Abstract

The Healthcare industry is no longer the same and easy as it was in the ’80s and ’90s. It has become a more complex and hectic procedure of managing all the day-to-day operations. Although, the continuous expansion and bombardment with new diseases and patients of different ailments, healthcare has tons of things still left to do.

The only major support that seems to lower the pressure on Healthcare Industry is Technology. The way it is being adopted by the healthcare institutions and professionals signifies that It will contribute a major part to the healthcare industry over the next.

Usage of Technology in the Healthcare Sector

The glorious future of IT in the Healthcare Sector can be sensed with this single info that big tech giants are investing heavily in the Healthcare sector. Be it Google, Apple, Samsung, LG, MI, Microsoft, etc. All are working to provide products or services related to the healthcare sector. These initiatives encompass healthcare app development services and innovative technological solutions that promise to revolutionize patient care and the overall healthcare experience.

big-companies-investing-in-healthcare-industry

Market Insights of Healthcare Industry

In monetary valuation, the Digital Healthcare Sector was once a USD 179.6 Billion Market in 2016, now being predicted to become a value of USD 536.6 Billion by the end of 2025. The CAGR rate would be 13.4% (Compound) till the year 2025.

According to GrandViewResearch, The IT market of Global Healthcare will be fueled by the adaptation of AI, BIG DATA, IoT, and wearable gadgets. The compound CAGR Rate will be 10.7% till the year 2028.

Tech Market in Healthcare Industry

According to Capital Market Estimates, There will be approx $92B of the tech market by the year 2025, specially dedicated to technology in the healthcare sector. Artificial intelligence, digital therapy, digital health wearable, and virtual care are more likely to get huge investments from tech giants.

Major Challenges of Healthcare Industry

Healthcare Industry is constantly evolving and it’s no more limited to treatment only. Government regulations, new diseases, extensive research needs, increasing cost for both hospitals and customers, are surprisingly twisting the Healthcare Sector.

Healthcare Industry has tons of problematic things to manage. Services integration, service quality, internet needs, and a myriad of challenges are posed in front of the Healthcare Industry. Although, it’s the decade of technology and growth it’s a decade of challenges too.

The growing need for Internet of Things( IoT)-based patient monitoring is perhaps beneficial, but it’s somewhere costly for users of low financial capabilities. IoT and wearable-based monitoring increase the cost of treatment.
Hospitals are needed to adapt themselves to the advanced management system, appointment management system, Patient Administration System, and Laboratory Information Management System. Wistfully, they are too slow in adopting this.
Security is a prominent concern of the healthcare industry because they deal with the persona health data of patients. Securing and managing the data with extreme efficiency is the need of the hour.
The increasing physical maintenance and management costs of the hospitals is another breathtaking task. It needs more employers and a 24×7 security system to maintain the hard copies of patient data.
Payment reform is the major thing patients want in this third decade. They are more likely to use hospitals where a complete breakdown of their costs along with open market prices are quoted. They want easy and transparent payment channels.
The increasing demand for “customer-based experience” is forcing hospitals to keep the medical record and history of a person for a long period.
The Advance technologies such as AI and ML are now the backbone of the modern healthcare sector. To compete and stay relevant to the modern treatment methods. Hospitals need to invest in staffing, inventory, and management systems.
The continuous growth and expansion of data processing and data analysis is an effective way to treat patients better. However, a large number of healthcare institutions are seen as negligent in adopting a better data processing system.
Changing government regulations and healthcare policies is widely affecting the healthcare industry.

Effective Solutions to Cope Up with Healthcare Industry Challenges?

Several healthcare industry challenges need to be eliminated quickly, to grow and sustain. The Healthcare industry, being the second-largest industry after arms and ammunition, surely can do so.

Internet of things and health monitoring wearable are the new and effective ways to monitor a patient without spending too much time. Hospitals need to provide the same to patients of all backgrounds at low and effective prices.
Most of the time of healthcare professionals are consumed by irrelevant tasks. This can be avoided by getting a Customer Management System. A customer management system can easily help hospitals to perform better day-to-day operations.
The security of data is important. This can be done by shifting to a cloud management system where data is stored in digital forms. This data can be easily accessed by hospitals for better patient monitoring at any time right from their desktop.
The physical data management cost is easily eliminated once the IoT is put in use. This will not only lower the cost of hospital operations but also eliminate the risk of data theft and damage.
A payment system loaded with blockchain technology is a new reality. Blockchain is widely used for secure payment systems and the use of the same by the healthcare industry enables them to operate better financial management.
Data is the only matrics on what the evolving demand of customer-based experience. The implementation of cloud technology entertains the same.
Big data is the solution to data analysis and data processing. It facilitates the industry to make better decisions with the help of tailored data.

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Conclusion

The current scenario of the healthcare industry seems to become more populated and challenging. But the adaptation to technology will lower the adverse outcomes. The Healthcare Industry needs to stop putting its feet in child shoes and adopt the next-gen technology to grow and sustain itself in the challenging market.