Artificial Intelligence and Trust to Reshape Healthcare by 2035, HSBC Report Charts Path to Innovation
Health 2035: A Bold Path Through the Uncharted Future of Health highlights key barriers, opportunities, and innovations that will redefine care delivery and life sciences.
- Administrative burden (45%) and physician reimbursement (39%) are ranked as top barriers in delivering quality healthcare
- Artificial Intelligence will play a pivotal role in diagnoses (32%) and therapeutic decisions (31%), whereas AI is expected to impact only 8% of patient interactions, reinforcing the importance of human touch
- Preventative care, early diagnosis and addressing health inequalities are the most important variables contributing to the delivery of care
A strengthening of trust between physicians and patients, a reinvention of in-person interactions, and new innovations that resolve silos and reimagine incentives, are factors needed for meaningful change in healthcare, according to the Health 2035: A Bold Path Through the Uncharted Future of Health, published by HSBC Innovation Banking and The Linus Group. This report was announced at HLTH USA 2024 in Las Vegas.
Health 2035 explores the intersection of industry and health through a two-fold lens: the young physician perspective and future scenarios that will drive innovation.
The survey portion of the report includes responses from more than 1,000 physicians aged 21 to 35, who shared their perspectives on established trends and opportunities for effective change. When asked about their motivation for pursuing a career in medicine, To Help Others (61%) remained the top response. Around two thirds of respondents predicted that artificial intelligence will change how they engage with patients. Specifically, young physicians predict that 32% of Diagnoses and 31% of Therapeutic Decisions will be aided by artificial intelligence (AI), compared to 8% of time spent using AI to interact with patients.
The report also reveals connections, at times unexpected, between the ways in which healthcare delivery is both spurred on and stymied by various factors, with takeaways that aim to galvanize both practitioners and entrepreneurs into creating a future that improves patient outcomes, physician quality of life, and the functionality of the broader healthcare system. For example, migration will continue shaping the world, defining how and where care is delivered, whether driven by environmental impact, ideological beliefs, access to resources, institutions, or online communities.
"Rapid advancements in biosciences, health administration, and technology stand to revolutionize the ways in which the healthcare ecosystem serves its stakeholders," said Katherine Andersen, Head of Life Science and Healthcare, HSBC Innovation Banking. "There is a difference, however, between potential and performance, and successfully achieving this future requires awareness in how both obvious and unseen forces are driving outcomes in the industry. Health 2035 offers both bold predictions and an urgent call to action, charting a future where technology, expertise, and compassionate care converge to fundamentally improve the field of health as we know it."
"If we want to envision the future of health, we should start by asking future healthcare providers about their perceptions," said Hamid Ghanadan, CEO of LINUS. "Today's youngest physicians represent the future of care: What they see as opportunities or barriers, how they envision delivering care, and why they will choose to remain in practice shapes healthcare in 2035. Intersecting these findings with scenarios of key societal movements provided us with three rich scenarios of health in the next decade."
Health 2035 draws upon qualitative and quantitative insights as a foundation, and includes viewpoints from industry leaders and innovators who outline key future scenarios that are expected to redefine the healthcare landscape and patient-physician interactions over the next decade. Along the way, the report identifies early indicators of changing sector dynamics and challenges the longevity of some of today's common healthcare conventions, all aimed at providing a new mandate for the next generation of healthcare leaders.
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About HSBC
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$2,975bn at 30 June 2024, HSBC is one of the world's largest banking and financial services organizations.
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The Linus Group, Inc. is a strategy and innovation consultancy focused on helping the world's leading organizations grow and be relevant in the evolving health landscape. With nearly three decades of expertise, we have developed models for how technical audiences such as scientists, physicians, engineers, and business teams make decisions, and strategies for influencing those decisions through effective market research, brand strategy, commercial approaches, and product roadmapping innovation. thelinusgroup.com
© HSBC Bank USA, N.A. 2024 ALL RIGHTS RESERVED. Member FDIC. HSBC Innovation Banking is a business division with services provided in the United States by HSBC Bank USA NA. ©The Linus Group, Inc. "Health 2035" is the trademark of The Linus Group, Inc. All rights reserved. All other brands, names, companies, products and references are trademarks of their respective owners.
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