The three big predictions for the global Healthcare Market
A new insight – based on a ‘2013 Search for Growth’ survey – identifies key areas of eHealth technology and convergence with other industries
Frost & Sullivan released its three big predictions for the global healthcare market. Based on a ‘2013 Search for Growth’ survey which involved 1835 executives in more than 40 countries worldwide, Frost & Sullivan's insight highlights new areas of growth. mHealth, Cloud in Healthcare and Regulatory Environments will be the key subjects in 2014 and beyond.
"Frost & Sullivan’s research team has used the findings to select and prioritize the subjects that are deemed to be poised for the greatest growth," explains Frost & Sullivan Partner Dorman Followwill. “The insight has also been essential in unveiling the business outlook for Pharmaceuticals, Biotechnology, Clinical Diagnostics and Medical Devices, as well as to provide a global perspective on the industry’s geographical hot spots.
mHealth expansion has been fuelled by the unprecedented spread of mobile technologies, as well as advancements in their innovative application to address health priorities. It is largely supported by mobile devices, such as mobile phones, patient monitoring devices, personal digital assistants (PDAs) and other wireless devices. The penetration prospects of mHealth technologies are significant in the following areas: wireless vital signs monitoring, location-aware telemonitoring systems and Bluetooth wireless technology-enabled health trackers. It is an exciting area of opportunity for healthcare growth and will provide innovative solutions for stakeholders, both providers and patients alike, across the spectrum.
In addition, as more healthcare IT and patient monitoring tools are integrated, every hospital facility will eventually have to acquire a fully-enterprise wireless solution. The most innovative mobile healthcare solutions that best meet pressing healthcare needs will be adopted as the gold standard.
Enterprise-wide healthcare informatics will also improve the quality of medical services and efficiency of operations while reducing expenditures. Cloud computing is considered to be a key enabler for enterprise-wide solutions. Implementing cloud computing technologies appropriately will help healthcare providers improve the quality of medical services and the efficiency of operations, share information across geographic locations and manage expenditures. The concept can be applied in a variety of ways, including data storage and data loss prevention, maintaining patient information records and authorized sharing of information.
The advantages that cloud computing provides can change the dynamics of the healthcare informatics industry over time. The need for efficient sharing of information across locations in a synchronised manner will be a key driver for cloud computing in healthcare.
As for Regulatory Environment, recent healthcare reforms and policy initiatives across many countries have emphasised the importance of quality of care more than quantity. In the absence of a sufficient proof of clinical benefit, reimbursements may pose a major hurdle.
All in all, three big predictions may be formulated based on the survey’s results:
- As healthcare is geared towards a personalized medicine model, companion diagnostics will alter drug development and the commercialization process of drug candidates. Combining biomarkers and drugs will result in enhanced therapeutic efficacy and safety.
- The healthcare and life sciences industry will consolidate further in this decade, with many big pharma companies seeking alternatives to the blockbuster model.
- The rise of new technologies capable of integrating medical devices into a connected platform will enhance the functionality of devices, reduce the man power burden and minimize errors
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