Patient Engagement Solutions Market is Expanding at a CAGR of 23.0% by 2023

Global Patient Engagement Solutions Market: Snapshot
The global patient engagement solutions market has been witnessing a remarkable rise in its valuation as well as size. With the increasing prevalence of chronic diseases and a significant growth in the global geriatric population, the need for patient-oriented healthcare services has increased, leading to an augmented demand for patient engagement solutions, across the world. In addition to this, the rising uptake of IT in healthcare services is likely to aid this market considerably over the coming years.

In 2014, the overall opportunity in the global patient engagement solutions market was US$6.6 bn. Proliferating at a remarkable CAGR of 23.0% during the period from 2015 to 2023, the market is anticipated to reach US$34.9 bn by the end of 2023.

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Application-managed Services to Witness High-paced Growth

The global market for patient engagement solutions is analyzed on the basis of delivery mode and the end user. Based on the delivery mode, the market is classified into self-hosted services, application-managed services, and software as a service (SaaS). Among these, the demand for self-hosted solutions is higher than the other two at present. However, the application-managed services segment is projected to witness a high-paced growth over the next few years, thanks to the easy access and on-the-go services provided by this segment.

By the end user, the market is categorized into hospitals and healthcare providers, pharmaceutical companies, and medical and healthcare payers. Of these, hospital and healthcare providers have emerged as the key end user of patient engagement solutions and are expected to continue like this over the forthcoming years.

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Pharmaceutical companies, on the other hand, are anticipated to display promising growth opportunities over the next few years, as a large pool of pharma companies are expected to uptake patient engagement solutions in order to meet their research and development requirements and control the operational capital incurred. The tremendous increase in the interest of pharmaceutical companies in patient engagement solutions is due to the feedbacks from patients and physicians regarding the prescribed drugs from these solutions, which plays a crucial role for these companies in improving their existing and pipeline products.

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North America to Retain Dominance

The global market for patient engagement solutions reports its presence across the Middle East and Africa, Latin America, Asia Pacific, Europe, and North America. Currently, North America is leading the global market due to the increasing number of government reforms and the rising demand for quality healthcare services. Researchers anticipate this regional market to remain on the top over the forthcoming years, thanks to the advent of incentive-based payment methods are their increasing adoption in healthcare organizations.

With a large pool of regional and multinational participants, the global market for patient engagement solutions is highly competitive and fragmented in nature. Athenahealth Inc., GetWellNetwork Inc., Emmi Solutions LLC, McKesson Corp., Cerner Corp., Medecision Inc., Phytel Inc., Axial Exchange, Orion Health, and Allscripts Inc. are the key players operating in this market. These players are focusing on expanding their businesses across various regions in order to strengthen their position in the global market.

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Dental Chair Market to Become Worth US$551.8 mn by 2022

According to a research report by Transparency Market Research (TMR), before the finish of 2017, the overall market for dental chairs is relied upon to achieve US$455.5 mn. Further, the open door in this market is anticipated to ascend at a CAGR of 3.90% over the period from 2017 to 2022 and increment to US$551.8 mn before the finish of the figure time frame. The expanding mindfulness among individuals about general oral wellbeing and cleanliness is likewise anticipated that would drive the development of this market throughout the following couple of years. Europe has surfaced as the main local market for dental chairs. Making a flat out chance of US$27.9 mn amid the period from 2017 to 2022, this provincial market is expected to stay on the best finished the following couple of years. The interest for oral surgery dental chairs is moderately higher, at present, and is foreseen to remain so finished the following couple of years. In any case, the interest for different kinds of dental chairs is likewise expanding consistently, around the world.

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Rise in Geriatric Population Anticipated to Support Growth of Dental Chair Market

With the colossal ascent in the predominance of oral (gum and teeth) ailments over the world, the worldwide dental chair is encountering a wonderful surge in its valuation and size. The headways in the therapeutic and medicinal services infrastructural, around the world, is likewise impelling the development of this market generously. In any case, the lack of ergonomic highlights may confine the selection of these chairs, considering contrarily their deals and, in this way, on the market in the years to come. In any case, the advanced innovation and the rising awareness level of individuals relating to the general oral wellbeing and cleanliness is anticipated to help this market throughout the following couple of years. One of the impediments of the dental calling has been its reliance on settled hardware, for example, the dental units or chairs.

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Rise in Disposable Income to Propel Worldwide Dental Chair Market

The dental units for the most part require interfacing with electrical, and additionally seepage and pipes systems. Transportation to the dental office is referred to by a significant number of the elderly as a boundary to dental treatment. The elderly populace is quickly developing on the planet. It is evaluated that 3.5 million US elderly individuals will live in long haul mind offices by year 2030. In a few circumstances, transport framework may likewise limit access to mind. Versatile (transport dental join together) or convenient administrations take out the transportation hindrance by conveying the support of the customer. The convenient dental chair will give more noteworthy help to crippled customers living in those distant spots. They make it workable for the elderly to get the care they merit. The versatile and convenient dental administrations will likewise empower look after the elderly in their homes or care offices. The interest for dental care will keep on increasing.

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The worldwide dental chairs market is portrayed by mechanical developments. The key partnerships among global and household organizations is another rising pattern in this market. The main providers of dental chairs over the world, for example, A dec Inc., Danaher, Dexta Corp., DentalEZ Inc., Dome Inc., are progressively including into mergers, acquisitions, and strategic organizations with an end goal to fortify their solid footing in the worldwide market. Throughout the following couple of years, the market is expected to witness extraordinary contention between the sellers, competing based on advancement in items and value differentiation. Leading organizations working in the market were painstakingly profiled by the examination experts, contemplating different viewpoints, for example, upcoming advancements, item portfolio, critical business systems, SWOT investigation, and friends and monetary review.

Revenue in Ultrasound Devices Market to Breach US$ 11.0 Bn Mark by 2023

According to a TMR analyst, “The global market for ultrasound devices is expected to witness a CAGR of 5.8% between 2015 and 2023. Rising from a valuation of US$6.7 bn in 2014, the market will most likely touch US$11 bn by the end of 2023.”

Doppler Technology to be Prospect of Ultrasound Devices

The high rate of mechanical headways happening presently are relied upon to cut the street for the eventual fate of ultrasound gadgets. One of the prime product advancements is the Doppler ultrasound gadget, and it is relied upon to pick up client support and market income share at a fast rate sooner rather than later. Doppler ultrasound gadgets are to a great degree profitable for imaging of blood stream and blood maladies. The symptomatic sharpness that Doppler ultrasound gadgets can add enables medicinal staff to rapidly focus on the issue and give successful treatment. Cutting edge concepts such as pocket ultrasound devices and Doppler ultrasound devices are anticipated to pave a successful path for sales in the near future.

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Region-wise, in 2014, the leading share of 33.8% in terms of revenue was accounted by Europe. It was closely trailed by Asia Pacific. However, the market is expected to witness a paradigm shift with Asia Pacific taking over the market giant Europe and replacing it to be the leading region in the global ultrasound devices market by the end of 2023. This sudden growth of the market in Asia Pacific can be attributed to the high amount of investments being made from China along with supportive healthcare reforms, thus increasing the adoption of ultrasound devices in the region.

Growing Patent Count to Accelerate Sales of Ultrasound Devices

"Most therapeutic administrative and counseling bodies, including the WHO, concur that the quantity of patients experiencing cardiovascular ailments is developing at an alarmingly high rate," expresses a TMR expert. "The WHO clarifies that the quantity of heart patients is relied upon to cross 23 mn by 2030. This is all that anyone could need to demonstrate that human services associations around the globe are in grave requirement for cutting edge ultrasound gadgets."

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Comparative conditions can be found on account of tuberculosis, as the WHO expressed that the rising populace thickness is making it less demanding for the illness to spread and contaminate more individuals. TB is another sickness that can be successfully determined to have ultrasound gadgets, additionally boosting its request. However, the market might face little hindrances owing to the difficulty associated with the operation of these devices. Thus, to make these devices handy and light weight, researchers are focusing on making them technologically advanced enough to suit everyone’s purpose.

The global ultrasound devices market is highly consolidated with few key players leading the market, states Transparency Market Research (TMR) in a research report. Koninklijke Philips N.V., Fujifilm Holdings, and GE Healthcare were the leading companies operating in the market in 2014. In the exact same year, they collectively held a share of 67.1% in terms of revenue. This proves the level of consolidation in the market is extremely high. The vast majority of the major worldwide and provincial players figure out how to secure strong ground in this market through long haul deals contracts with clients. New contestants to the ultrasound gadgets situation won't just need to go up against the mammoth piece of the overall industry held by these best players, additionally need to oversee stores amid the costly starting period of establishment and acquisition.

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Wearable Medical Devices Market is Expanding at a CAGR of 18.0% by 2023

The top five players in the wearable medical devices market accounted for a combined market share of 47.0% in 2014, which leads to some degree of consolidation in an otherwise fragmented market. Some of the leading companies are Polar Electro, Fitbit, Inc., OMRON Corporation, and Medtronic, with OMRON Corporation holding a significant revenue share of almost 11.0% in the same year. The global electronics company increasingly focuses on home healthcare devices, usually portable medical devices such as pedometers and blood pressure monitors to strengthen its shares. Another major player Fitbit, Inc., pioneers in offering wearable technology devices for tracking fitness to gain a competitive edge over others.

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The presence of large number of regional players makes the wearable medical devices market intensely competitive. Several smaller players in the market strive to develop innovative products to get a strong foothold in the market, while large players are boosting their distribution chains to consolidate their markets shares across regions. The global wearable medical devices market was valued at US$2.7 bn in 2014 and the opportunities in the market is expected to reach about US$10 bn by 2023. The market is projected to rise at a robust CAGR of 18.0% from 2015 to 2023.

Increased Reliability and Portability Bolster Uptake of Wearable Electrocardiographs

Geographically, the global wearable medical devices market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, North America is the major regional market and is expected to reach a valuation of US$4.5 bn by the end of the forecast period. The substantial growth of this regional market is driven by the presence of large number of mid-sized and large companies, rapid emergence of new players, and early adopters.

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Based on diagnostic device, the wearable medical devices is segmented into neuromonitoring devices, vital signs monitors, and fetal monitors and obstetrics devices. The neuromonitoring devices is further sub-segmented into electroencephalograph and electromyography. The major sub-segments of vital signs monitors are heart rate monitor, sleep monitor, activity monitor, and electrocardiograph. The electrocardiograph segment is projected to grow at a significant CAGR of 17.8% during the forecast period, primarily attributed to growing prevalence of cardiovascular diseases.

Real-Time Monitoring of Health Conditions Boost Demand

The global wearable medical devices is primarily driven by the rapidly growing demand for these devices for health monitoring and in the diagnosis of various diseases. Constant product innovations is a key factor boosting the market. The burgeoning demand of portable and high-end devices to monitor fitness among athletes and tech-savvy people is expected to fuel the wearable medical devices market. The growing prevalence world over and the increasing incidence of chronic diseases among geriatric population are anticipated to catalyze the market in the coming years. The need for real-time monitoring of medical conditions of outpatients suffering from chronic medical conditions is another crucial factor spurring the demand for wearable medical devices. In addition, the advent of cost-effective wearable medical devices that provide basic functionalities such as monitoring glucose levels and blood pressure among ailing people is expected to boost the market through the forecast period.

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The use of wearable medical devices for real-time monitoring of health conditions by clinicians is another seminal factor bolstering the uptake of these devices. However, the vulnerabilities associated with hacks of wearable devices is a key concern likely to hinder the adoption to an extent. Be that as it may, several governmental regulations, such as the EU regulations, ensuring the safety and performance of medical wearable is expected to bode well for the market in the coming years. In addition, major collaborations between technology companies and medical device manufacturers are expected to create exciting opportunities for market players.

Teleradiology Market is Expanding at a CAGR of 11.3% by 2023

The highly fragmented market for teleradiology features the presence of a large number of regional players, with the exception of some large companies with international presence, such as vRad, Inc., Radiology Reporting Online, and USA Rad. North America and Europe, the regions with some of the largest vendors in the global teleradiology market, will be the key enablers of teleradiology practices across the world and play a central role in the overall development of the global market, notes a recent report by Transparency Market Research (TMR).

Acquisitions of small, regional players, and long-term contracts with remotely located community hospitals and other healthcare service providers, especially across emerging markets such as Asia Pacific and Latin America, will allow teleradiology companies to expand their global footprint. Although less in number than in the European market, teleradiology companies in North America will contribute the largest share in the overall revenues of the global teleradiology market from 2015 through 2023, thanks to their global presence.

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Rise in Healthcare Expenditure and Improved Healthcare Infrastructure to Enable Widespread Adoption of Teleradiology

The vast improvement in telecommunication networks, enhanced data transfer speeds, and improved digital infrastructure of remote parts of the world has revolutionized the global teleradiology market in the past few years. In the next few years as well, developments across the data transmission field will be prove to be a major driver of the global teleradiology market, allowing its evolution from an ancillary radiology discipline to a mainstream practice.

Radiology is a cost-intensive diagnostic modality owing to the high prices of the technologically advanced medical imaging machines central to the field. This factor, in combination with the factor of unavailability of broadband networks in urban dwellings has remained one of the toughest challenges for the teleradiology market in the past years. However, substantial rise in healthcare expenditures and widened broadband networks in the past few years have enabled the widespread expansion of teleradiology practices on a global front. These factors have especially allowed the teleradiology market in extending its reach to emerging economies such as Latin America and Asia Pacific, considered to be the regional markets with the most lucrative growth opportunities.

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Asia Pacific to Provide Most Attractive Growth Opportunities

North America is currently the leading regional market for teleradiology and is expected to provide considerable growth opportunities over the next few years as well. The market in the region will be driven by the digitally advanced healthcare infrastructures, integration of teleradiology services in the workflow of a vast number of medical imaging service providers, and high healthcare awareness among the population. The rising prevalence of a number of cancers in the region has also led to an increased need for effective teleradiology services in the region.

Nevertheless, Asia Pacific will provide the most lucrative growth opportunities for the global teleradiology market in the coming years. Factors fueling demand for teleradiology services in the region will be the rising expenditure on health and wellbeing, improving healthcare infrastructure, and widening network of high-speed broadband services.

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The global teleradiology market is expected to expand at a favorable 11.3% CAGR over the period between 2015 and 2023, and rise from a valuation of US$1,354.6 mn in 2014 to US$3,632.6 mn in 2023.

Active Pharmaceutical Ingredients (API) Market is Expanding at a CAGR of 6.3% by 2023

The frontrunners in the global active pharmaceutical ingredients (API) market in 2015, according to a study by Transparency Market Research (TMR), were North China Pharmaceutical Group Corp. (NCPC), Zhejiang Medicine Co. Ltd and Zhejiang NHU Co. Ltd., Teva Pharmaceutical Industries Ltd., and Northeast Pharmaceutical Group Co. Ltd. Key players are banking on strategic mergers and acquisitions to expand their presence across different geographies. Besides this, players are also focusing towards research and development activities to deliver result-oriented drugs. “The global API market features high entry and exit barriers owing to the large capital investment requirement for set-up,” says TMR’s lead analyst.

The opportunity in the global active pharmaceutical market was pegged at US$134.7 bn in 2015 and is poised to rise to US$219.60 bn by 2023, progressing at a CAGR of 6.3% between 2015 and 2023.

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North America to Lead Revenue Generation through 2023

On the basis of therapeutic area, the global API market will be dominated by cardiovascular disorders throughout the forecast period. The segment is also expected to expand at a significant CAGR of 6.63% during the same period. Geographically, North America will be at the forefront of growth in terms of revenue until 2023. The domicile of some pharmaceutical giants and the advent of biosimilars is providing a competitive edge to North America over other regions. Emerging countries such as China, India, and South Korea will offer ample of lucrative growth opportunities to market players.

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Rising Penetration of Information Technology in Healthcare Sector to Bode Well for Growth of API Market

With exponentially rising demand for drugs, the global API market is expected to follow a notable growth trajectory during the forecast period. “Considering the rapidly growing global population, technological advancements, and widening pool of patients suffering from chronic diseases, the pace of development of drugs is likely to increase by leaps and bounds,” says a TMR analyst. The rising geriatric population worldwide is also escalating the demand for various types of drugs, which in turn working in favor of the global market.
Moreover, the improving access to healthcare in emerging countries coupled with the increasing penetration of information and communication technology in the healthcare sector is positively impacting the growth of the market. In addition, the increasing healthcare budgets in both developed and developing countries are also triggering the sales of API. Besides this, the increasing efforts by Indian API manufacturers to comply with the U.S. FDA norms are also stoking the growth of the overall market.

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Empowering Presence of Generic Drugs to Inhibit Adoption of API

The burgeoning sales of generic drugs are acting as a major bottleneck in the development of the global API market. The patent expiry along with the shortage of blockbuster drugs, poor accessibility in remote areas of several emerging countries, and unaffordability are fuelling the consumption of generic drugs. However, several government organizations are taking measures to mitigate this issue. The European Union (EU) are setting up manufacturing facilities that not only help in improving the quality of the drugs sold in the market, but also in ensuring the sales of government-approved and quality-checked scientifically-developed drugs. 

Asia Preimplantation Genetic Diagnosis Market to Surge at a CAGR of 6.8% by 2023

The Asia perimplantation genetic diagnosis market is anticipated to exhibit a 6.8% CAGR between 2015 and 2023. The market is expected to rise to a valuation of US$28.8 mn by the end of 2023 from worth US$16.0 mn in 2014.

Single Gene Disorder Screening to be Preferred over Prenatal Diagnostic Testing

Preimplantation hereditary finding for the screening of aneuploidy held the chief offer of 34.7% in the Asia PGD showcase in 2014. Liberal controls relating to this range of conclusion in most Asian nations is the central point behind the high quantities of aneuploidy screening tests embraced each year in the district. Be that as it may, PGD for single quality issue is anticipated to grow at the quicker CAGR from the period in the vicinity of 2015 and 2023. Expanded inclination of this demonstrative methodology is supported by innovative progressions and generally high precision of results. Additionally, single quality issue screening is more useful contrasted with customary pre-birth demonstrative testing in developing life, driving the market for PGD for single quality issue.

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Region-wise, the Asia preimplantation genetic diagnosis market is likely to witness fruitful opportunities in the Southern Asia region. In most Asian nations where PGD is not disallowed, it is controlled by the provincial or national government. The high expenses of PGD methods are likewise a zone of massive worry for certain cost sensitive nations in the area. Consolidated with liberal administrative standards and the rising populace of high-procuring people, Southern Asia will rise as the most lucrative market for preimplantation hereditary conclusion in the following couple of years. The PGD advertise in Southern Asia is required to ascend at an ideal 7.9% CAGR from 2015 to 2023.

Growing Penchant towards Assisted Reproductive Techniques to Bolster Deployment

Rising inclination to helped regenerative methods, which include preimplantation hereditary finding as a standard game-plan for guaranteeing that the incipient organism is free of any hereditary oddities, is integral to the solid development of the Asia PGD advertise. The interest for helped regenerative systems in the locale is driven significantly because of two elements: postponed period of origination among ladies and the alarmingly rising rate of fruitlessness in the area. With rising support in the locale's workforce, countless ladies are considering their infants in late 20s to late 30s. As infertility issues and difficulties worried about imagining begin heightening as the age rises, couples in the area are progressively favoring helped conceptive systems, for example, in vitro treatment.

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The rate of infertility in nations, for example, China and India has considerably expanded in the previous couple of years. Xinhua, one of China's unmistakable news offices has expressed that around 12.5% of China's populace was fruitless in 2010. In India as well, around 10% of the populace was said to be experiencing infertility in 2013. This factor is likely to be a core triggering factor for the growth of the market.

The competitive scenario in the Asia preimplantation genetic diagnostics market is highly intense owing to the several global and local players trying their luck in the region, states Transparency Market Research (TMR) in a research report. Pertaining to the number of service providers of preimplantation genetic diagnosis market, it is a highly fragmented one in nature. The penetration of other regional players might further intensify the level of competition in the market in the years ahead. Some of the companies operating in the market might be F. Hoffmann-La Roche, Thermo Fisher Scientific Inc., Perkin Elmer Inc., Illumina Inc., Natera Inc., and Abbott Laboratories, among many others.

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