The healthcare industry is undergoing constant transformation, continually shaped by an array of influential trends. These trends have far-reaching consequences, that are driving innovation, generating revenue, expanding public reach and ultimately, improving patient care. In this comprehensive exploration with analysed and researched data, we delve into the major healthcare industry trends for the foreseeable future, that is near 2024.
Telemedicine Taking Center Stage
With ever expanding healthcare needs and with the onset of digital age, telemedicine has taken the spotlight, offering an innovative solution to healthcare access and patient delivery. Before 2020, telehealth was steadily growing, but the COVID-19 pandemic accelerated its adoption of telemedicine. In fact, telehealth utilization increased by 50% in the early days of the COVID pandemic. Patients now enjoy the convenience of virtual consultations at their home, and this trend is here to stay.
Telehealth sector is expected to grow at a CAGR of over 16% from 2021 to 2026, with a market value expected to reach $70 billion by 2026, giving a major boost to healthcare economy. This growth is driven by an increase in chronic and common diseases, the need for remote patient monitoring, featuring online consultation, and the acceptance of telehealth services.
AI and Machine Learning has Revolutionized Diagnostics
Artificial intelligence (AI) and machine learning (ML) are not buzzwords anymore; they are at the core of revolutionizing healthcare diagnostics. AI algorithms are helping doctors to analyze vast datasets in a fraction of the time it would take a human, making more accurate, precise and timely diagnoses possible. With the help of AI, healthcare industry is expected to grow at CAGR of 45.3% from 2020 to 2027, reaching a staggering $45.2 billion by 2027.
Machine learning is also making strides in predicting disease outbreaks, giving direction of research to scientists and data analysts. A study conducted by Harvard Medical School using predicted flu outbreaks with an accuracy rate of 97% with the help of machine learning. These technologies have the potential to save countless lives through earlier, and more precise diagnoses.
Patient-Centric Care Becomes the Standard
The healthcare industry is experiencing a more fundamental shift towards patient-centric care, giving a more personalised treatment with broad base approach. Patients are no longer here to become passive recipients of treatment but lead active healthcare journey. In fact, 71% of patients agree that patient-centered care and helpful telemedicine consultation is a critical factor in their healthcare decisions.
Now, big brands of Hospitals and healthcare providers are investing in tools and technologies to facilitate patient engagement and healthcare approach. According to the American Hospital Association, 92% of hospitals use electronic health records (EHRs) to engage with patients. They are not only making data accessible but also involving patients in decision-making processes, providing a more transparent and personalized approach to care.
Enhanced Digital Health Records
Digital health records are at the core of patient-centric care and are becoming increasingly sophisticated. Patients can now access their records online, empowering them to take charge of their health. This accessibility, along with data interoperability, is essential. A study by the Office of the National Coordinator for Health Information Technology showed that about 93% of non-federal acute care hospitals had already adopted a certified EHR as of 2020.
Value-Based Care and Payment Models
The traditional fee-for-service model is gradually giving way to value-based care and payment models. In value-based care, healthcare providers are incentivized to prioritize quality of care over quantity of services provided. This model promotes cost-effective and patient-centric care.
Statistics reveal that the shift is well underway. In 2019, 36% of healthcare payments were tied to alternative payment models, an increase from 23% in 2015. Center for Medicare & Medicaid Services, the CMS has set a target for 50% of Medicare payments to be tied to value-based care models by the end of 2025.
Remote Patient Monitoring
The adoption of remote patient monitoring softwares (RPM) is on the rise. RPM devices, such as wearables and home monitoring kits, allow individuals to manage chronic conditions while providing healthcare providers with real-time data. This not only enhances patient care but also alleviates the burden on hospitals.
In 2021, the worldwide remote patient monitoring market was valued at $779.1 million. However, with recent projections, it is expected to go over a compound annual growth rate (CAGR) of 15.9% from 2022 to 2028, reaching an estimated value of $2.16 billion by 2028.
Healthcare Data Security
As healthcare becomes increasingly digitized, the importance of data security cannot be overstated. The sector is a prime target for cyberattacks due to the vast amount of sensitive patient data stored in electronic health records (EHRs). A report by Cybersecurity Ventures predicts that by 2025, cybercrime will cost the global community $10.5 trillion annually.
To combat this, healthcare organizations are investing in robust cybersecurity measures. In 2020, 72% of healthcare organizations reported an increase in cyberattacks, prompting a higher focus on cybersecurity.
Healthcare Consumerism
Patients are becoming more informed of their healthcare needs and thus being more engaged in their healthcare decisions, a phenomenon known as healthcare consumerism. According to a survey conducted by Accenture, 73% of patients are willing to receive virtual healthcare services.
This trend is reshaping the healthcare industry, influencing how healthcare providers interact with patients. Healthcare organizations are increasingly embracing technologies that enable better patient engagement, such as patient portals and mobile apps.
Genomic Medicine
Genomic medicine is unlocking the potential for personalized treatments based on an individual’s genetic makeup. By analyzing a patient’s unique genetic code, healthcare providers can tailor treatment plans. The global genomics market is expected to reach $94.9 billion by 2027, with a CAGR of 7.2% from 2020 to 2027.
This innovation is particularly significant in oncology. Genomic profiling has helped identify specific gene mutations and biomarkers, leading to targeted therapies with higher efficacy and fewer side effects.
Takeaways here
The future of healthcare is incredibly promising, with telemedicine, AI-driven diagnostics, patient-centric care, and numerous other transformative trends taking center stage. As these trends continue to evolve, healthcare will become more accessible, efficient, and patient-focused, ultimately improving the quality of care worldwide.
How you can push your healthcare business along with these trends?
Additionally, you can push your business forward by strategically aligning it with these healthcare industry trends. Here’s how:
- Focusing on Comprehensive Business Strategy:
To stay ahead in the evolving healthcare landscape, it’s crucial to develop a comprehensive and market-pro business strategy. This strategy should not only consider your current operations but also take into account the integration of emerging technologies and patient-centric approaches. A comprehensive strategy should address how your business can leverage telemedicine, AI diagnostics, and other innovations to enhance the patient experience, patient outcomes and improve overall efficiency. Invest in training your team and resources to ensure your team can adapt to these changes effectively.
- Leading Your Competition:
In a rapidly changing industry, the ability to innovate and adapt is key to staying ahead of the competition. Proactively invest in telemedicine solutions, AI-driven tools, and remote patient monitoring systems to offer cutting-edge services that set you apart. Use your commitment to patient-centric care and value-based models as a unique selling point. Being at the forefront of healthcare trends will not only attract more patients but also enable you to become a leader in your field.
- Sharing Patient Education Using Accessible Resources:
As patients become more informed and proactive about their health, providing them with accessible educational resources can be a significant asset. Consider creating user-friendly, online platforms where patients can access information about their conditions, treatment options, and wellness strategies. You can also develop mobile apps that specifically provide personalized health tips and connect patients with your services. By offering educational resources, you empower patients to make informed decisions and build trust with your organization.
- Exploring Undefined Ways to Success:
The evolving healthcare landscape presents opportunities for innovation and new service models. Be open to exploring uncharted territories. For example, you could venture into partnerships with telemedicine providers, create AI-powered diagnostic tools for specific conditions, or offer unique remote patient monitoring services. Investigate the feasibility of incorporating genomic medicine into your treatment plans for a more personalized approach. By daring to explore uncharted paths, your business can discover untapped markets and be a pioneer in healthcare solutions.
Adapting your business to these trends requires forward-thinking and a commitment to continuous improvement. By embracing change, staying competitive, educating patients, and exploring new horizons, you can position your business for success in the dynamic healthcare industry.
This detailed blog provides an in-depth exploration of healthcare trends, complete with relevant statistics.
Authoured by Prerna Kumari, Medico-Marketing Professional