- Healthcare organizations taking on an increasing amount of financial risk are exploring new ways of identifying, tracking, and engaging with patients.
In order to maintain strong relationships with individuals while getting ahead of population-level risks, healthcare organizations are turning to innovative strategies, including blockchain, biometric technologies, and population health management tools, according to a new series of market reports.
Overall, the global healthcare information technology segment is predicted to be worth nearly half a trillion dollars by 2024, says Transparency Market Research.
Over the next six years, the segment will see a healthy 10.1 percent compound annual growth rate (CAGR), largely driven by the North American market as providers race to get ahead of chronic diseases and contain unsustainable spending.
Health systems are still actively seeking out the tools required to collect, store, and analyze massive amounts of data, the report says, and hospitals are likely to continue adopting health IT tools at an above-average rate throughout the reporting period.
In order to keep infrastructure development costs low, many of these organizations will be investing in cloud-based technologies, adds a separate report from Healthcare Intelligence Markets.
Cloud computing, which can reduce the need for large up-front investments in servers, security, and staffing, will only become more popular as health systems attempt to extract new insights from their big data assets.
The cloud computing market in healthcare is likely to see a CAGR of 15 percent or more until 2026, the report indicates, with organizations adopting private, public, and hybrid cloud storage solutions from leading vendors such as Dell, IBM, Iron Mountain, and VMWare.
With their storage and computing infrastructure in place, healthcare organizations will be able to deploy cutting-edge solutions to common clinical and financial problems, such as trustworthy patient identification, population health management, and claims processing.
Population management tools will be required to manage the exponential growth of available patient data, explains MarketResearchFuture.com.
By 2023, healthcare organizations will be spending $44.37 billion on chronic disease management platforms, patient engagement tools, and analytics solutions that can stratify patients by risk and close gaps in preventive care.
As providers establish more robust relationships with patients, the use of biometrics to identify individuals and ensure both their safety and privacy will become more prevalent through the middle of the next decade, believes Market Research Engine.
Globally, organizations are anticipated to spend more than $2.8 billion dollars on fingerprinting, retina scanning, vein scanning, and other biometric measurement solutions. The market will see a 19.2 percent CAGR until 2022, the report predicts.
“The simple additives of biometric identity systems encompass a scanning tool or a reader, software to transform the scanned data into virtual form and a database to shop the biometric information for evaluation with entered biometric statistics,” says an accompanying press release.
“A variety of human capabilities together with hand, fingerprint, voice, iris, face, vein, and signature appear to reveal several ability attributes for biometric authentication. Use of biometrics with the help of those bodily traits along with logical or physical access to or both collectively has located a global use in the healthcare sector.”
Biometrics may create an additional level of security for both patients and staff, the report continues, and could play an important role in preventing data breaches, reducing fraud, and simplifying the process of logging in and out of multiple health IT systems.
In a similar bid to increase security and eliminate confusion across disparate systems, healthcare organizations are looking into adopting transactional technologies driven by blockchain.
The distributed ledger methodology purports to offer more trustworthy interactions with business partners, and may be particularly helpful for streamlining financial transactions such as claims adjudication.
MarketsandMarkets predicts that the healthcare blockchain market will expand from a $53.9 million opportunity in 2018 to an $829 million marketplace by 2023, representing a whopping 72.8 percent compound annual growth rate.
Key areas of development include claims processing, supply chain management, clinical data exchange, and billing tasks, the report says.
North America is expected to represent the highest area of growth, with US-based companies such as IBM, Gem, Hashed Health, Microsoft, and PokitDok taking the lead.
The combination of these tools and technologies will equip healthcare organizations for a value-driven ecosystem that relies heavily on big data analytics for insights and guidance.
By focusing on developing infrastructure over the next few years, providers will find themselves well-equipped to handle regulatory and financial changes that will demand innovative approaches to delivering quality patient care.