Healthcare trends: Disruptions and innovation

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Healthcare trends: Disruptions and innovation

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Healthcare transforms with a focus on accessibility, prioritizing IT, the global market is projected at USD 975 billion by 2027. AI and machine learning, expected in 90% of US hospitals by 2025, streamline chronic condition diagnoses. Emerging technologies drive change, influencing preventive and home care in the healthcare landscape.

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What’s inside

  1. Key takeaways
  2. Key drivers shaping trends in healthcare
  3. Business trends driving innovation
  4. Technology trends aiding the business

Key takeaways

Healthcare IT is a top priority for providers. Nearly 80% of healthcare providers consider it one of their top 5 strategic priorities, with investments in software including revenue cycle management, security and privacy, patient intake/flow, clinical systems, and telehealth. AI, ML, and IoMT are rapidly developing and expected to be used in 90% of US hospitals by 2025. The global mHealth apps market is growing, primarily driven by the adoption of fitness and medical apps. Technology can improve patient care, reduce medical errors, and expand hospital boundaries. However, data interoperability and regulations are necessary, and patient engagement is crucial for a better healthcare system. Download Complete Research

Key drivers shaping trends in healthcare

Empowering customers through GenAI

  • Patient centricity is a top priority as patients now expect a satisfying healthcare experience, like what they receive in other industries. With technological advancements, it is now feasible and cost-effective to meet these expectations and provide patients with a superior experience.
  • Healthcare data is vital for informed decision-making, and data integration is necessary to enable seamless sharing of information between healthcare providers. Seamless integration is vital for seamless patient care, coordinated care delivery, reducing errors, enhancing patient outcomes, and promoting a holistic approach to healthcare.
  • Preventive healthcare is gaining importance as it reduces costs, improves quality of life, promotes early detection, and aligns with advancing healthcare technologies and government policies.

Business trends driving innovation

  • The COVID-19 pandemic has accelerated the adoption of telehealth and telemedicine, leading to a significant growth of the global telemedicine market size.
  • Retail healthcare services are gaining popularity due to their convenience and accessibility.
  • However, the healthcare industry is facing challenges related to data security, cyberattacks, and lack of standardization, which can be tackled by upgrading cybersecurity infrastructure, conducting risk assessments, and complying with regulatory standards.
  • mHealth apps are transforming healthcare by providing easy access to health monitoring, medication management, and wellness, while personalized medicine uses an individual’s genetic profile to inform disease prevention, diagnosis, and treatment.
  • The use of AI-driven data interoperability is transforming healthcare data exchange, and regenerative medicine is encouraging regeneration and repair of damaged tissues and organs.
  • Population health management involves analyzing healthcare data to monitor and enhance the health of each person within a population.
  • These healthcare trends impact various stakeholders, including doctors, nurses, patients, pharmacists, and healthcare administrators.

Technology trends aiding the business

  • Artificial intelligence (AI) is transforming healthcare by analyzing patient data, developing new drugs, and improving diagnoses.
  • The global AI market for healthcare is projected to reach a significant amount by a certain year.
  • Nanotechnology promises to revolutionize healthcare by enabling precise diagnosis, targeted drug delivery, and enhanced treatment options.
  • The Internet of Medical Things (IoMT) and wearable devices are becoming increasingly popular for real-time monitoring, diagnosis, and therapy delivery.
  • Robotics, digital twins, virtual reality, health data analytics, and gene editing are also promising in improving healthcare.
  • However, ethical concerns regarding gene editing must be addressed, and regulatory frameworks must be updated to ensure responsible use

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Credits
Lead Authors@lab45: Anju James
Contributing Authors@lab45: Hussain S Nayak

Latest stories

Generative AI on the cusp of disruption

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Generative AI on the cusp of disruption

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By acquiring 100+M users in first 3 months of launch, ChatGPT has brought the field of Generative AI (GenAI) into mainstream awareness. The adoption of ChatGPT and similar applications have positioned Generative AI (as well as “Deep Learning”) as the newest disruptive tech after cloud computing.

What's inside

  1. An overview of Generative AI, the market for it and the reasons for the hype
  2. A qualitative assessment of its time to mainstream across various industries
  3. Enterprise use cases and its limitations

What is Generative AI?

Generative AI, a field of Artificial Intelligence, refers to computational models that are trained on massive amounts of input data (300bn words in the case of ChatGPT). They can synthesize data, draw inferences and create new outputs in the form of text, images, video, audio, new data and even code.

Two architectures have made GenAI immensely valuable

  1. Generative Adversarial Networks (GAN), that became popular in 2014 are used for generating images & videos.
  2. Transformer Models, proposed by Google in 2017, are used for generating text.

ChatGPT, for instance, uses the transformer model along with Human Feedback Reinforcement training to generate high quality outputs. Training a model requires intensive computational power (supercomputers were used to train GPT3) and significant investments (OpenAI being a key example). But once a model is trained, it can be optimized for a larger user base. Download Complete Research

The market for Generative AI

The market is expected to grow from $8B in 2022 to $109B in 2030 at a CAGR of 34.6%. Key facts as follows

  • Software segment accounts for 60%, service segment is the fastest growing.
  • Media & entertainment is the biggest user of Gen AI accounting for 18% of revenue,  BFSI is the fastest growing at 36% CAGR.
  • North America is the biggest market with 40% share and APAC is the fastest growing region.

Why GenAI is here to stay?

Need for content synthesis
We generate ~2.5 quintillion bytes of data every day on the internet. This not only makes searching for information tough but also makes inferring tougher, for regular users. GenAI tools can search, synthesize and compose an answer.

Democratization of content creation
We are moving from a search and retrieval economy to an infer and compose economy. People used to prompt algorithms to search and retrieve information but now they can prompt algorithms to infer and compose information.

Instant economy
Digital natives prefer tools that enable instant creation of content e.g. Tik Tok. ChatGPT can generate a word in 350ms after processing database of 300B words.

Access to massive computational power
The ability to instantly process and compose information using cloud computing.

Evolution of deep learning neural networks
Large Language Models have become openly available. These models help organize much of the internet’s information and develop patterns to mimic human decision-making.

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An early assessment of time to market & key GenAI companies.

Industry To Mainstream Gen Ai

Gen Ai Companies Capabilities

Enterprise use cases of Generative AI

GenAI will fundamentally change several functions in enterprises leading to improved productivity and performance of employees. A Few areas of business where it will have the biggest impact are as follows:

Content creation
Gen AI will lead to more automation in content creation. It will not only reduce the cost of content creation but also increase the quality & variety of content created. Generative AI based DIY Apps are expected to emerge for marketing and design functions.

Content personalisation
Marketing touchpoints like newsletter, websites, videos, metaverse etc. will get hyper-personalized. This will improve brand engagement and conversion ratio of the sales funnel.

Drug discovery
Drug Discovery is a time-consuming process that can extend to 5-12 years. Gen AI can help identify potential drug candidates and test their effectiveness using computer simulations, thus saving time in the process. It has already led to tremendous real-world value, when the first mRNA covid vaccines were developed by programming mRNA molecules to express the specific antigen response. By 2025, more than 30% of new drugs and materials could be systematically discovered using GenAI techniques, up from zero today.

Software development
IT products and services could see the biggest impact. Below are some scenarios that may unfold.

  • Reduced time on testing and coding
    Gen AI has the capability to create, test and debug the code in real time. In typical product development cycles, coding and testing takes 30-40% of the time. Gen AI will cut this significantly, thus reducing time to market.
  • Improve programmer performance
    Code can now be generated with a simple prompt command. This will allow even less-tech savvy programmers to generate a better code. Gen AI can also translate the code from one programming language to another. However human intervention will still be needed to customize the code for specific vertical / client use.
  • Automate recurring tasks
    Manhours will be freed from repetitive tasks, as automation is easier with GenAI. Tasks like report generation, log analysis etc will fall in the domain of automation.
  • More secure and reliable IT infrastructure
    Gen AI can track performance and security of IT infrastructure in real time. It can pre-empt any failures, by generating early warning signals and hence improve reliability of operations.

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Credits
Lead Authors@lab45: Siddhant Raizada, Nagendra Singh, Tommy Mehl, Arvind Ravishunkar
Contributing Authors: Aishwarya Gupta, Anindito De

Top trending insights

Web3 & Crypto tokens

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Web3 & Crypto tokens

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Discover the revolutionary world of Web3 in this compelling paper, where we delve into its fundamental building blocks and crypto tokens that underpin this decentralized paradigm shift. Explore the exciting enterprise use-cases harnessing the true potential of Web3 technology, revolutionizing industries and unlocking unprecedented opportunities.

What's inside

  1. Web3 and it’s building blocks
  2. The Web3 adoption
  3. The role of the enterprise in Web3
    a) Business models around Web3 and major players
  4. Regulatory and technology risks

Web3 and it’s building blocks

Foundation Blocks Of Web

Web3 represents a decentralized web powered by blockchain, enabling decentralized participatory communities. It promotes user control over data, governance, and transactions. The transition from Web2 to Web3 encompasses decentralization of user data and content, finance and currency systems, and immersive user experiences. Web3 leverages crypto tokens, digital assets issued on blockchains, and utilizes smart contracts for decentralized finance. These tokens are essential for Web3 and its growth. Web3's potential lies in building digital communities, disrupting economic representation, and co-creating value within token networks. Blockchain underpins Web3, ensuring secure transactions and smart contracts. Non-Fungible Tokens (NFTs) play a role in ownership and provenance of digital assets.

The Web3 adoption

The growth of crypto markets until 2021 was remarkable, but the web3 community remains relatively small. By November 2021, about 7 million people were using token wallets monthly. Crypto is volatile, with fundamental flaws and regulatory challenges. The complexity of web3 poses risks in regulation, technology, and security. EU, USA, and China may not fully support crypto. However, digital tokens can still find a counterculture of users valuing crypto custody and communities. Web3's potential to benefit the public is uncertain. Adoption paths vary, and tokens could disrupt traditional systems, but regulatory hurdles and fraud might impede progress. VC investments in web3 exceeded $18 billion in H1 2022, indicating significant interest and potential. Download Complete Research

The role of the enterprise in Web3

Tokens are most impactful when they unite micro-communities to create long-term value. However, many token projects remain immature and fail to generate value due to the absence of robust economies. Centralized enterprises and their brands could play a significant role in web3 by building token ecosystems around their communities, blurring the line between utility and investment. Brands can use NFTs for reinvented customer loyalty programs and create DAOs for crowdsourcing productivity. Successful token development depends on an engaged community, and brands can incentivize fans to participate actively. Notable brands like Nike and Starbucks are already exploring web3 and NFTs. Mainstream and decentralized brands are recognizing the potential of engaging with digital-native fan communities in the web3 space. Download Complete Research

Regulatory and technology risks

Web3's tokens hold enormous potential but also significant risks. Users are responsible for token custody and must secure them cryptographically. Cybercrimes can lead to substantial financial losses. Token fraud and money laundering are concerns due to anonymity. Regulatory challenges are growing, with potential impacts on tax codes and transactions.

Credits
Author@lab45: Ankit Pandey

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