What health care trends will be prominent in 2024 and beyond?

June 1, 2024

As we navigate through 2024, several key health care trends are set to reshape the landscape. Trends driven by significant changes in population demographics, rapid advancements in technology, and substantial growth in the pharmacy industry are not only expected to influence how we approach health care delivery and patient engagement but also to redefine the strategies employed by providers and policymakers alike. In this blog, we delve into the prominent health care trends that will dominate the coming years, examining their implications for patients, practitioners, and the industry as a whole.

A young health visitor explaining a senior woman how to take medicine and pills.

Longer-living population: With advancements in medical technology and improved health care services, people are living longer. Health care providers will strengthen their focus on preventative care including wellness, exercise, and diet to reduce costs associated with chronic disease such as obesity, diabetes, cardiovascular disease, and cancer. The advancement in technologies such as wearable devices to remotely monitor patients and for providers to deliver their care has been referred to as “telemedicine 2.0” as it goes beyond simple remote monitoring.1

Transformative technologies: The emergence of transformative technologies is revolutionizing the health care industry in 2024. These technologies have applications across the entire health care spectrum, from diagnosis and treatment to patient care and management. Examples of such technologies include artificial intelligence, telemedicine, and wearable devices. The most dramatic advancement may be around genomics and precision medicine, where AI can diagnose and treat diseases by analyzing patient DNA.1 These innovations have the potential to improve patient outcomes, enhance efficiency, and reduce health care costs.

Growth of the Specialty Pharmacy Market: Specialty pharmacy has seen tremendous growth in the past decade, becoming a significant contributor to prescription revenue. Currently, it accounts for 40% of total revenue, and this figure is projected to increase to 50% by 2027.2 The expansion of vertical relationships among insurers, pharmacy benefit managers, and providers will also include specialty pharmacies as a self-contained profit center. These vertically integrated pharmacies have successfully contracted with major health systems to provide specialty medications to 340b eligible hospitals. The combination of restrictions placed on location and size of pharmacies that can provide covered services, coupled with the desire to maintain a large and growing revenue stream in-house, is expected to lead to increasing investments in hospital-owned specialty pharmacies.2 This will also lead to expected growth in physician office and ambulatory infusion centers serviced by these hospital-owned pharmacies.

Group of young doctor during home visit senior people

How Can Marsh McLennan Agency Help?

Marsh McLennan Agency’s team is here to help you evaluate and manage your pharmacy program. We are a trusted partner who can identify real opportunities for savings and help you make sense of your program, control your spend, and deliver savings to your organization. Learn more about how our Pharmacy Practice can provide end-to-end plan support to fit your organization’s needs.

 

Sources:

  1. “The 10 Biggest Trends Revolutionizing Healthcare in 2024,” Forbes, accessed May 13, 2024, https://www.forbes.com/sites/bernardmarr/2023/10/03/the-10-biggest-trends-revolutionizing-healthcare-in-2024/?sh=7c1a08431d13
  2. “What to expect in US healthcare in 2024 and beyond,” McKinsey & Company, accessed May 13, 2024, https://www.mckinsey.com/industries/healthcare/our-insights/what-to-expect-in-us-healthcare-in-2024-and-beyond