The transition to value-based care, health tech like artificial intelligence and machine learning, and the emergence of private insurance models will be some of the biggest changes to how the healthcare industry operates, according to Forbes.
Forbes has issued predictions regarding changes to the healthcare industry for the past 10 years. Analysts at the publication view 2019 as the year of value-based care, as the model is incorporated across health systems globally. Access to affordable and quality care will also play a key political role during 2019 elections in emerging markets such as Asia, Africa, and Central and Eastern European countries, analysts predict.
Here are Forbes' top seven predictions for the healthcare space in 2019:
1. Fifteen percent of global healthcare spending will be tied to value-based care models. Analysts suggest the impetus for the shift will be more urgent for countries like the U.S., the Netherlands, Sweden, France, Canada and others that spend 10 percent or more of their gross domestic product on healthcare.
2. AI for healthcare IT application will cross $1.7 billion by 2019. By operationalizing AI platforms across select healthcare workflows, organizations may see a 10 to 15 percent gain in productivity during the next two to three years. Forbes also predicts more AI solutions will be used in imaging diagnostics, drug discovery and risk-analytics applications.
3. Digital health tech for out-of-hospital incidents will grow by 30 percent to more than $25 billion. Patients' increasing cost burden from chronic health conditions and aging populations will be the chief driver for digital health solutions like RPM devices, telehealth and mobile health applications.
4. Asia will become the new hub for global drug and device original equipment manufacturing. Emerging markets in Asia and elsewhere now contribute 20 to 30 percent of the pharmaceutical industry's value with double-digit growth. Forbes suggests that by 2019, up to 10 percent of healthcare research and development will be invested to localize innovation in emerging markets.
5. Analytics will shift from big data to meaningful small data by hospital specialty. By 2019, 50 percent of all healthcare companies will have resources dedicated to accessing, sharing and analyzing real-world evidence for use across their organizations.
6. Healthcare will be further incorporated into voice applications. As major companies continue to compete for market share in the voice technology market, Forbes anticipates HIPAA-compliant voice and chatbot applications for healthcare will gain more prominence.
7. Innovative private insurance models will shake up the payer industry. The health insurance industry is poised to see less than 1.5 percent growth during 2018. As a result, insurance providers will need to begin providing personalized, digital-driven healthcare services to their policyholders. Research by consulting firm Frost & Sullivan cited by Forbes indicates interactive policies will continue to gain popularity globally as insurers leverage individual data to personalize premiums and discounts.
To access the full report, click here.