In comparison to the struggles the retail space has been having with the blurred lines between digital and physical, the healthcare sector appears to be the throes of a wide embrace of technologies that will alter the way doctors, pharmacies, insurers, and patients connect with each other. The alignment of the Internet of Things -- or in the case of a specific business segment identified by Accenture as the "Internet of Health Things" -- with artificial intelligence that powers "smart search" results provided by Amazon's Alexa or IBM's Watson is already altering the priorities of all facets of the health & wellness industry. To put a dollar figure on what all this change amounts to, Accenture cites an eMarketer's forecast saying the value of IoHT will reach $163 billion by 2020, with a Compound Annual Growth Rate (CAGR) of 38.1 percent between 2015 and 2020. And within the the next five years the healthcare sector is projected to be "number one" in the top 10 industries for Internet of Things app development. As a separate Accenture report notes, the insurance industry is primed for AI.
The past 10 years have given us some truly innovative technology; now, healthcare providers are beginning to figure out the best ways to use it. They would do well to follow other industries by listening to consumers – in this case, patients – to determine the best way to incorporate this technology into their workflows. In this guest post, Vinay Seth Mohta, a managing director at an artificial intelligence engineering services firm, offers three patient-focused AI applications that might be a good place for healthcare executives to start. Accenture's "2018 Consumer Survey on Digital Health" found that three-quarters of the patients surveyed use technology to manage their own health. In addition, patients said they were eager to incorporate a new kind of technology into their health care: artificial intelligence.
The healthcare industry is going through a transformation, and to succeed in this increasingly competitive environment, organizations need to make significant investments in processes and technologies to cut down costs, increase access to care delivery, and improve medical care. Driving current healthcare trends are the costs of providing care and the outcome of this care. As healthcare providers face revenue pressures, they are adopting new care delivery models and shifting to outpatient services to reduce administrative and supply costs. In this blog, we take a closer look at each of these trends. The demand for telemedicine is increasing, as it is a great way to bridge the gap between physicians and patients.
Digital technologies are constantly evolving and finding new applications in healthcare, even while the industry is struggling with adoption and'digital transformation'. Each year new applications emerge, but the underlying technologies driving them remain the same. For 2019, we asked companies around the world one basic question: "Please indicate the key technology which you believe will have the most profound impact on the healthcare industry during 2019?" Of course, these respondents are distributed across widely different sectors – pharmaceuticals and biotechnology, medical devices, medical imaging equipment, in-vitro diagnostics, remote patient monitoring, healthcare IT and digital health solution providers – but excluding care delivery settings such as hospitals and other facilities. This means that these technologies are being viewed through a different lens, depending on which sector the respondent belongs to.