Revisiting Advancement in the Healthcare Industry: The Biggest Trends of this Decade
The global healthcare industry is potentially the most rapidly evolving, advancing, and changing industry worldwide. Over the past decade, the industry has witnessed significant trends, challenges, and growth drivers. Major incidents of every kind, be it political, social, environmental, or industrial, directly impact this industry and the companies within it in various ways. Regulatory policies, […]
The global healthcare industry is potentially the most rapidly evolving, advancing, and changing industry worldwide. Over the past decade, the industry has witnessed significant trends, challenges, and growth drivers. Major incidents of every kind, be it political, social, environmental, or industrial, directly impact this industry and the companies within it in various ways. Regulatory policies, changing consumer demands, increasing environmental awareness and disasters, and industrial advancements are some examples.
Recently, the healthcare industry has been plagued with changes and challenges due to the COVID-19 pandemic. There is a sudden need for innovation, an upsurge in workload, new sets of regulations and policies, increased political pressure, and a series of social challenges across the global healthcare industry. In an industry as fast-paced as this, companies need to keep abreast of major changes and trends that will impact their business. Additionally, healthcare industry players should identify, evaluate, and efficiently strategize for these trends to maintain a strategic edge.
As industry players recover from the pandemic and attempt to guide the world through to the other side, our trends analysis experts have chosen to discuss some of the most significant trends that the healthcare industry has witnessed and experienced the impact of over the past decade.
The healthcare industry has seen significant trends over recent years, and companies need to keep abreast of market dynamics to maintain a strategic edge. Request a free proposal to learn how our trends analysis solutions can help you identify and strategize for market trends.
Four Significant Healthcare Industry Trends in this Decade
Trend 1: Digitization and New Healthcare Channels
The increased use of digitization and high dependence on convenient technology has led to a drastic shift in customers’ expectations. With the availability of new channels and platforms such as digital tools and mobile applications, healthcare industry players must embrace and capitalize on this trend and improve healthcare. Through mobile applications and other digital devices, consumers can directly access healthcare professionals with ease and convenience, reducing expense, travel, and infection risks in certain cases. Additionally, these tools can also help professionals provide a faster diagnosis, keep track of patients’ data, and deliver healthcare at any point in time. This, in turn, reduces the need for delays in treatment, increasing the severity of health conditions, and substantially reduced hospitalization.
Trend 2: Adoption of Advanced Analytics
As dependence on digitization has increased, so has the value of data and advanced analytics. Healthcare companies can now use data procured from the various digital touchpoints during patient care to develop actionable insights, improve the patient experience, and create an optimal patient care journey. Procuring, analyzing, and understanding the data available to healthcare companies can transform the interactions between professionals and consumers and allows for an overall improved experience for all parties. Payers and providers can also gain access to crucial data regarding healthcare consumers to improve their services and offerings. Leveraging data and advanced analytics is another step towards an optimized and efficient healthcare system.
Unsure of how you can incorporate digitization and technology in your organization and improve your patients’ experiences? Speak with our industry experts and learn how to capitalize on the healthcare industry’s biggest trends.
Trend 3: Electronic Health Records (EHR)
Technology and digital platforms have made the world, and the healthcare industry, a smaller place. Healthcare institutions and professionals adopt cloud-based electronic health records (EHR), which maintains all health records efficiently and conveniently. EHR systems enable healthcare providers to track patients’ records, experiences, conditions, challenges, treatment plans, and administrative information. This reduces the burden of keeping track of paper records for both the provider and the patient and allows professionals to focus on providing care instead of tracking medical and administrative information. Providers also used the cloud-based EHR systems to share data across departments, such as laboratories, diagnostics departments, and out-patient or in-patient departments.
Trend 4: Rise of Patient-Centric Care
An added and crucial advantage of data, analytics, and EHR systems is the ability to provide an improved and patient-centric healthcare experience. Patients can avoid the hassle of hectic documentation, receive fast and efficient treatment, stay updated on treatment plans and prescriptions through digital tools, and interact with healthcare professionals within seconds. Additionally, payers and providers can access and analyze patients’ healthcare records, identify pain points through the patient journey, provide improved care, and ensure medication adherence with digital tools and data. This also enables providers to create a more personalized and comfortable experience for their patients. With access to relevant data, professionals can quickly assess and address focus points and help them feel comfortable and safe.
Trends Analysis in the Healthcare Industry
These trends have had a significant impact on the healthcare industry over the past decade. The evolution of technology and digitization has transformed the industry and improved the healthcare experience for the payer, providers, and patients. As the world struggles with the COVID-19 pandemic, the established digital systems enable faster innovation, improved healthcare for affected patients, and reduced the impact of social distancing and hygiene protocols. Healthcare companies that have diligently embraced and capitalized on these trends over the last few years have a significant strategic advantage over their counterparts who are yet to utilize technology in the best way possible.
Keeping abreast of industry trends can be a crucial differentiator for businesses in all industries, and even more so in the fast-paced healthcare industry. Therefore, top healthcare industry players have started leveraging trends analysis solutions to gain an unparalleled strategic advantage and stay ahead of the curve. Leveraging Infiniti’s trends analysis solutions enables healthcare companies to track and stay updated on current and upcoming trends in the industry. Additionally, our experts provide companies with crucial in-depth and data-driven insights regarding trends and the optimal strategies to prepare for or capitalize on them.
Our trends analysis solutions can transform your approach to significant market trends and help you set your organization apart from competitors. Request more information and learn how our solutions can prepare you for the changes in the industry.