Trends/Predictions for 2019
January 23, 2019
Healthcare’s Future is Happening Now—Top Trends for 2019
Healthcare’s most important innovations often seem like science fiction, right until they happen. The producers and writers of television shows like Star Trek and The Six Million Dollar Man envisioned a world where lasers could be used in surgery and advanced prosthetics could provide humans functioning artificial limbs. Today, healthcare technology is continuing to advance at breakneck speed. Here’s some of the most interesting trends we’re keeping our eye on.
Trend #1: Digital health tech for out-of-hospital users poised for explosive growth
In 2019, the increased sophistication and availability of digital health applications will empower patients to manage their health quickly, effectively, and from anywhere.1 Research indicates that by the end of 2019, digital health technology catering to patients in out-of-hospital settings will grow by 30% to surpass the $25 billion market.1 Our aging, tech-savvy population – one that is increasingly facing chronic health conditions due to a modern, sedentary lifestyle – will create a cost burden that will serve as a chief driver for digital health solutions, such as Remote Patient Monitoring (RPM) devices, telehealth platforms, and mobile health (mHealth) applications.1
The advent of telehealth and other digital healthcare solutions offers product managers a unique opportunity to capture market share with a bold, evocative go-to-market strategy that leverages a mix of traditional and innovative tactics.
Trend #2: 3D-printed medical products aren’t sci-fi anymore
Did you know that healthcare providers are expected to comprise the second largest industry sector in 3D manufacturing?2 The FDA’s decision to release its first comprehensive guideline for manufacturers of 3D medical products highlights the growing impact of 3D printing in the medical space. In fact, today, more than 100,000 knee replacement surgeries are completed each year using 3D-printed, patient-matched surgical guides.2
Accordingly, manufacturers launching 3D-printed healthcare products are positioned to take advantage of considerable opportunity in the market. But as more and more of these companies launch flagship products, competition will be fierce. To stand out in the marketplace, it’s imperative manufacturers have an engaging, compelling brand, message, and marketing campaign to pull it all through.
Trend #3: Vertical integrations are here to stay
In 2018, industry saw a significant number vertical integrations driven by a corporate emphasis on providing greater transparency, promoting cross-functional collaboration and lowering escalating patient costs.2 CVS Health’s $68mm takeover of health insurer Aetna is just one example. By owning a larger part of its supplu chain, CVS will gain significant negotiating power that can then, in turn, be used to reduce costs for payers and patients, develop personalized solutions, and improve overall outcomes. Reports indicate that not only has the number of healthcare deals more than doubled in the last five years, the size of deals has also grown as a result of repeat investor interest, highlighting that this trend is fast becoming the “new normal.”2
If your life science company is small to mid-sized, there’s never been a better time to develop a powerful brand that positively influences customers, delivers business results, and looks good to potential buyers.
No matter how you choose to harness the new and powerful technology affecting our industry, Xavier Creative House is prepared to help you leverage these technologies – and any other technology – to the fullest with a bold marketing campaign that educates and excites. Give us a call or reach out to us on social media to see how we can help you.
References: 1. https://www.forbes.com/sites/reenitadas/2018/11/13/top-8-healthcare-predictions-for 2019/#7ea54c48700e. Accessed January 22, 2019. 2. https://www.healthcareglobal.com/top-10/top-10-healthcare-innovations-2019. Accessed January 22, 2019.