Updated on 24 January 2013
US life science market has vast opportunities for growth amidst several challenges
Singapore: Frost & Sullivan has pointed out that the US life science market has vast opportunities for growth amidst several challenges. An analysis conducted by the firm by using an unique technology atrix evaluated the entire market landscape by health condition and level of medical professional involvement.
The research finds that although lack of incentives does slow the adoption process, government regulations and an exceeding burden on the economy are pushing healthcare professionals to reach new levels of service and technology innovation.
Many healthcare experts believe exigent healthcare costs are controllable by focusing on the pre-emptive component of healthcare. Following this trend, a lot of emphasis was recently put on providing adequate preventative care, which provides immense opportunities for both healthcare and non-healthcare organizations. Within the preventative care space, the products and services can be segmented into three primary components: patient education systems (including wellness programs), aging in place services, and remote monitoring devices.
Due to a shortage of reimbursements available for the use of preventative technologies, many physicians and patients are hesitant to implement such systems, especially when they are uncertain about the cost-effectiveness. While it may be more costly in the future if healthcare providers choose not to adopt these preventative technologies, many do not have the available funds needed to purchase such technologies at high initial investment costs. Also, patients are unaware of the effectiveness of both patient education systems and remote monitoring devices, hindering the progress of preventative technologies.
"Everyone involved in healthcare must realize that disregarding more cost-effective and efficient delivery of healthcare can potentially bankrupt many states," said Frost & Sullivan senior industry analyst Ms Aarti Shetty. "This also creates heavy financial burdens for the federal government, while jeopardizing the overall quality of care."