The global healthcare market is projected to experience rapid growth over the forecast period (2017 to 2025), driven primarily by surge in global population and high prevalence of chronic diseases such as diabetes and cancer. Increased spending on healthcare, fueled by rising consumer disposable income levels especially in developing regions such as Asia Pacific, is also projected to boost the market in the coming years. In addition, emerging healthcare technologies and large investments by major companies are expected to drive the market.
Massive volumes of healthcare data has resulted in cloud technology emerging as a major storage platform. Growing demand for easy access to patient information, concerns over data privacy, and demand for precision medicine concepts and value-based care have also resulted in adoption of cloud platforms. Companies are also focusing on product and technological developments to fulfill escalating demand for patient-centered, smart healthcare services in a cost-effective manner.
The healthcare industry covers biotechnology, clinical diagnostics, healthcare Information Technology (IT), medical devices, medical imaging, and pharmaceuticals, among others. Healthcare IT and medical devices are among the leading segments. Changing technology landscape of the industry is expected to be a key factor driving the medical devices segment, while strong growth potential for IT in this industry is driving the healthcare IT segment. Rapid infrastructural development in hospitals, labs, and diagnostic centers is also augmenting segment expansion. Moreover, escalating demand for radiology information systems in diagnostic applications is likely to drive the segment.
There have been significant breakthroughs in detection technologies for pharmaceutical and biotechnology, which is estimated to boost the market in the coming years. Emergence of synthesized antibiotics is one such breakthrough. A team of researchers at the University of Lincoln in Britain recently introduced a new antibiotic called teixobactin, which has shown potential for treating superbugs.
On the basis of geography, the global healthcare market can be divided into the Americas, Asia Pacific, Europe, and Middle East and Africa. The Americas and Europe are among leading regional markets on account of growing geriatric population, which is highly prone to chronic diseases, and presence of well-established healthcare infrastructure. Reimbursement policies by governments and large investments in R&D by private and government organizations are also propelling market growth. In addition, strong presence of prominent companies in these regions is estimated to fuel market expansion in the next few years.
Asia Pacific, on the other hand, is an emerging and one of the fastest-growing regional markets. Contribution of developing economies such as China, Singapore, and India is expected to remain high in the healthcare industry, fueled by increasing healthcare spending as a result of rising per capita income and growing awareness regarding available medical treatments and devices. Furthermore, growing cases of cancer, cardiovascular diseases (CVDs), diabetes, and several other chronic on account of changing lifestyles and unhealthy eating habits is expected to support industry expansion in Asia Pacific. Moreover, untapped medical needs and low labor costs are attracting many international companies to countries in the region, many of which are now emerging as key medical tourism hubs.
Some of the key companies in the global industry are Baxter International, Inc.; Nordic healthcare; Fortis Healthcare; GE Healthcare; and Roche Holding AG.
Research Support Specialist, USA