Bipolar Disorder Therapeutics Market 2019
The Healthcare industry is an amalgamation of various industries and sectors which cater to the health of patients and offer preventive and rehabilitative services. It consists of various medical goods which can range from systems to drugs and vaccines. It is touted to be one of the fastest growing sectors owing to the thriving medical tourism sector as well as adoption of latest Healthcare business models across developed and developing nations for combating chronic diseases.
One of the major factors driving the Healthcare domain are the deluge of chronic diseases affecting mortality rates. Countries worldwide invest a significant amount of their gross domestic product (GDP) for enhancing the Healthcare models. For instance, the U.S. government spends close to USD 3.9 trillion for the welfare of their people. This is directly correlated to the high spending patterns of patients. Other efforts include comprise upgradation of legacy equipment, hiring skilled personnel, and integration of information technology to digitize data.
The key players covered in this study
Johnson & Johnson
Market segment by Type, the product can be split into
Market segment by Application, split into
Selective Serotonin Reuptake Inhibitors
Serotonin-norepinephrine Reuptake Inhibitors
Monoamine Oxidase Inhibitors
Ageing is another concern which drives the Healthcare domain. According to the United Nations, the geriatric populace of persons more than 60 is expected to double to 2.1 billion by 2050 owing to good Healthcare infrastructure. In addition, the steady economy and low employment rates which provide an impetus to purchasing power of patients has played a steady role in the sector. In addition, risk and insurance professionals have benefited greatly by offering medical coverage to demographics ranging from boomers to millennials.
Various sectors within the Healthcare domain include medical devices, biotechnology, medicine & pharmacy, pharmaceutical, Healthcare IT, diseases & therapeutic areas, animal Healthcare/veterinary, and rehabilitation. Biotechnology is one of the prominent and emerging sub-sects within the industry. The use of living organisms to expedite the healing process is lucrative for the sector. Manufacturers have commenced the production of implants made from living materials. The success of additive manufacturing or 3D printing is likely to bode well in the forthcoming years. It can assist with bone regeneration which can create accurate lattice structure which match with tissues within the body.
The marriage of information technology with Healthcare has simplified the accumulation of health records which is a boon for patients. Patients with chronic diseases or differently abled can make use of telemedicine to gain medical assistance. Physicians and clinicians are increasingly inclined with the use of the technology for patient interaction and assisting fellow doctors. This can open the doors for remote patient monitoring, a segment in the nascent stage.
Artificial intelligence and machine learning are advancing at a rapid velocity with Healthcare digital assistants helping patients with advice. But technologies have given way to precision medicine, a new sect capable of prescribing medicines suited to persons according to race, body type, and age. It can be used to prevent diseases from expanding at an early stage. Genome sequencing is paramount in deciphering information in genes, the basic blueprint in heredity.
The Healthcare industry is headed towards consolidation driven by various pharmaceutical manufacturers, equipment manufacturers, and diagnostic & laboratory equipment manufacturers. This is evident with statistical support purporting that Quest Diagnostics and LabCorp heralding close to 37% share in the domain. The theme is similar in Healthcare equipment manufacturers with Johnson & Johnson, Zimmer, and Stryker Corporation owing close to 88% share of the sector. This could spell a good run in the years to come and bring down Healthcare prices considerably.
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