Besides telemedicine, other technologies like wearables, robotic surgery and cutting-edge genomic technology will continue to trend in 2020.
Fremont, CA: Telemedicine will be the root cause for the next level of development in the industry. It addresses the basic need of consumers who crave for convenience. The driving force behind ride services like Uber and online shopping from Amazon also come home for health care technology stocks in 2020.
Imagine a scenario where a patient suffers from a severe illness. Telemedicine allows the patient to interact with the doctor virtually from home without needing an appointment. Telemedicine is taking off in a big way with which medicine and care have become a service. They provide the technology to enable remote care. An example would be a remote doctor and patient visit over the phone or internet via videoconferencing. This technology can also lift other existing healthcare technology services like medicine delivery, videoconferencing therapy options and many more. No doubt that health care technology companies will benefit from the trend.
There is still room for other technologies like wearables, robotic surgery and cutting-edge genomic technology. Wearables include the health tracking watches that continuously monitor patient’s health parameters. Meanwhile, related health care technology devices like WiFi-enabled scales and food-tracking apps are feeding directly into certain wearables. It is evident when patients with diabetes see better glucose-monitoring devices and insulin pumps in the same vein.
Intuitive Surgical leads the robotic surgery space, but also it faces rivalries from other health care technology companies. Several companies are already getting into this space, and still, there is a huge opportunity for health care technology companies working in spine, orthopedics and cancer. A group of companies are experimenting with computer vision and tiny instruments to drive into the lungs and detect cancer cells.
Gone are the days when it would have cost $2.7 billion for scientists to set out to sequence the human genome. Today, consumers can have a gene of their DNA read at a reduced cost. This would open up a new powerful tool in cancer diagnosis and research. Frequent genomic analyses can easily detect mutations associated with cancer can be diagnosed at an early stage through gene mutation in specific cells.
Therefore, 2020 will be the year for different technologies like wearables, robotic surgery and cutting-edge genomic technology other than telemedicine.