NEW YORK, May 27, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the report Healthcare Ecosystem – Insights provides analysis of the healthcare industry in the U.S., Germany, U.K., France, China, Japan, and Singapore. The healthcare industry in China is expected to reach $542.4 billion by 2024, registering a CAGR of 3.6% during the forecast period. The factors driving the growth of the industry in these countries include increasing prevalence of chronic diseases, government initiatives and improved healthcare infrastructure, and increasing GDP and healthcare expenditure.
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Based on payment mechanism, the healthcare industry can be classified into self-pay, fee-for-service, and value-based reimbursement. Fee-for-service is the most commonly utilized payment mechanism in the U.K. healthcare industry, and is expected to hold 70.1% share by 2024. The category is expected to advance at a CAGR of 3.0% during the forecast period, mainly on account of rising preference of people for this payment mechanism, due to the provision of paying individually for different services.
Based on the type of diagnostic equipment, the healthcare industry is categorized into X-ray, ultrasound devices, magnetic resonance imaging (MRI) systems, computed tomography (CT) scanners, mammography equipment, endoscopes, and others. X-ray is estimated to be the largest as well as the fastest growing category in all the countries covered in the report. It is expected to occupy 40.4% share in Singapore’s healthcare industry by 2024, advancing at a CAGR of 6.4% during the forecast period. The increasing usage of this equipment in the diagnosis of various diseases and injuries is a key factor driving the growth of this category. Additionally, in terms of volume, X-ray will also be the largest category in the country’s healthcare industry, with over 7 thousand units expected to be installed by 2024.
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On the basis of in-vitro diagnostics (IVD) technology, the healthcare industry is segmented into immunoassay/immunochemistry, clinical chemistry, molecular diagnostics, microbiology, hematology, urinalysis, and others. Immunoassays/immunochemistry held the largest share, of 43.8%, in the French healthcare industry, and the category is expected to advance at a CAGR of 4.2% during the forecast period. Increasing advancements in immunoassays/immunochemistry have led to the greater adoption of this technology. Furthermore, the market in the categories of molecular diagnostics and hematology is expected to hold a revenue share of 14.2% and 6.6%, respectively by 2024, in the French industry, mainly because of advancement in genetic testing and due to the fact that both of them are used for specific testing of sample.
The healthcare industry in the U.S. is expected to witness fastest growth, progressing at a CAGR of 6.6% during the forecast period.
The industry growth in the U.S. can be largely attributed to the increasing prevalence of chronic diseases. According to the National Center for Chronic Disease Prevention and Health Promotion 2019, about six in 10 adults in the U.S. have a chronic disease. The country ranks 5th in the world for age-standardized rates for all cancer. In 2018, the age-standardized rate for all cancer was 352.2 per 100,000 in the U.S. This rising prevalence of cancer is expected to spur the demand for advanced diagnostic imaging systems, to determine the prognosis of the disease for appropriate treatment; thus, contributing to the growth of the industry in the country.
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Key players operating in the healthcare industry are acquiring other players to strengthen their product portfolio and increase their market share. For instance, in January 2019, Shimadzu Medical Systems USA, a subsidiary of Shimadzu Corporation, acquired Core Medical Imaging Inc., a medical imaging products and services company. This acquisition by Shimadzu aimed at expanding its healthcare business in North America.
Further, in September 2018, Zurich Insurance Group acquired Adira Insurance, a leading insurer in Indonesia. This acquisition was a part of the company’s geographical expansion in the APAC region. In July 2018, AIA Group Limited completed the acquisition of Commonwealth Bank of Australia’s life insurance business in New Zealand. This partnership will last for 20 years. The company will be selling its solutions and services through bancassurance.
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