The Business of Medicine - 866Medical.com

The Business Of Medicine

By 2040, US health spending will soar to $8.3 trillion — More than double in just 20 years

The Medical Industry Is Larger Than Ever

In 2020, US national healthcare spending reach $4.1 trillion — That’s $12,530 per person
- Federal government: 36%
- US households: 26%
- Private businesses: 16%
- State and local governments: 14%
US healthcare spending accounts for 19.7% of GDP
- In 2021, US-based digital health startups brought in almost $30 billion — Up from $15 billion in 2020
Healthcare continues to be the largest employer in the US
- Healthcare & Social Assistance, 2018 US Census
- - 907,426 businesses
  - 20 million employees
  - $1 trillion annual payroll
- From 2018 to 2028, this sector will grow 14%
Adoption of emerging technology is a primary driver of rising healthcare spending
- In 2020, US healthcare providers and facilities spent $11.36 billion on cloud technology — Up from $8.55 billion in 2019
- In 2021, adoption of 5G brought an estimate $600 million in cost-savings to healthcare worldwide
- - By 2030, savings will reach nearly $94 billion

80% of healthcare providers plan to increase investment in technology and digital solutions in the next 5 years

Emerging Technology In Healthcare

Telehealth
- By 2027, the market for telehealth will reach $397 billion — 38X larger than before COVID-19
- 62% of healthcare consumers prefer virtual healthcare
- - 52% would choose remote monitoring for ongoing health issues
  - 52% would choose virtual care for routine appointments
- 42 states and Washington DC now require private insurers to cover telehealth visits
Digital Therapeutics & Devices
- By 2025, the market for digital therapeutics with reach $56 billion
- DTx delivers evidence-based therapies through software and mobile apps
- - Must be approved by regulators to replace or complement existing treatment
- By 2028, the global market for wearable sensors will reach $5.2 trillion — up from $661 million in 2020
- - In 2018, the FDA approved the Apple Watch for heart monitoring

Artificial Intelligence
- Augmented intelligence works to enhance the intelligence of clinicians, rather than replacing caregivers
- - Spotting abnormalities in medical scans
  - Automating initial patient contact and triage
  - Predicting outbreaks of contagious diseases
- By 2029, the global market for AI-enabled medical imagine solutions will reach $9.61 billion
- - By 20217, healthcare AI is expected to grow to $67.4 billion — up from $6.9 billion in 2021
  - By 2027, healthcare predictive analytics market will reach $29 billion — up from $3.7 billion in 2019
  - By 2028, the market for AR and VR in global healthcare will reach $43 billion — up from $2 billion in 2020
- Extended reality (XR) uses lenses or headsets to overlay virtual elements on the world around us, is increasing used for clinical training and treatment
- - Training doctors and surgeons without risking patient wellbeing
  - Practicing social and coping skills for children with autism
  - Helping people face fears and psychosis in a safe environment
  - Detecting and highlighting veins for injections
Personalized Healthcare (PHC)
- Personalized healthcare customized medical treatment for individual patient’s
- - Genetic testing
  - Predicting disease risk
  - Response to treatment
  - Determining the proper dosage of painkillers
  - Monitoring chronic diseases
- Over the past 10 years, monthly Google searches for “DNA kit” have risen 119%
- - The cost of testing and dropped from $999 per kit, to as low as $60

The pandemic highlighted the need for greater equality in healthcare, and tech is helping to fill the gap

Driving Equality In Healthcare

During the pandemic, people of color accounted for 63% of all COVID-19 deaths
- More likely to contract COVID-19
- More likely to suffer severe outcome
Social and economic factors impact up to 90% of health outcomes, new tech is helping bridge the gap
- Cityblock Health: Integrates with electronic health records to help patients avoid hospital visits, flagging social barriers that could impact health outcomes
- Unite Us: Develops software that screens patients for unaddressed social factors and refers them to community resources
- Google: Released healthcare natural language API that turns data into actionable insights for clinicians, will likely grow to include FitBit data integrations
Lack of transportation to and from appointments often impedes patients’ access to care,
- 3.6 million Americans miss or delay appointments each year due to lack of transportation
- - Still more rely on medical transport services with long wait times and frequent driver no-shows
- Missed appointments cost the US healthcare system $150 billion annually
- Lyft & Uber have partnered to help provide transportation
- - Boston Medical Center reported $500,000 saved in a year
  - CareMore Health Systems save $1 million in a year
  - Hennepin Healthcare clinics reduced patient no-shows by 27%

The business of medicine is evolving. Here's to your health!

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Sources:

https://explodingtopics.com/blog/healthcare-trends

https://www.advisory.com/daily-briefing/2019/04/02/lyft

https://www.cognihab.com/blog/healthcare-technology-trends

https://www.insiderintelligence.com/insights/healthcare-industry

https://www.healthaffairs.org/do/10.1377/forefront.20220127.22070

https://www.healthaffairs.org/doi/full/10.1377/hlthaff.2020.00094

https://www.healthcaredive.com/news/healthcare-trends-of-2022/618018

https://medcitynews.com/2021/12/technology-is-the-next-social-determinant-of-health

https://www.census.gov/library/stories/2020/10/health-care-still-largest-united-states-employer.html

https://www.forbes.com/sites/bernardmarr/2022/01/10/the-five-biggest-healthcare-tech-trends-in-2022

https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/NHE-Fact-Sheet

https://www.insiderintelligence.com/content/ride-hailing-in-healthcare-uber-and-lyft-are-aiming-to-solve-the-150-billion-annual-problem-of-us-medical-transport-heres-why-automakers-should-enter-the-fray-2019-8

The business of medicine is an astonishing large market. By 2040 the sector will be an $8.3 trillion market in the US alone. Let's examine the national healthcare growth trends in the infographic below:

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