4 Health Tech Trends Startups and Executives Should Know

AI-powered medical devices, blockchain electronic health records, telemedicine are just a few ways technology is reshaping how healthcare professionals and patients interact, how data is shared, how decisions are made around treatment plans and their outcomes.

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The health tech market is valued at $326.1 billion in 2021 and is expected to grow to $821.1 billion by 2026, growing at a CAGR of 20.3%.

4 Health Tech Trends Transforming Healthcare

 

Healthcare institutes are increasingly adopting digital strategies to streamline and optimize their systems, leveraging healthcare analytics and data management solutions to gain insight from the petabytes of data they are generating and improving patient outcomes through mobile and remote services.

On-Demand Healthcare

 

As patients seek more on-demand healthcare, mobile health or mhealth is becoming mainstream. Today, 72% search for medical information on their smartphones and avidly research doctors, hospitals and medical facilities before engaging with them. And 77% book medical appointments online.

 

On-demand healthcare is also changing due to health-based platforms like Nomad Health, which make it easier for physicians to provide on-demand healthcare to clients in specific circumstances that match their talents, expertise, and schedule.

 

This implies that healthcare providers have also become on-demand professionals to meet the changing needs of their patients better.

 

Big Data in Healthcare

 

By using structured and unstructured data sourced from social media, e-commerce, online transactions, and financial transactions, data analytics solutions are helping healthcare providers significant benefits, including:

 

  • Reducing medication errors through patient record analysis and flagging inconsistencies between a patient’s health and drug prescriptions, alerting health professionals and patients when there is a potential risk of a medication error.

 

  • Facilitating preventive care by identifying patients that need recurring emergency room visits and creating preventive plans to reduce them.

 

  • Accurate staffing by using predictive analysis to help hospitals and clinics estimate future admission rates so as to allocate the proper staff and reduce emergency room wait times.

In the pharmaceutical industry, other than drug discovery, big data is used to understand the market to better determine product iteration and product budgets based on existing and future demand.

VR in Patient Treatment

 

Virtual reality devices are becoming a powerful communication channel that’s allowing healthcare professionals to get a better sense of their patient’s needs, engage them virtually and ensure the course of treatment is carried out.

 

VR is also helping medical professionals to get hands-on practice and run through surgical procedures to gain a better understanding and experience.

 

The global virtual and augmented reality in the healthcare market is expected to reach $5.1 billion by 2025 and is playing an increasingly significant role in the treatments for PTSD, pain, addiction, anxiety, autism and stroke.

Blockchain in Healthcare

 

Blockchain is proving to be an effective tool in preventing data breaches, improving the accuracy of medical records, and cutting costs.

 

Healthcare institutes have fragmented medical records where patient electronic health records (EHRs) are recorded in unstructured formats and stretched across multiple EHR systems that are manually logged in and updated. This has led to errors such as duplicate medical records, misdiagnoses, delayed treatments. And storing data in centralized systems has increased cyberattacks and data breaches.

 

Countries like the UK and Australia are utilizing blockchain technology to manage medical records and transactions among patients, healthcare providers, and insurance companies. The decentralized technology can register every transaction, automatically detecting conflicting information, thus the records are not only accurate but also harder to hack.

 

In the U.S., startups like Medicalchain are using blockchain technology to manage EHRs that patients can manage from an app and doctors, pharmacists or health insurers can request permission to access their data, and all transactions are recorded on the distributed ledger.

 

Apart from these trends, AI, advancements in 5G and wearable technology are other important trends that will continue to transform healthcare.

 

On-Demand Healthcare

 

As patients seek more on-demand healthcare, mobile health or mhealth is becoming mainstream. Today, 72% search for medical information on their smartphones and avidly research doctors, hospitals and medical facilities before engaging with them. And 77% book medical appointments online.

 

On-demand healthcare is also changing due to health-based platforms like Nomad Health, which make it easier for physicians to provide on-demand healthcare to clients in specific circumstances that match their talents, expertise, and schedule.

 

This implies that healthcare providers have also become on-demand professionals to meet the changing needs of their patients better.

Big Data in Healthcare

 

By using structured and unstructured data sourced from social media, e-commerce, online transactions, and financial transactions, data analytics solutions are helping healthcare providers significant benefits, including:

  • Reducing medication errors through patient record analysis and flagging inconsistencies between a patient’s health and drug prescriptions, alerting health professionals and patients when there is a potential risk of a medication error.

 

  • Facilitating preventive care by identifying patients that need recurring emergency room visits and creating preventive plans to reduce them.

 

  • Accurate staffing by using predictive analysis to help hospitals and clinics estimate future admission rates so as to allocate the proper staff and reduce emergency room wait times.

In the pharmaceutical industry, other than drug discovery, big data is used to understand the market to better determine product iteration and product budgets based on existing and future demand.

VR in Patient Treatment

 

Virtual reality devices are becoming a powerful communication channel that’s allowing healthcare professionals to get a better sense of their patient’s needs, engage them virtually and ensure the course of treatment is carried out.

 

VR is also helping medical professionals to get hands-on practice and run through surgical procedures to gain a better understanding and experience.

 

The global virtual and augmented reality in the healthcare market is expected to reach $5.1 billion by 2025 and is playing an increasingly significant role in the treatments for PTSD, pain, addiction, anxiety, autism and stroke.

Blockchain in Healthcare

 

Blockchain is proving to be an effective tool in preventing data breaches, improving the accuracy of medical records, and cutting costs.

 

Healthcare institutes have fragmented medical records where patient electronic health records (EHRs) are recorded in unstructured formats and stretched across multiple EHR systems that are manually logged in and updated. This has led to errors such as duplicate medical records, misdiagnoses, delayed treatments. And storing data in centralized systems has increased cyberattacks and data breaches.

 

Countries like the UK and Australia are utilizing blockchain technology to manage medical records and transactions among patients, healthcare providers, and insurance companies. The decentralized technology can register every transaction, automatically detecting conflicting information, thus the records are not only accurate but also harder to hack.

 

In the U.S., startups like Medicalchain are using blockchain technology to manage EHRs that patients can manage from an app and doctors, pharmacists or health insurers can request permission to access their data, and all transactions are recorded on the distributed ledger.

 

Apart from these trends, AI, advancements in 5G and wearable technology are other important trends that will continue to transform healthcare.

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