Some $2 trillion – this is the figure the global healthcare digital technology market is expected to reach in 2019, according to a forecast by analysts of the Frost & Sullivan consulting company. Overall, they expect an increase of slightly over 5%, but certain sectors will show a more definite growth – such as the AI market in healthcare, which is expected to hit almost 70%. Read more about major growth areas in the digital medicine market in 2019.
AI makes a diagnosis
The sector is expected to make just about the main breakthrough through the use of AI technology, which we be in demand in numerous medical areas. By late 2019, the AI healthcare market will reach $1.7 bln, with annual growth rates exceeding 68%. The AI technology will become crucially important in medical diagnostics and digital pathology.
In a tender voice
One of innovations in the market will be the voice application market. This, among other things, will allow cost optimization, for instance, through automatic processing of incoming requests. But even today, developers are investing in more complicated solutions, such as personalized systems that can understand context which will allow taking care of the elderly and even replace home treatment caregivers.
Providing home services
Another area to show upsurge will be technologies aimed at providing assistance to patient outside hospitals. This includes solutions for such fields of medicine as therapy, psychotherapy, and digitized dentistry. They will also be used in nutrition science as well. According to forecasts, the niche will indicate a 30% growth and will reach over $25 billion in 2019.
Immense data
The task of analyzing and processing the rapidly increasing medical data remains relevant for the digital healthcare market. By 2020, the volume of big data analytics market in healthcare will exceed $68 billion.
Cryptomedicine
Blockchain continues to claim its role of a breakthrough technology for digital medicine. By the end of 2019, up to 10% of blockchain medical applications will be available – albeit partly so far – for a wide number of users.
Changing power dynamics
Interestingly, the development of healthcare technologies is not going to affect the balance of power in the digital medicine market. The United States, Asia-Pacific region and Europe, which receive over 88% of the global proceeds, continue to dominate the market. Yet, in the future digital technologies will allow cutting medical service costs and will result in the market booming in other regions as well.
“Globally, the year 2019 can be considered a period of value-oriented healthcare”, notes Alexei Volostnov, Director of Frost & Sullivan’s Moscow office. “Expanding access to inexpensive medical services will be a key task in the markets in Asia, Africa, and the countries in Central and Eastern Europe”.
By Olga Blinova