Despite rising trade tension and a sluggish economic outlook for 2020, the global healthcare industry is set for an invigorating year due to a partial realization of major healthcare policies and initiatives and technology advancements. Moreover, value-based care is driving the adoption and need for consumer-centric targeted therapies. Retail giants such as Amazon, Walmart, CVS, Ali Health, and Best Buy will continue to make further headway into the individual care space, driving the “comparison shopping” consumer trend for healthcare services and products. With these trends, the overall global healthcare market is poised to register a 5.3% growth in 2020 and exceed $2 trillion in manufacturer revenue.
Frost & Sullivan’s recent analysis, Global Healthcare Market Outlook, 2020, analyzes actionable insights and predictions for key technologies, regional trends, and major healthcare growth opportunities in 2020. The key sectors covered include pharmaceuticals and biotechnology, in-vitro diagnostics (IVD), medical technologies, medical imaging equipment, and healthcare IT (HIT).
“Interoperability will finally take a major step forward in terms of government policies, vendor acceptance, and providers’ and payers’ focus on investing in healthcare IT (HIT) systems and medical technology-integrated platform solutions,” said Kamaljit Behera, Senior Industry Analyst, Transformational Health. “Furthermore, despite artificial intelligence (AI) in the medical imaging market crossing $400 million in 2020, start-ups and innovators will be compelled to rethink data science practices to convince the community of fair, ethical, and no-harm use.”
Increased adoption of annuity-based specialized reimbursement programs by private insurance companies and therapy manufacturers will unlock the commercialization potential of gene therapies. Precision medicine informatics platforms capable of leveraging genomic, clinical, financial, and lifestyle data sets will gain market traction.
Regionally, there are considerable growth opportunities in:
• The United States: Technology-savvy healthcare consumers that receive healthcare coverage from their employers will continue to request and actively pursue telehealth technology, replacing in-person visits with their providers.
• Europe: Shifting economics, population, and behavior dynamics will lead to a rise in healthcare expenditure in many European countries. Addressing long-pending digital health objectives will be a strategic priority in 2020.
• The Middle East: Increased local manufacturing and government spending on lifestyle diseases will be key driving factors, mainly across the Gulf Cooperation Council (GCC) countries.
• Asia-Pacific: China’s aggressive policymaking creates a positive outlook, especially for innovator biologics, medical devices, and digital solutions.
• Latin America: Virtual and home care segments are expected to witness high growth in major countries such as Colombia, Argentina, Chile, and Mexico.
Global Healthcare Market Outlook, 2020 is part of Frost & Sullivan’s global Transformational Health Growth Partnership Service program.
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Global Healthcare Market Outlook, 2020 / K40D-52