According to a 2021 report ‘Future of Healthcare, 80% of the healthcare industry is planning to spend on Digital trends taking over healthcare sector in the coming 5 years. Online medicine, telehealth services, AR & VR, AI and ML services are going to be in the future 5-year plan of the organisations in the healthcare industry.
Hit of COVID-19 on the world made every individual more aware of the health aspects of life. This revolutionised the medicine & healthcare industry, pushing the organisations to up their game by adopting health tech trends. Pandemic has accelerated the adoption of remote health monitoring and virtual care practices.
Market Sector Share of Healthcare:
Recent research shows that 2.4 million jobs belong in healthcare sector. Now the global healthcare sector industry is growing rapidly, spending’s reaching over $10 trillion in 2022. Research shows that the healthcare market is increasing three-fold to Rs 8.6 trillion by 2022. As per Budget 2021, Public expenditure of citizens of India on healthcare was at 1.2% of GDP. Health insurance sector is expanding, considering the Pandemic and increasing issues of new diseases. Gross premium income backed by health insurance organisations grew 13.3% YoY to Rs. 58,572.46 crore in FY21.
(SOURCE: – https://www.ibef.org/industry/healthcare-india.aspx )
Shift to remote care and telemedicine:
The multiple spikes of Covid19, the fear of virus transmission obstructed in-person hospital appointments. This created the necessity for virtual connection through Zoom or Skype video calls or telephonic connection. Online booking and prescription services through healthcare apps were widely used during the pandemic. The process eased patient and medical professionals’ interactions, resulting a safer communication given the pandemic scenario. Thus, the entire adaptation of the technological trends of the healthcare industry was positively accepted on the larger scale with accelerated development, expansion and implementation of the idea on equally larger grounds. Few examples include online prescription, online booking medical services, virtual wards, online or telephonic consultations, remote monitoring through apps and devices. You can hire dedicated developers to design custom applications best suited for your patient needs.
What HealthTech Trends should we expect in 2022?
Intervention of technology in healthcare sector is proving wonders, which is positively accepted worldwide after the hit of COVID-19. Technology in healthcare focuses on improving quality care, enhancing productivity, workforce management, streamlining operational processes. Healthcare is entering a technology-based and value-based care ideology with the transforming environmental and global scenarios at play.
Healthcare tech industry is creating 3D Bioprinted living tissues to examine and study diseases on molecular basis using printed models as test subjects. This technology proves to be highly effective in study of terminal illnesses like cancer and tumours. Worldwide 3D Bioprinting market is predicted to reach 1.8 billion dollars by 2027. Companies and organizations hire dedicated developers to develop solutions that can talk to these technologies to simplify data processing and analysis.
Nanomedicine informatics is important to integrate huge, complex datasets nanoparticles in living beings on nano levels. It is a helpful process in laboratory research and intellectually delivers drugs in the body throughout. Nanorobots are used for drug delivery or disease monitoring after injecting into the patient’s body. Nanomedicine market is estimated to grow from $111.912 billion in 2016 to $216.064 billion by 2023.
Artificial Intelligence & Machine Learning:
Health informatics and healthcare are using AI and ML techniques to assist health care professionals with more layers of real-time data, make better judgments, information for improved and diagnostic accuracy, reduce human error, predict possible high-risk scenarios. AI or predictive analytics brings quality and efficiency in the clinicians’ practice by identifying patterns of symptoms to deliver better treatment strategies benefiting the patients. From immunotherapy for cancer patients to radiology tools to identifying contagious or infectious disease patterns, AI and ML use in healthcare sector can result in better healthcare services, diagnostic approaches and results, improved treatments, and optimising care processes.
Development in the technological aspect of the healthcare sector has also increased the use of cloud computing in medical field which is projected to reach $35 billion in 2022 from $20.3 billion in 2017. The reason for this immense growth is due to storage needed for high volumes of data that is cost-effective for healthcare industry in general. The most utilization of big data in healthcare is in Electronic Health Record Systems (EHR). It helps easy storage of huge digital documentation of the patients such as demographics, medical history, diagnostics and laboratory results. EHR can also provide the stored information from one medical facility to another to be used by the medical authorises if needed. The ease of access can ensure positive results for the patient in emergency and dire need of this service.
Superfluity of data swamping from Electronic Health Records system (EHR), Electronic Prescription Services, Personal Health Records (PHR), Master Patient Indexes (MPI), Patient Portals, Health related smartphone apps and much more, cloud and data analytics are growing to be most trusted mechanisms to store and share big data.
Powerful algorithms and extensive search functions are used to analyse data through Data Analytics that enable healthcare organisations to optimise their existing process and provide them with an insight into the quality of patient care. This is attained with the help of various types of data analytics such as diagnostic analytics, descriptive analytics, predictive analytics, prescriptive analytics, for interpreting quantitative data that reveals qualitative data insights of the patient in turn suggesting value care practices along with positively impacting the industry as a whole. A sum of all the data is taken into consideration such as analysing clinal, financial, administrative, operational data delivering quality and making healthcare system a value-based model.
Pandemic has made every individual health conscious. Covid19 has speeded Health Tech adaptation ensuring its advancement in the coming years. Technological usage in health industry is of crucial importance now more than ever for developing new therapeutic approaches, preventing complications, more treatment options and drugs, improving overall quality of life and maintaining good vital health. A better healthy world is on the brink when the technology and healthcare industry work hand in hand.
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