- The healthcare industry is consequently in a state of constant flux, evolving on a daily basis.
- There is a pressing need to embrace digital technology, an area that has been neglected in previous decades, but in recent months has played an important role in controlling Covid-19.
In recent years, innovation in the healthcare industry is rapidly accelerating due to the aging population, the rising prevalence of chronic diseases, infrastructure advancements, higher labor costs, and the expansion of healthcare systems in developing countries among others.
But, what caught all of us off-guard was the pandemic we’re currently facing. While such a health crisis is unprecedented, the healthcare system globally was not designed to deal with this crisis since it requires urgent mobilization of resources and affects the whole population.
In short, the Covid-19 pandemic has exposed the need for resilience in our healthcare systems.
The upside is that there are a lot of new trends coming up within the industry in this coming year given the accelerated pace of innovation we’ve seen this year.
Telehealth or telemedicine is the provision and management of health care in which individuals manage aspects of their care with remote support from health-care professionals. Covid-19 has greatly accelerated the use of telehealth resources. One of the major benefits of telehealth over in-person alternatives is that it reduces contact between patients, healthcare workers, and other patients.
According to Research and Markets, “telehealth is one of the useful tools for continuous monitoring of chronic conditions and treatment. The adoption of telemedicine is likely to rise with the penetration of smart gadgets. Telemonitoring is used to monitor congestive heart failure (CHF), tele stroke for stroke condition, and tele pulmonology for chronic obstructive pulmonary disease.”
It is also expected that by revenue, the telehealth market is expected to grow at a CAGR of over 28% during the period 2019-2025. Factors such as the emergence of telehealth robots and robotic platforms as well as strategic acquisitions and collaborations are likely to contribute to the growth of the telehealth market during the forecast period.
There is a lot of untapped potential in this technology that is being unraveled through time. To put it briefly, artificial intelligence (AI) simplifies the lives of patients, doctors, and hospital administrators by performing tasks that are typically done by humans, but in less time and at a fraction of the cost.
Notably, AI is one of the world’s highest-growth industries, the valuing at about US$600 million in 2014 and is projected to reach US$150 billion by 2026. From finding new links between genetic codes to drive surgery-assisting robots, AI is reinventing — and reinvigorating — modern healthcare through machines that can predict, comprehend, learn, and act.
For example, by using AI’s pattern recognition, doctors can prescribe personalized treatment plans tailored to a patient’s genetic makeup and lifestyle to treat cancer. Additionally, pharma and biotech companies use machine learning algorithms in order to shorten the drug development cycle. Most recently, researchers in the United States developed an AI that accurately recognizes and diagnoses COVID-19, even in asymptomatic patients, just by the sound of a cough.
Other ways AI can help the health industry include, identification of people with high risk, personalized dosage recommendations based on each patient’s body chemistry and environmental factors, as well as automation of reminders for the consumption of medication at their specific times.
Internet of Medical Things
Likely, your most recent healthcare interaction would involve some sort of medical device or equipment — a blood pressure monitor, a continuous glucose monitor, maybe even an MRI…
Read More:4 digital healthcare trends for 2021