5 Tech Trends that will Dominate Healthcare Tech in 2020
The spending on healthcare technology is set to grow again in 2020, reaching about $206 billion in 2020. While this is just over 5.4% of the predicted healthcare spending in 2020 ($3.8 trillion, according to The Office of the Actuary), it shows the increasing impact of tech in healthcare.
Globally, healthcare facilities will spend an estimated $750 billion more in healthcare technology this year compared to 2019.
According to a recent Lux Research report, the increased spending comes on the back of substantial gains in reducing costs while improving outcomes. Lead author of the report, Nardev Ramanathan Ph.D., says that “healthcare costs are becoming unsustainable.” As a result, facilities are turning to digital solutions to meet growing demand and improve efficiency to deliver better patient care.
Digital technology also makes the patient more of an active part in the patient care process as the patient’s “decisions and quality of life” significantly affect product development.
Key Tech Trends that will Drive healthcare in 2020
Ramanathan and many other health tech experts believe that five key technologies will fuel the healthcare revolution in 2020;
- Blockchain
Let’s begin with one you’ve likely heard about a lot recently — blockchain. Blockchain is widely regarded as the next big thing. If there’s one technology that will have a massive impact across multiple industries world-over, that technology is blockchain.
In the healthcare industry, the race to adopt blockchain is well underway. According to Computer World, more than 20% of healthcare organizations worldwide will have adopted the technology by the end of 2020.
Among the top reasons for blockchain adoption in the industry are data harmonization and smart, contactless transactions. Currently, “there are limitations in terms of how far (healthcare providers) can go with health information exchange,” says Mutaz Shegewi of IDC. The blockchain serves as a single source of truth. Additionally, blockchain allows for automation of payment for treatment once an agreement has been reached.
The FDA’s Drug Supply Chain Security Act (DSCSA) was recently enacted to help regulate how blockchain is used in the healthcare industry. DSCSA will especially help to protect providers and patients from counterfeit, stolen, contaminated, and harmful drugs.
2. Internet of Things (IoT)
Medical IoT (popular as IoMT) will also expand massively in 2020. According to a recent Frost and Sullivan research, there will be 20–30 billion medical IoT devices in circulation by the end of 2020. By 2021, the entire IoMT market is predicted to be worth as much as $136 billion.
Three technologies will spur the expansion of the IoMT market — wearable tech, telemedicine, and the proliferation of the 5G network. More than 80% of people have expressed a wiliness to wear wearable devices, creating a tremendous incentive for healthcare to deploy these devices widely. Common wearable devices include smartwatches, ECG monitors, blood pressure monitors, and self-adhesive biosensors.
Telemedicine (or telehealth), meanwhile, involves providing healthcare services remotely. For instance, a senior citizen recovering in post-acute care could receive consultation through FaceTime without visiting the medical facility in person. Telehealth can be especially useful in delivering better health services to people in rural areas. Since remote monitoring is needed, you can expect a lot of IoT devices to be deployed.
The proliferation of the 5G network technology will serve as an enabler of both wearable technologies and telehealth.
3. Artificial Intelligence (AI)
According to Forbes contributor Bernard Marr, the role of AI in healthcare is set to increase multifold in 2020. As the world population continues to grow and age, AI, and Machine Learning (ML) will offer new and better ways to identify and diagnose medical conditions. The two technologies will also be instrumental in the development of treatment plans, monitoring health epidemics, and crowdfunding initiatives.
It’s also worth noting that the increasing number and rising age of patients will also impact digital records. Indeed, it’s predicted that in 2020, healthcare data volumes will double every 73 days. AI and ML have the potential to save healthcare providers over $100 billion annually in data processing, according to McKinsey.
Artificial intelligence and machine learning will also bring predictive care to healthcare. Instead of waiting for people to get sick, AI machines can analyze existing data to predict the probability of a health condition occurring. The FDA recently approved one such device, IDx, that predicts potential eye diseases by analyzing photos of the retina.
4. Robotics
A quick check of The Robot Report website, a site that explores business applications of robots, is enough to tell you that robots are taking over in the healthcare sector. One of the articles on the site, in particular, goes into detail, discussing several ways robots are proving their importance in healthcare.
Among other things, robots help with tending to patients, grabbing supplies, and answering doctors’ calls. These were roles traditionally played by nurses. A nurse had to move patients, gather and transport supplies, and assist with surgical procedures. Often, the nurse was also responsible for disinfecting rooms. Robots are now helping with most of these tasks.
At the Texas Medical Research Innovation Institute in Houston, for instance, ABB’s collaborative robot YuMi has been approved as a revolving laboratory technician. YuMi helps with tasks such as sorting tubes, pipetting liquids, and carrying equipment.
Expect many similar robots in 2020. ASME predicts that the healthcare robotics market will reach $20 billion in 2023.
5. Virtual Reality (VR)
Finally, there’s a huge expectation on the VR front in the healthcare industry. Although significant progress has been made already, many healthcare tech experts believe that it’s just the beginning of a long and successful journey.
Interbrand Health, for instance, predicts the global healthcare VR market to reach $3.8 billion in 2020. Among other things, the agency predicts that VR will play a big role in functions such as robotic procedures and procedure training. VR is also predicted to help in pain management and behavior modification.
Gareth Price, Director of Technology at healthcare tech giant Ready Set Rocket who spoke to Interbrand Health’s Dominic Leung, says its “it’s difficult to predict” just how much VR can revolutionize healthcare. But, he also stresses that we can expect to see a significant impact in areas such as PSTD treatment and virtual surgery.
Role of NIX in HealthCare Tech
NIX prides itself on providing innovative and cutting-edge tech solutions to medical practitioners, facilities, and organizations. We are a leader in technologies such as IoT, AI, blockchain, and robotics. Contacts us today to schedule a free consultation.
