Frost & Sullivan’s recent analysis of the global healthcare market post covid forecasts 2020 will be an unforgiving yet transformational year in the healthcare industry. As the world struggles with this global emergency, the healthcare industry should expect to see a drop in growth from 5.3% to .6% by the end of 2020, with revenues remaining below the $2 trillion marks.
Because of their analyses, Frost & Sullivan have revisited predictions and identified the top for the global healthcare industry post covid-19:
- The United States will have an excess of 100,000 ventilators, while Western Europe will purchase an additional 30,000-50,000. This uneven distribution across the world will not only redefine non-hospital and home critical care models but will also revive the mature mounting devices post Covid.
- Traditional models of in-vitro diagnostics testing in a healthcare setting are unable to meet unprecedented demand. By the start of 2021, the $5 billion point-of-care testings for the infectious disease market will drive the change in service models with alternate testing sites like pharmacies (CVS, Walgreens, etc.). These stores have already begun building the infrastructure to offer IVD testing at their locations.
- Virtual consultations by healthcare professionals will become the mainstream care delivery model post covid-19. However, reimbursement, physician training, and platform usability will be the key to recalibrating Telehealth.
Moving forward, healthcare IT companies are leaning towards AI platforms that predict pandemics, forecast patient volume, and drive the general well-being of the insured population through medication management and self-care enablement. Hopefully, through these analyses from Frost & Sullivan, companies can identify top growth opportunities as well as high-risk measures to help survive through the pandemic.