Continual innovation in the medical field will surely benefit the SPA industry
As 2020 begins, many well-known consulting institutions and media corporations have released reports summarizing key medical innovations over the last year. These reports may inspire us in terms of future development trends and give guidance to detailed business operations including spa and wellness field.
Today, people are increasingly interested in personal health management. They want to understand their own genetic structure more. That’s the reason why 23andMe, a genomics and biotechnology company, has now become the biggest consumer organization in the world. As of 2019, the company has worked with GSK for 4 years and has developed many new therapeutic methods for patients. Such companies not only develop treatments based on the analysis of human genetics, but also strive to find ways to remove the genes that cause genetic diseases. The work started in 2017 when scientists managed to “edit” the genes in 42 embryos and eliminate Hypertrophic Cardiomyopathy using CRISPR (Clustered, Regularly Interspaced, Short Palindromic Repeats), a gene editing tool.
In today’s fast-paced lifestyle, nearly 60% of people prefer digital services, which drives the prosperity of the telemedicine market. To offer long-distance clinical care through the internet and remote sensing technology can make medical care more accessible and timely. It can improve patients’ satisfaction and degree of involvement.
Customers today are used to getting their personal and health data via digital tools. The usage rate of mobile and tablet computer has increased from 13% in 2014 to 48% today.
AI technology can be used in patient monitoring systems and helps to simplify procedures and save costs. In 2020, EU plans to invest 24 billion dollars in development of AI. In 2019, Google issued a plan to put into practice AI technology and machine learning in various fields including medical and health care. “If we apply AI technology to medical and health care, we must strictly conform to related regulations. In fact, I believe AI’s application in medical field will bring huge changes in the next 10-20 years.” Said the CEO of Google.
With the rise of diseases caused by poor lifestyles such as diabetes and obesity, more and more people are turning to wearable devices that can trace the data of glucose, heart rate, weight, fat mass, body movement, sleep quality and more in order to better understand their health conditions. Since the birth of the first Bluetooth headset in 2000, people’s interest to wearable devices have continued to rise. Now related devices and technologies have become very mature. A deep analysis of these data with sophisticated algorithms can support the treatment of diseases in the long run. Working together with Google, wearable device company Fit-bit is developing health solutions for individual consumers and enterprises alike. After the acquisition of health platforms which reach HIPAA standard, Twine Health is further enhancing its clinical services.
Electronic health record
It is estimated that from 2018 to 2022, the EHR market will see a 6% compound growth rate. Apple has already integrated customers’ health records into its health apps. The users’ iPhone password is used to encrypt and protect the data.
Medical and health care providers will become the second-biggest force in the 3D manufacturing industry. The US Food and Drug Administration has issued a comprehensive outline that will give guidance and suggestions to 3D medical product manufacturers. Every year, over 100,000 knee prosthesis surgeries are carried out with 3D-printed material. Now with an enhanced communication between the doctor and the patients, the latter can better understand the products that are tailored for them.
Vertical integration 2018 was a year for vertical integration. CVS Health purchased the medical insurance company Aetna for US$68 billion. Such vertical integration, through the removal of third-party platforms in the traditional business model, helps save the cost of the patients and enables service providers to develop more personalized solutions. Other cases include Optum’s purchase of DaVita Medical Group, and the integration of Humana and Kindred Healthcare, Cigna and Express Scripts. Surveys show that in the past five years, not only has the number of medical and health treatments doubled, but there is also a continual growth in the service scale.