How Technology Impacts American Insurance Buying
01 Jun 2023
Due to revolutionary new technologies, a need for more affordable care, and better health outcomes, the healthcare industry is fast changing.
The most recent market research studies predict that telemedicine, artificial intelligence, remote monitoring technology, and the need for better healthcare cybersecurity will all play significant roles in the future growth of healthcare digital trends. Value-based care has become more prevalent, according to analysts.
Companies in the healthcare industry and related businesses will benefit from these changes and advances in expanded market prospects.
According to Healthcare Cybersecurity Market – Global Outlook & Forecast 2021–2026, the number of hacking incidents reported in the healthcare industry in North America increased by 42% just in 2020 as hackers tried to take advantage of a weak point in already overloaded health systems.
Healthcare providers are investing in cybersecurity solutions to stop these dreadful security breaches, accelerating the future growth of the healthcare cybersecurity industry.
The healthcare cybersecurity industry is anticipated to grow at a CAGR of 16.7%, from a projected value of $9.52 billion in 2020 to $24.1 billion by 2026.
A significant trend to watch is the rise of telemedicine and virtual healthcare digital trends. Telehealth has grown in importance due to the COVID-19 pandemic and is anticipated to become so going forward, especially in North America, where the adoption of cutting-edge healthcare technologies is very high.
The expected size of the global telemedicine market in 2021 was $104.44 billion, and by 2027, it is anticipated to reach $272.76 billion, expanding at a compound annual growth rate (CAGR) of 20.5%.
With the demand for precision medicine and cost-cutting as its main drivers, Artificial Intelligence in healthcare is projected to play a significant role in the future. AI can alter any area of healthcare, from hospital workflow duties to identifying health issues, enabling process automation, and improving diagnostic accuracy.
Startups and established businesses, including IBM, Google, and Microsoft, have their own Artificial Intelligence in healthcare projects and are investing more and more in this field.
The healthcare ecosystem will soon utilize AI and machine learning technology, from straightforward consumer health applications to complicated disease control and clinical choice support.
Here are just a few instances of how machine learning and Artificial Intelligence in healthcare are now being used:
Mobile robotics is one specific application where robots are transforming medicine and significantly impacting patient experience.
Collaborative mobile robots can be waterproofed and modified to help individuals with functional limitations perform tasks like taking a shower without the assistance of a human caregiver.
With the help of the robot following their instructions, this technology enables the patient to take a shower by themselves, giving them back their freedom and dignity.
Additionally, embedded technology has become a critical component of providing medical care.
Modern mobile devices’ improved computing capabilities and visual presentation quality, the arrival of 5G, and consumer need for wellness services drive future growth and developments in the sector. Uses for embedded solutions include:
It is essential to have a big data strategy to reduce prescription errors, facilitate preventative care, and address enduring pain points brought on by fragmented, separated patient data.
It’s crucial for research and clinical trial firms, who need to keep up with the latest opportunities and approaches and enhanced testing procedures for evaluating massive datasets. Blockchain is a technology that effectively improves record accuracy and reduces healthcare security breaches.
Healthcare systems built on the blockchain can address numerous issues, including data portability, reliability, safety, and interoperability.
Blockchain technology makes medical records and information regarding interactions between individuals and their healthcare providers more available to all stakeholders, including insurance companies, while enhancing security.
Voice technology is helpful in many areas of healthcare. Voice technology-based gadgets like Alexa and Google Homes have found a home in several hospitals and clinics, helping the end user locate the best doctor nearby and supporting the doctors in surgery by providing a step-by-step checklist of the entire procedure.
The popularity of voice technology has inspired several experts and unique healthcare emerging trends to create Health apps that take advantage of this cutting-edge medical technology.
Healthcare emerging trends are improving access, cost, and personalization for patients.
With quicker, more straightforward access to test results, dosing advice, medical imagery, and other healthcare data required to impact patient outcomes significantly, these solutions enable doctors and other medical professionals to promote trust and better fulfill the requirements of their patients.
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