From robotics being introduced in hospitals to various applications allowing patients to track their progress at home, Health Tech seeks to provide patients with quicker, cheaper, and more affordable care. But what does Health Tech entail exactly, and what might the future hold for this emerging space?
Health technologies encompass all the devices, medicines, vaccines, procedures and systems designed to streamline healthcare operations, lower costs and enhance the quality of care. Artificial intelligence (AI), blockchain, voice search, chatbots and virtual reality (VR) are among the most promising health technologies in 2020.
Let’s take a look at three types of technologies that are at the forefront of improving healthcare.
1. Remote Monitoring Tools
Home health monitoring systems save money by reducing frequent visits to the doctor's office, a technology used by over 3 million patients globally.
For example, pacemakers for heart disease patients can send information to a remote health center automatically. These instruments, which are ideal for patients with chronic conditions, will allow systems to track the health of a patient from a distance.
2. Telemedicine / Telehealth
Telemedicine refers to approaches focused on telecommunication technology to enhance healthcare. Telehealth is becoming more common and effective for many purposes. Research suggest that telehealth programs can save up to $100 per appointment, discharging patients 20% earlier.
3. Wearable Technology
There is rapid growth in the demand for wearable medical devices. These sensors gather evidence, which allows both physicians and patients to track andanalyze the wearer's wellbeing.
Wristbands and watches allow users to take an active role in their wellbeing, in addition to devices that warn authorities about serious medical conditions.
In 2018, an estimated 130 million wearable devices was delivered to customers worldwide.
The size of investment illustrates the high demand for health technologies. Venture capital investment has riven by 200% in the last five years with over 30K investors pouring funds into health tech companies. The global digital health market is now estimated to reach over $500 billion by 2025.
Eager to showcase the latest developments in Health Tech, The Startup Club brings the Franchising Healthcare Forum on October 13th. This event will provide you with the opportunity to be a part of the healthcare franchising business. RSVP and learn more here.
By Toqa Emad, The Startup Club Marketing Executive