Get ready to be amazed by the top ten most intriguing health technologies for 2023! This year will be a pivotal one for health tech due to the growing acceptance of virtual care, an expanding population of older people, increasing chronic illness and shortages of healthcare workers.
From Artificial Intelligence (AI) to personalized medicine and wearables, the health tech industry should rise to the challenge by pushing the boundaries of what is possible. In fact, the global revenue in the medical technology market is projected to reach a staggering $612.50 billion in 2023, a 6.5% increase from the previous year. And that's just the tip of the iceberg.
One of the most exciting developments in health tech is the use of artificial intelligence. The global market size for artificial intelligence in healthcare was estimated at a whopping $11.06 billion in 2021, and is expected to surpass $187.95 billion by 2030. That's a lot of potential for AI to revolutionize the way we approach healthcare.
But AI isn't the only game in town. Personalized medicine, telemedicine and augmented reality training are just a few of the other innovations that are set to transform the healthcare system in 2023 and beyond.
So buckle up and get ready to see the future of healthcare with the top ten most intriguing health technologies for 2023!
Predictive analytics: AI can be used to analyze large amounts of healthcare data to identify patterns and make predictions about future health outcomes. According to Forbes, AI will feature prominently in drug discovery (helping to predict outcomes of clinical trials and side effects of new drugs), medical image analysis, including early warning signs of disease in X-rays or MRI scans, and detection and treatment of neurological disorders, such as Parkinson’s Disease and Alzheimer’s Disease. Beyond clinical work, AI will be used increasingly for infectious disease surveillance, or locating “hotspots”, an area in which EPCON makes vital contributions in many places, including Pakistan, Nigeria and South Africa.
Augmented (AR) and Virtual Reality (VR) for healthcare training: Expect healthcare training to rely less on dead bodies or live patients. The AR and VR market could see a 22.5% compound annual growth rate from 2023 to 2027 in healthcare professional training.
Cybersecurity: Over 93% of healthcare organizations have experienced issues with data breaches in the past three years. Because more people are extensively interacting digitally and cyberattacks are growing in sophistication, cybersecurity and issues relating to data sharing are expected to trend this year.
Virtual health assistants: Imagine having a personal health assistant that you can talk to anytime, anywhere. These devices will increasingly use AI to provide healthcare information and assistance to patients.
Personalized medicine: By analyzing an individual's unique genetic makeup and health data, AI can help to identify personalized treatment plans that are tailored to the specific needs of each patient based on factors such as age, genetics or risk factors, rather than a one-size-fits-all approach.
Internet of Medical Things (IoMT): Expect to encounter robot nurses that check patients’ blood pressure and oxygen saturation levels. Some key use cases include wearable devices and smart clothing to track a range of health indicators, from blood glucose levels to heart rate, even including detecting signs of mental illness. Healthcare institutions should also onboard IoMT in the form of telemedicine, body sensors and smart videos.
Virtual communities: The next few years should see an increase in virtual communities with a health focus, such as Daily Strength (for rare diseases) or PsychCentral. These provide much needed support and assistance particularly for those in remote locations or where long-term facilities have declined in an area.
Data privacy and security: This area has become prominent due to increased regulatory attention to the confidentiality of health data and the corresponding rise in cyber attacks.
Robotic surgery: AI-powered robots are currently used for a wide range of conditions, including prostate bladder and kidney cancer. As these technologies continue to advance, we could see even more complex surgeries performed by robots, such as the treatment of cardiac disease.
Retail healthcare: In 2023, Retail outlets will double their amount of healthcare business, states Forbes. Currently, retailers like Walmart, Amazon and CVS offer a range of healthcare services such as blood tests, vaccination and medical check-ups that have previously been delivered by clinics, hospitals or doctors’ offices. Patients will increasingly choose retail health for their primary healthcare needs as health systems, constrained by limited budgets, fail to match patients’ requirements.
In the constantly evolving health tech industry, other trends to watch out for include 3D printing in the medical field and gene editing. It is clear that 2023 will bring even more exciting advancements. From the proliferation of virtual health assistants to the integration of artificial intelligence and machine learning, the future of health tech is filled with possibilities.