CHICAGO, Nov. 8, 2021 /PRNewswire/ -- Only a few sectors are as innovative and impactful as healthcare sector, where new discoveries are being made daily. The medical devices in hospitals, clinics, and other healthcare facilities are constantly evolving. The goal is often to find efficient and effective ways to identify, diagnose, and treat diseases. The COVID-19 pandemic was accompanied by several demand and supply chain disruptions. The year 2020 was especially significant for medical devices market as they were faced with a new challenge of global pandemic.
Observing these rapid and drastic changes in demand and supply patterns encouraged the industry analysts at Arizton to publish exhaustive and data-driven insights on these current trends in the industry. Arizton has a dedicated vertical that focuses on healthcare and lifesciences across geographies. These market research reports cover a detailed analysis of the COVID-19-induced supply chain disruptions, innovations in technology, equipment financing, economic impact, and a detailed study of the competitive landscape.
U.S. Clinical Laboratory Test Market - Industry Outlook & Forecast 2021-2026
The US healthcare system is continuously evolving, and the fundamentals in the medical laboratory industries are constantly changing, so there is a huge scope of growth in the US clinical laboratory test market. Lab automation is also a trend that has been highly accepted by the healthcare professionals and consumers given the convenience it provides. The clinical laboratory automation also helps in increasing the productivity of the laboratory and reducing the chances of human errors helps in increasing the safety of the patient. The clinical laboratory market in US is projected to reach USD 106.05 billion in 2026, growing at a CAGR of 1.97% during the forecast period.
Direct-to-consumer (DTC) laboratory testing has widely gained popularity amongst healthcare providers and consumers. This can be attributed to the fact that these tests can be performed from the home, thereby offering high convivence as the sample is collected at home for clinical analysis. It also creates easy accessibility for people living in rural areas or suburbs.
Routine tests segment is growing due to factors such as increase in prevalence of acute and chronic diseases, availability of a wide range of routine test menus, and increase in number of CLIA-waived tests.
Genetics and cytogenetics is one of the most rapidly growing fields in the clinical diagnostics as most of the rare and life-threatening diseases are a result of genetic disruption. This segment will witness an absolute growth of 14.58% in the forecast period.
In 2020, Eurofins, one of the prominent vendors acquired Taiyo Techno Research to position itself in Asia. Also in 2019, Sonic Healthcare acquired Aurora Diagnostics to increase its presence in the US anatomical pathology market.
U.S. Electronic Health Records (EHR) Market - Industry Outlook and Forecast 2020-2025
The healthcare industry growth in the US can be largely attributed to the increasing prevalence of chronic diseases. Healthcare-associated infections result in about 89,000 deaths within the US every year. In 2018, the US spent 16.9% of gross domestic product (GDP) on health care, nearly twice as much as the average OECD country. Furthermore, the 21st Century Cures Act, 2016 promotes the use of EHRs overall, requires that all healthcare providers make electronic copies of patient records available to patient, in machine-readable form. All these factors will propel the market growth. The ERH market in US is expected to reach USD 10.66 million by 2025, growing at a CAGR of 5.89%.
The US government is growing by adopting universal health coverage and introducing pricing controls on pharmaceuticals and medical technology devices. This, in turn, has boosted the electronic health record market in the US.
The hospital electronic health record market held the largest share; it recorded a market share of 42.23% in 2019.
Electronic health record companies such as Epic continued to build up a greater share of the US hospital market in 2019, while its competitor Cerner lost ground.
In 2019, hospitals were identified to be the largest end-use segment with a market share of 42.23%. The benefits offered by the in-house EHR systems, such as cost and time saving to the large-scaled hospitals, are responsible for the revenue growth.
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