$80 bn infused into health tech – 5 Healthcare sector trends 2020

Published On April 23, 2020
In Pharma & Life Sciences, healthcare, Blog Archives

If there’s one industry that’s recession-proof, it’s the healthcare industry.

Numerous accelerators drive the growth of this attractive industry.

Some of them include: –

1. An increase in the geriatric population

2. Growing prevalence of chronic illnesses

3. Higher infrastructure investment

4. Bigger technological advancements

5. The growing market in developing countries

6. Higher labour costs amidst rising demand

However, this growth also forces the healthcare sector to improve its facilities and overcome its limitations.

Thankfully, technological interventions in this sector are proving to be a real boon.

We have compiled a list of trends in the sector you must track.

Care Model Innovation

Modern-day aware patients demand greater transparency, improved comfort, better access, and customized services from their healthcare provider.

Future trends suggest a greater collaborative spirit among healthcare providers for maximum impact. Amidst the COVID-19 scare, the healthcare sector will also focus more on convenience, capacity, competence, and affordability issues.

Stronger trends also indicate the extension of services beyond the hospital walls.

Improved Healthcare Ecosystems

Like all industries, Digital technology and AI will positively impact the healthcare sector as well.

Huge investments in AI have opened avenues for the development of technology with cross-industry applications. Predictive analyses, an exciting advancement, are expected to drive innovation in the healthcare sector too.

Regulators are pushing for interoperability and consumer-centric ecosystems.

Future of work

Lack of skilled labour in this sector is a huge challenge to be tackled in the future.

Deloitte reports 78 percent of physicians burnout at least sometimes in their jobs. Additionally, the same report suggests 46 percent of all physicians plan to switch careers.

Other staffing challenges include: –

1. Unnecessary time spent on documentation

2. Incapability to stay current

3. Stressful work-life balance of labour

AI and Analytics will power healthcare systems to accelerate decision-making and reduce routine work pressure.

Cybersecurity

Data consolidation across different hospital chains is a promising trend.

However, this trend will make healthcare systems more susceptible to cyber-attacks.

A reputed website states that in 2018 three breaches have revealed over a million records. (Mma-ne.com)

When breached, hackers harm people to put them in jeopardy.

These repeated breaches encourage stricter cybersecurity measures for better control.

Telemedicine

Technological advancements have made video consultations with doctors extremely easy.

Trends suggest medical professionals will be able to access scans, check diagnostic reports, monitor symptoms, and provide prescriptions remotely.

Patients can connect with their doctors without leaving the comfort of their homes.

Telemedicine leads to saved time, less crowded clinics, and efficient front desk operations.

Conclusive Remarks

It’s no surprise that healthcare is a booming sector.

The future of healthcare shines bright for those who embrace technology with open arms.

Is the path to healthcare heaven straight and without struggles? No, it isn’t.

The sector has some unique challenges that need attention. However, capable organizations will adapt and thrive.

After all, change is the only constant.

So, we hope this post gives you insight into the healthcare sector for a better direction.

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SGA Digital Marketing Team
SGA Digital Marketing Team
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The SG Analytics Digital Marketing team creates and optimizes content for service and industry-specific blogs. We are a dynamic team focused on building our company's brand online, as well as sharing the expertise of our subject matter experts through the medium of our thought leadership blogs.

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