SANTA CLARA, Calif., Dec. 1, 2016 /PRNewswire/ -- As various sectors in global healthcare grow at unequal rates, the potential $2.69 trillion industry for 2025 will look very different. Apart from healthcare advances such as precision medicine, technology advances such as artificial intelligence (AI), automation, augmented reality, virtual reality, big data analytics and healthcare IT solutions are disrupting the industry, creating new growth opportunities.
"Identifying the billion-dollar opportunities emerging across pharmaceuticals, biotechnology, medical imaging, patient monitoring, medical technologies, medical devices, in vitro diagnostics (IVD), and healthcare IT is crucial to optimize the growth trajectories the sectors will take until 2025," said Frost & Sullivan Transformational Health Research Analyst Siddharth Shah. "Healthcare IT, in particular, will see tremendous growth at a CAGR of 16.1 percent until 2025, even as the total healthcare industry growth averages at 5.6 percent."
New analysis, Vision 2025 - Future of Healthcare, part of Frost & Sullivan's Advanced Medical Technologies, identifies opportunities to enable participants to align their business model, products and services to succeed. A few of these opportunities for each sector include:
- targeted and immuno-oncology checkpoint therapeutics in pharma/biotech
- wearable devices and augmented/virtual reality in medical technologies
- magnetic resonance imaging adaptive radiation therapy and AI-enabled medical imaging data analysis in medical imaging equipment
- companion diagnostics in IVD
- advanced analytics for clinical predictions and data warehousing in healthcare IT
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"Data will become the new biology for tomorrow," said Shah. "The increasing number of information sources and information sharing among care teams, patients, families, providers, and payers is what will allow for better care coordination and advanced analytics that enable improved patient health outcomes."
As external technological developments and non-healthcare entities enter healthcare, the challenge is two-fold for healthcare participants: no control over advancements and competition from non-healthcare tech experts. The combined effect of transformational shifts and new opportunities will facilitate the emergence of new business models in the industry.
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Vision 2025- Future of Healthcare
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SOURCE Frost & Sullivan