Mega Trends in Healthcare Industry

Running Head: HEALTHCARE INDUSTRY 0
Opportunity, Innovation and Entrepreneurship

HEALTHCARE INDUSTRY 1
Introduction
In the recent changing environment, several changes are occurring due to the development in
global economy and technologies. Due to this, several mega trends are also occurring in the
healthcare industry. These mega trends in healthcare industry are also presenting several
business opportunities for the healthcare business.
In this way, healthcare industry is considered to be one of the most traditional industries in
terms of taking the technical amendments. It is because it does not follow any medium on the
social media like other company do. For example: Health Care industry gives emphasis more
on providing the better services face-to-face. Due to this, more practitioners are
acknowledging the significance of technological innovation in healthcare (Gao, Li and Luo,
2015). In the recent time, people are already using the online registration services as well as
online medical records. Thereby, this report discusses the mega trends that are emerging in
the healthcare industry. It also explores the business opportunities that will merge due to the
mega trends.
Background of the healthcare industry
Healthcare Industry includes those companies that tend to manufacture the medical products
as well as provide the services including diagnosis, prevention, and treatment of the illness
and some other health issues (Basu, 2017). There are several kinds of the healthcare facilities.
Healthcare system in every country differs. In several developed countries including
Australia, the government provides Canada, and United Kingdom, healthcare to every citizen.
Singapore has also proved to be one of the best health infrastructures across the world. Due to
the increasing ageing population in Singapore, demand will increase to the large extent in
near future (Gostin, 2017).
The unique feature of the Singapore health system is the dominance of the government in this
industry. Similar to several countries, Singapore has also begun reforming the public
hospitals in the mid-1980s. Through the adoption of cost reduction, it has also promoted the
competition among the operational managers and hospitals. Competition has also promoted
the customer focus. In addition to this, tight control over the services is also the key feature of

HEALTHCARE INDUSTRY 2
Singapore healthcare system. In order to achieve this, policymakers tends to rely on the
supply as well as demand side control for encouraging the patient (Yang et al, 2015).
Mega Trends that will appear in the Healthcare Industry
1. Universal as well as non-universal provision of the healthcare/ Artificial Intelligence:
it is true that the universal health coverage is still the most significant health care aspiration in
spite of the changes in quality of service at the time of implementation (Sultan, 2018).
“World Health Organisation” describes Universal Health coverage as the system that tends to
provide the health care to those citizens without the incurring any finance. In spite of the high
cost of capital in the non-universal system of healthcare, government is taking movement
toward the privatised system. The use of Artificial Intelligence in healthcare and medicine
has been gaining the momentum. It will also improve the accuracy and speed of the diagnosis
(Chen, Dolan and Lin, 2014). The tools of Artificial Intelligence also assist in analysing the
survey data more accurately as well as quickly. In the recent time, artificial intelligence,
based devices are also used to diagnose the diabetes, optical deviations, as well as other
diseases that cause the changes (Sun and Medaglia, 2019).
In addition to this, innovations in the manual task automation, robotic automation process, as
well as deep learning are treated to be the opening door for the applications in healthcare
industry (Becerra-Fernandez, 2010). Besides this, still several other new healthcare artificial
projects are required to launch. The impact of artificial intelligence is putting several positive
impacts on the healthcare industry. In the near future also, artificial intelligence will improve
the outcome of patient at the reduced costs. Private as well as public sector have made the
huge amount of investment in healthcare industry. This investment will also reach to $6.6
billion by the year 2021. From this, it can also be understood that artificial intelligence
doctors will replace the human doctors in the coming future (Manogaran et al, 2017).
2. Advances in genomic and genetic research: It is seen that genomic and genetic
information will also bring several new and innovative changes in the development of some
new therapies. Production of genes will also involve in some of the disease mechanism. It
could also present the several new targets for the purpose of intervention. The profiling of
genes expression will also provide the insights into how drug will react to the several
treatments (Singh, 2012). These kinds of techniques can also minimise the number of new
molecules that tends to reduce the cost of development in new pharmaceutics. It will also