1. Consumer-focused decentralizationThe health industry has gone through three eras of evolution: firstly, the era when doctors and integrated delivery networks (IDNs) were the target customers, followed by the era when payers (insurance companies) were the target audience. We are now in the third era – the consumer era.
Whether it’s online shopping for the best health-related gadgets or using self-diagnosing equipment, patient empowerment is dictating future innovation.
The main reason behind this is a transformation of cultural mindset, even beyond the influence of commercialized technology. Technology is an innovator, not the root cause. Millennials have been exposed to greater awareness campaigns and worldwide disasters that have increased their propensity to take ownership of their own physical and mental healthcare needs.
The swarm of wearable sensors are pushing companies to develop ever more powerful technology. Whilst professional clinicians will continuously remain the operators and curators of our healthcare requirements, companies are now more and more engaging directly with patients, compelling them to innovate quicker towards that end.