5 Current Trends or Changes in Healthcare to Check-in 2023
Healthcare is also close to hitting the revolution through updated technology and the growing need for budget-friendly solutions. It is also essential for better health benefits.
If we follow the ongoing market research statistics, one can expect growth in artificial intelligence, remote monitoring devices, better cybersecurity, and telemedicine. Analysts are expecting a surge in final value-based care. Together, one can expect a remarkable impact on healthcare and other industries related to them. One can expect more opportunities after these alterations and developments.
- Growing virtual healthcare and telemedicine services
A surge in virtual healthcare services and telemedicine is really trending. The Pandemic has developed an era where the remote control is now hitting another level and is expected to grow beyond imagination. In North America, the growth of the same has been tremendous. Two years back, in 2021, this market reached somewhere $105 billion; in the next 4 years, it might exceed $273 billion. Surprised! The expected compound annual growth here is 20.7% approx if we follow the report of Mordor Intelligence.
Definitely, this is the first-time telehealth is coming up with ways to arrest costs with better results. It is all set to fight chronic disease while overcoming location issues. With restrained hospital stays and shared staffing, it is becoming more accessible.
- The surge in Machine Learning with AI upgradation in the healthcare sector
Machine learning, along with artificial intelligence, is the new boom in the healthcare sector. They help detect repeated patterns, analyze the patients’ data and, above all, aid in better decision-making regarding clinical issues. The best part is the customized factor for varied treatment planning resulting in the improvised health of patients. It is soon going the be the new revolutionary trend.
In 2020, AI started with an estimated $14.1 billion, but by 2027, don’t be surprised if it hits $119.9, extracting a hike of 36% at a CAGR. Japan, China, Germany and the U.S. may lead the health market race.
- Value-based care
Recently a survey stated that the contribution of value-based care is increasing. By value-based care we mean the payment made to the healthcare officers is directly proportionate to the patient’s health conditions and not to the services they render. It will definitely help to achieve an unexpected level of health betterment in developed countries like the U.S.A.
It aims to deliver better results with better health results, and that too within budget. People involved in delivering such healthcare services are as follows:
- Healthcare officers
- Medtech category
They receive incentives or revenues when they get better value. For value-based care, the United States is leading the channel. Western Europe may come under the secondary category.
- Innovative remote monitoring devices
Recently one can see that people are wearing remote monitoring devices. These products can track a patient’s health status, including the steps they made in a day, heartbeat, blood pressure check, other physical activities and much more. People suffering from chronic conditions can also collect their health data through these devices with healthcare officers. It is highly advisable for people suffering from hypertension or diabetes.
These devices are no more confined to hospitals or health organizations, but one can wear them at home or work. Almost all the cream companies like Apple and Fitbit have come up with wearable devices. They are the next boom in the healthcare sector as the requirement is increasing to keep a check on cardiac health and blood pressure level. By now, North America has a maximum number of people who wear such devices, but it seems Asia- Pacific will soon win the crown of having the most wearables.
- Healthcare data security
There are instances where healthcare data has been stolen, disrupted and damaged. A strong system is essential where these data sustain securely. Presently everything is there electronically. Healthcare officers store almost all data electronically, which increases the possibility of getting stolen too. Cyberattacks can not only steal data but can also play with the reputation of healthcare organizations or entities.
If we consider 2020, there was a sudden surge of approx—42.5% in healthcare data hacking incidents. In North America, such incidents are normal; they are already trying to overcome this. Cybersecurity measures are being practised in this field to prevent any such mishappenings. Soon one can expect growth in healthcare cybersecurity. In 2020 the worth of healthcare cybersecurity was nearly $9.53 billion, and soon in the next three years, you can see it going to $24.1 billion approx, with a CAGR rising of 16.7% approx.