Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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We have come to live in a fast-changing world. Everything, from how we work, travel, and shop for groceries has undergone a drastic change. This change has been brought about by a shift in business models and a need for convenience as well as safety. In that sense, life, industry, and commerce has transformed due to the rapid adoption of technology. Today, you can access many products or services at the mere touch of a button and get them delivered to your doorstep.

However, the healthcare sector has been an exception to this rule, until recently. Driven by healthcare tech advancements and expectations of the new normal, the sector is at an inflection point. Based on insights from Forbes, let’s take a closer look at the key technological trends that has led to the democratization of healthcare.

Digital empowerment

Conventional healthcare at hospitals can often come across as bureaucratic, and even indifferent. While this is not necessarily true for every hospital or clinic, patients have to undergo a lot of paperwork, and have long-winded interactions with healthcare personnel that are time-consuming and at times even frustrating. The advent of digital healthcare solutions has led to more seamless healthcare experiences and has made the process of healthcare more patient-centric than ever before. Consumers find themselves more empowered with digital healthcare solutions and can expect services with innovation and empathy. Digital healthcare has paved the way for the uncoupling of services from conventional medical offices to more patient-centric healthcare. The global digital health market is estimated to be $201.24 billion in 2021, from $183.30 billion in 2021 at a CAGR of 9.79%, as per ResearchAndMarkets.

Due to the exponential increase in the demand for healthcare services, the market is expected to reach $483.75 billion in 2025 at a CAGR of 24.52% from 2021-2025.

New world order

Health tech companies have come up with an array of innovative solutions for seamless, accessible, and personalized care. Mainstream smart home appliances and wearables are enabling better health-tracking. For instance, Amazfit and Oneplus’s wearables have sensors that can monitor your physical activity such as the steps taken per day, your exercise routine, your blood-pressure, pulse, and even your heart-rate. Such comprehensive healthcare monitoring can improve healthcare outcomes in a connected world.

The advent of healthcare focus wearables can track early symptoms and deliver timely healthcare with a focus on prevention. The more connected physicians and healthcare specialists are with patients, the better equipped they become to offer holistic healthcare than merely treating symptoms. Analytics and healthcare monitoring are a boon for comprehensive healthcare solutions today. Today, with the aid of wearables, users can track their medication doses and even get alerts if they have missed a dose.

Changing the status quo

The eventual foray of next gen wearables, advent of 5G and the Internet of Things (IoT) will pave the pave way for even better healthcare outcomes and patient experiences. The data that these devices can generate can significantly change healthcare sector’s overall outlook. Vital health information and the effectiveness and efficacy of treatments can be tracked. Clinical trials would become more precise as subtle side effects and symptoms can also be monitored. Personalized patient profiles are already being created and this could pave the way for personalized healthcare with precision medicine even. Healthcare will become more affordable and accessible with holistic healthcare approaches.

Worldwide, the personalized healthcare market is set to reach USD 3.18 trillion by 2025, as per Grand View Research.

The road ahead

Healthcare has been in the limelight since the onset of the pandemic. The overall attitudes towards healthcare is changing and patient need-gaps are being addressed with the aid of innovative healthcare solutions. Governments across the world are working with key stakeholders to bring better health policies and technologically enabled tools to the market. 2021 was the dawn of a new era for the democratization of health care. Today, many companies are focussed on building seamless and innovative digital healthcare solutions for customers like never before. The advent of AI and analytics will lead to new insights and solutions to various healthcare problems at an expedited pace.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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