How much money healthtech industry will make in 2022?
Does your company belong to the healthcare industry? Or are you wondering how much the healthtech industry generates every year? Well, you are in the right place. This post will share valuable insights about the money this sector makes each year.
What Is Healthtech?
Healthtech enables your business to avoid conventional caregiving solutions and apply advanced technological solutions to streamline your internal and external operations. Let us suppose you are a NEMT using manual methods to book appointments, schedule dispatches, and receive payments.
With healthtech solutions by companies like ISI, Technology allows you to automate all functions. You will also see improvement in your expenses, accuracy, and productivity. In simpler terms, healthtech bridges the gap between healthcare and technology.
The Market Size
According to a report, the healthcare sector managed to bring in $145.57 billion last year. However, industry experts are predicting that this trend will continue to improve. By 2028, the growth of the healthtech industry will reach a total of $430.52 billion. If this turns out to be correct, the industry’s annual growth rate will reach 16.9%.
Scope of Healthtech Industry
Healthtech is a digital domain that has a broad scope to help various functions. This includes the following:
- Mobile health
- Wearable devices
- Information technology
- Personalized prescription services
Software solutions and smartphone apps are helping doctors connect with patients. This is revolutionizing productivity and performance during the pandemic. With contactless services in demand, healthtech is the need of the hour. Adopting this tech will help your business gain a competitive edge in the market. You will cater to clients without any disruption.
The software implementation will allow you to automate appointment booking, fleet management, dispatching drivers, and monitoring. World Health Organization (WHO) reports that the digitalization of internal operations helps companies gain better insight through accurate analysis of patient data.
Your business will also improve data security and stay in compliance with regulations. Remember, customer data safety is a top priority. Failing to comply results in hefty fines and penalties. Businesses can even lose their licenses.
The Financial Predictions
According to Statista, the healthcare industry in the U.S. will witness considerable growth. According to experts, there will be a 5% growth in the industry each year for the next couple of years. The fastest growth will be in the healthtech sector.
According to another estimate, the healthtech domain will boost its profits. In 2019, the yield was $14 billion, but in 2024, the profits will double and reach $28 billion.
Whether you are a NEMT, medical facility, or a lab, healthtech can be a great help. You can collaborate with ISI Technology to leverage our solutions. We have an all-in-one solution from transactions to data handling, fleet management to dispatch, and routing.
If you are in medical transportation business or any other healthcare industry and still using manual methods to deal with your clients and collect data, this can cause a compliance issue. Therefore, it is imperative for you to use healthtech solutions to your advantage. This will help you save resources and time.
Moreover, you will be able to save a lot of money in the long run. No more lost clients, no-show trips or and financial frauds. A solution by ISI Technology will provide you with a foolproof healthtech software. The best part is that our solutions are customizable to make sure they fit your specific needs. YSchedule a free demo today and explore our software solutions for NEMT, medical billing and homecare industries!