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Market Analysis on Wellness and Health Care Informatics

Mohd. Abul Kalam Azad

Milk vita cooperative dairying Milk Vita, Bangladesh, E-mail: [email protected]

 
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After the successful completion of the Euro Health 2019 conference, we are pleased to welcome you to the "17th Annual Congress on Wellness and Healthcare Informatics." The congress is scheduled to take place on may 18-19, 2020 in the beautiful city of Paris, France. This Euro Health 2020 Conference will give you exemplary experience and great insights in the field of research.

According to this research report, the global market for Healthcare is projected to show a robust growth of 6.5 per cent in the CAGR during 2019-2024.

Innovation has been leaving its impressions on each turf, healthcare is a standout amongst the most positively influenced areas New advancements in innovation have helped in shaping the healthcare services industry in the correct manner. From research and medicines to information gathering, advancement has prepared for such extraordinary changes in the healthcare industry. Changing patterns in the technological world have improved the nature of healthcare services that people receive in a significant manner.

BCC Research estimates that technological improvements and changes in health care cost control will cause the demand for medical device sensors to increase at a compound annual growth rate (CAGR) of 3.1% between 2009 and 2014, when it will approach $9billion. Perhaps more important, much of the growth will be in one class of technology-semiconductor/MEMS sensors-which will experience a 5% CAGR as the three older technologies see minimal growth or even a decrease.

It has become crucial to understand the dynamics and the unique challenges facing the healthcare industry in India, which will reportedly increase threefold to US$ 133.44 billion by 2022.

In fact, according to the Insurance Regulatory and Development Authority, the Indian healthcare sector has the potential to show the same exponential growth that the software industry has shown in the past decade.

Quality, result, and significance are the watchwords for health care in the 21st century. The public has their own set of needs, expectations, and perceptions which influence their decisions, particularly in a field as important as healthcare

The Quarterly Services Survey provides to most up-to-date look at national health spending, though it does not include spending on prescription drugs, medical equipment, and other health-related expenses that are not considered services. The most recent six quarters have seen somewhat stable growth in spending on health services than in recent years, with the exception of the beginning of 2018.

On a per capita basis, health spending has increased over 30-fold in the last four decades, from $355 per person in 1970 to $10,739 in 2017. In constant 2017 Dollars, the increase was almost 6-fold from $1,797 In 1970 to $10,739 in 2017.

The rate of growth for medical services (e.g. physicians/clinic, hospitals) varied by service type until recent years. During the 1970s, growth in hospital expenditures outpaced other services, while prescriptions and physicians/clinics saw faster spending growth during the 1980s. Prescriptions continued their elevated growth during the 1990s as well. Between 2010 and 2017, average spending growth on prescription drugs grew and physicians/clinics was 4 and 4.4%, respectively. Spending grew at a similar pace for hospitals and clinics (4.8%).

Hospital spending represented 33% of overall health spending in 2017, and physicians/clinics represent 20% of total spending. Prescriptions accounted for 10% of total health spending in 2017, which is up from 7% of total spending in 1970.

Most of the recent health spending growth is in insurance programs, both private and public. Private insurance expenditures now represent 34% of total health spending (up from 21% in 1970), and public insurance (which includes Medicare, Medicaid, CHIP, and the Veterans Administration and Department of Defense), represented 41% of overall health spending in 2017 (up from 22% in 1970). Although Out-of-pocket costs per capita have also been rising, compared to previous decades, now makes up a smaller share of total health expenditures.

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