Healthcare is a highly progressive sector creating huge opportunities for technology companies to deliver innovation with real human benefits. Truebyte is a technology company with knowledge in healthcare, so this growing market is one we are keeping a close eye on for future growth opportunities.
What is HealthTech?
Health technology, HealthTech for short, is defined by the World Health Organization as the:
"application of organized knowledge and skills in the form of devices, medicines, vaccines, procedures, and systems developed to solve a health problem and improve quality of lives".
It is currently the fastest growing vertical and sits within the healthcare sector. It includes any technology-enabled healthcare product and company that can provide mobility and other information technologies to improve healthcare delivery while decreasing costs.
What does HealthTech specifically include?
Next-generation sequencing (NGS) has become an integral part of molecular diagnostics, with applications ranging from inherited disorders and oncology, to infectious disease, to prenatal diagnostics.
Artificial intelligence (AI), There are numerous applications of AI on the market today or awaiting approval that can improve patient care and potentially save lives. Those applications involve pattern recognition, robotics and natural language processing, which includes speech recognition and translation.
Machine learning - a technique that trains software algorithms to learn from and act upon new data to continuously improve performance.
Internet of things (IoT) - is a concept that describes uniquely identifiable devices connected to the Internet and able to communicate with each other, used in the medical area. These solutions enable, for example, localization and real-time information about assets.
Blockchain - describes a chain of data or transactions as blocks linked or chained together by cryptographic signatures, each of which is called a hash, stored in shared ledgers and supported by a network of connected processes called nodes. Nodes maintain a copy of the entire chain and are continually updated and kept in-sync.
The application of blockchain in healthcare is rapidly evolving, early solutions shown the potential to reduce healthcare costs, streamline business processes, and improve access to information across disparate and diverse stakeholders working toward a common goal.
What is in the future of HealthTech industry?
The pandemic has accelerated growth within HealthTech, the HIMSS Future of Healthcare Report, states that 80% of healthcare providers plan to increase investment in technology and digital solutions over the next five years.
Forbes.com has reported the top 5 trends to watch out for in 2022 are:
- Remote healthcare and telemedicine
- Extended reality for clinical training and treatment
- Making sense of medical data with AI and machine learning
- Digital Twins and Simulations (using virtual patients)
- Personalized medicine and genomics
Reference: The Five Biggest Healthcare Tech Trends In 2022 (forbes.com)
HealthTech is moving quickly and resulting in a wide variety of applications which will see impactful results within our lifetimes. In summary at its very simplest: HealthTech is technology-enabled healthcare.
What does Truebyte have to offer the HealthTech Industry?
Truebyte, as well as being a technology service provider for IT support, cloud services, desktop and strategic consultation within the Architecture, Construction and Engineering sectors, also provide in house sophisticated software development via a dynamic team of coders.
One of our major customers is Applied Healthcare Solutions, who exists to ensure professional standards and protect patient safety via software which aids clinical governance and the training of student doctors.
Read the case study here: Clinical Guardian - Case Studies | Truebyte Tech
The Truebyte team created the product Clinical Guardian that is a dynamic on-line database which facilitates a systematic governance process. It provides paperless governance - saving countless hours and stacks of paper.
Read more about the Clinical Guardian Product here: www.clinicalguardian.com
Applied Healthcare Solutions was founded with patient care in mind and has been led by improving patient safety since 2010.
Read more about Applied Healthcare Solutions here: www.appliedhealthcaresolutions.co.uk.
With Healthcare stretched to breaking point in many areas, advanced technological innovations offer real hope. HealthTech will increasingly feature in the way our healthcare services evolve in coming years. Truebyte is already playing a small part and looking to increase its involvement in the exciting and progressive world of HealthTech in the future.
