Frost & Sullivan Recognizes World Health Day and Names 3 Top Technologies Fostering Global Healthcare Access
April 09, 2018 at 8:06 AM
Happy #WorldHealthDay (on April 7th)!
Each year, the World Health Organization (WHO) celebrates World Health Day to promote global health awareness. In the spirit of this year’s theme, “Universal Health Coverage: Everyone, Everywhere”, Frost & Sullivan identifies new technologies that promise to reduce the gap between the healthcare haves and have-nots.
If you are interested in learning more about how new technology improves health access and in speaking with our experts, please call (212.348.1012) or email me (email@example.com).
"It is crucial to realize the importance of this year's World Health Day theme on #HealthForAll. Statistics show that about half of the world lacks access to essential healthcare services. Leveraging technology advances has been key to improving this scenario,” explained Siddharth Shah, Frost & Sullivan’s Visionary Healthcare Industry Analyst.
Frost & Sullivan identified the top three technologies that improve healthcare access globally:
1. Telehealth involves the use of telecommunications and virtual technology to deliver health care outside of traditional health-care facilities.
- In Asia-Pacific, the total market is expected to reach $1.77 billion by 2020, with Japan representing the largest telehealth market in terms of revenue entirely because it has sophisticated technologies to support aged care.
- In Brazil, telehealth is strongly focused on teleradiology, which represents over 98% of the market segment revenue. The total market is predicted to reach $744 million by 2020.
- In the US, the overall telehealth market will grow at a compound annual growth rate (CAGR) of 29.3% from 2016 to 2021. The specific adoption of telemental health technology-driven solutions is being driven by the high incidence of mental health disorders, lack of access to mental health professionals, and challenges associated with substance abuse.The US telemental health market revenue is forecast to reach $746.6 million by 2021.
2. Mobile Health (mHealth) is a technology-based capability that can connect a patient to healthcare providers regardless of the patient‘s location. mHealth or Mobile Health could also easily stand for “More Healthcare” opportunities. From wearables to apps, vital signs remote monitoring and chronic disease management, mHealth is constantly transforming the entire ecosystem with new value propositions and solutions.
- In Europe, the high prevalence of chronic diseases, an ageing population, and the need for improving efficiency and quality of care is driving the adoption of mHealth. The total market in the Big Five countries (UK, Germany, France, Italy, and Spain) is expected to reach $2.89 billion by 2020.
- In Brazil, the mHealth market is still in a nascent stage, however, increasing penetration of broadband, mobile networks and devices is stimulating market growth. The market will experience a striking compound annual growth rate (CAGR) of 26.3% (2016–2020) and is expected to top $1.43 billion by 2020.
- In the US, mHealth representsthe fastest growing segment of the telehealth market and is forecast to reach $24.63 billion by 2021. Expansion will be stimulated by increased utilization of smartphones, tablets, wearables, and medical-grade apps.
3. Artificial intelligence (AI) in healthcare applies algorithms and software to approximate human cognition in the analysis of complex medical data. Our analysis Artificial Intelligence & Cognitive Computing Systems in Healthcare estimates the global market to reach revenues of $6.7 billion in 2021.
- One application of AI in tools that can increase access is leveraging Clinical Decision Support (CDS) solutions to enable non-physician clinicians to deliver healthcare that was previously only available through physicians. One of the biggest limiting factors in global healthcare is the difficulty in getting access to doctors, who are in short supply and too expensive in many locations globally.
- Currently, there are companies that provide telehealth services to rural African patients, and use AI tools to interact with patients over mobile phones, providing a personalized assessment report to doctors, who are able to offer quality care in a shorter period of time.
“While these technologies are available today, few solutions are making a difference on the ground in areas where they are truly required, such as Africa and remote regions of the developing world. Making them available everywhere will truly help achieve #HealthforAll,” concluded Shah.