5 trends that will change how healthcare is provided in the 2020s
In short, there is good news, and there are opportunities.
The 2020s were nothing short of a rollercoaster for life sciences. And the rest of the decade is set to be revolutionary.
The vortex of healthcare change made it hard to keep up with what is happening, let alone make sense of it.
From the wake of the pandemic to market bullruns. This article recaps recent healthcare changes and what they mean for the future.
1. A game changer in clinical trials
We saw a lot of attention go to hybrid, at-home, and decentralized clinical trials (DCTs). But the benefits of these new models seem to go beyond cost savings.
In May 2023, the FDA released a draft guidance for DCT best practices. This was a hint that there is a deeper vision at play here.
First, DCTs are tech-friendly. They leverage telehealth and smooth communication. They also support global collaboration and speed up knowledge sharing.
DCTs also promised hefty benefits. At-home monitoring improved recruitment, retention, and engagement. Researchers could expect higher-quality data and cost savings.
While in a centralized model:
In other words, DCTs brought solutions for the biggest problems of the old model. A win-win for all stakeholders.
This healthcare change seems to be more than a temporary response to COVID. We can sense a real paradigm shift in clinical research. This aligns with the broader trend of patient-centric care innovation.
The FDA's guidance reflects a positive regulatory view of innovative trial methods. We expect industry-wide adoption and emphasis on the potential of DCTs.
Experts predict the DCT market to grow from $8.3bn to $18.9bn in the next 8 years. This number alone shows how much opportunity lies here.
2. More precision medicine
DCT is not the only market surging this decade. Liquid biopsy has a projected 400% increase in market size by 2031.
The emergence of new blood tests in the past few years has been something to watch. A few factors were behind this phenomenon:
But regardless of the cause, clinical trials remain the gatekeepers of progress. And this phenomenon shows a clear need.
Precision medicine means a surge in clinical trials is coming.
3. The cost of healthcare illiteracy
Medical testing is on the rise. But healthcare literacy didn’t seem to catch up lately.
A GfK Roper survey showed worrying symptoms. A large part of the population lacks understanding about their own health.
The survey found that:
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The US spends 75% of healthcare money on cancer, heart and diabetes. In other words, diseases we can mitigate through blood testing.
The bill for illiteracy is scary. Healthcare illiteracy it can cost anywhere between $106 to $236 billion annually.
The opportunity here is clear: bridging the gap in healthcare literacy guarantees better outcomes and cost savings.
4. Hospital capacity woes and staff shortages
Becker's Hospital Review highlighted worrying figures:
It is easy to blame the pandemic. But some studies prove otherwise.
A 2018 survey of 4,613 laboratory professionals revealed that 85.3% felt burnout. Vacancy rates in some positions were as high as 25%.
This is proof that the sector was already at risk. The pandemic only exacerbated an existing shortage.
The shift towards patient-centric healthcare
The system is placing patients at the heart of healthcare changes. DCTs, wearable technology, and patient-centric solutions are proof.
Trust in healthcare also went up significantly over the past decade. People are putting more faith in hospitals, consumer health, insurance, and biotech.
The question now is: How will this healthcare change happen? And how will the old system adapt?
As Arthur Queval, the founder and CEO of Loop Medical, puts it:
"The old healthcare system is becoming patient-centric. Now the question is how is it going to be implemented?”
Conclusion
A lot already happened, but we see no shortage of opportunity in the future.
Everyone has their homework to do. Patients and caregivers need to value their well-being and literacy. While stakeholders and policymakers need to collaborate more than ever.
There are new markets and opportunities. But there are problems left behind as well. How we handle these ends of the spectrum will define the future.
The 2020s will undoubtedly change healthcare as we know it. The possibilities are limitless.
About Loop Medical
Our mission is to provide painless blood collection with no extra lab infrastructure. Our flagship product is a simple blood collection device called Onflow.
By 2024, Onflow will help make make blood testing easy and accessible. Onflow will also allow clinical trials to decentralize their blood collection process.
Interested in a pilot using Onflow? Get in touch today.