COVID-19 (also known as Anderson COVID-19) is a viral disease caused by RNA virus, SARS-CoV-2 or commonly known as corona virus. These viruses can cause respiratory, enteric, hepatic, and neurologic diseases. At the end of 2019, a new coronavirus was identified as the cause of a cluster of pneumonia cases in Wuhan, China. It rapidly spread, resulting in an epidemic throughout China, followed by an increasing number of cases in other countries throughout the world. On March 11, 2020 World Health Organization (WHO) declared it a pandemic.
The medicine and healthcare industry have heavily utilized Data Science for the improving lifestyle of patients and predicting diseases at an early stage. Furthermore, with advancements in medical image analysis, it is possible for the doctors to find out microscopic tumors that were otherwise hard to find. Therefore, data science has revolutionized healthcare and the medical industry in large ways. The data analytics is driving medical science to a new level from computerizing medical records to drug discovery and genetic disorders exploration. Both the healthcare and data science are often linked through finances as the industry attempts to reduce its expenses with the help of large amounts of data. Currently, most Americans get health coverage through private health insurance. Small and large employers offer fully insured group plans or self-funded group plans. Based on data from the Census Bureau for 2017, private health insurance covers 67% of the population, whereas government plans cover approximately 38%. Electronic medical records (EMRs), clinical trials, genetic information, billing, wearable data, care management databases, scientific articles, social media, and internet research, the healthcare industry has no shortage of data available. Since approximately 72% of people look up health information online and more patients use tools like Zocdoc to communicate with medical professionals and book appointments, it’s easier than ever before to manage customer data in one centralized location. It costs up to US$ 2.6 billion and takes 12 years to bring a drug to market. The big data allows scientists to simulate the reaction of a drug with body proteins and different types of cells and conditions so that it has a much higher likelihood of gaining Food and Drug Administration approval and curing diverse patients
Industrial automation may be defined as the use of a control system such as robotics or computers, information technologies for handling different processes and machinery in an industry to replace human efforts. This technology will increase the manufacturing, production, and process efficiencies of various kinds of industrial units globally. In the present scenario, various industrial segments are adopting automation to reduce the labor burden on humans and eliminate human errors. The market growth in this sector is mainly due to the need for high productivity in production and manufacturing units with high degree of quality, accuracy, flexibility and safety. Automation helps in minimizing costs, ensuring fast production, standardizing manufacturing, ensuring product quality, reducing waste, and monitoring production, as well as providing reliable and flexible solutions in manufacturing plants. Evidently, this has resulted in fueling the growth of this sector in the past. However, the high installation and maintenance costs related to these systems are impeding market growth. The other major restraint of this system is that it leads to unemployment, which is thought to be a major drawback of automation.
Internet of Things (IoT) is the core of digital transformation. It is an emerging concept of technical, economic and social significance. It describes the connection of devices such as desktops PC, smartphones, heart monitors, cars, kitchen appliances and wearable devices to the internet via wireless and wired internet connections using embedded software and sensors to communicate, collect and exchange data with one other. In the arena of IoT, the array of opportunities with regards to connectivity at home, work and at play are virtually endless. This embedded technology in the devices helps them to interact internally or externally, which results in an impact on the decision-making procedure. Additionally, it is changing the playing field for an organization in every industry vertical, thereby helping companies increase operational efficiency and grow their business. Factors such as development of wireless networking technologies, increasing adoption of cloud applications, advent of advanced data analytics and data processing, reduction in the cost of connected devices, new product launches and acquisition of major players in IoT arena are primarily driving the IoT market. However, lack of consistency among the standards for interconnectivity, interoperability, and security threats are some of the restraining factors hampering the growth of the market.
The molecular diagnostics market is anticipated to gain market worth of US$ 9.5 billion by 2025, expanding at a CAGR of 6.3% during the forecast period 2019-2025. The major reasons that will escalate the adoption of molecular diagnostics are high prevalence of infectious diseases and cancers, increasing awareness and acceptance of personalized medicine and companion diagnostics, growth in the biomarker identification market, and advancements in molecular techniques. The growing incidence of infectious diseases and cancer awareness programs, progress in biomarker identification, acceptance of personalized medicines would further drive the market growth over the forecast period. Additionally, rise in occurrence rates of cardiovascular disorders, genetic disorders, neurological disorders are also expected to fuel the market growth. Moreover, changing reimbursement models and regulations, investing in unifying technology, consolidation and automation of labs would mark as the major trend in the industry. The high prices of molecular diagnostics tests and unfavourable reimbursement policies will act as the major restraints in the growth of this market.