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Health Technology Trends for 2024

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Health Technology Trends for 2024: Driving Operational Efficiency and Transformative Care

As we step into 2024, the healthcare industry continues to grapple with overburdened health systems and the urgent need for digital evolution. The lessons learned from the past year have underscored the importance of digital transformation in healthcare, particularly in overcoming long-standing inefficiencies and enhancing patient outcomes. This article will explore the top health technology trends for 2024 that are set to revolutionize healthcare operations and patient care.

medtech industry revenue 2024

Published by – Mediobanca 

Recognizing the Urgency of Digital Transformation

The urgency of digital transformation in healthcare has never been more apparent. Aging infrastructures and inefficient care processes have long plagued the healthcare sector. However, the advent of digital solutions promises to alleviate these burdens and revolutionize healthcare operations. As we delve into the top health technology trends for 2024, it’s crucial to understand the driving force behind these trends: the urgent need for digital transformation in healthcare

Embracing Digital Transformation in Healthcare

Digital transformation is enabling healthcare organizations to streamline administrative tasks, enhance interoperability, and improve patient care. Here are some ways in which digital transformation is reshaping healthcare:

  1. Streamlining Administrative Processes

    Digital transformation allows healthcare organizations to automate administrative tasks such as patient registration, appointment scheduling, and billing processes. This not only improves efficiency but also allows medical professionals to focus more on patient care

  2. Enhanced Interoperability

    The integration of digital solutions and electronic health records (EHRs) promotes seamless data exchange and collaboration among healthcare providers. This ensures that patient information is readily accessible, leading to better-informed decisions, improved care coordination, and enhanced patient safety.

Olive’s Top Health Technology Trends for 2024

As we look ahead, several key trends are poised to shape the healthcare landscape in 2024:

1. Generative AI in Healthcare

Artificial intelligence (AI) is more than just a digital transformation trend in healthcare: it represents medical innovation. The healthcare AI-powered tools market is expected to exceed $34 billion by 2025. Chatbots are streamlining the process of serious illness determination and freeing up valuable human time. Optimizations of inpatient and outpatient systems are helping to improve two of the least efficient processes in modern medicine. These are vastly improved by automated medication reminders, the digital front door, and even personalized dosage recommendations. Adopting hyper-automation allows healthcare to benefit more than most.

Artificial Intelligence (AI) will continue to play a pivotal role in healthcare, particularly in aligning providers and patients for improved health outcomes. Generative AI can help streamline administrative tasks, a significant contributor to healthcare worker burnout and patient care abandonment. Technology can optimize operational efficiency and tackle the pervasive challenge of patient engagement. Potential applications range from diagnostics to administrative tasks.

Vendors like Olive are already leveraging AI to streamline the procurement process and manage healthcare tech stacks efficiently. Other vendors are integrating AI into their systems to automate time-consuming steps, allowing healthcare professionals to focus more on patient care.

2. Data Protection and Cybersecurity in Healthcare

With the increasing digitalization and connectivity of medical devices, data privacy and cybersecurity have become top priorities in 2024. Over 65% of healthcare organizations recognize cybersecurity as their primary IT infrastructure challenge.

The Role of AI and Machine Learning in Cybersecurity

The emergence of AI and machine learning in cybersecurity is set to redefine how healthcare organizations protect their digital assets. These technologies can help detect and prevent cyber threats more effectively, enabling healthcare providers to safeguard sensitive patient data and maintain the integrity of their IT infrastructure.

When it comes to patient data, security must be top of mind. Recent data breaches support this. Healthcare data breaches are becoming more common, and a key aspect of healthcare is security. It’s crucial that healthcare organizations have enhanced security measures in place. We expect to see healthcare organizations putting greater emphasis on the protection of patient data in 2024. We expect to see hospitals and health insurance providers beginning to adopt biometric authentication, encryption and additional security measures like two-factor authentication before then. More regulations will be put in place to ensure the privacy of patient data.

3. Precision and Personalized Medicine

Personalized medicine is another trend that will revolutionize healthcare in 2024. This approach tailors medical treatment to individual patient characteristics, preferences, and needs, leading to more effective interventions and improved patient outcomes.

Precision and personalized medicine are expected to be significant trends in 2024. Vendors that can offer solutions in this area, such as genomics or personalized treatment plans, will likely be at the forefront of healthcare innovation.

4. Improved Communication Between Providers and Patients

In 2024, providers will have more efficient and personalized communication with patients. Thanks to digital transformation, patients will have access to their own health data and will be empowered to make better decisions about their care. Solutions such as Patient Experience Platforms can help achieve this.

As health care rapidly evolves, patient experience becomes more efficient. From improving scheduling and check-ins to minimizing paperwork, offering remote visits, sharing lab results, and providing two-way communications with providers in between visits, healthcare organizations and tech are finding new ways to provide a positive care experience.

Health systems consider digital capabilities a path to fundamentally transform their relationship with consumers. A recent Deloitte report stated that respondents hope to achieve better patient experience (92%) as the top desired outcome of digital transformation. This customer-centric approach will improve patient experience and improve newer forms of care delivery using digital technology.

5. Telehealth and Health Content Advance to the Next Level of Maturity

As private and public entities fund telehealth research studies, digital health leaders expect to see more energy behind evidence-based telehealth. This will answer questions around patient targeting, the use of remote teams, and whether telehealth is an option or being used to address access issues.

6. Predictive Healthcare Data

Predictive healthcare can forecast illnesses and diseases that will become major problems in the near future. Information aggregated through Big Data and other marketing sources can help healthcare companies develop healthy lifestyle recommendations for their patients. Predictive healthcare models can be used to anticipate the next big health scare and help governments, healthcare professionals, and companies prepare. The predictive analysis could also help hospitals decide when to hire temporary staff due to impending outbreaks of colds and flu that could result in a worker shortage.

7. EHR Systems

Electronic medical records, managed with EMR software and electronic health records, handled by EHR software, have revolutionized the way patient records are entered and processed. The future of EHR is promising for patients and the ease of providing superior care by physicians and medical facilities using digital technologies. In the coming decades, we expect significant growth in accessibility, integration, and interoperability between EHRs and EMRs.

As health care rapidly evolves, patient experience becomes more efficient. From improving scheduling and check-ins to minimizing paperwork, offering remote visits, sharing lab results, and providing two-way communications with providers in between visits, healthcare organizations and tech are finding new ways to provide a positive care experience.

Health systems consider digital capabilities a path to fundamentally transform their relationship with consumers. A recent Deloitte report stated that respondents hope to achieve better patient experience (92%) as the top desired outcome of digital transformation. This customer-centric approach will improve patient experience and improve newer forms of care delivery using digital technology.

8. Data

The application of big data analytics in healthcare has positive and life-saving outcomes. Big-style data refers to the vast quantities of information created by digitizing everything that gets consolidated and analyzed by specific technologies. It will use specific population health data within a healthcare context and help prevent epidemics, cure disease, cut costs, and more. For the healthcare industry, big data can provide several important benefits, including:

  • Lower rate of medication errors – software can identify inconsistencies between a patient’s health and drug prescriptions, flagging the problem to health professionals and patients when there is a potential risk of a medication error.
  • Facilitating Preventive Care – a high volume of people coming into emergency rooms are recurring patients, accounting for up to 28% of visits. Big data analysis could identify these people and create preventive plans to reduce the volume of their visits.
  • More Accurate Staffing – big data’s predictive analysis could help hospitals and clinics estimate future admission rates, which helps these facilities allocate the proper staff to deal with patients. This saves money and reduces emergency room wait times when a facility is understaffed.

Blockchain

Blockchain is a digital ledger or a computerized database of transactions. Shared across a network of computers, it allows customers to safely exchange financial information with suppliers, without the need of a third party such as a bank. Blockchain technology will soon play an instrumental role in keeping electronic health records accurate and safe. According to a recent report, healthcare blockchain is expected to reach $890.5 million by 2023.

The next healthcare frontier is the metaverse, which combines DeFi, NFTs, decentralized governance, decentralized cloud services, and self-sovereign identity. There are already companies working on creating metaverse platforms geared towards healthcare. For healthcare, the next phase will be the creation of a comprehensive meta-health ecosystem. Key features will include collaborative working, education, clinical care, data monetization, and gamification.

9. On-demand Healthcare

As patients increasingly desire on-demand healthcare because of their busy lifestyles, the healthcare industry is entering a new era of digital innovation. Mobile applications are becoming increasingly popular, with statistics showing that more than 50% of all web browsing worldwide occurs on mobile devices as of 2018. On top of this, four billion people are on the Internet globally, adding to the possibilities that digital transformation in healthcare offers.

Virtual Healthcare Assistants

Virtual healthcare assistants, powered by AI, will become an integral part of healthcare delivery. These AI-powered assistants can manage appointments, remind patients about their scheduled visits, and even monitor conversations to identify early signs of health issues like depression or anxiety

Mental Health Tech

With the increasing focus on mental health, vendors offering technology solutions in this area are expected to gain prominence.
This could include apps for mental health tracking, teletherapy platforms, or AI-driven mental health assessments.

Agetech

Agetech, or technology aimed at addressing the needs of the aging population, is another predicted trend for 2024
Vendors offering solutions in this area, such as remote monitoring or assistive technologies, will likely see increased demand.

Wearable Medical Devices

It’s clear that the pandemic has accelerated the healthcare industry’s digitalization, and this is particularly evident with wearable technology. In the digital age, patients increasingly focus on prevention and maintenance and seek out information about their health more consistently. Consequently, healthcare companies continue to  invest in wearable technology devices. These can provide up-to-date monitoring of high-risk patients to determine the likelihood of a major health event.

According to a recent report, the wearable medical device market will reach more than $27 million by 2023.

In 2021, the medical technology Industry generated revenue of approximately 536 billion euros. This statistic shows how the global MedTech revenue was distributed across regions. According to the data, 36 percent of the global revenue was generated in North America, while the market in Asia-Pacific accounted for approximately one quarter of the total revenue of the medical technologies industry.

Sourcing Healthcare Technology Solutions

The benefits of a successful digital transformation are reshaping healthcare globally. However, there remains a gap between recognizing these benefits and finding the right provider to implement them. At Olive, we aim to bridge this gap and unlock the optimization improvements that are urgently needed. To choose the right healthcare technology solutions, organizations must be diligent in their evaluation of solutions against the needs of the organization and key stakeholders.

1. Identify Organizational Needs

The first step is to identify areas of inefficiency and envision what the future of healthcare looks like for your organization. This involves engaging with various stakeholders, such as department heads, medical professionals, and administrative staff, to gather insights into the challenges they face and the improvements they would like to see.

2. Gather and Rank Requirements

Prioritize the features you need from the technology to ensure that it addresses your biggest challenges in the form of detailed requirements. This may involve creating a list of must-have features, as well as nice-to-have features that could further enhance your organization‘s operations.

3. Develop a Long List of Health Technology Vendors

Locate every possible option that can satisfy your needs. Keep an open mind as vendors might offer solutions in ways you haven’t thought of or experienced before. Research various vendors, read reviews, and gather recommendations from industry peers to create a comprehensive list of potential providers.

4. Determine the Shortlist of Health Technology Vendors

Trim down your list to the best 3-5 vendors that match your requirements. Consider your budget and test your options rigorously. Evaluate each vendor based on their ability to meet your prioritized requirements, compatibility with your existing systems, and the level of support they offer.

5. Demo

Conduct deeper research and review of your options. Ask for references, speak to current users, read available online resources, and most importantly, ask for a demo. During the demo, involve various stakeholders to ensure that their voices are heard and their needs are addressed. Prepare a list of questions to ask during the demo and evaluate each vendor based on their ability to meet your organization’s specific needs.

At Olive, we are committed to helping you source and manage your healthcare tech stack in the most efficient and effective manner. We recognize the value of time, cost, and risk reduction for our clients, and we excel in shortening the procurement process by several months. Whether you require a single solution or a complete overhaul of your tech stack, Olive helps your organization collaborate closely to understand needs, prioritize requirements, so you find the best healthcare tech for your organization

AI, Healthcare, Trending Insights
Digital Transformation, Healthcare, HealthTech, Software Selection

Find Best-Fit Health Tech Vendors With Olive

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