Aneesh Nair, CIO and Co-Founder, MyHealthcare highlights some of the key trends and opportunities that will shape healthcare in the year to come
No other industry has seen as much disruption and evolution as the healthcare sector in the last couple of years. The Covid-19 pandemic not only pushed healthcare institutions to accelerate their digital transformation, it also spurred people to embrace a digital healthcare ecosystem. The global healthcare industry was valued at a staggering US$10.44 trillion in 2021. This number is expected to exponentially rise to US$19.61 by 2030.
As we get ready to step into 2023, let’s look at some of the key trends and opportunities that will shape healthcare in the year to come.
Healthcare players will ramp up digitisation efforts
Healthcare players are pushing the boundaries and embracing new-age technologies such as cloud computing, Artificial Intelligence (AI), Machine Learning (ML), data analytics and more. They are realising the value of collaboration and data availability at the point of care. We will hence see more and more clinics, hospitals and laboratories digitise their everyday operations and patient care with the help of innovative plug and play digital care platforms that leverage emerging technologies. Healthcare institutions will accelerate their digitisation efforts to increase operational efficiencies, automating administrative tasks, keep patient records in order, streamline the insurance process, speed up billing, and more. In the coming year, we will also see healthcare betting on these technologies to elevate patient care by drawing insights from patient data, making the relevant connections, enabling faster decision-making, offering personalised care and ensuring positive patient outcomes.
Patient experience and engagement will take centre-stage
There has been never-before like consumer acceptance, and even desire for digital engagement in healthcare. With patients getting more comfortable with it, another trend that will emerge in 2023 is increased popularity of patient engagement portals. More and more people will lean on the patient-centric personalised care being offered by these patient portals or platforms for all their healthcare needs from booking a doctor’s appointment, consulting over a video call, tracking their own health parameters, signing up for tests, ordering medicines, leveraging homecare services, and more. This will allow them to get everything they need faster, conveniently and in one place. As per Capgemini, enhanced patient engagement through personalized care experiences will boost health outcomes, transform care experience, drive down costs, and enhance access and clinical outcomes.
There will be higher emphasis on preventive healthcare
People are becoming more health conscious now. They are beginning to see the great advantages of preventing diseases rather than reacting to the same after they have occurred. This is why they are banking on wearable devices powered by AI predictive analytics, Internet of Medical Things, Big Data, and more to manage their health effectively. We will see increased adoption of intelligent wearables in 2023. Devices such as smart watches, fitness trackers, ECG monitors, blood pressure monitors, etc. will take healthcare to the next level by giving doctors and other health providers a comprehensive health analysis, identify at-risk patients early on, and help them tailor treatments for patients. Moreover, the data collected on these wearable devices will also help researchers design more effective treatments and develop new medicines. Industry reports reveal that the wearable AI market is projected to reach US$42.4 billion by 2023, from US$11.5 billion in 2018.
Remote monitoring will become the new normal
In the immediate future, we will see digital care delivery like remote monitoring gain prominence as it reduces the burden on medical professionals, provides ease of monitoring and reduces costs. This also goes hand in hand with the aim of expanding healthcare access, especially in a country such as India. The global remote patient monitoring market currently stands at US$53.6 billion, and is forecasted to reach US$175.2 billion by 2027. Wearables will also play a crucial role in remote monitoring, helping doctors keep an eye on their patients’ health and ensuring timely medical intervention. This will prove especially crucial to monitor the health of elderly patients, small children, patients dealing with chronic ailments and those battling mental health issues.
Wrapping up
One thing is certain that the healthcare space is rapidly evolving, and will witness many innovations and disruptions in 2023 and beyond. Healthcare institutions, doctors and other caregivers will have to stay abreast of the latest developments to ensure they function with utmost efficiency, always keeping the patients at the centre.