanding at a reasonable CAGR of 7.15% during the forecast period (2021-2027) from US$ 40.5 Billion in 2019. Smart Healthcare is the generation of information technologies, such as the internet of things (loT), big data, cloud computing, and artificial intelligence, for transforming the conventional medical system and making healthcare further efficient, more convenient, and personalized.

The various factors driving the smart healthcare technologies and products market include an increasingly aging population worldwide, rising cases of chronic diseases among the population, modernization of healthcare infrastructure. Also, the rising government investments in the healthcare sector and growth potential in emerging economies is expected to boost market growth. However, the high price of smart healthcare products and lack of skilled and trained professionals is expected to hinder the growth of smart healthcare technologies and products market.

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Trends in smart healthcare technologies and product adoption and application in emerging sectors provide important signals for organizations striving to develop innovative products and processes. The healthcare industry is a key growth area in smart healthcare technologies and products, with an ever-increasing demand for electronic health records, RFID systems, smart pills, and smart syringes. Smart healthcare technologies and products improve healthcare standards, patient well-being, patient privacy rights. The increasing prevalence of chronic diseases in developed as well as developing economies is anticipated to further surge the market demand around the globe. According to World Health Organization (WHO), around 17.9 million people died from cardiovascular diseases (CVDs) in 2016; and according to American Diabetes Association, approximately 34.2 million people in American are suffering from Diabetes.

For a detailed analysis of the products in the smart healthcare technologies and products Market browse through https://univdatos.com/report/global-smart-healthcare-technologies-and-products-market-current-analysis-and-forecast-2020-2027

The various products in the smart healthcare technologies and products market include electronic health records, smart pills, smart syringes, and RFID systems. The electronic health record segment dominated the product segment market in 2019 generating a revenue of US$ 40.5 billion and is anticipated to maintain its dominance during the forecast period owing to the rising use of electronic health records in hospitals to provide higher quality and safer care for patients while creating tangible enhancements. EHR provides better manage care for patients and better health care. The usage of these electronic health records has been increased in day-to-day operations in healthcare facilities.

Based on the Application, the market is segmented into health data storage and exchange, monitoring and treatment, and inventory management. In 2019, the health data storage and exchange segment accounted for 70.49% of market revenue share and dominated the market owing to the increasing demand for health data storage and exchange allows helps healthcare stakeholder to fast and secure data storage and exchange such as patient’s medical history, diagnoses, medications, treatment plans, immunization dates, allergies, radiology images, and laboratory and test results, thus, driving the growth of the health data storage and exchange segment over the next few years. The major end-users of smart healthcare technologies and products include hospitals, home settings, and others (Institutes, ASCs, Clinics, etc.). The Hospitals dominated the market and generated revenue of US$29.9 billion in 2019 as these technologies streamline the work process, improving healthcare decisions with greater data, aiding in patients’ abilities to interact electronically with their physicians in hospitals. Greater knowledge of space and room utilization being occupied or available helps the hospitals with greater efficiencies to decrease time in waiting rooms. However, the Home Settings are expected to witness the highest CAGR of 7.8% during the forecast period.

Additionally, the report provides detailed initiatives that are being taken in the field of smart healthcare technologies and products. The market is classified into distinct regions including North America (the United States, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Rest of the World. North America generated maximum revenue of US$ 16.3 billion in 2019 owing to the increasing adoption of smart healthcare technologies and products and rising cases of chronic diseases among the population, and growth in the geriatric population. Approximately 6 in 10 adults in the U.S. have a chronic disease and 4 in 10 adults in the U.S. have two or more chronic diseases. IBM Corporation, Allscripts Healthcare Solutions, Inc., eClinicalWorks, Medtronic, Olympus Corporation, Terumo Corporation, Cerner Corporation, General Electric Company, Siemens Healthcare, and BD are some of the prominent players operating in the global smart healthcare technologies and products market. Several M&A’s along with partnerships have been undertaken by these players to develop smart healthcare technologies and products.

The Smart Healthcare Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Preventive Healthcare Technologies and Services Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2027

 

Global Preventive Healthcare Technologies and Services Market is expected to reach the market valuation of US$ 493.1 billion by 2027 expanding at a reasonable CAGR of 10.47% during the forecast period (2019-2027) from US$ 214.1 billion in 2019. Preventive healthcare technologies help end-users in early diagnostics of any disease that helps in improving health in the Long-Term. Moreover, the surging prevalence of chronic disease owing to the change in lifestyle and dietary habits is creating more demand for preventive healthcare solutions.

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The various factors driving the preventive healthcare technologies and services is the rapid spread of communicable and non-communicable diseases that can be fatal too. Furthermore, the escalating aging population coupled with the rise in the number of patients related to chronic diseases such as Cardiovascular disease, cancer, stroke, diabetes, and arthritis. Moreover, the offering and availability of advanced technology equipped portable medical devices and equipment by the global players across regions are acting as a growth catalyst to the market.  Furthermore, the government’s support in spreading awareness about preventive measures such as screening & monitoring devices, vaccines, and smart devices to reduce medical errors is contributing to market growth.

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Also, surging investment by the VCs (Venture Capitalist) in the healthcare industry is supporting the market growth. It was found that venture financing in the healthcare sector by AI companies got doubled during 2017-2018 and reached US$  2.3 billion. Moreover, total public and private sector investment in healthcare AI is projected to grow by more than 10 times by 2021 and would reach US$ 6.6 billion. Also, the VC funding of US healthcare companies has grown from US$ 10 billion to US$ 30 billion, in which 32% of the funding towards Digital Health. So, the investments in the healthcare industry would support the market growth in the forthcoming years as well.

Based on the Type, the market is bifurcated into Early Detection and Screening Technologies, Vaccines, Chronic Disease Management Technologies, and Advanced Technologies to Reduce Error. The Early detection and screening segment grabbed the major market share and accounted for 43.8% in 2019. The same segment is anticipated to maintain its dominance during the forthcoming years too. The evolution of smart wearable for healthcare measures coupled with the launch of new technologies such as smart monitors and other advanced technology equipped portable medical devices is acting as a growth catalyst to the growing share of the early detection and screening technologies market.

The Early Detection and Screening Segment is bifurcated into Personalized Medicine and Other screening technologies. Personalized medicine dominated the market and accounted for 56.25% in 2019 and is anticipated to maintain its dominance during the analyzed period owing to the shift the emphasis in medicine from reaction to prevention for better disease detection. However, the other screening technologies segment is expected to grow at the highest CAGR of 11.91% during the forecast period.

The Vaccine segment is bifurcated into Infectious disease, Allergy, Cancer, and other vaccines. The cancer segment is expected to grow at a robust pace in the forecast period owing to the escalating number of cancer patients globally. As per the American Cancer Society, there were 17,036,900 new cancer cases diagnose in 2018.

Chronic Disease Management Technologies segment is bifurcated into Blood pressure monitors, Asthma monitors, Cardiovascular monitors, and Glucose monitor. The blood pressure monitor is forecasted to grow at a steady growth on account of the rise in hypertension patients. As per WHO  1 in 4 men and 1 in 5 women have hypertension. Also, around 26% of the global population is suffering from hypertension, and the prevalence is expected to increase to 29% by 2025.

Advanced Technologies to Reduce Errors segment is bifurcated to Electronic prescribing, Clinical detection support system, Smart infusion pumps, Computerized provider order entry system, and Smart packaging and automated prescription formulation and dispensing. The electronic prescribing segment is expected to grow at a considerable CAGR in the forecast period.

Additionally, the report provides detailed initiatives that are being taken in the field of healthcare. The market is classified into distinct regions including North America (the U.S and Canada), Europe (Germany, France, Spain, Italy, and United Kingdom), Asia-Pacific (China, Japan, India), and the Rest of the World. North America generated maximum revenue of US$ 92.7 billion in 2019 owing to the availability of good healthcare infrastructure and the presence of numerous local and foreign players in the countries such as the U.S and Canada. However, the APAC is an emerging leader in the healthcare service provider is expected to witness the highest CAGR growth of 29.78% during the forecast period 2020-2026.

Alere, GlaxoSmithKline, McKesson Corporation, Medtronic, Merck & Co., Myriad Genetics, Omron Healthcare, Quest Diagnostics, Sanofi, and Tivity Health are some of the prominent players operating in the global preventive healthcare technologies and services market. The companies are more focused on strategic alliances and new product development to gain a competitive edge in the industry.

The Preventive Healthcare Technologies and Services Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Patient Self-Service Kiosk Market-Industry Analysis, Size, Share, Growth, Trends, and Forecast 2026

 

Global Patient Self-Service Kiosk Market is expected to reach the market valuation of US$ 1,637.5 million by 2026 expanding at a reasonable CAGR of 16.19% during the forecast period (2021-2026) from US$ 558.5 million in 2019. Self-service healthcare kiosks perform a multitude of tasks, enabling the healthcare staff to focus on what’s most important such as patient care. Self-service kiosks enhance patient satisfaction, improve service delivery, increase efficiency, and strengthen employee morale by acting as a bridge of communication between patients and providers' front and back-office operations. With self-service kiosks healthcare organizations significantly streamline and improve the processes at every visit.

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The various factors driving the patient self-service kiosks market include the reduction in patient waiting time, fewer errors, and easier payment methods. However, a higher preference for building basic healthcare and lack of awareness in eastern parts are expected to hinder the growth of the patient self-service kiosk market. Self-service kiosks are the interactive digital touchscreens that patients utilize to carry out tasks without requiring assistance. They can engender a raft of powerful benefits in healthcare settings, at low cost, and with little complicated integration. Kiosks offer a relatively straightforward, low-cost implementation when compared to many other service-improvement offerings, such as Computerized Physician Order Entry (CPOE), Electronic Records Management (ERM), and e-prescribing.

For a detailed analysis of the market drivers in Patient Self-Service Kiosk Market browse through https://univdatos.com/report/global-patient-self-service-kiosk-market:-current-analysis-and-forecast-2020-2026

Healthcare clients including Johns Hopkins, Baylor Health, Kaiser, Banner Healthcare, Mt. Sinai Hospital, Johnson & Johnson, and Pfizer all have tapped for self-service kiosks based on the company's ability to realize the ideal kiosk solution for each of their unique healthcare environments. A lot of healthcare center administrators may be hesitant because of the initial cost of the hospital kiosk deployment. While there is a cost to implementing a kiosk, the return on investment is great. “For instance, in just 15 months, a children’s hospital in the Midwest collected US$ 1.3 million from 15 self-service kiosks installed in its lobby, which helped to enhance the hospital’s revenue cycle and improve the bottom line”.

Touch Screen and Internet Kiosks are the two major types of kiosks. Based on type, the market is fragmented into touch screen and internet kiosks. The internet kiosks dominated the market generating revenue of US$ 411.1 million in 2019 and is expected to maintain its dominance during the forecast period. The Internet of Medical Technologies ecosystem expansion is paving the way for other new technologies too, such as kiosks that provide connectivity to care providers. These kiosks further enable clinicians to monitor and treat patients remotely which is an ever-growing need for patients in rural communities as they struggle to recruit and retain medical specialists.

The mobility segment is bifurcated into freestanding, mobile, wall-mounted, and countertop. In 2019, freestanding kiosks dominated the market and generated a revenue of US$ 356.6 million owing to be the most recognizable type when the informational and branding content presentation is desired. These kiosks are ideal for various applications such as wayfinding assistance, patient check-in, collection of co-payments, and outstanding balances. However, mobile kiosks are anticipated to witness the highest CAGR during the forecast period (2021-2026).

Based on the application type, the market is segmented into self-check-in, floor map and department navigation, prescription order refilling, and updating and collection of co-payments. Collection of Co-payments segment dominated the market with a share of 32.2% in 2019 as it allows patients to check-in, scan their insurance card, and pay their copay before getting seated in the waiting room. A significant amount of copayments accounting for 80-90% are being conducted at the kiosks. However, self-check-in kiosks are anticipated to witness the highest CAGR during the analyzed period.

The self-service kiosks are being utilized by several end-users such as hospitals and clinics, laboratories, and pharma clinics. In 2019, the hospitals and clinics dominated the market and generated revenue of US$ 383.6 million in 2019 and is expected to maintain its dominance during the forecast period. The patient self-service kiosks in hospitals help streamline administrative tasks like hospital registration and payment, reduce costs for the facility, and also decreases the waiting time for patients. Utilizing electronic kiosks reduces data entry errors made by an administrative staff while increasing the time for hospital staff to focus on patient experience. However, the pharma stores segment is expected to witness the highest CAGR growth during the forecast period 2021-2026.

Additionally, the report provides detailed initiatives that are being taken in the field of patient self-service kiosks. The market is classified into distinct regions including North America (US, Canada, Rest of North America), Europe (Germany, UK, Rest of Europe), Asia-Pacific (China, Japan, Rest of Asia-Pacific), and Rest of World has been conducted. North America dominated the market and generated revenue of US$ 205.2 million in 2019 owing to the introduction of the Disability Act there, which has further streamlined the process for designing digital health kiosks that are compatible with end-users with hearing sight and mobility restrictions. However, Asia-Pacific is expected to witness the highest CAGR growth of 18.12% during the forecast period 2021-2026.

IBM Corporation, Clearwave Corporation, Fabcon, Inc., SlabbKiosks, KIOSK Information Systems Inc., Phoenix Kiosk Inc., RedyRef Interactive Kiosks, EMBROSS Group Pty Ltd, Advantech Co., Ltd., Meridian Kiosks LLC are some of the prominent players operating in the global patient self-service kiosk market. Several M&A’s along with partnerships have been undertaken by these players to develop patient self-service kiosks.

The Patient Self-Service Kiosk Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Internet of Medical Things Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2027

 

Global Internet of Medical Things Market is expected to reach the market valuation of US$ 284.5 billion by 2027 expanding at a reasonable CAGR of 18.49% during the forecast period (2021-2027) from US$ 51.2 billion in 2019. The Internet of Medical Things (IoMT) is the incorporation of medical devices and applications which connect to health care IT systems utilizing networking technologies. IoMT enables the machine to machine interaction and real-time intervention solutions that profoundly transform healthcare delivery, affordability, and dependability in near future.

The various factors driving the Internet of Medical Things market include the growing prevalence of chronic diseases, rising awareness of technological advancements in smart healthcare products. Also, increasing demand for wearable devices and a rising focus on active patient engagement and patient-centric care is anticipated to boost the market growth. However, data security and privacy concerns, and challenges in motivating patients to adopt technology are expected to hinder the growth of the Internet of Medical Things market.

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Organizations are exploiting the ability of the Internet of Medical Things technology as computing resources and wireless capabilities increase. IoMT tools are increasingly transforming healthcare delivery with their ability to gather, interpret, and distribute health data. The Internet-connected devices now are designed to increase efficiencies, reduce treatment costs, and drive improved healthcare outcomes. According to the Telehealth Index: 2019 Consumer Survey, 66% of patients are inclined to use virtual care, while 8% have also tried it. 61% of patients who utilize connected health reported they would use it for convenience and quicker service, and 54% revealed they would use it to save money.

Based on component type, the market is fragmented into medical devices, systems and software, services, and connectivity technology. The medical devices segment dominated the market in 2019 accounting for 36.6% and is anticipated to maintain its dominance during the forecast period. The medical devices sub-segment is further subdivided into wearable external medical devices, implanted medical devices and, stationery medical devices. Moreover, the systems & software segment is fragmented into remote device management, network bandwidth management, data analytics, application security, and network security. Further, the services segment is fragmented into deployment and integration, consulting, and support and maintenance.

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The various applications where the Internet of Medical Things are being utilized include telemedicine, clinical operations, and workflow management, connected imaging, inpatient monitoring, medication management, and others (fall detection, sportsmen care, and public safety). Telemedicine dominated the market and accounted for 31.2% in 2019 and is anticipated to maintain its dominance during the analyzed period. However, the inpatient monitoring segment is expected to grow at the highest CAGR of 20.33% during the forecast period as it allows a patient to use a mobile medical device to perform routine tests and send test results to a doctor in real-time without the excessive visiting a medical institution.

Based on end-user, the market is fragmented into hospitals, surgical centers, and clinics, clinical research organizations, and others (institutes, R&D labs, government organizations). The hospitals, surgical centers, and clinics dominate the market and generated revenue of US$ 38.3 billion in 2019 owing to the rising burden of patients in hospitals owing to several chronic diseases, rising patient data, and growing adoption of IoT enabled medical devices among hospitals to improve quality care delivery & enable patient-centric care delivery services. However, Clinical research organizations are anticipated to witness the highest CAGR during the forecast period.

Additionally, the report provides detailed initiatives that are being taken in the field of the Internet of Medical Things. The market is classified into distinct regions including North America (the U.S and Canada), Europe (Germany, France, Spain, Italy, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), Middle East & Africa, and South America. North America dominated the market and generated revenue of US$ 16.6 billion in 2019 owing to the rising adoption of healthcare IT solutions, the presence of key players, government initiatives, and accessibility of advanced healthcare IT infrastructure. However, the APAC region is expected to witness the highest CAGR growth of 20.83% during the forecast period 2021-2027.

Boston Scientific Corporation, Cisco Systems, GE Healthcare, IBM Corporation, iRhythm Technologies, Koninklijke Philips N.V., Medtronic, Microsoft Corporation, SAP SE, and Welch Allyn are some of the prominent players operating in the global Internet of Medical Things market. Several M&As along with partnerships have been undertaken by these players to develop the Internet of Medical Things.

The Internet of Medical Things Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Healthcare Analytics Market -Industry Analysis, Size, Share, Growth, Trends, and Forecast 2027

 

Global Healthcare Analytics Market is expected to reach the market valuation of US$ 118.23 billion by 2027 expanding at a reasonable CAGR of 31% during the forecast period (2021-2027) from US$ 14 billion in 2019. The healthcare analytics is done to get the micro and macro-level insights that help in predicting trends, improve outreach, and even better manage the spread of diseases.

Surging investments in technologies such as IoT, AI, and ML for digital transformation in the healthcare industry is one of the prime factors contributing to market growth. Also, the need for predictive and preventive analytics owing to the need for continuous and uninterrupted operations of the machinery or equipment in the healthcare industry is contributing to the growth of the market. Moreover, the government across countries is emphasized on the adoption of digital technology such as EHR adoption, Digital healthcare card, etc., are contributing to the market growth of the industry. Furthermore, with the growing need to guide future strategy, product research, and development in a competitive scenario, there is a demand uplift in the market.

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With a continuous rise in the number of COVID cases globally, the demand for healthcare services is on a surge. During the pandemic, the hospitals and healthcare systems faced the risk of unexpected patient volume spikes, resulting in scarce resources and an increased workforce burden. Businesses have introduced analytics tool to better prepare for surges. For instance, Cleveland Clinic researchers built a predictive model in late April 2020 to provide appropriate precise data on patient number, bed size, availability of ventilators, and other metrics. Moreover, amid pandemic, big data and healthcare analytics have supported organizations pinpoint and reduce health disparities among patient populations. The organizations provided optimal treatment to the patients utilizing healthcare analytics by helping the physicians manage the early months of the pandemic. For instance, data analytics helped the organizations to know where the hotspots were and further reason and impact of such hotspots could be understood to take targeted measures to mitigate the effect of the virus. Furthermore, the growing number of COVID patients is resulting in the escalating need for healthcare analytics to take care of the patient records, diagnoses, and other data calculations. Also, a surge in healthcare spending for AI and big data after promulgation in COVID-19 pandemic cases has helped in the market growth of healthcare analytics. In a survey, it was found that Healthcare data executives are upping their investments in big data analytics and artificial intelligence, and nearly 80% of Healthcare Execs investing more in Big Data, AI.

For a detailed analysis of the components in the Healthcare Analytics Market browse through - https://univdatos.com/report/global-healthcare-analytics-market:-current-analysis-and-forecast-2020-2027

The various type of Healthcare analytics includes descriptive, predictive, prescriptive, and cognitive analytics. Predictive analytics grabbed the major market share and captured a 25.8% market share in 2019 owing to the need for better service delivery to the patients. Predictive analytics takes historical data and feeds it into a machine learning model that considers key trends and patterns and then the estimation for the future can be done. However, the end-users are more inclined towards prescriptive analytics rather than predictive analytics as prescriptive analytics facilitates hospitals in cutting costs, delivering better services, and improving transparency in their day-to-day functioning.

Based on the component, the market is bifurcated into services, software, and hardware. The Services segment grabbed the major market share and accounted for 54.9% in the component type segment of the healthcare analytics market. The same trend of dominance is also expected in the forthcoming years as well. Moreover, with the growing demand for support services as well as business analytics services, the market share for the services segment is witnessing an uptick. Also, the players in the industry are partnering up with the technology providers which is gaining end-users traction and the market is on the rise. For instance: In 2020, an oncology informatics company “Vidence” announced its partnership with digital business and IT services provider NTT Data Services to deliver Predictive Analytics in Oncology. Also, trending cloud adoption in the healthcare sector is contributing to the growing demand for services in the healthcare industry.

Based on the Deployment, the on-premises segment being an old and trusted technology captured the lion’s share and accounted for 63.6% in 2019. The low deployment cost associated with the on-premises solutions is one of the key contributing factors for the growth in the market. However, on-cloud deployment is expected to witness a robust CAGR in the forthcoming years due to the widespread adoption of EHR, surging emphasis on digitization, and an increase in funding for innovative delivery solutions. As per IDC, “Global spending on cloud services would surpass US$ 1 trillion in 2024.

Amongst the application segment, the Financial Analytics segment captured the major market share and accounted for 36.6% in 2019. The market share is witnessing an uptick due to the surging focus of the payers on the early detection of fraud and reducing preventable costs. Moreover, the need to reduce the costs without the effective quality of care is leading to the growing use of data analytics in the healthcare sector. Furthermore, the benefits of financial analytics in purposes such as claim settlement, risk adjustment & assessment, and fraud analysis is the demand generator for the healthcare analytics market.

Based on end-user, the market is fragmented into healthcare providers, healthcare payers, academic organizations, and the biotechnology industry. The healthcare payers captured around 36% market share and dominated the market on account of the surging awareness about the benefit of the solutions such as identifying the areas of improvement in patient care, executing innovative strategies for engaging high-risk patients, and encouraging optimum outcomes. However, Surging IT spending by the providers would help in the market growth with the highest CAGR in the forecast period. As per Gartner, Healthcare providers' IT spend will grow by 4.8% in 2020 to US$ 136 billion.

Additionally, the report provides detailed initiatives that are being taken in the field of Healthcare Analytics. The market is classified into distinct regions including North America (the U.S and Canada), Europe (Germany, France, Spain, Italy, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), Rest of the World. The North American region is an early adopter of technologies generated revenue of US$ 8.01 billion in 2019. The market for the North American region would increase owing to the escalating mandates and regulatory requirements from federal healthcare to limit the ever-rising healthcare costs. Moreover, the focus on personalized medicine coupled with the adoption of EHR in the region Is acting as a growth catalyst to the market. Moreover, the APAC region would witness an exhibit CAGR owing to the surging prevalence of the COVID-19 pandemic in the region coupled with the development and investments in the healthcare infrastructure in the counties such as India, Australia, and Japan, etc.

Allscripts Healthcare Solutions, Cerner Corporation, SAS Institute, Health Catalyst, IBM Corporation, McKesson Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, and TIBCO Software are some of the prominent players operating in the global Healthcare Analytics market. Several M&A’s along with partnerships have been undertaken by these players to develop Healthcare Analytics.

The healthcare analytics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Healthcare Cloud Computing Market- Industry Analysis, Size, Share, Growth, Trends, and Forecast 2027

 

Global Healthcare Cloud Computing Market is expected to reach the market valuation of US$ 80.5 billion by 2027 expanding at a reasonable CAGR of 14.5% during the forecast period (2021-2027) from US$ 23.7 billion in 2019. The Healthcare Cloud Computing transforms healthcare to share patient information between medical providers on urgent cases in real-time.

The various factors driving the Healthcare Cloud Computing market include the rising adoption of wearable devices, big data analytics and IoT in healthcare and technological advancements in machine learning. Also, growing cloud deployment in healthcare industry is anticipated to boost the market growth. However, data security and privacy concerns, and interoperability and portability issues are expected to hinder the growth of the Healthcare Cloud Computing market.

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There has been a massive shift in the generation, consumption, storage, and sharing of healthcare data worldwide. Cloud computing enables healthcare related businesses to adapt their business models, develop new capabilities quickly and cost-effectively, and connect, collaborate, and share information more flexibly along the value chain. Established providers of cloud security - Microsoft, Google, Amazon - all devote huge resources to security owing to their reputation. Approximately, 60 million adults in the United States are anticipated to wear personal data devices by end of 2020, creating a mindset of sharing data over a network. According to a study, overall, 88% of healthcare organizations have witnessed a 20% drop in IT-related expenses because they utilized their healthcare ERP in the cloud.

For a detailed analysis of the components in Healthcare Cloud Computing Market browse through - https://univdatos.com/report/global-healthcare-cloud-computing-market:-current-analysis-and-forecast-2020-2027

Based on services, the market is fragmented into Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS). The SaaS segment dominated the market in 2019 accounting for 61.3% and is anticipated to maintain its dominance during the forecast period owing to the reduced IT costs, easier upgrades, improve accessibility, predictable costs, and better disaster recovery. The major deployment types of cloud computing in healthcare market include private, public and hybrid cloud. The private cloud is anticipated to dominate the market in 2027 and grow at a significant CAGR of 14.6% during the analyzed period owing to the greater organizational agility, security, and improved control over infrastructure.

The various applications where Healthcare Cloud Computing are being utilized include clinical information systems and non-clinical information systems. The non-clinical information systems dominated the market and accounted for 54.2% in 2019 and is anticipated to maintain its dominance during the analyzed period. However, the clinical information systems segment is expected to grow at the highest CAGR of 15.0% during the forecast period due to the rising demand of maintaining the raw data from physicians. As huge clinical data is generated annually, there has been a robust surge in the demand for health information system and laboratory information management system.

Based on end-user, the market is fragmented into healthcare providers and healthcare payers. The healthcare providers dominated the market and generated revenue of US$ 16.2 billion in 2019 owing to the rising burden of patients in hospitals due to several chronic diseases, and rising volume of patient data. Also, Cloud computing enables healthcare providers to gain quick access to patient data obtained from diverse sources and provide timely prescriptions and protocols for treatment.

Additionally, the report provides detailed initiatives that are being taken in the field of Healthcare Cloud Computing. The market is classified into distinct regions including North America (the U.S and Canada), Europe (Germany, France, Spain, Italy, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), Rest of World. North America dominated the market and generated revenue of US$ 13.6 billion in 2019 owing to the rising adoption of healthcare IT solutions, electronic health records (EHRs) among medical professionals, legislative initiatives, and accessibility of advanced healthcare IT infrastructure. However, Asia-Pacific is anticipated to witness highest CAGR during the forecast period.

Allscripts Healthcare Solutions, Amazon Web Services, Athenahealth, Cisco Systems, Fujifilm Holdings, GE Healthcare, IBM Corporation, Koninklijke Philips N.V., Microsoft Corporation, and Siemens Healthineers are some of the prominent players operating in the global Healthcare Cloud Computing market. Several M&A’s along with partnerships have been undertaken by these players to develop Healthcare Cloud Computing.

The Healthcare Cloud Computing Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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