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Healthcare IT Integration Market Industry Analysis, Size, Share, Growth, Trends and Forecast 2023

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The implementation of information technology in the healthcare industry has created a revolution towards faster diagnostics and treatments, and especially a massive improvement in speeds and efficiency of backend processing and documentation for healthcare institutes and organizations. It is essentially a support system for information management in the healthcare industry, through the use of computer systems that allow for a safe and secure transmission of data between the service providers, the healthcare institute, and the consumers. Healthcare IT integration brought about one of the most critically important functionalities in the healthcare industry: the advent of electronic health records. EHRs can effectively improve the overall efficiency, safety, and quality of a health delivery system.

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The key factors involved in healthcare IT integration revolve around the improvement of quality of care available for a patient. They are also enabled to provide services that can significantly improve the productivity of a healthcare organization, while helping prevent or reduce the rate of medical errors caused by humans, and also cut down on the overall health costs. Healthcare IT integration also includes a wide array of methods – all electronic – to help manage the information provided by a patient, or the information generation throughout their care at a healthcare organization. This helps both the organization as well as the patient.

Global Healthcare IT Integration Market:

Healthcare IT integration refers to the practice of digital intervention for the effective management of patient health. The practice enables the effective archiving, monitoring, integration and communication of patient’s health in a secure environment. In primary healthcare centers, healthcare IT integration practices are used for purposes such as computerized provider order entry, clinical decision support, electronic prescribing, consumer health IT applications, and storage and transfer of electronic medical records across different end points.

This report on the global market for healthcare IT integration presents a detailed overview of the market’s present growth dynamics and an analysis of the key factors influencing its development. The future growth prospects of the market have been analyzed using the key growth drivers, restraints, trends, inputs from industry experts, and several industry-standard analytical tools. A detailed analysis of the competitive landscape of the global healthcare IT integration market has also been included in the report.

Global Healthcare IT Integration Market: Market Potential

In the past few years, the market for healthcare IT integration has witnessed significant traction and a huge rise in adoption across developed as well as developing economies. The market has benefitted from the significant rise in demand for advanced healthcare services, the vast rise in world’s geriatric population, increased prevalence of a number of chronic diseases and the resultant rise in the intervention of IT in the healthcare industry for faster and more efficient services amid rising demand.

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The market has also significantly benefitted from the easy availability of technologically advanced products, declining prices of communication devices, technological advancement of healthcare industry, and the increased usage of mobile computing devices by healthcare practitioners as well as patients. With the increased intervention of IT technologies, the need for effective integration solutions and tools is also being felt. These factors will continue to drive the market in the next few years as well. However, the market’s growth could be restricted to a certain extent in the next few years owing to concerns regarding data security and high cost associated with healthcare IT integration.

Global Healthcare IT Integration Market: Regional Analysis

From a geographical perspective, the report segments the global healthcare IT integration market into North America, Europe, Asia Pacific, and Europe. Of these, the market in North America is presently the leading contributor to the overall market chiefly owing to the technologically advanced healthcare infrastructure. The vast usage of personal computing devices by the general population in countries such as the U.S. and Canada and the rising awareness regarding the vast benefits of IT intervention in the healthcare industry are also leading to the increased demand for healthcare IT integration services and solutions in North America. The market in Europe also holds a prominent position in the global market, mostly owing to aforementioned factors.

posted Feb 14 by anonymous

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The competitive landscape of the clinical trial management systems market is highly fragmented with the presence of plethora of players, finds Transparency Market Research(TMR). Some of the prominent players operating in the market are Forte Research Systems Inc., Oracle Corporation,  DATATRAK,  Clinical Data Inc., BioClinica,  bio-Optronics, Inc., and PARAXEL International Corporation.

These players are focusing towards organic and in-organic growth strategies in order to concretize their market position. Along with this, they are looking forward to strengthen their geographical reach and increase customer base to garner majority of market share. 

For instance, in June 2016, Oracle and Pfizer entered in a partnership wherin Oracle will offer Oracle Health Sciences InForm Cloud Service, Oracle Siebel Clinical Trial Management and Monitoring Cloud Service to Pfizer. This will help Oracle manage its 300 pulse clinical trials efficiently.

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According to TMR, the global clinical trial management systems market was noted at a valuation of US$1.1 billion in the year 2016. The market is anticipated to rise at an astonishing 13% CAGR. Rising at this CAGR, the market is projected to touch a valuation of US$3.2 billion by the end of 2025.

On the basis geography, North America is expected to hold the largest market share during the forecast period. This is mainly due to the early adoption of advanced technology and presence of improved healthcare infrastructure in the region. Based on type, enterprise CTMS is projected to enjoy majority of market share in the coming few years. This is mainly due to the several benefits offered such as real-time insights, efficient tracking, and regulatory management.

Increasing Adoption of Cloud-Based Technology to Offer Lucrative Opportunities

The clinical trial management system market is expected to grow at a significant pace in the coming few years, thanks to the increasing adoption of cloud-based technology in the health care industry. This new and advanced clinical trial management system helps in collaboration of different groups at various sites in order to coordinate the successful completion of trial. Thus helping organization to effectively plan their operations. Some of the key factors expected to drive the global clinical trial management systems market is rapid improvements in research & development activities, surge in investments by governmental and non-governmental organizations and rising prevalence of chronic disorders. 

Clinical trial management systems are number of software and hardware used to manage number of clinical operation in the healthcare industry

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However, factors like lack of consumer awareness and longer approval time of clinical trials are expected to hamper the growth of the clinical trail management systems market in the coming few years. In addition to this, strict regulations to enrol patent for clinical trials is another factor projected to hinder the expansion of the clinical trial management systems market. Nevertheless, improving healthcare infrastructure in developing regions, development in life science and clinical research organizations and increasing adoption of CTMS solutions are some factors projected to hamper growth of the clinical trial management system market.

Partnerships Between Asian CROs and Pharma Companies to Boost Prospects

Further, easy availability of inexpensive resources and increasing patient pool across the globe are expected to offer several lucrative opportunities for the growth of the clinical trial management systems market. Moreover, the increasing partnerships between Asian CROs and pharma companies are other primary factor anticipated to drive the growth of the clinical trial management systems market in the coming few years.

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The global regulatory affairs outsourcing market is fragmented and a very small number of players have been able to acquire dominance in the market. There exists a large number of small and medium-sized companies in the market which is granting high bargaining power to clients and buyers. The competition between market players is extremely high. The players are competing with each other by differentiating their products and providing products in cheaper prices. The acceptance of electronic submissions on account of technological advancements by healthcare authorities and compliance agencies will drive the growth prospects of the global regulatory affairs outsourcing market, states Transparency Market Research (TMR).

According to Transparency Market Research, the global regulatory affairs outsourcing market will be worth US$5,746.2 million by 2023, with the demand expanding at a notable CAGR of 10.1% during the forecast period of 2017 to 2023. On the basis of type of regulatory affairs services, it is expected that clinical trial applications and product registration segment will be gaining immense traction on account of patent expires, and need for developing new products due to the growing prevalence of chronic, bacterial, and viral diseases. As a number of products in clinical trials is increasing, the demand for product registration services and clinical trial application services is increasing.

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Emerging Nations Holding Immense Growth Opportunities

On the basis of geography it is expected that the emerging nations in Latin America and Asia Pacific will turn out to be extremely promising markets for regulatory affairs outsourcing. product development, rise in the commercialization units, increasing number of researches and availability of cheap resources and raw materials will drive the growth of this market in emerging economies. Also, the vast pool of patient population in Asia Pacific will create a favorable environment for growth. Many new entrants are using emerging nations for launching themselves in order to later on venture into the bigger markets of North America and Europe.

Realization that Outsourcing is Cost Effective and Resource Effective Favoring Demand

According to the lead author of the support, the rising pace with which innovations are taking place in the medical sector, growing investments in research and development activities, and increasing competition between the players are helping the regulatory affairs outsourcing market to grow. Companies within the market are finding ways of reducing cost in order to attract more customers. The market is also growing due to the rising awareness and realization that outsourcing is cost-effective and resource effective way for the managing of data generated during approvals, clinical trials, and patent approvals.

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Presence of Strict Regulatory Framework Governing Aspects of Marketing and Development of Drugs to Boost Growth of Market

Also, in many countries there is a presence of strict regulatory framework which governs each aspect of development and marketing of clinical drugs and medical devices, which makes it necessary that the regulatory documents be as per the define guidelines. This is driving the preference for professional service providers who all free services such as efficient handling of data relating to regulatory affairs.

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Transparency Market Research has published a latest report that talks in detail about the global albumin market. According to the research report, the global albumin market is expected to reach a valuation worth US$1200 mn by the end of 2026. To achieve this valuation, the market is expected to grow at a rate of 5% CAGR over the course of the given forecast period of 2018 to 2026.

Asia Pacific Region to Showcase Maximum Growth Potential

According to the research report, the Asia Pacific region is expected to show maximum growth potential as compared to the other regional segments of North America, Latin America, Europe, and Middle East and Africa. The growth of the Asia Pacific region is high because of the growing demand for albumin in countries such as India and China. However, the rate of adoption is slightly lower due to lack of awareness and benefits of the product and its therapeutic benefits.

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Precisely keeping this in mind, the government and healthcare regulatory bodies have initiated several awareness campaigns. This has been particularly helpful for the growth of the albumin market in the region. Organization such as PPTA have conducted awareness programs such as International Plasma Awareness Week to aid in boosting the awareness about donation of plasma. It also raised awareness about the different therapeutic benefits of and plasma protein therapies available in the market. This has thus helped in the overall development of the albumin market in the Asia Pacific region.

The biotechnology and pharmacy industry segment is expected to dominate the global albumin market in the coming years of the forecast period. The segment was initially valued at US$500 mn in the year 2017. The growing research and development activities across the industry is helping to drive the growth of the global albumin market. This coupled with the growing investments provided by both private as well as public sector is also expected to help in the growth of the global albumin market.

Drug Delivery Segment to Continue to Dominate

The drug delivery segment accounts for nearly 25% of the overall market share in 2017. This trend is projected to continue over the course of the given forecast period. The usage of human serum albumin nanoparticles as a favored drug delivery system with applications for a wide range of diseases is expected to help the growth of the global market.

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The ongoing collaborations and joint ventures among the leading manufacturers in the global albumin market is expected to provide significant boost to the growth of the market. For example, in May 2015, Serendex Pharmaceutical announced that the company has initiated the phase I trials of Molgradex. This drug candidate is used for treating rare pulmonary diseases. The drug uses Novozymes’ Recombumin, a recombinant human albumin for more effective delivery of the therapeutic to the lungs.

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The global chronic kidney disease (CKD) drugs is predicted in a report by Transparency Market Research (TMR) finds intense competition and high fragmentation owing to presence of strong players in the market. Teva Pharmaceutical Industries Ltd., AstraZeneca Plc, Amgen Inc., F. Hoffmann-La Roche Ltd., AbbVie Inc., Pfizer Inc., Sanofi S.A., GlaxoSmithKline Plc, Kissei Pharmaceutical Co. Ltd., and Keryx Biopharmaceuticals Inc. are some of the leading makers of drugs for the treatment of chronic kidney diseases across the world.

The global chronic kidney disease drugs market registered at US$11.5 bn in 2015. Growing at a CAGR of 3.60% between 2016 and 2024, the market is expected to attain value of US$15.8 bn by the end of 2024. Calcium channel blockers surfaced as the key drug class in 2015, leading the market with a share of 18.9%.

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The hospitals segment, which is the current market leader, is expected to continue its dominance in this market over the next few years. North America led this market in 2015 with a share of 31.8%. This growth is driven by the strong economic condition of the region and the high acceptance for advanced technology products.

Increasing Incidence of Chronic Kidney Disease Mainly in Old People to Drive Growth

The global chronic kidney disease drugs market is primarily driven by the increasing incidence of chronic kidney disease among patients globally. This is boosted the need for the novel treatments to improve quality life of patients. Additionally, increasing geriatric population, who are more susceptible to adopt various diseases owing to their poor immunity, such as diabetes, cardiovascular disorders, and neurological conditions. Rising need for the drugs to treat this patients is boosting adoption of chronic kidney disease drugs. This is another important factor supporting growth of chronic kidney disease drugs market.

Additionally, the chronic kidney disease drugs market is projected to be propelled substantially in the near future owing to high technological advancements which are leading to the development of a numerous drugs, which will enable clinicians to provide proper assistance to chronic kidney disease patients.

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Nonspecific Medication Buyers to Hamper Growth

However, developments and mechanical progresses in chronic kidney disease drugs are authorizing clinicians to offer genuine help to the patients, are expected to support growth of the market astoundingly. Additionally, the expanding inclination for nonspecific medication among buyers coupled with strengthening rivalry from biosimilars because of patent expiry is expected to limit the development of chronic kidney disease drugs market.

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The global medical imaging equipment services market was valued at approximately US$ 19.9 Bn in 2016 and is projected to register a cumulative annual growth rate (CAGR) of more than 3.0% from 2017 to 2025, according to a new report titled, “Medical Imaging Equipment Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025”, published by Transparency Market Research (TMR). The report projects that availability of multiplexed and integrated modalities with high throughput is likely to spur the demand for medical imaging equipment services in the upcoming years (2017 to 2025).

Rise in the trend of budgeted healthcare systems with improved patient comfort and increase in the demand for higher uptime in the developed markets such a North America and Europe are likely to fuel the growth of the medical imaging equipment services market in these regions. Growing market penetration of refurbished systems to cater to the demand for affordable care and early diagnosis of diseases are expected to boost the growth of the medical imaging equipment services market in Asia Pacific, registering a CAGR of above 4.0% from 2017 to 2025.

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Changing Dynamics towards Value-Based Offerings Causing Intensifies Competition among Service Providers Operating In the Market

According to investor presentation by Alliance HealthCare Services (Tahoe Investment Group Co., Ltd.), more than 98% of the hospitals across the globe outsourced one or more of their clinical services in 2016. Technological upgrades in service offerings are projected to fuel the growth of the medical imaging equipment services market during the forecast period. However, emergence of independent service providers with innovation in technology and solutions and competitive pricing has intensified the competition. By the end of 2017, GE Healthcare registered a nominal increase in its profits as compared to 2016. However, it was partially offset by the pricing pressure on healthcare systems, especially in imaging modalities. These factors are estimated to restrain the growth of the medical imaging equipment services market by the end of 2025.

Original Equipment Manufacturers to Witness Consistent Growth during the Forecast Period

The report offers a detailed segmentation of the global medical imaging equipment services market based on service type, modality, service provider, and end-user. Growth of the original equipment manufacturers segment can be ascribed to the investment made by various OEMs toward expanding their service offerings and also to the increasing demand for higher uptime of imaging equipment.

Equipment Repair & Maintenance to Account for Maximum Revenue during the Forecast Period

Types of service available in the medical imaging equipment services market are equipment removal and relocation, equipment repair & maintenance, refurbished systems, technical training, and software upgrades. Out of these, the equipment repair & maintenance segment accounted for the leading share of the market in 2016, and is anticipated to remain dominant throughout the forecast period. Equipment generally require timely repair and maintenance in order to avert patients from unnecessary radiation exposures. This is projected to fuel the growth of the segment during the forecast period.

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Computed Tomography to be Highly Promising Modality for Investment

In terms of modality, the global medical imaging equipment services market has been segmented into magnetic resonance imaging, computed tomography, ultrasound, x-ray, and others. The computed tomography segment held the dominant share of the market in 2016. According to the Organization for Economic Co-operation and Development Data, in Australia, the installed base of CT per 1,000,000 population increased from 43.07 in 2010 to 63.17 in 2016.

Diagnostic Centers Register Significant CAGR by the end of 2025

Hospitals generated the highest revenue in 2016 owing to the availability of skilled workforce and high penetration of leading providers of medical imaging equipment in the established as well as emerging markets. However, increasing penetration of private service providers and growing preference of patients for outpatient settings are estimated to boost the demand for diagnostic centers with a significant CAGR during the forecast period.

Asia Pacific to Offer Maximum Incremental Opportunity in Global Medical Imaging Equipment Services Market

In terms of value, North America was the leading contributor to the global medical imaging equipment services market in 2016. Increase in preference for early diagnostic scans among the geriatric population is directly proportional to the rise in usage and servicing frequency of imaging equipment, thereby driving the medical imaging equipment services market in North America. However, technological innovations such as cloud-based monitoring and remote monitoring technology are attracting new players to Asia Pacific. The growing installed base of high-end refurbished modalities in China and India is boosting the business of independent service providers are estimated to augment the growth of the medical imaging equipment services market in Asia Pacific with the maximum CAGR during the forecast period.

Key Players such as GE Healthcare, Siemens Healthineers AG, and Koninklijke Philips N.V. are Likely to Continue to Lead the Global Medical Imaging Equipment Services Market

The global medical imaging equipment services market is highly consolidated with three to four players dominating the overall services market. In terms of independent service organizations, the market is relatively fragmented, with each of them having strong presence in respective regional/local markets.

The major independent service providers are strategically expanding their business through long-term partnerships with major professional end-users. The report also provides profiles of the leading players operating in global medical imaging equipment services market, which include Universal Hospital Services, Inc., Shimadzu Corporation, Hologic, Inc., Hitachi, Ltd., Carestream Health (ONEX Corporation), CANON MEDICAL SYSTEMS CORPORATION (Canon Inc.), Althea Group, and Agfa-Gevaert Group.

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