A new analysis by Frost & Sullivan explores how the global healthcare landscape is expected to evolve in 2017.
The Healthcare Industry Outlook 2017, part of Frost & Sullivan’s Advanced Medical Technologies Growth Partnership Service program, identifies key trends impacting the industry from life sciences, medical technologies, remote patient monitoring, healthcare information technologies, care delivery and business model perspectives.
The growth is expected due to a partial realisation of major healthcare policies and initiatives, technology advancements and value-based care driving the adoption and need for consumer-centric targeted therapies.
Future drugs and medical devices will also be more targeted to meet the unique needs of emerging markets, including China, India and Brazil, which have demonstrated high growth opportunities in comparison to developed markets such as the US and Western Europe.
Growing at a compound annual growth rate of 4.8 percent, the industry is expected to reach revenues of $1,731.8 billion.
Current predictions include growth in remote patient monitoring; a selective churn in the health app space; collaborations within life sciences and the device industries; the ongoing development of artificial intelligence within the medical fields; an adoption of alternative payment models that will drive usage of analytics software that automates reporting and visualisation of patient -specific information; immunotherapy driving pharmaceutical companies to market the first chimeric antigen receptor T-cell (CAR-T) therapy and a decreasing cost of next-generation sequencing tests to below the $1,000 mark, shifting the application focus from research to clinical use cases.
“2017 will be a tipping point for mainstream adoption of popular digital health solutions (e.g. Wearables, Telehealth), and transition of noble technologies from research to actionable clinical applications (e.g. POCT Dx tools, AI, Robotics, and Image-guided therapies),” said Frost & Sullivan Transformational Health Research Analyst, Kamaljit Behera.