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Evolving Healthcare Indsutry
There is more to the healthcare industry than hospitals and medical insurance. The industry is evolving at a tremendous pace and strengthening its services with technology. Owing to the pandemic, there have been challenges in the healthcare industry. Let’s get an insight into the trends and challenges of the healthcare industry.
What makes our reports different
The pandemic surged the healthcare industry positively. It compelled the scientists for innovations and alternative methods of working. The healthcare industry might be on the top as of now but, the pain to modify it all over again when the pandemic strikes results in heavy downfall. What makes our report different?
Up-to-date with recent trends
Understandable even by a layman
To-the-point talk
Crisp yet fairly detailed
Healthcare Trends
The past decade has seen a tremendous rise in the healthcare industry. The academic health centres (AHCs) have been on a continuous move to decrease medical costs while maintaining quality. The AHCs have the expertise to grow the healthcare industry and increase the services not available elsewhere.
The recent years of the pandemic have increased the overall growth rate of the healthcare market. The new and innovative machinery performed strongly owing to the demand for alternative settings. However, the biotech industry did not see the highest growth mainly because of the mere focus on drug pricing.
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In 2015 when a new version of the Ebola virus was detected, existing medicines were redesigned using artificial intelligence. AI algorithms can design drugs, treatment plans and maintain medical records.
To keep up with customer demands, healthcare companies soon realized the need to modernize with time. The utilization of artificial intelligence in the health industry has reduced the death rate by 20%. AI is the major factor in treating breast cancers in the 21st century. Apart from that artificial intelligence is also used to detect and cure neurotic health issues.
There is a fine line that distinguishes virtual reality and augmented reality. In the past decade, it has never been possible to virtually be present in time while being somewhere else in real-time. AR can bring the information from the surrounding areas into our clear vision.
During the pandemic, an app called arogya setu was invented to detect any Corona infected patients in your vicinity. AR is the future of the healthcare industry. Not only will it ready the students for real-time operation but also an accurate depiction of human anatomy to understand concepts better.
The future of the healthcare industry is AR devices including google glass for breastfeeding and interactive drug information for curious minds.
360 Degree View
The 360-degree view of hotel rooms, resorts, and restaurants assist the customers to finalize the destination for themselves.
Reminders & Alerts
The customers will get alert notifications and reminders if there is any change in appointments and booking cancellations.
Smart Cost Evaluation
It helps the customers to get an idea of the actual cost of choosing certain facilities at hotels, restaurants, and resorts.
Let’s face the fact that we all have heard about IoT but never really knew about it. But, that’s a topic for another time. The current pandemic has led scientists to create devices that are compact, easy to use, and wearable. No one a decade back might have thought of creating a wearable medical device to inspect heart rate or even the Covid symptoms.
Sitting at home, monitoring your health has made wearable devices indeed famous. The wearable IoT’s are not limited to that. You can monitor your sleep, tune your workout routines, manage your weight; all at your disposal! This is all possible with one tiny device.
According to a survey these devices are being used by 30% of the population of all age groups and about 40% is used by the 20-29 years of age group.
Growth of Healthcare Industry
Let’s take a closer look at U.S. healthcare.
The global research is poised to touch 17.7% of the U.S. economy in 2019, with $714.5 billion in revenue.
The healthcare industry is worth 169.9 billion.with
in the United States as of 2021
As per the Business Insider research, medical transcriptionists earn less than the median Annual Wage ($29,960 as of May 2020) with 22 %
Based on research, $150 billion in annual savings for the U.S. healthcare economy by 2026.( 43.3 %)
Healthcare employment is expected to increase by 15% through 2029 (an additional 2.4 million jobs (55.3%)
Growth will happen so fast that by 2030, America will have about 122,000 unfilled posts for physicians 63 %
The U.S. tops the list, spending of the country’s GDP. in 2022
(Patient care accounts for $1.068 trillion or 36.0% of the US’s healthcare revenue in 2022)
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