The healthcare industry is evolving at lightning speed. With the rise in the usage of artificial intelligence in healthcare, the growing emphasis on patient engagement, and the shift towards value-based care, we are witnessing a paradigm shift in healthcare delivery. Additionally, genomics and precision medicine are revolutionizing treatment approaches, enabling personalized care based on individual genetic profiles. As we navigate these 2023 healthcare trends, embracing innovation and staying ahead of the curve will be crucial in delivering better patient outcomes and driving positive change in the healthcare landscape.
To help you stay on top of it all, we have compiled the top 5 healthcare trends that are slated to drive the 2023 healthcare market.
1. Growth of AI in healthcare
Recent years have been witnessing a significant boost in the usage of artificial intelligence (AI) in healthcare. Various AI-aligned technologies such as computer vision, natural language processing, and pattern recognition algorithms are already deeply embedded in the healthcare ecosystem and are useful in analyzing patient data, detecting patterns, and improving clinical decision-making.
The market for Artificial intelligence (AI) – specifically, machine learning as a tool in healthcare is also forecasted to cross USD 20 million in 2023. AI will continue to be embraced in this industry throughout 2023 as its usability and value keep proving its outstanding capabilities.
2. Healthcare is becoming personalized
Personalized healthcare is all about customizing medical treatment for an individual patient’s needs. Typically, medicines are created on a “one-size-fits-all” basis, with the highest number of efficacy and the lowest number of side effects. However, modern technologies like genomics, digital twins, and AI have allowed caregivers to take a far more personalized approach, resulting in treatments specifically tailored at an individual level. This approach will also empower the patients, as they can decide on the choice of treatment plan and delivery. Apart from healthcare, personalization in every field is a leading trend in 2023.
3. New wearables and remote monitoring devices
2023 is expected to witness increased use of wearables and other remote monitoring devices. Wearables can track individuals’ health and exercise activity. Remote monitoring devices can also be used to help manage chronic conditions, such as diabetes or hypertension, and provide real-time data to healthcare providers.
With the Internet of Medical Things rapidly expanding in recent years from simple devices designed to track vital signs such as heart rate and blood oxygen levels to smart watches capable of sophisticated scans such as ECGs, smart textiles that can detect blood pressure and predict the risk of heart attacks, it is in 2023 that we will see wearable medical devices acting as “edge” devices – a noteworthy healthcare trend.
Related reading: Consumer healthcare trends in 2023
4. Retail healthcare
Healthcare business through retail outlets is expected to double during 2023. With large retailer chains like Walmart, Amazon, and CVS offering healthcare services like blood tests, vaccinations, and medical check-ups in-house, – services traditionally delivered by hospitals, clinics, or doctors’ practices, this trend is increasingly gaining huge visibility. Owing to the global economic conditions leading to squeezed budgets at traditional frontline primary care facilities, retail healthcare is expected to emerge as a prominent solution.
5. Value-based care model
Value-based care model is based on the ideology that healthcare service providers will be paid based on patients’ outcomes rather than the volume of services they offered. Providers specializing in value-based care have become attractive to investors because of the distinctive quality of care that they can provide and the investable opportunity they present, with a diversity of risk levels and business models. Currently, under trial in the US, this model can open doors for value-based payment adoption—combined with enhanced value-based capabilities across payers, providers, employers, and other healthcare stakeholders—continued traction in the value-based care market could lead to a valuation of USD 1 trillion in enterprise value for payers, providers, and investors.
The introduction of new technologies and emerging healthcare app trends have made the lives of practitioners and patients more manageable, with a wide range of improvements in the field of medical services. Undoubtedly, future trends in healthcare will center on advances in technology, Value-based care, personalization as well as retail healthcare. These changes and developments will open significant market opportunities for companies in the healthcare sector and other adjacent industries.
As we reach the culmination of the healthcare trends in 2023, it is clear that intelligence is the key to success in this ever-evolving industry. To navigate the complex healthcare market with confidence and gain a competitive edge, you need strategic insights that go beyond surface-level observations.
At Netscribes, we specialize in providing comprehensive intelligence that empowers healthcare organizations to make informed decisions. Whether you are seeking to optimize your pricing strategy, understand patient preferences, or identify emerging market opportunities, our expertise can guide you toward success. For a detailed analysis of the innovative trends and intelligence that will drive your healthcare business forward, contact us.
Based on insights by Sonila Dutta, Manager, Research and Information, Life Sciences
