Healthcare & Medical Devices
North America aquaculture vaccines market to garner significant proceeds by 2025, presence of numerous fish farms to augment the regional landscape
Rising focus on consumer health and consistent demand for seafood has effectively reinforced the global aquaculture vaccines market, with fish farming becoming the prominent method to acquire salmon, trout and other popular fishes. Human well-being has always been associated with the quality of animal source a food product originates from, making it necessary to maintain the health of fish that are being cultivated for food applications. Growing penchant for packaged, frozen and canned products available on supermarket shelves and in convenience stores has fueled the consumption of sea and freshwater-based fauna. With gradual increase in the use of other fish products such as fish oil, the aquaculture vaccines industry will attract consistent demand over the next few years.
U.S. aquaculture vaccines market, by type of vaccines, 2018 & 2025 (USD Million)
Fish like salmon are known to provide vital nutrients to humans, including proteins, vitamins, minerals antioxidants and more importantly Omega-3 fatty acids, which are considered helpful in maintaining a heathy heart. Owing to these benefits, intake of different fish species and products have only increased with the rise in population. The UN Food and Agriculture Organization states that in 2016, fish production had reached around 171 million tons worldwide, where aquaculture contributed nearly 47% of the total production. This contribution is predicted to increase every year since capture fishery production has become stagnant, promising highly lucrative prospects for the aquaculture vaccines market to help ensure the health and safety of seafood consumed.
Speaking on regional opportunities, North America represents a key target base for aquaculture vaccine manufacturers and developers, due to constantly surging fish consumption and the presence of thousands of fish farms and canned food producers. Salmon has become a significant part of American diet and the region witnesses a wide variety of this species being farmed across the continent. Canada is a nation which not only consumes a vast amount of fish products but also exports them. As such, producers have to supply healthy fish meant for frozen food and processing plants, or they can risk the health of domestic as well as global customers. The aquaculture vaccines industry could gain remarkable momentum in the country, as implied by the fact that Canada’s seafood preparation and packaging sector was valued at approx. US$4 billion in 2017.
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Apparently, U.S. is the biggest importer of Canadian produced fish, besides having a considerable aquaculture output itself. More than 36 million pounds of salmon alone had been produced in the country in 2016, suggesting notable penetration of the aquaculture vaccines market in the U.S. Other North American countries like Mexico and those in the Caribbean also boast substantial seafood intake. With the regional consumption trends likely to propel the demand for salmon, trout and tilapia species of fish, the North America aquaculture vaccines industry is poised to witness considerable expansion over the forecast timespan. To put things into perspective with respect to the need for food production, the total population of the continent is projected to surpass the 384 million mark by 2025.
Increased concerns regarding possible outbreak of fish diseases has kept the regional and international health organizations on alert. In 2018, the Canadian Food Inspection Agency had discovered the occurrence of infectious salmon anemia (ISA) at a fish farm in the eastern parts of the country. The viral outbreak was allegedly the fifth such reporting in the province of Newfoundland and Labrador in the year and eighth in Canada. In addition, the aquaculture vaccines market is continuously garnering revenues from seafood companies to prevent any outbreaks of bacterial infections, which are the most common diseases affecting fish farming.
In a nutshell, a reliable seafood demand and the increasing consumption of frozen and packaged food will undoubtedly warrant a tremendous need for aquaculture vaccines to safeguard the health of end consumers. The global aquaculture vaccines market is comprised of key participants including Merck Animal Health, Hipra, Nisseiken Co. Ltd., Tecnovax, Veterquimica S.A. and Zoetis Inc, who consistently seek new product developments and territorial expansions.
Author Name : Pankaj Singh
How will healthcare cybersecurity market trends shape up over 2019-2025 driven by the growing threat of ransomware & the migration of medical data to the cloud?
Driven by a fast-paced digital transformation of the healthcare industry worldwide, the healthcare cybersecurity market is slated to grow into a highly lucrative investment avenue over the forthcoming years. The rapid adoption of digital technologies by healthcare providers, while being extremely beneficial to the industry, brings along its own set of concerns such as cyberthreats, wherein a system’s vulnerabilities are exploited by malicious entities to steal or damage data for financial gain.
U.S. Healthcare Cybersecurity Market Size, By Type of threat, 2018 & 2025 (USD Million)
Reportedly, data breaches cost the healthcare industry over $5.6 billion on an annual basis. As a consequence, several healthcare organizations across the world have started giving significant importance to their respective digital security requirements, enabling healthcare cybersecurity market to be the recipient of substantial growth prospects. A considerable thrust to the industry is projected to come from two specific factors, the migration to the cloud and the increasing frequency of ransomware attacks.
Impact of augmented cloud-based deployment on the healthcare cybersecurity market
It has been observed that several healthcare organizations are increasingly migrating their respective data reserves to the cloud. Factors expediting this migration are the several financial and operational benefits cloud networks are bringing to healthcare professionals and patients alike.
The Problem: The problem arises when healthcare organizations, unaware or ill-informed of the perils associated with cloud networks, make the move towards cloud migration while not being prepared to do so. The nature of the process is such that organizations have to plan several steps ahead than potential attackers if they are to successfully keep the data on their cloud safe and ensure smooth operation of their services.
The Numbers: Cyberattacks on healthcare organizations have primarily been driven by the high price of stolen healthcare records, approximately $50 per file on an average in black markets, requiring most healthcare cloud services to be specifically low risk. However, according to a survey conducted by McAfee, approximately 93% of healthcare cloud services are medium to high risk, which makes getting these records significantly easier for malicious entities. In fact, over the past year more than 94 million healthcare records have been exposed to cyberattacks.
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The Projection: Evidently, there is a massive gap in cybersecurity that is in considerable need for immediate rectification. An average healthcare organization uploads over 6.8 TB of data on a monthly basis and yet, only 15.4% services have multi-factor authentication support, an essential measure of preventing breaches. As companies work to address these concerns, the healthcare cybersecurity market is poised to experience approximately 20% CAGR from cloud-based deployment over 2019-2025.
Impact of the growing threat of ransomware on the healthcare cybersecurity market
One of the biggest threats to the digital way of life is the increasing threat of ransomwares. Designed to take away something without authorization and leverage its importance to extract financial gains, ransomwares have been targeting a number of healthcare organizations recently.
The Prominence: According to the Center for Internet Security, owing to the simplicity of its intended tasks and the ease with which they can be introduced into a network, ransomwares are fast becoming the preferred method of attack among attackers. A 2018 Data Breach Investigation Report unveiled by Verizon found that ransomware is the most commonly used malware, accounting for 39% of malware-driven data breaches. Moreover, it was also discovered that ransomwares have a particular inclination towards healthcare, accounting for 85% of all malwares targeting the industry.
The Numbers: The impact of ransomwares is rapidly escalating, and in 2018 the now infamous WannaCry ransomware attack cost the UK’s National Health Service an estimated £92 million, as it caused over 200,000 computers to lock out their operators, demanding a payment in bitcoins to give the control back. It also threatened affected around 19,000 patients when it cancelled their doctor’s appointment.
The Projection: Today, platforms such as ransomware as a service (RaaS) enable launching cyberattacks with no technical knowledge or skills, affirming that the threat posed by ransomware attacks is further magnified. The readily available nature of the malware could be the exact reason for the healthcare cybersecurity industry to direct a majority of its focus towards detecting and preventing ransomware attacks, further expanding the industry potential.
Fueled by the rising threat from ransomwares and other security concerns, the healthcare cybersecurity industry is anticipated to rake in substantial business growth over the coming years. In fact, estimates claim that healthcare cybersecurity market size is forecast to exceed the $27 billion renumeration mark by 2025.
Author Name : Akshay Kedari
How have biosimilars market statistics transformed on the back of India’s ever-expanding biopharma industry and the rise in drug prices in the U.S.?
Fueled by the product’s ability to facilitate cost-effective treatment options by overcoming astronomical medicine prices, the global biosimilars market is shaping up to become one of the medical industry’s fastest-growing investment avenues.
U.S. Biosimilars Market, By Product, 2018 & 2025 (USD Million)
According to Equity Bulls, indeed, the potential presented by biosimilars is quite lucrative with many pharmaceutical companies keen on capitalizing on these drugs. This is primarily being done to take themselves past molecule generics-driven sector that is full of intense competition and subject to price pressures.
Typically, a biosimilar is a less expensive drug that is demonstrated to be quite similar to a patented biologic medicine authorized by regulators for sale. While it may seem like patent infringement, biosimilars contain inactive components that differentiate them from the original drug and are often manufactured when the original drug’s patent & data protection have expired.
When introduced to the market, a biosimilar takes away the originator drug’s business due to its affordability and its ability to perform same as the reference drug. This would consequently boost product adoption and bring about a change in biosimilars industry statistics. As a matter of fact, the market is slated to witness additional goals in forthcoming years as more patents keep expiring.
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Global biosimilars industry | Impact of India’s expanding biopharmaceutical sector
Over the past few decades, India has firmly consolidated its reputation in the global pharmaceutical market. In fact, the nation is expected to become the world’s sixth largest pharmaceuticals market by 2020.
The Reputation: Indian pharmaceutical firms are specifically known for manufacturing generics, which follow same principles as biologics; wherein identical copies or duplicates of known drugs that branded & marketed under a different name are manufactured and sold in the market once the original drug’s patent expires.
The Potential: Several Indian pharmaceutical companies, supported by their experience in manufacturing generics, are beginning to make a move into the global biosimilars market. Reliable reports claim that most Indian pharmaceutical firms are beginning to accrue a substantial percentage of their revenue from biosimilars. This has, in consequence, provided a major impetus to the regional biosimilars industry statistics.
The Projection: The future of India biosimilars market is often reflected in the way global pharmaceutical companies forge partnerships with Indian firms. The most notable one is the agreement between U.S. pharma company Mylan N.V. and India’s Biocon. The partnership has seen substantial progress in obtaining approvals for biosimilars across Europe and the U.S in 2018, which helped Biocon witness a 36% revenue growth – approximately $120 million – through its biosimilars business.
Such ventures are expected to become more commonplace in the years to come, as patents expire and further growth opportunities arise, propelling biosimilars market statistics.
Global biosimilars industry | Potential of the relatively untapped U.S. healthcare sector
While the penetration of biosimilars across the European Union is considerably extensive, moving further west to the U.S. reveals that the impact of biosimilars in the regional healthcare industry is fairly limited.
According to Kemwell Biopharma, this disparity between the equally developed regions can be attributed to the fact that unlike the EU, USA didn’t implement any regulatory framework that would evaluate biosimilars until 2009, when it enacted the Biologics Price Competition and Innovation (BPCI) Act.
The Conditions: Even with the 2009 act, Reuters reported that 2015 was the first instance of a biosimilar entering the U.S. healthcare sector; when Novartis’ generics unit Sandoz unveiled the Zarxio biosimilar, which is based on Neupogen by Amgen.
The product’s entry into the nation was slowed down by slow evaluation processes and because Amgen tried to block the product’s launch in court.
The Pressure: Since then skyrocketing drug prices as well as additional pressure from the Trump administration has brought the U.S. Food & Drug Administration (FDA) into the spotlight with current FDA commissioner, Dr. Scott Gottlieb also actively advocating change.
The Impact: These events are expected to bring about a major change in biosimilars industry statistics, aiding the vertical in gaining a noticeable foothold in the American healthcare sector. The industry would continue to observe growth in the region, as the FDA attempts to enforce regulations that ensure quicker biosimilars approvals in the nation.
The Projection: The world’s biopharmaceutical sector is expected to leverage the prevailing conditions in the American healthcare industry and capitalize on the opportunities that would be created by FDA’s efforts in getting quicker biosimilars approvals.
In 2018, Forbes reported that in the U.S., by 2020, patents for nine of the nation’s top 20 best-selling biologics are expected to expire, creating additional opportunities for the market players. In fact, the U.S. biosimilars market is slated to grow with an impressive 38.1% CAGR in the forthcoming years.
In a nutshell, fueled by U.S. regulators’ efforts in expediting the entry of biopharmaceuticals in the country and by the Indian biopharmaceutical industry’s active participation in heralding industry growth, the global biosimilars market statistics are projected to expand substantially in coming years. A report by Global Market Insights, Inc. estimates that the revenue graph of global biosimilars industry is poised to surpass a valuation of $69 billion by 2025.
Author Name : Akshay Kedari
Growing demand for fast and accurate diagnostic tools is expected to drive point of care ultrasound market growth in the ensuing years. Point-of-care ultrasound (POCUS) has become a standard tool in the emergency department, as it answers to specific clinical queries that narrow differentials, guide clinical therapy, and direct consultations and disposition.
U.S. Point of Care Ultrasound Market, By Type, 2018 & 2025 (USD Million)
Recent technological advancements have led to the development of miniature POCUS that range from stationary high-end systems to small sized devices that can easily be used to perform bedside tests as well as attain increased accuracy compared to traditional stethoscopes.
Rising elderly population, mostly prone to acute healthcare conditions like arthritis, heart disease, cancer, respiratory diseases and more, will help in augmenting point-of-care ultrasound industry size. For instance, reports from World Population Ageing 2017 cite that the total number of people aged above 80 across the globe will increase from 137 million to 425 million between 2017 and 2050.
Whereas, number of people aged over 60 are expected to be around 2.1 billion by 2050, slightly more compared to youth aged between 10-24 (2.0 billion) in the forecast timeline. These figures conclusively indicate a potential increase in demand for handheld and portable bedside diagnostic devices like POCUS in the aforementioned period.
The point-of-care ultrasound market to register growth with increased prevalence of cardiac arrests worldwide
Recently, the point-of-care ultrasound market size has registered immense inflation through the cardiology segment mainly due to the use of POCUS to determine the cause of cardiac arrest as well as for guiding resuscitation and interventions. The advent of smaller and more portable machines combined with improved picture quality has further increased product demand. POCUS has essentially helped patients with pulseless electrical activity (PEA) in revealing anatomic causes like cardiac tamponade, tension pneumothorax and pulmonary embolism.
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Additionally, the sheer rise in cases of cardiac arrest across the globe is anticipated to amplify point of care ultrasound market size over the coming years. For instance, according to American Health Association’s Heart Disease and Stroke Statistics 2018, cardiovascular disease is said to be the main cause of death globally, accounting for over 17.9 million deaths in 2015 and is projected to grow to over 23.6 million by 2030.
With POCUS becoming a rather common diagnostic tool for cardiac resuscitation and helping in identifying anatomic causes for cardiac issues, POC ultrasound market will have much to gain from cardiology applications. Indeed, POC industry size from cardiology applications is slated to show a CAGR of 5.3% over 2019-2025.
Increased comfort and imaging accuracy for obstetrics patients to add to POCUS market size
Growing use of real-time imaging system in obstetrics & gynecology sector should favor POCUS industry growth. POCUS is touted to be a safer and more effective imaging modality that has rapidly expanded as a cost-saving, timesaving and lifesaving option in the pediatric emergency medicine (PEM) space.
Ultrasound has long been praised as an ideal imagining technology for detecting fetus development in expecting women. POCUS can also accelerate diagnosis and treatment of pediatric patients suffering from lower back pain, or ones who face difficulty bearing body weight, by evaluating the presence of a hip effusion.
Additionally POCUS helps to protect children from the risk of ionizing radiation unlike other imaging methods such as computed tomography (CT). According to the U.S. National Center for Biotechnology Information, it is estimated that from about 4 million pediatric CT scans performed in the U.S. annually, 4,870 patients are likely to be under risk of developing cancer in future. Lifesaving aids are expected to foster the point of care ultrasound market size over the coming years.
Medical tourism in Asia Pacific and its effects on point of care ultrasound industry size
Medical tourism is expected to play a significant role in the healthcare industry in the coming years. The easier affordability of healthcare services in many developing countries along with the presence of skilled professionals and world class facilities has added stimulus to the trend. India may be considered one of the best examples when it comes to evaluating the implication of such a trend on the point-of-care ultrasound market.
For instance, reports from UN’s Africa Renewal cite that, in 2015, about 40,000 Nigerians visited India of which half were reported to visit for myriad medical treatments that also include cardiovascular diseases. Such trends have helped the Asia Pacific point of care ultrasound market surpass $625 million in 2018.
It is anticipated that as hospitals and care providers are increasingly integrating point of care ultrasound into practice, diversification of applications and implementation will be exponential. With ultrasounds, physicians are ideally equipped to diagnose and manage patients more accurately and efficiently. Growing investments in the healthcare sector and rising R&D activities will thus help increase point of care ultrasound industry size, slated to cross USD 3 billion by 2025.
Author Name : Mateen Dalal
Growing focus on improving the accessibility of medical equipment at hospitals has fuelled the growth of global surgical table market size in recent years. Apparently, there is a rising demand for better healthcare owing to greater awareness among the public, leading to the establishment of more luxurious hospitals with high-class amenities, which will offer a tremendous boost to the expanding surgical table market.
U.S. Surgical Table Market, By Technology, 2018 & 2025 (USD Million)
Recent technological and innovative developments in surgical tables have improved the ability to perform operations to large extent. Numerous hospitals are adopting more advanced surgical tables to make their medical procedures safer, faster and less stressful. Versatility, ease-of-use, and ergonomic design of new tables offer greater flexibility to the specialist team along with ease of operation, which can reduce mortality rates across all age groups.
According to WHO, internationally, under-five mortality rate has reduced by 58%, from an estimated rate of 93 deaths per 1000 live births in 1990 to 39 deaths per 1000 live births in 2017. This achievement can certainly be attributed to enhanced medical treatment procedures.
Essentially, surgical tables were designed with the aim to keep the patients in the best suited position during medical procedures and allow the surgeon to make required adjustments accordingly, without impeding the operation. Nowadays, hospitals are investing hefty amounts for adopting surgical tables which are more versatile and flexible across a wide array of operations. As medical specialists perform increasing number of procedures such as cardiovascular, paediatric, and gynaecology surgeries every year, surgical table industry size will depict a further incline over the forecast timespan.
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India surgical table market size | How will the regional industry expand with the growth of India’s healthcare sector?
In India, the patient-care equipment in hospitals are seen to be rapidly growing in terms of quality, with many large-scale hospital chains like Apollo, Shalby and others focusing more on robotic surgery, tele-surgery and image-guided procedures which continue to replace traditional surgical procedures. For instance, Krishna Shalby Hospital had recently conducted a rare heart bypass surgery under epidural analgesia wherein the patient was awake, which made the procedure completely pain free and avoided major complications involved in general anaesthesia and enabled early recovery of patient.
As evident, the Indian hospital market is remarkably doing well both in terms of developments and revenue. With the rise in the growth of advanced surgeries, large-scale hospitals of India are looking forward to adopting powered surgical tables that can provide effortless and precise movement of patient during a surgical procedure.
Seemingly, powered surgical tables comprises of auto-adjust design, precise and smooth movement of patient during surgery, and allows the mobility of stretcher into a fully functional surgery table. This makes them appropriate for use in ambulatory surgical centers and high-end hospitals. With the consistent rise in product demand, surgical table industry size will depict a massive rise in the forthcoming years.
Undoubtedly, the healthcare market in India has also expanded at a rapid pace owing to the speedy adoption of smart and well-designed medical equipment. Reportedly, Wockhardt hospitals have created medical history by introducing a two-in-one surgery, where a bypass surgery was successfully conducted along with gall bladder removal through the minimal access method.
This shows that surgical table industry indeed will play a major role in the transformation of Indian healthcare. Over the past few years, the medical devices market in India has expanded at a significant rate which has helped key players to select the right technology, build their R&D capability and upgrade manufacturing processes and quality.
Aided by innumerable innovations, timely technological advancements and high rate of adoptions by the hospitals, institutions, and healthcare units, surgical table industry size can be anticipated to experience a substantial increase in the forthcoming years. Reports estimate that by the end of 2025, the global surgical table market size will surpass USD 1.9 billion.
Author Name : Deeksha Pant
How is smart home healthcare market share rising on account of intense competition between global tech firms?
With increasing adoption of wearables and a spate of advancements in smart home technologies, smart home healthcare market has established itself as a prominent avenue of investment in recent years, a potential that was largely overlooked a few years prior.
U.S. Smart Home Healthcare Market, By Technology, 2018 & 2025 (USD Million)
In the early days after they were introduced, smart home devices allowed people to live a more convenient life by automating simple tasks such as turning lights on & off or changing the thermostat settings. Today, however, there is serious competition between technology giants like Amazon, Apple and Google as they attempt to harness the capabilities of wearables & smart home devices for paving their way into a largely untapped smart home healthcare industry.
Following is a list of initiatives tech companies are taking to obtain a foothold in the smart home healthcare market, which is also subsequently influencing industry growth:
- Amazon leveraging Alexa to maintain its competitive edge:
There is no denying the fact that Amazon Inc. is an industry leader when it comes to smart home systems. While competitors like Apple and Google are scaling up their efforts to contest the coveted spot, they seem to be falling short every time.
- Competitive Edge: Amazon’s ability to keep the two Silicon Valley giants at bay can be attributed to the array of acquisitions it’s been undertaking in recent years, which gave it an instant and substantial competitive edge in the smart home segment.
- Leveraging Alexa: With the acquisitions, Amazon successfully created a complete smart home portfolio with Alexa at its heart. Indeed, the global smart speaker market is virtually defined by the presence of Alexa.
Going forward, it is seeking to capitalize on the Amazon smart home system presence to foray into the smart home healthcare industry. In fact, according to a 2019 report by The Ambient, Alexa recently became HIPPA-compliant, which allows it to handle sensitive healthcare data.
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- The HIPPA: Under the HIPPA (Health Insurance Portability and Accountability Act), Amazon can now forge partnerships with healthcare providers to enhance Alexa’s skills in managing healthcare data.
While they are still in the initial phases, Amazon has already unveiled for Alexa; including booking doctor appointments, checking prescriptions’ status and finding emergency care centers nearby, giving the company a serious edge over others.
- Apple betting on its extensive user-base to obtain industry share:
Apple Inc. boasts of its own vast portfolio of smart home devices that pose a serious threat to Amazon’s grasp on the smart home system segment. However, it seems like Apple does not intend to depend on its smart home systems to enter the smart home healthcare market, choosing to make its entry through its wearables portfolio instead.
- Wearables: To avoid a direct competition with Amazon, which would be extremely counterproductive when trying to foray into an uncharted territory, Apple has chosen to enter into the industry through its strong wearables portfolio, a wise move, considering its vast user-base.
- The Projection: Essentially, the manner in which Apple is developing and presenting its wearable device offerings is in many ways similar to that of Amazon’s Alexa. According to Fortune, Apple is expected to make its way into the smart home healthcare industry through medical-grade wearables such as AirPods that could double as hearing aids or an Apple Watch that can monitor glucose levels and sleep patterns.
According to Apple, the complete range of Apple devices is already becoming a mainstay at hospitals, allowing healthcare professionals to perform their tasks more efficiently and is also facilitating the growth of the mHealth market. This experience is expected to become a primary source of insight as the company attempts to replicate this success in home environments.
- Google streamlining its efforts and capitalizing on its AI expertise to make its mark
Google has been showing significant interest in healthcare sector for a while now. In fact, its efforts span across several teams with parent company Alphabet Inc’s subsidiaries DeepMind, Nest, Calico, Verily and Google Fit also showing active involvement.
- Wearables: Currently, Google Fit, a new fitness ecosystem designed for Android devices & WearOS smartwatches, is the company’s sole consumer-facing healthcare product, giving Google a limited exposure in the sector. However, Google seems to have a fairly modest presence in the global smart clothing market, which may provide the firm an edge to penetrate smart home healthcare industry via other medical wearables.
- Smart Home: Presently, Nest – a Google Home subsidiary – is actively working on smart home devices that could detect falls, turn on lights automatically when someone wakes up in the night to use the bathroom; lessening the chances of an accident.
- The Problem: The company’s plan of playing on several fronts may seem extremely effective at first glance, however, it has struggled to bring results, with industry experts describing the company efforts as fragmented.
- The Solution: In 2018, Google hired Geisinger Health CEO, David Feinberg, who is tasked with overseeing several of Google’s healthcare initiatives while de-fragmenting current efforts and bringing order to the division.
Meanwhile, Google’s AI research department and Google Brain, the company’s elite AI deep learning research team, are working on a project named Medical Digital Assist, which utilizes AI-driven speech recognition to help doctors take notes during hospital visits.
This project creates a lucrative circumstance for the company, wherein it could enter the smart home healthcare industry with a powerful AI that could integrate its wearables & smart home devices together to work as a medical professional and a digital nurse for homeowners.
Overall, based on the way these tech giants would leverage their strengths to pave their own way into the industry, the smart home healthcare market is expected to witness substantial growth in forthcoming years. In fact, according to a report by Global Market Insights, Inc., the smart home healthcare market size is slated to surpass a $30 billion valuation by 2025.
Author Name : Akshay Kedari
How will North America health insurance market share increase with the rising prevalence of HMOs and the presence of a supportive regulatory spectrum?
The rising prevalence of lifestyle diseases and increasing cost of hospitalization has propelled health insurance market share, given that insurance makes it possible for consumers to afford quality treatment when needed. According to U.S. National Health Council, chronic diseases like cancer, diabetes, asthma and heart disease affect approximately 133 million Americans each year and by 2020, this number is projected to reach 157 million. Widespread occurrence of chronic diseases will give rise to healthcare expenditure which is anticipated to foster the health insurance industry growth.
U.S. Health Insurance Market Size, By Service Provider, 2018 & 2025 (USD Billion)
Seemingly, prominent studies reveal that U.S. spends around 14% of its GDP on the healthcare sector but unfortunately large number of Americans have no health insurance and are required to either pay from their pockets or go without treatment. Statistics show that in 2012, there were about 45.6 million people in the U.S. who were without health insurance. It is one of the major concerns raised by advocates of healthcare reform.
The growing interest in providing affordable quality healthcare is one of the prime forces driving the swift expansion of Health Maintenance Organizations (HMO). This well-organized system provides a comprehensive set of healthcare services and gives foremost priority to consumer’s health as well as assures them that services will be available whenever needed, resulting in improvements in societal health.
In 2018, the HMO segment had become one of the prominent gainers within the health insurance market despite the rigid regulations and is expected to continue with this performance in the years ahead as well, with affordable medical cost management, better claims handling, sound balance sheets and expansion through mergers and acquisitions. Subsequently, the segment is striving to gain a bigger market share and offer more innovative ways to avail treatments for the customers globally.
Recently, Kaiser Permanente’s HMO plan in Washington was rated number one in the state and also received a top ranking for helping people who were suffering from acute conditions, along with aiding people who were suffering from chronic diseases. According to 2018 eValue8 survey, Kaiser Permanente Washington comprises of the most successful programs in the country, from effective health plans for its HMO members to control acute and chronic conditions.
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A gist of North America health insurance industry trends
Reports indicate that in the year 2016, 91.2% of Americans had health insurance coverage – the number has been noted to be higher than the rate in 2015. Another 17 million Americans purchased health insurance for themselves from the private insurance market and around 100 million are covered by government firms. Rapid proliferation of the health insurance market has benefited majority of Michigan residents having health insurance.
As per Michigan’s state department of Health and Human Service, many individual health insurances are covered by HMOs which had amplified HMO enrollees by 28% in 2017. Michigan’s expanded Medicaid plan for providing healthcare policies to working residents and a low-income group had significantly propelled the accessibility of the healthcare industry. The uninsured rate in the U.S. fell from a peak of 18.2% in 2010 to 10.5% by 2015, driven by economic growth and Obamacare. This indicates that the health insurance market share of the U.S. can be anticipated to experience a substantial increase in the coming years.
Elaborating further, the region, along with Canada, has been experiencing an increase in healthcare awareness and the significance of medical care insurance. The presence of a supportive regulatory spectrum for insurance companies in the U.S. in tandem with the increase in chronic disease occurrence rate will drive North America health insurance market, that help over 33% of the global revenue share in 2018.
Prominent industry players in health insurance market such as Kaiser Permanente, Blue Cross Blue Shield Companies, Wellcare and United Healthcare are allowing better access to healthcare policies for enhancing their customer base and ensuring that customers get the best healthcare services according to their requirements.
Author Name : Deeksha Pant