How is digitization transforming healthcare? Forces behind rising healthcare software development industry
The days of waiting in long queues at the doctor's office, only to find out that your appointment is scheduled for the next day, are long gone. Healthcare is undergoing a significant transformation, mirroring the broader trend of dramatic digitalization that has brought convenience and accessibility right to our fingertips. Integrating Information Technology into healthcare has made it more efficient, convenient, and widely accessible.
One increasingly common but not always endorsed practice is that people often turn to the internet to search for information about their symptoms before reaching out to a healthcare professional. The recent COVID-19 pandemic has underscored the urgent need to connect doctors and patients through digital means. It may sound like an exaggeration, but we are steadily progressing towards a future where digital healthcare becomes a primary mode of healthcare delivery, particularly for non-emergency cases.
Digitalization has permeated every facet of healthcare, revolutionizing the sector. This transformation includes the integration of IoT-powered wearables, remote consultations, AI-driven solutions for managing and administrative tasks, all of which enable healthcare professionals to engage more effectively in their work.
Within this article, we will delve deeper to explore the transformative impact of digitization on the future of medicine and patient care. We'll examine how this shift alters the landscape of the healthcare ecosystem, the advantages of digital transformation solutions in healthcare, the driving forces behind this evolution, and the implications it carries for the IT industry, particularly in the realm of healthcare app development.
What is Digital healthcare? Understanding Digital transformation
Digital healthcare, sometimes referred to as eHealth or telehealth, is a comprehensive concept that encompasses the utilization of information technology, digital tools, and electronic communication to improve and streamline various facets of healthcare delivery, patient care, and medical services. In essence, digital healthcare involves the use of digital methods for healthcare services, whether it involves using a telemedicine application to buy medications or consulting with a healthcare professional via video calls – all of these activities fall under the broader scope of digital healthcare. The role of ERP in healthcare also eases administrative tasks and managerial tasks that had earlier required the attention of doctors.
This entails integrating significant technological advances such as electronic health records, online appointment booking, telemedicine, Software as a Medical Device (SaMD), and AI-powered medical devices into everyday healthcare practices, empowering doctors to leverage these innovations for superior and more efficient outcomes.
In recent times, these technologies have been the driving force behind the digital transformation of healthcare, completely altering the dynamics of patient interactions with healthcare professionals. Instead of relying on time-consuming traditional methods, these modern techniques optimize the utilization of a doctor's time, allowing patients to make the most of their medical appointments.
Healthcare custom software development: How digital transformation is building an industry
Healthcare software is experiencing a remarkable surge in demand within the market. The global healthcare software market is projected to expand from $16.6 billion in 2022 to $40.7 billion by 2028, exhibiting a robust compound annual growth rate (CAGR) of 16.2%. Likewise, the US healthcare software market is set to grow from $10.4 billion in 2022 to $25.1 billion in 2028, with a CAGR of 16.1%.
Notably, software applications like Electronic Health Records (EHR), Electronic Medical Records (EMR), practice management tools, and telemedicine solutions are becoming increasingly popular among healthcare professionals. This surge in demand is driving extensive development efforts in the field.
Governments worldwide are making substantial investments in healthcare Information Technology (IT) to enhance the quality and efficiency of healthcare services. These investments are creating fresh opportunities for healthcare software companies.
The ongoing digital transformation of the healthcare sector presents a significant prospect for the healthcare software development services industry. As healthcare institutions embrace new technologies, the need for software to support these advancements is growing. Consequently, there is a burgeoning demand for healthcare software developers and healthcare software companies.
Current trends in healthcare that are leading the industry
The impetus for the digital transformation in healthcare springs from technological advancements and innovations. Digital technologies have emerged as the cornerstone of the healthcare industry's future, orchestrating a profound revolution in medical practices. They have brought about a remarkable enhancement in operational efficiency, aligning closely with the principles of medical care. This transformation has fundamentally elevated the healthcare experience for both providers and patients.
AI in healthcare: AI stands out as a paramount force propelling digital transformation within the healthcare sector. AI is finding applications in various healthcare domains, including drug discovery, medical imaging, and precision medicine. For instance, in the field of oncology, AI can meticulously analyze a multitude of pathology images related to different cancer types, offering valuable insights into optimal anti-cancer drug combinations. The integration of AI in healthcare holds the potential to transform the medical landscape by elevating diagnostic precision, enhancing patient outcomes, and fine-tuning treatment methodologies. Furthermore, AI can be harnessed to power virtual assistants and chatbots, enriching the patient experience and streamlining the operational efficiency of healthcare institutions. A noteworthy example is the deployment of AI-driven droids like Moxi, which assist nurses with routine tasks, further illustrating the expansive role of AI in healthcare.
Big data: The digital healthcare sector is poised for rapid expansion, driven by the utilization of big data. This is particularly significant as the global healthcare industry grapples with processing millions of data points every hour. According to a report by Globe News Wire, the global big data market is currently valued at $337.03 billion in 2023 and is projected to reach $662.63 billion by 2028, showcasing a robust compound annual growth rate (CAGR) of 14.48% during the forecast period from 2023 to 2028. The global big data market is on track to achieve a substantial growth rate, reaching $662.63 billion by 2028, all from 2023 to 2028. Big data, renowned for its ability to transform both structured and unstructured data into valuable insights, holds the potential to offer a myriad of advantages.
Virtual reality: AR and VR are making their way into almost every industry, making it one of the most looked-after technologies of recent years. Virtual reality has seamlessly integrated into the digital healthcare landscape, proving particularly effective in addressing chronic pain among populations grappling with the challenges of the opioid crisis.
TeleHealth: Telehealth, is simply a method of delivering healthcare services remotely using telecommunications technology. It involves the use of digital communication tools and devices to facilitate virtual consultations, diagnosis, treatment, and monitoring of patients. Telehealth is reshaping the dynamics of patient interactions with healthcare providers. Among the most influential technologies within the realm of telehealth are telemedicine, mobile health (mHealth) applications, video conferencing, remote patient monitoring, and several others.
Benefits of digital transformation into healthcare
Digital healthcare can completely revolutionize traditional healthcare approaches. From appointment booking to consultations, from keeping patient records to prescribing medicines. Every process can now be done in mere minutes which used to take hours. The digital transformation in healthcare brings about numerous advantages, reshaping how healthcare institutions handle administrative responsibilities and how patients access medical services. Among these advantages, one of the most significant is the improved accessibility to healthcare.
Through the utilization of telehealth and virtual care, patients can now receive remote monitoring and healthcare services from the convenience of their own homes. This capability has proven especially invaluable during the COVID-19 pandemic, as global lockdowns and the imperative of social distancing have created substantial barriers for in-person healthcare visits.
Moreover, the digital transformation of healthcare also serves to enhance efficiency, streamline operations, and lower costs. For instance, the automation of administrative tasks such as appointment scheduling and billing has lightened the administrative burden on medical professionals, enabling them to dedicate more of their time to patient care.
Conclusion:
The digital revolution has revolutionized the accessibility and affordability of healthcare. With the integration of AI, tasks that used to take hours can now be completed in a matter of minutes. AI-powered chatbots, for example, offer round-the-clock support to patients, proving to be invaluable in emergencies. Furthermore, AI research is shedding new light on chronic illnesses such as cancer and diabetes. It is truly remarkable how this cutting-edge technology has swiftly transformed and improved a healthcare system rooted in tradition for centuries.