- Jan 28, 2024
The healthcare sector has witnessed tremendous transformation owing to innovations driven by rapidly evolving technology. Be it quality of healthcare, user satisfaction, or streamlining of administrative workflow; technological advancements are constantly setting higher benchmarks for every aspect of healthcare.
In terms of economy, the global healthcare technology market generated $394.6 billion in 2022 and is expected to reach $974.5 billion in 2027. This implies vast possibilities for healthcare businesses if they take the right strides towards adopting technology.
As 2024 unfolds, healthcare technology trends like Generative AI, IoMT, Nanomedicine, etc, are poised to dominate the healthcare landscape. These trends highlight the growing emphasis on optimizing administrative workflow and data security, improving the quality of healthcare services. Let us delve deeper into these healthcare technology trends.
Top 8 Healthcare Technology Trends to Leverage in 2024
1. Application of Generative AI to Streamline Healthcare Workflows
AI is among the healthcare technology trends that will always stay relevant, given the endless possibilities it brings to healthcare delivery. The healthcare industry is bound to be impacted by the advent of AI. In 2024, Generative AI is expected to cause a stir with its benefits for Healthcare service providers. It generates fresh content by using machine learning algorithms like personalized treatment plans to streamline healthcare workflow.
- Generative AI can aid in training healthcare professionals by simulating various health conditions.
- It can analyze user health data to provide diagnostic and preventive healthcare solutions efficiently.
- Use of generative AI for automation of administrative tasks such as maintaining EHRs, transcription, appointment scheduling based on provider availability, personalize reminders for users, etc., reduce the burnout of healthcare providers.
- Generative AI also finds application in speeding up development of pharmaceuticals, where it can predict their effects and select candidates for clinical trials.
- When certain healthcare data is difficult to gather due to data insufficiency and regulatory provisions, generative AI produces synthetic data to provide insights.
2. Blockchain Technology for Enhanced Data Security
Healthcare data breach has serious implications including violation of user privacy and monetary losses. Adoption of Blockchain technology can help in this regard as data is secured and stored in a decentralized nature. As a result
- Healthcare providers can easily access user data as and when it is required
- Unauthorized access to user data can be prevented
- Administrative processes like billing and claims settlement can be streamlined
According to Statista, around 39.5% of healthcare vendors have incorporated blockchain technology, and the number is expected to reach 55% by 2025.
3. Cloud Computing Solutions for Managing Data
Cloud computing uses centralized remote servers to store and process healthcare data, reducing the demand on onsite infrastructure bringing down costs significantly. In addition to cost benefits, cloud computing offers solutions such as:
- Healthcare service providers can access user data conveniently and even collaborate with other professionals for improved decision making.
- Administrative burden can be drastically reduced by cloud backed automation of processes like billing, claims submission, appointment scheduling, etc.
- Cloud based communication tools facilitate telehealth and remote health monitoring services for better healthcare delivery and user experience.
- Cloud computing ensures healthcare data security through encryption and data backup.
A survey reveals almost 70% of healthcare providers have already adopted cloud computing solutions and by 2025, adoption rate will jump to 90%.
4. IoMT (Internet of Medical Things)
With around 74% of users keen on using wearable tech devices and mobile healthcare applications, IoMT, is a one of the key healthcare technology trends to watch out for in 2024. IoMT has numerous benefits for telemedicine and remote health monitoring.
- IoMT enables 24/7 remote health monitoring capabilities that can be useful for evaluation.
- It makes healthcare services more accessible.
- Wearable tech also helps in keeping track of patient’s health and encourages them to make healthy lifestyle changes.
- Healthcare providers can reap cost benefits as IoMT reduces the need for in person visits and resulting administrative tasks.
5. Big Data and Analytics
The combination of big data and analytics is drastically changing the healthcare landscape. Using cutting-edge processing apps and tools, healthcare organizations can resourcefully collect, access, and analyze large volumes of data from assorted sources, like medical records, genetic information, and medical imaging. Hence, they can:
- Apply data analysis, pattern recognition, and prediction tools on healthcare data to gain valuable diagnoses and plan appropriate treatment.
- Create custom-made treatments by considering an individual’s characteristics, leading to improved effectiveness and reduced side effects.
- Monitor population health trends, track epidemiological patterns, and develop impactful methods to prevent and contain diseases.
Through extensive data and analytical tools, healthcare professionals have the chance to revolutionize care delivery, ultimately improving service quality and promote informed decision-making throughout the field.
6. Extended Reality for an Immersive Experience
Extended reality is a rapidly evolving technology that can augment the capabilities of healthcare professionals. It covers Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR). While VR gives a completely immersive experience in virtual environment, AR projects or overlays digital elements in real-world settings. MR allows real-time interaction with digital elements in real environment. Here is how extended reality can transform healthcare:
- VR assists in medical training of students and healthcare professionals. They can study human anatomy and even practice medical procedures and surgeries risk free in virtual environment
- AR helps in diagnosis of health conditions by projecting medical images on the body, aids in finding veins for drawing blood, plan for surgeries, etc.
- AR/VR are useful to educate about diagnosis and medical procedures.
- VR also finds use in mental healthcare and pain management as it transfers patients to calmer virtual environment using VR headsets. It can also calm them down before and even during medical procedures.
- MR headsets can assist surgeons by providing information while they perform the procedures.
7. 3D Printing for Healthcare
3D printing in healthcare, though not new, will gain traction in 2024 owing to how it reduces costs and delivers products in limited time. For the development of equipment and devices, reducing duration of surgery and overall better care, 3D printing is finding various uses. Currently, 3D printing is being used in the following applications:
- 3D printing make medical instruments and tools on demand in limited time and lower costs.
- It can customize prosthetic limbs and orthopedic implants.
- 3D printing is used to create live tissues for medical research and for bio printing organs.
8. Wearable Devices
The divide between consumer health wearable and medical devices is turning out to be reduced more and more since the demand for wearable devices continues to increase. These devices have become a much sought-after commodity in healthcare as they support healthcare providers by uninterruptedly tracking vital signs and health metrics in real-time.
The wearable medical technology market is anticipated to experience a CAGR of 28.6% over the next decade, surpassing $428.92 billion by 2030. The speedy expansion of the wearable medical technology industry shows how effective these devices are.
Conclusion
The technology in healthcare is evolving as we speak. In 2024, we can expect technologies like generative AI, block chain, extended reality, etc., take center stage. These technologies can transform healthcare delivery and experience when implemented effectively. If healthcare providers wish to stay ahead of competitors and want positive business outcomes for themselves, they must consider these healthcare technology trends and adopt whichever is feasible and relevant for them.
