2020 has taught us to expect the unexpected and has also revealed the shortcomings of the healthcare system – both in the US and worldwide. In this article, we will reflect on the impact of the year 2020 on the healthcare industry, and look at its challenges and achievements from the technology perspective. Read on to learn more!
At the beginning of 2020, analytic bureaus like McKinsey were prophesying increased data security concerns, as well as the growing concerns about the affordability of medications and healthcare services. The analysts were predicting the search for new business models with an increased emphasis on adopting leading-edge tech to make healthcare accessible and affordable for everyone.
Needless to say, the COVID-19 crisis has brought these issues to the forefront, while revealing the overall lack of the healthcare system’s resilience amidst the pandemic. The main shortcomings that we’ve collectively experienced during the coronavirus outbreak included:
Lack of coordination
In an emergency situation, many local communities were lacking a concrete, coherent step-by-step plan to curb the pandemic. Hence, their efforts were disparate, poorly coordinated, and, often, inefficient.
Lack of tests, hospital beds, and supplies
All of a sudden, there was a pressing shortage of masks, gloves, sanitizers, not to mention more complex equipment like lung ventilation units. It also took some time to launch the on-going production of tests for diagnosing COVID-19.
Lack of qualified personnel
Healthcare professionals who are normally working on tight schedules had to handle extremely high workloads. This, as well as the lack of medical supplies, has forced them to lower patient care standards.
A large number of people remaining undiagnosed and untreated
Healthcare cost is one of the crucial vulnerabilities of the US healthcare system. Because of the high cost of healthcare services, many people were left undiagnosed and received zero treatment.
Slow vaccine development
A major pain point of the global pharmaceutical industry is its focus on chronic disease treatments, rather than vaccine testing and development. This has left without any preventive measures in the midst of the covid outbreak. The vaccine against COVID-19 was developed and launched into production only by the end of 2020.
Top Tech Trends of 2020
The healthcare crisis caused by the pandemic has accelerated the technological advancements in healthcare and has stressed the importance of the security compliance of medical apps and solutions. To withstand the impact of the covid outbreak, the healthcare industry had to adopt emerging technologies, such as:
Telemedicine
Telemedicine appeared to be a viable means of both maintaining secure social distance during the pandemic and handling an increased flow of patients. By reducing travel and wait times, telemedicine allowed doctors and physicians to examine more patients and reduced the risk of contracting COVID-19 to a reasonable minimum.
In 2020 the US government lifted telemedicine restrictions because of the pandemic. This accounted for the emergence of about 80 additional telehealth services. As a result, the consumer adoption of telehealth services increased to 49% – which is a substantial growth rate compared to 11% in 2019. In 2026, the global market for telehealth services is expected to reach $175.5 million, as reports Statista.net.
Electronic Health Records
In 2020, we have also witnessed the increased adoption of EHR systems, driven to a large extent by the growing number of online interactions. On top of that, many existing EHR systems have been expanded to track COVID-19 trends, which turned out to be a huge asset for hospitals enabling them to predict the potential number of beds for COVID-19 patients and plan their supplies. The figures speak for themselves – in 2020, as much as 89% of hospitals in the US have adopted electronic health records, with the exceptions of small rural hospitals and standalone practitioners, who will still have to digitize their medical practice.
Embedded Solutions for Healthcare
The rise in the use of embedded solutions healthcare that we saw in 2020 has also emerged in response to the pandemic. Embedded devices were used for tracking the progress of a virus, monitoring the state of patients, and alerting medical professionals if the patient needs urgent care. The healthcare wearables market has received an unprecedented boost: as many as 30 million devices, including connected blood pressure monitors, continuous glucose monitors, pulse oximeters, and electrocardiogram monitors were sold during 2020.
Tech companies have also partnered with healthcare organizations to create new devices for monitoring patients’ vital conditions both in and out of hospital settings. In the future, the market for embedded solutions for healthcare will continue to expand at a CAGR of 28.5%, according to surveys.
Electronic Lab Systems
The rush to create a new vaccine and the need to conduct numerous tests for COVID-19 has accelerated the implementation of electronic laboratory solutions: from electronic laboratory notebooks to full-fledged lab management systems like LIMSyms. Digital solutions for diagnostic and research labs are helping to eliminate paperwork, streamline operations, and facilitate data interchange between researchers. While the global market for electronic laboratory notebooks has reached $1 million in 2020, it is predicted to reach US$613.7 million in 2027.
AI in New Drug Discovery
Artificial Intelligence has also played a key role in the testing and development of COVID-19 vaccines. In March 2020, several institutions including the US government created the COVID-19 Dataset, an open resource of covid-related data for the AI community. Numerous companies have been using AI-driven drug development to come up with cures for COVID-19. Companies have also been using AI to detect existing drugs that could be effective in fighting the virus. Machine Learning algorithms help scientists understand the structure of SARS-CoV-2, and detect the components that trigger the immune response. Using AI, scientists can select the potential vaccine elements, track virus mutations, decipher experimental data, and accelerate the discovery of drugs and vaccines.
AI in drug discovery is one of the most lucrative markets these days. While its size in 2020 constituted $603.5 million, it is expected to reach $3.5 billion in 2027 growing at a CAGR of 28.8%.
Final Thoughts
As you have probably noticed, none of these tech trends is absolutely new. The advent of these technologies has been taking place long before 2020, but the COVID-19 pandemic has accelerated their adoption and prompted governments to lift regulations that previously hampered their implementation. While this has facilitated the long-awaited digitization of the healthcare industry, some problematic issues such as data security and interoperability still demand urgent attention.