Medical Image Analysis Software Market Size To Touch $4.51 Billion By 2024: Grand View Research, Inc.

The global medical image analysis software market size is expected to reach USD 4.51 billion by 2024, according to a new report by Grand View Research, Inc., registering an 8.1% CAGR during the forecast period. Increasing incidence of chronic diseases creates demand for effective diagnostics solutions, which spurs demand for medical image analysis software. High growth of the industry is majorly attributed to increase in usage and uptake of image analysis solutions for diagnosis.

In addition, shifting focus to provide enhanced care has led to incorporation of various computer aided diagnosis systems, which is further contributing toward growth. Introduction of technologically advanced products such as 3D/4D platforms and multimodality imaging platforms is also presumed to augment growth over the coming years.

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Various benefits such as flexibility and high-resolution images, along with convenient use of multi-modal integrated workflows, are expected to bolster demand and increase product penetration throughout the forecast period. Stand-alone platforms are anticipated to witness steady growth. These platforms are user-friendly and cost less as compared to integrated solutions. These solutions offer more details and features and are used by researchers, allowing them to share and access research data and analyses, thereby enhancing their ability to diagnose, research, monitor, and treat disorders. For instance, GE healthcare’s ViewPoint 6 (for MFM) is a standalone software designed for dedicated ultrasound reporting and image management.

Browse full research report on Medical Image Analysis Software Market: www.grandviewresearch.com/industry-analysis/medical-image-analysis-software-market           

Further key findings from the study suggest:                                     

  • By type, the integrated medical image analysis software segment is anticipated to expand at a CAGR of 7.8% from 2016 to 2024
  • On the basis of modality, the ultrasound segment is projected to ascend at a revenue-based CAGR of 10.5% over the forecast period
  • The orthopedic segment dominated the global market by application, accounting for over 40.0% share in 2015
  • By end use, hospitals held the largest revenue share owing to increasing adoption of these systems for medical imaging in diagnosis of various diseases
  • Asia Pacific is expected to show significant growth owing to presence of unmet clinical needs
  • The global market is fragmented in nature. Companies are witness fierce competition as the industry is technology driven
  • Strategies implemented by key players include collaborative agreements, new product launches, and geographical expansion.

Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/healthcare-it                                                                                                                                                                  Grand View Research has segmented the global medical image analysis software market on the basis of software type, modality, application, end use, and region:

Medical Image Analysis Software Type Outlook (Revenue, USD Million, 2013 – 2024)

  • Integrated Software
  • Stand-alone Software

Medical Image Analysis Software Modality Outlook (Revenue, USD Million, 2013 – 2024)

  • Tomography
    • Computed Tomography
    • Magnetic Resonance Imaging
    • Positron Emission Tomography
    • Single-Photon Emission Tomography
  • Ultrasound Imaging
  • Radiographic Imaging
  • Combined Modalities

Medical Image Analysis Software Application Outlook (Revenue, USD Million, 2013 – 2024)

  • Orthopedic
  • Dental
  • Neurology
  • Cardiology
  • Oncology
  • Obstetrics & Gynecology
  • Mammography
  • Urology & Nephrology

Medical Image Analysis Software End-use Outlook (Revenue, USD Million, 2013 – 2024)

  • Hospitals
  • Diagnostic
  • Research Centers

Medical Image Analysis Software Regional Outlook (Revenue, USD Million, 2013 – 2024)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
  • Asia Pacific
    • Japan
    • China
    • India
  • Latin America
    • Mexico
    • Brazil
  • Middle East & Africa
    • South Africa

Access Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-medical-image-analysis-software-market                                                                                                                                                                  About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com

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eClinical Solutions Market Expanding at CAGR of 13.6% from 2014 to 2025

The global eClinical solutions market size is expected to reach USD 12.05 million by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 13.6% during the forecast period. Increasing research and development activities by biopharma and pharma companies, rising application of software solutions in clinical trials, and expanding customer base are anticipated to fuel the demand for eClinical solutions.

The eClinical solutions market is estimated to witness phenomenal growth over the forecast period. Technological advancements in the field of clinical trials such as electronic data capture and prevalence of Wi-Fi connectivity are projected to drive the market in coming years. As the demand for tracking and analyzing clinical data increases, the need for effective clinical solutions rises. Unmet needs to manage efficient clinical development process are poised to boost the growth of the market over the forecast period.

 

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Moreover, digital transformation in the field of clinical trials and shifting preference towards data centric approach are providing a tremendous push to the market. Demand for integrated clinical IT solutions is increasing due to massive volume of data generated during clinical development processes. eClinical solutions offer single source of information that helps in optimizing the cost by eliminating redundant data entry and reducing on-site verification and source data verification rate. Rising awareness regarding these benefits is propelling the market.

Adoption of eClinical workflows in trials offer enormous potential in clinical development processes. These solutions can facilitate decision making in each stage of development. It also helps in reducing cost & time between development phase by utilizing seamless designs & identifying failing compounds. In addition, it offers rapid access to data & patient safety information, which is helpful in making quick decisions.

Browse full research report on eClinical Solutions Market: www.grandviewresearch.com/industry-analysis/eclinical-solutions-market  

Further key findings from the study suggest:                     

  • CTMS dominated the product segment in 2016 owing to associated benefits such as centralized end-to-end management of clinical trial activities, elimination of reliance on manual processes, real-time status tracking, and maintenance of multiple databases, which cumulatively improve the overall efficiency of clinical trials
  • On-premise eClinical solutions are most commonly preferred solutions. The preference for these services is mainly due to complete access to information and have full control within the premise
  • Key market players are engaged in various strategies such as mergers & acquisitions and new product development to gain market penetration
  • New product development and strategic alliances including partnership agreements, promotional activities, and acquisitions are instrumental in keeping market rivalry high
  • For instance, in February 2016, Oracle Health Sciences entered into an agreement with Bayer Healthcare to provide its clinical e-monitoring solutions, Oracle Siebel Clinical Trial Management System, to the latter

Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/healthcare-it                                                                                                                                                                   Grand View Research has segmented the global eClinical solutions market report on the basis of end-user application and region:

eClinical Solutions Product Outlook (Revenue, USD Million, 2014 – 2025)

  • Electronic Clinical Outcome Assessment (eCOA)
  • Electronic Data Capture (EDC) and Clinical Data Management Systems (CDMS)
  • Clinical Analytics Platforms
  • Clinical Data Integration Platforms
  • Safety Solutions
  • Clinical Trial Management Systems (CTMS)
  • Randomization and Trial Supply Management (RTSM)
  • Electronic Trial Master File (eTMF)

eClinical Solutions Delivery Mode Outlook (Revenue, USD Million, 2014 – 2025)

  • Web-hosted (On-demand)
  • Licensed Enterprise (On-premise)
  • Cloud-based

eClinical Solutions Clinical Trial Outlook (Revenue, USD Million, 2014 – 2025)

  • Phase I
  • Phase II
  • Phase III
  • Phase IV

eClinical Solutions End-use Outlook (Revenue, USD Million, 2014 – 2025)

  • Hospitals
  • CROs
  • Academic Institutes
  • Pharmaceutical Biopharmaceutical Companies
  • Medical Device Manufactures

eClinical Solutions, Regional Outlook (Revenue, USD Million, 2014 – 2025)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Netherlands
    • Sweden
    • Denmark
  • Asia Pacific
    • Japan
    • China
    • India
    • Korea
    • Australia
    • New Zealand
    • Taiwan
    • Hong Kong
    • Singapore
    • Thailand
    • Vietnam
  • Latin America
    • Brazil
    • Argentina
    • Chile
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • U.A.E
    • Egypt
    • Qatar

Access Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-eclinical-solutions-market                                                                                                                                                   

About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com

EHealth Market Is Anticipated To Reach $308.0 Billion By 2022: Grand View Research, Inc.

Global eHealth market is expected to reach USD 308.0 billion by 2022, according to a new report by Grand View Research Inc. The transition of the healthcare industry into digital healthcare system for management and analysis of patient health is expected to be the most vital driver of the market.

Increasing prevalence of chronic diseases, and technological advancements in this field are few impact rendering factors. Rising use of mobile technologies and internet along with increasing adoption for home care by patients is expected to propel market growth over the forecast period.

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North America eHealth market, by product, 2012-2022 (USD Million)

Furthermore, expanding scope of IT companies pertaining to the development of real-time applications and software catering to the healthcare industry is expected to drive demand over the forecast period. Federal agencies such as the European Coordination Committee of the Radiological, Electromedical and Healthcare IT Industry (COCIR), in order to encourage and popularise eHealth, formulated various policies since 2007. One of these is the eHealth Action Plan, formulated in December 2012, which includes 16 proposed actions to boost eHealth use, focused on increasing research, innovation, interoperability and adoption.

The American Health Information Community (AHIC) was chartered in the U.S. to make recommendations leading to the likely development of eHealth to the Secretary of the U.S. Health Department. Based on these recommendations, efforts are being made to increase awareness levels for currently available mobile applications and wearable remote monitoring devices.

The benefits encouraging higher demand include round the clock care service, wider and faster access to patient information, reduction of administrative and medical errors, self monitoring and management by patients and centralization of entire healthcare industry chain.

Browse full research report on eHealth Market: www.grandviewresearch.com/industry-analysis/e-health-market            

Further key findings from the study suggest:                     

  • The diagnostics segment of eHealth services market is expected to witness the fastest growth of above 15.0% over the next seven years owing to, the increasing number of patients with at least one chronic condition and rising prevalence of infectious diseases. According to the CDC, more than 50% population of the U.S. accounting for about 117 million people suffer from at least one chronic condition requiring routine monitoring.
  • The mHealth market is expected to be the largest and the fastest growing accounting for a market share of over 24.0% by 2022. According to statistics published by the American Telemedicine Association (ATA), the number of mHealth patents has increased multi-fold from 2000 to 2015 and over 44 million m-Health applications were downloaded in 2015 within North America.
  • North America is expected to dominate the market throughout the forecast period with a revenue share of over 30% by 2022. Presence of technologically updated population base and various current initiatives by the American Health Information Community (AHIC) are expected to be the drivers of this growth.
  • Key players of the market include IBM, McKinsey & Co., Motion Computing Inc., Epocrates Inc., Telecare Corp., Proteus Digital Health and Apple. In June 2014, Apple announced the integration of HealthKit platform into the upcoming iPhone operating system (iOS 8) which will provide a complete health overview of a person such as weight, sleep patterns, heart rates measures, blood pressure and calorie intake.

Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/healthcare-it                                 

Grand View Research has segmented the Global eHealth market on the basis of products, services and region:

eHealth Service Outlook (Revenue, USD Billion, 2012 – 2022)

  • Monitoring Services
    • Vital Sign Monitoring
    • Special Monitoring
    • Adherence Monitoring
    • Accessories
      • Sensors
      • Others
    • Diagnosis Services
    • Healthcare System Strengthening
    • Others

eHealth Type Outlook (Revenue, USD Billion, 2012 – 2022)

  • Electronic Health Record (EHR)
  • E-Prescribing
  • Clinical Decision Support
  • Telemedicine
  • Consumer Health Informatics
  • Health Management
  • mHealth
  • Healthcare Information System

eHealth End-use Outlook (Revenue, USD Billion, 2012 – 2022)

  • Providers
  • Public and Private Insurers
  • Government
  • Healthcare Consumers

eHealth Regional Outlook (Revenue, USD Billion, 2012 – 2022)

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
  • Asia Pacific
    • Japan
    • China
  • Latin America
    • Brazil
  • MEA
    • South Africa

Access Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-e-health-market                                                                                                                                    

About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com

 

Boosting Demand Of Healthcare Analytics Market Due To Rising Impact Of Social Media On Healthcare Till 2025

 

The global healthcare/medical analytics market is expected to reach USD 53.65 billion by 2025, according to a new report by Grand View Research, Inc. Increasing need to reduce healthcare expenditure among hospitals, and other healthcare providers is anticipated to boost growth in the market.

With the advent of data-enriched tools such as mHealth, eHealth, Electronic Health Records (EHR), and mobile applications, the communication gap between caregivers and patients has reduced. These tools generate tremendous data, which can be used for personalized treatments.

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Generally, patients may hesitate to use these tools, which might affect the implementation of analytics. However, with the combination of artificial and human intelligence data analytics, which offer wide opportunities to further customize medical approaches, the demand for these tools is anticipated to increase over the forecast period.

Hospitals are now using healthcare analytics to manage the number of workers working in a particular shift, for instance, a hospital in Paris uses healthcare analytics to predict the number of patients that may be hospitalized. This data can be used to decide the number of staff members that will be needed for a particular shift, which helps in reducing labor cost in hospitals.

Browse full research report on Healthcare Analytics Market: www.grandviewresearch.com/industry-analysis/healthcare-analytics-market         

Further key findings from the report suggest: 

  • Descriptive analytics held a significant share in 2015 owing to its applications in process optimization in organizations.
  • The services category dominated the component segment in 2015. Outsourcing of these big data services contributed towards their growth in leading to the high volume of services rendered.
  • The hardware systems category dominated the component segment, high-cost of the hardware contribute to its growth.
  • On-premise delivered analytic services dominated the delivery mode category with around 54.0% share in 2015.
  • Operational and administrative applications governed the applications segment and held a remunerative share in the year, 2015.
  • Payers held a significant market share in 2015 and the providers are anticipated to grow at a lucrative rate.
  • North America captured a significant share in the global market. Advanced healthcare infrastructure in this region and the growing per capita healthcare expenditure supported the greater consumption of these services.
  • The Asia Pacific region is expected to witness gainful growth attributable to the untapped opportunities in the countries including India and China.
  • Some key players operating in the healthcare analytics market include IBM Corporation, Oracle Corporation, SAS, Cerner Corporation, Allscripts Healthcare Solutions, Inc., Optum Health, Inc., and Verisk Analytics, Inc. The notable initiatives in the industry include new product launches, collaboration with government bodies, and investments directed towards R&D efforts.

Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/healthcare-it                                 

Grand View Research has segmented the global healthcare/medical analytics market on the basis of type, component, delivery mode, application, end-use and region:

Type Outlook (Revenue, USD Million; 2014 – 2025)

  • Prescriptive
  • Descriptive
  • Predictive

Component Outlook (Revenue, USD Million; 2014 – 2025)

  • Software
  • Hardware
  • Services

Delivery Mode Outlook (Revenue, USD Million; 2014 – 2025)

  • On-premise
  • Web-based
  • Cloud-based

Application Outlook (Revenue, USD Million; 2014 – 2025)

  • Clinical
  • Financial
  • Operational and Administrative

End-use Outlook (Revenue, USD Million; 2014 – 2025)

  • Healthcare Payers
  • Healthcare Providers
  • Others

Regional Outlook (Revenue, USD Million; 2014 – 2025)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Access Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-healthcare-analytics-market                                                    

About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com

 

U.S. Telehealth Market Hits $2.83 Billion By 2022: Grand View Research, Inc.

 

U.S. telehealth market is expected to reach USD 2.8 billion by 2022, according to a new report by Grand View Research Inc. Increasing access to basic healthcare is the major aim of telehealth along with improved healthcare quality and patient safety by early detection and diagnosis. According to a report published by the Agency for Health Care Research and Quality (AHRQ), implementation of telehealth solution improves quality of care delivery to patients.

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U.S. telehealth market, by product, 2012-2022 (USD Million)

The rising demand for self care and independent living along with the concept of home care is highly appealing to the population. The Rhode Island Partnership for Home Care reported that in 2014, over 20,000 citizens demanded for home care that led to approximately 1,000,000 visits by healthcare providers. Advantages that drive the higher adoption for home care include better psychological impact on patients, provision of friendly environment, care provision as per patient needs, and cost-effectiveness.

Also, rising geriatric population requires round-the-clock monitoring in homes as they are prone to various chronic ailments. Telehealth system reduces hospital visits and re-hospitalization of patients, along with round-the-clock remote monitoring and allows patients to recover within the comforts of their own home. Telehealth and tele-monitoring devices tender numerous benefits to cater to these demands and hence propel market growth.

Browse full research report on U.S. Telehealth Market: www.grandviewresearch.com/industry-analysis/us-telehealth-market  

Further Key Findings From the Study Suggest:

  • Hardware segment are expected to account for over 40.0% market share by 2022 owing to, video memory, general memory, internet connection and emailing feature, processor speed and display quality are expected to boost the market growth.
  • Software segment is expected to grow at a lucrative CAGR of over 18.0% during the forecast period. The adoption rate for integrated software is higher as compared to the standalone software due to higher options and applications along with cost-efficiency. Examples of integrated solutions include examination cameras, connected devices and software, and telehealth stations.
  • Key players of this market include Philips Healthcare, GE Healthcare, Bosch Healthcare, Intel, IBM and McKesson Corporation.
  • Market participants are involved in manufacturing wide range of telehealth services and software that can be used for patient monitoring, self care and post op monitoring.
  • For instance, in May 2015, Philips announced that the joint program between Philips Telehealth and Banner Health helped reduce costs by 27% and hospitalizations by 45%. The pilot at-home program was used on patients suffering with critical illnesses that accounted for 50% of the healthcare spending.
  • In August 2015, McKesson Technology Solutions through their RelayHealth unit launched the ICD10Central.com. The platform offers easier collaboration between payers and providers. It also has feature of online forums to promote social media communication and quick responses to billing queries by the providers.

Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/healthcare-it                               

Grand View Research has segmented the U.S. telehealth market on the basis of products, delivery mode and end-use:

U.S. Telehealth Product Outlook (Revenue, USD Million, 2012 – 2022)

  • Hardware
    • Monitors
    • Medical peripheral devices
      • Blood pressure meters
      • Blood glucose meters
      • Weighing scales
      • Pulse oximeters
      • Peak flow meters
      • ECG monitors
      • Others
    • Software
      • Standalone software
      • Integrated software
    • Services
      • Remote patient monitoring
      • Real-time interactions
      • Store and Forward
      • Other services

U.S. Telehealth Delivery Mode Outlook (Revenue, USD Million, 2012 – 2022)

    • Web-based
    • Cloud-based
    • On-premise based

U.S. Telehealth End-use Outlook (Revenue, USD Million, 2012 – 2022)

    • Providers
    • Payers
    • Others

Access Press Release By Grand View Research: www.grandviewresearch.com/press-release/us-telehealth-market-analysis                                                                  

About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com

 

Teleradiology Market Is Predicted To Grow Swiftly Due To Newly Engineered Digital Technology Till 2024: Grand View Research, Inc.

 

The global teleradiology market is expected to reach over USD 8.24 billion by 2024 according to a new report by Grand View Research, Inc. The introduction of technology-enabled, accurate, and real-time medical imaging devices favor their application in hospitals, particularly for emergency cases. Moreover, new digital technology systems facilitate the timely intervention of specialists from different locations for critical cases. The rising base of geriatric population coupled with the increasing prevalence of diseases, such as bone injuries, cancer, and dental problems, drives the need for medical imaging systems. This is expected to have a positive impact on the teleradiology market.

In rural areas, there is a dearth of specialized radiologists in hospitals and majority of the hospitals lack adequate access to the latest medical facilities; hence, these areas serve as a huge base of untapped opportunities. The increasing government initiatives to encourage the use of teleradiology in clinics and hospitals in emergency situations are expected to augment the growth of the teleradiology market.

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Europe teleradiology market share, by product, 2013 – 2024 (USD Million)

Benefits associated with teleradiology are the factors likely to accelerate the market growth over the forecast period. One of the most crucial benefits of teleradiology is getting a spur-of-the-moment, second consultative opinion for critical cases with high-resolution images, which can be sent across the globe to reputed domain-specialists in radiology, thus facilitating a good connectivity among radiologists worldwide. Furthermore, outsourcing of radiology services can be done for small-scale hospitals or hospitals in under-served communities, where the interpretation of reports can be obtained as and when required.

Browse full research report on Teleradiology Market: www.grandviewresearch.com/industry-analysis/teleradiology-market

Further Key Findings From the Study Suggest:

  • The x-ray segment dominated the market in 2015 due to its wide range of applications, such as the detection of fractures in bones or dental injuries and the increasing demand for core diagnostics and bedside imaging. In 2015, this segment occupied over 30.0 % of the revenue share.
  • The teleradiology-based CT scan is the fastest growing segment and is expected to grow at a CAGR of over 20.0% over the forecast period. Its lucrative growth is attributed to the teleradiology-associated advantages, which include a high-resolution imaging capacity, a faster testing rate, high usage rates, and the introduction of new generation models, such as 3D and 4D.
  • In 2015,North America dominated the teleradiology market owing to the existence of an advanced healthcare IT, the introduction of high-speed connections, and high penetration rates of new technologies
  • Supportive government regulations for the expansion of teleradiology and faster technology adoption in Asia Pacific are expected to drive the demand for teleradiology over the forecast period
  • Key players include Agfa-Gevaert N.V., Virtual Radiologic (vRAD), ONARD, Everlight Radiology,Global Diagnostics, 4ways Healthcare Ltd., Spectra AB, Health Watch Tele Diagnostics Pvt. Ltd., and RamSoft, Inc.
  • In an attempt to register significant growth, market players adopted several strategies such as geographic expansions, partnerships, new product development, and acquisitions. For instance, in April 2016, Agfa Healthcare signed an agreement with Derby Teaching Hospitals to implement its ORBIS ICU manager service.

Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/healthcare-it

Grand View Research has segmented the teleradiology market on the basis of product and region:

Global Teleradiology Product Outlook, by Revenue (USD Million, 2013–2024)

  • X-ray
  • Magnetic Resonance Imaging (MRI)
  • Ultrasound
  • Computed Tomography (CT)
  • Nuclear Imaging

Teleradiology Regional Outlook, by Revenue (USD Million, 2013–2024)

  • North America
  • U.S.
  • Canada
  • Europe
  • UK
  • Germany
  • Asia Pacific
  • China
  • Japan
  • Latin America
  • Brazil
  • MEA
  • South Africa

Access Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-teleradiology-market

About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com

 

Healthcare Payer BPO Market Is Projected To Grow Rapidly Due To Increase In Geriatric Population Till 2025: Grand View Research, Inc.

 

Global healthcare payer BPO market is expected to reach over USD 34.2 billion by 2022 according to a new report by Grand View Research Inc. Key drivers attributing to the growth are ObamaCare, shift to ICD-10 coding system, growing geriatric population, increasing disease burden and penetration of insurance coverage in emerging economies.

In 2013, as per estimates published by the America’s Health Insurance Plans (AHIP), which is the national trade association representing the health insurance industry, one-sixth of the U.S. economy or nearly USD 2.7 trillion is dedicated to healthcare spending and the number is expected to increase year on year. However, the healthcare system is not able to reap the benefits of such expenditure due to process inefficiencies and use of redundant systems. The estimated loss due to such inefficiencies is nearly 800 billion or approximately 20 to 30 percent of the overall expenditure.

Increasing healthcare expenditure is a major concern for the U.S. and all the other major economies. In order to reduce the economic burden and provide universal access to healthcare, governments are encouraging outsourcing of payer services to onshore or offshore locations.

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North America payer BPO market by type of service, 2012 – 2022 (USD Billion)

The shift from ICD-9 coding system to ICD-10 coding has created huge work load for the payers to upgrade their systems, train their staff and has significantly increased the financial burden. The ICD-9 code system had 13,000 codes, where as the ICD-10 code system has nearly 68,000 codes. This shift from the legacy system to the latest system has significantly increased the need for medical coding, accounting, HR, and other technical professionals, thereby is expected to positively reinforce the healthcare payer BPO outsourcing market growth in the next seven years.

Browse full research report on Healthcare Payer BPO Market: www.grandviewresearch.com/industry-analysis/healthcare-payer-bpo-market

Further key findings from the report suggest:

  • In 2014, claims processing services accounted for the maximum share of approximately 55%. Key reasons attributed are growth in new member enrolments due to ObamaCare, increase in disease burden. For instance, as per data published by ObamaCare and CMS, in 2013 nearly 8 million people enrolled through the marketplace and nearly 11.7 million people were enrolled in 2015.
  • However, Asia Pacific is expected to be the fastest growing market over the forecast period owing to high economic development in the region, favorable government initiatives and growth in insurance penetration across urban and rural centers. For instance, the Indian government’s initiatives such as Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana, are expected to benefit millions of people seeking life insurance and personal accident coverage and as consequence is expected to contribute to the healthcare payer BPO market expansion over the forecast period.
  • Some key players operating in the market include, Xerox Corporation, Genpact Limited, Wipro Limited, Capgemini, Hinduja Global Solutions, HCL Technologies Ltd, Cognizant Technology Solutions, EXLService Holdings Inc., and Accenture. These players dominate the market owing to their strong product and service delivery portfolio, and presence of large customer base in the U.S and European markets.

Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/healthcare-it                                 

Grand View Research has segmented the Healthcare payer BPO market on the basis of services and region:

Global Healthcare Payer BPO Services Outlook (USD Million, 2015 – 2022)

  • Claims Processing Services
  • Member Services
  • HR Services
  • Finance And Accounts

Healthcare Payer BPO Regional Outlook, (USD Million, 2015 – 2022)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
  • Asia Pacific
    • India
    • China
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • South Africa

Access Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-healthcare-payer-bpo-market                                        

About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com