Health Tech Industry and it's Trends
Breakthrough discoveries and improvements are likely to enhance the healthcare business in 2022. The majority of the major modifications are still in the works!
This article will look at the major medical technology developments and revolutions that are likely to occur in the near future. The emphasis is on improving the quality and cost of healthcare services, as well as anticipating and preventing illnesses rather than treating them after they have progressed.
The US healthcare sector is rapidly expanding, with the national healthcare product's value estimated to reach $6 trillion by 2026. There are several healthcare jobs available, and it is never too late to plan ahead. Make sure you use digital technology to attract more customers, increase staff productivity, improve financial performance, and improve patient care. According to fresh statistics from London & Partners and Dealroom.co, India has placed fourth internationally for healthtech investments by venture capitalists (VCs) since 2016.
Artificial Intelligence (AI) in healthcare is the first trend to emerge
Artificial intelligence has made a lot of noise as a valuable technology in 2022, particularly in the healthcare industry.
THE ROLE OF AI IN COVID-19
Our civilization has been profoundly affected by the worldwide epidemic, yet cutting-edge technology has allowed us to keep ahead of the curve. In fact, a corporation based in Toronto, Canada was able to anticipate the global spread of COVID-19. Their BlueDot tool can detect harmful breakouts in near real time by examining 100,000 media sources in over 65 languages on a daily basis.
Machine learning advancements in vaccine development have also made significant progress. COVID-19 vaccines have been generated in significantly less time than ever before thanks to the use of machine learning to aid in the identification of protein fragments.
AI has also aided in the analysis of crowd temperature data. As a result, thermal screening becomes a far more realistic tool for detecting people who may be symptomatic. Advances in AI-powered facial recognition have made it possible to identify people even while they are hiding their faces behind a mask. It can also tell whether the user is wearing a mask in locations where they are required to. Health tech entrepreneurs' access to venture capital investment is often seen as a key sign of their value propositions and long-term viability.
DIAGNOSIS AND DRUG DEVELOPMENT WITH ARTIFICIAL INTELLIGENCE
Outside of treating and reacting to the pandemic, artificial intelligence offers a wide range of uses. AI is very useful for increasing the speed with which information is processed and decisions are made. Machine learning is particularly useful in the healthcare business for the creation of novel drugs and the efficiency of diagnostic procedures.
AI is assisting in the analysis of CT images to identify pneumonia in people being treated for the effects of COVID-19. Project InnerEye is a radiotherapy AI tool created by Microsoft. This drastically reduces the time it takes to complete the 3D contouring of the patient, reducing the duration to minutes rather than hours. On GitHub, the project is open source. Another Microsoft AI system, Project Hanover, is designed to categorize biomedical research publications from PubMed. This shortens the time it takes to diagnose cancer and helps in determining which medications should be used for each patient. Indian healthtech businesses have received a total of $1.9 billion from venture capitalists as of 2021, putting them in fourth place after the United States, China, and the United Kingdom.
ARTIFICIAL INTELLIGENCE IN MENTAL HEALTH
Artificial intelligence advancements aren't limited to physical health. Machine learning was used by MIT and Harvard University academics to examine trends and mental health in connection to the COVID-19 epidemic. They were able to evaluate hundreds of online Reddit postings using an AI model and discovered that issues of suicidality and loneliness had virtually increased over time. This has the potential to change how we think about the mental health of vast groups of people.
DATA IS THE KEY TO AI IN HEALTHCARE.
Data is the most crucial factor in artificial intelligence's success in healthcare. Training data, to be precise. Machine learning software will never surpass the quality of its training dataset. The model will perform better if we provide it with more data of greater quality and breadth. Your AI team must be made up of professional software engineers and data scientists who can collaborate to get the best outcomes.
Individualized medicine businesses, which utilize AI and machine learning to get insights into patient care and produce personalized treatment regimens, are expected to garner a record amount of venture capital funding in 2022, according to Colban.
Telemedicine and the Evolution of Remote Care
Since the beginning of the pandemic in 2020, telehealth has gone a long way. In the year 2022, health care experts will have frequent video conference discussions with patients via the Internet to address their issues and provide suggestions. The infrastructure that allows this to happen has substantially improved. By 2026, the telehealth market is estimated to reach $185.6 billion. With that in mind, what does the future hold for us?
OBEDIENCE TO REGULATIONS
Before we get into that, one of the most crucial aspects of telemedicine is HIPAA compliance. Although certain limits were eased during the pandemic's peak in 2020, it's critical for healthcare practitioners to think about the apps they're utilizing to interact with their patients. Is it safe and secure for them to handle personal health information?
FOR VIDEO CONFERENCING, USE WEBRTC
In many cases, a more specialized solution is necessary that can conform to legal privacy standards more explicitly. WebRTC, an open-source API-based system that links web browsers and mobile apps and enables for the transmission of audio, video, and data, is one of the most significant technologies that will be required if you need a specialized telemedicine app. This is very useful for services like teleconferencing. Venture capitalists have been paying close attention to health technology.
DATA STORAGE AND CLOUD HOSTING
While most cloud storage systems are generally safe, they are not always comply with regulatory rules regarding protected health information. Cloud hosting solutions that are HIPAA compliant are essential for any healthcare organization that uses electronic health records to preserve performance and efficiency (EVR).
Teleconferencing and data storage aren't the only capabilities that might be beneficial to your company. Other elements that might be beneficial include security, location services, appointment management, secure messaging, healthcare provider evaluations, visit history, and wearable connectivity.
VCs are also expected to keep pumping money into chronic disease management firms that aim to avert downstream health issues while recouping a portion of any savings.
Extended Reality in Healthcare Settings
In the healthcare business, extended reality, which includes augmented reality, virtual reality, and mixed reality, offers a lot of promise. AR and VR technology have the potential to significantly enhance the healthcare business, from helping surgery to assisting telemedicine applications.
IN HEALTHCARE, AUGMENTED REALITY AND MIXED REALITY
In a number of healthcare situations, augmented reality and mixed reality may be beneficial. The usage of mixed reality headsets like the Microsoft Hololens 2 by surgeons is one of the most popular and practical applications of this technology. The headgear may provide the surgeon real-time information while enabling them to utilize both hands throughout the surgery.
Not only can this knowledge augment these procedures, but it may also be a collaborative and distant endeavor that aids with training. Other physicians can watch the procedure and provide assistance thanks to the headset's head-mounted camera view.
The use of augmented reality isn't limited to headgear and operating rooms. Nurses may use the technology to assist them discover veins to collect blood from.
FUTURE OR HYPE IN METAVERSE?
The argument over whether Facebook's rebranding to Meta and concentration on social virtual reality experiences is warranted is raging. It is ultimately up to you to decide whether or not you are willing to invest in this. Even if the metaverse is massively exaggerated, virtual reality has some possibilities in healthcare settings.
Training is one of the most beneficial uses of virtual reality in healthcare that is now in use. Doctors may enhance their abilities and prepare for procedures by creating virtual training scenarios. In certain cases, virtual reality may be utilized to treat patients. The Virtual Reality Medical Center, for example, employs VR treatment to aid people with phobias including fear of heights and PTSD.
Meta's transition to cartoon-style meetings might be beneficial for VR treatment, but its usefulness as a replacement for standard teleconferencing is unknown.
IoT and Wearables in Healthcare
Wearables and Internet of Things (IoT) technologies' potential in the healthcare business has expanded dramatically as they have become more mainstream. Many have used the term "Internet of Medical Things" to describe this microprocessing trend's applicability in telemedicine and telehealth technology.
At the start of 2021, there were 11.3 billion connected IoT devices. From USD 26.5 billion in 2021 to USD 94.2 billion in 2026, the worldwide IoT medical devices market is expected to grow to USD 94.2 billion. IoT cannot be overlooked as the healthcare business becomes more linked via various technologies.
The evolution of wearable technology is one of the most essential advancements in the healthcare business. The capacity to remotely monitor a patient's condition throughout the day, or for a person to monitor their own condition, is very significant. According to a Deloitte poll, 39 percent of consumers own a smartwatch. With consumer smartwatches becoming more readily accessible, it's worth noting their potential for healthcare applications.
Smartwatches aren't the only wearables with promise in the medical field. The effect of bio patches and smart hearing aids is comparable. Without the usage of a smartwatch, bio patches may give a better insight of a person's vitals. Hearing aids may also benefit from artificial intelligence to increase noise isolation.
Following increased pressure to make systems more user pleasant, venture capitalists are anticipated to continue investing substantially in startups that assist providers update operations such as billing, coordinated care, and research.
PILLS WITH INTELLIGENCE
The notion of a smart pill, which converts the Internet of Things into the Internet of Bodies, is one of the most significant uses for IoT technology in healthcare. Smart pills are edible electronics that may supply healthcare practitioners with important information about their patients in addition to acting as medications. The first FDA-approved smart medication was introduced in 2017.
SOLUTIONS FOR IOMT CREATED
Getting all of these computers to interact with each other may be difficult, especially with the industry trend toward employing many microcontrollers in conjunction. Another stumbling block is that practically every manufacturer has their own proprietary protocol for getting their gadgets to communicate with one another. Integration may be difficult as a result of this.
Many environmental conditions may impair communications, which can make connectivity a problem. Buffering techniques on local microcontrollers must grow more robust to combat this. Security is also a major problem.
Woebot, a firm that creates AI-based chatbot technology to give mental healthcare via a digital therapy, is one early-stage startup to keep an eye on, according to Pitchbook's Colban. Woebot has so far garnered over $130 million in venture capital.
Healthcare Privacy and Security.
Privacy and security, in addition to efficiency and quality of service, are top priorities in the healthcare sector. Kroger pharmaceutical data was compromised in a data breach in February 2021, thanks to Accellion's FTA secure file-transfer service. They aren't the only ones that think this way. Last year, over 550 businesses had data breaches that impacted over 40 million individuals, according to HealthITSecurity.com.
Making sure your company complies with HIPAA is a crucial first step in preventing expensive data breaches. If you serve patients from all over the world, it's a good idea to think about the General Data Protection Regulation (GDPR) in the European Union.
Artificial Intelligence (AI), Automation, Telemedicine, e-Rx, and cloud computing are all being used in the healthcare business as it evolves. Health-tech companies are redrawing the healthcare landscape with the incorporation of these new-age technology. Doctors and practitioners are expected to guide the way to better care management and improved patient outcomes as a result of these developing trends and faster digital transformation.