The global healthcare market will have generated a revenue of US$4 billion in 2022, and estimates project it will grow to almost US$10 billion by the end of 2033. Nearly 52% of patients in hospitals and clinics have been diagnosed with at least one of ten selected chronic conditions, with some carrying even more. Considering these illnesses have not been stopped yet and will continue to develop through age, a growing population will continually pressure the healthcare industry.
The field has adopted new strategies and techniques to adapt to the demand. The recent pandemic has also significantly transformed the industry, changing how healthcare is accessed and managed. Listed below are some views and projections on the healthcare industry in 2023.
Increasing demand for healthcare professionals
With a greater need for medical services, it’s unsurprising that healthcare occupations follow suit. The rapid growth in the healthcare industry has led to a 16% surge in demand for workers, adding about 2.6 million new jobs. Healthcare occupations are projected to add more jobs than other occupational groups, with unique technological and revenue cycle management skill requirements. Furthermore, current employees must upskill and train in new processes to stay competitive. Given the current shortage of healthcare professionals, hospitals and agencies are rebalancing healthcare tasks and even recruiting staff from abroad to meet demand.
Trending usage of healthcare wearable devices
As more consumers spend time at home, wearable devices have become a convenient way to monitor health. A report on wearables notes that usage in the US has increased from 9% to 33% in just four years, with 63% of devices worn being fitness trackers or smartwatches. There are also specific devices that monitor blood pressure and ECG, benefiting people with chronic conditions like hypertension and heart problems. Furthermore, AI-powered remote monitoring tools work well with telehealth as it enables medical personnel to keep track of their patient’s health from afar in real time. Through these technologies, patients can better monitor their health and continually take preventative measures.
Enhancing treatment and value of mental health
With increasing awareness of the importance of mental health, more people have been seeking mental health treatment. The pandemic has significantly accelerated the rise of mental health problems, with a 25% increase in the prevalence of anxiety and depression worldwide. Organizations and governments have stepped up to invest in mental health services to treat these health issues to serve people of all ages and backgrounds. These groups mainly invest in the healthcare personnel at the front lines of public health emergencies. Still, other organizations work with different demographics, like teenagers or office workers.
Improving health documentation
Clinical documentation is a crucial part of navigating a patient’s health history. This information should be complete and precise to ensure the best treatment is provided, but with the surge of patients, it can be difficult to have quality data. More healthcare systems now involve clinical documentation improvement (CDI) specialists who can maintain data integrity to close gaps in patient reporting and avoid miscommunication. Their work is often complemented by CDI software, enabling medical organizations to standardize medical coding and provide the correct diagnosis and treatments to a patient. This can significantly speed up the process of physician-patient interactions, allowing doctors to see more patients overall
With rising trends in healthcare, the industry is sure to advance its services and accessibility. If you’re interested in learning more about different sectors like the stock market or real estate, visit our website.