As we enter a post-pandemic era, the medical industry is larger than ever. In fact, experts predict that by 2040, the US health spending will soar to $8.3 trillion. Healthcare spending accounts for 19.7% of the GDP as of 2021, and it continues to be the largest employer in the US. It is predicted that from 2018 to 2028, the healthcare sector will grow nearly 15%.
New technologies within the healthcare industry are a primary driver of this growth and expansion. Telehealth, digital therapeutics and devices, artificial intelligence, and personalized healthcare are just a few of the main new aspects of this booming industry. By 2027, the market for telehealth will reach $397 billion, which is 38 times larger than before COVID-19. Digital devices used for healthcare are also putting up large numbers, as the global market for wearable sensors will reach $5.2 trillion by 2028. Artificial intelligence also now plays an integral role in healthcare. Augmented intelligence works to enhance the intelligence of clinicians, improving their training, knowledge, and ability in their field. Finally, personalized healthcare in recent years has allowed for customized medical treatment for individual patients and has lowered the cost of several services.
The pandemic highlighted a greater need for change and a push for equality in the medical field. It has been found that social and economic factors impact up to 90% of health outcomes. More specifically, during the pandemic, people of color accounted for 63% of all COVID-19 deaths. These people were more likely to contract COVID-19 and were more likely to suffer severe outcomes. Thankfully, new technology is helping to bridge the gap. Thanks to these emerging technologies and the companies that provide them, the big business of medicine is evolving to become more inclusive, efficient, and beneficial to all patients.