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Medical Device and Insurance Market Size
The global market for medical device technologies stood at $390.3 billion in 2012. It reached $411.8 billion in 2013 and is expected to reach $538.7 billion by 2018, registering a compound annual growth (CAGR) of 5.5% over the next five years.
All this business is insured which makes the insurance sector a lot of premiums but also a lot of claims due to the factors we have laid out earlier.
As we mix Medical Device Technology and IP with the Insurance sector, therefore, we need to look at both, the answer to this issue has been found in a link between the two.
Azura is a Direct Distribution Network for Insurance Companies, and in muliple sectors of the industry. Azura can consolidate mass audiences and Group Purchasing Organizations (GPO's) into new Channels for new business which is right on point for the sector that is growing only as a result of these access points, read the link to CapGemini report at the foot of this page for more inforamtion on this.
Azura has blended the data in the sector with the cost of safer devices for healthcare workers. Just as you sign a contract for your mobile phone and get the phone for free, we have subsidized the additional cost for safety needles to the healthcare provider if they take our insurance. Our insurance products are in partnership with the worlds leading providers. We are the solution provider not the insurer.
The global insurance market had total gross written premiums of $2,473.8bn in 2012. Therefore it as consequence of the market size that Azura can finally ensure saftey needles are used not in some situations but in all.
According to the World Health Organisation, Healthcare facilities around the world employ over 59 million workers who are exposed to a complex variety of health and safety hazards everyday. Healthcare workers (HCWs) need protection from these workplace hazards just as much as mining or construction workers. Yet, because their job is to care for the sick and injured, HCWs are often viewed as “immune” to injury or illness. Their patients come first. They are often expected to sacrifice their own well-being for the sake of their patients. Indeed protecting healthcare workers has the added benefit of contributing to quality patient care and health system strengthening. Some of the same measures to protect patients from infections, such as adequate staffing, protect healthcare workers from injury.
"Customer experience is a critical factor in performance for many insurance companies, given the challenges of current operating conditions. Today, pricing is highly competitive, many products are quickly commoditized, and innovations are quickly replicated, so it is difficult for insurers to differentiate their products in any sustained way. As a result, insurers will need to strive for superior customer experience—managing the entirety of their insurer relationships, across touch-points, and depending on customers’ personal needs—and not just try to make customers satisfied with products and services”
Source Capgemini World Insurance report.
The size of the market will put a smile on every face