MedTech Predictions for 2016
Gone are the days of the next blockbuster drug or medical devices; expect to see data science and consumers reign over the healthcare industry, according to Reenita Das, partner and vice president of transformational health at Frost & Sullivan. Das provided a review of this year’s healthcare developments and what to expect in 2016 during a recent webcast.
2015 Healthcare Market in Review
- About 50% increase in consumer healthcare spending
- Tremendous price erosion and commoditization of medical products
- Telecoms build and launch dedicated home healthcare services (AT&T, Verizon, Sprint, etc.)
- Data and cybersecurity breaches provoke high interest and action
- Artificial intelligence continues to rise (IBM formed several partnerships this year in connection with its Watson technology platform, including with Johnson & Johnson, Medtronic, and Walgreens)
Market Changes for 2016
- Total healthcare industry (encompasses pharmaceuticals, medical devices, medical imaging equipment, in vitro diagnostics, patient monitoring equipment, and healthcare IT) to experience 6.9% growth rate in the next year to hit $6.8 billion
- Fueled by point-of-care testing, in vitro diagnostics to grow 7.2%
- Medical devices expected to experience 4.1% growth rate
- Medtech industry will continue to move up healthcare continuum as it tries to capture services related to disease prevention, education, diagnosis and tracking
- “Buying spree” to occur between cardiac and patient monitoring companies and early-stage companies that are developing clinical-grade wearables
- Healthcare spending will continue to dominate healthcare market (United States, Europe and Japan will hold on to 72% of market share)
- Demand for healthcare data management systems to increase
Healthcare Predictions for 2016
- Next-generation wearables will drive market to $6 billion
- Retail care shift to mainstream as in-store clinic footprint expands by 35%
- $50+ billion in mergers & acquisitions
- Free preventive care services to more than 90% in United States
- Internet of Things solutions to spark $10 billion in venture capital investment for start-up firms
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