Looking for a bit of good news to get the new week started? Three separate stories below provide a dose of optimism.
According to global research and consulting firm Frost & Sullivan, the healthcare industry is expected to experience several innovations throughout 2016.
“This year is poised to be impacted by healthcare transformations,” says the organization. Nitlin Naik, Frost & Sullivan’s Vice President of Life Sciences, says that in the pharmaceutical industry, “Several new demand spaces such as innovative therapeutics (immuno-oncology), biosimilars and regenerative medicine (cell therapy) have emerged. Additionally, pharmaceutical companies are sharpening their long-term positions. Fundamental behavioral shifts in these spaces are redefining the market, forcing companies to adopt a “beyond the pill” approach and increase investments in innovations related to supply chain, mHealth and digital marketing channels.”
Discussing diagnostics, Naik says, “Immense market opportunities are at the horizon for the in-vitro diagnostics market participants as they look to increasingly focus on technologies that promote decentralization. With healthcare becoming more consumer-centric both healthcare systems, payers and providers are looking to invest in digital strategies to improve the cost effectiveness of this $58.2 billion industry.
“Under the heavily consolidating industry, companies must be ready to capture these opportunities and focus on the hot buttons in 2016. Major investment areas include liquid biopsy, next-generation sequencing, companion diagnostics and molecular point-of-care testing technologies.”
Obtain a complimentary copy of preview slides associated with Frost & Sullivan's research: “2016 Global Outlook for the Healthcare Industry.”
The global market for in-vitro diagnostics packaging looks strong as well, according to a new Technavio report.
Technavio’s market research analyst predicts the global IVD packaging market to grow at a Compound Annual Growth Rate of around 3% between 2016 and 2020. The prospects for growth in this market are driven by the recent increase in diagnostic services and a rise in the incidence and prevalence of chronic diseases and infections. Additionally, the growing practice of self-testing by patients at home is a noteworthy factor that incites market growth during the forecast period.
Emerging countries also represent a key driver for the growth of this market. Says Technavio, “In recent times, it has been observed that product manufacturers are focusing on emerging economies, such as Brazil, Russia, India, and China (BRIC), to expand their operations. The improvement of the existing healthcare infrastructure in these countries will result in the augmented demand for IVD packaging during the forecast period.”
Technavio analysts estimate that bottles and vials segment to be the highest revenue-generating segment during the forecast period. The ability of vials and bottles to withstand high temperatures, chemical shocks, and thermal shocks will result in its augmented adoption during the predicted period.
Humanity and healthcare
Encouraging news also comes in the form of a March 1 “Humanity + Healthcare” story on the website of Spring Design Partners, a New Yor City brand consultancy that lists Abbott Laboratories, Johnson & Johnson, Western Connecticut Health Network and Medicom among the companies it has served.
The Spring Design Partners story says,” Today, people care more about the quality of each of their experiences than ever before, and this is no different in the healthcare industry. The human experience is everything, and healthcare brands have begun infusing humanity into every aspect of their brand experience. This new emotional approach to healthcare branding is more than just a response to a larger trend to counterbalance the cold and sterile tone people associate with healthcare of the past—It is a business driving tool. These institutions are welcoming a new way to approach healthcare where people are the focus, not the paperwork.”
Spring Design Partners quotes Dr. Richard Levin of the Arnold P. Gold Foundation as saying, “Research shows that healthcare provided with technological sophistication and humanism results in better health and better health outcomes, at significantly lower costs.”
The design and branding firm notes, “With a changed approach to healthcare comes a changed approach to healthcare branding. Recognizing that the transaction between doctor and patient, hospital and patient, or insurance company and patient, is an experience that has the potential to promote loyalty and change the game of healthcare.”