5 Ways Technology is Transforming the Healthcare Industry
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5 Ways Technology is Transforming the Healthcare Industry

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5 Ways Technology is Transforming the Healthcare Industry

5 Ways Tech is Transforming the Healthcare Industry

Whether it’s information-sharing between patients and doctors or aiding in a high-risk surgery, it’s clear that dynamic applications of technology are well underway in disrupting the healthcare industry.

TECH AT OUR FINGERTIPS

Today’s infographic from the Online Medical Care highlights healthcare areas where tech is breaking barriers. Here are five ways that technology is impacting the sector, ranging from AI to nanomedicine:

Artificial Intelligence

Artificial intelligence will have a dramatic impact on many industries, and healthcare is no exception.

A large share of healthcare executives are already applying artificial intelligence in their operations, with data showing plans to increase budgets last year.

Healthcare uses of AIAdoption (2017)Adoption (2018E)
Clinical decision support46%59%
Population health33%46%
Disease management29%42%
Re-admissions33%41%
Medical costs / health plan21%38%
Patient safety and quality25%33%
Supply chain management13%21%
Cancer care4%12%

As the technology becomes more developed and widespread, it’s expected that AI could help diagnose strokes, eye disease, heart disease, skin cancer, and other conditions.

Virtual Healthcare

Also known as telehealth or telemedicine, virtual healthcare allows patients and doctors to touch base remotely using technology such as video conferencing or mobile apps. Many patients are also becoming comfortable using wearable technology to monitor any changes in their health – and sharing that data with their physicians.

Convenience, ease of use, and travel times to their closest doctor are main reasons why patients choose virtual care. On the flip side, many are concerned about the quality of care, or fear a loss of a personal connection with a doctor.

If all patients chose virtual healthcare over face-to-face visits, it could save the U.S. health system $7 billion annually – while the time savings would “free up” the equivalent of 37,000 doctors.

Nanomedicine

Nanomedicine is rapidly evolving field which controls individual atoms and molecules at the extremely minute “nanoscale” of 1 to 100 nanometers. To put that into perspective, a single newspaper sheet is about 100,000 nm thick.

Nanomedicine is mainly used to effectively diagnose, treat, and prevent various diseases. Compared to conventional medicines, it’s much better at precise targeting and delivery systems, paving the way towards combating complex conditions such as cancer.

The global nanomedicine market could be worth over $350 billion by 2025.

Virtual Reality

Although it’s normally been associated with entertainment, virtual reality is making waves in healthcare as well. The multi-sensory, immersive experience that VR provides can benefit both physicians and patients:

  • Healthcare worker training
    VR can be used to train surgeons in a realistic and low-risk simulated environment.
  • Physical and mental health
    VR offers therapeutic potential and rehabilitation for acute pain and anxiety disorders.

VR is thus considered a cost-effective and efficient tool for both teaching and treatment, and the VR healthcare services market is expected to grow from $8.9 million in 2017 to an expected $285 million in 2022.

3D Printing

3D printing has come a long way since its debut, especially in its uses in the healthcare industry. The technology offers faster prototypes, creating everything from personalized prosthetics to “poly-pills” at a fraction of the cost.

The customizable aspect of 3D printing is revolutionizing organ transplants and tissue repair, and it’s even able to produce realistic skin for burn victims.

Robot-Assisted Surgery

Last but certainly not least, robotic surgery is sweeping through hospitals. It allows doctors to perform delicate and complex procedures that might be otherwise impossible.

Typically, surgeons control a device with a camera and mechanical arms, giving them a high-def view of the surgical site. According to the Mayo Clinic, this method generally:

  • Enhances precision, flexibility, and control
  • Comes with fewer complications such as infections
  • Results in less obvious scars as it is minimally invasive

While technological adoption into the medical field doesn’t come without challenges, the value is clear – and we’ve barely scratched the surface of tech-driven possibilities in the healthcare industry.

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Infographic: 11 Tech Trends to Watch in 2023

This infographic highlights eleven exciting areas within the world of technology worth keeping an eye on in 2023.

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11 Tech Trends

Infographic: 11 Tech Trends to Watch in 2023

It can be tough to keep up with the rapid pace of innovation.

Each new year delivers the full spectrum of progress from game-changing breakthroughs to incremental advancements in a wide variety of fields.

In a noisy media landscape fueled by hype and speculation, it can be tough to know where true value is being created. The infographic above, which draws from CB Insights’ recent report on 11 Tech Trends To Watch Closely in 2023, helps narrow down some areas of focus:

  1. Immortality-as-a-service
  2. The secret invasion of super apps
  3. Fintech’s rapid regeneration
  4. Bots in the house
  5. Virtual power plants
  6. Healthcare’s invisibility trick
  7. Smell goes digital
  8. Femtech turns to menopause
  9. The bio-based materials boom
  10. India’s tech ascent
  11. Regenerative agtech takes root

The report draws information from earnings transcripts, media mentions, investment activity, patents, and more to arrive at the trends listed.

We’ll examine three of these trends below in a bit more detail.

Setting the Stage: Clash of the Super Apps

The concept of a super app⁠—an all-in-one smartphone application that integrates a wide range of services⁠—is far from new. In fact, for years now, WeChat has been the go-to app for many Chinese citizens to chat, order services, pay bills, and more.

A natural question comes to mind: why doesn’t an app like that exist in Western countries yet? Well, there are a couple of key reasons:

  1. Consumers and regulators alike are wary of providers holding so much personal information and power. In China, WeChat actually had government support, integrating public services into the app. As well, expectations of personal privacy are completely different in China than in Western countries
  2. Unlike China, which rapidly adopted digital payments, North America and Europe had preexisting near-ubiquitous financial networks in place. Super apps were a game changer for millions of unbanked consumers in China and beyond.

The situation is changing rapidly though, and 2023 could be the year that the foundations are laid for a clash of various Big Tech incarnations of the super app.

In late 2022, Microsoft was rumored to be building a super app using Bing as the foundation, and recent investment into ChatGPT adds fuel to that fire. Even Elon Musk hinted at his ambitions to turn Twitter into a one-stop-shop for just about everything.

There are still significant barriers to bundling a plethora of services into a single app, but that isn’t stopping companies from racing to be the one to do it. To the victor go the spoils.

The Resiliency of Life Extension

The concepts of immortality and age reversal have been a preoccupation of mankind since the dawn of time, so it stands to reason that technology that promises extra lifespan and quality of life continues to be compelling for individuals and investors alike.

Players in this space can approach life extension and anti-aging from a number of different angles, from supplements to tinkering at the cellular level.

Two high-profile examples in this space are Calico, which is a subsidiary of Alphabet, and the Jeff Bezos-backed Altos Labs. Other billionaires have expressed an interest in life extension as well, including Peter Thiel, who has definitive views on mortality.

I believe if we could enable people to live forever, we should do that. […] I think it is against human nature not to fight death. – Peter Thiel

In 2023, look for more investment and news from startups focused on gene therapy, genome analysis, regenerative medicine, or “longevity in a pill”.

Beyond Plastic: The Bio-Based Materials Boom

Public pressure is mounting for producers of consumer goods to change the way they manufacture their products.

The good news is that many of the largest producers of consumer packaged goods and apparel have some kind of plan in place to use more post-consumer recycled plastic in their products. The bad news is that not enough plastic is recycled globally for companies to source enough material to produce their products more sustainably. As a result, many companies are exploring the option of ditching plastic entirely.

For example, materials derived from seaweed are an active area of innovation right now. Mushrooms and algae are also commonly-used materials from nature that are being used to create biodegradable products. In one particularly interesting example, a company called MycoWorks recently began working with GM Ventures to explore the use of mycelium-based leather alternatives in GM’s vehicles.

While researchers and companies are just scratching the surface of what’s possible, consumers are likely to see more tangible examples of bio-based materials popping up in stores. After all, brands will be very eager to talk about their increasingly plastic-free product lines.

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