The virtual reality healthcare market is expected to witness a CAGR of 35% during the forecast period of 2024 to 2032, driven by the convergence of virtual reality (VR) technology and the healthcare industry. VR is revolutionizing the way medical professionals deliver care, train healthcare providers, and improve patient outcomes. The market revenue for VR healthcare is expected to show robust growth in the coming years. While specific revenue figures may vary, various reports project substantial market growth due to the increasing adoption of VR in healthcare settings.
The exoskeleton market, a burgeoning sector in the field of wearable technology, is poised for remarkable growth with an expected CAGR of 35.3% during the forecast period of 2024 to 2032. The exoskeleton market is poised for robust growth from 2024 to 2032, driven by hardware and software innovations, as well as the transformative impact of powered exoskeletons, especially in healthcare. The high cost remains a restraint, but industry stakeholders are actively working to address this challenge.
The global medical imaging software market is projected to grow at a CAGR of 7.2% during the forecast period of 2024 to 2032, driven by factors such as the increasing prevalence of chronic diseases, advancements in imaging technology, and the rising demand for efficient and accurate diagnostic solutions. This market encompasses software solutions that are crucial in acquiring, processing, visualizing, and analyzing medical images. These solutions enable healthcare professionals to effectively diagnose and treat various medical conditions by creating visual representations of the internal structures of the body.
The Healthcare IT Systems Interoperability Market was valued at US$ 3,348 Mn in 2021 and expected to reach US$ 8,848 Mn by 2032, expanding at a CAGR of 12% from 2024 to 2032. The healthcare IT systems interoperability solution aids in the seamless exchange of data associated with patients between hospitals and other healthcare facility providers within healthcare industry. Effective deployment of healthcare IT systems and real-time use of medical information through healthcare IT systems interoperability has allowed medical facilities to provide first-rate treatment and care to their patients.
Expected to Grow at 5.2% by 2031, Implantable infusion pumps are compact devices that are surgically implanted under the skin to deliver drug to specific parts of the human body, they provide targeted and consistent medication to reduce pain. The major factorial entities supporting the growth in demand for implantable infusion pumps market are rise in geriatric population, wide prevalence of chronic diseases, access to healthcare services and rise in private sector hospitals.
Growing need to streamline day-to-day operations for curtailing overhead expenses and deliver quality care to patients are the major factors driving adoption of technologies across the healthcare domain. The use of sophisticated technologies has enabled medical community to not only adopt an efficient patient-centric approach, but also limit adverse impacts associated with the limited nursing staff and service expenses.
Biopreservation Market is Expected to Grow at 9.5% by 2031. The process of applying natural or controlled antimicrobials to preserve food materials for extending its shelf life is known as biopreservation. The biopreservation process is usually carried out with the help of lactic acid bacteria (LAB) as they are inhibitory to microbes responsible for food spoilage. The key agents applied in biopreservation process are lactic acid bacteria, yeast, and bacteriophages.
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.
