MKT3026: Healthcare Industry Mega Trends, Opportunities, and Analysis

This report provides an in-depth analysis of mega trends in the healthcare industry, focusing on the impact of technological advancements and societal shifts. It explores the influence of artificial intelligence, genomic and genetic research, and the rise of patient-centric healthcare models. The report examines how these trends are reshaping the industry, driving digital transformation, and creating new business opportunities. It highlights the implications of these trends, including the need for healthcare providers to adopt new technologies and adapt to evolving customer expectations. The report also discusses the potential for entrepreneurs to capitalize on these trends by developing innovative products and services, such as AI-powered diagnostic tools and personalized medicine solutions. Furthermore, it highlights the role of digital technology and wireless solutions in improving healthcare accessibility and affordability. The report concludes by emphasizing the need for healthcare organizations to embrace these changes to ensure sustainability and provide better patient care, with a strong focus on the emerging opportunities in machine learning and AI systems.

Running Head: HEALTHCARE INDUSTRY 0
Opportunity, Innovation and Entrepreneurship

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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

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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

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molecules that tends to reduce the cost of development in new pharmaceutics. It will also
reduce those molecules that fail the clinical trials. Therefore, genomic medicine will also
bring the transformative impact on the personal health and wellbeing, national productivity
and thereby on health economics (Manogaran, Thota, Lopez, Vijayakumar, Abbas and
Sundarsekar, 2017).
In the recent time, there has been extraordinary rise in the human genome knowledge as well
as its role in the disease and health. In order to make the sense of genomic data, it requires
databases and computation technologies in order to involve with the sequencing technologies.
Technological advances also helps in enabling the increasing capacity for the proper
diagnosis of the prevailing disease. It also offers the several opportunities in order to assess
predisposition to the disease.
3. Moreover, it is also founded that the more discerning and engaged customers are
putting greater influence on the health systems. It is also driving new models of business. The
services, delivery systems, and products are assisting to decentralise and democratise the
healthcare. Besides this, the era of patient centric system of healthcare is also emerging. Due
to this, fragmented care is also increasing to the integrated models (Solanas, Casino, Batista
and Rallo, 2017). It is also true that the informed consumers will also demand the increasing
integrity, accountability, as well as transparency from the healthcare system. It is also putting
pressure on the government for providing sustainable care. In this regard, private sector also
offers the opportunities of partnership for satisfying demand of customers. As private sector
has the innovative technologies and resources, it will also invest in insights (Fortenberry and
McGoldrick, 2016). Healthcare services have already replaced the visits to doctors and
nurses. Therefore, wireless technology will improve the access to health for people across the
world. It is also said that the key to innovation in the industry of healthcare is development of
collaborative and convergence practice. For example- several technological innovation have
come due to which customers can take the appointment from doctors by booking their
respective time on their site. Imaging market and medical devices will also benefit by the
innovative technological platforms that will save the investment costs. Growth will also be
sustained by the diagnostic support and improved devices from the ageing population. It is
also seen that the social determinants of the health put the greater impact on the health
outcomes. Therefore, in the coming time, health care industries will use the new delivery
models in order to improve the affordability and accessibility (Cetron and Davies, 2013).

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Implications of new trends in Healthcare industry
Over the next few years, 100 per cent of the providers in the healthcare are expected to make
the significant progress in the adoption of these trends. It is also true that the adoption of
these technologies will definitely improve the shortages in the health care industry. In the
recent time also, patient are becoming more experienced and convenient that access each
information. Digital transformation will also take its place in the healthcare industry. It is
because customers are demanding everything digitally due to the increasing concerns.
Moreover, customers are also increasing their concern toward the healthcare industry. It is
true that the cloud technology has become the part of everyday life (Ahuja, Mani and
Zambrano, 2012). It is also increasing the pressure IN the next few years also, several
healthcare providers will make the significant progress in the adoption of innovative
technologies.
Through the maintenance of patient data in the electronic form, it will make significance for
the industries to gain the massive growth (Kruse, Goswamy, Raval and Marawi, 2016).
Emerging business opportunities in health care industry
It is true that the big data revolution has taken the financial as well as business world. the
advances in analytics and data technologies have also flattened the health related industries.
Similarly, companies that tend to democratize the access to data will help speed the drug
development. Similarly, it will also reduce the research cost. It also means that the small
players in this industry can now gain the access to several kinds of information, as well as
open the opportunities for new companies to tackle the development of new drugs,
treatments, and therapies (Yuehong, Zeng, Chen and Fan, 2016). The use of technologies like
machine learning and computer vision can also help the businesses in identifying the data sets
that are not possible for the less refined search engines (Mathur, 2019). Artificial
technologies will also help in reducing the healthcare organisations to improve their efforts
that are made for research. In addition to this, there is no barrier in the healthcare industry of
Singapore. It believes in keeping the trade open by putting no custom duties on the devices of
medical (Abouelmehdi, Beni-Hessane and Khaloufi, 2018). Digital technology has also
proved to be the fast proving game changer in the healthcare industry. The perfect example of
this is the introduction of Chatbots in order to replace the humans. Healthcare sector has also
traditionally adopting the digital technology. Therefore, various significant changes will take
place in the digital healthcare industry over the few time (Laurenza, Quintano, Schiavone and

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Vrontis, 2018). As data is becoming the new health care currency, protecting it will remain as
the key. connected medical devices, Clinical innovations, connected medical devices, and
market complexity have amplified the continued need for evolving government policies,
regulatory oversight, and risk management. It is founded that there are several opportunities
available for the healthcare industry for artificial intelligence. Therefore, by keeping the close
eye on this trend will help in the development of several new healthcare organisations.
Industries are also adjusting to improve the patient care that can be used by inventors
(Abouelmehdi, Beni-Hessane and Khaloufi, 2018). The use of artificial intelligence will also
bring the several new opportunities for the businesses. Several businesses can get benefits by
introducing the artificial intelligence systems. In the present time, most of the people have
easy access to the smartphones (Batarseh and Latif, 2016). Therefore, it will prove to be
effective for the health care industries.
Conclusion
In the limelight of above discussion, it can be concluded that healthcare industry is shaping
the World by undertaking several innovative changes. In the recent time, healthcare industry
is also ensuring several changes in the coming. The first mega trend in healthcare care
industry will bring the artificial intelligence. It will help the healthcare industry to improve its
speed. Similarly, it will also improve the data analysis speed. Due to these mega trends in
health care industry, several business opportunities are also opening for organisations. The
significant opportunity that is opening for healthcare businesses is the machine learning. By
making us of innovative technologies, it can achieve growth. In this way, these mega trends
will help the healthcare industry to improve in several ways.

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