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Digitalization is Driving Innovation and Transforming Healthcare

Healthcare October 19, 2022

Digitalization is Driving Innovation and Transforming Healthcare
Kishor Venkatesh R

Content Developer

Contributors

Purushothaman
Purushothaman

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• 40% of healthcare executives are actively investing in AI, ML and Predictive Analytics solutions. By 2026, these solutions could save up to USD 150 Bn each year.

• AR/VR in healthcare to reach USD 3.2 Bn by 2023. Patients report 35% to 50% less pain while in a VR experience.

• Wearables and IoMT will remain part of the Healthcare digital transformation trend, reaching USD 60 Bn by 2023 and USD 650 Bn by 2026, respectively.

• Service Providers should focus on Automation/IoT, Data Security, AI/ML, and Cloud services to help Healthcare firms improve operations, and increase employee productivity.

Download the full report to identify and micro-target high-ticket outsourcing opportunities in Healthcare and access detailed insights on emerging trends, challenges and more

Digital transformation in healthcare may assist doctors, hospitals, and organizations treat patients and help them live longer and healthier lives. 

Precision and customized therapy, on-demand access to advanced telemedicine, and simplified clinical operations might revolutionize healthcare. 

The Case for Digital Transformation in Healthcare 

Advancements in medical knowledge and the application of digital technology helped create future-proof healthcare systems due to the below trends. 

Rise of chronic diseases and the demand for personalized care 

Respiratory illnesses afflict 500 million, diabetes 400 million, and hypertension 1.1 billion. Aging populations will boost these numbers. Hence, healthcare players offer ways to diagnose ailments quickly and treat chronic illnesses. 

Besides, patient expectations have changed. They want personalized and convenient care. 40% of consumers said they would continue using telehealth, up from 11% pre-COVID. 

The decline of mental health due to overwork 

Due to understaffing in many locations worldwide, healthcare personnel cannot keep up with the growing demand for services. According to the World Health Organization (WHO), there will be a global shortfall of 12.9 million qualified healthcare professionals by 2035. 

In a 2021 survey, 42% reported having pandemic-induced stress and exhaustion. It highlighted the need to safeguard healthcare professionals’ emotional and physical wellbeing. 

Expectations of lower healthcare costs 

Between 2020 and 2024, global health expenditures are projected to increase to 3.9%, up from 2.8% between 2015 and 2019. However, additional funds do not inevitably result in improved outcomes. 

Approximately 25% of healthcare expenditure in the United States is spent on administrative activities. Reducing costs and increasing operational efficiencies must be the priority. 

These are primary drivers of digital transformation in the healthcare industry, enabling new methods of matching supply and demand. 

Current Developments in the Field of Digital Health Care 

Physicians, hospitals, and organizations are helping people live longer and healthier lives. Let us look at some of the important developments brought about by digital transformation. 

Personalization based on AI and data analytics 

Almost 40% of healthcare executives invest in solutions related to artificial intelligence (AI), machine learning (ML), and predictive analytics. Research shows that by 2026, these solutions could save USD 150 Bn each year. 

By eliminating time-consuming tasks traditionally performed by humans, AI can make healthcare more accessible, affordable, and efficient, allowing healthcare practitioners to focus on patient-centered tasks. AI might enable patients to use self-service terminals when appropriate. 

AI could evaluate millions of medical studies to prescribe medications to patients and determine treatment considering patients’ health, age, and other factors. 

Reduction of complexities using Augmented reality (AR) and virtual reality (VR)

AR/VR in healthcare is predicted to grow from USD 933 Mn to USD 3.2 Bn between 2018 and 2023, with several potential applications. 

Virtual reality aids doctors in performing risky procedures without jeopardizing patients. AR assists surgeons reduce errors during complex surgeries. 

AR and VR can allow Dementia and Alzheimer’s patients to relive positive memories from their past. VR also aids in the recovery from traumatic and tough experiences. According to studies, burn victims report 35% to 50% less pain while engaged in a VR experience. 

Evolution of wearables and the internet of medical things (IoMT) 

According to one research, the healthcare wearables market will reach USD 60 billion by 2023, and the IoTM industry will reach USD 650 billion by 2026, demonstrating that wearables and IoMT will remain a part of the digital transformation trend. 

The devices can offer vital medical data to specialists in real-time, allowing for a more thorough and accurate assessment of a patient’s health and enhancing preventative medical efforts at the micro and macro levels. 

Telemedicine to enable virtual interaction 

Telehealth has enhanced access to healthcare for rural and distant communities and allows the disadvantaged and patients with mobility challenges to consult with physicians virtually. By 2026, telehealth services will be worth around USD 70 Bn, according to research. 

Mobile applications and websites allow patients to connect with physicians and obtain essential treatment, empowering patients and enhancing service. 

Analysis of Business Intentions and Digital Intentions 

Draup analyzed issues, digital initiatives, and trends in the healthcare ecosystem’s digital transformation and identified the following key priority areas as depicted in the table below.

Key Focus Areas of Digitalization of Healthcare

Healthcare stakeholders are developing advanced medical equipment, virtual diagnostic and monitoring systems, and drug discovery services. Major solution suppliers involved in drug development and pharmaceutical advancements include Siemens, GE Healthcare, SAP, Philips Healthcare, PathAI, Microsoft, Google Cloud, and IBM. 

These organizations collaborate with device makers, researchers, deep learning, and medical support platforms, including AstraZeneca, Medtronic, Azure, Sanofi, Johnson & Johnson, etc., to develop a digital framework to integrate all aspects of patient care and administration seamlessly. 

There is a focus on automation/IoT, data security, AI, ML, and cloud services to enable autonomous monitoring, improve operations, and increase employee productivity. Furthermore, Draup analyzed startups, competitors, and providers. The report highlights a few interactions and offers details on significant engagements. 

For instance, United Health collaborates with Medtronic on crucial respiratory support equipment, and Vivify Health to develop an in-home patient monitoring service. 

Modern technology adoption has allowed service providers to collaborate on cost-effective, life-saving solutions. The report reveals digitalization agendas, region deep dives, corporate deep dives, engagements and projects, prospects, and emphasis areas. 

Draup for Sales’ account intelligence and real-time sales signals delivers actionable insights for service providers to finetune their proposals and make inroads into various initiatives. 

Find out all the latest developments in the MedTech industry with Draup’s AI-powered industry intelligence feature. You can identify emerging digital healthcare trends and micro-target them with targeted insights.

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