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Healthcare & Medical Devices:

Healthcare has become one of the world's largest sectors in terms of revenue and employment, both. The healthcare industry has overcome various challenges successfully owing to the ongoing pandemic, which continues to lead the health care systems' attention and resources. The COVID-19 pandemic accelerated innovation, value-based care models and increasing use of digital technology across the healthcare industry. This shift is likely to continue in the long run.

Healthcare firms are on the front-line when it comes to achieving an overall state of well-being covering clinical, mental, social, emotional, and physical strength. Growing interest in the industry since the onset of pandemic, huge demand for quality healthcare and greater life expectancy are expected to increase the spending and healthcare industry growth in the coming years.

The medical devices industry is a dynamic and innovative sector which is growing steadily over the past years. It comprises of imaging products, patient aids, dental products, consumables, and disposables. Lately, research and innovation in the medical devices field has resulted in millions of people to live longer and healthier. Technology has not only improved quality of life but also reduced a lot of time spent in hospitals and clinics.

Medical devices companies play a key role in the diagnosis, management and treatment of numerous health conditions including cardiovascular diseases, neurological diseases, orthopedic diseases, etc. These companies manufacture medical equipment, along with offering world-class clinical services.

Healthcare IT:

Recent years have seen a rapid development in healthcare IT owing to growing telecommunications infrastructure, increased penetration of internet-enabled services and benefits of artificial intelligence (AI) technology. Since the COVID-19 pandemic has struck the world, technologies such as telemedicine, mHealth, machine learning, virtual reality, augmented reality, and wearable technology have become critical tools for technology-driven healthcare solutions.

Adoption of advanced Healthcare IT methodologies to streamline the flow of system and improve performance have resulted in cost savings in healthcare. Major objective underlying all healthcare reform proposals include reducing healthcare costs and improving quality of care delivered. Currently, number of companies are impacted the change brought about by Healthcare IT and there is no doubt that it will rule the future

Pharmaceuticals:

The pharmaceutical industry plays an important role in research, discovery, and development of novel medicines. The safe and effective use of pharmaceuticals have made it a multi-billion-dollar global industry. Pharmaceutical companies all over the world are now creating innovative treatments that help people live longer and healthier lives. The pharmaceutical industry is becoming a key asset to the global economy owing to development of new medicines that will eventually improve health and quality of life for patients.

The pharmaceutical industry has greatly contributed to the increase in life expectancy of people across the globe. Consequently, pharmaceutical companies play a pivotal role in treating the patients with acute and chronic diseases. The future of pharmaceutical industry looks promising and is expected to create more exciting and ground-breaking treatments in the world.

Biotechnology:

In the healthcare industry, biotechnology refers to development of several therapies and techniques for diagnosis, treatment, and prevention of diseases. These tools have now opened so many research avenues for maintain human health. Governments also undertake several initiatives including research programs for boosting the biotechnology industry growth.

Biotechnology industry is highly regulated and has been on the forefront of the battle against COVID-19. Such regulations imposed on the industry players assure high quality biotechnology products. There has been a huge surge of biotech start-ups all over the globe for the development of excellence and research. This surge in companies will boost research and promote the growth of start-ups.

Animal Healthcare:

The global animal healthcare market has witness tremendous progress over the last decade owing to growing care and awareness towards the veterinary population. Further, the shift of animal ownership to responsible animal parenthood has impacted the life quality of the animals and caregiver's role. Recent surge in the adoption of pets and livestock animals has augmented the demand for animal healthcare products such as drugs, vaccines, medicated feed additives, devices, among others.

Increase in trend of online pharmacies to deliver animal healthcare products has enhanced the supply chain resulting in catering to more target consumers across the globe. The number of animal healthcare services along with product consumption has increased in the last decade resulting in growing animal healthcare expenditure. The growing prevalence of several animal diseases has surged the demand for animal diagnostics and therapeutics along with other related products, thereby providing ample growth opportunities to the industry players.

Diagnostics and Monitoring:

Diagnostics and monitoring ensure timely identification of health issues that enables clinicians take informed decisions with regards to the diseased conditions. Early diagnosis serves as cost-effective means of avoiding the economic burden on the patient and the reduces discomfort associated with chronic ailments. Increasing demand for advanced technologies for infectious disease diagnosis and monitoring such as next generation sequencing and isothermal nucleic acid amplification technology will influence the market growth positively.

With the integration of modern technologies such as artificial intelligence (AI), diagnostics and monitoring have enhanced its accuracy and speed. Many industry players are leveraging on this innovative and sustainable business models that deploys AI in their diagnostics workflow.

Analytical Instrumentation:

Analytical Instrumentation is a comprehensive category of medical equipment specifically used in laboratories, research institutes and other healthcare facilities to support the diagnosis and treatment of several disease conditions. Recently, there is an increase in use of medical instrumentation across multiple applications that are used to measure, evaluate, and treat healthcare systems. Currently, most of the healthcare facilities require these types of instruments to monitor and provide reliable solutions to enhance the overall healthcare sector.

The instrumentation sector has evolved and continue to mature in terms of delivering benchtop/portable products that are robust and provide cost-effective solutions. The recent technological advancements and widespread implementation of medical instrumentation have assisted in several life and health science fields such as cell sorting, confocal microscopy, DNA sequencing, micro array readers, flow cytometry, haematology, among others. Hence, numerous industry players are following the similar trend and adopting modern technologies to develop innovative products that can cater to the increasing research activities in healthcare field.

Hospital Services:

Hospital services is a rapidly growing industry owing to the technology-based/enabled innovations along with optimum management of medical costs and quality. Hospital services cater to and provide solutions across several areas such as clinical laboratories, surgeries/procedures, critical care, medical tourism, infection control, geriatric care, among others. Increase in adoption and implementation of digital health in delivering efficient service to the end-users has revolutionized the industry, especially across the pandemic.

Several market players are looking forward to increase investment and innovate their existing business models to deliver value of service and capture majority of the target potential market, strengthening their industry position. Increase in adoption of value-based care models and rising application of technology-based solutions across the hospital setups will attract more consumers, thereby creating further lucrative growth opportunities across the industry.