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New technologies and applications have sprung up, including sensors, the Internet of Things, artificial intelligence, 3D printing, big data, and more. Human beings are entering the third technological revolution. Productivity and production relations are being dismembered and reconstructed. The need for social health products and services also forces the industry to use new technologies continuously. And demographic changes – the ageing of the population and the decline in fertility have increased the demand for chronic diseases and rehabilitation.
These rapid changes will have ripple effects throughout the health system, affecting practitioners and new entrants. Based on knowing about the industry, ongoing analysis, and conversations with practitioners, Business Insider Intelligence summarizes 5 major trends in digital health in 2018.
1. The digital health industry will develop rapidly in emerging markets and surpass mature markets.
In terms of digital health innovation, mature markets such as the United States and the United Kingdom are undoubtedly at the forefront. However, emerging markets such as India, Indonesia and China are expected to catch up or even surpass in the future. The reasons are as follows:
- Market gap. Compared to developed markets such as the British and the US, emerging markets have fewer established businesses and legacy infrastructure, which means that digital health companies face fewer barriers to developing new products and building new services. At the same time, in order to support the rapid growth of emerging industries, the government will also eliminate some of the regulatory constraints.
- Has a large mobile Internet crowd. Emerging markets such as India, Indonesia, and China have a large population base and high mobile Internet penetration, which is an important foundation for the successful launch of digital health products and services. Some companies have achieved remarkable success. For example, according to Ernst & Young’s data, China’s O2O healthcare platform has a total of 77 million registered users, even more than the total population of the UK.
- The needs of healthcare solution. PwC’s survey shows that emerging markets have a large population of people living in rural and poor areas, which means that successful healthcare solutions must be accessible and inexpensive. One of the big advantages of digital healthcare is the ability to provide remote services at low prices.
2. The US Food and Drug Administration (FDA) will speed up legislation, which will also promote industry development and the application of new technologies.
Digital health technology is growing at a much faster rate than the US government’s ability to regulate these new services. The FDA began setting up digital health-related regulations in 2017 and will begin to influence the industry in 2018. According to mHealthIntelligence, the FDA introduced more than 12 regulations on telemedicine in 2017. The focus of these bills is on accelerating the entry of innovative products into the market, such as the updated Medical Device User Fee Agreement (MDUFA).
3. Health care providers in the future must have technologies of AI, machine learning and chat robots and other technologies.
Throughout 2017, the power of AI has gradually emerged: the North Carolina Rheinberg Comprehensive Cancer Center shows that IBM’s AI technology Watson may be an effective cancer treatment tool; Stanford University researchers have developed a deep learning algorithm. Tests have proven that the accuracy of diagnosis of pneumonia has exceeded that of human radiologists; MdLIFE found that its chat robots are more effective than traditional e-mail marketing methods in facilitating user registration.
In 2018 we are expected to see more AI technology applied to the digital health field to improve the effectiveness of services. At the same time, with the increase in the competition in the digital health market, AI technology can also help companies establish their own barriers. According to data from TM Capital, AI Health Investment Trading and Funds reached a record high of five years in 2016, with a total of 90 transactions and a total investment of US$794 million.
4. With the rapid development of digital health, medical services will be more adversely affected by cyber attacks than ever before, so medical health service providers with data security problems will be strongly resisted by users.
The medical industry needs to address security threats. According to a survey released by Accenture and the American Medical Association (AMA), 83% of American doctors have experienced some form of cybersecurity attack. In order to reduce cybersecurity issues, the healthcare industry has invested heavily, Becker’s Hospital Review suggest the cyber security remediation has cost $6.2 billion over the past two years.
With the paperlessness and electronicization of medical health records, the probability of user data being damaged by cyber attacks is also increasing. Data security issues can lead to the loss of users and negative public opinion. This may prompt regulators to step in, increase penalties for service providers lacking digital security garantee, and place new demands on these companies.
5. The healthcare industry will be highly integrated, as practitioners, technology giants and digital start-ups are hoping to gain a higher position in the growing healthcare arena.
According to Mobi Health News, there were more than 40 mergers and acquisitions in the digital health industry in 2017. This number will rise further in 2018 as the healthcare industry continues to innovate while traditional companies are also competing with technology intruders and consumerization. There are three specific forms: traditional medical companies will merger to deal with potential threats; traditional medical companies will acquire digital startups; technology giants will cooperate with traditional medical companies.
“More than anything else technology creates our world. It creates our wealth, our economy, our very way of being.” Says W.Brian Arthur in <The Nature of Technology> .This sentence applies equally to the medical industry: technology brings endless wealth to the health care industry, creating a high level of prosperity in the medical industry. The medical industry is constantly using new technologies to innovate products and services so that everyone can enjoy quality, convenient and personalized medical and health services. The use of digital tools is not the starting point, and will not be the end point.
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