Healthcare is one of the fastest-growing sectors of the economy. Research indicates that global healthcare spends rising at a never seen before rate ad will continue to do so in the coming future. It is projected to increase at a rate of 5.4 percent annually by the year 2022. As a result, the total expenditure in healthcare will grow to a whopping USD 10.059 trillion.
Multiple factors are impacting the performance of the healthcare system. Be it personalized medicines, use of exponential technologies, disruptive trends, rise in market competition, demand for remote hath care along with transformed public and private investment models. The healthcare IT services are ultimately looking for new technology, better collaborations and partnerships to ensure the well-being amidst the steep rise in costs.
But, the industry hasn’t been very acceptable to technology ever since its inception in the field. Even though a large percentage of the global population is on the verge of ageing, the scenario of universal health care is debilitating. Thanks to a few public and private programs all don’t seem lost. The world is heading towards a future by 2040, where healthcare will be transformed entirely. Even though we won’t be able to eliminate diseases, the health care existing today will experience a paradigm shift and cater to the needs of a lot more people at low costs and higher efficiency.
Data science, technologies like predictive analysis, machine learning and artificial intelligence will help in identifying and diagnosing a disease in a much better manner. Moreover, this would be the beginning of an era where medical experts intervene in health care more actively and better understand the progression of diseases. All this will point towards one thing- helping patients more effectively and ensuring their well-being is proactively sustained.
However, for a better future to exist in the healthcare industry, many traditional practices existing today, need to be transformed. It would mean a world with greater connectively, active adoption of technology and better decision making arising on account of these. In other words, key stakeholders and organizations in the healthcare industry need to innovate, since there is no other way out.
Let’s take a look at a few archetypes that are all set to emerge vividly in the future-
Multi-modal learning is the future of artificial intelligence. We do have unimodal systems existing in the world, but there is a need for more integrated and smart AI that can read, listen, respond and act at the same time. For the healthcare sector, this means capturing and analyzing the V’s of communication known as the voice, verbal and visual successfully.
According to a recent research project at Carnegie Mellon University in Pittsburg, multi-modal learning is being used explicitly in the healthcare sector for treating mental health. The algorithm aims at building an objective measure of mental illness symptoms.
The new multi-modal models will serve as complementary virtual humans who can recognize what you say, how you say it and the facial expressions and body gestures you use while saying it. As fascinating as the concept sounds, multi-modal learning is a tough nut to accomplish. But, the results are rewarding too. It brings machines closer to human intelligence in the sense that they are integrating multiple modalities to get a better estimate of people’s emotions and sometimes event heir personality traits.
Data and platforms will be the fundamental architecture of the innovative future of the healthcare industry. They will facilitate in a lot more things than they do today in our existing traditional system. With advanced data platforms in the picture, we are heading toward a tomorrow that generates many valuable insights for decision making.
The best part of these platforms is that they will work towards consumer-driven health with the help of various supportive factors. In other words, successful data platforms will be a collaborative effort of data conveners, science and insights along with data and platform infrastructure builder. As a result, we will have a collaborative environment in the future where some organizations collect data and ensure its privacy, some derive insights and define algorithms, and some develop site less infrastructure for execution.
Well-being and Care-delivery
The well being and care delivery services will be one of the essential archetypes responsible for innovation in the future of healthcare. They will be entirely made up of physical and virtual care facilities such as communities whose motto will be to deliver customer-centric products, care along with ensuring wellness and well-being.
But, there won’t just be a single stakeholder taking care of the entire operational efficiency in care delivery. The future will encourage a partnership among health product developers, customer-centric health community, speciality care operator along with localized health hub. Each will have a role defined in the system so that timely care and services are delivered to the customer in a hassle-free manner. Most of the healthcare will take place in localized hubs that will serve as the centres for education, prevention and treatment of a disease. For higher customer satisfaction, these hubs will also connect to virtual and auxiliary wellness providers.
With innovation in the picture of healthcare, we need an engine for technologies to run, medical experts to make high-level decisions and care to be delivered seamlessly to the customer. Care enablement will serve as the quintessential engine to this integrated system and help the industry run hassle-free. It will be composed of financers, regulators and connectors, who drive innovation pro-actively while promoting the consumer and public safety.
For the healthcare industry to advance and ensure the well-being of a large population in the coming future, innovation will be the ultimate key. As new technologies and data harnessing platforms come up, more and more organizations will work together, facilitating a higher degree of collaboration. This cohesive strategy will not just have an impact on the overall health of the population, but also reduce healthcare costs for the customer in the future.