MOUNTAIN VIEW, Calif., July 28, 2015 /PRNewswire/ -- The healthcare industry is reinventing itself faster than ever. New ideas and technologies are paving the way for the world's largest industry to move past outdated methods of delivery. Monetary validation of the new approaches and business models has originated from investors willing to stake capital within these ventures, as well as, customers allocating budgets for the adoption of these solutions.
Interestingly, many of the innovations poised to have the highest degree of impact are initiatives from companies outside of the healthcare sector. Many of these technology leaders, having reinvented other industries, are looking to apply their competencies towards solving some of the biggest issues afflicting the healthcare delivery. New partnerships and collaborations are being formed between companies, organizations and the government to ensure deployed solutions have the highest opportunity of gaining traction.
As convergence trends take hold, highly anticipated transitions expect to impact the industry by:
- Modernizing the existing infrastructure for care delivery.
- Engaging and empowering patients
- Automating information collection, storage, analysis and dissemination
- Boosting decision support resources
- Facilitating access to care
- Mitigating errors
- Reducing the cost of care per interaction
For further information on Frost & Sullivan's tracker of 'Companies Reinventing Healthcare' and a complimentary list of select companies, please visit: http://bit.ly/1Ip3e33.
"The concept of value creation in the healthcare industry has undergone a fundamental shift," said Frost & Sullivan's Visionary Healthcare Program Global Director Venkat Rajan. "Accordingly, the manner in which the industry develops, positions, bundles and monetizes its solutions to customers must evolve."
Traditionally in the healthcare industry, successful startup companies have focused on solving key issues pertinent to certain specific disease states, such as oncology and cardiology. Today the narrative has shifted towards early stage ventures addressing issues involving multiple conditions, care settings and a variety of other target use cases. High growth sectors of the new healthcare market paradigm include:
- Artificial intelligence- decision support tools
- Chronic disease management
- Innovating to zero
- Patient engagement
- Care personalization/customization
- Care anywhere-any time
- Smart computing
- Cost of care/operation innovations
While developments in other areas are not necessarily excluded from success, companies addressing one or multiple areas of the 'new healthcare market paradigm' are particularly primed for success. They are best positioned to capture where investors are looking to invest, and where customers are looking to buy.
Frost & Sullivan's Healthcare & Life Sciences (http://www.healthcare.frost.com) Growth Partnership Service program offers several studies that provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Corporate Communications – North America
SOURCE Frost & Sullivan