Owing to the advancement in the medical field in the 21st century, the use of technologies has been increased to continuously improve all crucial aspects of the healthcare system – from simpler to complicated ones in the United States. According to industry experts and adept market research consultants in the health-tech segment, the Global Healthtech Market is estimated to reach USD 1087.18 billion by 2032 with a CAGR of 18.22%.
The World Health Organization defines health technology as the “application of organized skills and knowledge in the form of vaccines, procedures, devices, medicines, and developed systems to solve health challenges and work constantly on improving the lives of those in need.
Market research in the healthtech field
The unpredicted global COVID-19 Pandemic resulted in an upsurge in technologies for limiting transmission, detecting disease spread, patient management, disinfecting, treatment, and immunization as well. Trending healthcare tools that we witness today are enhanced technologies and solutions that smartly address the needs for disease management, clinical diagnosis, and treatment. The latest trends in the US healthtech market include AI, IoT, Telemedicine, Blockchain, Immersive Technologies, and more. The customization in the treatment planning by the startups in the US is a boon in the medical field.
Technology advancements like remote monitoring devices, real-time diagnosis, genetic analysis, clinical data storage, and big data analytics have now enabled the expansion and transformation of precision medicine. Hospitals have now become smarter, thanks to the implementation of Artificial Intelligence (AI), the Internet of Things (IoT), and data management practices in the medical field. These new-age solutions boost the complete workflows and staff scheduling and supply systems to accelerate accurate clinical services, devices, and connected infrastructure. Effective market research in the Healthtech field is highly important to understand the ever-changing landscape of this sector; it has many significant key aspects.
Identifying the latest market trends
One of the significant aspects of market research in the healthtech field is to stay ten steps ahead of the latest trends in the healthtech field, such as wearable health devices, electronic health records (EHRs), developments in telemedicine, Artificial Intelligence (AI) in healthcare besides other evolving technological tools and trends.
Data security and privacy
Ensuring Healthtech solutions and all kinds of data protection and regulation is of utmost need when it comes to market research in the Healthtech market. Assessing the importance of data security and privacy in the market, given the sensitive nature of healthcare data, is the need of the hour.
Understanding the needs of users
Another main aspect is to collect insights into the preferences and needs of healthcare providers, patients, and other stakeholders of the industry. Identifying the gaps and challenges in the healthcare systems that can be solved by health technological tools.
Development of products and services
One can make use of market research findings to inform the latest development of new Healthtech products and services. Making sure that these solutions address the existing gaps and unmet needs of the market demand and align with it.
Understanding how patients can be engaged through technology that empowers them to take charge of their health is a crucial aspect of market research in the healthtech field. Exploring ways to engage patients in the implementation and usage of Healthtech solutions.
With the ever-evolving medical industry, it is necessary to consider the long-term sustainability and scalability of Healthtech solutions, including their ability to adapt to the changing dynamics of healthcare needs and technologies.
Customer categorization and pricing strategy
Categorize the target market on the basis of key factors like healthcare settings (e.g., Clinics, home healthcare, hospitals), demographics, and any specific health conditions. Consider factors like value proposition, reimbursement, and affordability while determining the optimal pricing strategy of Healthtech offerings.
Top trends in the US healthtech market
Artificial Intelligence in healthcare
One of the revolutionizing factors in the Healthtech market is Artificial Intelligence (AI); it is being used for real-time diagnosis of diseases, customized treatment plans, healthcare delivery and execution, and patient outcomes.
Some key areas of AI that are making an impact in the healthtech market are medical imaging such as MRIs, X-rays, CT scans and ultrasounds, disease diagnosis, drug discovery, personalized medicine, remote monitoring, chatbots, and virtual health assistance, electronic health records, healthcare fraud detection, and surgical robots.
AI algorithms assist healthcare providers and radiologists in detecting diseases and tumors more effectively. As per Statista, the artificial intelligence (AI) healthcare market is estimated to reach $187 billion by the year 2030. Natural Language Processing (NLP) techniques are used to draw useful information from unorganized healthcare data that further helps in research and decision-making.
Autonomous patient monitoring
Many US-based startups are offering an AI-powered patient monitoring solution for their patients. This system increases the patient’s safety, automatically reduces the chances of medical errors, and works on improving the quality of healthcare supply. It successfully finds applications in supervising hand sanitation, prevents falls, and effectively predicts tremors and other health risks.
Ligence, a healthtech startup working towards developing CardioEchoAI, a heart ultrasound image analysis tool, uses deep learning algorithms to copy steps performed by a Cardiologist during a regular heart ultrasound session. The Startup’s automated heart ultrasound imaging workflow reduces the examination time and increases the overall accuracy of health reports.
The COVID-19 pandemic has acted as a catalyst for the adoption of telemedicine. Over the years, telehealth has changed from transactional to relationship-based ongoing care providers. Now, it is taken on high priority by healthcare organizations and recent US-based startups, where the digital-first approach saves people’s time and resources and reduces the usage of personal protective equipment (PPE) as healthcare providers reach their patients via telecommunication.
In the United States, healthtech startups have started working on telehealth services that facilitate public health mitigation strategies by promoting social distancing. It also helps the elderly population remotely and conserves clinical supplies.
Internet of Medical Things (IoMT)
According to industry experts, the global Internet of Medical Things (IoMT) was valued at USD 61.56 billion in the year 2022, rising up to a CAGR of 23.70% from 2023 to 2032 and is estimated to reach USD 516.40 billion approximately by the year 2032.
The Internet of Medical Things refers to the amalgamation of medical equipment, devices, and systems with the internet and other communication networks. IoMT enables devices to gather, exchange, and analyze healthcare data. It offers numerous benefits to healthcare providers and patients. Data collection, improved patient care, chronic disease management, telemedicine, data security, research, and analytics fall under the Internet of Medical Things (IoMT).
AR and VR play a vital role in medical education. The usage of immersive technologies, on the ascent of innovation in healthcare, such as AR and VR, is on the rise in the healthcare sector. Application for VR in the healthcare sector differs from exposure therapy and rehabilitation therapy to aiding cognitive and physical rehabilitation.
Challenges of latest trends in the healthtech market
With the latest promising trends in the Healthtech market that focus on improving the healthcare sector they also come with several challenges.
- One of them is the cost of implementation; implementing healthtech solutions can be costly, and it may not be possible for every healthcare provider to implement and install these technologies; thus, finding a cost-effective solution remains a constant challenge.
- Everything has its pros and cons, and the healthtech market is no different. The use of AI in the healthcare sector raises ethical concerns related to transparency, accountability, and liability. Ensuring the accuracy of AI algorithms is a constant setback.
- Regulatory compliance in the US healthcare industry is heavily regulated, and thus, it becomes important to keep check on a complex regulatory environment. Moreover, making sure that products and services comply with federal and state regulations is a hurdle to further invention.
- Clinical validation is yet another barrier; proving the clinical efficacy and safety of evolving Healthtech solutions necessitates proper testing and validation. However, this process can become time and resource-consuming. Changes in healthcare policies and regulations can heavily impact the dynamics of healthtech companies; staying informed about the changes and adapting to the new needs is a whole new challenge.
Embrace what the future holds
Looking at the present advancement in the healthcare sector and Healthtech market, it can be said that the future of Healthtech holds tremendous potential for elevating healthcare delivery and enhancing accessibility. The healthcare segment is poised for vital advancements, right from integrating FinTech solutions to leveraging big data and implementing remote patient monitoring.
According to verified market research, the global healthcare market will surge up to $665.37 billion by 2028, and US national healthcare expenditure will reach $4.3 trillion in 2021 or $12,914 per person and is estimated to reach $6.2 trillion by the year 2028 as per the Centers of Medicare and Medicaid Services.
It is predicted that robotics, 5G, and stem cell therapy are going to pave the way for all future advancements. Staying ahead of time and identifying new opportunities in your business early can help you reap long-term advantages. The opportunities are endless, and it is time to embrace the future of healthtech, besides prioritizing data sharing and harnessing the benefits of technology in the healthcare sector.