Technology In The Healthcare Industry – The global pandemic has prompted the industry to adapt and innovate. It also defined how healthcare would change over the next decade.
This does not mean that the region has deviated significantly from the path it was on. Digital technologies were already having an impact on healthcare, but there was no rush to invest in change. Now investing is a quick turnaround.
Technology In The Healthcare Industry
2023 will see similar technology trends in healthcare, as well as the adoption of new technologies, although much of this will be the effect of the changes that occurred in 2020. Read on for our detailed analysis of this year’s top health tech trends to stay ahead of the market.
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As is now a common story, health care systems, overwhelmed by COVID-19 patients, relied heavily on technology to become more efficient. This meant streamlining in-patient care, relying on remote technologies, using big data analytics to make decisions, and even accepting the risks of weak cybersecurity measures.
A key indicator of this is how IT teams have become an essential part of hospital operations. From cybersecurity to AI applications: technology companies are developing more and more solutions for healthcare customers. The use of data interoperability, artificial intelligence (AI) and machine learning (ML) is particularly impactful.
Healthcare technology market trends reflect this increase in investment and the urgent need for advanced digital solutions. According to CB Insights, global health care financing reached a new record high in 2020. More than 5,500 deals were struck, raising a total of $80.6 billion in equity financing. There were also a record 187 healthcare mega-rounds ($100 million+).
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Funding for digital health companies reached $26.5 billion in 2020, an all-time high. On-demand healthcare was the most funded value proposition in 2020. The market is betting that healthcare technology can unlock great value and have a significant impact on digital health trends in 2022.
Technology companies created an “on-demand economy” to meet consumer demand for goods and services. Naturally, this business model is driven by the growth of connectivity and personal devices. It is also called the ‘access economy’ or ‘sharing economy’.
This also changed the perspective of looking at jobs in two ways. First, it created an independent workforce that addressed the talent shortage in many on-demand services. A good example of this are Uber drivers. Second, staffing was seen as an on-demand service. More and more people felt comfortable taking “gigs” and then moving on. It provided highly skilled workers with the option of full-time work.
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The on-demand economy has grown over the past decade. Uber was founded in early 2009 and has since exploded in on-demand services. Harvard Business Review reports that in 2018 there were approximately 150 million “independent contractors” in North America and Western Europe. A SunTrust survey found that 81% of Americans would like to turn their extracurricular activities into a career. More than 50% of respondents had done freelance jobs to earn extra money.
Of course, innovations in the on-demand economy also had an impact on health care. For example, from addressing talent shortages to finding new ways to connect with patients and healthcare providers, digital solutions like US-based Wendy’s are useful for the healthcare industry. This unique digital on-demand service connects caregivers to senior citizens at the click of a button.
The COVID-19 pandemic has exposed many vulnerabilities in the global healthcare system, with staffing levels a major issue in many parts of the world. However, workforce issues will extend beyond the pandemic: The World Health Organization estimates there will be a shortage of 9.9 million health workers globally by 2030.
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For example, the United States will need to hire 2.3 million new healthcare workers by 2025 to care for its growing population, according to a report prepared by global healthcare workforce consultancy Mercer.
Under such circumstances, it is not surprising that health care vacancies remain open for months or even years. This is especially true in rural areas, even in North America and Europe. The concept of “travel nursing” has become more common in the US as fewer nurses are available.
The result is that healthcare organizations have been unable to find enough doctors and nurses to meet the demands of the crisis. While the current global pandemic may be extraordinary, it is just as big a problem during seasonal outbreaks. A good example of this is peak flu season. In addition to doctors and nurses, many countries do not have enough doctors, laboratory staff and technicians. A good example of a technological solution to these types of problems is Gapners, a web-based staffing platform for healthcare providers that we developed.
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Telemedicine would represent the simplest form of on-demand service in the list of healthcare technology trends. Not every patient needs to go to the emergency room or hospital to consult a doctor, and teleconsultation may be the most appropriate option.
This may seem like a nice option, but in the context of 2020 it has suddenly become necessary. In the early days of pandemic restrictions, patients with chronic health conditions — diabetes, high blood pressure, high cholesterol, and so on — were told to stay away from hospitals. This delayed the care they needed, care that could have been provided through the adoption of telemedicine and connected medical devices.
The on-demand economy is a tricky topic when it comes to regulation. Recently, the UK Supreme Court ruled that Uber drivers were not “self-employed” and should be considered Uber employees. This means they are entitled to benefits like minimum wage and holiday pay, which adds a big salary to Uber’s expenses.
The Impact Of Technology On The Healthcare Industry
The EU is also struggling to establish clear rules to oversee the on-demand economy. The European Agency for Safety and Health at Work says most online platforms use a ‘move first, ask compliance questions later’ strategy. This leaves on-demand platforms in limbo while regulations are drafted.
The regulatory risks of offering an on-demand service are very real. The new regulations could upend a profitable business model by adding new expenses to a company’s balance sheet. On the other hand, workers’ rights are not something that can be ignored.
The major trends in health care technology are clearly related to digitalization and the use of data. This is not surprising, as healthcare is not unique in this regard. Almost all companies are changing to meet the demands of digital transformation. So, these are the healthcare technology trends that you can expect to see in 2022.
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The hackers chose to attack healthcare infrastructure while it was in its most vulnerable state in decades. The COVID-19 vaccine has been repeatedly targeted by hackers.
Pfizer, BioNTech and the European Medicines Agency have all reported attacks targeting vaccine data. More than a few hospitals in the US fell victim to ransomware, forcing the healthcare industry to be more aware of their cybersecurity infrastructure.
Cybersecurity company Carbon Black found that 239.4 million attacks were attempted against their healthcare customers in 2020. Their healthcare cybersecurity report found “an average of 816 attack attempts per endpoint in 2020, representing a 9,851% increase compared to 2019.”
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It is clear that among all the emerging healthcare IT trends in 2022, cybersecurity and data protection are likely to be the most followed. Several healthcare data breaches and attacks have highlighted the need to invest in cybersecurity. It’s only natural that the move toward a more digital healthcare sector would require security infrastructure to protect it. This means that cybersecurity companies will see an increase in healthcare clients in 2022.
Widespread adoption of IoT devices will be the easiest to predict among health technology trends in 2022.
The devices that are part of the Internet of Medical Things will solve at least some of the problems that the healthcare sector faced in 2020. IoMT can also save money for the healthcare sector. A report by Goldman Sachs estimated that IoT healthcare could save $300 billion through better ways of practicing medicine.
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For example, telemedicine saves money by moving all non-essential consultations away from hospitals, saving time and infrastructure costs. Furthermore, IoT can increase healthcare operational efficiency. Like all digital industries, workflows can be optimized and automated. For example, real-time data on all medicines or devices makes healthcare administration efficient. Tracking digital tags on medicines can help in combating counterfeit medicines.
But IoMT devices have the greatest value in healthcare delivery. They can bring health care to remote areas that cannot afford full-time hospitals. They ensure that people have regular consultations in their homes, which is especially important for patients with limited mobility. Portable point-of-care devices can now perform virtually any routine test and share the results with a doctor remotely.
Digital solutions have proven their worth in 2020. The global IoT market was valued at $44.5 billion in 2018 and is expected to grow to $254.2 billion by 2026. Investments in IoMT and other digital solutions are already on the rise, and the new trend in healthcare technology is likely to continue through 2022.
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Doctors can do better work by monitoring patients outside the hospital or clinic, effectively expanding the reach of the health care system. Remote patient monitoring can also be part of IoMT
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