MOUNTAIN VIEW, Calif., Feb. 23, 2016 /PRNewswire/ -- With Artificial Intelligence (AI) enabling a vast array of applications, healthcare companies have been eager to layer their existing lines of business with AI-based services. While pharma companies have been seeking tools for tracking the effectiveness of therapeutics, imaging companies have been augmenting the interpretability of scans through cognitive pattern interpretation.
Recent analysis from Frost & Sullivan, 2016 Global Outlook for the Healthcare Industry (http://frost.ly/1l), finds the industry was worth $1.58 billion in 2015 and estimates this to reach $1.68 billion in 2016, growing at a rate of 6.9 percent.
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Approximately 24 percent of consumers currently use mobile apps to track health and wellness, 16 percent use wearable sensors and 29 percent use electronic personal health records. Significantly, 47 percent of consumers reported they would consider using wearables in the near future, prompting technology developers to design wearables with advanced sensing, capture and analytical functionalities. The collected data from wearables are gaining relevancy through AI facilitated patient guidance and coaching.
Meanwhile, the healthcare industry has become more consumer-oriented and transparent with rating systems, incentives, penalties as well as online reviews for providers and physicians.
"There had been considerable excitement surrounding consumerization in healthcare for many years, now it has begun to acquire new dimensions," said Frost & Sullivan Transformational Health Research Analyst Siddharth Shah. "There are more options for wellness and fitness technologies, virtual care and tools for disease management. Furthermore, there is greater flexibility in pricing and a higher degree of customization."
However, in spite of these developments, the slowing top line growth and narrowing margins have given companies for a reason to worry. Start-up companies are more optimistic than established organizations and are expecting quicker time to market, return on investment (ROI) and pace of market evolution due to the Internet of Things (IoT) as well as additional industry convergence trends.
"In 2015, retailers made sizeable investments in expanding their clinical footprint, acquiring new tools and forming unique partnerships with healthcare companies," observed Shah. "These investments are expected to bring great returns in 2016 and help companies execute their strategies of becoming the front line of primary care services."
2016 Global Outlook for the Healthcare Industry is part of the Visionary Health (http://ww2.frost.com/research/industry/healthcare/advanced-medical-technologies) Growth Partnership Service program. Frost & Sullivan's related studies include: 2016 prediction trends for pharmaceutical biotechnology, medical device, medical imaging equipment, in vitro diagnostics, patient monitoring and healthcare IT. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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2016 Global Outlook for the Healthcare Industry
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SOURCE Frost & Sullivan