Healthcare Services Industry Overview

Biobanks Market Characteristics

The biobanks market consists of sales of biological specimens such as blood products, human tissues, cell lines nucleic acids (DNA, RNA) and other specimens through biorepositories. A biobank is a collection of human biological specimens including whole organs, tissue, blood products, plasma, urine, or intracellular components such as DNA and RNA. This report analyses and evaluates the biobanks market, which consists of sales of biological specimens such as blood products, human tissues, cell lines nucleic acids (DNA, RNA) and other specimens through biorepositories. The report covers two periods – 2014 to 2018, the historic period and 2018 to 2023, the forecast period. The biobanks market reached a value of nearly $50.3 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 6.4% to nearly $68.5 billion by 2023. Factors such as advances in drug discovery and development, rise in funding from government and private organizations, changes in lifestyle and increasing geriatric population globally are contributing to the growth of the market. Factors such as such as stringent regulations, lack of standardization and ethical and legal issues such as informed consent and protection of participant privacy may restrain the growth of the biobanks market.

Sequencing Market Characteristics

The sequencing market consists of sales of sequencing instruments, consumables, software and services by entities (organizations, sole traders and partnerships) that produce sequencing instruments, consumables, software and services to companies which investigate and sequence DNA (deoxyribonucleic acid) or RNA (ribonucleic acid) samples of human, animal, plant and microbial species. Sequencing instruments are devices for carrying out DNA or RNA sequencing.

Podiatry Services Market Characteristics

Podiatrists are physicians or surgeons specializing in preventing, diagnosing and treating conditions of lower extremities such as feet and ankle. Podiatrists offer comprehensive care for all situations regarding problems with the skin, muscles, ligaments, nerves and bones of the foot and ankle. Podiatrists may suggest diagnostic tests after evaluating symptoms. Diagnosis of the condition leads to treatment options which include either medication, alternative therapy or surgical procedures.

CRO Market Characteristics

A Contract Research Organization (CRO) is a service provider, which offers end-to-end solutions in conducting clinical trials for biopharmaceutical and medical device companies. The core services offered by CROs to biopharmaceutical companies include initial drug discovery solutions, toxicology studies, bio-analytical services, central laboratory, site monitoring, data management services, vigilance, bio-statistics, study and development program design and consulting, regulatory affairs and a variety of post-marketing surveillance services. Following the major reason of hiring a CRO, CROs have shifted their focus on emerging markets. CROs are focusing on conducting clinical trials in emerging countries such as China, India and Brazil to reduce drug development costs. As the sponsors of the CROs struggle with the rising cost of drug/device development, they are also challenged to improve productivity and efficiency, streamline clinical trials, and meet more rigorous regulatory and quality assurance requirements in order to sustain profitability. The cost of conducting clinical trials in developing countries is around 50% lower than that of developed countries, with the potential of less costly clinical trial enrollment and more cost-effective trial conduct.

Veterinary Services Market Characteristics

Veterinary services provide healthcare for animals - especially pets, farm animals, and animals kept in zoos and wildlife parks. Healthcare is required in cases of disease or injury and for health maintenance and management. This industry comprises licensed veterinary practitioners who practice veterinary medicine, dentistry or surgery for animals.

Organ-On-Chip Market Characteristics

The organ-on-chips industry comprises of establishments involved in the manufacturing and development of organ-on-chips models. Organ-on-chips are microfluidic 3D cell culture devices that closely mimic the key physiological functions of body organs. These chips are not designed to bio mimic an entire organ, but simulate the physiology of a single functional unit of an organ system. The recent past has seen some developments in the testing of human organs-on-chips. Human organs-on-chips (OOCs) are miniaturized versions of lungs, livers, kidneys, heart, brain, intestines and other vital human organs embedded in a chip. With advances in OOC technology, drug regulatory bodies have started testing OOCs for their reliability and their use as an alternative to animal testing. For instance, in April 2017, the US FDA announced an agreement with Emulate Inc., a US-based biotechnology company, to evaluate the company’s human organ-on-chip technology in laboratories.

Healthcare Analytics Market Characteristics

Analytics is the systematic use of data and related business insights developed through various analytical models such as statistical, cognitive, contextual, predictive, quantitative and other emerging models to initiate fact based decision making for planning, measurement, management and learning. These analytics may be predictive, descriptive, and prescriptive. Currently, the global healthcare industry is experiencing a fundamental transformation to value based business from volume based business. With the increasing demand from consumers for improved healthcare quality and enhanced value, the healthcare providers and payers are challenged by reduction of costs, improve better outcomes, provide more with less and be more patient centric.

Telemedicine Technologies Market Characterstics

The telemedicine technologies market includes companies involved in developing technologies which enables patients in remote locations to access medical expertise easily, efficiently and without travel. Telemedicine provides more efficient use of limited expert resources to monitor patients in remote locations whenever it is required without leaving their facility.