The future of healthcare will streamline the way we diagnose and treat health problems. We are already seeing signs of that today: from patients who receive diagnoses and treatment at home via telemedicine and heart-monitoring wearables, to artificially intelligent therapists diagnosing PTSD in veterans.
Innovation in healthcare can decrease our dependency on physician availability. To that end, we’re seeing emerging technologies that deliver diagnoses directly from an app, such as MobileODT, a mobile cancer screening tool, and Biomeme, which aims to conduct genetic testing for certain diseases within an hour.
Investors should be aware of the innovation set to transform the healthcare industry in the next few years. Here are five areas expected to undergo tremendous growth:
1. Robotic Surgery: According to WinterGreen Research, annual sales of robotic surgical assistants are expected to rise from $3 to $20 billion over the next five years. While the notion of a robotic surgeon seems frightening, it may actually be safer. Robot-assisted surgery is typically faster and smoother, making more precise incisions and reducing blood loss. Currently, the machinery costs a million dollars or more, however, the advancements are expected to trim healthcare costs due to reduced patient stay and aftercare.
2. Genomics: According to MarketWatch, the international genomics market is estimated to grow from $12.5 billion in 2015 to $20 billion in 2020. Advanced genetic testing can help people discover whether they have inherited diseases so they can begin treatment before symptoms occur. Advanced gene editing has the potential to fight cancer and other diseases by altering genetic instructions at the cellular level. Genetic Engineering and Biotechnology News reports that in the next 10 years it will be possible for every new baby to have their genome sequenced and stored with other health records.
3. Telehealth: According to Mordor Intelligence, telehealth is expected to be a $66 billion market by 2021. It enables patients to connect with doctors efficiently via smartphone, in addition to enabling remote-sensor monitoring by hospitals to track chronic conditions. Telemedicine is quickly gaining traction with the aging boomer population. Healthcare professionals can observe immobile patients who are at home or reach rural community members who live a long distance from a medical center.
4. Augmented Reality/Virtual Reality/Mixed Reality (AR/VR/MR): Bank of America Merrill Lynch estimates VR/AR/MR is projected to be a US $150 billion market by 2020. While virtual reality and augmented (or mixed) reality have plenty of implications for the gaming and entertainment industry, the technology is also set to make waves in healthcare. Augmented reality will assist doctors performing surgery. For example, a surgeon wearing AR goggles can project X-rays and existing CT scans over the spine of a patient, enabling the work to be more precise. At medical school, students will be able to practice their surgical skills risk-free with virtual-reality simulations. The Medical Futurist highlights the use of VR in chronic patients as well. To help alleviate anxiety and pain, users can participate in a virtual art class, spend the day at a beautiful beach or explore national monuments to virtually escape the confines of a hospital room.
5. Carebots and Prosthetics: The global medical robots market is forecasted to reach $12.8 billion by 2021 according to research by MarketsandMarkets. Also known as Carebots, these robots will provide the elderly or disabled with assistance and can access and administer medicine. Although the technology is already frequently used in Japan, U.S. demand is expected to increase due to the aging population and a decreasing number of healthcare workers. The prosthetics industry is also set to take off due to advanced research on computerized limbs for U.S. troops. The U.S. Defense Research Projects Agency (DARPA) reported in 2015 that it had developed a prosthetic arm that could be controlled by a human brain and a hand that could facilitate sensations of touch.
In short, with access to abundant resources through Carebots, genetic testing and smartphones, the aging U.S. population will have a greater ability to address preventative and acute healthcare needs, with companies supplying these technologies poised for success.
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