The Top Healthcare Predictions for the Coming Year 2019

The growth and development of Indian healthcare is witnessing a steep rise in the recent years and it is all owing to the egress of technological advancements, corporatization of healthcare facilities, an influx of medical tourism, and incite for innovative healthcare. As the public needs and demands for healthcare grows, the industry has to find ways to deliver quality, cost-effective healthcare services. The consumer mindset for future looks out for services with lesser waiting times, quicker response, and convenience, therefore, the healthcare industry has to revamp its existing models with future-relevant healthcare products and services.

Having said that, 2019 would definitely be a year of major transformations for the healthcare industry witnessing new entrants and innovations in the market. Though the industry is becoming more diversified and competitive, there are immense opportunities for the healthcare industry to leverage the advancements within the field. Here are a few of the upcoming healthcare trends that would transform the industry for better, promoting a conducive environment for everyone including patients, healthcare providers, and the entire health system on the whole.

Shift to Value-based Care

Globally, there has been a transformation to value-based care as the healthcare costs are mounting and consumers continue to drive change. The patient health outcome based care model is hence expected to gain traction in 2019 to help drive greater value into the healthcare system. With the increasing shift to a pricing model where healthcare costs are tied to the quality of care provided and the outcomes gained, the healthcare industry, particularly providers, are likely to experience disruptions in sales growth and margins. However, this outcome-based model is ultimately good for patient care, nevertheless, healthcare providers have to face the daunting prospect of containing healthcare costs while improving patient outcomes.

With this transit to value-based care model, the healthcare industry will continue to experience the changes and it is anticipated that 15% of global healthcare spending by the end of 2019, will be associated with some form of value or outcome based care concepts. On the part of the healthcare providers, the transition from a cost-effective model to focus on patient health outcomes and treatment will continue to grow through a sustainable reimbursement model that benefits both healthcare providers and consumers. 

Artificial Intelligence (AI) for healthcare

As of now, 2019 has been anticipated to be the reality check for one of the most hyped technologies of the current decade, viz. artificial intelligence (AI). The use of AI across both clinical and non-clinical functions in healthcare is expected to show hard results, as an outcome of which, the growth of AI will get further bolstered in the healthcare space. In the coming years, AI and machine learning are expected to evolve even more and specifically, artificial intelligence will see fruition in many of the healthcare domains such as imaging diagnostic, drug discovery, and several risk analytics applications.

The Healthcare IT application market is estimated to cross $1.7 billion by the end of 2019, ushering in the era of digital AI technology. Moreover, operationalizing AI platforms across different healthcare workflows is anticipated to result in 10-15% productivity gain for the healthcare industry over the next few years. However, the pricing for the AI solution still remains a matter of concern as it would add additional budget into the healthcare cost for end-users. In that sense, a cost-effective approach to the use of AI for healthcare should be on the lines of development so that it would benefit both the parties, thereby sustaining the market growth.

Digital Health Tech

The application of digital health technologies is witnessing a tremendous growth in the healthcare sphere. Along with digital health tech, the emergence of the Internet of Things (IoMT), smart sensors, and interconnected wearables are also seeing a significant growth in recent years. The increasing cost burden from NCDs and the changing demographic population remain the chief drivers for digital health solutions. In the coming years, this tech will see a steady boom and will continue to go far beyond the conventional system.

The rise of digital health technologies in healthcare will empower consumers to manage their own health by means of apps and connected devices. Digital health solutions such as telehealth platforms, RPM devices, PERS, and mHealth applications are on the rise conquering the healthcare market. According to statistics, digital health tech will grow by 30 percent and cross an average of $25 billion market globally by the end of next year. Favorable reimbursement policies would expand care delivery models beyond hospital care and physical medicine to digital wellness therapies, nutrition, behavioral health, and lifestyle management.

In a nutshell, innovative healthcare trends will dominate and shape the development of medical and healthcare industry in 2019 and beyond, providing the impetus for the public/private healthcare systems to ensure accessibility and affordability of patient care.  However, to cope with the changing healthcare trends, the healthcare industry will need to employ efficient and well-trained management professionals who can understand as well as cater to the demands of the industry. At IIHMR, New Delhi, special focus is given to grooming and educating the students so as to prepare them for the challenges that the healthcare industry will pose to them in the times to come. IIHMR puts special focus on transforming the learning experience for students so as to enable them to compete with the upcoming trends and technology and embrace the modern healthcare space successfully.