Back in 2014, the Indian medical technology sector was valued at around $10 billion. With the current developments and advancements, this market is all set to become a $50 billion market by 2025. In addition, the current medical devices industry of India is worth $11 billion.
Healthcare financing has played a crucial role in helping medical professionals implement these technological advancements and ensure better medical services to the patients.
The healthcare sector is currently being transformed to adapt to the latest technology so that it can help meet the challenges of the new decade.
Latest technology-enabled equipment for better medical care
The technology works in a three-fold manner in the healthcare industry. It saves time, reduces treatment expenses, and improves the efficiency of doctors. New software programs apply predictive analysis to better key care-delivery processes.
Here are 3 major technological advancements in healthcare to look forward in 2020-
- Artificial intelligence – A major share of healthcare financing is concerned with the experiment and execution of artificial intelligence (AI) in the industry. The use of AI in healthcare is expected to grow at an annual rate of 40% through 2021 and reach $6.6 billion as compared to $600 million in 2014.
AI offers better ways to identify diseases, diagnose illness, check health epidemics, develop treatment plans, and so on.
Artificial intelligence is also used in the following 3 ways to mitigate risks of preventable diseases –
- Automate reminders.
- Identify patients who are at high risk.
- Process personalised dosage for each patient.
Artificial intelligence is also one of the ways through which doctors can smartly manage chronic diseases.
With AI, telemedicine and chatbots are some of the new technological concepts in healthcare that functions on AI.
- Cloud computing – Moving towards digitalization of healthcare, cloud computing is required to build, run, and maintain infrastructure for record-keeping needs. Consultation becomes easier and far convenient when patients, as well as healthcare providers, have better access to records.
- Digital twins – A digital twin can be described as a near real-time replica of something. In healthcare, it denotes the life-long data of a patient. Through digital twins, doctors can make therapy decisions, manage chronic diseases, and improve efficiency in patient-centric care. As of now, the use of digital twins is still in the early stages. Eventually, however, the concept is likely to evolve and create wonders in healthcare.
In this respect, 3D printing has also brought in new possibilities in healthcare. 3D printing enables surgeons to replicate patient-specific organs and prepare for procedures. It also helps develop prosthetic limbs at lower costs and print tissues and organs for transplant.
Along with 3D printing, data science has also proven beneficial and reduced patient waiting time considerably.
With technology in medical practice taking a leap each day, healthcare financing has become crucial from the perspective of a doctor. Upgrading and equipping a clinic with advanced machines requires a substantial amount of expenditure. Loans for doctors help overcome such financial restraints of a medical professional when it comes to equipping a clinic with the latest technology.
Multiple lending companies have come to the forefront offering loans to medical practitioners. For instance, the Bajaj Doctor Loan contains exclusive benefits and includes the best features.
Pre-approved offers on loans provided by the NBFC help customers avail financing quickly through a simplified application process. These offers are available on several financial products such as personal loans, business loans, etc.
Technological advancements bring about incredible opportunities to facilitate better healthcare to the masses and help our healthcare system cope up with ever-increasing demands and face new challenges. Digital transformation is the future of healthcare and holds immense potential for bettering medical services, patient care, treatment, surgeries, and so on.