How Digital Technology Will Disrupt the Health Market In 2020

Nidhi Softgrid
Nidhi Softgrid

Digital technology is changing with the innovation that trends give impact to the health industry across the globe. Now every organization is trying to adopt new technology to overhaul its business infrastructure, so they can keep in the market race. The healthcare industry is inspiring from new ideas and revaluation with the touch of the screen. As time is passing, technology is developing and it is alleviating many pain points of the overall healthcare industry. New technology in data analytics can build communication between clinical healthcare and patient; so it will give shape to the industry’s future.  

Healthcare information technology is continually improving and many experts say the market will grow rapidly becomes $ 390.7 billion by 2024. The demand for healthcare IT solutions and services is driven by government support and increase the use of big data is giving a high return on investment for health care providers. The healthcare industry has segments such as services and products that will help to grow the healthcare IT market in the forecast period. Moreover, healthcare companies have to adopt a more innovative product and supply chain lifecycle not only to survive but also to grow the market share. The new idea will come with the risk but the potential of improved care is exciting. Big data technology and other technologies insight are doing so well for the healthcare industry. Ultimately, digital technology will disrupt the healthcare industry significantly and the market won’t survive without them.

Now we can see the recent technology is not only beneficial for the healthcare IT market even they are encouraging the overall wellness for the people.  Many people have a Smartphone with the telehealth app so people can track exercise, obesity, and heart disease, calorie count, etc. In the coming years, we will see more applications for professionals and patients as these technologies further develop. Now artificial intelligence technology is also playing a dynamic role in the health sector to implement the business.

The Artificial Intelligence Healthcare Market

AI has a plan to disrupt healthcare and play a major role in the health industry. The AI market size by segment is amazing and there is no chance of slowing down in the coming years. With time, it will play a significant role to transform the work and replacing manual labor. It has the potential to revolutionize any piece of work that could be operated by binary command. If doctors and healthcare providers are taking an active role in development than AI technology is, the only way to ensure that the benefit is maximized and risk can be minimized.

Artificial intelligence software can decide with human intervention but no wonder machine will soon make the difficult decision by itself. The artificial intelligence applications are mainly referred to as the doctor and hospital to accessing vast data sets of potentially lifesaving information. According to the business research study, the demand for AI in the healthcare sector will increase across the world by 2025. Moreover, AI has an ability to enhance patient care, reducing the medical cost; also, it can help to build a bond between patients and healthcare professional so these factors increase the demand of AI in the health sector.

The Global IoT Technology Market

IoT (Internet of things) is an advanced technology that will help to connect various smart devices to share the data. There are many devices such as Smartphone, sensor, and wearable, which help to collect important data from device to enhance the customer experience. Additionally, many companies and industries are adopting IoT for the betterment of the work process.  Big data technology and artificial intelligence technology can be added to the process to assist the operation and regulate the equipment.  The IoT is significantly changing and makes easier to communicate and exchange the data with doctors and patient.

Internet of things technology continues emerging and manages everything from patient records and monitoring to inventory control to preventing care. With IoT, technology communication and coordination between healthcare providers can be in real-time that is beneficial for everyone. The IoT software market has a huge potential to lead the market in the coming years. It can generate a huge amount of data that will help to analyze the market trend. IoT held the largest share amount in the technology market and expected to reach a value of USD 1256.1billion by 2025.

3D Printing in the Healthcare Market

3D Printing technology is known as desktop fabrication and it gives an impact on many industries which reducing labor costs while increasing production rates and the healthcare sector has enormous potential. 3D printing in the healthcare market value is USD 797.7million and is expected to reach USD 4319.5million by 2025 in the forecast period. Due to numerous technology innovations, 3D printing technology is witnessing significant growth and there are many states of the art developments in healthcare. 3D printing healthcare statistics is helping healthcare providers and patients across the globe. The factors that drive in the 3D printing technology is decreasing error, cost & time, also it has the ability to customize products.

3D printing technology increasing the health expenditure and establish a connection between academic institution, hospital, and healthcare industry in the market growth. It has a segment such as technology, application, end-user, and region that is helping to grow the healthcare market. The Healthcare sector is taking advantage of 3D printing in radiology.  Furthermore, this technique will help to know the patient’s condition and helping them better understand. 3D printing surgical tools preventative health and provides an affordable health care option for burn victims or amputees.

Augmented Reality in the Healthcare Market

Augmented reality is another latest innovation that disrupts many industries such as gaming, medical, automotive, retail sector, etc. Education, retail, and gaming technologies are taking advantage of the AR device that gives many benefits for them. The augmented reality market is segmented into the camera, display, input device, and semiconductor components. North America captures all the AR health market but the Asia Pacific, Europe region also has good demand for AR technology. Augmented reality technology held the largest share in the health market and the AR device is expected to reach USD 1565.98 million by 2026 in the forecast period. This technology is on-demand because it has integrated devices such as a mounted display.

The AR technology helps the user to live in real-world and project digital information into the existing atmosphere.  Augmented reality devices in healthcare are used to transfer the medicine and medical device sector at the same time.  It works by the use of a range of sensors like a computer, display device, and a camera. The innovation of AR technology can help to doctor and surgeons to treat the patient more accurately by giving them access to real-time data and information about patients.

Conclusion

On the road to digital transformation has completely changed the way doctor and healthcare professionals deliver treatment. New technologies such as chatbots, Artificial intelligence, 3D printing, internet of things, augmented reality will continue to disrupt the health market.  This all-new technology and future health promise better workflow improve patient care and save many lives.  The patient gets more benefits from new technology at home as the consumer markets for virtual assistants continue to grow.  

As we know, every industry needs innovation to grow and capture the market. The technological revolution has a strong potential to make advanced in the field, and they can boost the health market. Ultimately, the healthcare industries recognize the benefit of digital technology that will improve patients care. Research says global market share in the digital technology was the USD 10 billion in 2018 and it increases USD 30 billion of the previous years. The health industry is expecting funding growth will continue to increase in the coming years.

One-stop solution to ignite your digital technology is Softgrid Computers Indore. We can create a new opportunity for our customers by lowering costs and creative applications. We identify a pattern that corporations show us and we can design according to their requirement, which supports their business model.  Our aim is to provide a proactive and coordinated approach to healthcare; also, we offer to customize the application for our customers.

Nidhi Softgrid

Posted by Nidhi Softgrid

As a Healthcare IT Specialist, I lead the efforts to help our customers and partners envision a better future and embark on a journey where data, AI, cloud computing, intelligent business processes, and digital collaboration fit seamlessly into clinical workflows, driving better outcomes, reducing waste, and improving the impact of doctors, nurses, care managers, and the thousands of other workers stuck in a broken system.