Value Based Care to Drive the Healthcare Industry: Ken Research

The healthcare industry consists of aggregation of businesses that provide medical services, manufacturing of medical equipment or drugs, providing medical insurance, healthcare provision to patients and services for treating patients with curative, preventive, rehabilitative, and comforting care. Moreover the sector also consists of goods and services for upholding and re-establishing health. The modern healthcare industry consists of three essential branches consists of services, products, and finance. Health care industry have been registering substantial growth owing to well-trained medical professionals, collaborative efforts and focus headed for finding a new treatment ways. Moreover, the sub segments of the industry such as hospitals, pharmaceuticals, medical equipment and supplies, medical insurance and diagnostics have also been registering significant growth rates from the past decade. The trained professionals and paraprofessionals are the important pillar for the health care market. The rising health care costs, patient demographics, budding consumer expectations may led to substantial modification in industry in the upcoming years. In addition the health care industry stakeholders may further need to invest in value-based care, innovative care conveyance models, digital technologies, data interoperability, preparing for uncertainties and building up a smart health care ecosystem.

Based on type, market is segmented into healthcare services, medical equipment, pharmaceutical drugs, biologics, and veterinary healthcare. In addition, based on end-user gender, market is segmented into male end-users and female end-users.

The market is driven by growth in aging population, followed by rise in prevalence of chronic diseases, growth in technological advancements, rise in infrastructure investments, higher labor costs amidst workforce shortages, growth in care models, and the expansion of health care systems in developing markets. However, increase in awareness of alternative therapies and natural remedies may impact the market.

Ken Research Hospital Health Care Industry Analysis comprise of complete coverage highlighting and  elaborating the technological advancements, specialized hospitals and other health care centers, government healthcare reforms, upcoming projects on global and country wise and many more. In addition, the health care market, have registered rapid growth due to revenue generation and support systems provided by the government for majority of new entrants.

Shifting of developments in the hospital industry globally is mostly determined by the framework developments, need of outpatient facilities. The increase in incidence of chronic illness, requirement for the specialized medical practices, and developed surgical technologies and other health care facilities have been enabling pathway for new investors in the hospital industry.

Covid-19 impact:

The COVID-19 outbreak have led significant impact on healthcare market globally. It has been observed that countries such as South Korea, Taiwan, and Singapore have controlled the spreading of COVID-19 before it could reach the community level. On the other hand, well-developed economies such as the US, Italy, the UK, Spain, France, and Germany found difficulty in controlling the COVID-19. These health emergencies have led to questioning on health systems and their ability to deliver health care services under strain. It is vital to minimize the consequences of disruptions in delivery of essential health care services. The health authorities and health service planners must ensure the dedicated planning structures, less population risks, and optimally utilizing financial and physical resources.

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Transformation In The Healthcare Industry By Using Wearable Sensors Market Outlook-Ken Research

Overview: Health care sector is very much pertaining and acquire a huge market share in the recent trend. Moreover, with the increasing prevalence of diseases results more developments in this field which make the market more effective and reliable for the patients. Developments in the health care market the treatment of hospitals is being replaced by home care and done the transformation in the negative side-effects of hospital stays. Whereas, the reimbursement systems have shared poor incentives for healthcare institutions to drive advance improvements. Simultaneously, with the extensive development in the technology made the structural changes in the treatment and enable the service providers to play a larger role in driving change in the healthcare industry.

Outlook: In the ancient time, the health care industry analysis is not much updated and effective whereas, in the modern trend the technology acceleration has transformative market impact. Moreover, establishment of wearable sensors are very much small but they are mandatory components which can track and monitor temperature, muscle activity, blood pressure, speed and others. With the help of wearable devices anyone can know about the physical and chemical properties of the body. Furthermore, certain more research and development lead the wrist-worn wearables with the wellness & fitness and entertainment applications which are the penman to the rapidly growing market of healthcare whereas, significant increase in the wearable devices have resulted in rising demand for wearable sensors.

Based on the type of wearable sensors, the market of wearable sensors are split into magnetometers, motion sensors, force sensors, touch sensors, temperature, pressure sensors and others. Moreover, the applications of wearable sensors are also segmented in the market of healthcare differently which includes eyewear, footwear, wrist wear and others. It is expected that in the observation, many innovative companies are tiling with more biometric garments which measure body vitals more systematically. Sometimes, the patient of blood pressure didn’t know the cause and some test is to be done before treatment, for eliminating this treatment this wearable devices are made. Therefore, wearable devices are playing significant role in showing the statements related to health. Moreover, the Health care industry research report suggests that in the coming years more development is going to be done which make the life of patients meaningful.

Market Scenario: With the more development in the technology and upgradation in the old processing units the health care business is growing significantly. Whereas, telehealth services have made the significant progress in remote management among patients with chronic condition. The progress of telecom services is visible across 4 major segments which include mobile health, personal emergency response system, remote patient monitoring and virtual telehealth visits. Telehealth tends to be more consumer-driven due to the more innovations by the vendors to meet younger patients’ needs. The usage of wearable devices is mostly done by the youngsters as it is used as fashionable product also. Therefore, with the increasing in the demand of wearable devices will lead to growth of the healthcare industry.

Competition: The development of nations is majorly signify the healthcare sector, whereas, extensive developments are to be done in the technology which further result high competition in the market. Both developed (such as Europe, China and others) and developing countries (such as India) are doing well in the healthcare industry. The companies such as AiQ Clothing, OMsignal and Hexoskin are the some companies which are functioning in telecom services across the globe.

Conclusion: Technological advances will continue and driven the growth of the healthcare industry. In addition, modern trends of the healthcare industry also result to significant growth in the coming years over the recent years.

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Rise Of Telemedicine Healthcare Market Outlook-Ken Research

Telemedicine is the use of information technology and telecommunication to provide clinical healthcare from a distance. Telemedicine has been prevalent since the last decade but has seen a huge upsurge in the recent years across the global healthcare sector. Telemedicine is a revolutionalizing technology that provides healthcare right at the doorstep of the patient. Telemedicine makes use of technology like emails, phones, video conferencing and for exchanging the medical information of the patient with the healthcare provider. Health Care Market Research Reports views the global telemedicine industry to grow at a CAGR of approximately 18.4% for the period of 2017-2022. This technology is being extensively used by elderly people and a patient suffering from chronic diseases for whom travelling to hospitals or clinics is not viable given their condition. The use of this technology has also been expanded to rural areas where adequate healthcare system is not in place and even involving critical situations requiring expert advice.

Telemedicine is highly beneficial for people in remote areas of the world where proper healthcare setup is not in place. People can make great use of this technology to consult doctors and healthcare providers without having to travel all the way to these far off locations. Health Care Industry Analysis reveals that there have been many instances where the disease has been transmitted from the patient to the medical staff. Technology such as telemedicine has eliminated the risk factor keeping the medical staff out of harm’s way. Remote monitoring and analysis services and electronic data storage significantly reduce the healthcare cost for both the providers and the patients. Telemedicine also reduces the non-urgent ER room visits and eliminates transportation expenses for regular expenses thus driving up revenue. Researchers suggest that an ageing population is one of the main reasons driving the growth of this industry. Currently, one in seven people currently in the US are above the age of 65 or above. By 2040, this number is expected to double comprising more than 20% of the population. With a huge elderly population, the growth of this industry is inevitable. Combined with these demographics, the increasing unhealthy modern lifestyle has slowly increased the population’s vulnerability to chronic diseases. In order to tap on this opportunity, healthcare providers are looking for ways to improve efficiency and while simultaneously reducing the number of physical infrastructure which can be easily accomplished with the help of telemedicine. Hence, this has also caused the telemedicine industry to boom.

The top companies operating in the telemedicine industry are Careclix (US), Doctor on Demand (US), Mytelemedicine (US), Teladoc (US) and icliniq (US). icliniq Is currently operational in India via its Bangalore and Coimbatore office. Telemedicine has also laid down its foot in the Indian market with major firms namely Gem3S Technologies, Global Med, HD Medical and Indian Health Organization. These companies are at the top of their market however; this is just the top of the iceberg. There are numerous international and national companies operating in this domain.

With the key growth drivers having an impact on this industry, the scope of this sector could prove to be limitless. In the future, the mobile technology will play a key role, with patients accessing live video doctors on their smart phones. Telemedicine doctors will be able to call up the health records with the touch of a finger while shifting seamlessly between physical and virtual waiting rooms.

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Revolutionising Healthcare Using Artificial Intelligence Market Outlook-Ken Research

Overview: Technological progress is rapidly changing the basic work culture globally across all fields to increase efficiency and output. Developments in this field are a result of extensive research not only in the literature but also in the equipment. With development of artificial intelligence (AI) the Health Care Industry Analysis has greatly developed. AI is the ability of computer algorithms to approximate conclusions without direct human interaction.

Evolution: The first research relating to the healthcare sector dates back to 1960s to 1970s which led to the discovery of the first expert system named Dendral which was aimed at the study of hypothesis formation. An expert system in AI refers to a system that uses the decision making ability and logical reasoning of human experts to tackle problems. AI research in Organic Chemistry led to the discovery of MYCIN which was an expert system that used AI to identify bacteria causing severe infections such as men ingitis and to recommend antibiotics with the dosage adjusted for patient’s body weight. In the 1980s and 1990s researchers and developers began focusing on the idea that AI systems in healthcare must be designed to accommodate the absence of data and expertise. Further artificial neural networks that were designed to understand human brains based on data from animal brains also began to develop.

Further developments include:

·         Widespread growth of electronic health record systems.

·         Laser technology is being developed to increase its healing capacity beyond eye problems.

·         Robotics is used in the medical field by means of robot assisted surgeries like coronary artery bypass. Zeus and da Vinci robot systems are used in gastrectomy and gynecology.

·         Three dimensional imaging is now available for ultrasound procedures.

·         AI is being coupled with telecommunication to procure telemedicine which involves the distribution of information and medical consultation through electronic media.

·         Automated suturing is expected to be in practice in the near future.

·         Advanced imaging in the form of laparoscopes is now used where the internal abdomen can be extensively viewed.

Market Scenario: AI is now another investment opportunity for several medical companies. The effort is towards expanding the database of the healthcare market and with the help of AI, to make it more accessible to the general public. Majority of the investments in healthcare related to AI are being made by tech giants like Google, Amazon and Apple.

Competition: Healthcare is now coupled with AI to produce revolutionary results. Since a nation’s development is majorly indicated by its healthcare sector, it is only natural to note that competition has led to innovation. Ireland based Medtronic is the largest medical device company in the world serving more than 140 countries worldwide  specializing in diabetes management, cardiac rhythm monitoring and surgical devices followed by New Jersey based Johnson & Johnson which is famous for its orthopedic and cardiovascular fields. The German company Seimens Healthineers is a leader in medical imaging and laboratory diagnostics.

Conclusion: Major technical and medical giants are coming together to augment AI development. Currently the AI sector is considered narrow however; the trend is changing as healthcare market research reports reveal that a total of 550 AI startups were funded in the U.S. in 2016. Healthcare industry analysis reveals a projected growth rate of about 40% over the next 10 years. Developments in Radiology and Cancer treatment are being funded by giants like Google and IBM further strengthening the integration of medicine and technology.

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Life Data Economics: What Genomes Mean For Healthcare

Introduction: Two healthcare companies in the U.S have implemented using block chain technology to better understand and record gene sequences and appealed to create a new academic research field – life data economics. The companies are Nebula Genomics and Longenisis, both are firms working in Artificial Intelligence and Block chain technology for healthcare. Based on healthcare industry research and market reports these companies implement the usage of block chain technology for creation of a platform for management and trading of medical information on block chain data allowing their users to profit from their genomic and other types of clinical data. Nebula Genomics and Longenesis say that their work will establish two new fields. The first, “microdataeconomics,” is “the study of the value of life data that is used for drug discovery such as proteomics or data regarding the structure and activity of specific molecules, both in vitro and in vivo.” The second, “macrodataeconomics,” is “the study of the value of life data that is used to determine human health such as electronic health records and genomics.

Genomics: NHGRI defines genomic medicine as "an emerging medical discipline that involves using genomic information about an individual as part of their clinical care (e.g., for diagnostic or therapeutic decision-making) and the health outcomes and policy implications of that clinical use." Already, genomic medicine is making an impact in the fields of oncology, pharmacology, rare and undiagnosed diseases, and infectious disease. Genomics is a field of modern medicine that applies a patient’s genetic makeup to understand their body composition, further understand their medical structure and to personalize their treatment. The science works using the structure, mapping, and analysis of an organism’s genome, which is the complete makeup of their DNA. The field has so far been limited to genetics but is having increasing application in the field of health care and medicine by increasing the scope for personalized medical treatment for patients. Genomics is already driving a remarkable paradigm shift in health. In the last 15 years, the cost of reading an individual's DNA sequence has plummeted from hundreds of millions of dollars to around a few hundred to a few thousand dollars. Applications of genomics in cancer, rare disease and reproductive services are booming, with other clinical areas set to follow suit. In addition, joint ventures, mergers and R&D agreements relating to genomic technologies have grown exponentially in the past decade.

LDE: Life Data Economics is an experimental research field that applies block chain and heavy sets of patient lifestyle data to gauge the medical condition of the patient and further reveal trends that have led to specific diseases and conditions. The science has been petitioned to be made official by Nebula Genomics and if successful would allow for block chain health care providers to use artificial intelligence to not only record all aspects of a patient’s health, but also to analyze health and discover causes that were previously unknown to medical professionals. The application of Life Data Economics is that it also helps understand the extent of impact that a person’s lifestyle has on their physical health and well being.

Conclusion: The application of Life Data Economics is genuinely new, with the technology not even officially being in the introductory phase. But the potential the technology has presented is a game changer for the field of healthcare, medicine and IoT based healthcare. Not only is this a technology capable of tracking and understanding a patient and their lifestyle, but with enough time and data, and integration of artificial intelligence, the usage of genomic based LDE could lead to discoveries in medicine which were not possible before to know based on factors for disease and the type of medicine that would be more effective occurring at a rapid rate. The implementation of technology has had a major impact on the growth of almost every sector in the world. The future of industry is integration with the internet, the remaining aspect is the rate of adoption as the technology is still to be experimented and proven. As earlier, the time between researching an innovation and implementing it as a clinical practice was about 17 years, the rapid growth and increased investment into research and development, especially in the sector of medicine has shortened that time significantly allowing for companies to figure out better, safer methods to help with the health of patients as well as find new ways to improve longevity and physical well being.

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Implementation Of Blockchain In Healthcare Provision (Healthcare Industry Analysis)

Introduction: The review of the Healthcare business has led to an increasing need for reforms which would improve the rate of treatment, the cost of availing treatment, the accessibility to a medical professional, the collection of health based data and the integration of analytics and data in healthcare actually showing an improvement in the life and well being of individuals. The most recent reform which has been primarily used in the implementation of a worldwide system for crypto currency has become the new frontier for the tracking and implementation of healthcare based data. Industrial research expects the global market for Block Chain technology to be worth over USD 7 Billion by 2024. This would mean the market for block chain technology is growing with a CAGR of over 37% based on Healthcare Market Research Reports which would make it one of the fastest emerging markets in the world. The implementation of Block Chain technology in healthcare could have massive application in cost reduction as well as in the improvement of treatment for patients but most importantly could lead to a sophisticated method of security for patient medical data.

Block Chain: A block chain is a virtual ledger consisting of all the transactions involved in bit coin. The ledger is virtually a record of all crypto currency transactions which exist on multiple computers, each being a node of the network. These computers handle two parts- validation and updating. The participants in this role are called “Miners” who take transactions and update them in the block chain. The technology works by initial transaction verification using a private and public key. The two keys are used to authenticate any transaction. The authenticated transactions are to be added on the block chain which the miners take care of by solving extremely difficult puzzles which are called hash functions. Solving these functions requires a large amount of computational power and time. The process results in forming an alphanumeric code which is the equivalent of the transaction but encrypts the transaction. Once the transaction is encrypted it is capable of being added to the block chain which then makes the information of the transaction uneditable.

Health Care Application: The implementation of Block Chain in healthcare is expected to be one of the major turning points in the timeline of modern medicine. By 2025, the global block chain health care market is expected to be worth About USD 5.6 Billion. This is from a CAGR of roughly 65.7%. The impact the growth of this market has on the everyday consumers and on industries at large is major owing to a new system of transparency for medical providers and healthcare professionals. Data recording from the industry is securely stored on a network that is virtually impossible to infiltrate but at the same time puts the data in the hands of the right individual, the consumers themselves. The implementation of block chain leads to a new kind of data recording where automation and analytics can be better implemented in a secure and solid manner. Block chain also has easier scalability owing to the ease of addition of nodes in the network. The financial benefit availed is highly profitable in the long term.

Conclusion: The adoption of block chain can save the healthcare industry up to USD 100 billion per year by 2025. One of the biggest beneficiaries of the technology would be pharmaceuticals that lose up to USD 200 billion to counterfeit drugs each year. By enabling complete visibility and transparency throughout the drug supply chain, block chain will help eliminate falsified medication. Health insurance which has been subject to growing number of frauds, especially those conducted by the providers, is also expected to witness up to USD 10 billion reduction in costs annually. The use of block chain for healthcare data exchange will contribute the largest market share throughout the forecast period, reaching a value of USD 1.89 billion by 2025. The disparate need for implementing block chain in healthcare could not be more obvious considering the primary functionality of block chain is that it is a ledger that is incapable of being hacked. The implementation is perfect for any field that requires secure data. A majority of healthcare institutions are already looking into implementing their own block chain network for the storage and protection of their data and the trend is evident to be followed in the industry.

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How Cyber Security vulnerabilities will shape the future of Healthcare Sector Globally?

Introduction: Global Internet of Things Healthcare Market Analysis is forecasted to reach a market value of approx. USD 14.6 Billion. Market research estimates predict that there will be a total of approximately 20 billion connected devices by 2020 with roughly 40% being in the health sector. What this means is the introduction of 8 Billion opportunities for hackers to infiltrate a person’s life without them even knowing and worse, specific medical devices are so sensitive in a person’s health that improper functioning of the device could lead to death.

The problem: About 45% of all ransom ware attacks in 2017 were in the health sector with a major portion being in healthcare systems and about a third of the attacks being in healthcare devices. In 2017, the FDA was responsible for the recall of about 465,000 pacemakers due to “security vulnerabilities“. Furthermore, about 200,000 windows systems including those at 48 hospital trusts in the U.K. and medical facilities in the U.S. were hit by the ransom ware Wannacry leading to a medical crisis as the lack of a security patch for windows XP server led to a mass ransom ware attack.

Implication: Overall, hacking of medical IoT devices led to a loss of USD 6.3 billion in 2017 in the US alone. The need for security in IoT devices is alarmingly high. The threat of the vulnerability is highly prominent as IoT devices are connected to a person’s medical card which is exponentially more valuable than a credit card due to it containing a person’s credit card information, health data, social security, date of birth, address and more. A medical card can lead to further vulnerability as the virtual component could be further connected to the patient’s hospital or insurance provider. This looming threat has led to the recent spike of ransom ware in medical devices, namely Wannacry and NotPetya being the more prominent malware used to infect medical devices. The most recent development in the sector of ransom ware is the Hide and Seek Botnet capable of handling a system reboot by copying itself into /etc/init.d/, a folder that houses daemon scripts on Linux-based operating systems like the ones on routers and IoT devices. By placing itself in this menu, the device's OS will automatically start the malware's process after the next reboot. A majority of system malware in almost any device was capable of being eliminated by resetting the device and although it led to file loss it meant the malware would be removed as well but the development of the HNS bot has led to malware that can survive a system being reset. To make matters worse, the bot has added support for brute force attacks. What this means is that HNS infected devices will scan for other devices that have an exposed Telnet port and attempt to log into that device using a list of preset credentials. This threat is further exemplified when taking into account automated medicine dispensing. Medicine and health is all about taking the right doses of the right substance at the right time prompting the right reaction. This fundamental principle of healthcare is exposed to chaos by computer enthusiasts if a proper network security protocol is not implemented.

Conclusion: There is an evolving need for the implementation of a solid security framework for technology. The lack of a central regulatory body and the lack of an effective law regime for smart devices have caused a major gap between the level of usage and the safety of technology. Technology stores a person’s most sensitive information as the colloquial “data “which is traded like currency in recent times. There are increasing cases of unauthorized use and sale of data caused by security breaches from software and applications consumers install on their devices. While the previous threat was contained at having your data accessed without your knowledge, the threat with medical devices is far more significant – Electronically controlled pacemakers can be overridden to damage your heart, life support machines can be shut down, insulin pumps can administer a fatal dose and more. This major vulnerability in electronic healthcare technology presents a major opportunity for provision of security systems for IoT based healthcare devices and remote medicinal equipment. As the threat has been detected, the market for security of medical devices is still poised to truly grow. This offers significant economic opportunity for emerging companies like Protenus, ClearData, Medcrypt, Senrio and more to develop adequate security systems for safe and accessible storage of consumer medical information and control over medical devices.

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