Technology’s advancement in and integration with medicine is creating a new vision for healthcare. Technology is helping healthcare become more personalized and, therefore, more effective for each individual. In 2020, med-tech is expected to place a focal point on affordability, access, and quality of healthcare, as well as social and financial inclusion in outcome-based care. Here are four developments to expect in med tech 2020.
AI Application Development
While the development of AI applications has continued consistently over the last several years, the industry is expected to face new challenges as more use cases emerge, and ethics are questioned. Even though AI’s usage and performance has only improved over its development, the possible liability of AI as a practice to find new insights and improve care has been impeded. For now, physicians use AI as a method of confirmation. Until it can be proven that using AI is fair, ethical and causes no-harm, innovators and med-tech companies will have to evaluate and revise integral factors of AI in the medical field, such as data usage and implementation practices.
Genomics is a branch of molecular biology that focuses on the function, structure, evolution, and mapping of genomes. Genomics impacts many niches and fields, such as pharmacology, oncology, and infectious diseases. Genomics helps the medical community understand how diseases happen, as well as how to treat or prevent it. In the coming years, research projects covering a multitude of medical conditions will work to determine how to use personalized medicine to treat conditions.
The exemplification of robotics on the big screen can often cast a shadow on the reality of robotics usage in healthcare. However, robots are already assisting in healthcare in a variety of ways, such as disinfecting hospital rooms, helping with prosthetics and patient rehabilitation, and even assisting with tasks in the operating room. The involvement of robotics in healthcare is only expected to grow, projected to reach $20 billion by 2023.
SDOH, or social determinants of health, will become a key component in risk assessments, patient outreach, and business decisions. Research suggests that health outcomes are more determined by social determinants (80-90%), such as demographics, environment, and socioeconomic factors than by medical care determinants (10-20%). SDOH data will become increasingly important as it can be used to improve the quality of care provided by hospitals and health systems and optimize individual care costs.