What technologies do you have in your portfolio? According to a recent report from Frost & Sullivan, “a combined regime of macro volatility and industry forces is playing out” that requires rethinking product portfolios, “including the role of the role of wearables, artificial intelligence, Internet of medical things, and cloud to reduce human errors and improve efficiencies.”
The report presents 10 areas that represent the growth opportunities for healthcare and life sciences in this new post-pandemic era.
- Intense competition will firmly establish the role of chief revenue officer in standard organization structure.
- Healthcare cloud market reaches $25.8 billion, as organizations retain “cloud first” approach in their digital transformation strategy.
- Digital health funding will dip but femtech investments will hold on steady growth reaching $0.73 billion.
- 25 percent of demand in molecular synromic-based testing will come from infectious disease pathogens.
- More than 30 percent of pharmaceutical companies in Europe will seek alternative energy sources.
- Cardiac wearables will dominate the wearables sector, providing new revenue streams for the hospital-at-home market.
- Healthcare staff turnover rates will spike, driving the hospital operational efficiency solutions market to increase by more than 10 percent.
- Clarity on regulations for software-as-a-medical device (SaMD) will significantly ramp up investments.
- Integrated diagnostics platforms unifying data from medical imaging and anatomical pathology will become mainstream.
- Supply-chain disruptions will extend shrinking net industry profits by 3–5 percent.
While the global labor market is expected to remain tight due to aging workforces, the pandemic’s impact will continue to keep price inflation higher than pre-pandemic levels, according to the report. It points to the slowing growth of the GDP in both the United States and Europe pushing organizations to explore options for improving supply chain efficiency.
But, the report says, the big story for healthcare and life sciences industry is the significant increase of the collaborative mindset between payers, providers, and healthcare organizations to foster innovations, benefiting patient care at home and, through that process, partnering in ways to bend the healthcare cost curve.
Editor and Director of Medical Content
A copy of the report is available here .