Swapna Supekar

Increase in Diagnostic Imaging Procedures and Chronic Diseases Spur Growth of Medical Imaging IT Market

Medical imaging informatics involves usage of digital technology to capture medical images, facilitating data analysis to record and correlate observations, and draws conclusions that play a vital role in the diagnosis of medical problems. The implementation of electronic health records (EHR) in the healthcare industry increases the demand for medical imaging to exchange medical images in the various departments of healthcare settings.

Increase in number of diagnostic imaging procedures and high prevalence of chronic diseases have raised the demand for various advanced diagnostic image processing and analysis software around the world. The healthcare industry focusses on developing procedures for early diagnosis due to rise in the number of chronic diseases, providing maximum growth potential for imaging procedures.

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According to the Organization for Economic Co-operation and Development (OECD), North America had an increasing number of imaging procedures for computed tomography (CT) and magnetic resonance imaging (MRI). For instance, in the U.S., 76 million and 81.2 million CT scans were performed in 2013 and 2014, respectively, representing an increase of around 7% from 2013 to 2014. Similarly, MRI scans of a total 1.78 million and 1.87 million were performed in 2012 and 2013, respectively, in Canada.

Furthermore, Europe reported an increase in number of diagnostics imaging procedures. In Germany, positron emission tomography (PET) scans of a total 0.08 and 0.09 million were performed in the hospitals in 2012 and 2013, respectively. Thus, increase in the number of medical imaging procedures, rise in number of installations of medical imaging informatics, and high prevalence of chronic diseases worldwide are expected to propel the growth of the market.

Developed regions such as North America and Europe together accounted for the highest share in 2015 and is expected to maintain their leading position from 2016 to 2022, due to increase in demand for medical informatics technology, high adoption rate of technological advanced healthcare IT systems, well-established healthcare infrastructure, and presence of leading players such as Dell Inc., General Electric Company, Siemens AG, and others.

However, Asia-Pacific is anticipated to grow fastest during the forecast period, owing to large patient pools who require medical imaging procedures for the diagnosis of diseases. Moreover, increase in healthcare expenditure in the region and improving healthcare infrastructure are expected to support the growth of the market.

Enactment of Healthcare Reforms Drives the Healthcare Information Technology (HCIT) Solutions Market

Enactment of Healthcare Reforms Including Patient Protection and Affordable Care Act (PPACA) Drives the Healthcare Information Technology (HCIT) Solutions Market

Healthcare information technology (HCIT) deals in creation, design, development, and maintenance of information systems for healthcare organizations. It is expected to improve medical care, curb costs, minimize manual errors, and enable the optimization of reimbursement for ambulatory and inpatient healthcare providers.

Many government healthcare policies promote the use of both non-clinical and clinical solutions, especially electronic medical/health records (EMR/EHR), mHealth, and telehealth. While, EHRs benefit healthcare organizations by curbing treatment costs; mHealth utilizes mobile phones and communication devices to provide immediate care to patients. Increasing number of patients have adopted mHealth, as it is economical, and provides insights on preventive health care services, chronic disease management, disease surveillance, epidemic treatment support, outbreak tracking, and reducing overall healthcare cost.

Patient Protection and Affordable Care Act (PPACA), commonly termed as Obama’s Health Care, is one of the most important healthcare policies that has affected the adoption of HCIT solutions. This law is effective in promoting enrollment of uninsured population, boosting use of HCIT solutions & services, and stimulating the adoption of electronic medical/health records. There are nine major separate legislative titles under PPACA, which include:

• Affordable health care for all Americans
• The role of public programs for the implementation of this act
• Improving the quality and efficiency of health care facilities
• Prevention of chronic diseases
• Organized management of healthcare workforce
• Transparency and program integrity
• Improving access to innovative medical therapies
• Community living assistance services and support
• Revenue provision

Some key sections of PPACA that are expected to impact healthcare information technology market are:

Section 2401: offers home- and community-based medical services for qualified individuals. These services assist patients to accomplish regular life activities and ensure continuous care for them. This section will have a direct impact on the HCIT industry, as it guides patients on their health status via telehealth or mHealth, enabling them to be in real–time communication with their doctors. Consequently, the demand for such services has significantly increased, which stimulates the adoption of telehealth and mhealth market. In fact, Telehealth segment is expected to grow at a CAGR of 33.27% during the analysis period.

Section 2703: provides home-based medical services for patients with chronic diseases such as cardiac condition, cancer, diabetes, and others. This section promotes the use of IT–based care management systems and stimulates the integration of IT in healthcare industry. The subdomains of healthcare include laboratory management, practice management, financial management, patient, and billing management, payment management, and others. Increasing incidence of chronic disorders among individuals has posed a key challenge to healthcare organizations. Hence, different management solutions are available for different levels in the market. This act stimulates the demand for healthcare management solutions & services, thereby driving the market growth.

Section 10410: establishes national centers for treating depression. It is anticipated that EHRs would be used. It also promotes the use of telemedicines.

Section 4103: mandates Medicare patients to have an annual wellness visit. It is expected that these visits would encourage patients to self-manage their medical problems. Moreover, they would be trained in self-management through the use of healthcare IT.

Section 2717: aims to establish quality reporting for both group and individual health insurers. This section focuses on regular reporting of healthcare insurance companies about their performance, and promotes the implementation of different healthcare payer solutions such as claim management, fraud management, and others. Stringent government rules for proper and timely reporting of healthcare-related financial documents have fueled the demand for IT-based payer solutions.

These sections would propel the growth of EHR market in North America; affecting the world HCIT market. Moreover, dearth of skilled medical staff in healthcare facilities has hampered the market growth in the region. For instance, according to the Bureau of Labor Statistics in the U.S., about 1.2 million vacancies would be available for registered nurses from 2014 to 2022. The demand of home healthcare is expected to increase and drive the healthcare IT solutions & services such as telehealth, telemedicine, and mHealth during the forecast period to meet the demand-supply gap.

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Wearable Devices Are Opening New Frontiers for Product Makers & Medical Practitioners

Over the past few decade wearable devices have opened new avenues for several product developers, patients, and medical practitioners.

Many call the internet, an accession of human knowledge. Everything that we want to know is simply at our finger tips. It surprised all when this piece of information actually evolved. Another innovation, the smartphone now helps us access information from anywhere we want. Such discoveries often compel innovators to question what is the next big step. So which industry will grab customer attention after smartphone? Well, there is a new form of human connection, highlight subject matter experts at Allied Market Research. Industry experts assessing the market size and share as well as growth opportunities agree that it is definitely the wearable technology market.

Wearable technology market will change our lives

Why should we start paying attention to wearables now? The reason is simple, because it will enable human beings to accept the paradigm shift, where they can learn from each other. We are now busy connecting with many people across the world. But what about tomorrow? Things that make us human beings will never change, but the way we interact will definitely transform. Wearable technology will help man build a smarter future where clever innovation will transform the way he or she plays, lives, and for that matter works for the better. Machines will do the actual talking to operate faster and smarter helping us focus on a bigger picture. Wearable devices will truly help us strike a work life balance. People will now be able to bid adieu to the waiting rooms. The smart devices will make sure the appointment fits around your schedule. Moreover, the world’s best experts will be at your fingertips. Besides this, shopping will become more interactive and social. The way we transact will revolutionize with the wearable technology market.

Wearable devices are a new panacea for healthcare

The healthcare sector is in a state of transformation with advancements driving it forward. The helm of this development are the smart monitoring systems. So which trends are fueling growth? How will they benefit the patients? What will consumers want from the wearable devices? A survey conducted by PwC Health Research Institute revealed that about 77% want to use the devices to exercise and approximately 75% buy them to collect & track down medical information. The study further highlights that 67% want to use wearable technology to eat balanced diet Fitness band today occupies 45% of the total market share.

The bold claim of the manufacturers active in the wearable technology market suggests that smart devices can bring about a revolution, especially in self – care by ensuring better monitoring of the patient with chronic conditions. Patients with asthma, diabetes, and liver disease can positively benefit from buying or wearing the devices that can quickly detect any deterioration and alert the doctors, patients or others. This technology will also benefit many caregivers from development to a training perspective, while advanced geo-positioning devices increase the safety of many lone workers. Gadgets including Gear 2 from Samsung, FitBit Flex, Forerunner 15, and others have all demonstrated their fitness monitoring capabilities.

Changing attitudes towards the wearable technology market

The wearable technology market is growing but is still at its early stage of expansion The shipments are expected to increase annually, at a compound growth rate (CAGR) of 24.5% over the next five years. Emerging customer as well as healthcare trends are grabbing the attention of many to the wearable technology market. Customers interested in quantifying their health metric are generating greater demand for smartwatches as well as fitness tracking devices.
Meanwhile, business verticals have been quick in sensing the benefits of harnessing health records of their employees, potential customers, and patients with chronic conditions to drive efficacy and improve services associated with healthcare. Besides this, increased device accuracy and compliance with different regulations are two key aspects that will open new avenues for the product designers as well as technologists to remain confident about product sales.

Companies to watch out in 2016

Technology companies have started thinking beyond the wearable devices and encouraging major collaborations. The newly rebranded life sciences segment of Google demonstrates some ambitious projects. Google is currently working on contact lenses that can monitor the glucose level. The company is also targeting patients with cardiovascular diseases and cancer too. Fitbit has to work on various aspects. This new IPO incumbent witnessed an increased sale of its fitness tracker in 2015. But, now there are many plotting against Fitbit. Wearable technology market more or less has benefited the human body. So now it is time for them to master the human brain. There have been some tentative steps taken in this direction in the form of Muse and Thync.

mHealth Market Empowers In -Home Care Through Virtual Visits

Primary investigations into the mHealth market shows challenges in providing affordable and quality healthcare services can be curbed.

Developing nations constantly feel the heat of chronic diseases, paired with an increasing burden from many consumable diseases. mHealth market addresses several problems in the health market by using mobile technologies such as cellular phones. Furthermore, mHealth apps market supports both clinical and health care in response to the burdens pose by them. Research analysts at Allied Market Research (AMR) eyeing the industry share and size, market value and trends say this technology would be widely available and play a vital part in the health market. Known for publishing reports that outlines the potential, promising segments and growth rate of the sector AMR is confident that rise in mhealth apps market size will be felt at the individual, regional and community level.

Adoption Rate of mHealth Devices Market

At present over 65 percent people in America are using some kind of mobile application to track and monitor their wellness. On the other hand, about 60 percent are ready to spend on mHealth that comes with advance healthcare, monitoring, reporting and other related capabilities. Currently, the most sought after applications are the ones that can track and report weight and calorie intake. About 52 percent of users who invested on devices to track their daily calorie intake were shocked to find they consumed more than they expected. Moreover, 22 percent found they were less active than they had imagined.

Patients Options Expand in mHealth Market

The usage of mobile health products and services by patients have increased over the past five to six years. Eyeing this many service providers have started building solutions by using technology to lower costs, boost care management and improve results. Moreover, with the growing emphasis on educating and engaging patients, they are slowly on track and understand their own health data.
Patients can now access readily available tools from the comfort of their home on their mobile phones to self-treat, self -test as well as self – diagnosis. In addition, the capability to self – monitor one’s wellness, whether through a mobile application, sites and in-house systems, is enabling patients to select and decide when, from whom and how they intend to receive care.

Patients can now select conventional in -person services at care facilities such as hospitals and clinic by easier virtual visit. Some of these popular solutions consists of MDLive, Doctors on Demand and Teledoc. Another service named Heal or Pager have made patient’s access to healthcare services.
Competitive Landscape of mHealth Market

In a recent news Touchkin, a mobile startup company has raised about $400,000 in seed funding. The enterprise offers a platform that uses passive information from smartphone sensors to build a picture of an individual’s health or well -being. This platform can also identify a person’s health problems. Commenting on their move Jo Aggarwal, co -founder of the company said “This is very powerful, because unlike most mobile health apps, it doesn’t require any change in user behavior.” Another company, Dartmouth made headlines when it made it known to the world that the company has discovered a way to prevent data hacks. The University of Washington also received a grant of about $250,000 to enable pregnant women living in Africa to have an access to healthcare services via text messages.

Allied Market Research has conducted an extensive study of the market and has captured critical data on the industry in its report titled “mHealth Market – Opportunities and Forecasts, 2012 – 2020.” Besides evaluating important factors such as market share and size, the research closely examines the key drivers, opportunities, demand and trends of the mobile health industry. As per the study the sector will garner a revenue of approximately $5.8 billion by 2020. Researcher remain confident that the sector will register a CAGR of 32.3 percent by the same year.

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