The landscape of healthcare has noticeably changed compared to what it was a few years ago. The global expenditure of healthcare has been on a spree, rising at the rate of 5.7 percent annually, between the years 2017 to 2022. This growth is driven by various factors including the rise in the population of people in older age groups, increased chronic disease rates, new demands of the care receivers and newer approach of care givers, and many more. Based on the scenario of the global healthcare industry in 2019, we can predict a few possibilities that will drive the market in the years to come.
The two big trends that have emerged in the past few years are the shifting of this industry towards personalized, outcome-based care and the developments in diagnostic and preventive care. These trends will continue to gain popularity and many new startups as well as well-settled business players are seen to focus on them. The advancements in healthcare have come with huge investments and there is a rising need to bring in better solutions at affordable prices. Many new researches and funding for drug development and treatments, along with technological advancements, are seen and expected to increase further. The future holds a promise for various disruptive innovations to make this a reality. We will also owe it to mergers and collaborations among various healthcare and non-healthcare organizations to attain financial sustainability.
Technological innovation is another key factor driving the steering of tomorrow for healthcare niche. With the emergence and wide-spread acceptance of developments in wearable devices, remote healthcare, telemedicine, patient management apps, digital healthcare, and more, myriads of companies are seen to invest in these areas. The consumer demands have changed with their increased role in the system and therefore, the focus should be shifted to patient engagement and building of more personal relationships. Additionally, technologies like AI, VR, 3D printing, medical imaging, etc. have entered the healthcare sector and are assisting the providers in offering more accurate and enhanced care to the patients.
With increase in the number of changes the industry is witnessing, there is increase in the need of regulatory policies and compliances as well. Other than that, patient data has become the new currency in healthcare. With this comes the need of cyber-security for protecting the highly sensitive and critical healthcare data. Additionally, the trend of health food habits and self-care has grown tremendously. The industry will be focusing on these aspects as well.
The stakeholders of healthcare, including providers, investors, and consumers, have newer demands and the ecosystem is, therefore, shifting towards better and sustainable solutions. The industry is expected to grow further, market as well as development wise. Preventive care, financial sustainability, digitalization, and so many other popular factors may take us towards an enhanced, affordable, and accessible tomorrow!