Artificial Intelligence
Healthcare Bioconvergence Market Size Worth USD 188.79 Billion by 2032 at 5.33% CAGR – Report by Market Research Future (MRFR)
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New York, USA, May 24, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Healthcare Bioconvergence Market Information by Applications, by Technology And by Region – Forecast till 2032”, the market is poised to reach USD 188.79 billion by 2032, registering a 5.33% CAGR throughout the assessment period (2023-2032).
The global healthcare bioconvergence market is likely to demonstrate notable revenue growth during the next few years. Growing investments in technology development would drive the market. The market will likely benefit from the rising prevalence of chronic diseases and rapid technology upgrades in AI, machine learning, and Blockchain technology in the healthcare sector. Additionally, government initiatives to boost healthcare infrastructure, extensive funding for R&D, and rising investments from key players are projected to drive market growth during the forecast period.
Bioconvergence is a relatively recent development in the healthcare and biotech industries. It involves the integration of two or more technologies with the objective of offering advanced and improved services or products. The healthcare bioconvergence market is driven by the need to provide an improved quality of care to patients, reduce the cost of healthcare, increase efficiency, and develop innovative solutions and treatments.
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The goal of healthcare bioconvergence is to make healthcare more personalized, efficient, and cost-effective. It combines the strengths of different healthcare technologies and services, allowing them to work together more efficiently and effectively. This technology is being utilized to improve patient care, increase operational efficiency, and provide more personalized patient care.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 188.79 Billion |
| CAGR | 5.33% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology And Applications |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Healthcare Bioconvergence Market Competitive Analysis
The highly competitive healthcare bioconvergence market appears fragmented due to the strong presence of industry players holding substantial market shares. These players are continually focusing on new product development initiatives and geographical expansion, allowing the market to witness relentless innovations and new product development, eventually resulting in intense competition among healthcare bioconvergence service providers.
Well-established players incorporate strategic approaches, such as acquisitions, collaborations, partnerships, expansions, and product & technology launches, to gain a larger market share. These strategies help them develop new healthcare bioconvergence technologies & services and, thus, gain a competitive advantage in the market.
For instance, on Jan. 26, 2023, The Ministry of Finance, Israel, announced an investment of over NIS 900 million to sponsor the development of AI, bio-convergence. Investment grants will be distributed among academic institutions and businesses, channeled to the development of artificial intelligence and bio-convergence, a convergence between biology, computing, and engineering in healthcare.
The key players in the global healthcare bioconvergence market are IBM, Apple Health Solutions, Medtronic, GE Healthcare, Oracle Health Science, Johnson & Johnson, McKesson Corporation, and Microsoft Corporation, among others.
Healthcare Bioconvergence Market Trends
The healthcare bioconvergence market is witnessing several trends, such as increasing demand for personalized care, rising adoption of AI and genomic sequencing, and the emergence of ethical concerns around the usage of healthcare bioconvergence. Personalized care is gaining traction as the key demand in the market. The increasing demand for personalized care has led to the development of various products and services tailored to meet individual patient needs.
The industry trends in the global healthcare bioconvergence market include the emergence of ethical concerns regarding the usage of healthcare bioconvergence, the increasing demand for personalized care, and the increasing adoption of AI and genomic sequencing. Additionally, the rise of telemedicine and the use of wearables in healthcare are also estimated to drive the growth of the market.
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The increasing demand for personalized care, advances in the healthcare sector, and government initiatives to boost healthcare infrastructure substantiate the healthcare bioconvergence market revenues. Additionally, rising investments from key players, the emergence of ethical concerns about the usage of healthcare bioconvergence, and the increasing adoption of AI and genomic sequencing are also anticipated to drive the market’s growth.
AI and genomic sequencing are helping to provide personalized care as they are responsible for tracking, sorting, and analyzing patient data. AI and genomic sequencing have fully transformed the healthcare industry, allowing physicians to gain a better understanding of their patients’ biology and treatment options. AI is also used in drug discovery, clinical decision support, and diagnostics, while genomic sequencing is used in personalized therapies and diagnostics.
Healthcare Bioconvergence Market Segmentation
The healthcare bioconvergence market is segmented on the basis of application, technology, and region. The application segment is divided into healthcare providers, pharmaceutical and biotechnology companies, healthcare IT companies, and pricing and reimbursement offices. The technology segment is classified into enterprise healthcare solutions, artificial intelligence, and precision medicine.
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Healthcare Bioconvergence Market Regional Analysis
North America dominates the global healthcare bioconvergence market, followed by Europe and Asia-Pacific. The U.S. dominated the North American healthcare bioconvergence market in 2018 and is expected to continue leading over the forecast period. The increasing demand for personalized care and the rising adoption of AI and genomic sequencing create vast healthcare bioconvergence market opportunities.
The healthcare bioconvergence market in the Asia-Pacific region perceives the highest growth rate. This is due to the increasing investments from key players, rising healthcare expenditure in the region, and the emergence of data analytics and predictive technologies in the healthcare sector.
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