Last decade has seen a massive digital disruption across all sectors of the global economy and the Health sector is now poised for major disruption. The digitization of the economy has been brought about by the massive shifting technological trends & just as important demographic changes with the Generation X & Millennials taking control over from the Baby boomers. This new digital age represents a shift from the older product based economy to one where products & experiences are cherished with new empowerment given to the customers by technology.
Health care is important to all of us since it touches everyone. Digital Transformation is about creating a relationship between humans, machines & actionable insights that are produced due to this massive information sharing. For healthcare this means richer experiences, convenient access, improved employee-patient engagement & better economic opportunities. The so-called “Amazonification effect” powered by increasingly digital and data-driven experience is on the cusp of changing the healthcare industry for both consumers and businesses.
It is estimated that by 2020, there will be 50 billion devices connected to the internet, and many of these devices will be tracking the health data of individuals. Also, health data being created is growing at a 48% rate annually, and by 2020, a Stanford University study estimates that 2,314 exabytes of healthcare data will be produced per year. We have already seen wearable tech like the Apple smartwatches & Fitbit trackers monitoring our health metrics on a daily basis. Not only has this innovation empowered consumers with the availability of their health data, but is also fundamentally changing the way how healthcare providers interact with the patients.
This digital shift is being led by the millennial generation who see no reason of healthcare being stuck in the old ways where you accepted what you were told. These digital citizens want a fast, convenient & a quantified version of healthcare with ongoing relationships and more control of their health. I have two infographics for you today to look at how digital disruption is shaping the Healthcare of the future. The first one details the investment being made in the sector with the major players involved while the second details on the Patient-Healthcare providers relationship shift caused by the automation.