Radiodermatitis Market to Become Worth US$421.5 mn by 2024

The global radiodermatitis market is consolidated, with the top five players accounting for a share of just over 47% in 2015. These are 3M Healthcare, Smith & Nephew plc, Molnlycke Health Care, Acelity, and Convatec, Inc. Transparency Market Research finds that success in the radiodermatitis market is dependent on the ability of pharma and medical device companies to develop innovative products that can address unmet consumer needs and also help differentiate the company from its competitors.

Stratpharma AG, for instance, launched the StrateXRT in 2016 – a class 1 wound dressing listed with the US FDA and a medical device registered with the European CE mark. This novel and flexible wound dressing is designed for the prevention as well as treatment of radiation dermatitis.

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The opportunity in the global radiodermatitis market was worth US$299.6 mn in 2015 and, registering a CAGR of 3.9% from 2016 to 2024, will be worth US$421.5 mn by 2024.

Multichannel Distribution an Effective Approach in Radiodermatitis Market

Topical agents are the most preferred and prescribed products in the radiodermatitis market. Accounting for a share of just under 70% in 2015, the revenue generated by this segment is projected to cross US$300 mn by 2024. The topical segment is anticipated to register a 4.2% CAGR during the forecast period, higher than any other product segment. The oral medication segment holds a negligible share in the global radiodermatitis market and is anticipated to further lose market share by 2024.

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By distribution channel, the retail pharmacy store segment led the radiodermatitis market in 2015, closely followed by the online store segment. TMR finds that on the whole, a multichannel approach works increasingly well in the radiodermatitis market owing to the nature of the onset of radiodermatitis, which can occur either during or after radiation therapy.

Geographically, Asia Pacific led the global radiodermatitis market in 2015, accounting for a share of over 45% that year. This region, along with Latin America, are both anticipated to register a CAGR of 4.0% from 2016 to 2024, emerging as two of the most lucrative markets for radiodermatitis treatment.

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Innovation in Product Offerings a Key Growth Driver for Radiodermatitis Market
The World Health Organization states that the number of new cancer cases worldwide is projected to rise from 14 million per year in 2012 to 22 million by 2032. Cancer patients are more likely to develop radiation-induced dermatitis owing to frequent radiation treatments. “Unhealthy lifestyle factors, such as obesity and smoking, aggravate the rate of cancer incidence and this will further boost the prevalence as well as market for radiodermatitis,” the author of the study finds.

The global market for radiodermatitis is also fueled by the rising innovation in product offerings. “Companies have been increasingly focused on churning out innovative products in order to fill the gap of unmet needs in the radiodermatitis market,” the lead analyst observes. The painful condition of the patient and poor quality of life has been compelling patients to opt for as many new and different radiodermatitis treatment options as possible and this acts as a driving factor for drug and device manufacturing companies.

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This review is based on the findings of a TMR report titled “Radiodermatitis Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”

Physician Dispensed Cosmeceuticals Market to Become Worth US$27.6 bn by 2024

The global physician dispensed cosmeceuticals market currently encapsulates a number of players from the cosmetics and skincare industry. The market is expected to undergo fundamental changes in its competitive landscape because a number of dermatologists, specialists, and other experts of the field are aiming to commercialize their names to become market players themselves. This is projected to disrupt the current vendor landscape and invite a response from other renowned players. The leading market players in the contemporary times are Valeant Pharmaceuticals Inc., L'Oreal S.A., and Allergan plc. In 2015, the aforementioned market players accounted for 56% of the total market share, manifesting the consolidated nature of the market. L'Oreal S.A. alone held 28% of the total market share in the same years, thus, showing the stronghold of the company in the global market. There has been a great deal of speculation about the steps that the market players are expected to take in the future. It is prognosticated that the market players would bank on their ability to offer novel products in order to outsmart their competitors.

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Transparency Market Research prophesies the growth track of the market over the period from 2016 to 2024. The market is projected to grow at a robust CAGR of 10.6% over the forecast period, which showcases the opportunities that lie ahead in the market. The market was valued at US$11.2 bn in 2015 and is expected to escalate to US$27.6 bn by the end of 2024. Based on the type of products, the skincare segment dominated the market with the highest market share in 2015. The supremacy of the segment owes to the increased consciousness about skin and beauty. Anti-aging products are also expected to remain popular across the market. On a regional level, North America would crawl ahead of all other regional market due to its technological finesse. The market value in the region was worth US$4.7 bn in 2015 and is expected to touch US$10.52 bn by the end of 2024. However, the highest growth rate is anticipated to be exhibited by Asia Pacific due to the rising popularity of skin care products in the region.

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Branded Cosmeceuticals to Enhance Market Growth

The dermatologists are gradually venturing into entrepreneurship by converting their skincare clinic brand to manufacturing centers for cosmeceuticals. Since the dermatologist can accredit the products dispelled under their brand name, the customers could be easily persuaded into buying them. This has been the primary factor driving the demand for cosmeceuticals. On the other hand, the well-established brands have created a buzz around their products through effective marketing and advertising. This has also propelled demand across the market and has created more opportunities for the market players. The quest to buy branded cosmeceuticals has also boosted the demand within the market. The rising geriatric population and its concerns regarding skincare have played an instrumental role in increasing demand.

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Apprehensions About Side Effects of Cosmeceuticals Could Hamper Growth

Despite the plush growth of the market, several factors stand in the way of rapid growth. The consumers are apprehensive of the side effects that cosmeceuticals could have on their skin. This restrains the market and poses a threat to the market players. Furthermore, the low awareness quotient of the consumer with regards to the use of cosmeceuticals such as derma fillers also hinders growth. Nevertheless, the impetus on skincare in recent times is expected to keep soaring demand within the market.

Patient Engagement Solutions Market Will be Worth US$34.94 Bn by 2023

The global patient engagement solutions market stood at US$6.66 bn in 2014 and is projected to reach US$34.94 Bn by the end of 2023. The market is expected to rise at a CAGR of 23.0% from 2015 to 2023.

Pharmaceutical Companies to Make Substantial Investment

On the basis of geography, the patient engagement solutions market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. Of these, North America dominates the global market and is expected to remain so throughout the forecast period. The substantial growth of the regional market is attributed to a large number of government reforms to boost patient engagement and the focus of healthcare providers for quality care.

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Based on end user, the patient engagement solutions market is segmented into pharmaceutical companies, healthcare payers, and hospitals and providers. Currently, the hospitals and providers segment hold the major revenue share. However, the pharmaceutical companies segment is expected to grow at a stellar CAGR of 24.1% from 2015 to 2023. The growing popularity of patient-focused solution has spurred investment by pharmaceutical players.

Growing Demand for Empowering Patients to Take Control of their Health

The growing significance of patient engagement and the need to increase their involvement in the management of various diseases, especially chronic ailments, in a variety of critical care settings are the key factors driving the market. The imperative for holding a meaningful exchange between patient, provider, and clinicians is a key factor stimulating the demand for various patient engagement solutions. The increasing participation of patient populations with their providers is anticipated to enhance the quality care and boost clinical outcomes.

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The growing uptake of various self-management programs in hospitals and healthcare institutions has catalyzed the growth of the patient engagement solutions market. The increasing role of technology to empower patients in the control of their care is expected to boost the market. In addition, the growing demand for reducing hospital readmissions has boosted the uptake of patient-focused solutions. Furthermore, the growing popularity of personal digital assistants and the increasing prominence of point-of-care mobile apps to facilitate the delivery of healthcare services are the seminal factor expected to positively impact the growth of the patient engagement solutions market in the coming years.

The inclusion of IT in improving the quality of healthcare services is expected to bode well for the patient engagement solutions market. The growing adoption of electronic health record (EHR) systems is expected to boost the market.

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However, the mounting concern of preserving the privacy of patients’ data in IT-based solutions is likely to hinder the market to an extent. Nevertheless, the increasing inclination of healthcare providers and payers toward value-based reimbursement is expected to open up lucrative growth avenues for market players. Furthermore, favorable government regulations in various developing and developed nations, primarily focused at patient-centric services, have accentuated the global market.

Some of the leading players operating in the patient engagement solutions market athenahealth, Inc., Orion Health Ltd., GetWellNetwork Inc., Phytel, Inc., Medecision, Inc., Axial Exchange Inc., McKesson Corporation, and Allscripts Healthcare Solutions, notes Transparency Market Research (TMR). Key players are offering intuitive and innovative software and technology-based solutions focused on bolstering patient engagement, in order to gain a competitive edge over others.

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Technology Spending on Revenue Cycle Management Market Will be Worth US$51.56 bn by 2024

McKesson Corporation, Allscripts, Cerner Corporation, and Optum Health, Inc. were the leading players in the global market for technology spending on revenue cycle management in 2015. These key companies show the common strengths in having built strong distribution channels and effective long-term partnerships.

According to a research report released by Transparency Market Research, technology spending on revenue cycle management is expected to experience a buildup in competitive rivalries over time, owing to the entry of more players into the global market. The market is in a very expansive stage, which coupled with the recent positive changes in the regulatory scenario, have created a very advantageous position for a lot of new entrants. The global market for technology spending on revenue cycle management is expected to reach US$51.56 bn by 2024. It is expected to expand at an optimistic CAGR of 6.9% within a forecast period from 2016 to 2024, and was calculated at US$28.50 bn at the end of 2015.

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Staggering Advantages Pull Healthcare Organizations towards Revenue Cycle Management Solutions

“Of the many plus points that go with a standard revenue cycle management solution, the leading factor that a lot of healthcare organizations are looking for is better revenue generation. Claims get processed much faster under revenue cycle management solutions, along with a speedy denial management, thereby helping an organization generate a higher resolution rate. Thus, time saved becomes money earned and that is what is driving the global market for technology spending on revenue cycle management currently,” states a TMR analyst.

Another driver for the global technology spending on revenue cycle management market is the greater efficiency achieved in carrying out medical practice. When a revenue cycle management solution is implemented, a hospital can shift their focus off patient billing and paperwork, thereby becoming a more patient-centric organization and thus improving patient recovery outcomes. The implementation of a revenue cycle management solution can also allow a healthcare organization to safely adhere to the current state of regulatory structures. Since these processes are needed to by in sync with any changes in regulations, the organization can rest assured that all rules and requirements are satisfied through the implementation of RCM solutions.

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Complexity of RCM Solutions may Stifle Administrative Processes even Further
One of the core restraints acting on the global market for technology spending on revenue cycle management is the complexity of these solutions. A lot of claims submission processes involve tedious iterations of rework. Combined with the long and erroneous processes of data collection and other manual processes, the incorporation of a revenue cycle management solution into this will add to the errors that accumulate. On an average, close to 30% of all physician claims are erroneous and 15% of the claims may even get lost in the processes. The addition of a revenue cycle management solution to such an inaccurate data generation stream can only cause inaccurate results to be posted, thereby restricting the overall advantages that these solutions can bring to the table.
“Players in the global market for technology spending on revenue cycle management can look forward to operating in emerging economies of the Asia Pacific over the coming years. The rate at which the healthcare industry is evolving can bring about optimistic strategies in the implementation of revenue cycle management solutions in these countries,” adds the analyst.

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Technology Spending on Core Administration in Healthcare Market to Expand at a Modest CAGR of 5.7% by 2024

The field of core administration solutions for the healthcare industry is highly fragmented owing to the presence of a large number of established players offering hardware, software, and services, says Transparency Market Research in a recent report. Considering the vast growth opportunities in developing regions such as India, Brazil, and China, players are focusing on diversification opportunities across these countries through mergers, acquisitions, and consolidation practices. To encash the vast growth opportunities in the core administration segment in the healthcare industry, owing to various government norms like Obamacare or Affordable Care Act (ACA), competitors are also focusing on extensive product development to offer differentiated services.

According to Transparency Market Research, the global technology spending on core administration in healthcare market sector will exhibit a 5.7% CAGR over the period between 2016 and 2024, rising from US$25,900 mn in 2015 to US$42,317 mn by 2024.

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Of the key end users of core administration solutions in the healthcare industry, the payers segment accounted for over 88% of the overall market in 2015 and is expected to remain the key driver of technology spending on core administration in the healthcare industry throughout the forecast period. Geographically, North America dominated, accounted for over 50% of the overall funds spent on enabling technologically advanced core administration solutions in the healthcare industry in 2015. The trend is expected to remain strong over the forecast period as well.

Rising Demand for Value-based Reimbursement Modules to Drive adoption of IT Solutions in Healthcare

Rising convergence of a variety of digital platforms for managing and processing the ever-expanding healthcare data, continuously changing healthcare reimbursement reforms and regulations, and digitally empowered consumers are collectively making the healthcare administration space increasingly complex. While at one point cost competition is at the peak in the healthcare industry, payers (insurance agencies) are pressing healthcare providers to switch from a volume-based (payment for service) to a value-based reimbursement module (payment for value).

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By requiring that healthcare providers deliver services at lowest costs to patients, value-based reimbursement modules entail more financial risks for providers and critically necessitate the effective management of core administrative processes to cut costs. The situation demands a robust IT infrastructure and an integrated platform wherein the payers can streamline workflows for provider contracting and engagement. In the next few years, the increased need for such platforms will emerge as one of the key drivers of technology spending on core administration in the healthcare sector.

Outdated Technology and Applications Discourage Technological Advancements in Healthcare IT Infrastructure

However, the overall global spending on technology for core administration in the healthcare sector is expected to be negatively impacted due to factors such as the presence of outdated technology and applications across several data collection and delivery nodes, continuously changing healthcare reforms, and ever-changing ways of financial transactions.

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The inability of healthcare professionals in using complex or time-consuming features in technologically advanced digital healthcare applications is another key factor deterring the adoption of IT solutions for managing core administrative processes in the healthcare sector. The use of IT solutions by health professionals is growing at a steady pace globally, but it is not uniform. A substantial gap exists between the numbers of providers, which is relatively small presently, the number of consumers who actively use the Internet for any purpose, which is on rise at a rapid pace, and the much larger group of patients and healthcare providers that has not used it or cannot use it.

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Healthcare API Market to Report a CAGR of 4.2% by 2024

The total revenue of the global healthcare API market remained at US$162.4 mn in 2015 and is prognosticated to achieve US$234.2 mn by the end of 2024 at a 4.2% CAGR. Asia Pacific is expected to exhibit a CAGR of 4.5% over the forecast duration, and is anticipated to emerge as the fastest growing region in this market.

Healthcare Suppliers Emerge as Leading Segment Owing to Imminent Demand

The healthcare suppliers section is the main end client and the fragment is likewise anticipated to extend at the most astounding CAGR of 4.5% over the duration of forecast. To a huge degree, this development can be ascribed to expansive clinics and research facilities searching for robotized answers for the administration of non-center exercises, for instance, persistent arrangement booking and request following.

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Given the simplicity and adaptability the healthcare application programming interface gives in planning arrangements specialists, the arrangement fragment is the most favored healthcare API benefit. The portion is additionally foreseen to extend at the most astounding CAGR of 4.3% from 2016 to 2024.

Progress in IoT and IT Infrastructure to Offer Lucrative Opportunity

The worldwide healthcare API market is driven by increment in reception of API-coordinated electronic wellbeing records (EHRs), which give simplicity of information availability. Likewise, visit upgradations and ascend in activities by EHRs sellers and healthcare IT new companies fuel the market development. Developing spotlight on quiet driven healthcare conveyance by means of utilization programming interfaces (APIs) has been noted over the current past and the rise of a large group of administrations, for instance, wearable restorative gadgets and remote patient checking has impelled the interest for healthcare API arrangements.

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In any case, misfortune and control of essential patient data and concerns identified with protection ruptures restrain the market development. Besides, ceaseless ascent in government activities to move from conventional strategies to mechanically propelled healthcare frameworks and IT-empowered arrangements and administrations is relied upon to give various chances to market advancement.
The global healthcare API market is predicted to witness a vigorous growth over the years to come. According to a report by Transparency Market Research (TMR), the market is predicted to be extremely competitive in the years to come on account of the ongoing progress in digital healthcare industry. The report observes that market players have been centered on making an incentive with acquisitions. Fortifying their quality in the social insurance API market and in the meantime, offering inventive answers for take into account the necessities of their clients has been the key development procedure for a number of organizations. Some of the key players of the global healthcare API market are Practice Fusion, Apple, Inc., Practo Technologies Pvt. Ltd., Allscripts Healthcare Solutions Inc., and Epic Systems Corporation.

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India Nebulizers Market Share and Growth Factors Impact Analysis 2015 - 2023

With the rising number of market players, the India nebulizers market is experiencing an intense competition. Some of the key players in the Indian nebulizers market include names such as Becton Dickinson & Company, Bhasin Sons Private Ltd., PARI Respiratory Equipment Inc., Respirotech Med Solutions Pvt Ltd., Agilent Technologies, Medicare Equipment (India) Pvt. Ltd., Omron Healthcare, Philips Healthcare, CareFusion, and DeVilbiss Healthcare LLC. The India nebulizers market is highly fragmented because of this large pool of market players. Of these mentioned names, CareFusion, Philips Healthcare, and Omron Healthcare have dominated the Indian market for nebulizers in the recent past. These three companies accounted for a combined market share of about 52% in the highly fragmented market. In the near future, the market participants are expected to invest heavily in research and development events to launch advanced and innovative products with in order to bolster their market presence. These companies are also taking strategical decisions such as mergers and acquisitions to enhance their market presence. One such instance is the recent acquisition of CareFusion company by Becton Dickinson & Company. This acquisition has reportedly doubled the market share of the company.

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The India nebulizers market is expected to grow at a healthy CAGR of 25.80% over the course of given forecast period of 2015 to 2023. This growth is expected to grow the market valuation to INR4,703 mn by the end of year 2023. The north zone in India is currently the highest consuming region in India. Rising pollution and cold climate have led to increase in cases of respiratory disorders. This growth of north region is expected to be achieved at a CAGR of 27.50% over the course of forecast period and is also expected to continue its overall dominance.

Rising Number of Lung Disorders Propel India Nebulizers Market

A recent research by the World Health Organization (WHO) has disclosed that deaths because of lung disorders in India are on a high rise. Nearly 142 deaths in every 100,000 deaths are due to some or the other form of lung disorders. This has made India rank first in the world in terms of deaths due to lung diseases.

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The growing prevalence acute respiratory diseases that lead to asthma, chronic pulmonary diseases, and cystic fibroses has chiefly driven the India nebulizers market. Nebulizers are very effective in treating these above-mentioned conditions and thus, growth in these medical conditions have effectively led to the development of the nebulizers market. Nebulizers involve inhaling a liquid medication that is converted into breathable aerosol which can readily reach the lungs and treat the infection. Such ease in treatment has also driven the overall development of the India nebulizers market.

Another factor responsible for the growth in India nebulizers market is the severe increase in pollution across the country. Different types of pollutions such as vehicular pollution and air pollution coupled with increasing population has led to widespread increase in acute respiratory diseases. This in turn has resulted into rise in demand for nebulizers across the nation.

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High Cost of Machinery and Medicines Impede Market Growth

However, lack of awareness among the consumers about using quality products is one of the major restraining factors in the overall growth of the Indian nebulizers market. Moreover, with majority population cannot afford the high machinery and medication prices associated with nebulizers. This has also led to slowing down the growth of the nebulizers market in India.