Medical Top Trends in the 2020s
The global market overview for healthcare and medical products looks promising thanks to technology advancements that are transforming the entire industry with a driving focus on patient-centered care. Like what’s happening in other sectors, even the medical one is experiencing the growing trend towards the era of the individual consumer rather than mass consumption.
Customized products on demand, broad availability of information on the net, mobile era that means always on the move: that’s the global scenario of all markets.
In the medical sector this means change of perspective that involves procedures and expectations.
According to the Deloitte global healthcare sector outlook 2017 , the global health expenditures situation is projected to reach $ 8.7 trillion by 2020 from $ 7 trillion in 2015 with a steady growth in North America and Europe of 4% CAGR as shown in the following figure.
Healthcare market is going to experience this increase driven by 5 top trends:
- Longer expectation of life and aging population: a demographic change already happening
- Increasing patient awareness and expectations
- Increasing demand for healthcare services and reducing the rising cost of those services
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Innovation as imperative trend in medical means 3D printing, implantable devices, robotic surgery and other digital-enabled approaches that can improve healthcare and reduce spending
- Regulatory compliance updating to innovation advancements
The 5 top trends pinpointed here are particularly driven by one: 3D printing can in fact achieve most of the solutions needed nowadays and in the foreseeable future. Just think about the advantages that this technology can perform, from faster time-to-market and customization of products to cost reduction and automated production. All these features constantly required both from medical companies, doctors and patients as well.
The key segments of healthcare, where the 5 top trends will be focusing on, are:
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DENTAL: already defined market with increasing usage of digital technologies and 3D printing
- PROSTHETICS: big and challenging segment with high quality product requirements
- BIOMEDICAL: still in a developing phase, but also very promising
- MEDICAL DEVICES: from instruments to more complex digital devices
Considering these top trends and key features in healthcare, the suggestion to follow for the next few years seems to be learn from the journeys of others, including those in industries outside of healthcare. Medical related companies and clinics should do as commercial companies do: investing to better understand their market and customers, and improve the patient experience with the consciousness of today’s engaged and informed consumers.