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Stakeholders to Focus on Resource Optimization, New Growth Segments, and Cost Rationalization in a New Era of ‘Healthcare Preparedness’
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Every year, the team of futurists, analysts, and consultants in Frost & Sullivan's Transformational Healthcare Group comes together to render a comprehensive analysis to predict the themes, technologies, and global forces that will define the next 12 to 18 months (future) for the healthcare industry. In light of the lessons learned from the COVID-19 pandemic and the changing economic and business scenario, Frost & Sullivan has re-visited predictions and identified the top growth opportunities for companies to survive the remainder of 2020. Among the considerations:• Disrupted clinical trials and the subsequent delay in drug launches will pave the way for fully virtual trials, and hybridization of patient recruitment, retention, and monitoring will become pervasive.• An increase in point-of-care testing for infectious diseases is inevitable. With the looming change in service models, alternate testing sites such as pharmacies will become permanent ecosystem participants. • The supply of ventilators and critical care monitoring devices across regions has been uneven during the pandemic, but embedded analytics systems will revive the mature monitoring devices segment post-pandemic. • A resumption in imaging for the backlog of elective procedures in Q3 and Q4 2020 will be met by teleradiology and artificial intelligence-based solutions gaining from new investments. Scale-up in capacity, flexible payment options, and redistribution of the workload to manage deferrals will determine partnerships. • A tenfold increase in virtual consultations by healthcare providers is laying the foundation for the new normal. Reimbursement, physician training, and platform scalability will be key to recalibrate care delivery.Amid the uncertainty, leading healthcare players are adopting risk-mitigation measures and reprioritizing opportunities to recover from the pandemic and rebuild shareholder confidence. While the short-term demand for testing, personal protective equipment, and ventilators remains, and the race to find a vaccine and treatment for COVID-19 continues, healthcare companies must understand what the new normal means for the consumer and prepare a contingency plan to prevent a future healthcare crisis. As part of this research deliverable, Frost & Sullivan provides bold perspectives for the global healthcare market in 2020. The segments covered include pharmaceuticals and biotech, in vitro diagnostics, medical technologies, medical imaging, and healthcare IT. The analysis captures segment and regional trends and presents predictions for the remainder of 2020. The study provides guidance on where to find the greatest opportunities for expansion in the "Age of the Bio-Economy," which will have significant impact and transformation on economies, societies, and lives.Author: Unmesh Lal
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