Human-Machine Collaboration to Redefine Healthcare Market in 2018

Non-traditional players such as Amazon, Apple, Google, and IBM will start having a tangible impact on the healthcare ecosystem. Competing outside their conventional arena, these organizations are pushing traditional healthcare companies to break their main business model and make healthcare more accessible, affordable, and consumer-centric.

These were some of the expert insights offered at Frost & Sullivan’s (Santa Clara, CA, USA) Growth Innovation Leadership (GIL) briefing titled, "Global Healthcare Market Key Predictions for 2018" held on December 13, 2017. Frost & Sullivan's experts have predicted another year of big disruptions, transformations and innovations as the healthcare industry continues to overhaul outmoded business models. Advances in areas ranging from cancer immunotherapy products to blood testing, as well as the convergence of cutting-edge technology such as AI and blockchain, will help shape the healthcare industry into a much-anticipated, value-based care paradigm.

2018 is expected to be a tipping point for the mainstream adoption of popular digital health tech/solutions (AI, mHealth/wearables, telehealth, Big Data analytics, and robotics) and the transition of noble technologies from research/proof-of-concept to actionable healthcare and clinical applications (blockchain and cancer immunotherapy products). Additionally, cloud-based PaaS/SaaS platforms will become integral to any healthcare data monetization model, and the transition of these technologies from ideation to actionable applications will drive growth opportunities across the world.

Furthermore, data monetization will unleash the power of patient data to achieve better outcomes across the healthcare value chain. The digital transformation of patient monitoring, coupled with data hubs using cell phone networks, will drive health revenue, thereby further reducing hospital inpatient census. There will be increasing awareness about the current inefficiencies in healthcare delivery, such as poor utilization of operating theaters. There will be high demand for optimization of resources, care coordination employing technology-based platforms, and products or services that improve the efficiency of healthcare delivery. Highly capitalized players such as Amazon, Alibaba, and Google will reshape whole segments of healthcare, revolutionizing and simplifying patient experiences and patient empowerment.

"Algorithms have outperformed humans in many cases. In 2018, the work of AI will begin to see fruition particularly in the diagnostic imaging market. Therefore, clinicians will start embracing this technology and use it more freely and easily," said Reenita Das, Partner, and Senior Vice President of Transformational Health at Frost & Sullivan.

"Blockchain technology will move from perceived hype to reality bandwagon demonstrating real value with initial commercial deployments across health insurance claim adjudication and revenue cycle management use cases. The debate will now move onto the topic of adoption, exploring [how] and [where] can blockchain technology be used in the healthcare space," added Kamaljit Behera, Industry Analyst, Visionary Healthcare at Frost & Sullivan.

Related Links:
Frost & Sullivan