Healthcare spending in the US is expected to double over the next 20 years. Investment in new technology is a major reason why. While these technologies will eventually bring cost savings and improve access to quality care, the cost to switch is high. 4 in 5 healthcare providers are increasing their investment into technology over the next 5 years.
New healthcare investment into technology will likely go to 4 broad categories. The categories are telehealth, digital devices/therapeutics, artificial and augmented intelligence, and personalized healthcare. Most people already understand telehealth and wearable monitors, so this article will focus on the latter 2.
AI-enabled medical solutions could be worth $9.6 billion by 2029. While many fear AI will replace human caregivers, it is more likely to enhance the capabilities of existing clinicians instead. Extended reality headsets can assist with clinical training, patient therapy exercises, and treatment.
Personalized healthcare is the form of technology the common person is least likely to be familiar with. PHC covers a broad category of services like genetic testing, predicting disease risk, and customizing dosages of medicine. Over the years, the cost of testing DNA has fallen from almost 1 grand to as low as $60.
