It’s no secret that the world is changing at an alarming rate. With technology advancing faster than we ever could have imagined, it’s more important than ever that we invest in health tech.
Increase of Investors in Health Tech
With the increase of investors in health tech, people see some fantastic advancements in the field. From innovative new treatments to cutting-edge diagnostic technologies, health tech is evolving at an unprecedented rate.
There has been an increase in investors in health tech in recent years. This is because they recognize the importance of harnessing technology to improve healthcare. Public relations agencies for healthcare often broadcast news about new investments into health tech, knowing that it’s a highly-regarded field that continues to innovate and create new developments. Learning about recent advances makes people more interested and look forward to what comes next.
Futuristic Health Care
One of the most exciting areas of health tech innovation is in the field of genomics. Thanks to new advances in sequencing technology, scientists can now sequence an individual’s genome for just $1,000. This has the potential to revolutionize healthcare by allowing us to personalize treatments and therapies specifically for each individual.
Another exciting area of health tech innovation is in the field of robotics. We’re seeing new robots that can assist with everything from surgical procedures to rehabilitation. These robots are helping to reduce costs and improve outcomes for patients.
Benefits in Investing in Health Tech
Reduction in costs
Health tech can reduce costs by automating tasks and improving efficiency. For example, the National Coordinator for Health Information Technology recognizes that electronic health records (EHRs) can reduce medical facilities’ transcription costs, chart pulls, and re-filling costs.
Improved patient outcomes
Health tech can help improve patient outcomes by providing timely and accurate information. For example, an app that provides patients with information about their medications can help them better understand their condition and prevent more severe issues.
More effective treatments
Health tech can increase the efficiency of any treatment by providing accurate information and monitoring progress. For example, a wearable device that monitors heart rate and activity can help doctors better understand how patients respond to treatment and make adjustments as needed.
Diagnose and treat diseases more effectively
Health tech can help us better diagnose and treat diseases, preventing them from progressing. For example, a blood test that detects cancer cells in the bloodstream can lead to earlier diagnosis and more effective treatment.
3D printing can also help us better diagnose and treat diseases. For example, 3D printing can create custom prosthetics for patients with unique needs. Furthermore, 3D printing leads to bioprinting, tissue engineering, and eventually, 3D-printed organs for transplant.
Prevent illnesses from spreading
Health tech can help to prevent illnesses from spreading by providing timely and accurate information. For example, a disease tracking app can help identify outbreaks and notify healthcare providers to take appropriate action.
This is precisely what the COVID-19 tracker apps had aimed for. To tackle global pandemic outbreaks, they sought to generate health data about populations (who they met, came into contact with, where they went, and more). Their focus would improve communication between public health officials, companies, and citizens.
Improve our overall health and well-being
Health tech can help us improve our overall health and well-being by helping us track when we need to take medication, how much we’ve slept, our calorie intake, etc. For example, a smartwatch combined with an app can help someone who has diabetes monitor their blood sugar levels several times per day.
Patients can then share this information with a doctor who will access the data and use it to provide more accurate treatment. It can also help that person manage their condition more effectively daily.
Why Investors Are Interested
There are many reasons why investors are interested in health tech. Firstly, the market for health tech is growing rapidly. The global market for health technology was estimated to be worth $84.08 billion in 2019 and is expected to reach $220.94 billion by 2026.
In addition, the return on investment for health tech is high. The average profit margin for health technology companies is 22%. Since there is a shortage of healthcare workers worldwide, this presents an opportunity for health tech companies to fill the gap with their products and services.
Finally, insurance companies are increasingly willing to pay for health tech products because they’ve seen the positive effect on patient outcomes and reduced costs in other areas of healthcare provision. For example, an insurance company may pay for a wearable device if it means that a patient will manage their condition better, and the insurance company won’t have to pay for as many hospital visits.
Health Tech Is the Future
The future of healthcare seems to be in the hands of health tech. With technology advancing faster than we ever could have imagined, it’s more important than ever that we invest in health tech.
The market for health technology is growing rapidly, and returns on investment are high- not to mention how beneficial they can be for patient outcomes and reducing costs elsewhere within healthcare provision. This area’s potential to offer a world population whose demand for good quality care will only continue to grow as time goes by.
