The covid pandemic is over, but it seems that life is not going back to the way it was before the pandemic. People today tend to switch daily activities in life such as going to work, shopping, and studying in cyberspace, thanks to the convenience and speed that the digital revolution brings to the table. The pandemic has also made people more concerned about health issues and thereby opened a new perspective for the digital healthcare industry.
Healthcare market overview
The healthcare service industry is now thought to be one of the fastest-growing industries in the world due to the large and frequent needs for healthcare. In Asia, this billion-population market recorded a growth in spending on health services from $12.2 billion in 2019 to $14.9 billion in 2022. In which, the compounded average growth rate is 7%, led by high-tech software and applications specializing in health monitoring (according to Asia Pacific’s healthcare information technology data research). More specifically, by 2020, 44% of all global venture capital will be in the emerging digital health sector — with spending between $6 billion and $14 billion.
Part of the reason for this spectacular growth is due to the strong economic development in many countries in the Asian region, which has led to an improvement in people’s living standards. A better life means that people want to live healthier, more beautiful, and live longer. They no longer want to spend hours queuing for time-consuming procedures at the hospital and then waiting for their turn in long lines of other patients with a high risk of infection. Or even when seeing the doctor, there is always a certain percentage that the doctor has a wrong diagnosis or the quality of the medicine provided is not so well-manufactured, and they have to go to another hospital to undergo the procedure all over again.
How digital healthcare will change the healthcare industry forever
Digital healthcare is emerging as an inevitable trend in society after the covid pandemic. Health monitoring applications such as Apple Health or Google Fit were born to help people get the best care 24/24 without having to go to clinics usually. But that may not be enough. In the near future, many prominent blockchain projects such as IVIRSE will seek to apply digital technology to build a smart hospital network, in which most traditional healthcare activities such as telemedicine, pharmacy, insurance, medical services, etc. can be done online and bring back quick results with the best quality.
Essentially, healthcare projects like IVIRSE would build an intermediary between service providers and patients. Patients can then collect health data from measuring devices like the Apple Watch in real-time, then sync these data up to blockchain-based clouds, where third parties such as hospitals, clinics, and medical centers can receive and make a diagnosis accordingly. This process will be able to be performed anywhere, and thus does not require the patient to be present, and also allows them to choose from many different providers at once to get the best diagnosis.
Challenges
The opportunities that the digital healthcare sector offers are indisputable. More convenience, faster, and more quality will be the words people use when it comes to talking about the future of digital healthcare. However, there are still current challenges to consider.
The rapid development of technology is a double-edged sword. Businesses that are unable to adapt to new advances will quickly be eliminated from this competitive market. Besides, companies with the larger capital investment will have enough competitive resources to dominate in this new market, even monopoly.
In addition, healthcare organizations themselves must also adapt to the digitalization trend of society and cannot stay in the safe zone forever. They will have to begin digital transformation of traditional healthcare processes and upgrade their technology to compete with emerging players in this new field.
In summary
Globalization offers the opportunity to bring the world closer together. Along with the digital revolution, traditional entities such as schools and hospitals can form non-physical networks in cyberspace, providing unlimited solutions to people all over the world regardless of gender, age and race. Despite its limitations, the endless potential of the digital healthcare industry is just simply undeniable.
For more information about IVIRSE, please visit the website: https://ivirse.com
