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.
Major companies on the scene include Second Genome, Enterome, and EpiBiome. In addition, several new startups have entered the field. Amongst the most active investors, Global Engage reports, are Seventure Partners, Flagship Pioneering and BioGaia. In fact there are some 120 companies investing in analyzing data relating to the human microbiome. To take one example, companies such as uBiome are developing genomic tests meant to identify and diagnose harmful microbes in the body.
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.
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.
The first month of 2019 is not over yet, but there are already four major announcements about new research projects between large drug discovery corporations and smaller artificial intelligence (AI) companies -- this is more than the number of all similar announcements in the year 2014 combined -- only three.