AI, telehealth are among technologies to rapidly expand in 2020
Payers and providers will see artificial intelligence, care coordination, cybersecurity, data analytics, digital therapeutics and telehealth drive the digital health market in 2020.
The study by Dublin-based Research and Markets, entitled, "Global Digital Health Outlook, 2020," says digital health “is a growing but complex market,” with an expected compound annual growth rate of 12 percent through 2023.
Payers should look to digital solutions to boost the quality and efficiency of healthcare, authors of the study say. In addition, digital health solutions are expected to offer “great promise” for new care delivery models and expanded access.
For the study, analysts looked at the recurring themes visible across all global markets, including an aging population, a rising prevalence of chronic diseases, anticipated medical staff shortages, long wait times to get care, universal concerns about the quality of care, and the need for a common technical platform.
Research and Markets’ findings dovetail with predictions from executives at Elsevier, a global information analytics business headquartered in Amsterdam.
According to John Danaher, MD, Elsevier’s global president of clinical solutions, improved quality of care will lead to reduced healthcare costs in 2020, but only if the healthcare sector makes use of the technology available.
“Although industry chatter surrounds the popularity of decreasing care variability, a majority of health systems have yet to adopt services/protocols to draw meaningful impact,” Danaher says. “Clinical decision support technology assists physicians with predictive AI technology, allowing physicians to standardize data and make more informed decisions, at the point of care.”
Danaher notes that empowering physicians with AI technology tools at the point of care will not only improve patient outcomes, but it will reduce the traditional inefficiencies often associated with paperwork and data entry.
Rich Loomis, MD, chief informatics officer for clinical solutions at Elsevier says digital health tools will move beyond consumer technology and into health systems in 2020. “More consumers are taking the drivers’ seat when it comes to monitoring, and managing, their health,” he says. “This ‘consumerization of healthcare’ will expand, finding its place in the clinical care setting. And, as the adoption of collaborative patient-physician tools continue see an uptick, health systems will realize the positive impacts on the patient-physician relationship.”
Precision medicine is expected to grow beyond cancer treatment, according to Olaf Lodbrok, senior vice president and general manager of precision medicine and clinical solutions at Elsevier. “Technology and diagnostics created to customize cancer treatments based on an individuals’ genetic makeup is transforming cancer care as we know it,” he says. “The power of precision medicine will lead the charge in opening a paradigm shift toward other areas of medicine and we will continue to see this impact through 2020."
Access the Global Digital Health Outlook 2020 here.