2017 has been a very good year for Healthcare IT start-ups. It’s the first time that start-ups raised more than $1 billion in funding since the industry began to mature. With the tech boom taking hold and the industry maturing, healthcare IT companies are looking to make their mark in 2017 and beyond.
In 2011 and 2012 the healthcare software market saw considerable growth. With the introduction of major healthcare providers like the Mayo Clinic, the use of Health Information Technology (IT) has increased significantly. Meanwhile, healthcare providers have been incorporating IT into their delivery models, and with it, a new trend is developing: the use of Artificial Intelligence (AI) and Machine Learning (ML) to make the healthcare delivery process more efficient.
People are worried about the ever-growing healthcare industry, which can only mean one thing: the healthcare software market is growing too.
Read more about healthcare industry trends 2021 and let us know what you think.There is a lesson to be learned from 2020: We have to make projections a year in advance and work with them. However, some trends are just beginning to emerge. The pandemic has affected every aspect of our lives, including politics, healthcare, the economy, and everything in between. The health sector has been at the forefront of the devastation. Hospitals are gradually moving towards remote care with hospital applications.
5 trends affecting the healthcare software market in 2021
We have more questions than answers. How quickly can vaccines be distributed to the entire population, not just a few groups? What strategies will companies use to thrive (or survive) in the future? What strategies will the new government employ to address the problems it has inherited while advancing its health care agenda? Therefore, we will describe 5 trends that will influence the healthcare software market in 2021.
- The growth and expansion of the public health system
What began as a public health crisis quickly turned into a political struggle and a financial crisis, resulting in a triple disaster. Any solution that did not take into account the complexity of the other two was therefore doomed to failure.
- A new focus on adaptability
Covid-19 has ravaged most organizations like a blizzard, wreaking havoc in almost every area of business. Hospitalization and medical tests are among the overcrowded facilities. Some procedures have been suspended, others have been discontinued. Workers did not have access to childcare, public transportation or the right to work from home. Some companies have changed their approach by redeploying or retraining staff, working remotely and using software to ensure business continuity. Others have begun to collapse due to clinical problems, institutional failures, and financial losses. Therefore, the emphasis is on adaptability.
- New vulnerabilities and threats in the virtual world
Healthcare has always been a tempting target for cybercriminals. The information is invaluable and the stakes are high. In the event of a data breach, suppliers face heavy fines and cannot afford to have the security of their operations compromised. On the other hand, patients must be assured that their privacy and confidentiality will be protected. On the other hand, the fascination with virtual worlds has led to new vulnerabilities. Staff started using their own computers and networks, training was delayed and IT resources were reallocated for telemedicine use. Clinical discussions were moved to an unsecured email account.
- The past as harbinger of the future
The strong got better and the poor got worse, if health care can be so bluntly described after the economic crisis of 2009. Organizations that were well organized before the crisis and performed better during the crisis are in a good position afterwards. The reverse was also observed: Several companies were on the verge of bankruptcy.
- Digital prosperity increases
Healthcare has long lagged behind other sectors in the adoption of digital tools, but the pandemic has significantly narrowed the gap. Consumers who could not or would not leave their homes turned to online services for their basic needs. The elderly, who generally do not have access to digital technology, agreed to communicate with caregivers via Zoom or FaceTime. To attract, serve and retain patients, providers are pushing to improve existing remote services, particularly in the area of behavioral health.According to a recent study, 20% of the world’s population (or 3.1 billion people) will live with diabetes by 2021. It is forecast that this number will increase to 15% by 2030. Most of these people will not be able to afford the required medications to maintain a healthy life. The increasing cost of drugs makes it hard for patients to pay for the medications. The high cost of purchasing drugs from pharmacies and hospitals can be debilitating to people in developing nations and in some cases, can be unaffordable in other countries.. Read more about digital health trends 2021 and let us know what you think.
Frequently Asked Questions
What do you think will be the most impactful technology trend in healthcare in 2021?
The healthcare IT industry has been undergoing significant changes for more than a decade, with the last decade being the most significant one in terms of the kinds of technology used to manage care. One of the biggest trends in the industry is the move towards a more consumer-centric experience, where technology is used to improve the experience for patients and their caregivers. With the rapid pace at which the technology is evolving, healthcare as a whole has also come a long way over the past few years. Not only has technology changed a lot, but it has also changed a lot and is still evolving at a fast pace. There are three technologies that will have the most impact on the healthcare sector in the next decade, while the others will only be minor impacts. These are: Artificial Intelligence, Big Data and Blockchain.
What are your predictions for healthcare in 2021?
Healthcare is a massively complex industry. With over 200 million people in the US, and the aging population, the healthcare system in the US is going to remain a challenging one for years to come. The future of healthcare seems to be getting more and more exciting. The introduction of the Affordable Care Act (ACA) has brought millions of Americans health insurance. The global market for health IT is forecasted to reach $127.5 billion by 2021, and the Innovative Health IT Act will fund even more expensive technologies. The next decade will see many new innovations throughout the health care industry, and it’s up to you to read about them in the future.
What are the major trends in healthcare?
Healthcare is set to develop at a rapid pace over the next five years, and as technologies become more sophisticated and associated tools like wearables and robots make their way into the hospitals, there are sure to be many changes over the next few years. The healthcare industry is continuously evolving, and given the long term nature of these trends, it is useful to consider how they are likely to affect the market over the next 3 to 5 years. We have researched and analyzed the 5 most significant trends in healthcare, and identified a number of companies that are likely to benefit from the rise in demand for healthcare software.
