Every year, our team of futurists, analysts, and consultants at Frost & Sullivan's Transformational Healthcare Group comes together to brainstorm and predict the themes, technologies, and global forces that will define the next 12 to 18 months for the healthcare industry. We believe 2020 will be the year of new or expanded health services offerings from new “entrants.” For example, CVS and Walgreens from the pharmacy perspective; Walmart, Costco, and Best Buy from a retail store perspective; and Amazon and Ali Health from a digital marketplace all are areas where we will continue to see major developments happening throughout 2020. The medical industry is changing at a breakneck pace. Prediction 1: Continued disruption and innovation will dictate the need for creative solutions. The market will change to solutions that leverage AI tech of some kind in their solution versus thinking about AI direct as a purchase. 2020 is a highly anticipated milestone and will definitely be an exciting year for healthcare to recalibrate strategic milestones and visions for the coming decade. I also focus on looking at reverse innovation, issues of convergence and new business models. Although the tools continue to advance, the foundation of caring for patients has not changed in thousands of years. Although not every area is feeling the same pinch in provider shortages, even small personnel decreases in a facility can have a big impact on the wellness of medical care providers. The US government will take significant steps forward to force the industry to enable interoperability in patient medical records, reigniting the shift to personal health records versus enterprise health records. August 8, 2016. Team-based care has been shown to improve patient outcomes and may benefit physician well-being by reducing burnout. Opinions expressed by Forbes Contributors are their own. While last year didn’t present the type of industry overhaul that some may have been expecting, 2019 was full of new healthcare trends and legislative changes that helped reshape the operating landscape. The future of healthcare payments: Predictions for 2021. To gain a better understanding of what the future of healthcare technology might look like, here are five predictions from healthcare and technology experts. Tweet Share Share Email More. Here are three predictions for how medical practitioners will continue to focus on the ‘care’ element in the future of healthcare. Some of this has to do with technology. From healthcare-retail partnerships to the introduction of apps, wearables and data-driven AI applications, disruption and innovation are now central to healthcare. Health & Fitness. Before birth, scanning will take place in the womb which will create a basic profile of a person’s health and create treatment plans from the very start. The Deloitte Center for Health Solutions has revealed a bold vision for the Healthcare and Life Sciences sector in 2020. By the end of the coming decade, blockchain-based personal health records (PHR) will be considered foundational for ensuring access and ownership of individual health data. We strongly believe that only digital health can bring healthcare into the 21st century and make patients the point-of-care. 2. Both plug-in application providers and vendors with integrated analytics solutions tied to popular EHR or PHM platforms are expected to gain market acceptance, as large health systems, in the shift to value-based care, are compelled to utilize multiple analytics partners for comprehensive patient data analysis at an enterprise level. The future of healthcare: Three predictions from AHIMA 2016. For example, the average life expectancy has reached 80 years in the OECD (Organisation for Economic Co-operation and Development) countries, while developing markets are expected to increase their spending on healthcare to 32% by 2020. We project that by the end of 2020, progressive health systems will start to view telehealth as a standard of care option for primary care virtual consultation. The Future of Healthcare: Predictions for the 2020s. The future of Healthcare IT demands that organizations look to find talent with a digital mindset if they hope to keep up with growth in the healthcare IT market. First, as of mid-year 2019, there are about 38 VC-backed healthcare unicorns worth a combined valuation over $70 billion, and the cohort’s total valuation in 2019 continues to grow as a result of continued mega-rounds to existing unicorns, such as 23andme, Tempus and Doctolib (in the US); BenevolentAI and Oxford Nanopore Technologies (in the UK); Ottobock (a German prosthetics company); United Imaging, Yitu, Henlius, iCarbon X, and We Doctor in China, and others. Waystar. Four predictions for the future of healthcare. Share. This article was written with contributions from Kamaljit Behera, Transformational Health, Senior Industry Analyst at Frost & Sullivan. In coming years, the adoption of team-based medicine will continue to rise. A surgeon’s 3 predictions for the future of healthcare design COVID-19 will fundamentally change the experience of getting treatment when we’re sick. The use of locum tenens — where medical providers work temporary assignments — has risen steadily over the past decade and will continue to be an avenue for providing relief from the shortage moving forward. Here are three predictions for how medical practitioners will continue to focus on the ‘care’ element in the future of healthcare. 5 Healthcare Predictions for the Year 2030. The new vision for healthcare for 2020 and beyond will not just focus on access, quality, and affordability but also on predictive, preventive, and outcome-based care models promoting social and financial inclusion. The social determinants of health (SDOH) account for a larger portion of overall health outcomes than medical care determinants. But as the technology continues to advance, and advocacy drives changes, telehealth and virtual care will become significant growth areas for care in the coming five years. Connect with us! The “Retailization” of the healthcare industry is largely driven by empowered patients. Eric Yablonka, Stanford Health. We anticipate during 2020, interoperability will finally take a major step forward in terms of government policies, vendor acceptance and strategic focus by healthcare IT buyers. Health scanning and data will become ever present in our lives – even from the very start of life. Companies offering tools and infrastructure for handling real-world data and real-world evidence (RWD/RWE) will see high growth potential during 2020 and robust solutions that can reliably stratify patient populations and recommend treatment plans that will succeed in the long run. improve patient outcomes and may benefit physician well-being by reducing burnout, regulatory legislation to aid in patient adoption, growing over 260 percent between 2015 and 2017 alone, younger patients tend to be more comfortable communicating with AI-driven healthcare assistants, use of these tools has increased significantly, Medicare currently reimburses telehealth services only for patients in underserved areas, employment of healthcare occupations will grow 18 percent from 2016 to 2026, 91 percent of respondents saying their facility was understaffed, 7 Hot Health Care Industry Sectors for Investment, Growth and Consolidation in 2020, Healthcare AI to Play Major Role in $15.7 Trillion Economic Boost, 4 Emerging Strategies to Advance Big Data Analytics in Healthcare, 5G in Healthcare: 7 Advantages & Disadvantages for Providers to Know, Tech giants race to be no.1 in healthcare of tomorrow. From data and analytics, to patient empowerment, the advancements from the past year may indicate the industry is finally about to reach its most pivotal moment yet. Telehealth and virtual care have exploded in the past decade, growing over 260 percent between 2015 and 2017 alone. As later-stage VC funding deal share increases and matures, along with the uptick in IPO activity during 2019, we anticipate five digital health unicorns will exit via IPOs by the end of 2020. Top 8 Predictions That Will Disrupt Healthcare in 2020. Futurist Jack Ulrich predicts that hospitals will become more accountable and efficient by providing coordinated, standardized care. Frost & Sullivan. Emerging payment models are encouraging more proactive care, demanding greater collaboration and … Venrock partners Bob Kocher and Bryan Roberts offer up their 2020 predictions for health care AI, privacy, the biotech industry, and more. Although the use of these tools has increased significantly, they are still relatively small parts of the healthcare industry, with a lot of room to grow. As innovations reach into the medical industry and begin to transform experiences, practitioners and patients alike will need to prepare for unexpected benefits and consequences of change. Prediction #6: Telehealth will gain mainstream adoption in the overall mix of healthcare services and will expand beyond the current focus on chronic conditions. Here's more on what they had to say. Email rdas@frost.com to have a discussion about the healthcare market. Most of the challenges of team-based care lie with medical professionals, including the struggle to function within the framework of a team and allocating cost benefits. With the opening of the reimbursement door for telehealth services in these major countries, the outlook has improved sharply, and the landscape is changing with several projects being conducted in recent months. Prediction #1: SDOH analytics platform gains traction during 2020 Take a look at seven visions of the future to see what might be in store Let’s take a look at some interesting points. There was a time when measles was a death sentence, but not anymore. But with that said, there are a handful of medical milestones, demographic shifts, and advances in healthcare that we can anticipate. Its predictions may surprise. Finding a permanent solution to the medical care provider shortage will require new solutions. Technology will transform the patient experience and the medical practitioner’s business. The COVID-19 vaccine will … We also retrospect how we did each year, and each year we are becoming more accurate in the predictions we make. Healthcare is set to undergo a significant data revolution, as artificial intelligence (AI), predictive analytics and business intelligence are set to drive efficiency and optimise better health outcomes. Bringing in doctors and nurses on short-term contracts lets hospitals and facilities bridge temporary absences, improve patient care and try new programs with a minimum of investment. The World Economic Forum predicts that AI will be widely used to reveal currently unknown patterns in disease, treatment and care by 2030. With over 25 years of…. Part of ‘The World in 2040’ futurology series, Hammond’s report outlines five main ways the healthcare landscape might change: personalised medicine, stem-cell medicine, nano-scale medicine, gene therapy and editing and digital health. Print. Solutions that stand alone and do not enable data mobility will lose significant ground or won't be purchased. Consumer-driven care delivery models such as telehealth, e-pharmacy, retail care, price transparency, D2C tests, and care at the point of the person, among others, will achieve high market traction in the coming decade. A precision medicine SaaS-based cognitive insight platform with desired interoperability, security, and multi-modal functionally in an intertwined ecosystem of payers, providers and pharma will gain market traction. We distil the information for you – saving time and keeping you up to date on your interest areas. Tweet; Never has there been a more dynamic time in healthcare, and the pace of change is extraordinary. Despite AI’s performance becoming more advanced with accuracy rates for diagnosing and detecting disease, a question still remains: What happens if something goes wrong (especially from the radiology community)? Telemedicine promises to solve the most challenging problems in the healthcare system in the years to come, allowing access to care in a cost-effective way. Healthcare Predictions For The Future. The landscape looks a little different now, just a short 100 or so years later. We believe that in the coming decade, SDOH data will be critical inputs to optimize individual care costs and improve the quality of care provided by hospitals and health systems. It’s impossible to predict what the next century will bring as the medical industry continues to evolve, but one thing will remain a constant: the need to provide the best possible care for patients. 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During everyday life, as they grow and age, people will be constantly monitored and have da… Three years later, the pace and scale of innovation has meant that some of these original predictions are already a reality while some are still a … While the launch of UniQure’s gene therapy Glybera created a lot of buzz, its high cost, extremely low demand and lack of a sustainable reimbursement model (reimbursement only available in Germany and Italy) led to a below-average performance and a simultaneous withdrawal. One of the momentum shifts we are starting to see in the healthcare industry is “healthcare consumerism,” where patients/consumers demand a retail-like buying experience for availing healthcare services and products. Here are five predictions for the future of healthcare in America that will play out over this decade as Americans finish casting their votes in what may be one of the most pivotal elections in U.S. history. Four predictions for the future of healthcare. In his lecture , Dr. Merson shared his top 6 predictions for the future of global health: the rise of chronic and non-communicable diseases (NCDs), continued growth of infectious diseases, climate change influencing health, refugee migration, health technology, and increased … 3 Predictions for the Future of Healthcare. Covid-19 Is Preventing Sustainable Investment In Developing Nations. What we know today about global healthcare is essential for predicting its future. Prediction #7: Precision medicine-led approaches will pave the way for next-gen health data analytics solutions. There are two reasons we expect increased IPO activity in the next 12 to 18 months. The Deloitte Life Sciences and Health Care Practice has issued a report predicting the future direction of healthcare. I spend my free time practicing yoga, travelling and learning from other cultures. Here are five predictions to watch out for in 2018: 1. We believe the US healthcare payers will offer patients more out-of-network options, whereas China plans to cover 70% of the nation’s public hospital under the government-backed telemedicine program by 2022. Team-based healthcare is quickly becoming the standard, and patients will greatly benefit from collaboration between caregivers and family members, lower overall costs, having more time with healthcare providers and drawing from greater resources. Prediction #3: Annuity-based model to catapult gene therapy commercialization. Healthcare has long been just on the cusp of massive change and futurists’ favorite subject for predictions. 1. Below are six predictions for healthcare in 2020, according to Frost & Sullivan: 1. Emerging payment models are encouraging more proactive care, demanding greater collaboration and rewarding value. This Deloitte Centre for Health Solutions’ report builds on its 2014 report Healthcare and Life Sciences Predictions 2020: A bold future? Prediction #2: AI develops more use cases and faces more ethical challenges, beginning with radiology. Editor's Note: In a recent webinar, two industry veterans from Welltok and Oliver Wyman shared new predictions on how 2020 may unfold regarding partnerships, politics, personalization, and technology. Burnout, in particular, drives everything from lowered job satisfaction to diminished quality of patient care, and can even negatively impact the mental health of providers. In the European region, interoperability solutions will garner strong demand as progressive health systems in the European Union plan to achieve EU eHealth Action Plan 2012-2020 (EHAP) milestones, including cross-border exchanges of patients' health data and General Data Protection Regulation. All Rights Reserved, This is a BETA experience. The Bureau of Labor Statistics has predicted that the employment of healthcare occupations will grow 18 percent from 2016 to 2026, well above average for all occupations. For healthcare professionals, keeping up with the complexity of modern care is incredibly overwhelming. 65%[1] of patients like telehealth because it … Telehealth Is Here to Stay Telehealth adoption has soared during the pandemic with 94%[1] of practices offering telehealth during the pandemic. Like the people behind them, they stand at the vanguard of health care. Digitization of products, services, and commerce models is democratizing current healthcare systems, manifesting the concept of the “Comparison Shopping” consumer mindset. Second, in the past few years, M&A has been the preferred exit option when compared against IPOs. Can Getting The Coronavirus Vaccine Lead To Bell’s Palsy? Here are five predictions for the future of healthcare in America that will play out over this decade as Americans finish casting their votes in what may be one of the most pivotal elections in U.S. history. Data security will be less of a concern You may opt-out by. Predisposition to certain diseases or disorders will be recognised, and a way to live a healthy life based around this will be created for people to follow throughout their day-to-day lives. As practices within the healthcare industry become increasingly specialized, team-based medicine is a system that can provide the best quality care for both patients and teams. For the 2019 predictions that were released in November 2018, six out of eight predictions realized as anticipated, while the two remaining predictions have not panned out exactly the way we thought. More on Future of Health and Healthcare View all How China pays for its COVID-19 medical bills During a pandemic, how medical costs are shared among the state, insurers and patients has a profound impact on individual wellbeing and welfare. The healthcare industry strives to expand the use of open systems and frameworks, including standards such as APIs and platform integration, to solve HIT system interoperability and data integration challenges. Prediction #5: Interoperability by pure-play solution vendors will gain ground against standalone systems. We believe the sustainability of the annuity-based reimbursement model will unlock commercialization potential of gene therapies and achieve revenue of $2 billion by the end of 2020.