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In 2024, several key trends are influencing the industry, from technological advancements to new regulations and evolving market dynamics.

Here are some of the key trends you need to know:

Telemedicine, Telehealth and Remote Healthcare

One of the most significant trends in healthcare today is the rise of telemedicine. 

Telemedicine and telehealth include various technologies, such as video calls, mobile apps, remote monitoring devices, and electronic health records, to provide healthcare services remotely. These tools allow patients to consult with doctors from home, reducing geographical barriers and improving accessibility, especially for those with mobility issues, in rural areas, or requiring specialised care. 

The COVID-19 pandemic has accelerated the adoption of such digital health solutions, with teleconsultations, remote patient monitoring, and mobile health apps becoming integral to healthcare delivery. 

The global telehealth market is projected to grow at a 26.6% compound annual growth rate (CAGR), reaching $285.7 billion by 2027, up from $87.8 billion in 2022. Virtual care, including mental health services, is becoming an integral part of healthcare systems and in the past few years, we have seen substantial investments in telemedicine platforms and digital health startups. One such notable event includes the $17 billion buyout of healthtech company Athenahealth by Hellman & Friedman and Bain Capital.

Genomics and Precision Medicine

Precision medicine, tailors’ treatments to the unique characteristics of each patient and breakthroughs in genomics and biotechnology are enabling therapies to be customised based on these unique characteristics in an individual's genetic profile. This approach is especially promising in oncology, where targeted treatments can greatly enhance patient outcomes. 

The global personalised medicine market was valued at USD 529.28 billion in 2023 and is expected to grow at a CAGR of 8.20% from 2024 to 2030. Major advancements such as the conclusion of the Human Genome Project and the CRISPR gene-editing technology are fueling this movement, facilitating more accurate therapies for illnesses like cancer, rare genetic disorders, and cardiovascular diseases.

Artificial Intelligence (AI) in Drug Discovery

The pharmaceutical industry is increasingly using AI to speed up drug discovery and development. AI algorithms can analyse vast datasets, identify potential drug candidates, and predict how compounds will interact with biological systems. This can help to shorten development timelines and reduce costs by up to 70% according to an Insider Intelligence report, further enhancing the precision and efficiency of healthcare.

Pfizer, Novartis, and Merck are among the major players in the industry that have already begun using AI to optimise their R&D processes. As such, the continued interest of firms in the role of AI within the healthcare industry is not surprising.

With the ongoing integration of AI into pharmaceutical companies, there will be a heightened demand for skilled professionals to handle and innovate within these advanced systems, leading to a significant increase in hiring across the healthcare and tech sectors.

If you are interested in exploring salary ranges within the healthcare industry, check out  FP Global’s 2024 Healthcare Salary Guide for detailed insights into current compensation trends!

The healthcare and pharmaceutical industries are experiencing major changes in 2024, with telemedicine, AI-powered drug discovery, and personalised medicine transforming healthcare delivery. At the same time, the growth of biopharmaceuticals and regenerative medicine is improving patient outcomes and driving a shift towards a more efficient, patient-centred healthcare system. As these trends evolve, healthcare providers, pharmaceutical companies, and policymakers will need to adapt to meet the increasing demands and expectations of patients globally. 

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