Over the past couple of years, the healthcare industry has observed sustainable growth, owing to the introduction of technological advancements in the field of diagnostic and therapeutic options, thereby improving regulations across the world. This, in turn, has initiated trends that are expected to transform the industry and change the way medical products are used for clinical care.
Trends Influencing the Healthcare Industry
The turnaround time for results is improving with minimally invasive diagnostics tests: The adoption of minimally invasive technologies for diagnostic and therapeutic procedures has grown significantly in the past few years. These non-invasive techniques are gaining acceptance, as they are patient-friendly and feasible as well as require only body fluids, such as saliva, blood, or even urine. In addition, due to techniques such as next-generation sequencing and digital PCR, the turnaround time for these tests is faster than before, along with the high accuracy provided by them. Therefore, this trend is projected to gain further traction in the near future, as more and more non-invasive tests are receiving approvals for detecting several indications.The revenue of hospitals has increased with the adoption of minimally invasive surgeries: In the past decade, the medical industry has also witnessed an increased adoption of minimally invasive technology for surgical procedures. Although, the cost associated with the adoption of robotic surgical procedures is higher than that for normal procedures due to the use of highly advanced equipment. However, the industry still managed to register a growth of 18% in market revenue, during the last year. Till date, 9.5 million procedures have been performed with the help of surgical robots, out of which 1.2 million procedures were performed in 2018. The adoption of minimally invasive surgeries has increased due to the benefits offered by this type of surgery, including accuracy, precision, reduced blood loss, infection, less complications, and decreased hospital stay, among others.
Incorporation of digital technologies in healthcare has improved clinical outcomes: Digital technologies, including AI, blockchain, augmented reality, virtual reality, and several other software solutions, have been introduced in the medical industry. The introduction of AI is expected to transform several fields of the medical industry due benefits, such as increased diagnostic accuracy, improved clinical outcomes, enhanced productivity, and improved personalized treatment planning. Owing to this, several companies present in the industry are investing in the market to develop AI-based imaging solutions. By the end of November 2019, over 160 companies AI/Ml-based applications for medical imaging were launched, and this number is continuously on the rise.
Value-based pricing and reimbursement is expected to reduce the economic burden on patients: Owing to the rising economic burden on patients in the healthcare industry, the policy of reimbursement is going to be pivotal in future for patients. Additionally, value-based practice is expected to increase significantly in specialties such as cardiovascular and orthopedics. This has become possible due to the extensive research and development conducted across specialties that has finally been paid-off in terms of an increase in the number of PMA/PDP and 510(K) clearances in the past two years.