Chemoinformatics Market size is expected to value at USD 21.18 billion by 2024

The global Chemoinformatics Market size is expected to value at USD 21.18 billion by 2024. The market is subject to witness a substantial growth due to the growing prevalence of chronic diseases and increasing investment by private bodies in development of novel drugs. In addition, rising importance towards development of various drug validation techniques, and integration of potential drug candidates that are developed by combinatorial chemical methods, are expected to stimulate the growth of chemoinformatics industry over the forecast period.

Shifting focus towards the effective management of data, gathered during molecular and atomic reactions is anticipated to boost market demand for chemoinformatics over the next seven years. Globally, the chemoinformatics market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.

The recent technological advances in computer technology for healthcare sector is estimated to favor the growth of chemoinformatics industry in the upcoming years. Some of the key contributing factors responsible for sustained market growth of chemoinformatics include surging prevalence of chronic diseases and the corresponding need to invent novel drugs. The rising awareness levels among general population in regards to the importance of personalized medicine is expected to drive the demand for effective medication, thus impelling market growth as well. Moreover, the rising number of incidences related to chronic diseases acts as a contributing factor for new drug development, which is directly impacting the market growth of the chemoinformatics.

The chemoinformatics market is broadly categorized into three major segments based on the application type such as chemical analysis, drug discovery, and drug validation. The drug discovery is considered as one of the fastest growing segment in the chemoinformatics industry with substantial revenue generation in the last few years. Growing popularity of the drug discovery segment is attributed to the rise in the number of research & development activities, particularly in the North America region. The drug validation segment has also witnessed substantial growth owing to the higher approval rate by international & local authorities.

The chemoinformatics market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in medicine & pharmaceutical sector, increase in the number of research & development activities, and existence of well-established healthcare infrastructure in the region. Asia-Pacific region is predicted to hold major market share in the chemoinformatics with massive growth in forecast period.

Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing prevalence of chronic disorders, growing geriatric population, rising healthcare expenditure, and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the chemoinformatics industry are BIOVIA (formerly Accelrys) Co., ACD/Labs, Inc., Agilent Technologies, Inc., Cambridgesoft Co., ChemAxon, Inc., Bio-Rad Laboratories, Inc., Schrödinger, LLC, and Molecular Discovery Ltd.

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Practice management software automates administrative and billing operations pertaining to medical domain

Global Practice Management System Market is estimated to grow considerably in the forecast period owing to the increase in need for integrated and improved healthcare systems.(PMS) practice management system is a type of software, which is specially designed for medical offices for dealing with daily operations using an internet-based and desktop software.

Practice management software automates administrative and billing operations pertaining to medical domain. The software potentially records patient demographics, fix appointments, registers the patient for benefit checks or insurance, maintains a list of insurance payers and generates crucial reports.
Practice management system is predicted to rise substantially in the near future due to the presence of cloud-based services, which enable companies from different geographies to offer services at competitive prices. Practice management systems are beneficial only as long as staffs are trained for the dynamics of the software, which requires practice and training.

Most countries have stringent patient confidentiality regulation concerning breach of patient’s records that may be a threat for the entire process including reputation of institution and also for practice management systems industry. At such times, PMS may become a liability rather than a tool of assistance. Nevertheless, few Asian software organizations like Practo Ray have developed systems based on android which are easily accessible and avoid extensive training. Economical alternatives for PMS are growing with improved algorithms to integrate entire medical practice process. PMS holds a bright future ahead since global medical institutions are eyeing on the system as a better alternative to the traditional procedures. The systems are also said to be accurate in terms of every medical process.

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Practice management systems market is categorized on the basis of product type, software type, delivery platform, components, end user, and geography. On the basis of product type, the market is divided into standalone and integrated. Integrated segment is expected to hold larger share of share market in the coming years due to government compulsion for integrating (EHR) electronic health records with PM system and righteous use incentive program.
Based on software type, practice management system industry is divided into desktop-only software intended for single or few computer sharing access, internet-based software needs separate server for operation and client-server software - allow multiple users to share and access data. In terms of delivery platform, practice management system market web-based, cloud and on premise. Cloud based delivery platform is witnessing a market traction due to low investment and higher ROI (return on investment).

On the basis of components, practice management systems industry is classified into hardware and software. Hardware segment is predicted to lead the market growth due to higher accessibility of components. In terms of end users, the market is classified into physicians, pharmacists, and diagnostic laboratories. Physicians segment is expected to dominate the market in future owing to wide applications.

Geographically, practice management systems market is segmented as North America, Europe, Asia Pacific, and RoW. Owing to the presence of large service providers and upcoming opportunities, North America and European countries are expected to register significant growth in the years to come.
Currently, the service providers are mostly from North America and European countries where the demand for PMS is high due to health insurance and growing population of patients. Also, in Asia Pacific countries, the market is expected to rise impressively due to large number of companies establishing business here. Asian medical institutions are also opting PMS due to greater return on investment.

The major players in practice management system industry are Allscripts Healthcare Solutions, Greenway Medical AdvantEgde Healthcare Solutions, Inc., NextGen Healthcare Information System LLC, Athenahealth, Inc., GE Healthcare, Practice Fusion, McKesson Corporation, MediTouch, Accumedic Computer Systems, and Henry Schein MicroMD.

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Medical practitioners, patients, and pharmacists have access to patient portal

Global Patients Portal Market is anticipated to reach USD 5.2 billion by 2024. A patient portal implies an online website that helps in maintaining all data of patients. Medical practitioners, patients, and pharmacists have access to this portal at any place and time. The factors that propel the growth of the market include surge in demand owing to ease in usage, developments in technology; which benefits the key market players in advancement their offerings, positive government funding procedures, and increasing demand for electronic health record (EHR).

On the other hand, there are factors that may hamper the growth of the market including Data security and privacy concerns and high cost of deployment and implementation. Patients Portal Market is anticipated to grow at a significant CAGR of 17.94% in the upcoming period as the scope, product types, and its applications are increasing across the globe.

Patients Portal industry may be explored by type, delivery mode, end users, and geography. The market may be explored by type as Integrated Patient Portals, and Standalone Patient Portals. The “Integrated Patient Portals” segment led the Patients Portal Market in 2015 and is anticipated to maintain its dominance by 2024 owing to they offer a one-stop solution, and favored, cheaper, and hence high in demand. The market may be analyzed by delivery mode as Cloud-Based Delivery, and Web-Based Delivery. The “Web-Based Delivery” segment led the Patients Portal industry in 2015 and is anticipated to maintain its dominance by 2024.

The market could be explored based on end users as Pharmacies, Providers, Payers and Others may include Government Bodies, and Employer Groups. The “Providers” segment led the Patients Portal industry in 2015 and is anticipated to maintain its dominance by 2024 owing to governments’ initiatives to upgrade the care delivered to patients and curtail the soaring cost of healthcare among providers, increasing mandates for motivation programs for providers, and the rising necessity to improve the accessibility and affordability of healthcare facilities.

North America accounted for the major share of the Patients Portal Market Size in 2016 and will continue to lead in the forecast period. The factors that could be attributed to the growth includes centralized orders in the U.S., increasing number of responsible care administrations in the U.S., increasing aged populace in the U.S., and digital health procedures in Canada. North America is followed by the Europe and Asia-Pacific region.

Some of the key players that fuel the growth of the Patients Portal industry comprise Cerner Corporation, Allscripts Healthcare Solutions, Epic System Corporation company, GE Healthcare, Med fusion, CureMD, and McKesson Corporation. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

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Health information exchange (HIE) market is expected to witness lucrative growth over the forecast period

Global health information exchange (HIE) market is expected to witness lucrative growth over the forecast period. Need for greater access to patient health information, enhanced stakeholder’s collaboration and rising awareness of HIE technology are the key drivers leading to the market growth. Furthermore, increasing incentives by the federal government, growing investments, increasing geriatric population and raising demand for reduction in healthcare cost are the factors anticipating the demand for health information exchange.

HIE refers to the electronic mobilization of healthcare information within defined geographical area to bring stakeholders together. The stakeholders include doctors, patient, pharmacists, nurses and labs. HIE enables speedy access and sharing of patient’s clinical data to the healthcare providers for providing effective, timely and efficient delivery of care to the patient. Sharing of patient information on time helps in effective decision making, avoids readmission and medication errors, improves diagnostic rate and, decreases duplicate testing. The technology provides high standard of patient care coupled with reduction in expenses associated with physical mailing of patient records, manual printing of document and, efforts involved in recovering patients’ reports.

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On the basis of set up type, HIE market is segmented into implementation model and vendors model and, also in public and private HIE. Implementation is further classified into hybrid model, centralized model and decentralized model. Among these implementation models, hybrid model is projected to be the potential market segment as it is a combination of both decentralized and centralized model. Hence, it consists of advantages of both the models.

In set up type, private HIE is expected to dominate the market owing to the benefits associated with it such as deep commitment to a shared vision among shareholders. Shared vision include reduction in cost associated with unnecessary duplicate tests. Other benefits are steady flow of funds for development obtained from stakeholders in the private sector and physician engagement at every level of the HIE. Private HIE are growing at a rapid pace in comparison to public HIE.

The vendors’ type is further segmented into messaging centric, platform centric, portal centric, clinical data management and personal health records. Portal centric segment is considered to hold the largest market share of health information exchange and is anticipated to witness robust growth over the coming six years due to the increasing use of electronic health records in the developed countries.

Based on pattern of data exchange, the market is segregated into consumer mediated exchange for patient control, directed exchange for coordinate care and query based exchange for unplanned care. By application, it is used in the fields such as web portal development, secure messaging, workflow management, interfacing internal application and, patient safety. Among these application, HIE is majorly used in web portal development owing to the increasing number of documents choosing for electronic medical records driven by the accessibility of portals to retrieve information on patients. The end users of the market include public health agency, ED provider, medical research, care manager, primary care provider and specialists.

Geographically, the global health information exchange market is categorized into North America, Europe, Asia Pacific, Latin America and MEA. North America is estimated to hold the largest market share owing to presence of established companies, high adoption rate of technology and well established healthcare facilities.

Asia-Pacific is expected to grow at a significant rate owing to increasing demand for patient care, rising population base and growing healthcare investments. In addition, increasing awareness level among people about HIE, various initiatives undertaken by government in emerging economic countries such as India, China and Japan are the factors driving the market growth over the decade. The demand for mobile health applications and, cloud based systems are offering opportunities for the healthcare IT providers.The major operating companies in the market are GE Healthcare, Care Evolution, At & T Inc., Cerner Corporation, IBM Corp., Medicity, Philips, Epic Systems, InterSystems, Oracle, Kindred Healthcare, Siemens Healthcare and Orion Health.

Kindred Healthcare is using health information exchange technology to coordinate healthcare and achieve improved outcomes. The company is investing in technology that helps them to connect with their clinical applications so that when patients are discharged from Kindred facility, their patient record can follow them and when they enter one of their facilities, the caregivers will be able to view patient care record from previous admission. This helps in eliminating unnecessary test and treatment and, maintaining patient privacy and consent requirements.

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Hospital information system (HIS) is designed to fulfill the administrational needs of medical centers

The global hospital information systems (HIS) market is expected to be valued at USD 39.7 billion by 2025. Hospital information system market demand is expected to be high over the forecast period on account of increasing patient traffic. The need to integrate data of a single patient from all the departments in a hospital is anticipated to propel the overall industry growth.  Hospital information system (HIS) is designed to fulfill the administrational needs of medical centers. It involves the integration of multiple divisions in order to manage the administration on a real time basis. Various sections of a medical center which include laboratories, finance departments, and general administration are integrated through enterprise architecture. It also helps the physicians in tracking a patients’ past record and progress in the treatment. The increase in patient flow is the major factor driving the overall market. Increasing disease incidence has created the need to establish a sophisticated data base for patient tracking. A patient undergoes multiple therapies, treatments, and diagnosis. A Physician needs to collate all the information for further diagnosis. This need drives the demand for information system with integration of multiple wings within an organization. Such systems also help physicians to track patients past history.

Accounting is another factor which propels the demand for hospital information system. Bills from various departments are consolidated into one and therefore leading to customer satisfaction. Medical institutions have been able to process the overall cash flows at a centralized level with precision and without any delays. Such centralized cash flow management reduces the possibilities of fraud and financial data fabrication. HIS has helped to fasten the administrative process with high accuracy which includes placing orders, bookings and payment. Moreover, these applications have significantly contributed to increase overall accuracy, response time and efficiency which in turn is expected to drive its demand over the forecast period. Electronic record keeping has boosted the demand for HIS implementations. They provide a common source for patient’s health history. Doctors can easily access patient’s information, laboratory results and previous prescriptions.

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These information applications are efficient in crowd control. Tracking the patient flow has been easy, leading to a planned scheduling of appointments and bed occupancy. This has resulted in avoiding time delays and long queues. Therefore, healthcare organizations with large inflow of patients are expected to find major applications for crowd management. Growing medical insurance industry is expected to further drive the demand for patient records in healthcare. Insurance agencies are expected to find these applications useful in tracking a patient’s history and avoiding fraud. Absence of well-established I.T arrangement is expected to pull down the overall system growth as launching these applications requires highly proficient I.T systems and maintenance. Moreover, these applications are high in cost and require regular updates and maintenance.

Mindset change is another reason which is expected to restrain global industry growth in the future. Some organizations are expected to hesitate in implementing new technologies and stick with their old systems which are cost effective and well adopted by their employees. Healthcare facilities who seek for a fully integrated business solution provide great opportunities for market growth in near future. There is a need to establish proper sales channel so that the vendors ensure efficient technologies are integrated into their solutions.

Rise in medical informatics is expected to propel the growth of overall industry. Data collected through these application suites is used to study the recent trends and patient behavior. This source of data provides meaningful insights for capacity planning. Hospitals tend to use this information for their expansion programs and demand forecasting. The HIS architecture is segmented on the basis of specialized implementations which includes clinical information system, laboratory information system, procedure management, radiology information, and picture archiving & communication.

North America is expected to observe highest demand in the global industry on account of the well-developed healthcare sector and implementation of advanced IT infrastructure. Similarly, Western Europe is expected to show a substantial demand over the forecast period on account of increasing emphasis by the regional government on healthcare facilities coupled with the stringent regulatory framework. Asia Pacific and the Middle East are expected to observe significant growth on account of the increasing government initiatives to establish proper healthcare infrastructure in developing economies including China, India, Japan and UAE.

Key players operating in the market are SAP, Philips, Infosys, Wipro, TCS, Meditech, Mckesson Corporation, Epic systems, Allscripts, and Cerner Corporations. Vendors focus on providing complete IT enabled services which consist of HIS. This helps the vendors to reduce costs and also aid in the maintenance process. After sales service plays a vital role in establishing strong relations with the customer. Break down of these applications result in loss of information and disturbance in services. In February 2015, Cerner Corporations successfully acquired Hospital IT solutions business unit of Siemens for USD 1.3 billion. The acquisition is expected to help Cerner develop efficient business solutions especially in the field of electronic record keeping.

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Medical Image Analysis Software Market Will Create New Growth Opportunities

Market size and trends

The global Medical Image Analysis Software Market size is estimated to reach USD 4.51 billion by 2024 and is anticipated to grow with a CAGR of 8.1% throughout the forecast period. High growth of the market is majorly attributed to the increase in usage and uptake of imaging software for the diagnosis purpose. This technology is widely used for the diagnosis in the field of orthopedic, dental, neurology, oncology, urology and others.

In addition, shifting in focus to provide enhance care has led to the incorporation of various computer aided diagnosis systems, which is further contributing towards market growth. Continuous increasing in the prevalence of chronic disorders such as neurological diseases, cardiovascular diseases and cancer require medical imaging systems to provide effective and fast diagnosis. This fact will further push the market demand of medical imaging software, leading to drive the market growth.

Introduction of technologically advanced products such as 3D imaging, multimodality imaging platforms is also presumed to augment the market over the coming years. Furthermore, various benefits including flexibility and high-resolution imaging, along with convenient use of multi modal integrated workflows are expected to bolster the demand and increase product penetration throughout the forecast period.

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Modality Insights

The largest share of around 30.0% was held by radiographic imaging in the modality segment owing to wide scale availability and cost-effectiveness, which are presumed to be key drivers for the market. The fastest growing segment is anticipated to be ultrasound imaging because of its accuracy and ability for rapid analysis. In addition, the radiation-induced side effects are minimized by use of these techniques, which is considered to be the potential factor for the segment growth.

Software Type Insights

Integrated software held the largest share of more than 55.0%. Dominance can be attributed to high adoption of the software due to its benefits including, cost effectiveness and centralized data storage. Moreover, multiple users can process and view the data with the use of integrated software which provides live viewing features.

The aforementioned factors are presumed to drive the preference of physicians and healthcare providers towards use of this integrated software. Also, lucrative growth rate is expected to be witnessed by stand-alone software with a CAGR of 7.5% throughout the forecast period due to its user friendly interface.

Application Insights

The major application of medical image analysis with a substantial market share was seen in the orthopedic segment in 2015. According to a report by CDC, over 52.5 million people in the U.S. were diagnosed with orthopedic related disorders in the period of 2010-12, which is expected to increase the utilization of medical image software in near future. Moreover, increasing geriatric population base and frequent product approvals for use of medical imaging systems in orthopedic is projected to boost the market growth.

End-user Insights

The largest share of around 32.0% was held by hospitals in end user segment. Supportive infrastructure, which helps in performing surgical intervention with medical imaging software. Moreover, favorable reimbursement by Medicare and Medicaid are increasing surgery volumes, where these devices form an important part of the procedures and contribute to market share.

Regional Insights

The largest share of over 33.0% in terms of revenue was held by North America in 2015. Presence of key market players, favorable initiatives by government, and high R&D investments are anticipated to be major drivers for the regional dominance. Asia Pacific region is to be considered as the highest growing region with CAGR of 9.7% throughout the forecast period. Growing in this region is majorly supported by the favorable government policies for incorporation of medical imaging software and devices to achieve accurate diagnostic results. Furthermore, increasing expenditure on healthcare in developing economies including India and China supports the growth of this region during the future period.

Competitive Market Share Insights

Some prominent market players are, Xinapse Systems Lts., Bruker Corporation, ClaroNAv Inc., Esaote Inc., Merge Healthcare Inc., MIM Software Inc., Aquilab GmbH, Spacelabs Healthcare Inc., Agfa-Gevaert Corporation, Toshiba Medical Systems Corporation, Siemens Healthineers, Carestream Health Inc., Philips Healthcare, and GE Healthcare.

The industry shows a high competitive rivalry owing to various strategic initiatives such as technological innovation inputs, acquisitions and merger, collaborations, and product launches. For instance, NEO new oncology AG was acquired by Siemens Healthineers in May 2016 to enhance their R&D capabilities product portfolio for treatment of cancer.

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Pharmacovigilance and Drug Safety Software Market is estimated to grow at a higher CAGR by 2024

The global Pharmacovigilance and Drug Safety Software Market is estimated to grow at a higher CAGR by the completion of the prediction period. The growing occurrence of Adverse Drug Reactions [ADR] is likely to trigger the demand for pharmacovigilance (PV) software during the approaching years. Furthermore, an increasing market for health information functionality will support the practice of PV software above the period of prediction, because it recovers the fitness of the patient and decreases therapeutic expenses.

The pharmacovigilance & drug safety software market on the source of Type of End Use could span BPOs, Biotech & Pharma companies, CROs, and others. The subdivision of CROs is likely to witness lucrative development for the duration of the prediction owing to growing tendency of subcontracting. The pharmacovigilance and drug safety software industry on the source of Type of Method of Delivery, can be divided in to On-demand, On-premise.

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The subdivision of on premise software responsible for the biggest stake of income in the pharmacovigilance software market due to growing acceptance by big pharmacological companies. This method of delivery includes setting up of facilities and resolutions on computers in the premises of the business. The pharmacovigilance and drug safety software market on the source of Type of Functionality could span Completely Combined Software, Drug Safety Audits, Issue Tracking, and ADR Reporting. The subdivision of ADR reporting ruled the market during the past year owing to interrelated paybacks for example information access and the administration by means of least mistakes.

The subdivision of Completely Combined Software is likely to display profitable development in the approaching years due to the growing necessity to avoid mistakes in the administration of record. These resolutions are utilized to follow the safety information of separate situation and evade termination of information over elimination of mistakes.

The pharmacovigilance and drug safety software market on the source of Area with respect to Trades in terms of intake, Profits, Market stake and Development percentage for the duration of the prediction could span North America [U.S.A, Canada], Europe [Germany, U.K.], Asia Pacific [India, Japan, China], Latin America [Brazil, Mexico], Middle East & Africa [South Africa].

By the source of geography, North America headed the market during the past year and is expected to carry on with this tendency above the estimated period Due to the government assisted inventiveness supporting the acceptance of pharmacovigilance (PV) software preparations, the local market is likely to display important development over the completion of the period of prediction. The mission called “Mini-Sentinel” is on track by the U.S. FDA to endorse lively investigation arrangements, this offer statistically applicable information in slighter interval. Such creativities fortify the development of the provincial market.

The companies operating in the Asia Pacific, offer considerable price saving benefits, these savings are substantial in range of the price as equated with industrialized states. This tips to increasing measurements of clinical trials being steered in this area. Growth in demand for clinical trials has directed toward growing emphasis on pharmacovigilance and drug safety software. Together with China and India, Taiwan, South Korea and Singapore are familiar as subcontracting centers in Asia. Growing number of adversative medicine responses, increasing alertness regarding the security of the public, and strict administrative guidelines are some issues estimated to motivate the progress of the market.

The statement revises Trades in terms of intake of pharmacovigilance and drug safety software in the market; particularly in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. It concentrates on the topmost companies operating in these regions. Some of the important companies operating in the field on the global basis are Cognizant, Wipro, TCS, Ennov Solutions, Inc., United BioSource Corporation, Relsys, AB Cube, Oracle Corporation, EXTEDO GmbH, Sparta Systems, Inc., AB Cube, Oracle Corporation, ArisGlobal, Sarjen Systems Pvt. Ltd, Online Business Applications, Inc., and UMBRA Global LLC.

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