Dental Consumables Market - Emerging Trends & Global Future Forecasts

 Global Growth Drivers:

The market's industry trends are analyzed in the latest research study. Industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and market purchasing behavior are all included in the latest research study. Europe held the biggest market share in 2021, followed by North America. The primary factors propelling the growth of the European dental market are the expanding awareness of oral health, the rapidly expanding target population, the growing importance of dental aesthetics, and the abundance of market players providing dental products.

Objectives of the Study:

# To define, describe, analyze, and forecast the size of the dental consumables market on the basis of product, application, end user, and region.
# To provide detailed information on the major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
# To strategically analyze the micro markets with respect to individual growth trends, prospects, and contributions to the overall market
# To forecast the size of the market segments with respect to North America, Europe, Asia Pacific, latin America and Middle East and Africa.
# To profile key players and comprehensively analyze their product portfolios, market positions, and core competencies.
# To track and analyze competitive developments such as product launches, partnerships, acquisitions and other developments in the market.
# To benchmark players within the global market using the Competitive Leadership Mapping framework which analyzes market players on various parameters within the broad categories of business and product strategy.

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Revenue Growth Dynamics:

The dental consumables market is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2022 to 2027, from an estimated $35.3 billion in revenue in 2022 to $55.7 billion by that time.

Data Triangulation:

Following the determination of market size, various segments of the global market were identified. Data triangulation and market breakdown procedures were used where appropriate to finish the entire market engineering process and obtain the precise statistics for every segment.

Opportunity: Growing focus on emerging markets & rising disposable income levels

In most developing nations as well as some developed nations, like the UK and Germany, dental implants are not widely used. Due to the high cost of dental implant procedures and a shortage of trained dental professionals, large and emerging economies like China and India have low adoption rates for dental implants. Only 15-20% of the 1.2 million practicing dentists worldwide, according to Institut Straumann, carry out implant procedures; the countries with the highest implant penetration rates are South Korea and Italy. Players in this arena have a lot of opportunities because of the unexplored market potential in these regions.

Positive government initiatives and policies also draw a number of industry participants to these markets. For example, India's reduction of the 16 percent customs duty on dental products to 8 percent has created opportunities for foreign players. Additionally, the number of privately owned dental clinics in China has increased as a result of government deregulation and relaxation of requirements for the establishment of private healthcare facilities.

These kinds of government programs in developing nations will promote the use of cutting-edge technologies like CAD/CAM systems and premium restoration supplies and equipment. The market in these countries is anticipated to see significant growth opportunities due to the introduction of advanced restoration products and digital systems, as well as training workshops for dental practitioners and dental laboratory professionals to ensure efficient use of the advanced equipment and restoration products.

Geographical Growth Dynamics:

Europe accounted for the largest share of the global dental consumables industry, by region in the forecast period.

With a share, the dental consumables market is largest in Europe. The market is expanding due to an increase in government spending on dental health.More than 50% of Europeans may have periodontitis, and over 10% have severe dental disease, according to The State of Oral Health Europe report, which was released in April 2022. The prevalence of these conditions rises to 70–85% of people in the 60–65 age range. Furthermore, according to World Health Organization (WHO) updates from March 2022, a rising proportion of oral cancers among young people in Europe are caused by human papillomavirus infections. This will improve the use of dental consumables such as crowns and bridges, which is anticipated to fuel the growth of the European market.

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Leading Players Operating in This Industry:

Key players in the Dental consumables market: Institut Straumann AG (Switzerland), Envista Holdings Corporation (US), Dentsply Sirona (US), Zimmer Biomet Holding Inc. (US), 3M Company (US), Henry Schein, Inc. (US), Kuraray Noritake Dental (Japan), Mitsui Chemicals (Japan), Geistlich Pharma AG (Switzerland), Ivoclar Vivadent (Liechtenstein), GC Corporation (Japan), Keystone Dental Inc. (US), BEGO GmbH & Co. KG (Germany), Septodont Holding (France), Ultradent Products (US), VOCO GmbH (Germany), COLTENE Group (Switzerland), SDI Limited (Australia), Young Innovations, Inc. (US), DMG Chemisch-Pharmazeutische Fabrik (Germany), Brasseler USA (US), SHOFU INC. (Japan), Zhermack SpA (Italy), BISCO, Inc. (US), and Dental Technologies Inc. (US).

Respiratory Care Devices - Emerging Innovations & Revenue Growth Dynamics

 Market Definition:

The medical specialty of respiratory care offers diagnosis, assessment, treatment, control, and monitoring for illnesses and disorders of the cardiopulmonary system. As a life support measure, respiratory care devices are widely used in ICUs, general and surgical wards.  Devices designed to support breathing, remove carbon dioxide from the air, and treat abdominal wall muscle atrophy are all considered respiratory assist devices.

Future Growth Driving Factors:

The primary drivers of this market's growth are the increased emphasis on enhancing patient outcomes and the rise in research and development expenditures that produce cutting-edge technology. To enhance their patients' respiratory health and overall results, respiratory therapists employ a variety of techniques.

For example, incentive spirometry involves having patients take deep, prolonged breaths to measure how well their lungs expand. It will improve the patient's ability to expel mucus from their lungs because it requires deep breathing. Patients learn these exercises from therapists, which increases the market for respiratory care equipment.

Revenue Growth Predictions, Globally:

A compound annual growth rate (CAGR) of 7.8% is predicted for the global respiratory care devices market, which was valued at $21.8 billion in 2023 and is expected to reach $31.8 billion by 2028.

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Data Triangulation:

The entire market was split up into a number of segments and sub-segments after the market size was determined. Data triangulation and market breakdown procedures were used when appropriate to finish the overall market engineering process and yield precise statistics for all segments and sub-segments. The market validation, source structure, and data triangulation methodology used in the market engineering process of this report are depicted in the accompanying figure.

Geographical Growth Dynamics:

The respiratory care devices market was dominated by the North American segment.

The regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa comprise the global respiratory care devices market. The respiratory care devices market was dominated by North America in 2022. The North American market for respiratory care devices is anticipated to grow as a result of the region's sophisticated healthcare infrastructure and high healthcare spending. Throughout the forecast period, the US's high prevalence of asthma is anticipated to fuel demand for respiratory care devices.

Opportunities: Point-of-care Diagnostics

At or close to the location of patient care, point-of-care (POC) testing is carried out. The main factors creating a niche market opportunity for POC devices in respiratory diagnostics are improvements in test accuracy and the growing number of diagnostic tests available for various conditions.

Growing patient self-testing is one of the main factors propelling the POC respiratory disease diagnostics market. In the upcoming years, technological developments that are facilitating microfabrication processes and devising miniaturization are anticipated to bolster the trend of POC testing and the treatment of respiratory disorders. Government agencies in developed and developing nations alike have realized that POC technology offers a perfect opportunity to grow public healthcare networks and meet patients' unmet medical needs. Furthermore, POC testing is becoming more and more preferred as the number of qualified technicians in the centralized system declines.

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Key Stakeholders:

Respiratory care device manufacturers and distributors
Healthcare institutions (hospitals, laboratories, medical schools, and outpatient clinics)
Research institutes
Contract manufacturing organizations (CMOs)
Government associations
Market research and consulting firms
Venture capitalists and investors

Global Healthcare Cloud Computing Industry: Major Revenue Gains are Predicted by 2027

Future Growth Driving Factors:

The global healthcare cloud computing market is expected to grow due to a number of factors, including the COVID-19-related increase in the use of EHRs, e-prescribing, telehealth, mHealth, and other healthcare IT solutions; the growing use of wearable technology, big data analytics, and the Internet of Things; the growing use of cloud computing in the healthcare sector; the improved scalability, flexibility, and storage of data it offers; the emergence of new payment models and the cost-effectiveness of the cloud; and the dynamic nature of health benefit plan designs.

However, issues with data and security as well as the intricate laws that control cloud data centers are factors that are anticipated to limit market growth to some degree.

Market Size Estimation Methodologies Used:

The total size of the Healthcare cloud computing market was arrived at after data triangulation from two different approaches, as mentioned below.

Approach to calculate the revenue of different players in the Healthcare cloud computing market

An extensive primary interviewing process, online publications, SEC filings, annual reports, and other sources were used to determine the size of the global healthcare cloud computing market. The market segments' sizes were determined by applying a percentage split. Additional divisions were utilized to determine the dimensions for every sub-segment. Primary participants validated these percentage splits. The overall market size for regions was calculated by adding the country-level market sizes derived from SEC filings, online publications, annual reports, and in-depth primary interviews. The global market for cloud computing in healthcare was calculated by summing the market sizes for each region.

Approach to derive the market size and estimate market growth

Primary interviews were used to estimate the market's size and growth on a regional and worldwide scale. A weighted average of all the responses was calculated to get a probabilistic estimate of the market size and growth rate.

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Revenue Growth Predictions, Globally:

According to revenue estimates, the global healthcare cloud computing market was valued at $39.4 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 17.8% to reach $89.4 billion by 2027.

Data Triangulation:

The market was divided into a number of segments and sub-segments after the overall market size was determined using the methods for estimating market size previously discussed. Data triangulation and market breakdown procedures were used where appropriate to finish the overall market engineering process and obtain the precise statistics of each market segment and subsegment. Through an analysis of numerous variables and patterns from the supply and demand sides, the data was triangulated.

Geographical Growth Dynamics:

North America led the healthcare cloud computing market in 2021, with Europe and Asia Pacific following closely behind. The government's EHR incentive programs, the number of cloud computing companies operating in the area, and technological developments are some of the factors propelling the healthcare cloud computing market in the region.

Over the course of the forecast period, the Asia Pacific healthcare cloud computing market is anticipated to grow at the fastest rate. This can be linked to a number of things, including the adoption of IT initiatives in Australia and New Zealand, the rapidly expanding healthcare sector in India, and rising investments and reforms to modernize China's healthcare infrastructure.

Opportunities: Emergence of telecloud and telehealth consultations

Delivering patient care to remote areas is becoming much easier thanks to the convergence of wireless technology and cloud computing. Most doctors and specialists are employed in major cities in a number of different countries. As a result, only these locations offer advanced care facilities, leaving patients in rural areas unattended. A telecloud can help with this issue since it allows medical professionals to diagnose and treat patients at reasonable prices and over long distances in real time.

Because of the COVID-19 pandemic and the disease's contagiousness, clinicians have been concentrating on remote monitoring of afflicted patients. The cost of providing physical assistance is rising as more and more doctors are contracting the pandemic in spite of receiving the right care and protection. According to the Italian Doctors Association, while treating COVID-19 in March 2020, at least 50 doctors died. Thus, it is imperative to promote telehealth and reduce the need for in-person assistance. Thus, it is anticipated that telehealth, which includes interactive medication and remote patient monitoring, will become more popular in the years to come.

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Global Key Players:

Key players offering healthcare cloud computing products in this market include Amazon Web Services, Inc. (US), Microsoft Corporation (US), International Business Machines Corporation (US), athenahealth. Inc. (US), CareCloud, Inc. (US), Siemens Healthineers AG (Germany), eClinicalWorks (US), Koninklijke Philips N.V. (Netherlands), and Allscripts Healthcare Solutions, Inc. (US).

Medical Equipment Maintenance Market - Revenue Growth Expectations by 2028

Overview of This Study:

This research employed a large number of primary and secondary sources. In order to determine the segmentation types, industry trends, major players, competitive landscape, important market dynamics, and major player strategies, the research process involved analyzing a variety of industry-affecting factors.

Market Size Estimation:

The size for medical equipment maintenance market worldwide was estimated for this report using a revenue share analysis of the top competitors. In order to achieve this, major market participants were identified, and their medical equipment maintenance revenues were calculated using a variety of insights obtained during the primary and secondary research stages. Examining the annual and financial reports of the leading market participants was one aspect of secondary research. On the other hand, in-depth interviews with significant opinion leaders, including directors, CEOs, and important marketing executives, were a part of the primary research.

Segmental revenues were computed using the revenue mapping of the main solution/service providers in order to determine the global market value. The following steps were involved in this process:

# Generating a list of major global players operating in the medical equipment maintenance market
# Mapping annual revenues generated by major global players from the medical equipment maintenance segment (or nearest reported business unit/service category)
# Revenue mapping of key players to cover a major share of the global market as of 2022
# Extrapolating the global value of the medical equipment maintenance industry

Projected Surge in Revenue Generation:

According to revenue estimates, the global market for medical equipment maintenance will be valued $48.8 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 10.6% to reach $80.7 billion by 2028.

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Major Growth Influencing Factors:

High growth prospects for the medical equipment maintenance market during the forecast period include factors like the expansion of related equipment markets, an increased emphasis on preventive medical equipment maintenance, an increase in the purchase of refurbished medical systems, and the adoption of novel funding mechanisms. In addition, a growing number of medical vendors worldwide and the growing use of patient-specific medical devices are driving the market. However, during the projected period, the market's growth may be hampered by the high initial costs and significant maintenance expenses.

Geographical Growth Dynamics:

Germany registered the highest CAGR in the market during the forecast period.

In 2023, Germany is expected to register the highest CAGR in the European market for medical equipment maintenance during the forecast period. Europe comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. Factors such as the growth of service providers (both OEMs and the ISOs and also in-house maintenance) in the region, evolving healthcare infrastructure post-COVID-19 pandemic, and favorable investment scenario in the country are driving the growth of the German medical equipment maintenance market during the forecast period.

Global Leading Companies Operating in This Industry:

As of 2022, prominent players in medical equipment maintenance are GE Healthcare Technologies Inc. (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and FUJIFILM Holdings Corporation (Japan) among others.

Recent Developments:

# In May 2023, Siemens Healthineers (Germany) established its new Education and Development Center (EDC) in Erlangen, which would offer medical device training courses for customers and in-house specialists.

# In March 2023, GE Healthcare Technologies Inc. (US) partnered with Advantus Health Partners (US) in a 10-year agreement to provide the company’s Healthcare Technology Management (HTM) services to the clients of Advantus Health Partners.

# In March 2021, the acquisition of the Diagnostic Imaging-related Business of Hitachi, Ltd. (Japan) was completed by FUJIFILM Corporation (Japan) to support R&D, manufacturing, marketing, and maintenance services for diagnostic imaging systems (CT, MRI, X-ray, ultrasound systems, and others), electronic medical records, and other medical-related products and services.

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Key Market Stakeholders

# Original equipment manufacturers
# Independent service providers
# Independent service organizations
# Product distributors and channel partners
# Hospitals and surgical centers
# Dental hospitals, laboratories, and clinics
# Dental academic and research institutes
# Ambulatory care centers and physician-operated laboratories
# Contract manufacturers and third-party suppliers
# Research laboratories and academic institutes
# Clinical research organizations
# Contract manufacturing organizations
# Government and non-governmental regulatory authorities
# Venture capitalists and investors
# Trade associations and industry bodies
# Insurance companies
# Market research and consulting firms

Advancements in Human Microbiome Research - & It's Impact on Global Industry Revenue

Overview of This Study:

In order to estimate the current size of the human microbiome market, this study involved four major activities. A thorough investigation was conducted using secondary research methods to gather data about the market, its parent market, and its peer markets. The next stage involved conducting primary research to confirm these conclusions, hypotheses, and sizing with industry experts throughout the value chain. A combination of top-down and bottom-up methods was used to estimate the overall market size. Subsequently, methods for data triangulation and market breakdown were employed to estimate the market size of various segments.

Market Size Estimation:

The entire market size for human microbiomes was estimated and validated using both top-down and bottom-up methods. The size of different market subsegments was also extensively estimated using these techniques. The research methodology used to estimate the market size includes the following:

# A great deal of secondary research has been done to identify the major players in the market and industry.
# Primary and secondary research has been used to determine the revenues that leading players in the human microbiome market generate.
# Primary sources have been used to verify all percentage shares, splits, and breakdowns that have been calculated using secondary sources.

Projected Surge in Revenue Generation:

With a predicted revenue of $0.3 billion in 2023 and a projected compound annual growth rate (CAGR) of 36.1% from 2023 to 2029, the global human microbiome market is expected to reach $1.7 billion.

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Major Growth Influencing Factors:

Technological developments and the growing acceptance of personalized medicine are two major factors propelling the market's expansion. But the lack of knowledge about microbial interactions and regulatory obstacles may prevent the market from expanding.

Geographical Growth Dynamics:

The market for human microbiomes in 2023 was dominated by North America.

The market is divided into four geographic segments: North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to maintain its dominance of the market well into the forecast period, having done so in 2023. The North American market is expanding due to factors such as a well-established research infrastructure, technological advancements, the growing demand for precision medicine, a supportive regulatory environment, a robust biotechnology and healthcare industry, and easy access to funding and investment. The high cost of some human microbiomes, however, is impeding the market's growth and may prevent some customers—particularly smaller research institutions or clinics with tighter budgets—from adopting these products.

Global Leading Companies Operating in This Industry:

The market for human microbiome is highly consolidated, with key players strategizing to capture the market. Prominent players in the human microbiome market are Seres Therapeutics, Inc. (US), Enterome (France), 4D pharma plc (UK), International Flavors & Fragrances Inc. (US), OptiBiotix Health Plc (UK), Ferring Pharmaceuticals (Switzerland), Synlogic, Inc. (US), Second Genome, Inc. (US), Vedanta Biosciences, Inc.  (US),  YSOPIA Bioscience (France), FlightPath Biosciences, Inc. (US), Finch Therapeutics Group, Inc. (US), AOBiome Therapeutics (US), BioGaia (Sweden), Quantbiome, Inc. (dba Ombre) (US), Viome Life Sciences, Inc. (US), BIOHM Health (US), DayTwo (US), Atlas Biomed (UK), Bione Ventures Private Limited (India), Luxia Scientific (France), Metabiomics (US), Sun Genomics (US), Seed Health (US), and Gnubiotics Sciences (Switzerland).

Recent Developments:

# In November 2021, Seres Therapeutics collaborated with Bacthera to manufacture SER-109. The company is a leading manufacturer for recurrent Clostridioides difficile infection (rCDI). As per the agreement, Bacthera is establishing a dedicated facility for commercial manufacturing in its new Microbiome Center of Excellence, a manufacturing site dedicated to the production of LBPs located on Lonza’s Ibex campus in Visp, Switzerland.

# In June 2020, Enterome announced a new financing totaling $52.6million to progress the clinical development of its therapeutic pipeline, including the first clinical trials of EO2401, a novel ‘OncoMimic’ cancer immunotherapy.

# In July 2020, OptiBiotix Health PLC launched WellBiome, a revolutionary ingredient to support digestive, cardiovascular, and metabolic health.

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Key Stakeholders:

# Manufacturers and distributors of human microbiome products
# Pharmaceutical and biotechnology companies
# Market research and consulting firms
# R&D centers
# Researchers and scientists
# Academic & research institutes

API Industry to Grow at a CAGR of 8.2% in the Near Future

Overview of This Study:

The study involved four major activities in estimating the current size of the global active pharmaceutical ingredient market. Exhaustive secondary research was done to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Major Growth Influencing Factors:

Some of the key factors propelling this market's growth are the expansion of production capacity by biopharmaceutical and pharmaceutical companies, the increasing significance of generics, and technological developments in API manufacturing. However, it is anticipated that in the upcoming years, the market for active pharmaceutical ingredients will be restrained by the unfavorable drug price control policies in many different countries as well as the growing prevalence of counterfeit drugs.

Projected Surge in Global Revenue Growth:

The global active pharmaceutical ingredient market in terms of revenue was estimated to be worth $145.9 billion in 2022 and is poised to reach $216.4 billion by 2027, growing at a CAGR of 8.2% from 2022 to 2027.

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Major Growth Driver & Global Opportunities

Driver: Focus on precision medicine

Precision medicine takes into account the individual differences in genetics, environment, and lifestyle. This method has improved the accuracy of predicting preventive and treatment plans for a given disease in specific populations. By using this approach, patients are guaranteed to receive therapeutic or preventive interventions that maximize benefits while minimizing costs and complications.

The acceptance of precision medicine is growing among physicians, insurance companies, governments, patients, and pharmaceutical companies. Precision medicine has already yielded significant findings and a number of novel FDA-approved treatments that are customized to each patient's unique set of characteristics. The US government established the All of US research program in 2018 after realizing the potential of precision medicine. The program aims to oversample communities that are underrepresented in research by enrolling one million or more volunteers. The program's main objective is to make advances in precision medicine. In order to support their participation in the program, 46 community health centers received a grant of USD 21 million from the HHS Health Resources and Services Administration (HRSA).

Opportunity: Emerging biosimilars market

The rising prevalence of various diseases, the increasing number of off-patent biologic drugs, positive results in ongoing clinical trials for biosimilars, and rising demand for biosimilars in various therapeutic applications (such as rheumatoid arthritis and blood disorders) are the major factors driving the biosimilars market's growth. Biosimilars are generic versions of patented biologic drugs that do not have to meet the stringent requirements of various regulatory authorities, making them less expensive than patented biologics. Over the next decade, the expiration of patents and other intellectual property rights for originator biologics is expected to create opportunities for biosimilars to enter the market.

Geographical Growth Dynamics:

North America dominated the market in 2021.

In 2021, North America was expected to dominate the market, followed by Europe. Major factors driving the overall growth of the APIs market in this region include technological advancements in the manufacturing processes of APIs, the presence of major pharmaceutical & biopharmaceutical manufacturing facilities, and increasing government focus on generic drugs.

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Recent Developments of Active Pharmaceutical Ingredient Industry:

# In 2022, Pfizer entered into an agreement with Acuitas to deliver a lipid nanoparticle delivery system for use in mRNA vaccines such as COMIRNATY ((tozinameran) and therapeutics.

# In 2022, Sanofi and IGM announced a strategic collaboration agreement to streamline and optimize the development and commercialization of IgM antibody agonists for oncology, immunology, and inflammation target.

# In 2022, Boehringer Ingelheim and Mabgenesis collaborated to develop novel monoclonal antibodies for canine therapeutic treatments.

# In 2021, Pfizer invested USD 68.5 million in in new state-of-the-art facility in Durham, NC, to further advance gene therapy capabilities.

Global Healthcare IT Industry to Undergo Major Tech Transformations in the Near Future

Overview of This Study:

The present investigation entailed a comprehensive utilization of primary and secondary resources. To determine segmentation types, industry trends, key players, the competitive landscape of the market, and important market dynamics, including drivers, constraints, opportunities, challenges, and key player strategies, a variety of industry-affecting factors were examined.

Major Growth Influencing Factors:

Instead of using numerous tables, the redesigned report edition presents each listed company's financial data until 2022 in a single diagram. This will make it simple to examine the current state of the organizations that have been profiled in terms of their R&D investments, business segment focus in terms of the top revenue-generating segments, financial strength, profitability, and important revenue-generating locations or nations. The increasing use of mHealth, telemedicine, e-prescribing, and other HCIT solutions is fueling the expansion of the healthcare IT sector. But security worries and interoperability problems are hindering the expansion of the worldwide market somewhat.

Projected Surge in Global Revenue Growth:

With a predicted revenue of $394.6 billion in 2022 and a projected growth rate of 19.8% from 2022 to 2027, the worldwide healthcare IT industry is expected to reach $974.5 billion.

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Major Growth Driver & Global Opportunities

Driver: increasing use of mHealth, telemedicine, e-prescribing, and other HCIT solutions.

Globally, the epidemic has caused a major rise in the workload for healthcare organizations. A well-coordinated environment where all clinical gadgets are connected internally and the organization works in conjunction with other healthcare units is something that healthcare facilities are under tremendous pressure to establish. As of December 5, 2022, there were around 650 million verified COVID-19 cases and 66 million fatalities worldwide, according to Worldometer. The healthcare systems of many nations are dealing with a severe scarcity of hospital beds, medical professionals, and basic medical supplies due to the high and rising number of patients. This makes it necessary for healthcare facilities, including hospitals, to implement capacity management systems in order to track COVID-19 patients and oversee the disease's course.

In order to improve specialty drugs, price transparency, and healthcare management, healthcare providers adopted interoperability tools more frequently during the COVID-19 pandemic, according to a Surescripts 2020 National Progress Report. When Surescripts gained 63,000 prescribers and 1.91 billion ePrescriptions in 2020, the overall number of ePrescriptions exceeded one million prescribers for the first time. From 134.2 million ePrescriptions for restricted substances in 2019 to 203.6 million in 2020, there was a 52% increase in this amount. The first month of COVID-19 saw a 72.5% rise in electronic prescriptions given through telehealth, demonstrating how the pandemic accelerated the development of virtual healthcare.

Opportunity: Rising use of healthcare IT solutions in outpatient care facilities

The industry is moving toward outpatient settings to cut costs of care in response to mounting pressure on health systems to do so. The estimated cost of a procedure in an outpatient surgery center is 30% to 60% less than that of an inpatient hospital setting. Convenience is yet another significant factor contributing to the growth of ambulatory care. The need for and use of HCIT solutions in outpatient settings will rise in tandem with the expansion of outpatient settings and the influx of new patients.

About 10% of US hospitals had specialized HCIT clinical documentation improvement programs for their outpatient settings, per a United Health (US)-sponsored survey. Within the next six months, an extra 10% is supposed to be put these services into place. In addition, 14% of hospitals intended to use cutting-edge solutions soon. In the upcoming years, it is anticipated that this trend will propel the use of HCIT solutions, like RCM solutions, in outpatient settings.

Asia Pacific is expected to exhibit the highest growth during the forecast period

The APAC market is expected to register the highest CAGR during the forecast period. Factors such as a large patient population, especially in China and India, growing per capita income, increasing investments in the healthcare industry by key market players, and rising awareness of advanced technologies are driving the growth of the APAC HCIT market.

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Recent Developments of Healthcare IT Industry:

# In October 2022, Optum acquired Change Healthcare. The acquisition will connect and simplify the core clinical, administrative, and payment processes that providers and payers depend on to serve patients, resulting in lower costs and a better experience for all stakeholders. The company announced plans to acquire Change Healthcare in 2021.

# In June 2022, Cerner partnered with Hazelden Betty Ford Foundation. The Oracle Cerner EHR and Xealth’s digital therapeutic distribution platform made it easier for Hazelden Betty Ford clinicians to personalize patient care by assigning them digital content, including therapeutic education, exercises, and workshops, accessible via the EHR’s patient portal.

# In March 2022, Cognizant (US)) collaborated with Microsoft(US) .The collaboration aimed to deliver a new digital health solution to enhance remote patient monitoring and virtual health, utilizing products like smart watches, blood pressure monitors, and glucose meters to collect and communicate patient health data to providers for improved medical care