A strong understanding of the trends will prove to be a decisive factor in strategic planning and decision making for all involved in the value chain - investors, manufacturers, distributors, regulators, payer/providers and analysts tracking this industry
Obama Plans To Bring Stellar Growth For Healthcare Information Technology
Driven by the realization of an ever-increasing necessity to strengthen and streamline healthcare delivery and management, the US Healthcare Information Technology (IT) market which was valued at $3.4 billion in 2007 is expected to grow by 14.6% annually to reach $6.72 billion by 2012.
Barack Obama’s plan to tackle health issues brings a positive development for medical device manufacturers, particularly in the Healthcare IT sector, where it is forecast to drive nearly 15% per annum growth. Given the recent downtrend in the market and lack of credit, Obama’s plan provides an excellent opportunity for Medical Companies as the number of people going from uninsured to insured will be increasing. Under Obama’s plan, insurance companies will be forced to insure people with a history of health issues. That should be a welcome sign as reimbursements for such individuals continue to pile up. $10 billion investment over 5 years in Healthcare IT is a long standing change needed for the health care system to move from paper based records to standardized electronic based systems. This will allow medical insurance portability from job to job and across state lines, making it easier for employers to provide insurance to their employees, Above all making health insurance affordable to 45 million uninsured people should increase the number of individuals using medical devices.
Home Healthcare Equipment Market Is Poised For A Big Return In 2009 Owing To Cost Containment Efforts By Both Providers And Purchasers
Consumers’ interest in their health is increasing the opportunities for home healthcare device manufacturers who provide a connected view of the individual’s well being. The forecast upcoming recession will lead more people to treat themselves at home. Healthcare equipment like Continuous Positive Airway Pressure (CPAP) Devices, nebulizers, drug delivery devices, digital signal processing hearing aids, glucose monitoring systems and self test (IVD) devices are set for a high single digit to double digit growth rate in the next 5 years. This trend is gaining prominence because of the need to reduce medical costs. This is leading to better reimbursement rates from insurers. The global market for home healthcare devices is set to grow by more than 9% from 2007 to 2012 with the market exceeding $70 billion in 2012.
Emerging Medical Equipment Markets Will Continue To Grow In 2009, Assisted By The Ongoing Trend Towards Medical Tourism And Helping To Offset Any Negative Impact Felt By The General Economic Downturn
Multinational companies will continue to relocate manufacturing operations in emerging economies to ensure that they can capitalize on the increased wealth and healthcare spend allocated by consumers and governments in key markets like China, Brazil, India and Taiwan in 2007. As governments continue to remove restrictions on medical imports and the ability of foreign manufacturers to enter key markets, we can expect to see multinational companies increase market share and dominate key sectors and help drive the growth of medical tourism.
Medical tourism is one of the fastest growing industries and countries like India, Thailand, Singapore and Philippines have become favorite destinations for patients from developed countries. Huge price differentials, availability of advanced technologies in private hospitals and highly skilled medical professionals in these countries are driving the medical tourism business. In 2002, Indian medical tourism generated $300 million in revenue. Since 2002 there has been an increase of 25% in medical tourists to India. Indian medical tourism revenue is forecast to reach $2 billion in 2012 when compared with $800 million in 2007 with a growth rate of 29% CAGR from 2007 to 2012.
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