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Data Shows the Medical Technology Market is Projected to Grow
[November 10, 2017]

Data Shows the Medical Technology Market is Projected to Grow

NEW YORK, November 10, 2017 /PRNewswire/ --

According to a research report published by PMCF, the overall Medical Technology Market is estimated to reach $549 billion in revenue by 2021, with an annual growth rate of just under 6.0%. The current environment is that of continued globalization and higher demand for medical technology products and services. As a result, companies are encouraged to diversify their product portfolio, scale-up operations and gain market share. The report emphases that the medical technology market is driven primarily by longer life expectancy and increased expenditure on healthcare, especially in emerging economies. The regulatory environment in North America and Europe has created a shift to value-based healthcare solutions, which has resulted in increased competition. ORHUB, Inc. (OTC: ORHB), Cotiviti Holdings Inc. (NYSE: COTV), Omnicell, Inc. (NASDAQ: OMCL), Allscripts Healthcare Solutions Inc. (NASDAQ: MDRX), Tabula Rasa HealthCare Inc. (NASDAQ: TRHC)

"As medical technology companies continue to build their product portfolio, generate more cross-selling opportunities, and attempt to improve their negotiating power with hospitals, which has been mitigated in recent years by a scenario of falling prices for medical devices. Companies that offer enhanced technological applications, such as integrated diagnostic imaging products, in-vitro molecular diagnostics, or mobile technology used in hospitals (acute ventilators, portable anesthesia workstations and intra-oral scanners), can also be attractive acquisition targets," explains.

ORHUB, Inc. (OTC: ORHB) announced yesterday that, "it has signed a five-year revenue agreement with a nationally recognized institution listed among the country's Top 100 Hospitals. The agreement underscores the value and power that ORHub brings to the market by working hand-in-hand with medical industry professionals to dramatically improve operating margins and hospital economics." 

"We are excited to announce our new revenue agreement," says ORHub CEO Colt Melby. "This is a very important milestone for ORHub and is demonstrative of our ability to rapidly and efficiently expand to key hospitals in major U.S. markets. I am very proud of our team and we are on track to exceed our current sales goal for this year."

ORHub's transformative medical software is working every day in hospitals to provide vendors, physicians, nurses, procurement officers and administrators the resources they need to collaborate in a single digital workspace. The platform is currently being used by hospitals to analyze procedures, offer predictive analysis, and drive additional revenue insights to decision makers. The ease of integration and the delivery of a highly cost-effective system makes ORHub a natural choice for managing the turbulent economic times facing hospitals.

As demonstrated in a powerful customer review published by Microsoft, ORHub delivers unprecedented intelligence and insight into an operating room to help medical professionals achieve greatly improved resource allocation, real-time monitoring of surgery, and predictive analysis.

Cotiviti Holdings Inc. (NYSE: COTV) is a leading provider of payment accuracy and analytics-driven solutions that helps payers, other risk-bearing healthcare organizations and retailers achieve their business objectives. Through a combination of analytics, technology and deep industry expertise, the company's solutions create insights that unlock value from the complex interactions between clients and their stakeholders. On October 31, 2017, the company announced financial results for the three and nine months ended September 30, 2017. Total revenue for the quarter increased 11% to $174.2 million, compared to $156.2 million in the third quarter a year ago. Revenue growth was driven by a 13% increase in the Healthcare segment to $156.2 million, with the Global Retail and Other segment contributing $18.0 million, up 1% compared to the same period a year ago. Healthcare revenue benefitted from an increase in expanded adoption of solutions within Cotiviti's existing healthcare clients and the addition of new clients and cross-sell wins with existing clients.

Omnicell, Inc. (NASDAQ: OMCL) is a leading provider of solutions trgeting patient safety and operational efficiency in healthcare facilities. From the point at which a medication arrives at the receiving dock to the time it is administered, Omnicell systems store it, package it, bar code it, order it, issue it, and charge it. Recently, the company announced that Texas Children's Hospital, located in Houston, Texas, selected Omnicell® Performance CenterTM to improve pharmacy operations and optimize medication management across its health system. Texas Children's is also upgrading its Omnicell automated dispensing cabinet technology to the latest-generation XT series to further streamline medication management in patient care areas. Omnicell Performance Center combines enterprise software with ongoing expert services to proactively monitor pharmacy operations and recommend actionable insights, leading to improved operational efficiency, regulatory compliance, and patient outcomes. Leveraging the power of predictive intelligence and real-time inventory tracking, Performance Center helps reduce inventory spend, manage medication shortage and expiration risk, and locate medications across a health system.

Allscripts Healthcare Solutions Inc. (NASDAQ: MDRX) is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Recently, the company announced that Gippsland Health Alliance has selected Allscripts to deliver an Electronic Medical Record (EMR) solution to the Gippsland Health Alliance. The Gippsland Health Alliance is a consortium of publicly funded health services in the Gippsland region of Victoria, Australia's second most populated state. The agreement was signed in the fourth quarter of 2017. The implementation of the Allscripts Sunrise clinical suite at Latrobe Regional Hospital will begin this year and will be live in the hospital's Emergency Department early next year.

Tabula Rasa HealthCare Inc. (NASDAQ: TRHC) is a leader in providing patient-specific, data-driven technology and solutions that enable healthcare organizations to optimize medication regimens to improve patient outcomes, reduce hospitalizations, lower healthcare costs and manage risk. On October 2, 2017, the company's subsidiary Sinfoni´aRx, Inc., announced that their proprietary MTM application, RxCompanion™, has earned Certified status for information security by the Health Information Trust (HITRUST) Alliance. With the HITRUST CSF Certified Status, the Sinfoni´aRx MTM solution meets key healthcare regulations and requirements for protecting and securing sensitive private healthcare information.

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