How Tech is Transforming Healthcare: Latest Innovations

• By deftsoft

• 26th March 2024

The intertwining of healthcare and technology is poised to expand the industry’s horizons. The health tech market is developing new innovations every day that can transform the very existence of mankind.

The global healthcare industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.27% and reach $21.06 trillion by 2030. These numbers attest to tech’s growing dominance in the industry.

In 2024, the healthcare landscape is evolving rapidly, and tech is revolutionizing every facet related to the healthcare domain. This blog highlights the latest innovations and new technologies in healthcare that have the potential to revolutionize the world.

What are Health Tech Innovations?

 No industry has been left untouched by recent technological innovations, and healthcare is no exception. The term ‘health tech’ emphasizes the importance of technological innovations in healthcare.

Whether integrating AR and VR to aid medical professionals with real-time patient information or implementing the Internet of Medical Things (IoMT), the healthcare industry is ready to witness groundbreaking innovations at the intersection of healthcare and technology.

The goal of tech innovations is to improve medical applications, leverage medical data for technical advancements, support research into the diagnosis of various diseases, and enhance the quality of patient care.

Exploring Groundbreaking Innovations in Health Tech

Let’s explore some of the most state-of-the-art and pioneering innovations in the health tech industry.

1. Telemedicine

You must be wondering what telemedicine is in healthcare. According to the WHO, half of the globe’s population does not have access to medical facilities. In the face of such adversities, telemedicine is a revolutionary technology. It refers to remotely accessing interactions with healthcare professionals, even living in another corner of the world. 

This technology has transcended physical barriers, enabling patients to be diagnosed remotely. This health tech application was extremely helpful during the pandemic.

2. Internet of Medical Things (IoMT)

The Internet of Medical Things (IoMT) refers to a collection of devices and applications that can be deployed via Wi-Fi. It is a part of the Internet of Things (IoT) technology.

This connection enables machine-to-machine communication to perform various tasks, such as performing surgeries, tracking patient medication orders, leveraging Remote Patient Monitoring (RPM) to care for patients with chronic diseases, consolidating patient data from wearable devices, and more.

IoMT has brought the concept of telemedicine to life. 

3. 3D Bioprinting

3D printing in healthcare is opening the door to a more targeted approach to patient treatment. For example, the technology has enabled the creation of lightweight prosthetics, casts, and bionics to treat patients’ fractures. 

In fact, the volume of 3D bioprinting opportunities is estimated to cross $6 billion by 2027. Another important application of 3D bioprinting is the creation of biocompatible implants by medical professionals. 

Some other prominent advantages of 3D printing are as follows:

• Customized bionic prosthetics for knees, skull, etc.
• Synthesis of high-grade implant materials.
• 3D-printable life-saving implants for neurological and cardiovascular patients.
• Reduction in the cost of prosthetics, implants, and bionics, thus making them more economical.

4. Robotics and Automation

There is a significant shortage of healthcare workers in the market. This is where the role of robotics and automation is becoming indispensable. The technology is an excellent method to save time by automating repetitive tasks. 

Some of the notable applications of robotics are mentioned as follows:

• Robotics and automation technology can automate tasks such as logging patient information and vital signs.
• It can also be used to keep a historical record of their medical history, manage insurance claims, and more. 
• For instance, service robots can help clinical staff deliver supplies and medications, assist with surgical procedures, and follow instructions to complete simple tasks.

5. Health Wearables

Health wearables are another budding segment in the health tech industry. One great example of a health wearable is the Apple Watch, which lets you monitor your vitals, such as heart rate, cardiovascular activity, steps, sleep cycle, and menstrual cycle. Yet, this is just the beginning.

These wearable devices use biosensors and digital biomarkers to monitor the user’s data continuously. When they find unusual data, they instantly indicate the user. The latest GWI data suggests that 3 out of 10 working-age Internet users own “smart wrist” devices.

Some other wearable devices apart from smartwatches include smart hearing aids and bio patches. The bio patch technology is revolutionary as it does not require an individual to wear a smartwatch to monitor their vitals. 

6. Personalized Medicine

The concept of personalized diagnosis and medicine is touching new horizons. Artificial Intelligence (AI) and machine learning technologies have enabled life-changing innovations in healthcare. These technologies have enabled precision medicine by examining patients’ genomic makeup and molecular profiles.

Because of this transformative technology, patients can be treated with personalized medicines and treatments tailored to their family history, genetic makeup, immune status, etc. The health tech industry is also leveraging predictive models to develop personalized medicines based on genetics, biomarkers, demographics, and drug levels.

Therefore, personalized medicine is a revolutionary emerging technology in healthcare that allows for tailoring treatments to the varying factors that affect patients.

7. Nanotechnology

Nanotechnology is gaining rapid traction in the health tech industry and is indeed a new tech in healthcare. The nanotech market reached a staggering $68 billion in 2023 and is expected to reach $183.7 billion by 2028, growing at a compound annual growth rate (CAGR) of 22.0%.

The technology has two major applications in the healthcare industry. Let’s take a look at the major applications.

• Nanotech devices

The first application is the miniaturization of electronic components to develop more efficient and powerful devices. For example, nanosensors can detect proteins, DNA, or other small particles bound to proteins for disease diagnosis, drug discovery, and genetic screening.

• Nanomedicine

Another important application of nanotechnology is nanomedicine. As the name suggests, nanomedicine refers to nano-sized particles that can be absorbed easily by the human bloodstream because of their small molecular size. This technology enhances drug efficacy and accelerates healing. Technology in healthcare is transforming the industry from effective drug delivery to regenerative medicine. It has also improved vaccine efficiency.

8. Blockchain

Known for its high fidelity and security, blockchain technology has also entered the healthcare industry. The technology can be used to maintain tamper-proof electronic medical record (EMR) systems and FHIRChain (Fast Health Interoperability Resources) that cannot be hacked due to end-to-end encryption. The FHIRChain can be used to share clinical data across the globe.

Healthcare networks can also collaborate seamlessly using blockchain technology without compromising security. Another useful application of blockchain technology is the use of smart contracts to address drug counterfeiting, including sharing, storing, and accessing biomedical data.

Also, check: How Blockchain is Transforming the Healthcare Industry?

9. Artificial Intelligence

Another groundbreaking technology in healthcare is the intervention of Artificial Intelligence (AI) in the health tech industry innovations. AI can save lives and improve healthcare for millions of patients worldwide. It can make hospitals more efficient and improve access to healthcare by offering accurate decision-making tools.

One of the most revolutionary applications of AI in healthcare is cancer diagnosis. An AI model can be fed data about a patient’s blood tests, X-ray images of the suspected lesions, and genetic information retrieved from a tissue biopsy.

As Navid Toosi Saidy, PhD in Biomedical Engineering and Medical Device Development, says,

“The trained AI model can rapidly consolidate this information and provide highly accurate predictions of the patient’s diagnosis, treatment options more likely to succeed, and as well as the prognosis.”

AI can also be used to predict outcomes by analyzing a patient’s health history and genomic data.

Bottom Line

The intervention of technology in this industry expedites the process of patient disease diagnosis, analyzes genomic history, and introduces revolutionary treatments with high success rates. With the arrival of technology in healthcare, the world is entering another dimension. 

From Artificial Intelligence to nanotechnology, healthcare professionals are leveraging technology to build a better tomorrow.

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