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Unleashing the Potential: How Industry Software is Transforming Healthcare

Unleashing the Potential: How Industry Software is Transforming Healthcare

Technology has the power to revolutionise and modernise many different areas of the healthcare ecosystem. The healthcare software industry growth continues to trend up, with startups and innovators delivering new products to the market that fill the gaps in healthcare workflows and processes.

Healthcare software industry trends demonstrate the potential of how healthcare can transform to provide better solutions for providers and outcomes for patients. As you consider your pain points and needs around technology, you’ll want to identify how to use custom healthcare applications to unlock the value of data, optimise efficiency, and reduce costs.

What Is the Current State of Healthcare Software?

The healthcare software industry is booming as more stakeholders adopt it to improve everything from billing to diagnostics capabilities to streamlining resource allocation. As a result, the healthcare software industry size will grow to $104.1 billion by 2030, representing a 10.9% CAGR (compound annual growth rate). The expansion of the market aligns with adoption.

of physicians feel that digital tools are an advantage in patient care.

Additionally, the digital healthcare tools medical practitioners use grew from 2.2 in 2016 to 3.8 in 2022. So, what’s driving this increased adoption and usage?

Key Drivers in the Growth of Healthcare Industry Software

When any product category sees substantial application development, many factors drive it. At a high level, those include:

  • Increased adoption of telehealth and telemedicine solutions
  • A desire to use patient data to improve decision-making regarding treatments and care
  • Trends relating to patients taking a more active role in their health and having access to their medical information through EHR/EMR applications
  • The use of AI (artificial intelligence) to support diagnosis, treatments, and more
  • Labour shortages, which has more healthcare entities requiring automation
  • Integration of remote patient monitoring

For most areas of healthcare, there are multiple choices for software on the market. Unfortunately, not all these applications deliver the results the industry needs. Often, they do the opposite due to the design, applicability, or user experience. As a result, custom healthcare software is an option to meet the specific needs of an organisation.

When there’s growth in a market, it usually follows trends.

Unleashing the Potential: How Industry Software is Transforming Healthcare

What Are the Current Healthcare Software Industry Trends?

The trends in the healthcare software industry align with the drivers referenced above. Let’s dive deeper into these trends and what they suggest for transforming the field.

IoT and Remote Patient Monitoring

IoT (Internet of Things) technology is becoming more critical in healthcare to monitor patients outside of traditional treatment settings. For those patients managing chronic conditions, data collected by IoT devices enable early intervention and better management of their illnesses.

Software to manage the collection, exchange, analysis, and security of this patient data is in high demand. The industry recognises the value of this information as a means to drive more personalised healthcare.

The transformation driven by this type of healthcare industry software is substantial, including:

  1. Closing gaps in understanding a patient’s response to treatment to prevent adverse reactions
  2. Reducing costs throughout the healthcare system by supporting medication adherence and avoiding readmissions
  3. Improving the condition of those with chronic diseases, as demonstrated by research that found that diabetics using remote patient monitoring had better outcomes than those who did not

AI Software Applications Offer Automation

Another healthcare industry software trend is the use of AI applications to enable automation. Automation is an attractive feature for several reasons. It makes workflows smoother and requires less interaction with technology. These solutions allow users to be more productive, lessening the strains for understaffed organisations. It can also be applied to medical image analysis, accelerating diagnosis.

Healthcare software that uses AI transforms many areas of the ecosystem, benefiting users and patients. It allows clinicians to leverage technology to improve patient outcomes by decreasing the time-to-care interval, reducing medical errors, and broadening access to patient data.

Improvements in Patient Engagement

The healthcare industry has long encouraged patient engagement. When people take an active role in their health, their outcomes improve. However, this is an area of struggle in healthcare, as many patients have limited health literacy or lack engagement due to social determinants of health (SDOH).

The tide is shifting for some, with 61 per cent of people stating they wanted this to improve. Since most consumers have access to mobile devices and computers, it makes sense that technology can support this.

$17.2 billion
was the size of the patients portal software market in 2022, growing at a CAGR of 15.3%.
Precedence Research

Patient engagement software mainly falls into the category of patient portals. These platforms enable access to medical information, offer a way to communicate with providers, send reminders, and allow people to learn about and participate in programs.

Patient engagement is good for all parties in the healthcare landscape. Research on the connection between patient engagement and improved outcomes confirmed the correlation. One example is a study that found that patient engagement improved the quality of care because patients were informed, which enhanced service delivery. The study also showed that 11 per cent of participants with the highest engagement levels had considerable improvements in anxiety.

Unleashing the Potential: How Industry Software is Transforming Healthcare

Widening Accessibility to Care

Telehealth was in limited use prior to the pandemic. Now, it’s become a standard option for many patient-clinician interactions. The convenience has led to patients adhering to treatment regimes and keeping regular checkup appointments. In this sense, these platforms are improving access. There’s more to this trend, though.

Lots of areas in the world, even major cities, have medical deserts. This means access to care is limited, especially for mental health and specialties. With people more comfortable with telehealth and adopting it widely, this segment of healthcare industry software will continue to innovate and be a primary part of any tech stack.

These drivers of growth and trends demonstrate the importance of software in healthcare. It can address a myriad of challenges that lead to operational efficiency and better care delivery. Your organisation has the opportunity to unleash all this potential. Start the process by talking to our healthcare software experts.

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