Health Care Industry Outlook
The Future Of the Healthcare Industry
The survey shows that 98% of pharmaceutical and life science executives expect digital investment in clinical trials to increase in the coming years.
Around 75% of healthcare facilities such as clinics and hospitals were found to be unprepared when it came to responding to cyber-attacks, which is another area that will need improvement in the future.
Currently, nearly 96% felt that attacks on healthcare software and infrastructure have increased and have placed healthcare facilities at risk.
The coronavirus pandemic has laid bare the healthcare system, with revenues tumbling by around 50% in the United States alone. About 2/3 issuers currently rated by Fitch currently have a stable outlook, 17% a negative outlook, and 10% a positive outlook. According to DataBridge Market Research, the health insurance market is growing at a CAGR of 4.4% and is expected to reach $2,259,670.09 million by 2027.
92% of providers of various healthcare solutions are promoting the use of digitization for healthcare facilities. This makes it a good time to invest in digital healthcare trends. Experts predict a massive acceleration of digital technology in healthcare, which includes cloud computing, data security, and other tools.
Life and health insurance premiums will rise to 2.9% to around $4 trillion but will recover to around 3% growth by the start of next year. A heightened sense of health risk awareness and financial market conditions that are normalizing will drive the rebound.
94% of hospitals in the US are in the process of adoption of EHRs. This new initiative will save doctors from the time-consuming process of dealing with paperwork. Furthermore, EHR will be beneficial for intervention since it offers customized reminders for patients in need of medical care.
The health insurance market is developing at a high speed. Protection-type insurance products will prove to be more resilient as compared to savings businesses, which suffer during down runs, especially in a COVID-19 hit economy.
This industry is on the cusp of a technological revolution thanks to the internet of things (IoT). In the coming years, the IoT will change health care as we know it by revolutionizing the following aspects of health care:
- Training – Advanced healthcare training simulators will mimic patient symptoms and give real-time feedback, making it easier to remotely train new medical professionals.
- Patient Monitoring – The IoT will take remote patient monitoring to a whole new level. Connected medical devices will be able to send data to physicians and receive their responses in real-time. This in turn will pave the way for faster interventions, which will help save lives. Considering these benefits, it’s no wonder the healthcare statistics reveal that 74% of patients think IoT devices can help doctors treat them more effectively.
- Preventive Care – IoT devices will not only proactively monitor your vital signs but also tell you when you need to see a doctor.
- Workflow Optimization – These devices will make the life of medical professionals easier, and increase their productivity and earnings by streamlining workflow, a sentiment echoed by no fewer than 64% of doctors in a survey.