Healthcare solutions move with the times by adopting the latest tech developments. In 2018, a smart healthcare trend drove funding into this sector by 42%. As a result, digital health funding has reached upwards of $8 billion.
In 2019, a healthcare domain will be able to attract even more investments.
This post will demonstrate to you the key healthcare sectors that are expected to be disrupted with the help of technology.
Read on to learn what IoT and healthcare software solutions will primarily innovate at the global level and which digital health unicorns are expected to continue growing.
Why Tech-Driven Healthcare Solutions Are Sprouting Up
Tech-led healthcare solutions combine wearables, equipment, services, and software that are capable of assessment, assistance, and treatment of patients.
In addition, new-gen software can systemize medical data and healthcare processes to deliver the right information at the right moment.
Let’s dive in deeper to understand the key advantages of such solutions using one disease example, cardiovascular.
Why this disease?
It’s the number one cause of death in the USA. According to the American Heart Association, nearly 837,000 people are dying annually because of it. Every 38 seconds, this disease kills one American.
So, how can tech-led healthcare solutions help?
They Can Reduce Costs
How much do you spend on preventive visits to the doctor?
On average, one visit costs Americans $28-234.
By using tech-led gadgets, like blood pressure monitors, patients can reduce the number of doctor office visits and resort to preventive tactics once their pressure is rising.
They Can Ensure Better Treatment
Most smartwatches and fitness trackers are already equipped with heart rate monitors that allow automatic tracking of our pulses. This sensor provides both a patient and a doctor with up-to-date data and allows adjusting treatment once any deviations are detected.
In 2018, the technology went a level further.
Apple Watch Series 4 now features an electrocardiogram (ECG). Previously, this functionality could only be found on a separate wearable, a chest strap.
A wearable ECG has two key advantages. First, it can detect any cardiac abnormalities. Second, a smartphone allows it to instantaneously analyze the incoming data.
They Can Control Sickness
Since a doctor can be automatically receiving all this patient data, they can immediately react to any abnormalities. As a result, a doctor can start treating a patient before it’s too late.
They Can Reduce the Number of Mistakes
New-gen technologies allow segmenting and analyzing the data coming from different sources in real time. Since all the processes are non-human, the number of any possible mistakes declines considerably.
They Can Make Doctors More Trustworthy
As patients can monitor their health state, they can see the results from treatments much faster than with surveillance diagnostic tests.
This allows doctors to be more flexible in their treatments and patients will trust doctors more.
They Can Manage the Number of Taken Medicines
According to Epilepsy Research UK, almost half of all patients have forgotten to take their medicines.
In the case of cardiovascular disease, it can save a life.
Healthcare solutions software targeted on these patients allows minimizing the number of such situations.
They Can Allow Remote Patient Care
Tech-driven solutions reshape the healthcare framework.
By guaranteeing real-time health monitoring, they allow a patient to get treatment from the exact doctor regardless of their location.
The Future of Healthcare
More and more people are taking care of their health by preventing diseases instead of treating them.
For this, they use gadgets and equipment that can track their health, give recommendations, and show progress.
Let’s take a look at the most popular and interesting instances provided by seven unicorn companies across the healthcare sector.
Proteus. Proteus, valued in 2018 at $1.5B, features an innovative ramp-on for health systems. Launched in 2009, the company makes ingestible sensors that allow health data to be more accessible to patients and their doctors. As a result, consumers can reduce their expenditures on medical examinations and doctor visits while still analyzing their current health state.
Peloton. The most lucrative unicorn healthcare solutions company is Peloton, with an estimated value of $4.15B in 2018. It produces a connected fitness cycle. The idea of the product is to marry well-designed cycle equipment and cutting-edge technology to bring the atmosphere of group cycling workouts to a customer’s home.
23andMe. Launched in 2006, 23andMe was a newcomer to DNA testing. Its kit allows breaking out the customer’s DNA across 1,000+ nations. In 2018, the company’s value was estimated at $2.5B.
Tempus. Tempus is a$2B company launched in 2015 that allows medical researches to become more accurate. By analyzing big data coming from different treatments and their results, the company can supply both doctors and their patients with the most effective solutions for the exact disease flow.
Zocdoc. This online platform to appoint meetings with healthcare providers was launched in 2007. In 2018, the company’s database accounted for 6M users requiring 1,800 types of services across 50 specialties.
HeatFlow. Based on the ordinary computed tomography scan, HeatFlow creates a personalized 3D model of the coronary arteries. This scan allows finding the blockages of the blood flow. In 2018, the company’s value was estimated at $1.5B.
Butterfly. The last company in the list of unicorns, Butterfly, was valued in 2018 at an estimated $1.25B. Butterfly merges a personal ultrasound device with a mobile healthcare application to scan a patient’s entire system.
How to Become the Innovator
Just picture all the companies that are working to create something new across the healthcare sector.
Despite their number, there is still roomy enough for newcomers.
You can try new domains, technologies, gadgets, target audiences, or business models to save people’s lives.
Don’t miss your opportunity to succeed.
Because of its experience in crafting healthcare solutions, Innovecs can help you with medical software development.
Innovecs has already developed a few projects across healthcare.
One of the products was a fertility tracking app for a Cambridge startup. The mobile and web-based applications were aimed at increasing the couples’ likelihood to conceive a child.
Another healthcare product developed by Innovecs is a telehealth platform to facilitate interactions between medical specialists and patients. With the help of online doctor appointments and video conferencing, the software focused on making remote patient care possible.
Innovecs’ latest project within the healthcare sector is a tool that monitors, audits, and measures medical data and processes it at a 360-degree angle, from hospitals to patients.
Have a staggering idea?
Focus on a business side while outsourcing the entire healthcare software development to Innovecs.