What are the latest Healthcare Industry Trends?

The US healthcare market is growing fast, and it’s expected to reach a whopping 6 trillion USD by 2026. One big reason is the rise of new technologies transforming how we diagnose, treat, and manage diseases.

Remember the COVID-19 pandemic? It pushed us to the limit and sparked some fantastic innovations. We’ve got cool tech that disinfects, limits disease transmission, and detects its spread.

E-consultations and telemedicine are booming! You can get medical advice and treatment remotely, making life much easier.

Another big trend is precision medicine, which uses genetic analysis, clinical data storage, and big data analytics to personalize treatment plans for each patient. It’s like tailoring healthcare just for you!

Startups are doing some fantastic work too! They’re using real-time, remote monitoring devices to customize patient treatment plans.

Let’s remember artificial intelligence (AI), the Internet of Things (IoT), and data management. They’re making hospitals more innovative and efficient, streamlining workflows, and providing better clinical services.

Your medical practice must embrace these hot healthcare tech trends to stay ahead. Look for areas to improve and implement digital solutions for success.

This blog explores 8 of the biggest healthcare industry trends and opportunities to watch for in 2023 and beyond. Plus, we’ll show examples of companies driving these healthcare industry outlooks from 2023 forward.

Let’s get started!

1. Growing Artificial Intelligence in Health-care Industry 

You know, AI is shaking things up in the industry. Just like it’s changing other areas, it also significantly impacts healthcare.

Image Source – AI healthcare market size worldwide 2030 | Statista

For instance, have you heard of Your.MD? It’s a MedTech startup founded in 2012, and they’re doing some incredible stuff. They got a massive $67.3 million in funding, with a whopping $30 million coming in a Series A round in October 2020. What do they do? They use machine learning in their mobile app to give you relevant health info. It’s like having your health checker right in your pocket!

And it’s not just them. There’s another company called Alivecor. They’re making personal ECG devices that use AI to detect and predict heart rhythm problems. It’s like having your mini heart doctor!

Even healthcare providers are getting in on the AI action. They’re using what they call “augmented intelligence,” which is AI helping out medical pros instead of replacing them. For instance, Aidoc, an Israeli startup, uses AI to help radiologists spot issues in medical scans. And guess what? They raised a cool $27 million in funding to keep growing!

Check News- Aidoc Raises $27 Million to Expand Its Life-saving Artificial Intelligence Solutions.

The future looks bright for AI in healthcare. The global market for AI-enabled medical imaging is projected to shoot up from $404 million in 2018 to $9.61 billion in 2029. That’s some serious growth!

So, keep an eye on these trends because they’re changing the face of healthcare as we know it. It’s an exciting time to be alive!

2. Personalized Healthcare

One of the most fascinating developments is personalized healthcare (PHC). It’s all about tailoring medical treatments to suit each patient’s needs.

You see, PHC goes beyond just genetics and genomics. It includes all sorts of biological information that helps predict disease risks and how a patient will respond to treatments. The beauty of this approach is that it enables precision medicine, which improves health outcomes and cuts costs.

So, why is PHC gaining so much traction in the healthcare industry’s growth rate? A big part is thanks to new, low-cost genetic testing products. Remember 23andMe? Their DNA testing kits used to cost a hefty $999, but now they’re available for under $100! Talk about affordability!

And it’s not just DNA kits making waves. Everlywell offers home testing kits for hormone levels, allergies, food sensitivity, vitamin deficiencies, and more. Plus, the increasing popularity of wearable devices lets consumers keep a close eye on their health and habits.

These factors drive the healthcare industry trends toward a more personalized and accessible future. 

3. Wearable Devices Advancements and Lingering Concerns

You know those cool gadgets you can wear, like a watch or a fitness tracker? Well, they’re not just for fitness anymore!

Take the Oura Ring, for example. It’s a popular wearable fitness tracker during the early days of the COVID-19 pandemic. It teamed up with UCSF to try and detect early signs of the virus. 

Fitbit also jumped on the bandwagon, conducting its study with wearable tech. Even the FDA got on board and approved the Apple Watch for medical use. Now, the Apple Watch can run ECG tests and even detect atrial fibrillation, a type of heart condition.

Apple didn’t stop there! They partnered with Stanford University and had over 400,000 participants in a study on irregular heart rhythms. And recently, they joined forces with Johnson & Johnson to run another heart study focused on older adults.

Some people are concerned, though, about privacy and the potential for unnecessary medical treatments with all this real-time monitoring. Some tech companies need to improve at keeping user information private, which raises eyebrows. But despite that, people are still excited about the possibilities!

Apple’s CEO, Tim Cook, believes health will be their most significant contribution, and we’re getting closer to that reality every day.

So, while there are some valid concerns, wearable tech in healthcare is here to stay!

4.  Rise of Virtual Healthcare

One of the most exciting trends is the explosive growth of virtual healthcare, also known as telemedicine. 

It’s exploding and growing faster than ever! You won’t believe this, but telemedicine is already a massive $70 billion industry in the US in 2023.

People love the idea of accessing healthcare from the comfort of their own homes. Searches for “telehealth” are on the rise, and 62% of healthcare consumers prefer virtual healthcare options. That’s huge!

And it’s not just for minor stuff; 57% of folks would love remote monitoring for ongoing health issues, while 52% would happily opt for virtual care for their regular appointments.

Even when it comes to serious stuff like disease diagnosis, 42% of consumers would consider a virtual option if given a choice. Cool, right?

Nowadays, more and more health service providers like Babylon Health are jumping on the telehealth bandwagon. It’s not just them; payers are also stepping up their game. Did you know 42 US and Washington DC now require private insurers to cover telehealth? 

And you know what’s even more exciting? With a massive number of Baby Boomers entering or approaching retirement (71.6 million of them, to be precise), the healthcare system will face some severe demands. But fear not because telehealth offers a more efficient and hygienic way of treatment that can help ease that burden.

But wait, there’s more! 

Remote patient monitoring (RPM) programs are helping patients recover from surgery at home, reducing hospital admissions, and cutting down on those dreaded emergency room visits.

All these latest healthcare industry trends are shaping the ways we’ve never seen before. 

5. SDOH: Non-Medical Factors in Healthcare Disparities

One big trend that’s getting a lot of attention in the healthcare industry’s growth rate is the SDOH. It’s all about how factors beyond medicine can affect our health.

For instance, research shows that minorities often face more barriers to healthcare and might get lower-quality care compared to Caucasians. It’s a real problem and especially noticeable in some communities.

The Affordable Care Act (ACA) has tried to address these disparities, but there’s still work to be done. Take lead exposure, for example. The CDC says African-Americans, refugees, and internationally adopted kids are at higher risk.

Now, will everything get perfectly solved in 2023? Well, probably not. But the good news is that healthcare providers and policymakers are giving these issues more attention now, which means significant changes are on the horizon.

 6. Rising Focus on Behavioral Medicine

One primary focus these days is mental health, as many chronic conditions stem from our behaviors. Things like overeating, smoking, and lack of exercise are significant factors behind health issues in developed countries. Surprisingly, almost half of all US deaths are related to preventable causes, like these behavioral issues.

It’s alarming, but about one-third of adults meet the criteria for a behavioral health disorder. So, the spotlight is now on behavioral medicine, which blends psychology, occupational therapy, preventive medicine, and biofeedback, among other things. It’s all about how mental health connects with physical health.

The thing is, not enough people with mental health disorders get the treatment they need. And guess what? 70% of adults with behavioral health disorders also have physical health conditions. That’s why the American Hospital Association (AHA) is pushing for policy changes to improve access to behavioral healthcare. 

7. Direct Corporate Partnerships and Innovative Services

Did you know that over one-tenth of big American companies have started direct partnerships with healthcare providers? But guess what? They’re not stopping there!

Take Amazon, for example. In 2020, they introduced Amazon Care, a telehealth service, exclusively for their employees in Seattle. 

Check News – Amazon Rolls Out Amazon Care Telehealth to Seattle 

And now, rumors are floating around that they might be getting ready to launch it publicly.

You remember Amazon’s PillPack, right? The medication delivery service they acquired for a massive $753 million in 2018? Well, that was just the beginning. They want to explore the healthcare market further.

Sam’s Club, a rival retailer, has also entered the healthcare game. In 2019, they announced healthcare bundles for the public, covering prescriptions, dental services, vision exams, and even prepaid health debit cards!

And that’s not all. Google’s parent company, Alphabet, has been busy too. They helped launch a clinic called Cityblock and have been working on a project called Medical Digital Assist, aiming to create a cutting-edge clinical visit experience.

So, as you can see, many big players are making bold moves in the healthcare industry trends. It’s an exciting time for healthcare, and we can’t wait to see what’s next!

8. Unbundled Healthcare and the Growing Popularity of Urgent Care Centers 

One interesting trend is “unbundled healthcare.” Instead of traditional plans, some companies like Bind offer “on-demand healthcare.” This means you can pick and choose exactly what coverage you want from a menu of options, and you’re not limited to a specific network of providers.

It can lower costs since you only pay for what you need and can compare prices between different doctors. However, it may also expose patients to financial risks, especially during emergencies.

Another option some people choose is high-deductible insurance with health savings accounts to offset the risk. There are also healthcare cooperatives like Christian Healthcare Ministries, where people pool their money to help each other with medical bills.

Urgent care centers are gaining popularity too. MedExpress and CityMD are some of the major players in this segment. They provide after-hours medical attention for critical but non-life-threatening issues at a much lower cost than emergency rooms, helping cut back on unnecessary ER visits.

Conclusion 

So, that’s a wrap on our list of the latest healthcare industry trends for 2023 and beyond. Exciting times are ahead!

Competition is pushing health insurers and healthcare providers to get creative. Consumers have more control thanks to technology like automation, analytics, and EHR. Plus, optimizing medical device supply chains and improving medical professionals’ efficiency.

The future remains uncertain, but organizations embracing these trends will have a great shot at thriving as the industry keeps evolving. So, here’s to a promising future in healthcare!

FAQs

Ques: What are the healthcare industry technology trends for 2023?

Ans: The healthcare industry is focusing on telehealth expansion, AI integration, and patient-centric care in 2023.

Ques: What is the growth rate of the healthcare industry?

Ans: The healthcare industry’s growth rate varies but is projected to grow steadily in the coming years.

Ques: What is the outlook for the healthcare industry in 2022?

Ans: In 2022, the healthcare industry will witness advancements in digital health solutions and value-based care models.

Ques: Can you provide a healthcare industry SWOT analysis?

Ans: The healthcare industry’s strengths include technological advancements, but it faces challenges related to regulatory changes and rising costs.

Ques: What are the healthcare staffing industry trends for 2022?

Ans: Healthcare staffing trends 2022 included increased demand for specialized roles and a shift towards remote and flexible work arrangements.

Ques: What are the emerging trends in the healthcare consulting industry trends?

Ans: The healthcare consulting industry is seeing a rise in demand for data analytics and strategies to optimize healthcare delivery.

Ques: What do the healthcare industry employment statistics show?

Ans: Employment in the healthcare industry has been steadily growing, offering various opportunities in both clinical and non-clinical roles.

Ques: What are the upcoming healthcare industry growth projections?

Ans: The healthcare industry is expected to experience robust growth due to an aging population and advancements in medical technology.