An amalgamation of healthcare and technology is leading the revolution in the healthcare and wellness industry. From mobile apps to the internet of medical things (IoMT) to artificial intelligence and better user interfaces, tech is driving innovation in healthcare. Healthcare technology is making the hospital processes more efficient and improving patients’ lives by offering personalized treatment and care. It is leveraging digital transformation by adopting a digital-first strategy that highlights digital engagement, digital interactions, and digital products and services.
The application of technology in the form of IT tools and software (databases, devices, mobiles, wearables, etc.) to enhance hospital and organizational productivity is known as Healthcare Technology. It further gives new insights into medicines and treatments and improves the overall quality of care. The adoption of cloud technology and AI (Artificial Intelligence) have made amazing progress in areas, including the clinical interpretation of complex datasets, intelligent medical images, voice integration, and real-time insight of streaming medical devices and sensors data. Artificial intelligence is geared up to become a transformational force in healthcare.
It is a grim reality that patients had to suffer before digitalization due to inefficient and faulty clinical systems, processes, and conditions. Many medical errors occurred in the past, owing to undeveloped health technologies. However, with the advancements in health technology, the healthcare administration has developed with the focus to improve quality of life.
With the increased use of electronic medical records (EMR), telehealth services, and mobile technologies, physicians and patients are both seeing the benefits that these new medical technologies are bringing.
How fast is Health Tech growing?
According to the report by Global Market Insights, the global digital health market value was valued at over USD 106 billion in 2019 and is expected to exceed USD 504.4 billion by 2025. On the other hand, the telehealth business is estimated to grow at 29.4% CAGR over the forecast period. The primary factor driving the global market is the increasing demand for remote monitoring services as chronic diseases are rising across the world. Moreover, an increase in global smartphone users is also thriving the market growth.
Further, a mounting awareness about the importance of fitness and health among the population will increase product adoption, driving the market growth.
Health tech can trim the fat from our longstanding healthcare scene. Skyrocketing costs, unbearable wait times, inefficiencies in drug development, and limited access to insurance and healthcare providers are all being improved (or at least addressed) through tech-infused care.
What are the Health Tech industry challenges?
Despite the enormous growth potential, the digital healthcare industry deals with regulatory challenges that obstruct innovation. The major roadblock to health tech development is privacy protection. A healthcare system often administers confidential and sensitive patient health data. As technology is highly based on the sharing and distribution of data, it is challenging for the industry to curb data theft.
In addition, the integration of high technology requires high maintenance and costly upgrades, which increases the total cost of ownership. Effective adoption and access to such cutting-edge technologies involve equally sophisticated and cost-effective business platforms.
The quality of service and application performance achieved through a good range of networks is essential for launching real-time communications solutions. However, connectivity failures or a low bandwidth device affects the communication service and becomes a barrier.
Many companies have the potential to address these challenges and utilize the technology effectively, but again, demographic factors come into the picture.
Therefore, health tech will only become universal when it can manage the expectation set within each country.
What is the future of Health Tech?
The potential of the health tech industry overpowers the challenges as the scope of improvement is enormous. As an industry, Health Tech will continue to thrive in the coming years as it is in a privileged position due to its financial and consumer backing abilities.
The future of healthcare lies in working hand-in-hand with technology where healthcare workers have to embrace emerging healthcare technologies. Also, AI will lead a new era of clinical quality and exciting breakthroughs in patient care by driving a new generation of tools and systems. It will further make clinicians more aware of refinements, more efficient while delivering care, and more likely to excel in developing problems.
Digital technology could help transform unsustainable healthcare systems into sustainable ones, equalize the relationship between medical professionals and patients, provide cheaper, faster, and more effective solutions for diseases.
The promise of technology to innovate, and the update comes when healthcare needs to respond to the growing demand for resources. The digital health revolution is in a strong position to create solutions and deliver them.