Information Technology is all about empowering industries with whatever tools and techniques they require to in-turn elevate the life and livelihood of people. Over the years, technology has evolved to an extent that what was considered something impossible until a few years back is possible today.
Today, information technology influences every industry, sector, and market segment it touches. And one industry that seems to have evolved for the better is the healthcare industry. For those of you who didn’t know, healthtech is an actual jargon in the market today that defines the application of technology in healthcare.
From understanding diseases and precise diagnostics to treatments, electronic records, and fighting counterfeit medicines, healthcare is dealing with them all through tech incorporation and implementation.
The reach of technology in healthcare has been massive with companies and giants deploying the latest medical technology to overcome hurdles and deliver better services and products. The US healthtech market is all set to become a $390.7 bn industry by 2024.
Companies are consistently looking for newer ways to implement technologies like machine learning, artificial intelligence, data analytics, robotics, and more into their healthcare software solutions to further add value to their services. This is to the extent that the spending by healthcare companies on artificial intelligence and its allied concepts will reach about $40.2 bn by 2026.
The wearable tech market is also on the rise as it too aids in fighting, preventing, and tackling several diseases at personal levels. This market is forecasted to reach $56.8 bn by the end of 2025.
Read More : How Wearable Tech Helps to Runners and Cyclists?
Apart from these, chatbots, the Internet of Things, telehealth, and more are making the lives of healthcare professionals and patients better with their significant contributions. With so much happening in this sector, we really felt we need to shed more light on the developments in the healthtech industry software and healthtech companies.
That’s why we have handpicked a list of some of the most prominent healthtech companies that are making the best use of technology to approach healthcare in unimaginable ways.
Based out of Chicago, Outcome Health is a $5bn company that intends to put the screentime of people to good use. Outcome Health is all about letting patients know everything they need to understand about their healthcare depending on their stage of treatments. From consultation and diagnostics to treatment, the company provides adequate educational information about the disease or disorder to patients, caregivers, and healthcare professionals via technology.
This includes presenting relevant information to patients on the waiting room television/board, exam room tablets/boards, waiting room Wi-Fi, and more.
A New York-based venture, Oscar Health is a health insurance company that prioritizes user experience and offers unlimited teleconsultations and generic medicine.
It offers smart insurance policies to customers and diverse healthcare facilities like virtual doctor calls, medication deliveries, and more. The company is worth $3.2bn.
One of the most plaguing concerns in the world is cancer. In the US alone, it is estimated that there would be over 1.8mn new diagnoses of cancer and over 600,000 deaths due to the deadly disease.
However, healthcare approaches reveal that cancer can be cured if detected at an early stage. That’s exactly what GRAIL has set out to do. It has built a blood test that helps patients detect cancer in early stages and pave the way for proper treatment and recovery. The company functions out of California.
While cancer is a malignant tumor, there are also benign tumors that are non-cancerous but cause physical complications. Both require respective healthcare approaches and treatment procedures to help patients lead a normal life.
And to do that extensively is the initiative Tempus Labs, a company that incorporates genome sequencing and machine learning technologies to develop custom treatment procedures and plans to fight tumors. Tempus Labs is also based out of Chicago.
Butterfly Network indeed redefines accessible healthcare with its Butterfly iQ. In simple words, Butterfly iQ is a portable ultrasound imaging system developed by the company that can be connected to smartphones owned by users.
With this, patients can perform analysis and diagnosis of specific systems such as blood vessel measurements, musculoskeletal, abdominal, and cardiac systems, and more. All the assessments are done via imaging.
Diseases are not just the results of our lifestyle and hygiene practices. Some diseases are inherited and hereditary as well. For those of you who have always been told that you are at the risk of developing certain diseases because they are hereditary such as diabetes, cancer, stroke, and more, 23andMe arrives offering an ideal solution.
The biotech company allows you to send your DNA samples to them for assessment through which you can find out about your ancestry, genetic predispositions, genes, and more. It’s headquartered in California.
Coronary artery disease is one where its treatment procedures have always been invasive. And that’s what HeartFlow intends to change. Based out of California, HeartFlow intends to find non-invasive ways to treat coronary artery disease through CT scans.
These scans accurately analyze the heart flow of patients, giving physicians better ways to diagnose and treat the disease.
So, these were the top healthtech companies that are rewriting history, one patient, at a time. Personally, a lot of these applications were new and intriguing to us. Healthcare is one industry that should benefit the most from technology. And if you’re someone who wants to contribute to this sector, we recommend you get started today on your idea.
If you already have an idea, you should get in touch with a custom healthcare software development company like ours to turn your idea into a product. We work with the best healthcare mobile app developers who would complement your visions. So, make use of our healthcare app development services and make the world a better place for tomorrow.