Trends that will shape the Healthcare & Lifesciences in 2024

Multiple factors drive the adoption of technology in the healthcare domain. Key factors include  the growing need for digital healthcare solutions, government efforts to encourage the use of healthcare IT, higher healthcare expenses, and more people having chronic diseases.

As per Markets & Markets, the global healthcare & Lifesciences IT market size is projected to reach USD 974.5 billion by 2027, with a CAGR of 19.8% from 2022 to 2027. (1)

 North America leads the healthcare IT market because it has a well-established healthcare infrastructure and widespread adoption of healthcare IT solutions. Its dominance is attributed to both its robust healthcare infrastructure and the widespread acceptance of healthcare IT solutions.
Even though there are growth opportunities, the healthcare IT market also deals with challenges. These include worries about keeping data private and secure, difficulties in making different systems interoperable, and inadequate healthcare IT infrastructure in developing nations.

Trends that will shape Healthcare and Life Sciences Industry in 2024

Consumerism: A paradigm shift towards patient-centricity

In the coming year, healthcare is poised for a transformation where patients will assume a pivotal role as both purchasers and managers of their health outcomes. Collaborating closely with healthcare providers, they will navigate treatment options through personalized plans and flexible payment solutions, demanding frictionless experiences and seamless technology for an enhanced healthcare journey.

Modern-day individuals/ healthcare consumers  are well-versed in medical terminologies, diseases, and preventive measures. Motivated to proactively manage their health, they embrace better lifestyle choices, preventive screenings, and heightened awareness of public health. Transparency, trust, and access to health data are now non-negotiable for consumers, mirroring expectations in the retail realm.

This evolution is not only fuelled by patient education but also by a demand for transparency, trust, and accessibility to health data. Like retail transactions, patients want value for their investment, including access to and control over their health data for improved outcomes. These dynamics collectively shape the landscape of healthcare consumerism.

Interoperability for better monitoring and care coordination

Interoperability is now a vital element in healthcare, compelled by regulations and growing patient demands. Beyond facilitating seamless data exchange among healthcare systems, it focuses on granting patient complete access to their consolidated, normalized, and longitudinal health records. This proves advantageous to both providers and patients.

The perennial challenge of interoperability in healthcare, arising from complex and fragmented IT infrastructures, calls for an open ecosystem approach to liberate data from silos. By unifying data from diverse medical devices and systems into a single interface, new interoperability capabilities enhance care coordination. This empowers caregivers with a comprehensive patient overview, promoting confident treatment recommendations and easing the burden of information overload, supported by innovations like visual patient avatars.

Wearable Devices

Over 15 years ago, the surge of smartwatches initiated a trend in wearable technology, promoting healthier lifestyles. Today, a plethora of advanced smart health devices, including vital-sign monitoring wearables reflects the enduring desire for seamlessly integrated health technologies tailored to evolving needs.
Anticipating the trend's continuation in 2024, these technologies are expected to foster better oral care habits and closely monitor children's growth and development, showing a world where individuals can predict and prevent potential health issues. Physicians are already prescribing wearables for preventive care, leveraging data for remote monitoring and diagnostics.
The wearables industry, marked by rapid evolution and diverse products, showcasing prototypes ranging from brain health screening platforms to fertility trackers, alert bracelets, therapeutic VR headsets, and even dog collars monitoring canine health. As consumers embrace these technologies, AI will analyse patterns and behaviours, optimizing experiences and delivering comprehensive, personalized health data.

Digital twins

Digital twins use real-world data to simulate how a product or process will perform and they are becoming increasingly prevalent across industries. They will become “virtual patients” like digital replications of people that can be used to test drugs and treatment procedures in clinical analysis. A key benefit of this technology is that it will accelerate time-to-market for new pharmaceuticals and medical device manufacturers.

Hospital At Home

The "hospital at home" concept, prompted by the COVID-19 pandemic, gained traction as an essential alternative to traditional hospital care. Utilizing connected devices like thermometers and pulse oximeters, patients can be monitored remotely, reducing the need for hospitalization.
Technological advancements in remote patient monitoring allow real-time data transmission on vital signs, benefiting chronic disease patients. While home care offers cost savings and improved patient experience, challenges exist in infrastructure, accessibility, and privacy concerns. Despite these challenges, the growing adoption of telehealth systems facilitates the transition of complex care to the home, emphasizing the need for continuous improvement in data security and transparency.

Technology - driving force behind healthcare trends in 2024

Advancements in technology are pivotal in this shift, empowering patients to have greater control over their healthcare outcomes.

Artificial Intelligence (AI)

• AI, a technology utilizing algorithms and statistical models, performs tasks requiring human intelligence, including pattern recognition, predictions, and learning from experience.
• In healthcare, AI analyzes extensive data to aid early and accurate disease diagnosis. In medical imaging, such as X-rays and CT scans, AI identifies abnormalities, enhancing diagnostic precision and mitigating the risk of misdiagnosis.
• AI contributes to personalized treatment plans by scrutinizing patient medical histories, genetic data, and other health information.
• By identifying patterns and predicting effective treatments, AI improves outcomes and lowers the risk of adverse events, revolutionizing the healthcare landscape.

Chat Bots (GPT / NLP)

• Chatbots, powered by artificial intelligence (AI), emulate conversations with human users, addressing commonly asked questions, offering basic medical advice, and facilitating appointments with healthcare providers.
• Natural Language Processing (NLP) can analyze patient feedback, recognize trends, and identify early indicators of potential health concerns. The synergy of chatbots and NLP proves to be a potent tool, enhancing patient satisfaction and engagement. Moreover, chatbots can deliver personalized medical advice, leveraging a patient's medical history and symptoms.

Cloud Computing

• Cloud computing stands as a transformative force in healthcare, presenting numerous advantages for both providers and patients. Enhanced data security ranks among the key benefits, as healthcare providers can securely store patient data in advanced data centres with robust security measures, mitigating the risks of unauthorized access and data breaches.
• The versatility of cloud computing facilitates improved care coordination and communication among healthcare providers. Accessible from any location, at any time, and through any internet-connected device, it streamlines the exchange of patient data.
• The scalability inherent in cloud computing for healthcare empowers providers to tailor their computing resources dynamically, eliminating the need for additional investments in hardware or software. This adaptability optimizes resources and enhances overall efficiency.

Telemedicine

• The landscape of telemedicine is swiftly advancing, and 2024 is poised to introduce significant trends. The prevalence of AI-driven virtual assistants and chatbots is set to increase, offering patients personalized health advice and aiding them in navigating various telemedicine platforms.
• Integration with Electronic Health Records (EHR) will become increasingly important, allowing healthcare providers to access patient data in real-time during telemedicine consultations.
• Telemedicine will also focus more on mental health, with continued growth in telepsychiatry and other telemedicine-based mental health services.