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The world stays in the COVID-19 anabiosis, the vaccine is in the process of completion, and the new mutation cell spreads like a caterpillar. But let’s forget about all negativity that currently impacts the healthcare industry, and let’s look at the more positive side of it. Since most of us are staying isolated at home, how do medical startups benefit from the current world’s state?
And here’s a short and both concise answer for it: The world conditions have changed towards new technological solutions. Because they are: remote, flexible, and can combine with the current emerging trends in healthcare to simplify a lot of complex processes.
Let’s recap the current situation of the healthcare industry. See whether there are any healthcare startups worth mentioning. And understand whether you should breakthrough your idea with the help of the current trends in the healthcare industry!
Healthcare Industry current state
Like any other business industry, a healthcare one was slowly taking its turn to develop across all countries steadily. However, a particular disease got the hand of the world’s wheel, causing an impact upon the healthcare industry, which led to its rapid development. Therefore, below we highlighted the current state and the issues occurring in the hospital industry.
Prevention vs. Treatment
A very peculiar and intriguing fact is currently facing the healthcare industry, unnoticed within the customers’ trust. There is a very high debate on what kind of source people trust to prevent and treat specific diseases.
On the one hand, we have healthcare providers who are open to their patients. They excel at treatment procedures of any given person’s disease rather than prevention. As seen below, around 59% of all interviewed say that they would instead go to the hospital to treat serious health diseases.
Data Privacy
Ever since the increased popularity of medical digital products, all healthcare startups should test their apps more frequently. Because the privacy aspect of your patients’ data is one of the others that is building trust for your product. Ever since the 1996 HIPAA Act declaration, many businesses have started to be very careful around patient data. And now, the importance of data privacy for hospital patients has never been so high before. All digital apps or platforms must ensure the confidentiality of data and that executed actions will benefit the patients’ interests.
Just during the previous year, the number of data breaches has been at its peak since 2009. It was estimated that every day in 2020, the number of data breaches would reach almost up to 2.
Price Increases
As the demand for various health treatments grows and becomes much more apparent, the offer increases drastically in a money format. Therefore, the companies or startups focused on healthcare services should look out for innovative ways to develop their monetization models. Since all patients are looking for value and not the results. So, you need to make sure they will get what they came for. By building a smart growth strategy to help lessen the financial burden.
Huge capital Investments
As the prices of health provider services continue to rise, more governments are starting to invest in the healthcare industry. In 2020, it reached up to $80.6 billion in equity funding. According to the CB Insights report, “the funding trend was on the rise through the previous year, during the pandemic changes in various countries.” And that it will continue to stay on the same bar or slightly higher till the discovery of proper COVID-19 vaccination.
Emerging trends in Healthcare Startups
Artificial intelligence
Ever since the integration of AI technology has become possible, lots of businesses have automated various processes more straightforward and flexible. However, what about the emerging trends in healthcare? How has it affected hospitals all across the world?
Even though health providers are afraid to integrate AI into their work due to the fear of being replaced, they are working things out. Various private hospitals began to utilize AI-apps in their scanning devices. This technology is used to collect and organize accurate medical images and data of a patient’s history and scans. The AI technology is currently being used for imaging diagnosis in genetics, labs, pathology, and other healthcare areas. All of that AI technology combined with Machine Learning can make various decisions based on lots of patient data.
AI technology is not used for simple optimization purposes or foreseeing the fastest route possible, making the right decision in a patient’s life. It assists doctors and experts in making much more clear and precise diagnoses with treatment options and alternatives.
Virtual Reality
The evolving VR technology is disrupting and ripping apart every single business industry out there. And it’s not a joke. You can find any utilization space in any given industry. You can even implement a technology that could see through the human’s body and analyze his/her internal organs. While it sounds fantastic, we have yet to see such a technological opportunity.
As of right now, the VR headset technology is assisting the industry and is considered as one of the emerging trends in healthcare. For example, various surgeon students are practicing and observing the visual and interactive classes of real-time operations. This is truly a very solid example of how the digital solution can significantly benefit the healthcare industry trends.
Another example is when VR technology is used for patients that suffer from a stroke. Since this digital technology is compared to regular physical therapy, the first one allows more diverse interactions. Meaning that the patients will gain control of their bodies faster.
The VR/AR technology has started with simple games, and now it is slowly beginning to pick up the pace. It is seen in various health sectors that could leave a significant impression on a regular patient. The healthcare business sector’s global VR technology trends are foreseen to reach $5.1 billion by 2025. If you are a healthcare startup, leave a short description of your project on our Product Development Strategy Session and start your project now!
Wearable Devices
This is a remarkable trend that keeps going on, which is all about building a set of wearable devices. This allows their product for a much more comfortable and convenient approach for collecting necessary patient data.
Currently, most healthcare providers are trying to invest more into wearable technology devices. They can provide both conveniences of the use and the prevention factor before a major accident can happen in a person’s life. According to Statista, the estimated number of connected devices will drastically increase in 2022, by 32% compared to 2020. The market size of wearable medical devices was at USD 16.6 billion in 2020 and will grow by 26.8% from 2021 to 2028.
Here are a few healthcare startups who made such devices and now are gaining a stable position in the health industry:
Disease-Predictive Products
The last and one of the popular emerging trends in healthcare is implementing wearable devices and mobile apps. This current technological breakthrough allows us to collect, predict and prevent the chances of early-stage medical conditions of various diseases. Through Big Data and Machine Learning, many healthcare startups are trying their best to help multiple health providers create lifestyle recommendations for their patients.
Notable digital health startups to look out for
The current amount of emerging trends in healthcare industry is not sitting around and doing nothing. Apart from developing a Covid-19 vaccine, many healthcare startups took an opportunity and actively created and promoted their digital products. According to this source, it was estimated that the number of people who download and use medical apps increased during last year by 37%. There’s no doubt that there is a massive potential for any emerging trends in healthcare to come into the game. More than that, more companies and medical startups included are receiving funds for creating digital solutions. Last year, the funding amount reached up to $26.5 billion.
There is no doubt that there are vast opportunities for emerging trends in healthcare to join the game in 2021. But which healthcare startups showed their true unique product opportunities? Who are the ones that never gave up and made it through till today? Who are the ones that currently stand at the peak of their development process and gain a lot of attention? To answer all of these questions, we picked out the most prominent healthcare startups whose products have been recognized globaly.
KRY
A recent yet significant startup that began its roots in European hospitals in 2015. At first, the digital product (which is a telemedicine app, one of the emerging trends in healthcare) was not accepted widely across Europe. However, after the global pandemic has begun, the amount of active users has doubled since last year February. Meanwhile, the vast majority of doctors have all agreed on the significance of this app. Due to the safe healthcare consultations that all hospital professionals can provide via this app.
FibriCheck
This product can be easily considered one of the most incredible and innovative mobile apps for healthcare industry trends. FibriCheck is a leading digital solution, officially recognized as the world’s number one app for monitoring your heartbeat interval. Goal? To acknowledge any beat irregularities and prevent heart diseases early on.
Once our team saw this fantastic product, we wanted to shine some light on it. Therefore, we took an opportunity and wrote a whole story about the FibriCheck pathway of their success!
PathAI
To demonstrate one of the most innovative and disruptive medical startups in the emerging trends in healthcare, there is PathAi. This product combines both AI and Machine learning to identify cancer cells inside your organism and solve pathology issues. The AI part consists of collecting data on cancer patients. Machine Learning is utilized to integrate technologies that improve possible treatments. PathAI assists pathologists with algorithms that extract images from the clients’ blood cells. They detect cancer early on and decrease the rate of human errors.
It’s a genuinely magnificent digital solution that can slowly integrate into modern hospitals.
K Health
K Health is a product for seeking quick guidance and information about their current health condition. It is an exciting product in terms of identifying your potential diagnosis. Since the digital product does collects and combines various data from all of its users anonymously. Once done, artificial intelligence will analyze all of it to provide an insight on how you can manage your current health conditions by yourself.
More than that, by providing the list of your possible diagnosis and symptoms, the app connects with the list of local specialists. So this solution is a must-try app for anyone who searches their symptoms and can’t possibly understand what is going on with him.
Caption Health
A startup named Bay Labs has produced another magnificent solution to benefit the current healthcare industry trends! They released a digital solution called “Caption,” described as a “device for detecting cardiovascular diseases”. The product combines AI deep learning with cardiovascular images to prevent or detect the diseases currently happening in the patient’s heart.
The startup aims to accomplish a medical product for detecting cardiovascular diseases. It has a second goal though. Educate and train medical professionals about echocardiograms and make them accessible for all med experts. Caption Health is now widely recognized as one of the promising AI medical startups that can impact the future of the healthcare industry trends.
Want to be next on the list of unique ideas but are afraid to choose the right tech pattern? Or you are afraid to fall with your vision and end it like that? Put your sorrowful worries away and call JetRuby today! We are an experienced and professional digital agency that supports and assists various healthcare startups. We guide them through the development process from point A to point B—breaking down every step. Our team discusses the development priorities and supports their innovative idea. So what’s holding you back? Leave a short description of your unique idea or a project on our first and free development step: Product Development Strategy Session. And we’ll contact you in no time!
Conclusion
Even though the current world situation is trying to stabilize, the healthcare industry is getting more attention and government support. For the past years, the rapid shift towards healthcare startups began to increase. Leading many founders to implement their healthcare ideas and seek acceptance from hospital professionals.
The examples of medical startups illustrate the opportunities for all health projects that want to make it out to the current healthcare industry trends. Even the rejected medical startups during their project development, now have a chance to show the whole world their mindblowing ideas!
For the past 10 years, JetRuby has developed more than 200+ startup products, that are rapidly scaling up and growing day by day. Regarding healthcare projects, most of our clients are sensitive and serious about their digital products. To assist them, we form an NDA policy document, implement our idea carefully, follow their requirements, and discuss the development directions. So, contact us today and learn how your potential idea can transform into a valuable product with the free Product Development Strategy Session!
