- By the end of 2022, global healthcare spending might reach over $10 trillion.
- There are alone 784,626 companies in the US healthcare sector
- The biggest US healthcare company McKesson earns annual revenue of $208.3 billion
- IoT, the leading technology can lower the cost of clinical and operational inefficiencies by $100 billion yearly
- By the end of 2023, US spending on healthcare will add up to $4.3 trillion
The healthcare industry is getting more advanced with every passing day and the trends associated with it are a clear indication of how things are going to be served soon. Technology integrated into it is also highlighting how it is going to reshape the domain nicely. The trends associated with the healthcare industry are helping patients, doctors, and patients get a sense of how modernization into technology can benefit them in several ways.
Though there are several factors that make healthcare workers not accepting the new technologies so early, it is sure that trends in the form of technology are the future of healthcare. It has been predicted the digital revolution has the potential to save the healthcare sector $300 billion. Another study done by Accenture showcased that the industry for saving $60 billion has to make the right technology investment today.
With it, let us now move on to the trends associated with the healthcare domain that are likely to remain with the domain with more advanced features.
The Top Healthcare Trends for the Year 2021
1. IoT Devices & Wearables
Wearable devices are one of the first trends that will remain in the healthcare domain for the longer run. The devices have the potential to make an impact on user health via the combination of predictive analysis, mobile application, and other hardware mechanisms. The technology is redefining disease management, preemptive care techniques, patient diagnostics, and so on.
Life-threatening conditions and situations can now be managed using the combination of wearable devices that sends data to the loaded application for further analysis purposes. Through the devices, the flow of information and data is regularly shared with healthcare professionals like breathing patterns, heart rate, sleeping data, blood pressure, and others.
Fitbit, Omron HeartGuide, TempTraq, and Beddr are a few examples of healthcare industry trends.
The next healthcare industry trend is blockchain technology. It is just revolutionizing the healthcare domain through easy access to sharing and analyzing critical patient data and related information in real-time. This results in improved quality care and transparency.
If not directly in the form of healthcare checkups, the technology is surely helping in transactions. It is handling monetary transactions between payers, providers while looking at the other side called immaterial transactions like electronic medical healthcare records, contracts, selling patient data for further study purposes.
Embleema, Omny are examples who are using blockchain.
A virtual consultation for the patients, telemedicine is gaining momentum into the healthcare sector and is now listed as one of the healthcare industry trends. It is a way through which healthcare personnel can opt for remote diagnosis and patient treatments via digital technologies.
As per the survey conducted by Harvard Business Review, 97% of patients were satisfied with the telehealth experience, 74% believed that technology has helped them in strengthening the relationship with their healthcare personnel.
It is one of the most promising healthcare industry trends for doctors and patients. With just a click all the information and healthcare processes can be done via apps.
4. Big Data
Not just for policymakers, scientists, organizations, to make decisions by analyzing the data points, big data is now setting a benchmark for the healthcare industry too.
Through big data, healthcare analytics can help patients by reducing the treatment cost while avoiding preventable diseases and improving the quality of life too.
5. Healthcare Mobile Applications
Mobile applications are so obviously used by the healthcare domain for effective and quick results by both doctors and patients. Through the application, patients can search for medical services, check out their conditions, while getting instant medical information too.
There are medical apps too that can provide instant care to the patient by analyzing their information while supporting doctors to make better decisions.
6. Cloud Technology
The next technology healthcare domain is taking leverage of cloud technology. Using it, healthcare providers and organizations can get integrated, interconnected, and store information safely and securely digitally.
As the healthcare domain is something that manages huge amounts of data, patient information, and others in multiple formats, the use of cloud technology here is integral for easier processing.
7. Artificial Intelligence
Using AI, the healthcare domain is simply easing their work processes, by improving the quality of patient care, outcomes along with decreasing the cost for hospitals to manage things effectively.
AI is used for analyzing large quantities of data while increasing the accuracy of disease detection. In addition to it, AI is used for reviewing and translating the process of mammograms 30 times faster with almost 99% accuracy.
This is how the technology in the healthcare domain is making a mark by streamlining the work-processes of healthcare personnel while supporting patients both ways- at their comfort zone or getting instant help from healthcare via mobile applications.
These healthcare industry trends are vital for the healthcare industry and they are also evolving with better features, functionalities, and others. Apart from that, they are likely to remain in the market and emerge even stronger than before!
Here are a few emerging trends in healthcare for the coming years-
– Machine learning
– Internet of Medical Things (IoMT)
– Augmented Reality & Virtual Reality
– Electronic Health Records (EHR)
– Health tracking apps
– Therapeutic apps
There are several challenges associated with the healthcare industry that can later be resolved and can be turned into opportunities for a better outcome. Here are a few challenges-
– Costs & transparency
– Consumer experience
– Healthcare policy
– Patient’s data and analytics
– Payment models
– Points of care