The Future Of Healthcare: Top Seven Health Technology Trends in 2021
Friends and family call me the ‘secretive one’ amongst my siblings.
They are correct.
I don’t like people being in my business and that reflects in how I feel about just anyone having access to my health records.
Well not anymore.
With the emerging technologies in healthcare like EHR/EMR and cloud computing among others, such fears are allayed.
What are these technologies?
Health technology is any product or service that uses technology to improve quality healthcare delivery, reduce costs and streamline operations. Any device or tool that facilitates the effective delivery of high-standard care and can be consumed in and outside a doctor’s office can be called a health technology.
The Covid-19 pandemic dealt the world a hard blow in 2020 and the human populace is yet to recover from what many call the century’s worst health crisis. Social distancing, virtual doctor appointments and big data management have become unified technologies in a drive to deliver faster, safer and more efficient healthcare to patients around the world.
Although research shows that people were already leaning towards virtual doctor visits and patients were beginning to yearn for more control over decisions about their health, these practices are no longer a luxury but a necessity.
research by Statista shows the rise in telemedicine visits in The United States of America between 2018 at 30million visits to over 65million visits up to an estimated visit growth of 81 million by 2022.
An increase in the demand for better and personalised healthcare among others has given rise to numerous innovations in health technology and we’ll be looking at seven health technology trends in the year 2021.
Seven Health Technology Trends in 2021
It is no news that the pandemic pushed healthcare and technology further into a relationship that is bound to flourish as the years go by. However one can say that this thriving relationship has caused a boom in the healthcare market as global funding hit a new record in 2020 with over 5,500 deals that amounted to a total of $80.6 billion raised as equity funding.
The figures aren’t going down in this year 2021.
According to CB Insights, global healthcare funding hit a new quarterly record in Q1’21. A total of $31.6B in equity funding was raised, boosted by a record number of 96 mega-rounds ($100M+). Deal count grew by 9% to 1.5K+ deals, the second-highest in the last 12 quarters.
The Covid-19 pandemic triggered a volcanic-like eruption in the healthcare industry and pushed the sector to invest more in innovative new health technology.
Let us look at these trends that have continued to gain momentum and see how they shape the future of health technology in 2021 and beyond.
Telemedicine
The use of technology to diagnose, treat or manage patients in remote areas is referred to as telemedicine.
The emergence of the pandemic saw the necessary adaptation of remote care for patients who were not suffering from severe health conditions as well as manage chronic diseases. Hospitals were mostly strictly available for the care and management of Covid-19 cases.
As social distancing became the new normal and in-visits reduced, the method of administering care had to be adjusted. In April 2020, overall telehealth utilization for office visits and outpatient care in the US was 78 times higher than in February 2020. This is a 43.5% increase in telehealth visits from what it was in 2019.
👆 that’s the estimated value of the telemedicine market come 2028.
What is it about telehealth though?
One significant advantage of telehealth is that it averts interaction with patients and healthcare providers, especially in these times. It has also cut down on waiting time and infrastructure costs. Remote monitoring with wearables has improved chronic disease management as doctors can now keep track of patients’ recovery progress in real-time.
Moreover, patients’ awareness and demand for telemedicine is a clear indicator that the market has a bright future.
Teladoc and Doctor On Demand are leading the pack of the telemedicine companies increasing the reach of telemedicine and reshaping how telemedicine services are delivered around the globe.
Cybersecurity
There was never a time when the health care sector was so vulnerable as it was during the pandemic. Hackers jumped on the opportunity to attack the healthcare space and many companies were deeply affected.
In the second half of 2020, healthcare cyberattacks rose by 36% and more than 21.3 million records were breached; an increase of 177% from almost 7.7 million records breached in the first half of 2020.
Hospitals, healthcare providers, and health tech companies were all affected by these attacks and they posed an imminent danger to the privacy of patient/clinical data.
Gravely affected was the Covid-19 vaccine which was repeatedly attacked by hackers.
Companies such as Pfizer and BioNTech both reported attacks targeted at vaccine data. More than a few hospitals in the United States of America fell victim to ransomware; the healthcare sector was at this point forced to become far more conscious about its cybersecurity infrastructure.
One can boldly say that cybersecurity and data protection is the most closely monitored sector of the HealthTech industry. Numerous cyber attacks and breaches prove that the need to invest in cybersecurity cannot be overemphasized. The march towards a more digitalized healthcare industry would also mean upping our cybersecurity game.
Of course, this would translate to an increase in healthcare clients for cybersecurity firms 😉.
Rising to the task of providing top-notch protection against cyber-attacks are companies like Sciencesoft and Cisco among many others.
On-Demand Healthcare
Healthcare anywhere.
The On-Demand economy has changed how people work and how businesses operate. For companies like Uber who can be said to be at the forefront of this business model, offering people independence over their working hours and income was a major selling point.
Tech companies created this business model to give consumers quick and easy access to goods and services and it is driven by developments in connectivity and personal devices.
This business model can be applied in healthcare; you bet it will be a huge success.
Picture having access to healthcare services just as you do Uber or order pizza.
It is that simple.
Connecting patients to available healthcare providers via websites, mobile apps or 3rd party connectors are all on-demand healthcare.
With this innovation, more job opportunities will be created for doctors and nurses alike to earn a substantial income and on a schedule that suits them. Moreover, it will provide care at a relatively cheaper cost than when the patient visits the hospital.
Wendy, TalkSpace and Practo are a few of the tech companies giving patients quick access to health providers on-demand.
Mobile Health Apps
Another trend in HealthTech is mHealth apps.
mHealth apps are those smartphone applications that help deliver healthcare and promote healthy living among individuals.
According to Statista, the current number of smartphone users in the world is 3.80 billion which is 48.33% of the world population. This means that healthcare services can be in the palms of over 3 billion people around the world!
To drive their services closer to home, many HealthTech companies are developing mobile apps. This way, consumers can have quick and easy access to their platforms on the go, anywhere and from any device.
How about the flexibility of mHealth apps?
A mobile health app can incorporate telemedicine, on-demand healthcare, EHR/EMR and even serve as a channel for patients remote monitoring. Companies like Mobihealth and Babylon have several similar features on their mobile apps
There are mHealth apps that track menstrual cycles, monitor vital signs and notify you of the closest pharmacy within your location.
The mHealth market size alone is projected to reach $57.57 billion by 2026 and exhibit a CAGR of 21.1% by the same year.
Talk about a promising market.
There are thousands of mHealth apps available on the App Store and Google Play Store today and there’s plenty of room for more.
IoMT (Internet of Medical Things)
Simply put, the medical devices and applications that are all connected to healthcare IT systems through online computer networks make up the Internet of Medical Things or IoT of Healthcare.
This emerging health technology trend is gaining momentum because it simplifies patient care workflow. IoMT makes healthcare delivery more effective through interoperability, machine-to-machine connectivity and data sharing.
IoT can increase operational efficiency and automate and optimize workflow.
Mobile apps and wearables all connected to a smart medical device can track conditions in real-time and gather medical data that is sent to a health practitioner through the smartphone’s internet connection.
With the help of various devices connected to one network, gathering information, sharing data, analyzing data and predicting outcomes; there has been tremendous improvement in the way healthcare is delivered.
The global IoMT market was valued at $44.5 billion in 2018 and is expected to grow to $254.2 billion in 2026. Investments in IoMT and other digital solutions are already on the rise, and the new trend in healthcare continues to rise in 2021.
AI & Machine Learning
With the potential to transform healthcare, Artificial Intelligence can help medical professionals make fast and better judgement void of human errors and bias or mistakes. A world of opportunities is opened up with the human-like processing and decision making nature of AI.
Diagnosis, speed, accuracy and performance are all guaranteed through the application of AI and ML in healthcare.
Drug discovery can be advanced by searching for and identifying chemical and biological associations through machine learning. Moreso, it will accelerate the introduction of new medicines to the market. Complex surgeries that need to be carried out with delicateness and fine details in small spaces can be done with the help of AI and ML.
There are countless benefits of artificial intelligence in healthcare.
With the help of a machine-learning algorithm, MIT identified a powerful new antibiotic compound that can kill many species of antibiotic-resistant bacteria.
Pathologists can make faster and more accurate diagnoses and also identify which patients would benefit from new types of treatment.
Imagine a future where treatments are administered according to our diets, medical history, genetics, even our stress levels; AI could make it possible.
Wouldn’t that be awesome?😊
Virtual Reality (VR) & Augmented Reality (AR)
If you’ve experienced Virtual Reality gaming, then you’ll know why anyone would easily adapt to innovations in Virtual Reality in health care. VR is yet another trend to follow in the healthcare industry this year.
Virtual reality and Augmented reality have changed how surgeons are trained in their line of duty. Medical professionals training to be surgeons no longer have to be present at a hospital or even in the theatre.
Students at the University of Michigan used the MPathic-VR app to train their communication skills with a virtual human, which proved to be very helpful when delivering difficult news.
During the pandemic, it was pertinent to train frontline workers as the need for people who would work in intensive care units rose. These personnels had to be trained quickly on how to properly use PPE, navigate an intensive care ward, handle ventilators. More so, interact with patients and their families.
I took care of my sister during the pandemic and I tell you, I wished somehow there was a way to distract her from the pains of chemo and post-surgery. Virtual Reality presents itself as a solution that could make that happen.
In a recent pilot study, patients undergoing surgery at St George’s Hospital in London had the option to use a VR headset prior to and during their operation to view calming landscapes during the procedure. 100% of the participants reported that their overall hospital experience was improved by wearing the headset, while 94% said they felt more relaxed. Furthermore, 80% said they felt less pain after wearing the headset and 73% reported feeling less anxious.
From training medical practitioners to providing better care for patients, Virtual Reality is changing the way healthcare is delivered.
Therrie on The Future of HealthTech
As a health technology enthusiast, I am excited to see how these innovations continue to improve healthcare systems all over the globe. With initiatives like the IoT for healthcare, telemedicine and so on; healthcare can reach even the most remote parts of the earth.
More so, the way healthcare is delivered could be more efficient and systematic when these innovations are integrated and incorporated.
The healthcare sector presently is fragmented, inefficient and bureaucratic. What’s worse, unlike other industries, inefficient healthcare costs precious lives and reduces the quality of life for people suffering from chronic conditions.
If you are diabetic and you are involved in a car accident in which you sustain a fracture to your ankle, for example, you may have to see two doctors and potentially, none of them will communicate with each other. I don’t see how this will make treating you efficient and even possible.
With so many millions of dollars going into Electronic Health records, big data collection, and AI, these technologies in healthcare can be utilised and combined to get better results.
The Internet of Medical Things is allowing data from digital health technologies like apps, sensors, wearables to be integrated with EHS and other healthcare IT systems under one platform or interface. Combined with intelligent software powered by AI and ML. the IoMT is allowing the measurement, processing and analysis of collated healthcare data.
Picture this.
You go to your GP, they use a portable ultrasound to quickly scan your ovaries, they send the results (if anomalous) to a gynaecologist right away and these doctors can discuss the results virtually and set up an appointment to kick off joint care plan. Your meetings with them going forward could also be virtual and you or your GP can make your medical records available to the gynaecologist by sharing your EHR. No need for bureaucratic referrals or long and endless waiting times, no need to travel across town to keep to an appointment with the specialist. What’s more your GP still gets to fulfil their primary role; managing your healthcare in the most personalized, in-depth and effective way possible.
This is the future I see with health technology in healthcare.
I know you see it too.
