Information technology with healthcare goes hand in hand. With the introduction of new technologies in healthcare, accuracy and patient’s satisfaction can be achieved. Information technology not only enhanced the way how healthcare used to work but also provided a new definition to the healthcare. The ease in diagnose and treatment is attained.
In vitro diagnostic are the test performed outside the human body in an artificially suitable environment. Due to the increasing prevalence of chronic diseases, the demand for these diagnostic is increasing which is directly affecting the healthcare sector.
For the ease of diagnosing, medical devices are used in a healthcare industry. Medical devices can range from a single syringe to heavy MRI machines. Medical devices assist doctors in the treatment, providing a great deal of management of time.
Pharmaceutical industry is a vital part and companion of healthcare industry. This industry keeps a track on the healthcare industry by providing the required drugs and medicines for the treatment. With the growth of this industry, healthcare industry is equally flourishing.
COVID-19 intensified chronic challenges within the global healthcare industry. Healthcare analytics became a facilitator amid severe competition and tight regulations for health providers and payers to focus on digital health, cybersecurity, patient data transparency, and a variety of customer-centric and operational enhancements. From artificial intelligence (AI) to the Internet-of-Medical-Things (IoMT) and cloud computing to predictive analytics, technology is paving its way to offer quick care management and, most importantly, reduce casualties with real-time access to patient history and remote patient monitoring.
Telemedicine has been extensively used during the COVID-19 pandemic as it aids in decreasing contact with healthcare facilities, healthcare staff, and patients, in order to minimalize the risk of COVID-19. This technology is used for medicine management, management of chronic condition and other clinical services. In addition, growing burden of chronic diseases, increasing consumer demand and patient acceptance, and enhanced quality of care are expected to boost the demand for telemedicine. Moreover, the benefits associated with telemedicine such as patients can see the doctors for diagnosis and treatment without having to wait for an appointment, and ease in at home or remotely healthcare services are increasing the adoption rate of this platform.
Precision Medicine is a method for disease prevention and treatment that takes into consideration individual variability in genes, lifestyle, and environment. Advancements in cancer biologics with increasing oncology patients worldwide is expected to rise the need for precision medicine. In addition, rising funding grants on research projects for development of precision medicine anticipated to increase the focus on this practice. For instance, in 2019, Washington University received USD 3.7 million grant from NIH to support an open-source database with an aim to boost the genomic research and precision medicine for cancer. Moreover, many private & public organizations are taking initiative to increase awareness about this method. In May 2021, the Prostate Cancer Foundation launched “Drew Foundation Precision Oncology Center of Excellence” in collaboration with the San Francisco Veteran Affairs (VA) Health Care System and the University of California, San Francisco (UCSF). The aim of this initiative was to bring precision medicine treatments for the U.S. Veterans.
A biosimilar is a biological medicine is the identical copy of existing biological medicine manufactured by different company. These are as effective as brand biologics. These are more affordable than biologics, hence are being adopted now more than ever. The average pricing of the biosimilar is 10 to 35% less than their branded biologics. In the U.S., there are more than 25 FDA approved biosimilar used for the treatment of arthritis, cancer, and other chronic diseases. In addition, favorable government regulations is supporting the adoption of biosimilars. For instance, FDA implemented a law “the Biologics Price Competition and Innovation Act of 2009 (BPCI Act)” to create an abbreviated licensure pathway for biological products that are demonstrated to be interchangeable or biosimilar with an FDA-approved biological product.
The pandemic puts great pressure on manufacturers of point-of-care inspection equipment not only to increase production, but also to accelerate the entire product development process. Innovation is often the new standard in such pressure cookers. Speed to market is always important. However, as it became even more important to respond quickly to the rapid spread of COVID 19, diagnostic equipment manufacturers needed to find new ways to accelerate design, development, and testing. These advances in life sciences equipment development are unlikely to be significantly slowed down. In essence, knowing that it's feasible is unlikely to return to thinking about the speed of development or the speed at which future results are returned.
For most of 2020, due to the limitations and uncertainties caused by the pandemic, people chose to skip plans for elective medical procedures. In general, in early 2021, there was still some resistance for these procedures. But people are more confident and ready to plan procedures that have been postponed for years in the end.
Medical devices have come a long way in the past decade, and it appears like consumers want even more from the wearable options that are presently available. Look for devices to increase their capabilities for monitoring falls, heart rate, and sleep habits in addition to adding features that give the user (as well as their physician) access to blood pressure and oxygen saturation levels.
When 3D printing came on the scene less than 10 years ago, medical device companies watched the technology carefully to see how they could use it in the healthcare world. Today, researchers and scientists are actively exploring how 3D printing could be used to replicate human joints, organs, and prosthetics that can be completely customized to the needs of individual patients.
