In recent years, people's attention to health has continued to rise. With the increasing prevalence of chronic diseases such as cancer, diabetes, and hypertension, the global healthcare industry is entering a new era full of opportunities.

Technological and non-technological innovations will continue to improve the quality and convenience of people's access to medical services and reduce medical costs. Technology products such as gene sequencing, cell therapy, artificial intelligence, and wearable health monitoring devices are booming; telemedicine can empower medical institutions at the grassroots and remote areas and improve medical accessibility; "medical special zones" can help meet people's increasingly diversified and multi-level choices. With the continuous emergence of new technologies, new products, and new models, the global healthcare industry is expected to usher in rapid development in the future.

According to the latest report released by Technavio, a global market research organization, by 2028, the global medical device market will increase by US$194.3 billion, with a compound annual growth rate of 6.07%. Among them, innovative technologies and regenerative medicine will become the main driving force for market growth. "Regenerative medicine, including therapies using stem cells, tissue engineering and artificial organs, is gaining increasing attention for its potential to repair or replace damaged human cells, tissues and organs." The report said that surgical robots, liquid biopsies and wearable medical devices will further accelerate the expansion of the market.

Deloitte's "Global Healthcare Outlook 2024" pointed out that the future medical tourism market has great potential. Globally, in 2023, about 11 million people will go to other countries for medical treatment, and by 2030, the medical tourism market will be as large as US$43.7 billion, with a compound annual growth rate of about 33% between 2023 and 2030. The cost of a single visit for cross-border patients is about US$3,500 to US$5,000. However, it is worth noting that inequalities still exist, which may further increase the challenges and costs faced by the industry in 2024. If not addressed, the cost of health inequality may triple to US$1 trillion by 2040, or about US$3,000 per person per year. The integration of artificial intelligence and machine learning technologies can play a key role in addressing these unfair issues.

The "2024 Global Healthcare Private Equity Report" released by Bain & Company shows that in 2023, despite rising global interest rates, high inflation, and increased geopolitical uncertainty, private equity transactions in the healthcare industry remain active, with announced transaction values reaching approximately US$60 billion. Among them, transaction momentum in the biopharmaceutical field is particularly strong, accounting for 48% of the global total transaction volume, of which 6 transactions are worth more than US$2 billion. Looking ahead, generative artificial intelligence technology is expected to significantly improve productivity, optimize the experience of patients and medical providers, reduce management costs, accelerate biopharmaceutical research and drug development, and assist in the development of a new generation of diagnostic equipment. Large technology companies are actively seeking to establish cooperation with medical institutions to promote the application of generative artificial intelligence technology, while investors are betting on emerging companies in the field of generative artificial intelligence tools.

Source: Financial Times