Technology Innovations and Virtual Consultations Drive the Healthcare Industry Transformation by 2025; New Findings From Frost & Sullivan
Frost & Sullivan’s recent analysis forecasts global healthcare revenues in 2025 will exceed $2.6 trillion, up from $2 trillion in 2020.
Catalyzed by the COVID-19 pandemic, the industry has adopted radical new advancements in artificial intelligence (AI) and telehealth, along with new business models to support the rapid transformation.
It is primed to witness a revolution in healthcare delivery over the next decade.
Siddharth Shah, Frost & Sullivan
Frost & Sullivan’s recent analysis, Vision 2025—Rising Healthcare Expenditures and Disproportionate Improvement in Patient Outcomes Spur Disruptive Changes in the Global Healthcare Industry, forecasts that global healthcare revenues in 2025 will exceed $2.6 trillion, up from $2 trillion in 2020. Catalyzed by the COVID-19 pandemic, the industry has adopted radical new advancements in artificial intelligence (AI) and telehealth, along with new business models to support the rapid transformation. It is primed to witness a revolution in healthcare delivery over the next decade.
“The global healthcare industry is in the midst of a major shift, a process that was accelerated by the COVID-19 pandemic. Mega Trends such as anytime, anywhere care and healthcare consumerism, as well as disruptive technologies like AI and the internet of things have converged to reshape the healthcare ecosystem,” said Siddharth Shah, Healthcare Program Manager at Frost & Sullivan. “Technology adoption has been at an all-time high, with the application and development of new use cases such as hospital-at-home. These tech-based tools, along with the rising penetration of smartphones and the internet, will further revolutionize healthcare delivery.”
Shah added: “Rising healthcare costs and a reduction in face-to-face consultations have led to patients using digital patient engagement tools to manage their health virtually. Tech innovations and the change to virtual consultations are strengthening patients’ roles in clinical decision-making, reshaping care delivery, and supporting industry growth. They are expected to increase the focus toward consumer-centricity in offerings and approaches to patients, physicians, and providers as customers. Innovative startups are realizing returns on this opportunity for primary care through physical, virtual, and eCommerce methods.”
For further revenue opportunities, market participants should explore these strategic recommendations:
Employ patient-centered virtual assistants to respond to voice or text questions through mobile devices to provide patients with constant access to current information.
Embed intelligence within imaging equipment to consider patient information for clinical recommendations to enable effective diagnoses of specific conditions and help determine the best treatment protocols.
Enable screening, diagnoses and the fulfillment of treatments through existing innovation in smart devices, mHealth wearables, apps, and diagnostics.
Biopharma companies should partner with niche AI and data vendors to expedite drug design and development to reduce internal R&D risks for personalized therapies.
Simplify genomic workflows with big data analytics platforms that automate the progress of large post-analysis data files to lower-cost storage and free up expensive, high-performance tiers for current analysis needs.
For more information, please visit www.Frost&Sullivan.com.