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Digital Health Technologies are on the Rise During the COVID-19 Pandemic – Arizton

The COVID-19 vaccine market will witness a 6% growth from 2021 to 2022.

CHICAGO, ILLINOIS, UNITED STATES, June 23, 2021 / -- The COVID-19 pandemic saw the vulnerability of healthcare infrastructure and systems even in the most developed nations such as the UK and the US. There has been a paradigm shift in the adoption rate and development of online health technologies such as telehealth, remote health, online prescription services, online pharmacies, and more. Furthermore, the rapid spread of the virus and the need for immediate medical attention saw the growth of new and emerging healthcare diagnostics and therapeutics such as COVID-19 diagnostic kits and COVID-19 vaccines — the healthcare industry as we know it has changed drastically in the year and a half of this pandemic.

It’s safe to say the aftermath of the coronavirus pandemic not only accelerated but reminded healthcare professionals and patients across the world that digitalization in healthcare was more important than ever. Observing these rapid and drastic changes in demand and supply patterns encouraged the industry analysts at Arizton to publish exhaustive and data-driven insights on these recent trends in the industry. Four of these insights and data-driven reports capture the market trends, forecasts, and industry insights that will enable real-time strategic decisions in the healthcare industry.

Here’s a sneak peek at these reports:

1. COVID-19 Vaccine Market - Global Outlook and Forecast 2021-2024

The COVID-19 vaccine market will witness a 6% growth from 2021 to 2022. Pharma companies, CMOs, and suppliers are racing against time to introduce a larger production and supply chain plan for the development of the COVID-19 vaccine. In APAC, China, India, Japan, South Korea, and Australia are expected to be key major revenue contributors to the coronavirus vaccine market because of the high demand for immunization. Many pharma companies are partnering with other biotech companies to facilitate vaccine production. For instance, Dermapharm, BioNTech and Pfizer, partnered in vaccine production and targeted 100 million doses in 2020 and 1.3 billion doses by the end of 2021, thus expanding their capabilities.

This is one of the major initiatives taken by the WHO to provide access to COVID-19 tools. Focus on these initiatives is expected to work with vaccine manufacturers to provide vaccines at lower costs. The Covax initiative includes Inovio, Moderna, CureVac, Institut Pasteur/Merck/Themis, AstraZeneca/University of Oxford, Novavax, University of Hong Kong, Clover Biopharmaceuticals, and University of Queensland/CSL are part of the COVAX initiative.

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2. COVID-19 Diagnostics Market - Global Outlook and Forecast 2021-2026

The global COVID-19 diagnostics market size is expected to reach USD 7.4 billion by 2026. Abbott, BD, F. Hoffmann-la Roche, Thermo Fisher Scientific, Siemens Healthineers, and Danaher are the major global players in the COVID-19 diagnosis market. The market is fragmented due to the presence of many global, regional, and local vendors. However, the market offers tremendous growth opportunities for the vendors, especially the ones who offer test kits and analyzers capable of generating results rapidly. Many new and emerging vendors are focusing on developing and commercializing a wide range of COVID-19 diagnostics in respective regions and countries. The increased demand for molecular-based PCR testing is the accuracy of results. Initially, many countries had procured both RT-PCR and antibody test kits but have slowed down antibody and antigen testing, which gave faster results. However, their accuracy was questioned, and many countries now prefer PCR tests to confirm.

During the initial days of the pandemic, the countries started to test the people with rapid test kits. However, they resulted in high false positive and false negative results, which made people move towards the PCR testing for confirmation as it had high specificity and sensitivity. In addition, many countries started to become self-reliant in producing RT-PCR based test kits, enabling them to conduct many COVID-19 tests in their country. Siemens Healthineers is investing significantly in R&D activities to develop innovative and advanced COVID-19 diagnostic instruments and consumables.

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3. E-prescribing Market - Global Outlook and Forecast 2021-2026

The global e-prescribing market size was valued at USD 960 million in 2020 and is expected to reach USD 3 billion in 2026, growing at a CAGR of 21% during the forecast period. During the COVID-19 outbreak, the entire healthcare industry has faced incredible challenges. The need for enhanced information sharing has accelerated innovation and the adoption of critical tools by healthcare providers to improve their services. Healthcare providers increased the use of e-prescribing, direct messaging, electronic case reporting (eCR), and prescription price transparency tools to streamline and boost patient data exchange. As a result, Surescripts’ e-prescribing platform hit the 1 million prescriber mark during the spread of COVID-19, which was a 25,000-prescriber increase since December 2019.

The pandemic has generated a shift toward telehealth as being part of the solution for breaking community transmission. In addition, key changes have been made regarding the electronic prescribing of drugs, which has a significant impact on clinicians' productivity. In March 2019, the outpatient visits dropped by roughly 60%, which boosted the telehealth visits by 46% across health facilities. With the decline in ambulatory care visits and an increase in telehealth or remote visits, health care organizations and clinicians leveraged their healthcare IT and EHR solutions to provide optimal care for patients.

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4. U.S. Online Pharmacy Market - Industry Outlook & Forecast 2021-2026

The U.S. online pharmacy market size is expected to reach USD 146 billion in 2026, growing at a CAGR of 19% during 2020-2026. Many online pharmacies started operations and prioritized essential medicines over other products. These pharmacies were providing free deliveries to the customer's doorstep. The search volume for COVID-19 related healthcare products has increased by 200% during the pandemic. According to estimates, online purchases of medical products such as face masks, hand sanitizers, and antibiotic products have increased by more than 800% globally.

Various online players are trying to retain their newly acquired customers through loyalty programs, subscription models, promotions, and product line expansions. The use of referral sites and price-based searches by consumers to find the best deals on online pharmacies is expected to intensify the competition in the market. For instance, CVS Pharmacy had announced a plan to increase access to medication in early March 2020. The company decided to waive charges for home delivery services of prescription medications to its customers, which was intended to prevent people from visiting their local pharmacy to fill new prescriptions or refill existing prescriptions. The Kroger has kept pace with new developments in digital retailing to meet the evolving needs and preferences of its customers. During the COVID-19 pandemic, the company’s digital business accelerated significantly.

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Explore more about the healthcare industry.

Arizton Advisory and Inteligence
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