As an industry expert, with the start of the COVID-19 epidemic, UppLabs decided to provide a survey to identify the state of the Healthcare industry during the quarantine period. We wanted to find out how the outbreak influenced the state of the industry and what changes business owners were forced to accept.
What improvements were taken?
What opportunities and risks were revealed?
Here we prepared some important takeaways.
General trends in Healthcare 2020
- Regardless of the current situation with quarantine, there are some challenges that still remain the prime concern. Like digitalization in Healthcare, outdated legacy platforms, cost and complexity of new technologies, cybersecurity.
- About 60% of workers in Healthcare say that their work requires manual entry or analysis.
- Trending technologies in Healthcare for 2020 are cloud computing, 5G, AI, NLP, IoMT (Internet of Medical Things). They help to streamline healthcare delivery and align it with consumer preferences.
- Investing in tools and services to identify the risks and opportunities of implementing virtual healthcare solutions.
- Over 80% of respondents represented North America (the USA is one of three countries suffered the most from COVID-19 pandemic)
- Most of the respondents (33%) represented ambulatory healthcare services. About 17% of respondents were physicians or other healthcare practitioners, 8,3% – biotechnology, 8% – health insurance, 8% – health equipment.
- Only 16.7% of Healthcare businesses that took part in the survey were private.
- “Lack of investment” was the challenge most of the respondents faced – 33,3%. The next big challenge was “Government issues”. “Problems with vendors” – was on the 3rd place.
- 91,7% of respondents said that the current situation forced them to consider rethinking the business processes and approaches.
- 66.7% of respondents don’t use innovations and automatization.
- 75% of respondents coping with the current (pandemic) situation by adapting innovations to ease the business and operational processes.
- 58.3% of respondents see great opportunities in the current situation. And less than 30% “hoping for the better”
- Operational (25%) and business strategy (17%) are the two most popular types of help most of the respondents were looking for in the current situation.
These were the results provided by our respondents in April and May. If you represent Healthcare industry and would like to submit your answers to our survey, you can do it with the following link: https://healthcare.upplabs.com/#survey
To keep doing your business in Healthcare (and in any other industry) you have to provide a contingency plan and consider all the possible risks of your further actions. Take into account the following trends:
- Healthcare remains one of the largest and fastest-growing industries in the world.
- Global Healthcare spendings could reach over $10 trillion by 2022.
- IoT (The internet of things) can lower the costs of operational and clinical inefficiencies by $100 billion per year.
- Comparing to the other countries, the US spends twice more on Healthcare.
- The highest percent of using connected health devices by population in the world is 28% in China.
- 66% of doctors state that increased use of loT would reduce the costs and the burden on the healthcare system.
- 3D Systems for healthcare solutions improve outcomes that benefit both patients and surgeons.
- Trending IoT solutions in Healthcare:
– Connected contact lenses
– Closed-loop insulin delivery
– CGM and insulin pens
– Ingestible Connected inhalers sensors
What can you do for your business?
- Innovate. Use the latest IoT tools to automate your work and connect with your patients
- Use AI and ML. Work with modern solutions for data analysis and prognosis to prevent diseases and prescribe treatments in advance: AI and ML libraries
- Stay tuned about compliance and other policies
- Concentrate on your business. The tech side is under control of UppLabs!
Ask UppLabs about the experience of working with top-notch digital healthcare solutions!