Healthcare

The healthcare market is a highly segmented market that ranges from hospitals and independent practitioners to national healthcare systems.

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This broad market is also difficult to gauge, as the global healthcare structures range from completely private to completely public with many nations in between. In this report, when speaking of the economic size of the market, we’ll look primarily at the cost of healthcare versus the nation’s GDP.

Next, we’ll look at some challenges that the healthcare industry is experiencing globally and in the EMEA region. We’ll look at potential solutions and ideas for overcoming those problems.

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Global System

Many nations on earth have government-sponsored healthcare. These schemes range from a government-run program where all the healthcare workers are government employees to plans where non-profit insurance companies in a public-private hybrid model. In other nations, the entire healthcare system is privately handled, often with significant government contributions.

S&P Global

S&P Global released its annual healthcare industry outlook, providing a thorough analysis of the state of the industry. The last few years have been a rollercoaster for the industry, with it seeing unbelievable highs during the pandemic, only to watch most of that enthusiasm (and the money that came with it) fade in 2023

EMEA region

Fitch Ratings has assigned a neutral 2024 outlook to the EMEA healthcare sector as the supportive operating environment is likely to continue in 2024. We expect the sector to return to pre-pandemic long-term growth trajectories characterised by steady demand from an ageing population with increasing access to healthcare, and increasing diagnosis and prevalence of chronic diseases, including a shift towards mental health.

Africa a unique case

In 2024, Africa’s healthcare sector not only presents challenges but also significant opportunities for growth and innovation. Areas such as local vaccine production and digital health technologies are gaining prominence, promising enhanced access and improved quality of healthcare throughout the continent.

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In the EMEA region, there are a variety of challenges and opportunities. In Europe, where most of the healthcare industry is government controlled, the challenges relate to keeping costs down and providing even better patient journeys. In the Middle East, the industry is healthy and growing well. In Africa, the healthcare system is not only desperately needed, but offers massive opportunities for expansion and improvement.

Artificial intelligence

Challenge: AI presents both enormous challenges and tremendous opportunities. Current AI models are biassed and “lazy,” taking the shortest route to an answer, even if it’s the wrong answer. Regulatory and privacy issues abound with a class of software that's literally based on consuming and analysing massive quantities of data. Solution: The solution to integrating AI into healthcare will be to create public-private partnerships. AI companies need to be transparent and willing to work with regulators. Where many industries will resist regulation, AI offers such profound and life-changing opportunities, it’s incumbent on AI developers to participate, rather than resist, regulations. AI will not only work for diagnosis and treatment, but will also be a powerful tool for creating a customer journey that is more personalised and comfortable.

Work shortfall

Challenge: There is a global shortage of healthcare workers. It’s expected to get worse. During the pandemic, millions of healthcare workers found themselves forced to work 100 hours per week and more. They got burned out and very little love from the governments of the world. Solution: Technology, like AI, sensors and monitors, and patient information systems will solve many of these problems. Using the right technology, a single healthcare worker can diagnose and treat many more people. Technology can also ensure that people get attention and care when they need it. Making things like record-keeping, billing, and patient profiles orderly and simply to use will make the entire process faster, so healthcare workers can do healthcare instead of insurance paperwork.

Cost and Affordability

Challenge: Healthcare costs worldwide have been outpacing inflation for decades. In some cases, it’s simply because of a scarcity of the right assets, ranging from medicines to healthcare providers. In some areas, the costs of healthcare have been driven more by corporate profitmaking than by inflation or increaes in costs. Solution: Technology already offers us many solutions, but some changes in laws might be needed. For example, a physician visit in the UK might cost the government-run healthcare scheme hundreds of pounds. If that same visit were allowed via telehealth to India, Vietnam, Cuba, or Brazil, the cost might be significantly reduced. In parts of Africa, where the few doctors there are expensive and overwhelmed, telehealthcare to other nations might solve the crisis and provide people with the care they need via mobile phone.

Patient journey

Challenge: In countries all over the world, including in the EMEA region, patients complain about the care they receive. It’s rarely the actual medical care - that is most often just what they needed. It’s very often all the other parts of the experience, like setting an appointment, handling paperwork, understanding instructions, getting follow-up questions answered, and more. Solution: The very best way to provide your patients with an outstanding experience is to use a CRM (customer relation management) program. A CRM allows your patients to have more than just a medical file. They can have a customer profile just as we all do with retailers, auto dealers, and nearly everyone we deal with in business. This allows the provider and their employees to work closely with patients by having a record of every conversation, every email, and every want, need, and concern. The best way to create an outstanding patient journey is to not think of it as a patient journey, but a customer journey.

Sybersecurity

Challenge: Patients in the healthcare system have a massive amount of personal information on the computers in the system. Hackers and cybercriminals have been attempting to gain access to this information for years. As the criminals get more sophisticated, healthcare providers need to keep up. Solution: AI will be the most effective tool for cybersecurity in many years. Artificial intelligence will help companies stay ahead of cyber criminals by tracking trends and predicting the next source of attacks. By being faster and more agile than the humans trying to get to patients’ information, AI will keep data safe. Because AI can respond faster than any human, it can also thwart attacks more effectively and efficiently than any previous methods of stopping cybercrime. The AI revolution might be at its most powerful in cybersecurity and data defence.

Your fastest path to innovation

The answer to many of the challenges in healthcare will be technology. From AI to protect information to mobile devices to deliver telehealth to remote portions of Africa, the industry will become even more technologically advanced to meet the needs of an ever-growing and ageing population.

Healthcare Industry
2024 and beyond

The healthcare industry is one of the most vital industries in the global economy. It also has massive challenges that will need to be resolved in the next 10 years. Globally, the healthcare industry will continue to grow, especially as populations around the world age