HealthTech is a major market, with a global volume of $25.9 billion in 2022 according to CB Insights. Specialists and investors show a significant level of interest in HealthTech projects. Last year, US companies secured 68% of global digital health funding.
During the prominent annual technology exhibition, CES in Las Vegas, around 65% of the showcased startups focused on the field of medicine. These startups are actively involved in various domains, including medical data processing, brain activity analysis, and providing support for individuals’ psychological well-being.
HealthTech projects streamline communication between patients and doctors, as well as make medical products more accessible. Let’s take a closer look at the ever-evolving health tech landscape and explore the projected direction of the market.
Big data is revolutionizing healthcare, driving advancements in AI-powered diagnostics and value-based care. Software and data management companies are the key players in this dynamic landscape, serving the diverse needs of stakeholders in the healthcare market.
Well-organized and structured data can enhance user experiences, improve customer service, optimize marketing efforts, boost sales, and lower costs. Therefore, optimizing all data streams is crucial.
EHR databases play a vital role in securely storing and managing a wide range of patient information. It includes demographics, health history, treatment methods, diagnostic outcomes, clinical observations, and vaccination records. Modern EHR Systems enables authorized healthcare professionals to share information, leading to improved patient safety and continuity of care.
Claims databases gather data from doctor visits, billing records, and insurance-related information, making them valuable resources for research with a large patient population.
Cloud-based healthcare SaaS app databases act as storage and management systems within a cloud environment, handling health-related data for services like Electronic Health Records, patient management, appointment scheduling, and telehealth. Leading services like Amazon RDS, Google Cloud SQL, and Microsoft Azure SQL Database provide diverse options tailored to specific application requirements.
Artificial Intelligence and Machine Learning
AI is extensively utilized in various administrative healthcare tasks, such as managing patient flow, scheduling appointments, handling data, and enhancing patient diagnostics.
The World Health Organization issued a recommendation in 2021 endorsing the use of artificial intelligence-based computer-aided detection for tuberculosis screening. The recommendation is based on evidence suggesting that AI-CAD is as accurate as radiologists in identifying tuberculosis on chest X-rays. AI-CAD is seen as a valuable tool in finding undetected cases of tuberculosis and optimizing resource allocation.
AI approaches hold promise for improving the early detection and diagnosis of Alzheimer’s at the population level, pending real-world validation. Researchers have developed a deep-learning model that uses retinal photographs to detect Alzheimer’s disease. Retinal biomarkers show potential for Alzheimer’s detection, but none have been implemented clinically. Large retinal imaging datasets have enabled the development of computer vision algorithms for diagnosis. The study demonstrates the feasibility of using retinal photography as a scalable and non-invasive biomarker.
Komodo Health, which raised mega-rounds ($100M+) in 2022, is utilizing machine learning to accurately detect rare disease patients at an earlier stage, potentially averting adverse outcomes.
Health and Wearables
Health, which stands for mobile health, refers to the utilization of mobile devices like smartphones and tablets in healthcare and related services. It is a rapidly growing trend in the Health Tech field, bringing about a revolution in healthcare delivery and management.
Health apps and wearables allow individuals to track and monitor their health metrics. They can control heart rate, blood pressure, and physical activity, and analyze sleep patterns. The collected data provides valuable insights into overall well-being helping people to make informed decisions about their lifestyle and healthcare.
Health solutions have also proven effective in managing chronic conditions like diabetes, asthma, and hypertension.
Telemedicine and Remote Consultations
Telemedicine, facilitated by Health, allows patients to consult with healthcare professionals remotely. Through video calls, voice calls, or text messaging, patients can discuss their health concerns, receive medical advice, and even get prescriptions, making healthcare more convenient and accessible.
Thanks to telemedicine, people can access healthcare services regardless of their geographic location. It is particularly valuable for people in rural or underserved areas. By eliminating the need for travel, telemedicine improves access to medical expertise, especially for those who face mobility challenges or transportation barriers.
Remote consultations provide convenience and flexibility for both patients and healthcare providers. Patients can schedule appointments at their convenience, reducing the time and effort associated with traditional in-person visits. Healthcare professionals can also offer flexible working hours and reach a larger patient population without being constrained by physical clinic spaces.
Biohacking entails individuals actively engaging in self-experimentation, lifestyle changes, and the utilization of diverse technologies to optimize their biology and well-being. Biohacking involves a wide range of practices that aim to improve physical and cognitive performance and push the restrictions of human capabilities.
Biohackers often utilize wearable devices and health-tracking technologies to monitor and analyze their physiological data. They can use fitness trackers, smartwatches, sleep trackers, and biofeedback devices. Biohackers utilize these devices to quantify and analyze their health metrics, gaining insights into their body’s responses and making data-driven decisions for self-improvement.
As technologies, applications, and players in the healthcare industry continue to evolve, combine, emerge, and fade away, the fundamental goals of improving patient care and outcomes will remain unchanged. Of course, the main purpose of healthcare innovations is to prevent diseases or at least identify them as early as possible.