You will have heard this many times in your life: modern problems require modern solutions. From the healthcare industry to the transportation sector, this mantra applies to every business.
The COVID-19 pandemic is a big example that was like a wake-up call for healthcare companies and experts across the world. But, thanks to IT professionals, they always keep an eye on healthcare and other sensitive industries that cannot afford errors or delays in their operations.
The official reports claim that healthcare is among the industries that will be highly technology-centric in the near future. According to the Future of Healthcare Report 2021, more than 50% of the surveyed patients are more comfortable with telehealth visits until and unless their care needs are properly addressed.
If you belong to the healthcare industry, do follow the latest healthcare technology trends to stay ahead of the game. Patients are tech-savvy today, and your healthcare business can’t survive if you keep practicing traditional healthcare processes.
In this blog post, we have explained the top technology trends for the healthcare industry. These trends can completely transform your business and make impossible things possible.
So, without any further ado, let’s start reading!
A Brief Overview of Medical Technology (MedTech)
- The U.S. is the biggest MedTech market in the world and accounts for more than 40% of the global MedTech market.
- The total market value of the global MedTech industry in 2020 was $456.9 billion. International reports claim that this market will grow at a CAGR of 5% through 2025.
- The telehealth visits saw a sharp increase of plus 154% during the COVID-19 pandemic.
- The top five segments of the MedTech industry are cardiology, orthopaedics, in vitro diagnostics, ophthalmology, and diagnostic imaging.
- The latest trends in healthcare technology are artificial intelligence, virtual reality, augmented reality, robotics, blockchain, and clinical automation.
On the list of top healthcare technology trends, artificial intelligence ranks the first number. From making operations run smoothly to making patients healthier and happier, AI is transforming everything in the healthcare industry.
For example, AI technologies like machine learning, natural language processing, computer vision, predictive analysis, etc. help manage data, plan treatment, and diagnose patients.
Everyone wants to receive personalized treatment, thanks to AI tools and technologies that have improved patient outcomes at a very reasonable price.
Moreover, AI reduces the development cost of new drugs due to two factors. The first is that it can improve the quality of drug design and identify viable drug combinations. Second, it has the power to address all the challenges that big data creates for life sciences.
Personalized Treatment and Medication
Because artificial intelligence can learn, grasp, and retain references, it can provide patients with real-time and personalized treatment and medication.
With AI, patients can get 24/7 access to virtual assistants, and that VA will respond back to the patients according to their unique needs, medical history, and preferences.
Another trend that is getting huge popularity in the healthcare industry is the use of robotics. Healthcare organizations can use medical robotics to reduce the workload of doctors and healthcare professionals.
The robots can perform a wide range of tasks and services; for instance, they can be used in reception areas to guide patients to their specific rooms.
Robots also have the ability to collect data about what patients need most. It will help doctors plan treatment and diagnose patients.
Are AI and robotics the same technology? This is one of the highly asked questions on the internet. There is a large percentage of people who think that AI and robotics are the same. But this is not true. AI and robotics appear to be the same thing, yet they are not.
Robotics is the development of robots that perform activities without the need for human interaction. AI, on the other hand, supplies human brains to machines to construct intelligent systems that can learn and do tasks.
As a result, AI can be combined with robots to build an ever more intelligent and cognitive environment.
Nanotechnology is not rocket science anymore. Now, the development of machines thousands of times smaller than the width of a single human hair is a reality.
It is a fact that nanotechnology is a modern technology, but the way it has been impacting healthcare services cannot be witnessed anywhere. From drug delivery to regeneration of damaged tissues and organs, we will all experience major advancements in its use by the end of 2023.
When it comes to diagnostic imaging, nanotechnology creates highly sensitive diagnostic tools. For example, nano sensors are a technology that helps doctors prevent diseases at an early age. Nanorobots are injected into the blood vessels which hunt cancer cells and viruses.
The tech experts claim that nanomedicine technology will make further advancements in the healthcare industry. Of course, the help of early investors provides new tools and therapies that can improve patient care outcomes and help address some of the biggest healthcare challenges of our time.
Blockchain technology in the healthcare industry is another emerging and highly-adopted trend in 2023. It creates safe and secure records and promotes 100% security of healthcare data. This technology builds a decentralized system, so healthcare organizations will be able to:
- Secure their electronic healthcare data
- Bring transparency to supply chain management
- Integrates medical information securely
- Ensures safe and secure medical transactions
- Eradicates the chances of scams and frauds
According to the experts, the healthcare industry can save more than $150 billion annually if hospitals and other healthcare companies use blockchain technology.
Remote Patient Monitoring
Remote Patient Monitoring (RPM) is another trending healthcare process in 2023–24. It uses different electronic machines to monitor patients while they are sitting at home.
Doctors can use this innovative approach to remotely measure the following physiological processes using different digital methods:
- Blood cells
- Heart Rate
- Blood pressure
- Blood chemistry
- Renal output and many more
RPM practice uses wearable sensors, smartphones, or other specialized monitoring equipment to collect patient data. Thanks to the RPM process, healthcare experts can now identify anomalies early.
It will enable doctors to make proper adjustments to provide 100% accurate and personalized care to their patients. In 2020, this remote patient monitoring industry generated USD 23.2 bn. RPM is predicted to reach more than $117.1 billion by the end of 2025, with a CAGR of 38.2%.
Automation in the healthcare industry is imperative because it not only reduces medical costs but also streamlines processes and promotes a personalized patient experience.
According to tech experts, 2023 will reach its peak level of automation in the healthcare sector. Automation technologies like robotic process automation will generate more than 50% of overall healthcare technology investments by 2023.
Whether it is appointment scheduling, claim processing, or medical billing, robotic process automation automates all administrative processes.
So, clinical automation enhances the accuracy and efficiency of patient information and offers in-depth analysis and recommendations based on the data.
Other examples of healthcare automation are automatic drug dispensing systems and AI and ML algorithms that detect aberrant and irregular medical results.
All of the afore-mentioned trends will play a leading role in the healthcare industry in 2023. We understand that it is not easy to keep up with the latest trends in healthcare technology.
However, if you properly follow the mentioned tech trends, your business will surely attain a competitive edge over your competitors. So, do take advantage of these healthcare tech developments to supercharge your brand name in the healthcare market.
Do you want to learn more about how to use these healthcare technology trends to get their maximum benefits?
Send us an inquiry. Our experts will contact you back.