The Shift from Treatment to Prevention: A Drive towards Cutting Healthcare Costs A new market landscape offers companies ripe opportunities to thrive and compete
MOUNTAIN VIEW, Calif., Jan. 23, 2013 /PRNewswire/ -- Many healthcare experts believe exigent healthcare costs are controllable by focusing on the pre-emptive component of healthcare. Following this trend, a lot of emphasis was recently put on providing adequate preventative care, which provides immense opportunities for both healthcare and non-healthcare organizations. Within the preventative care space, the products and services can be segmented into three primary components: patient education systems (including wellness programs), aging in place services, and remote monitoring devices.
New analysis from Frost & Sullivan's (http://medtech.frost.com) Shifting Toward Preventative Healthcare Models in the United States research on preventative health technologies finds that amidst the several challenges that exist in the market, vast opportunities are present for growth. The unique technology matrix included in the analysis evaluates the entire market landscape by health condition and level of medical professional involvement. The research finds that although lack of incentives does slow the adoption process, government regulations and an exceeding burden on the economy are pushing healthcare professionals to reach new levels of service and technology innovation.
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Due to a shortage of reimbursements available for the use of preventative technologies, many physicians and patients are hesitant to implement such systems, especially when they are uncertain about the cost-effectiveness. While it may be more costly in the future if healthcare providers choose not to adopt these preventative technologies, many do not have the available funds needed to purchase such technologies at high initial investment costs. Also, patients are unaware of the effectiveness of both patient education systems and remote monitoring devices, hindering the progress of preventative technologies.
"Everyone involved in healthcare must realize that disregarding more cost-effective and efficient delivery of healthcare can potentially bankrupt many states," said Frost & Sullivan Senior Industry Analyst Aarti Shetty. "This also creates heavy financial burdens for the federal government, while jeopardizing the overall quality of care."
Physicians must adapt their mentality to realize that prevention is an important component of healthcare, as it reduces the need for diagnosis, treatment and therapy. However, unless healthcare providers are reimbursed for their use of such technologies, there will be a slow movement in the preventative technologies market.
"With the availability of preventative services such as patient education systems, wellness programs, and remote monitoring devices, consumers can begin to establish better health through improved lifestyle habits," concluded Shetty. "An increased adoption of preventative technologies promoting healthier tendencies can help lower overall costs by decreasing the number of needed consumer healthcare services in the future."
Since today's patients with chronic diseases desire to maintain their independence from hospital care and be more engaged in managing their illnesses, the demand for remote monitoring devices has increased. Growth in this segment of the population expands the market base for preventative technologies, one step at a time.
Shifting Toward Preventative Healthcare Models in the United States is part of the Advanced Medical Technologies Growth Partnership Services program, which also includes research in the following markets: Global Trends in Medical Imaging – Cardiology Applications, Analysis of the North American Medication Management Market, Analysis of the North American Telehealth Industry, and Analysis of the U.S. Obesity Surgery Devices Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Shifting Toward Preventative Healthcare Models in the United States
SOURCE Frost & Sullivan