Healthcare industry doesn’t need an introduction. However, it deserves one.

That’s because it has evolved beyond recognition in 2020.

Did I just hear–”How has it evolved?”

Well, the shift from the fee-for-service care model to value-based care model. While on-demand businesses sparked the trend of ‘customer-centricity’, healthcare did pick up the pace and is following the patient-centric approach to get big in the big-billion healthcare industry.

Cutting short the glories, here’s a broad glimpse of the healthcare industry in 2020:

  • Shift in demographics
  • Evolution in patients’ preferences
  • Novel market entrants
  • Incorporation of digital technologies
  • Introduction of new business models

The healthcare industry in 2018 and 2019 saw a slowdown, owing to the currency fluctuations and geopolitical tensions. However, 2020 has set the growth tone for 2021, which means more healthcare technology and less manual processes in the domain.

Once you check out the headlines of the significant technology news of the healthcare industry, we have a personalized prediction of the healthcare industry in the end for 2021.

Let’s get you to the revolution that the healthcare industry in 2020 underwent.

The first wave of coronavirus may have struck in November. However, it took a while to realise the splashes it held and holds for the entire world. By April, it was clear that the world wasn’t under the epidemic’s attack; it was under the threat of the pandemic.

While all other industries started leveraging the COVID-19 advantage as per their growth-appetite, the healthcare industry attracted a majority of attention. Below are the highlights of April for the healthcare technology in 2020.

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DocsApp Announced Online Payment Option for Patients

DocsApp announced a collaboration with the digital payment platform, PhonePe, to offer the ease of payment and scheduling of online appointments through their digital payment app.

Business Opinion: The right stage of including a payment model is post the initial success of the application. With this digital payment app, DocsApp will get broad exposure, and customer acquisition will become easy. On the other hand, the development of digital payment apps using Blockchain technology is yet another option for telemedicine for secure transactions

May was indeed the month of hope, given its name. Some countries started being the silent spectator of community transmission of COVID-19. Given this influence, the peak stage of the pandemic was felt in many parts of the world. This led to a panic-like situation, and staying with limited movement became mainstream.

In the parallel universe, there was positivity for the healthcare industry in 2020 in May. Doctors and healthcare professionals further increased their investments and brought ground-shattering revolutions to life. Below are some of the news-toppers in the healthcare technology in 2020:

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Philips Introduces Next-gen Wearable Biosensor

Philips realized that the future of the healthcare industry would thrive on the back of quick disease detection. This led to the development of Philips Biosensor BX100, which can be used to monitor COVID-19 patients in hospitals.

Business Opinion: The foundation for the futuristic wearable devices in the healthcare industry has already been laid. What remains is to build a wearable application on this plot and reach the heights. In the future, telemedicine is going to be mainstream. Hence, the use of wearable devices is anticipated to spike. So, the best time to invest in the wearable app was earlier in March. The second best and the right time to be a new entrant in the healthcare industry is now for the sake of market consolidation.

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UC San Diego Launches COVID App

Speaking of the wearable technology and the best times to enter the wearable technology market, UC San Diego launched a patient monitoring app to track behaviours and symptoms of COVID-19 patients remotely.

Business Opinion: The app holds a high profitability quotient given the futuristic approach. Individuals of today find ease in receiving remote consultation. As a result, doctors can keep tabs on the health of patients through the development of a wearable application

The heat of profitability that the healthcare industry in 2020 held was felt by other industries as well. Hence, it started turning more competitive, owing to the entry of other players. Launch of new applications for virtual consultation became a new norm. However, there’s more to the healthcare technology in 2020 than it seems.

Below you will find the aspect that rarely catches the eye:

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Walmart Bought Prescription Drug Management Technology

Walmart announced that it had bought the prescription drug management technology from CareZone to enable patients to scan their insurance cards and find out about their health plans.

Business Opinion:The demand for COVID-19 related drugs increased. In numerous countries, the imbalance of the demand and supply of these drugs led to an increased price. As a result, it was a wise move to incorporate the technology that allows users to find out whether a specific medicine is included in their healthcare plan or not.

When July approached, the world had already started accepting this new COVID-19 induced lifestyle. Mask, sanitizer, and social distancing became an imminent part of life. Health became a priority. This was the time they started exploring options to boost their immunity if they felt healthy. If not, they didn’t hesitate to reach out to a doctor over a call or an app.

Gradually, these patterns were shifting towards online consultation through video-conferencing applications, which obviously had limitations. This led to the sprawl of online appointment booking and consultation. Demand for online medicines gave the eCommerce industry yet another good reason to flourish. Below is an example of breakthrough that the healthcare technology in 2020 witnessed:

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Microsoft Released Azure Update with Text Analytics Capabilities

Microsoft announced that it has released the text analytics feature with an ability to process numerous data types and tasks even from unstructured texts. This can help doctors consult virtually to decipher the symptoms or illnesses faced by patients.

Business Opinion: Since most of the individuals rely on autocorrect while chatting, text analytics will prove to be a great feature for medical professionals. Development of chatbots or live chat software cannot replace the experience of physicians and nurses. However, since we are talking about remote healthcare, it is certainly going to be a prominent feature in the upcoming years.

The impact of COVID-19 on the healthcare industry in 2020 is high. Readmission of patients was a disaster for the healthcare industry. Individuals frowned upon the ED visits, owing to the threat of getting infected from the virus. As a result, telehealth emerged as a go-to healthcare approach.

Besides this, the competition in the telehealth industry started getting fierce, owing to the innovations sparked by the competitors. Below is a glimpse of the healthcare technology in 2020 for August in particular:

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AHHS Announced Telehealth and Remote Patient Monitoring Program

AHHS utilized RPM and telehealth technology for a quick determination of COVID-19 patients from their recorded vital signs and symptoms. Using this technology, the institute initiated telehealth and remote patient monitoring programs for enabling virtual visits of patients.

Business Opinion:Patients are turning tech-savvy along with the evolution of the healthcare industry. As a result, they are finding solace in 4G tablets and don’t mind learning about the new devices for their personal benefits. Hence, the dissemination of healthcare through telemedicine is turning into a widely accepted concept. The digital patient record system will prove to be fruitful in the future of healthcare.

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Virginia Advanced through its COVID-19 App Launch

Virginia partnered with Apple and Google earlier this year to work on the contact-tracing application that was launched in the U.S. in August. Covidwise provides exposure notifications to individuals, who have to move out of their houses for serving their purposes.

Business Opinion:COVID-19 unlocked wide possibilities for the healthcare industry, owing to the demand for individuals. Telemedicine was no longer enough and they needed more to stay away from the infection. Since most of the individuals were wary of the symptoms of coronavirus by the beginning of August, they still had to look for ways to find ways to stay safe. Contact-tracing apps brought a huge craze among the crowd.

The focus of the healthcare businesses in Q2 of 2020 was on the addition of new features.

Want to know the winning features for the healthcare apps?

Discover New Features

COVID-19 symptoms and information applications were quite common by the time September marked its presence in 2020. Telemedicine was already popular and omnipresent. As a result, healthcare businesses thought innovation in the shape of contact-tracing applications. Contact-tracing applications were rare in the market. Even if they were present, the focus of the businesses was on the addition of new features.

Below is an instance that pushed the healthcare industry in 2020 to its new potential:

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NHS Released COVID-19 Contact-tracing App in Wales and England

NHS released the QR code-based contact-tracing application in England and Wales that extracts and stores information for at least 21 days. Besides this, the app enables users to identify their symptoms and schedule a free test.

Business Opinion: When the core functionality of the application isn’t enough, it is time to broaden the horizon. The COVID-19 related apps developed post September are more than just their purpose. Hence, thinking that innovation is the starting point in a business would be an understatement. Innovation has to be consistent with the demand of users, which can be achieved using technology.

This was the time of the year when the businessmen in the healthcare industry realized the fact that technology is crucial to advancement. However, development of cloud-based apps was done, wearable technology was leveraged, so the onus was on the other advanced technologies like Blockchain.

Here is the top technological new that made healthcare technology in 2020 what it is today:

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IBM Watson Unveiled a Blockchain-powered Digital Product

IBM Watson announced the launch of a digital health pass for numerous categories of individuals to identify their COVID-19 status as they return from their work, travel, or any other type of commute.

Business Opinion: Since privacy is of utmost importance in this era, Blockchain is the required revolution in the healthcare industry. Such healthcare apps using the Blockchain technology can handle confidential personal information in a secured manner.

The heat of profitability that the healthcare industry in 2020 held was felt by other industries as well. Hence, it started turning more competitive, owing to the entry of other players. Launch of new applications for virtual consultation became a new norm. However, there’s more to the healthcare industry in 2020 than it seems.

Below is the highlight of the healthcare technology in 2020:

walmart-bought-prescription-drug-management-technology-trootech-business-solutions

Walmart Bought Prescription Drug Management Technology

Walmart announced that it had bought the prescription drug management technology from CareZone to enable patients to scan their insurance cards and find out about their health plans.

Business Opinion:The demand for COVID-19 related drugs increased. In numerous countries, the imbalance of the demand and supply of these drugs led to an increased price. As a result, it was a wise move to incorporate the technology that allows users to find out whether a specific medicine is included in their healthcare plan or not.

We are on the verge of beating the virus forever, owing to the development of vaccines. However, that is still a dream for many developing and underdeveloped countries. In addition, the distribution of vaccines is a time-consuming process. This means there are two underlying opportunities–One, get back to the development of COVID-19 app with rich features and two, develop a vaccine distribution planning system.

Ultimately, it is going to generate a lot of data, which can be leveraged for future medical records. Here are some other advancements in the healthcare technology in 2020:

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Amazon Rolled Out HealthLake for Medical Data Management

Amazon announced that it has launched HealthLake as an aggregator to identify a company’s data from various locations and convert it into a single format at one location to speed the analysis process.

Business Opinion: The tech giant realized that there’s not a lot to do with the COVID-19 apps. However, data is one of the aspects that need to be streamlined. As a result, the development of cloud-based apps and management systems can be the next disruption for the companies that have already invested in the COVID-19 apps.

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Google Unveiled Health Studies App

Google announced the launch of a health studies app for Android users to participate in various medical studies. Using this app, participants can report any symptoms related to COVID-19 and can even talk about the precautions they are taking.

Business Opinion: Such an app might seem basic. However, if looked through the lenses of data, trends regarding various demographics and geographies can be found. This can help the vaccine manufacturers to shift their targets and be able to distribute their products evenly and broadly.

Healthcare Industry in 2020: The Future has Arrived

The future of the healthcare industry has arrived sooner than most experts ever anticipated. Among the other megahit industries of 2020, we found that healthcare is a booming industry.

The impact of COVID-19 in the healthcare industry was heavy. However, it accelerated the healthcare industry by at least 3 years. The innovations in the healthcare industry in 2020 is the stepping stone for businesses in 2021 and beyond.

Agreed that the easy availability of vaccines will take over the COVID-19 apps. However, there’s more room for business growth if you do a little permutation and combination with the other industries.
Take an example of the insurance companies. The price of the vaccines might be a little too much and that’s when the blend of insurance and healthcare can make a good business.

Another one for you–the paradigm shift from in-person consultation to a virtual one has already established. Diseases aren’t going anywhere and this behaviour will stay until the next disruption. So, there is another opportunity worth capitalizing on.

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