Healthcare is one of the largest industries in the world, both in terms of revenue and employment. Healthcare includes hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. Healthcare is growing rapidly in the global economy as a result of increasing coverage, improved services, and increasing public as well as private spending. Our experts at Strategy Here undertook excruciating efforts to predict the health andwellness industry trends and opportunities.
The top 6 industry trends and opportunities in Healthcare are -
1. Artificial Intelligence in Healthcare
Artificial intelligence is replacing conventional labor-intensive and time-consuming processes in healthcare with rapid, remote, and real-time solutions for diagnosis, treatment, and disease prevention. A wide range of digital products is developed by emerging startups to extend the benefits of artificial intelligence. Medical diagnostics, workflow management, and advanced surgical assistance are some applications of artificial intelligence in healthcare.
AI/cognitive platform technologies will be brought closer to clinical care in the next 12 to 18 months to augment physicians and even patients with actionable decision-making ability. AI will become a common theme across all digital initiatives and platforms in the next two to three years: For example, Biofourmis, Current Health, and Myia have developed AI and sensor solutions to allow practitioners to assess an individual's health at a granular level regardless of their location.
2. Big data and analytics in Healthcare
In recent years, big data has taken the business and financial worlds by storm by offering businesses insights that previously required massive computing power and overhead costs to collect. Technologies related to data and analytics have flattened entire industries, and they will do the same in the health sector.
The focus on healthcare data analytics will shift from ‘big data to ‘meaningful small data’ by the hospital specialty. The increasing digitization of the care-delivery continuum is leading to a data explosion. This provides an excellent opportunity to generate insight from existing healthcare data to address targeted use cases. Aside from being the 'holy grail,' analytics solutions are seen as a catalyst for complementing technology promises leveraging healthcare data (e.g., artificial intelligence, cloud computing, and blockchain)."
Ginger.io, for example, uses smartphone data to provide patient insights and care. With the help of big data technology, Ginger.io offers customized care for people with mental illnesses.
3. Mobile Health (mHealth) in Healthcare
Digital solutions and connected devices enable mobile health technologies to provide personalized health information. The use of mobile devices makes it possible to visualize health issues that prevent patient participation. Healthcare delivery is more equitable and accessible with smartphone-linked wearable sensors, point-of-need diagnostic devices, and medical-grade imaging that isn't restricted by geographical boundaries. By enabling contact tracing, surveillance, quarantine control and management, testing, and disseminating relevant information, mHealth solutions played a critical role in limiting the spread of the COVID-19 pandemic.
For Example -With over 200,000 registered doctors, a startup from India called Practo has pioneered the concept of mHealth and expanded its services into 5 countries.
4. Blockchain in Healthcare
The security and traceability of blockchain make the technology ideal for multiple healthcare applications. Health insurance claims, electronic medical records, and remote patient monitoring are examples of the services provided. EHRs and FHIRChain (Fast Health Interoperability Records) can be managed by blockchain technology. Additionally, it can also be used to store, share, and retrieve biomedical data remotely collected, as well as to deal with drug counterfeiting.
A startup company named Pokitdok, for example, specializes in developing APIs for healthcare verticals such as claims, pharmacy, and identity management. A distributed network is used by DokChain, their platform to process financial and clinical data across the healthcare industry.
5. Virtual care and remote medicine
Isn't it wise to get the same level of care at home that you would at an outpatient clinic or a doctor's office? Virtual visits have skyrocketed during the pandemic, especially for minor and routine appointments. and according to our analysis, this market is expected to reach up to USD 288.11 billion by 2026. Additionally, remote medicine gives medical professionals the ability to squeeze more consultations into their busy schedules while reducing the risk of spreading illnesses. In densely populated countries such as China and India, where doctors are in short supply, this is an especially important consideration.
Using Artificial Intelligence (AI), Ceiba Healthcare, an innovative startup based in Turkey, has developed a platform that continuously streams vital data about patients from their bedside. Through the use of a purpose-built two-way platform, the solution can be integrated with hospital monitoring systems without any additional hardware. Clinical staff can use the platform to identify patients who are at risk or showing signs of deterioration, as well as score and alarm their condition.
6. The model of Coopetition
In health care, cooperative competition, or coopetition, is becoming increasingly prevalent. Big-box retailers, nationwide chains of pharmacies, and new entrants are seen as threats by some providers, but opportunities by others. In order to lower the cost of care, increase downstream market capture, and focus on core specialty services while remaining highly connected to patients, they leverage the capabilities of these power players.
As an example - CVS and Walmart offer basic primary care, simple diagnostic services, and chronic disease management-all of which health systems have struggled to offer profitably. By partnering with retail organizations to fulfill this gap, we can simplify organizational services, increase access and improve patient care at lower costs.
As we know, the dynamics have turned upside down in the Healthcare Industry, and with the ever-evolving demand, it would require a larger focus on spending and building such an infrastructure that can withstand the agony of pandemics as the market continues to enthrall us by offering potential opportunities. Most notably the trend of virtual care, blockchain, and m health will act as a pillar and would provide the much-needed support to the already burgeoning healthcare infrastructure to make it more resilient than ever.