What is Healthcare Trends Disrupting?


New entrants from outside the traditional business of healthcare are redefining the US$9.59 trillion global healthcare market for consumers, providers, and investors in both developed and developing nations. These savvy, entrepreneurial players are bringing innovative business models, more affordable and convenient care options, wellness and fitness and more to address heavy challenges. Here are some of the ways in which each of these technologies is already making waves in the medical industry.



      1.      Blockchain
Blockchain technology has the potential to transform health care, placing the patient at the center of the health care ecosystem and increasing the security, privacy, and interoperability of health data.Moreover, blockchain technology may be the key to super-charging one of the most important medical trends of the last decade: medical record sharing. Systems that allow the sharing of digital medical records between various providers have dramatically improved the continuity, efficiency, and outcomes of patient care. However, given the personal nature of medical records, security is always a concern. Blockchain technology promises to offer both the security necessary to ease privacy concerns and the efficiency necessary to improve patient care. Better data sharing between healthcare providers means a higher probability of accurate diagnoses, and the overall increased ability of healthcare organizations to deliver cost-effective care. The security offered by blockchain technology may also benefit drug research, as people may be more willing to participate in clinical trials if they are confident that their private information will remain secure.

      2.      Automated Patient Care Solutions
Artificial intelligence (AI) and machine learning have been two of the hottest tech trends in 2017, and their importance will only continue to increase in 2018. The AI market for healthcare has a projected compound annual growth rate of 42% until 2021, inspired by a need for standardized electronic health records (EHR) and a reduction in labor-intensive healthcare worker tasks. By 2025, it’s estimated that AI systems will be implemented in 90% of U.S. hospitals to reduce the cost of labor and care and improve treatment outcomes. Biotech startup Butterfly Network recently developed a handheld 3D ultrasound device that will cost only “a few hundred dollars,” connect to smartphones and tablets, and be capable of diagnosing cancer and other serious conditions. The device creates 3D images in real time, and then transmits that data to the cloud, where an automated diagnosis process takes place.

      3.      Big Data Analytics
Big Data has already taken other sectors to new heights of innovation and productivity. Business, finance, and even politics have been transformed by the seemingly endless analytical insights offered by big data. There are good reasons that healthcare should be next. Drug development is one area in which data analytics can make a huge difference. The democratization of medical data opens the doors for start-up pharmaceutical and research labs to disrupt the drug development industry. Data is a valuable resource that has the potential to drive innovation in this important field.

It’s clear that the healthcare industry is heading in a decidedly digital direction. However, rather than view this ongoing evolution as a threat, medical professionals should embrace these technological advancements wholeheartedly. From consumer-facing platforms like Google’s symptom search, wearables, wellness apps, to advanced AI systems, and robotic surgery technologies, all of these advanced technologies have been developed with the same simple goal in mind: to provide a higher quality of care at a lower cost to the patient.

Location: New York, NY, USA

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