Healthcare Market Analysis

David Wortley

Market Analysis, Int J Ment Health Psychiatry Vol: 5 Issue: 2

Healthcare Market Analysis

David Wortley

President of the European Chapter of the International Society of Digital Medicine (ISDM) Founder and CEO of 360in360 Immersive Experiences, China United Kingdom Healthcare and Hospital Management 2020, E-mail: david@davidwortley.com

Keywords: Analysis

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1.Canada has one of the largest economies in the world and the eighth largest medical device market. It was valued at US$6.2 billion in 2015 and is projected to grow steadily, but modestly, increasing to approximately US $8.6 billion by 2020.

The Canadian medicinal gadget showcase is refined and develop, with a solid interest for top notch restorative advances. Most of medicinal gadgets utilized in the Canadian social insurance framework are imported. Yet, restorative gadget sends out are on the ascent. Canada is home to a vigorous assembling industry with centre points in Ontario and Quebec.

2.The healthcare industry is imperative in maintaining the long-term economic health of any nation. An aging population and the growing incidences of complex diseases and chronic health disorders have further increased the investment in R&D sector which is paving way for many economic opportunities. Over the past several years, a significant change has been observed in terms of providing healthcare to the patients. The healthcare industry has become more oriented to the needs of the patients, providing safe, affordable as well as personalised healthcare services. This assistance our customers to secure wanted business insight and thus manufacture progressively gainful and prudent organizations and associations.

3. Big data analytics in healthcare is the complex process of examining big data to discover information including hidden patterns, market trends, unknown correlations, and customer preferences, which can help organizations to make informed clinical and business decisions. Growth in regulatory compliance in healthcare sector, increase in demand for data analytics solution for population health management, rise in expenditure on technologically advanced solutions by healthcare providers, and continuous growth in enormous amount of medical data generation in form of electronic health record (EHR), biometric data, sensors data boost the growth of the global big data analytics in healthcare market. The global big data analytics in healthcare market size was valued at $16.87 billion in 2017, and is projected to reach $67.82 billion by 2025, growing at a CAGR of 19.1% from 2018 to 2025.

4. Pharmaceutical incomes face an inexorably testing viewpoint in Canada over the coming a very long time because of a purposeful spotlight on decreasing protected medication costs. payer Pharmacare programme become clearer over the coming quarters. Despite this current lack of details, we anticipate continued steps towards the implementation of a single-payer prescription medicine coverage programme, which will put additional pressure on medicine prices. Even if Pharmacare is implemented, Canada will remain a major global market in terms of pharmaceutical market size, while demand for chronic disease treatment will continue to increase.