THANK YOU FOR SUBSCRIBING
Medical Tech Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Medical Tech Outlook
AR, RPA, Blockchain, and Data are going to drive the MedTech industry. The advancement in the industry is going to drive it towards a blossoming future.
FREMONT, CA: Remote healthcare delivery has had a long history, as early as the 1920s physicians could conduct virtual visits using a video screen and sophisticated touch devices. The previous examples show that no concept is too big or too difficult to implement. With the Covid-19 pandemic driving new technology adoption in healthcare, we anticipate seeing additional advances in the coming months.
RPA In Medical Billing and EHRs
The Covid-19 pandemic has strained private and public healthcare. According to The Internet of Healthcare Report, 64% of healthcare executives believe they will never have enough people to manage their businesses' data volume. But their confidence in AI is astounding: 98% believe it will free personnel up to concentrate on relevant patient-centered tasks. Most healthcare businesses now acknowledge that automation may improve efficiency and save costs. To that aim, they use bespoke healthcare software to integrate RPA and data automation into billing and EHR systems.
The Future of Medicine Is Data-Driven
Advanced innovative healthcare systems continue to promote precision medicine by automating essential manual tasks. They allow successful individualized therapy based on patient demographics, medical history, and genetics.
The data-driven approach is already used in cancer, pharmacogenomics, and reproductive health. According to Modor Intelligence, the precision medicine industry was worth $58,450 million last year, and is expected to grow at a 9.2 percent CAGR over the next five years. Data-based diagnostics systems, together with IoT devices like glucose monitors, heart rate trackers, and mood readers, offer health practitioners with real-time patient data.
AR/VR In Psychological Rehabilitation
The first surgical AR/VR applications were made in the 1990s. For patients with restricted movement, VR headsets and treadmills aid in accelerating the recovery process. The gadgets promote therapy by simulating situations and involving users in game-like rehab tasks. VR and AR-based therapy also aids brain damage and stroke recovery by enhancing patient motivation and improving bodily coordination
Blockchain In Healthcare Data Security
Blockchain's immutability and decentralization that allows for free and secure exchanges make its use in healthcare particularly promising. According to market research the Blockchain technology market worth $104.4 million in 2019, would increase to $5,798 million by 2027, a remarkable 64.5 percent CAGR.
What does this mean? First, blockchains secure sensitive data including patient information and medical records. All data is encrypted and may be recovered by authorised users at any time.
With smart contracts that automatically enforce agreement conditions, blockchains may help medical providers in insurance and supply-chain settlements. All transactions are tamper-proof, reducing fraud and speeding up the settlement process. Blockchain-based technologies are widely used in the pharmaceutical industry as the ledger can track and trace orders, verify medication information, and certify medicine provenance.
Realizing the Unimaginable
While the Covid-19 pandemic's outcome is unknown, it has already accelerated healthcare
innovation. But to ride the wave and surpass competitors in the crisis recovery, healthcare companies must overcome several obstacles such as a skills gap. Healthcare executives require skills in science, technology, and software development to adopt new technological developments. It may be gained via recruiting internal expertise or external consultants. Reimbursement programmes, innovation schemes, and fellowship grants may assist finance new ideas. The largest impediment to healthcare innovation is healthcare companies' reluctance to risk. Incorporating agile techniques into decision-making may help foster technological change.
Read Also
