Healthcare Horizons: Trends Shaping 2023 and Beyond
- Virtual Healthcare
- Data Interoperability
- FinTech for Health
- IoMT and Robotics
- Artificial Intelligence
- Outstanding Solutions with Rolique
Global healthcare has undergone unprecedented changes in recent years. The reason is the COVID-19 pandemic. The necessity of moving processes and services online has sped up the adoption of cutting-edge technologies. We're witnessing a growing number of tools for remote health monitoring, online consultations, and patient care emerging in the market. This tendency remains relevant.
All this also affected the development. Both customers and contractors are looking for new, modern approaches to developing healthcare systems. There is also a greater need for convenience, security, and mobility for healthcare-related applications.
Let's consider six leading trends shaping global healthcare in the following years.
During the pandemic, people have become accustomed to remote services and work. The same applies to medical services. In search of convenient and quick solutions, people increasingly turn to online consultations and applications that can explain symptoms.
In comparison, in 2015, only 35% of respondents felt comfortable with remote appointments. Today, more than half of patients would choose virtual healthcare services, especially among young people. In particular, 41% of Gen Z and 33% of millennials lean towards online consultations rather than traditional in-person visits.
Considering the demand, healthcare institutions are catching the wave. By 2026, 80% of healthcare systems are gearing up to boost their financing in virtual health. Furthermore, 58% plan to allocate $10 million yearly to upscale their digital medical programs. That's why telemedicine become widespread — today, it is a $30.4 billion industry in the USA and growing.
The remote patient monitoring market is also on the upswing — it will reach over $175.2 billion by 2027. It allows patients to recover at home, reducing hospital stays. It is a win-win for both patients and medical workers. The patient can receive care in comfortable conditions, and the doctors save time and amount by consulting and monitoring the recovery process remotely.
Likewise, attention to mental health is rising. The Lancet says that anxiety and depression cost the global economy $1 trillion annually. By 2030, mental disorders spending will be around $6 trillion.
The demand for online counseling remains high for several reasons. It doesn't require travel time, allows patients to receive help in a comfortable, familiar environment, guarantees anonymity on demand, and many more. Thus, investment in virtual therapy is expected to increase.
An individual approach has remained a global trend in recent years. In healthcare, it allows more effective decision-making based on the patient's characteristics, leading to more efficient treatment results and reducing the diagnostic error probability.
For example, the precision medicine approach helps doctors to pinpoint high-risk medical conditions before symptoms appear. In some cases, it makes it possible to start therapy early to slow the development of the disease and save the patient's quality of life. It's a high-potential diagnostic approach — the global precision medicine market will reach $146.6 billion by 2028. Moreover, hyper-personalized medicine is already acknowledged by the U.S. government and is expected to receive $3.18 trillion by 2025.
Efficient data management and seamless information sharing are vital for today's healthcare systems, and this trend will grow. Google Cloud's research reveals that most healthcare professionals recognize data interoperability as essential to performing their work:
- 86% believe that it will reduce the time of diagnosis
- 95% consider it will help patients respond better to treatment
- 96% agree that better access to essential data can save lives
Difficult access to healthcare data can cause delays and reduce diagnostics' effectiveness. In return, seamless access is crucial for timely and effective treatment. Thus, the interoperability and connectivity of medical devices are vital to helping medical professionals improve their work with patients.
FinTech for Health
Medical institutions worldwide strive for innovations: global digital transformation in the healthcare market is estimated at $65.2 billion in 2023 and is projected to reach $ 253.6 billion in the next decade.
The financial side is not an exception. The payment process in many healthcare institutions still remains challenging for patients. It propels the integration of fintech solutions in the healthcare industry to make finance management more clear and handy.
Fintech solutions span various financial services like insurance, payments, loans, taxes, payroll, and generating reports. Looking ahead to 2030, the global fintech-as-a-service market is poised to reach $949.49 billion, growing at a steady rate of 17.2%. So, fintech solutions for healthcare are expected to streamline financial operations, making it user-friendly and efficient.
IoMT and Robotics
In 2023, the U.S. smart wearable devices market will grow by 25.5%. At the same time, the global Internet of Things in healthcare is expected to reach around $960.2 billion by 2030. It is also likely that 71% of the world's population will wear smart self-monitoring devices by the end of this decade.
Wearable devices and health trackers are valuable tools for keeping tabs on individual health. As a response to a person's behavior, the device will show comprehensible data that can be easily interpreted. Persons can adjust their daily routines to meet their needs. This not only fosters patient engagement but also gives them more control over their well-being.
Another trend is the increased usage of robotic and embedded technology in healthcare. Robots can be used for various tasks:
- Surgery. For example, the da Vinci has been used in over 6 million surgeries for 23 years. According to Frost & Sullivan, 80% of surgical procedures will be performed by robots by 2025.
- Prosthesis. The use of robotics in prosthetics will make artificial limbs more functional.
- Supportive tasks in hospitals, like cleaning, disinfection, etc. In 2011, 722,000 HAIs were found in US acute care hospitals, because people can't always perfectly clean rooms. Patients with weaker immunity were more likely to suffer from bacterial infections. However, introducing robots to handle these responsibilities can significantly enhance the efficiency of these tasks, leading to better patient care.
- Social work. For instance, helping people with learning disabilities, older patients, or those going through rehabilitation.
AI is making waves globally, and the healthcare industry is no exception. The interest in ‘AI and healthcare’ has skyrocketed in the last five years. By 2029, the global AI-powered medical imaging solutions market is expected to reach $9.61 billion. Furthermore, by 2025, using AI for diagnoses could make things way more efficient and save the healthcare industry more than $150 billion.
AI, as a tool, has a wide range of applications. It can swiftly sift through enormous amounts of data, considering even the tiniest details to present solutions. This opens up exciting possibilities, especially in the field of diagnosis. For instance, algorithms are already outperforming radiologists in malignant tumor detection.
Leveraging AI for administrative tasks can give healthcare professionals more time to focus on their expertise. For instance, European doctors dedicate around half their time to administrative duties. By adopting AI solutions, medical staff can reduce the hours spent on administrative work and boost their patient interaction time by nearly 20%.
Many companies, from startups to enterprises, have been involving AI in their projects for a long time. This trend will continue to grow, and by 2030, the global AI healthcare market will be worth nearly $188 billion, growing at a CAGR of 37%.
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