The global healthcare IT market is forecasted by Research and Markets to be worth USD 228.79 billion by 2020 at a CAGR of 13.4%, while the healthcare industry for the BPO market is also estimated to grow at a CAGR of 10.2% to reach $312.43 billion by 2022. Looking at these numbers, it’s easy to understand how more and more technologies are becoming household names in the healthcare industry. The growing population accompanied by the rise of health issues also contribute to this massive need for tech in the world of medicine, wellness, and overall health—this year, there has been a sudden focus on medical technology, and in the process, it has helped save countless lives and improve the chances of recovery and treatment.
With the industry continuously growing at more than 4% a year, the many areas of healthcare are changing along with the advancement of technology. One of the many ways technology has made the healthcare industry more effective is the use of big data, and its role in changing the way doctors and patients handle care. Combined with analytics, big data has made an entire difference in advancing the system and digitizing the doctor-patient experience, allowing quick, critical responses and efficient treatment. Records are slowly becoming digitalized, reducing the risks of healthcare fraud that has continuously crippled the industry.
The use of drones to deliver medical supplies in far and underdeveloped areas where road access is limited. This technological solution has enabled third-world nations to receive basic medical attention that can eventually save lives. Drones have previously been used to deliver blood in Africa; now, they are currently being tested in the United States.
Another technological breakthrough in the industry is Telehealth, which uses telecommunications and virtual technology to allow individuals receive health care outside of traditional health care facilities. One of its services is virtual home health care, where the elderly or chronically ill can access information or be guided on medical procedures in the comfort of their own homes. This service makes health care more accessible for patients, and has a positive environmental impact as material costs for facilities and energy consumption are reduced.
Finally, pharmaceutical companies are slowly integrating AI algorithms in their business processes. By doing so, the process of creating, developing, and distributing new drugs has become faster, bringing with it thousands of opportunities to improve health and save lives.
Do you know other technological advances in the healthcare industry? Share what you know with us!