A new wave of innovation has swept through healthcare in recent years. With people looking to improve their quality of life through technology and digital innovations, health, and wellness are becoming more meaningful and enjoyable. In the last decade, new approaches to finding, preventing, and curing diseases have advanced tremendously.
As a result of more savage global conditions and the growing demand for quality and accessible healthcare, AI-driven technologies and the digitization of healthcare workflows have played an essential role in this process.
In 2028, the global market for Healthcare Applications is expected to surpass $125 billion. As you look forward to the future, you must remain knowledgeable about the trends shaping healthcare applications and technologies in 2023.
Looking at the essential technologies poised to invest in the bright future of the healthcare industry this year, we'll discover the most innovative tech innovation driving the healthcare industry towards digital transformation.
Healthcare Forecast: Insights into Healthcare Market
As technology advances, smartphone sensors, cloud storage, applications, and data analysis will play an increasingly important role in creating modern and innovative healthcare services in the near future, as will smart technologies such as smartphone sensors, cloud storage, and data analysis.
Let's look at impressive statistics to show how quickly the healthcare industry is growing.
- A CAGR of 25.8% is projected for the telemedicine market to reach USD 396.76 billion in 2027.
- According to Global Market Insights, the Surgical Robots Market is expected to reach USD 4.6 billion by 2027 with a CAGR of 17.4%.
- According to a report, the global cloud computing market will hit USD 64.7 billion by 2025.
Key Healthcare Technology trends and innovation to watch out for
Patients and medical personnel will be able to live in more sustainable environments and overcome even previously incurable diseases with the help of technology. Let's discover the latest trends in healthcare technology poised to shape the healthcare industry and contribute to patient care.
The traceability and security of blockchain make it a suitable Healthcare IT solution. Among these are electronic medical records, remote monitoring of patients, pharmaceutical supply chain management, and health insurance claims management.
There are several uses for blockchain technology in healthcare, including managing electronic health records (EHRs).
Blockchain technology also plays a significant role in smart contracts, preventing drug counterfeiting and storing, sharing, and retrieving biomedical data collected remotely.
Virtual reality (VR)
In recent years, the VR and AR (augmented reality) markets have grown significantly worldwide, and both technologies are becoming increasingly popular in the healthcare sector. In addition to performing more advanced surgical procedures, the technology can provide pain relief for patients and treat mental health disorders.
A surgeon can also rehearse procedures using a virtual reality helmet and see inside the patient's body.
Artificial Intelligence (AI) in Healthcare
Healthcare is among the industries that are developing artificial intelligence. Among healthcare technologies, AI can analyze patient data and other information, develop new medications, and improve diagnostic procedures' effectiveness.
A form of artificial intelligence, machine learning, has significantly impacted the healthcare industry.
Remote Patient Monitoring (RPM)
Remote patient monitoring is prominent among the most recent developments in the healthcare industry. A significant contribution of COVID-19 to the development of remote patient monitoring has also been made in the medical field.
Virtual healthcare can take various forms, such as online appointments, remote care, and video conferences. Moreover, RPM has access to a wide range of IoMT devices, allowing it to expand its offerings even further.
As reported by Research and Markets, the global market for remote power management systems is expected to reach over $175.2 billion by 2027.
Considering the bright future of medical device technology, Nanomedicine stands out as one of the main contenders.
As a rapidly developing field, nanomedicine is an application of nanotechnology to medicine and has significant potential to make healthcare services more efficient in the years to come.
The use of this technology for diagnosing, delivering drugs, and even regenerating damaged organs and tissues will likely be greatly advanced by 2023.
The recent pandemic of COVID-19 has resulted in many governments, health systems, clinicians, and patients embracing telemedicine to improve their care and efficiency.
Governments issued guidelines to aid the relief of the pandemic to decongest crowded healthcare facilities worldwide.
Through telemedicine, medical practitioners can effectively reach their patients via one or more means of communication, with the advantage that the facility load can be reduced by telemedicine, and the need to bring personal protective equipment (PPE) is also reduced.
Several health technology companies are developing telehealth services to enhance social distance mitigation in public health.
Cognitive Automation (CA)
Cognitive Automation (CA) is one of the emerging trends in healthcare technology worth mentioning. Digital transformation is being driven by cognitive automation.
It is considered a trend of emerging IT in healthcare, but the technology package and its application will eventually change how the industry is governed to its core.
RPA applies the achievements of human behavior mimicking tasks other than repetitive ones. Essentially, it functions as the organization's digital brain.
As a result, CA extends the automation capabilities of existing software providers by using ML algorithms to accelerate decisions across the industry, allowing it to bring unprecedented levels of decision velocity.
A 3D bioprinting system has existed in the healthcare industry for some time. While its ability to create three-dimensional structures that resemble natural tissue is essential to scientists and researchers, it is attracting the attention of many researchers.
New advances in the field of technology and the new and sophisticated versions of prosthetics will only make this discipline more successful.
In the near future, the practice is likely to become more widely accepted. Therefore, costs associated with the implant and prosthetic treatments are reduced.
The healthcare industry's information technology trends are continually evolving to meet the needs of providers and organizations. This calls for Healthcare app development to manage every task with ease.
Even though these trends may pose certain concerns about the privacy of patients and the security of healthcare data, they have also enabled more opportunities to treat the security of healthcare more holistically while, at the same time, enhancing the level of security.
This will make it easier to manage data more effectively to improve patient care and reduce healthcare costs.