Brachytherapy, a vital component of modern cancer treatment, offers a targeted approach to delivering radiation therapy, which is crucial in managing various types of cancer. The brachytherapy market is expected to grow at a CAGR of 7% during the forecast period of 2024 to 2032, driven by the demand for precise and targeted cancer treatment, the increasing incidence of cancer, and advancements in brachytherapy techniques. While the shortage of skilled professionals and infrastructure presents a restraint, efforts are ongoing to address these challenges.
The healthcare informatics market is expected to reach a CAGR of 13% during the forecast period of 2024 to 2032, driven by technological advancements, increasing demand for efficient healthcare systems, and a growing focus on digitization and data management in the healthcare industry. Healthcare informatics refers to the application of information technology and data science to enhance the efficiency, quality, and safety of healthcare delivery. The healthcare informatics landscape encompasses a wide array of products and services.
The medical device analytical testing outsourcing market is expected to witness a CAGR of 10% during the forecast period of 2024 to 2032, driven by the increasing complexity of medical devices, stringent regulatory requirements, and the need for specialized testing expertise. Medical device manufacturers rely on analytical testing to ensure the safety, quality, and performance of their products. However, conducting these tests in-house can be costly and time-consuming.
The sternal closure systems market is expected to grow at a CAGR of 5.2% during the forecast period of 2024 to 2032. These systems are used to provide closure and stabilization of the sternum following open-heart surgery or sternotomy. The market revenue for sternal closure systems has been steadily increasing due to the rising number of cardiac surgeries and the need for effective sternal closure techniques. In terms of market revenue, the sternal closure systems market has experienced significant growth in recent years.
The sperm bank market is expected to witness a CAGR of 3.7% during the forecast period of 2024 to 2032, driven by factors such as increasing infertility rates, advancements in reproductive technologies, and growing awareness and acceptance of assisted reproductive procedures. In terms of an overview, a sperm bank is a facility that collects, processes, stores, and distributes donated sperm for use in assisted reproductive procedures, such as in vitro fertilization (IVF) and intrauterine insemination (IUI).
The medical supply delivery service market is growing at a rapid pace, with a CAGR of around 7.5% during the forecast period of 2023-2031. This growth is driven by various factors such as the rising demand for healthcare services, the increasing prevalence of chronic diseases, and the need for timely delivery of medical supplies.
The global market for healthcare information systems is projected to develop at a compound annual growth rate (CAGR) of 12.5% during the forecast period of 2023 and 2031. Increasing healthcare expenditures and improvements in the industry's IT infrastructure are two of the key factors driving the market growth.
The global teeth whitening products market is anticipated to grow at a CAGR of 5.0% during the forecast period 2024 to 2032. This industry has undergone significant development as the number of individuals opting to enhance dental aesthetics has increased. Developing nations have generated a substantial amount of disposable income, which is the primary reason for the market's expansion. The elderly population, in general, has contributed to the expansion of this industry through age-related tooth problems.
The global market for real-world evidence solutions is expected to grow at a CAGR of 15% during the forecast period of 2024 to 2032. This market's expansion is primarily driven by the primary factors driving the growth of this market are the expansion of clinical trials and the change from volume-based to value-based treatment. Utilizing RWE and RWD can improve protocol design, hence reducing the number of costly protocol changes, and enabling the creation of synthetic control arms to speed up trial execution and save expenses.
The global market for custom antibodies is expected to expand at a CAGR of 10.5% during the forecast period of 2024 to 2032. Consequently, a rise in research activity, particularly in the life sciences industry, and the expansion of industry-academic partnerships are the primary growth drivers for this market.
In terms of revenue, the worldwide healthcare IT market is projected to reach $1300 billion by 2030, expanding at a CAGR of 20% between 2023 and 2030. The usage of e-prescribing, telemedicine, mHealth, and other HCIT solutions drives the market's expansion. Yet, interoperability challenges and security concerns pose certain obstacles to the expansion of the worldwide market.
The epidemic has significantly increased the load on healthcare organizations around the world. The strain on healthcare institutions to develop a well-coordinated environment in which all clinical devices are connected internally and the organization operates in tandem with other healthcare units are great. According to Worldometer, as of December 5, 2022, there were around 650 million verified COVID-19 cases and 66 million deaths worldwide. Several countries' healthcare systems are confronting a severe lack of hospital beds, healthcare professionals, and basic medical equipment due to the rising number of illnesses. So, hospitals and other care facilities are compelled to implement capacity management tools to track COVID-19 patients and manage illness development.
During the COVID-19 pandemic, healthcare providers boosted the usage of interoperability tools to improve healthcare management, price transparency, and specialty pharmaceuticals, according to the Surescripts 2020 National Progress Report. When Surescripts added an additional 63,000 prescribers and 1.91 billion ePrescriptions in 2020, the overall number of ePrescriptions crossed 1 million for the first time. The number of electronic prescriptions for restricted medications increased by 52% between 2019 and 2020, from 134.2 million to 203.6 million. In the first month of COVID-19, there was a 72.5% increase in the number of electronic prescriptions written via telehealth.
In response to increasing pressures on health systems to decrease the cost of treatment, the industry is migrating toward outpatient settings in an effort to lower care costs. An outpatient surgery center procedure is projected to be 30 to 60 percent less expensive than an inpatient hospital procedure. Moreover, convenience is a significant element propelling the growth of ambulatory care. The need for and utilization of HCIT solutions in outpatient settings will increase as the number of outpatient settings and patients increases.
According to a United Health (US)-sponsored survey, around 10% of US hospitals implemented HCIT clinical documentation improvement projects for outpatient settings. In the next six months, it is intended to execute an additional 10% of these services. In addition, fourteen percent of hospitals intended to use innovative solutions in the near future. In the next years, this trend is anticipated to increase the usage of HCIT solutions, such as RCM systems, in outpatient settings.
In addition, as a result of the benefits of HCIT solutions, a number of federal agencies support their use in outpatient care settings. In June 2021, for example, the United States government allocated USD 80 million to a new public health informatics and technology program. This has increased the use of HCIT solutions by stakeholders in outpatient care facilities in an effort to improve patient care and results. Moreover, as a result of the advantages of web-based management for continuous care, an increasing number of patients are opting for outpatient care.
Acute Market Reports is a market research and strategic consulting company that focuses on the Healthcare IT market specifically as its primary area of expertise. Our customers are able to reap the benefits of Acute Market Reports' forward-thinking research methodology, which enables them to make well-timed and well-considered decisions regarding their businesses. In order to deliver cutting-edge strategic research solutions to our international clients, we work closely with a wide range of industry stakeholders.
