According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Healthcare Information Technology (IT) Market worth over $441.8bn by 2025. Favorable government initiatives for encouraging adoption of information technology in healthcare services will boost industry growth in the future. For instance, the U.S. government passed the Health Information Technology for Economic and Clinical Health (HITECH) Act, providing funds worth USD 20 billion for setting up electronic health records. Such government initiatives should propel the Healthcare IT market growth.
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Technology has lately been transforming the face of healthcare with each milestone invention. Telemedicine, a term which is often used interchangeably with telehealth and connected health, has been one of the most revolutionizing aspects in healthcare of late, though the idea of contacting a healthcare professional over the telephone appeared in medical literature as far back as the time when Alexander Graham Bell first invented the telephone.
With the explosive penetration of smartphones and smart devices, healthcare has become one of the many sectors that has gone through a significant transformation, a fact made evident in the current popularity and acceptance of mHealth application and devices. Mobile phones have undergone massive evolution and function as full-fledged computers that provide a range of features and services and mHealth is making steady progress as the technology has simplified healthcare for all.
Direct-to-Consumer (DTC) Genetic Testing Market size is set to exceed USD 2.5 billion by 2024; according to a new research report by Global Market Insights.
Growing incidences of genetic and rare disorders worldwide coupled with wide applications of direct-to-consumer genetic testing in early detection and prevention of oncology as well as other genetic diseases will drive the DTC genetic testing market growth in the coming years. Rising awareness among patients pertaining to early disease diagnosis will result in timely treatment and reduced mortality rate. Additionally, technological innovations in direct-to-consumer genetic testing to offer enhanced efficiency, high sensitivity and accuracy will serve to be a significant impact rendering factor. Moreover, increasing adoption of carrier testing at a very early stage of pregnancy will further augment the business growth during forecast period.
According to a research report by The Business Research Company, the global pharmaceuticals market was worth $934.8 billion in 2017. This will continue to rise, reaching an incredible $1,170 billion by 2021.
Those who work within the field of pharmaceuticals are well aware of the fragmented and fluctuating nature of the industry. This growing industry is trying to adapt to an ever-changing world in terms of communication, but it is experiencing some roadblocks along the way. We look at some of the most notable challenges facing pharmaceutical marketing today.