Now and next: A gut check
Recent years brought market disruptions that are becoming increasingly more frequent and jolting, not unlike climate change’s effect on weather patterns. Now that consumers have experienced some degree of patient-centric care – delivered closer to home, with services tailored to their needs and schedules – their demands only rise as the speed of technology and expectations accelerates. Driving momentum for people-centered care: • Cost pressures continue to rise due to inflation, wage and labor issues, drug prices, and the overall costs of doing business.
By the numbers 7% Medical costs will increase 7% in 2024, continuing an upward trajectory from a low of 5.5% in 2022. 1 $504B global telehealth market, projected 2030, up from $143B in 2023 2 $146B global insurtech market, projected 2030, up from $5.5B in 2022 3
• Telehealth continues to grow and evolve into richer engagements, for both consumers and providers.
• The shift from fee-for-service to value-based care obliges organizations to manage operations more efficiently and to effectively coordinate with other groups, to ensure better health outcomes. • Innovations like AI and machine learning produce compelling use cases and consumers are more receptive than ever to technology’s role in their care. • Legislative changes affecting ACA marketplace access, the Medicaid and CHIP unwinding, Mental Health Parity Act, the Right to Try Act and even the FTC’s moves against hospital mergers make certain that uncertainty stays with us. • Expansion, consolidation, and new market entrants like insurtechs, exacerbate an already- fragmented market landscape that’s difficult for consumers to navigate.
Sources: 1) PwC ; 2) Fortune Business Insights ; 3) Zion Market Research
6 | Connected Healthcare 2028
Made with FlippingBook Annual report maker