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.
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 Grand View Research, 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.
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.
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.