The healthcare industry has seen the most significant change in the past five years. Introducing new technology and treatments most economically gives this field an extraordinary look. The results are outstanding. If we follow the market research reports, we will see improvements in telemedicine, the health sector, artificial intelligence, monitoring devices, and other areas in the near future. The requirement for cybersecurity will grow. People are seeing these changes as a great market opportunity for every health-related industry.
Increase in the Virtual Healthcare Services and Telemedicine world.
The trend of virtual treatment and telemedicine has been increasing significantly in many places. The pandemic has changed a lot, and when it comes to the health sector, one can now provide medical assistance for remote patients, too. It is a life-saving process that overcomes the barriers of time and distance. North America adopts this pattern the most as they can benefit from advanced healthcare techniques irrespective of their geographical locations.
If we calculate the global telemedicine market level, it was near $104.44 billion in 2021, and the market might touch $272.76 billion by 2027. The expected CAGR can be somewhere around 20.5% if we go as per the statistics.
Reports explain that telehealth solutions have shown the power to elevate health imprints and reduce costs. Telemedicine has reduced healing costs and sustained efficiency by improving the management of severe diseases, shorter and fewer hospital stays, fewer travel times, and shared health professional engagement.
- Improvement of Artificial Intelligence and Machine Intellect in Healthcare
The increased use of machine learning (ML) and AI in healthcare is used to study patient history, enhance clinical decision-making skills, and detect patients’ medical data patterns. AI and ML also help make personalized treatment processes and develop patient outcomes. Non-specialists can use this technology, making it more obtainable and economical for patients.
As these technologies continue to grow, we expect the worldwide artificial intelligence market to grow rapidly in the healthcare sector. In 2020, the estimated value of AI in the healthcare market is $14 billion. According to a new report by Global Industry Analysis, by 2027, it is shown to reach $119.8 billion, rising at a CAGR of 35.9%. The lead markets are Japan, Canada, Germany, China, and the U.S.
- Value-Based Care Gains Momentum
Market analysts also highlighted a shift toward value-based care. Value-based care will help address invalid healthcare cost levels in many counties. According to value-based care, medical workers will be paid based on the patient’s outcome, not the service provided.
According to the report US VBC for Medical Technology Growth Opportunities by Frost & Sullivan, the VBC model plans to provide better results and quality care to patients, which is also pocket-friendly. By giving better value to the model, stakeholders, including medtechs players, payers, and medical professionals, can share the revenue risk and other incentives. The first countries to adopt VBC adoption are The United States and other countries in Western Europe.
Value-based care has recently experienced a rush in momentum as investments were quadrupled during the pandemic; as per McKinsey & Company, the model has the potential to benefit patients and investors.
- Fresh Wearables and Remote Monitoring Devices
Wearables track a patient’s health position, showing blood pressure, heart rate, and any physical activity. Wearable devices help with various settings for nursing homes, patients at home, and hospital wards. The report explains that cardiac wearables are the fastest-growing market products because of the need for constant ECG, and blood pressure monitoring is another feature that will become more universal. North America is the biggest market for wearable devices, but Asia-Pacific is projected to grow fastest. On the other hand, remote monitoring devices manage severe conditions like hypertension or diabetes and give real-time reports to the medical staff.
Need for Healthcare Cybersecurity
Healthcare providers are facing growing security risks as they store and transmit more patient data electronically. The most recent trend is the increasing importance and demand for healthcare cybersecurity. The increasing electronic storage and transfer of patient data has exposed medical professionals to numerous security risks. Cyberattacks can put patient data at risk for exposure, destroy the medical provider’s reputation, and disturb healthcare services.
The number of hacking incidents in North America jumped 42% in 2020 as cybercriminals exploited medical data for a long period, which caused trouble in the healthcare systems.
To prevent these nightmare security hacks, healthcare providers are investing in cybersecurity measures to secure and promote the rise of the healthcare cybersecurity market. In 2020, the healthcare cybersecurity market had an estimated value of $9.52 billion, and by 2026, it is projected to reach $24.1 billion, increasing at a CAGR of 16.7%.
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