Healthcare IT

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Challenges the Healthcare IT Industry Faces

Many industry verticals are leveraging the internet and looking forward to making the most of IT-enabled services. Advancements in healthcare IT services are expanding to the core of patient care objectives and healthcare operations. Healthcare IT professionals are continuously involved in developing AR-based training solutions, regularly managing and updating data, and combatting cybersecurity attacksto actively reduce paperwork and automate redundant functions involved in the healthcare sector.Many healthcare IT professionals fail to handle sensitive data. A few of the key challenges the healthcare IT industry faces are briefly discussed below.

The'Bring Your Own Device'(BYOD) Trend

The ubiquity of smartphones and laptops, coupled with the rising popularity of gadgets such as wearables, has seen an upsurge in the BYOD trend in many industries, and healthcare IT is no exception. The trend poses its own pros and cons, with data security as a prominent concern. Smartphones and other devices pose a risk of exposing personal information to the outside world. Further, a lack of experience among healthcare IT professionals or consumers could lead to device malfunctions. Theft and duplication represent the BYOD trend's most significant threat, wherein consumers and healthcare IT professionals may lose data to hackers, and the data could then be used to create fake identities anywhere around the globe.

Big Data Analysis

The increasing prevalence of infectious diseases worldwide and rising adoption of healthcare IT solutions among healthcare institutions globally have seen an upsurge inthe number of people registering for the use of healthcare IT services, generating massive volumes of healthcare data in healthcare IT systems and databases.Currently, it has become necessary for healthcare institutions to collect and leverage patient data effectively for yielding incrementally progressive reports from the massive data flow. The lack of skilled and specialized professionals for handling the collection is hindering the massive data collection process.

On the other hand, some of the healthcare institutions are unaware of what data to collect to generate the desired result.A few healthcare institutions state that the lack of tools for data analysis is the primary challenge with big data analysis.However, proper training campaigns for handling big data and generating qualitative results from the collected data, investments by healthcare institutions in healthcare IT data analysis tools, and appointment of skilled healthcare IT professionals for data analysis are a few of the measures that could prove effective in tackling the big data analysis challenge.

The Ever-Growing Threat of Ransomware

The healthcare IT industry is always at a high risk of ransomware attacks. Cybersecurity is of utmost importance for healthcare institutions globally;statistics and records suggest that 88% of the total cyberattacks worldwide are in the healthcare IT industry. Next-generation hackers dealing with more sophisticated codes are also targeting healthcare IT systems, posing a risk to patient data safety.In response, healthcare IT professionals are adopting firmware, firewalls, and security software and deploying automated defense systems and frameworks to monitor cyber activities, identify suspicious network activity, and take necessary actions.

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Where the Industry is Heading

Digital transformations in the healthcare industry are remarkable. Rising cost of healthcare, complex health and technology ecosystems, growing focus of investors on value-based care models, data interoperability, and unique care delivery models have led to the formation of smart healthcare. Despite several challenges in healthcare IT, there has been considerable progress in digital healthcare, which is further expected to evolve significantly in the coming years.

Digital Health: The New Wave of Healthcare Technology

Digital healthcare transition reflects the positive effect of healthcare technology. Telemedicine, medical devices enabled for artificial intelligence (AI), and electronic health records for blockchain are only a few examples of digital healthcare transformation. These innovations streamline workflowsin the health system by optimizing procedures and enhancing patient satisfaction. They have also reduced human errors and resulted in significant cost savings.

AI technologies are being developed to accurately diagnose strokes, eye disorders, heart diseases, skin cancer, and many other chronic ailments. Telemedicine and remote patient monitoring are expected to gain significant traction in the coming years. The real power of AI can be best observed in areas such as medical imaging, drug discovery, precision medicine, and genomics.

Integration of Big Data in Healthcare

Big data analytics has increasingly provided value to healthcare by improving care management processesto further advance healthcare outcomes in cost-effectively.A few of the key advantages of big data in healthcare include:

  • Lower rate of medication errors,
  • Preventive care, and
  • More accurate staffing.

Given these advantages, healthcare and pharmaceutical companies are looking to invest in big data for data organization. Businesses collecting their health data from medical devices through wearable technologies, such as heart rate trackers, oximeters, exercise trackers, and smart health watches, represents another trend heading the digital healthcare transformation. The key benefits offered by wearable technology include:

  • A personalized healthcare experience,
  • Targeted insurance pricing,
  • Insurance incentives,
  • Gamification opportunities, and
  • Cost savings for healthcare companies.
The Evolving Field of Nanomedicine and Virtual Reality

Nanomedicine is a rapidly evolving field for the successful diagnosis, treatment, and prevention of many diseases. It accurately targets and identifies delivery mechanisms compared to traditional drugs, paving way for the fight against complex conditions, such as cancer. The multi-sensory, immersive experience that virtual reality offers benefits both physicians and patients.

  • Healthcare Worker Training: VR can be used to train surgeons in a realistic and low-risk simulated environment.

Physical and Mental Health: VR offers therapeutic potential and rehabilitation for acute pain and anxiety disorders.

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Solutions

We provide customized research solutions through a holistic approachto help our clients achieve their goals. Our solutions cover the inclusions listed below.

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IMPACT

Healthcare IT is growing rapidly, and insights into industry technologies are crucial for players in the industry. Robotics embedded with AI represents the future of healthcare IT, and a number of our reports are based on nano-robotics and related fields. We've helped many companies with actionable and insightful data on cutting edge technologies, including machine learning (ML) and artificial intelligence (AI).

Our solutions have helped companies explore upcoming opportunities and competition in relevant markets. For instance,a client engaged in theclinical trial software market sought to understand upcoming technologies and competition in the market. SBG's research team studied the market opportunity, pipeline products, and current competition to help the company identify the market competitiveness. In another example, a U.S.-based robotic system manufacturer sought to understand the recent investments in AI-enabled robotics.Our research team thoroughly tracked the activities of the key players and upcoming ones to provide the client with reliable data on to-date investments in the field.

A Study of Existing Market Competition in the Field of Clinical Trial Software

An American multinational computer technology corporation approached Straits Researchto identify and track developments in the global clinical trial software market. The client was primarily interested in the competitive landscape, advancements,key players' novel technologies, and region-wise revenue. Additionally, the company was interested in the pricing of different software solutions.

Straits Research conducted a thorough secondary analysis to identify the leading market players. Product benchmarking was done for the key market players to analyze their software features, prices, and platforms. We thenranked these players based on software features, prices, and platforms to form a competition matrix. We also provided the marketing strategies of these market players,along with the market estimates and forecasts for their clinical trial software.

Solutions

  • Competitive Analysis
  • Pricing Analysis
  • Technology Analysis
  • Regional Revenue Analysis

Tracking Recent Investments in AI Enabled Robotics

A U.S.-based robotic system manufacturer had significantly invested in artificial intelligence. The client approached Straits Researchfor market data on AI-enabled robotic systems. They were primarily interested in market data pertaining to recent advancements in AI-enabled robotics and total investments in this area. The client was also looking for the year-on-year growth of this technology and its adoption regionally.

Straits Research provided the client with reliable data on to-date investmentsin the field of AI-enabled medical robotics globally. We also provided market estimates and forecasts along with the year-on-year market growth rate to help our client in understanding the future of AI-enabled medical robotics.

Solutions

  • Technology Analysis
  • Market Share Analysis

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Healthcare IT

Covid-19: What happened and the What next
Impact of COVID-19 on Healthcare IT Industry

The COVID-19 pandemic has been catalyzing the implementation of digital health technologies in a way that the industry has not previously encountered. As healthcare workers, researchers, and governments struggle to control the transmission of the highly infectious disease that has already infected more than 700,000 people worldwide and claimed more than 30,000 lives, robots are now being deployed to administer care and provide help for patients in quarantine.

The digital-first health policies that many countries have implemented to monitor the spread of the virus have irrevocably rerouted the way healthcare systems operate. Remote monitoring and telehealth platforms and AI-enabled evaluation apps and devices have become the new norm. The U.K. represents a classic example. With significant progress in digital health readiness, the country's growing alliances promoted a healthy tech market, meaning that when COVID-19 hit, several companies provided solutions by improving existing technologies rather than starting from scratch.

Ada Health's Novel Application Screens for COVID-19

One such partner was Ada Health, the personal health companion provider that aids in identifying ailments by responding to symptoms and data supplied by patients. Ada built a novel application that specifically screens for coronavirus. It follows WHO guidance, asking multiple comprehensive questions in order to identify whether the patient is suffering from major (e.g. cough, exhaustion) or minor (e.g. muscle ache, loss of smell) symptoms, whether they may require urgent medical treatment, and whether they have any preexisting medical records that make them high-risk. It also offers personalized guidance custom-made to the specific conditions submitted by the patient, including whether or not they ought to seek further medical assessment.

Digital Solutions beyond Diagnosis and Evaluation

Digital approaches are not limited to diagnosis and evaluation. Orion Health provides its Outbreak Management System to alleviate the burden on acute facilities. The platform is divided into three modules.

  • Identify: To identify patients for remote monitoring and treatment
  • Manage: To manage patients preparing for hospital admission and, where applicable, post-discharge
  • Engage: A portal linking patients and health treatment professionals that allows for safe sharing of results and inquiries, eliminating the need for hundreds of phone consultations.

There is also a trend of using big data to inform solutions or drive innovations that do not meet GDPR or Data Security requirements. NHS-wide organizations are seeking to digitize and use remote work even more than ever, and the speed and rate of change are certainly far higher than ever.

Telemedicine: The Perfect Solution in the COVID-19 Pandemic

Telemedicine introduces itself as the perfect solution for the COVID-19 pandemic by restricting patient migration to clinics, allocating hospital resources to major cases, and curbing the spread of the disease.

  • PlushCare and Everlywell, plan to release at-home COVID-19 testing kits.
  • Doctor on Demand and HeyDoctor provide free coronavirus risk assessments. These then direct high-risk patients towards a video or phone consultation with a physician.

By introducing innovative telehealth technologies, doctors extend their scope – while quarantined – with the ability to examine and treat more patients remotely in a shorter time frame, reducing the number of patients entering hospitals and medical facilities. In March 2020, the Health Ministry of India finally approvedthe use of telemedicine to treat COVID-19 patients. The Centers for Disease Control and Prevention in the U.S. and the National Health Service in the U.K. have recommended telemedicine for identifying high-risk patients and treating other illnesses during the outbreak.

Robots for Disinfection, Drug and Food Distribution, and Assessing Vital Signs in the Fight against COVID-19

The global fight against COVID-19 has seen technology play an incredibly important role in helping citizens curb the spread of the virus and deal with current cases. Robotics is one of the key technologies that has made a big difference in the healthcare sector. An increasing number of hospitals around the globe are currently using robots to support healthcare professionals and patients alike. Robots can be deployed for disinfection, drug and food distribution, assess vital signs, and support border controls. As the pandemic intensifies, robots' potential functions will become more important than ever before.

  • In the S., at the Providence Regional Medical Center in Washington, COVID-19 patients are housed in isolated areas with two beds. Doctors take the aid of a robot installed with a microphone, stethoscope, and camera. This way, physicians can treat patients directly without coming into contact with them.
  • In the K.'s Edinberg, robotic researchers are working on the first healthcare robot to have conversations with more than one human continuously. The idea was created to assist elders.
  • In Australia, the technology company Blackbook.ai has developed a virtual assistant to help health professionals tackle an enormous amount of contact tracing — a tool that has also been praised as the main reason countries such as Singapore have managed to avoid a massive outbreak.
  • In China, the Disinfection Robot, UVD,is in high demand since the outbreak of the pandemic. The robot, built by Blue Ocean Robotics from Denmark, has been ordered by a large number of hospitals in the region. Such robots were successful in tracking down the virus at Wuhan, the virus' epicenter.
  • Robots were used to test temperatures in South Korea and distribute hand sanitizers. UiPath collaborated with local Chinese player Wuhan Shuhu in February 2020 and launched a 24-hour online portal that provided fast access to each patient's newest condition through a database of 2,500 hospital medical workers. The 5G technology also provides for rapid transmission of images and other data between hospitals, enabling doctors to contact their peers in other cities such as Beijing, Shanghai, and Guangzhou.

In conclusion, telemedicine, AI-enabled medical devices, and blockchain electronic health records are just a few concrete examples of digital transformation in healthcare that will have a positive impact and aid the fight against COVID-19.