Healthcare is not a trend. It is a necessity and as such, the industry doesn’t have to worry about the peaks and troughs that other businesses experience, in fact as the population grows and ages, the challenge for the healthcare sector is meeting the needs and keeping costs down as opposed to generating clientele. It is one of the reasons we are excited about working with innovators in healthcare. Technology and robotics has the potential to solve many of the problems facing the industry in 2019 and by supporting healthcare we are supporting the health of the global population, improving lives and in many cases, contributing to saving them.
In 2022 it is predicted that the global spend on healthcare will be $10.059. This represents a figure that has continued to grow year in, year out but it’s speeding up. In fact, between 2013 – 2017 we saw a 2.9% rise and from 2018 through to 2022, we expect this to reach 5.4%.
But if the population has always been growing and people have always been ageing, why the sudden, dramatic increase?
- Firstly consider that life expectancy has risen and continues to rise in this time period. More than 11% of the global population are now over 65! These people require more healthcare services and more medicine.
- Also, there is an argument to say that healthcare demand has grown because of the high quality of healthcare. As technology and research evolve the treatment we give patients, more people are surviving. For example, 50% of people diagnosed with cancer will survive in 2019. What’s even more staggering is that 40 years ago that statistic was half which meant that 75% of people who were told they had the big C died. Not only does this improvement mean there is a higher demand for cancer services, technology and treatments but also, once again, as more people live, more long term treatment is required.
- While this is great news, we do also have to consider the increase in disease in general. If we look at cancer again and look at the stats from 40 years ago, 1 in 4 people would be diagnosed. Now in 2019, that figure has doubled and half of us can expect it.
The Role of Automation
AI is changing the way care is delivered to meet the demands of these changing times. Healthcare providers are increasingly seeing the value of investing in new technologies and 74% have stated that if they haven’t already they will be purchasing AI technology in the near future.
One of the many ways it can be used is to analyse data so that a better more efficient service can be provided. This is more than just customer experience, getting personalised, speedy care is an essential part of improving survival rates.
We are also seeing an increasing number of AI diagnostic and monitoring devices coming onto the market, including smartphone apps that can be used to diagnose and autoinjectors, like the one produced by Owen Mumford who recently worked with Innomech.
So in our rapidly changing world, the demands on our health care sector continue to rise. Here at Innomech, we enable innovative technologies to emerge by supporting businesses take an idea from concept, through the manufacturing process and out to market so it can make a difference and support the change needed.
The future is already here. Be part of it with Innomech.