Despite rising trade tensions and a sluggish economic outlook for the year, it is estimated that the overall global healthcare market will grow 5.3 per cent in 2020, exceeding $2-trillion in manufacturer revenue, according to consulting firm Frost & Sullivan.
“The global healthcare industry is set for an invigorating year due to a partial realization of major healthcare policies and initiatives and technology advancements,” Frost & Sullivan said in a statement released Feb. 18. “Value-based care is driving the adoption and need for consumer-centric, targeted therapies.”
The firm says that 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 also likely gain market traction. At the same time, the firm says despite artificial intelligence in the medical imaging market crossing $400-million in 2020, companies there will likely be compelled to rethink data science practices “to convince the community of fair, ethical and no-harm use.”
Around the world, Frost & Sullivan adds that there are considerable growth opportunities in several regions. In the United States, healthcare consumers will continue to request and actively pursue telehealth technology to replace in-person visits with their healthcare providers. In Europe, economics, population and behaviour dynamics will lead to a rise in healthcare spending. Increased local manufacturing and government spending on lifestyle diseases will be key driving factors in the Middle East, while China’s aggressive policymaking creates a positive outlook, especially for innovator biologics, medical devices and digital solutions in the Asia Pacific region. Finally, in Latin America, the firm says high growth is expected in virtual and home care segments in major countries.
