The healthcare sector is now changing rapidly and goes beyond merely patient care. Nowadays, the emphasis is on the health and long-term well-being of patients, physicians, medical staff, and the general public. Instead of only treating sickness, focusing on value-based care and preventative Healthcare is becoming more prevalent. The future of Healthcare is in digital transformation driven by technology. Disease prevention, early detection with cutting-edge instruments, and rigorous post-illness monitoring and treatment are all given significant weight. Healthcare today promotes patients’ physical, social, mental, and emotional well-being with a holistic approach.
The epidemic and its aftermath have transformed the dynamics of Healthcare. People are becoming increasingly aware of holistic health all around the world. Due to the epidemic, the general public is spending money on medical equipment to track their health and plan for a healthy future. The healthcare sector’s organizations need a lot of updating to meet people’s expanding demands.
The implementation of structural and technological innovations is accelerating the digitization of the healthcare sector, which has the potential to benefit the whole population.
Businesses are emphasising and innovating in the following areas:
- Artificial Intelligence
- Data Analytics
- Cyber security
- Application Modernization
- Cloud Platforms
And as 2023 slowly approaches, we have identified the key themes that will influence the Healthcare and life sciences sectors in the future.
The artificial intelligence (AI) market in Healthcare is anticipated to expand at a CAGR of 45% between 2023 and 2033.
Computers that can learn, think, execute activities, and even make choices are called artificial intelligence (AI) systems.
The amount of information from wearables and electronic health records (EHR) is enormous. Companies in the life sciences and healthcare use AI development services to use this data. Along with assuring regulatory compliance, it may help with research development, patient treatment planning tailored to each individual, and enhancement of medication effectiveness.
Applications of AI in Healthcare
- The early detection of life-threatening disorders
- Using big data analytics to forecast risk and prevent the incidence of illness
- Improve preventative care to enhance life quality.
- using government data to track infectious illnesses and respond to pandemic-like scenarios
- Process simplification and increased operational effectiveness in hospitals
Telemedicine & Evolution of Remote Care
Revenue from remote Healthcare is anticipated to be USD 24.74 billion in 2029. To make it commonplace, health systems are prepared to accept telemedicine and remote treatment (Ref: Maximize Market Research).
A mobile device or digital wearable that continuously tracks a patient’s health outside of a medical institution eases the strain on hospitals and their personnel, increases the effectiveness of therapy, and lets care professionals maintain tabs on daily patient medical updates.
It is advantageous for patients since there is no need for hospital admission, therapy is feasible at home, patients may interact with the medical team immediately for any concerns, and patients can access their medical data whenever and wherever they choose.
A lack of healthcare personnel to handle the growing number of elderly patients.
Excessive healthcare costs. The usage of smartphones and wearables has increased.
Increasing Cybersecurity Investment
Cybersecurity in Healthcare By 2028, the market is projected to reach $15.25 billion, with growth projected to occur at a pace of 18.1% (Vantage Market Research).
Cybercriminals have been paying attention to medical data and confidential patient information. Electronic medical records, applications, wearables, lab tests, and prescriptions all produce large amounts of data, and this number only goes up. Enterprises must protect this data and ensure its privacy is not jeopardized. As a result, businesses are working harder to safeguard the security of digital and health data. Due to the rising demand for cybersecurity services, there will be a global need for managed security services and experienced, educated, and qualified cybersecurity workers.
According to a Gartner analysis, enterprises should integrate medical device security capabilities with conventional cyber protection approaches to enhance cybersecurity risk management programs.
In 2028, the worldwide Internet of Medical Things (IoMT) market is anticipated to reach $187.60 billion. (Business insight from Fortune)
Even if the IoMT were already popular in 2023, this industry would be expanding its scope. The Internet of Medical Things is a network of wirelessly linked hardware, software, systems, and other technological advancements that gather, process, monitor, and analyze data in real time.
IoMT can change and enhance patient care while lowering costs and promoting quicker and more informed decision-making.
- Decreased medical mistakes
- Transmission of electronic health records (EHR) continuously
- More effective illness management
- Monitoring chronic illnesses remotely
- Affordable, accurate diagnosis
According to a poll by Gartner, organizations would invest 34% more in hyper-automation technology in 2023 than in 2022 (25%).
According to industry studies, Healthcare and life sciences organizations want to use hyper-automation for quality control and regulatory compliance. The COVID-19 crisis highlighted the skills gap and operational issues in the healthcare sector. It may be chaotic and error-prone to meet the rising demands of gathering trustworthy data more quickly from multiple sources, analyzing it, and providing health results. Hyper-automation technologies make automating manual procedures easier, improving healthcare operations, and enhancing patient experience to meet these difficulties.
Robotic process automation (RPA), intelligent automation (automation using cutting-edge technologies like AI and machine learning, natural language processing), and intelligent document processing are some of the next-generation cognitive technologies.
Hyper-automation enhances the emphasis on delivering value-based care for patients, speeds up healthcare business procedures, and decreases resource shortages.
However, the use of cutting-edge technology in the healthcare sector is still in its infancy. The Healthcare and life sciences field has already begun to undergo a revolution thanks to the five significant trends in digital technologies outlined above. In the years to come, the sector will undergo a total transformation.
Businesses are accelerating their digital investments by matching business goals with technological objectives. To get a competitive advantage in the current market, it is crucial to build teams, collaborate with the best healthcare software development company and prioritize digital health projects in line with market trends.