Frost & Sullivan predict growth in mHealth, cloud computing and regulatory environment
Frost & Sullivan has made its three big predictions for the global healthcare market. Based on a 2013 Search for Growth survey of 1,835 executives in more than 40 countries, Frost & Sullivan have said key areas of growth in 2014 and beyond will be in mHealth, cloud computing and regulatory environments.
"The research team has used the findings to select and prioritize the subjects deemed to be poised for the greatest growth," said Dorman Followwill, Frost & Sullivan partner. "The insight also has been essential in unveiling the business outlook for pharmaceuticals, biotechnology, clinical diagnostics and medical devices, as well as to provide a global perspective on the industry's geographical hot spots."
mHealth expansion has been fueled by the unprecedented spread of mobile technologies, as well as advancements in their innovative application to address health priorities. It is largely supported by mobile devices such as mobile phones, patient monitoring devices and personal digital assistants (PDAs). The penetration prospects of mHealth technologies are significant in wireless vital signs monitoring, location-aware telemonitoring systems and Bluetooth wireless technology-enabled health trackers. It will provide innovative solutions for stakeholders, both providers and patients alike, across the spectrum.
In addition, as more healthcare IT and patient monitoring tools are integrated, every hospital facility eventually will have to acquire a fully-enterprise wireless solution. The most innovative mobile healthcare solutions that best meet pressing healthcare needs will be adopted as the gold standard.
Enterprise-wide healthcare informatics also will improve the quality of medical services and efficiency of operations while reducing expenditures. Cloud computing is considered to be a key enabler for enterprise-wide solutions. Implementing cloud computing technologies appropriately will help healthcare providers improve the quality of medical services and the efficiency of operations, share information across geographic locations and manage expenditures. The concept can be applied in a variety of ways, including data storage and data loss prevention, maintaining patient information records and authorized sharing of information.
The advantages that cloud computing provide can change the dynamics of the healthcare informatics industry over time. The need for efficient sharing of information across locations in a synchronized manner will be a key driver for cloud computing in healthcare.
As for regulatory environment, recent healthcare reforms and policy initiatives across many countries have emphasized the importance of quality of care more than quantity. In the absence of a sufficient proof of clinical benefit, reimbursements may pose a major hurdle.
Three big predictions can be formulated based on the survey's results:
- As healthcare is geared toward a personalized medicine model, companion diagnostics will alter drug development and the commercialization process of drug candidates. Combining biomarkers and drugs will result in enhanced therapeutic efficacy and safety.
- The healthcare and life sciences industry will consolidate further in this decade, with many big pharma companies seeking alternatives to the blockbuster model.
- The rise of new technologies capable of integrating medical devices into a connected platform will enhance the functionality of devices, reduce the manpower burden and minimize errors.
Other hot areas that emerged from the survey include cancer market outlook, remote monitoring, drug delivery market, patient and consumer engagement, healthcare dashboards, ehealth medical records, medical devices growth drivers, drug discovery research outsourcing market, homecare market trends, video telemedicine and cardiovascular therapeutics.