According to a recent report from Frost & Sullivan, Mountain View, Calif, the healthcare industry is reinventing itself faster than ever with new ideas and technologies that are paving the way for the industry to move past outdated methods of delivery. However, new ideas and innovations aren’t necessarily coming from within the healthcare sector itself, reports Frost & Sullivan, but from non-healthcare companies. Apparently, monetary validation of new approaches and business models has originated from investors outside of the industry who are willing to stake capital on healthcare ventures, as well as from customers allocating budgets for the adoption of these solutions.
Frost & Sullivan’s report shows that many of the innovations poised to have the highest degree of impact on healthcare are initiatives from companies helmed by technology leaders who have reinvented other industries and are now looking to apply their competencies towards solving some of the issues challenging delivery of health care. Companies are forming new partnerships and collaborations with organizations and the government to ensure that healthcare solutions gain traction.
This convergence, according to the report, will impact the healthcare 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; and reducing the cost of care per interaction.
High growth sectors of the new healthcare market paradigm are expected to include artificial intelligence-decision support tools; chronic disease management; patient engagement; care customization; care anywhere-anytime; interoperability; smart computing; and cost of care or operation innovations. While developments in other areas are not necessarily excluded from the predictions for success, the report emphasizes that companies addressing one or multiple areas of the ‘new healthcare market paradigm’ are particularly primed for success.
Some of the companies highlighted as prime healthcare industry collaborators and innovators in the Frost & Sullivan report include:
Fitbit, which produces consumer-targeted wearable technology for health and fitness, and is anticipated to evolve further into integrating more seamless sensors for monitoring and more complex data modeling and health guidance.
Validic, which has developed a digital health platform that solves key data integration challenges involving devices and applications, and is anticipated to enable next generation patient engagement and population management for care coordination and wellness programs.
MedWand, which has produced a handheld portable diagnostic tool for collecting basic patients’ vitals, and is anticipated to further develop the tool to expand the personnel who can perform diagnostic tests with greater frequency in a wider range of settings, while also increasing the frequency at which changes can be tracked.
For further information and a complimentary list of select companies from the report, please visit the Frost & Sullivan website.
Frost & Sullivan’s Healthcare & Life Sciences Growth Partnership Service program offers several studies that provide detailed market opportunities and industry trends.