The healthcare industry is booming. Since 2014, the annual growth rate has hovered around 7%. If you’re looking for new investments or simply want to stay ahead of the curve, it’s important to know what’s on the market and gauge how it might change in the future. This article outlines five key trends to look out for in the healthcare industry.
Artificial intelligence (AI) will supercharge the healthcare industry.
AI is a broad term that can refer to a number of machine-learning techniques, such as deep learning or reinforcement learning. Some companies use AI to make decisions about diagnostics and treatments by using complex algorithms. Other companies use AI to track data and compare it to the market and competitors. Either way, AI is giving companies a leg up on the competition.
It’s no surprise that big hospitals and research institutions invest heavily in artificial intelligence research, but today even small businesses are investing in AI to stay competitive. That’s why the AI market has such huge potential for growth.
Telehealth, or remote healthcare, is poised for growth and will take the industry by storm.
Remote treatment and monitoring are nothing new – hospitals have been using them to monitor patients since the 1960s. But today telehealth systems are becoming more advanced with features like live audio/video streaming that allow doctors to examine symptoms without ever being in the room.
Telehealth has huge potential for growth because it offers several advantages. For one, telehealth cuts cost by reducing the amount of transportation used to visit a hospital or doctor’s office. This means that people can treat conditions sooner because they don’t have to wait for an appointment or invest in gas or public transportation. Plus, telehealth is much more environmentally friendly.
Investing in early-stage telehealth companies is a great way to tap into this trend.
Mental health apps
Technology is the number one tool used to treat mental health, and there are many apps already available to download. These apps are making it easier for people to seek treatment by providing them with coping strategies to deal with everyday stressors. Plus, they serve as a bridge between healthcare professionals and patients by allowing doctors to monitor patients remotely.
Mental health apps make up a large portion of today’s telehealth market. These apps provide users with tools, such as cognitive behavior therapy or mindfulness training, to help patients manage their symptoms from the comfort of their homes. Investing in early mental health app startups is a great way to engage in this lucrative new field.
Also Read: 4 Things to Think About Before Bringing a Product to Market
Controlling the supply chain
Healthcare companies have been investing heavily in their medical supply chains to improve patient care. A strong supply chain is crucial for reducing waste and increasing operational efficiency.
This trend is often overlooked, but it’s an important part of the market. By the end of 2021, the healthcare supply chain will be worth $554 billion, and investable opportunities are growing every day.
Do your research and find the right place for your money before investing in health supplies. For instance, medical device pricing UK often differs from prices in the USA or elsewhere in the world. Be sure to keep on top of local as well as global supply trends, so you’re always one step ahead of the market.
Virtual reality (VR) can be found in many different settings, but it’s set to dominate healthcare.
VR is already used to treat mental health, phobias, and PTSD. It’s also being tested on burn victims to help them experience a new form of pain relief that doesn’t require narcotics. There are even VR programs that teach children how to cope with the death of a loved one.
Virtual reality has huge investment potential. However, invest carefully because many VR companies are still in their early stages.
Review 5 Trends to Look Out for in the Healthcare Industry.