Prediction # 1 Value-based Care as Outcomes Focus Globalizes
According to the Global Healthcare Market Outlook 2019, value-based care will progress globally.
Value-Based care is likely to focus on access, cost, and quality. It will increase risk sharing in solution contracts between Original Equipment Manufacturers (OEMs) and providers leading to drive business value for providers.
A prediction by Forbes says, 15% of healthcare spent will be linked to the value-based models.
While no market can be considered as value-based, there are markets in Turkey and Costa Rica that are quite close to achieve this balance. In these markets, the healthcare industry is quite less fragmented and have a focus on the aligned incentive and people’s health. There are sub national entities like Brazil and China, where advanced reimbursement have already been implemented.
Prediction # 2 AI explodes across the Healthcare, and Life Sciences post Flagship Use Cases yield Positive Results
Frost and Sullivan reveal that the usage of artificial intelligence in healthcare is likely to cross $1.7 billion by the end of 2019. According to Kamaljit Behera, Industry Analyst, the AI-powered tools that manage business risks in operational, clinical, and regulatory settings are sure to find high uptake.
Its applications will be seen in some of the major applications such as drug discovery, imaging diagnostic, and risk analytics applications. Forbes also anticipates that bringing AI platforms to light across the healthcare 2019 workflows will result in 10-15% gain over the next two-three years.
As of now, an AI platform was found in March 2019 that will help in the identification of cancer development in an individual.
Prediction # 3 Digital Health will come with an Increased Focus on Individual Care
This year, the applications of digital health will increase, and it will help individuals to manage their health through various devices and apps. Some of the devices include telehealth platforms, remote patient management devices (RPM), and mHealth apps.
With this, it is expected that the digital health industry will grow by 30% and cross $25 million globally by the end of 2019.
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Prediction # 4 Asia becomes the New Local Innovation focus for Global Drug and Device Original Equipment Manufacturers (OEMs)
Although the maximum medical innovation has gone from West to East, with the markets contributing 20-30% of the industry, global drug, and original equipment manufacturers are trying to support the trend with making new products for Asian population.
China already has a leading role in Asia’s genomics space. There is a chance that it will also capture 20% of the total APAC healthcare revenue to support the medical industry.
Asia-Pacific will also see the genomics revolution in the next few years. If this continues, 10% of healthcare will localize innovation for emerging markets in Asia.
Prediction # 5 Health care Data Analytics shift from Big Data to Meaningful Small Data
According to IDC, 50% of healthcare companies will have dedicated resources to support access, sharing, and analyzing real-world evidence. There will be a rise in an analytics solution, which will support the providers who want to investigate clinical trial eligibility, drug utilization, self-care program attribution for chronic conditions, and billing issues.
In many cases, the data analytics shift is done to mine the networks of available evidence-based and patient care data that are overwhelming for one individual to access.
It will also advance augmented analytics capabilities in the next 2-3 years.
Prediction #6 Healthcare 2019 will be a Dominant Vertical in Voice Applications
The leading technologies such as Amazon, Apple, Google, Microsoft, and specialized technology players like Orbita have started to work with various technologies that are suited for healthcare industry uses.
There is no denying that the usage of the voice application is limited. For now, it is only used for transcribed speech-based interaction and quick medical scribes.
As technology will be improved, the applications will be suitable for various use cases such as chronic condition management, elderly care, and more.
Prediction #7 Blockchain moves from Hype to Reality with further Commercial Implementations
Blockchain in healthcare has started to migrate from proof of concept to early commercial applications now. There are companies such as Hashed Health, Guardtime, and Change Healthcare that have already started to expand their commercial use cases. As this technology ensures integrity and security, it will help the medical health providers to protect the data records such as health records, patient data, billing, and billing information.
Healthcare Information and Management Systems (HIMSS) also examines blockchain technology and its potential applications for the healthcare industry. By the end of 2019, it is expected that 5-10% of blockchain applications will move from initial stages to commercial availability.
Prediction #8 Innovative Private Insurance Models Shake Up Healthcare Payer Industry
It comes as no surprise that old healthcare policies have failed to meet the needs of individuals. Numerous insurance service providers are now offering data-driven services to personalize the services for users.
Forbes believes that 5-10% of healthcare 2019 insurance plans will be linked to health data-driven interactive policies by the end of 2019. These policies will allow the insurance providers to leverage the user’s data and use it to customize their premiums.
As there are a number of technologies coming into action, the above trends are sure to have a huge impact on the healthcare industry. With these entrants, it is safe to say that 2019 is going to be the year of healthcare.
Gartner predicts, 40% of health systems will shift from digital pilot programs to full-scale rollouts by 2020.