27 December 2018, the global Healthcare Market is
projected to experience rapid growth over the forecast period (2017 to 2025),
driven primarily by surge in global population and high prevalence of chronic
diseases such as diabetes and cancer. Increased spending on healthcare, fueled
by rising consumer disposable income levels especially in developing regions
such as Asia Pacific, is also projected to boost the market in the coming
years. In addition, emerging healthcare technologies and large investments by
major companies are expected to drive the market.
Massive volumes of healthcare data has resulted in cloud
technology emerging as a major storage platform. Growing demand for easy access
to patient information, concerns over data privacy, and demand for precision
medicine concepts and value-based care have also resulted in adoption of cloud
platforms. Companies are also focusing on product and technological
developments to fulfill escalating demand for patient-centered, smart
healthcare services in a cost-effective manner.
The healthcare industry covers biotechnology, clinical
diagnostics, healthcare Information Technology (IT), medical devices, medical
imaging, and pharmaceuticals, among others. Healthcare IT and medical devices
are among the leading segments. Changing technology landscape of the industry
is expected to be a key factor driving the medical devices segment, while
strong growth potential for IT in this industry is driving the healthcare IT
segment. Rapid infrastructural development in hospitals, labs, and diagnostic
centers is also augmenting segment expansion. Moreover, escalating demand for
radiology information systems in diagnostic applications is likely to drive the
segment.
There have been significant breakthroughs in detection
technologies for pharmaceutical and biotechnology, which is estimated to boost
the market in the coming years. Emergence of synthesized antibiotics is one
such breakthrough. A team of researchers at the University of Lincoln in
Britain recently introduced a new antibiotic called teixobactin, which has
shown potential for treating superbugs.
On the basis of geography, the global healthcare market
can be divided into the Americas, Asia Pacific, Europe, and Middle East and
Africa. The Americas and Europe are among leading regional markets on account
of growing geriatric population, which is highly prone to chronic diseases, and
presence of well-established healthcare infrastructure. Reimbursement policies
by governments and large investments in R&D by private and government
organizations are also propelling market growth. In addition, strong presence
of prominent companies in these regions is estimated to fuel market expansion
in the next few years.
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