Technological advancement and increased focus on digital transformation has not only brought immense efficiency but has also transformed customer expectations. One such consumer trend that is disrupting industries such as retail, hospitality, banking, education, etc. is “On-Demand Services”. PricewaterhouseCoopers estimates that the on-demand economy will reach a massive $335 billion by 2025.
The global healthcare industry is also undergoing rapid transformation. Healthcare organizations are constantly striving to improve the delivery of their services by offering instant access to specialized healthcare problems. On-demand healthcare is emerging as a viable option although it is still at a nascent stage.
Telehealth platforms that offer medical consultations, diagnostics, medication without the need for a face-to-face visit, and improvement in hospitals' decision-making by assessing healthcare quality with quantifiable, data-driven metrics are some of the areas that have the potential to utilize the on-demand service applications.
On-demand healthcare technology also has huge potential in imaging & diagnostics, tracking mental health challenges, developing nutritional foods and supplements, and delivering personalized health plans to consumers.
How AI helps the IoT enabled portable devices
Preference for portable and less intrusive medical technologies has increased the demand for oxygen concentrators, insulin pumps, ultrasounds, thermometers, patient beds, glucose monitors, electrocardiograms, image-guided therapy systems, and other healthcare devices.
AI is anticipated to perform many smart tasks such as voice recognition, language translation, decision-making, etc. without human intrusion in these IoT devices. Thus, manufacturers are focusing on developing innovative technologies to connect with the internet and integrate with technology like sensors, functional software, and inbuilt technology that supports network connections.
However, this generates excessive amounts of data that is encumbering the growth and potential of IoT. In this case, AI can significantly help accumulate this data that is processed by the IoT devices over time and allows us to analyze the data to make sense out of it. Thus, AI is predicted to be the chief propellant to initiate the IoT revolution's unprecedented growth.
Startups in this space are leveraging AI technology to help individual consumers, clinicians, and hospital systems to improve everything from fitness to clinical trials to diagnostics. SWORD Health is a medical company that created the first AI-powered digital, physical therapist, shifting healthcare from analog to digital. Similarly, Amwell, MDLIVE, Heal, Doctor on Demand, Zava, KRY, and 98point6 are among the popular telehealth platforms that offer on-demand healthcare delivery services such as consultations, diagnostics, and medication without the need for a face-to-face visit. Doctor On Demand recently partnering home care provider network CareLinx, to provide virtual care options and medical service to senior and high-risk patients.
If you just need to take a vision test, you can simply use Simple Contacts without office visits. A med-tech company designed to remove all barriers to live procedural collaboration and digitize the physical presence in operating rooms is Avail Medsystems. The Palo Alto based start-up recently raised $100 million to further expand its procedural telemedicine platform that can help surgical teams in operating rooms collaborate with remote medical experts for live procedures and clinical training.
Medical care based on analytics is also one of the promising healthcare trends for startups. Covera Health is one such health tech solution that harnesses the power of artificial intelligence to provide optimum care to patients while reducing cost. Based on the analysis, it allows radiologists to improve the accuracy of their diagnosis. Moreover, it also pairs users with radiologists.
Braid Health is an artificial intelligence teleradiology platform for the medical diagnostics industry. Rology is an AI-assisted on-demand teleradiology platform solving the problem of radiologists’ shortage. Vida Health is a digital platform for chronic disease care and wellness coaching by providing personalized, on-demand health coaching and programs from experienced health care providers and medical institutions.
Better access to the pharmacy is offered by startups like Nurx, making birth control more accessible and affordable by shipping it directly to consumers. Similarly, Pill Club provides telemedicine and mail-order pharmacy services to help women access birth control. Maven Clinic is a virtual clinic dedicated to women and family health. It assists mothers and families during conception, throughout pregnancy, and postpartum. Ro is a telehealth app that provides services for men experiencing issues such as erectile dysfunction and baldness, and Rory comprises products for menopausal women.
A solution to pediatric issues like learning disabilities has been focused by Enable My Child, and Novotalk provides on-demand, self-directed teletherapy, which allows speech impaired to learn, practice, and maintain intelligible speech. Sleep tracking has been made possible with Sleepfitness, a self-guided insomnia program based on cognitive-behavioral treatment for insomnia (CBTi).
Genomic medicine is integrated into routine health care by Genome Medical, while behavioral health services are delivered to small, rural healthcare facilities by Forefront TeleCare through its HIPAA-compliant TeleCare service.
How will the market evolve in the next 5-10years?
AI integrated with IoT would help medical professionals develop more efficient, less error-prone, and seamless healthcare. On-demand healthcare will be a booming industry in another set of years as patients value quick and convenient healthcare service. They seek more straightforward ways to reach out to healthcare providers and get solutions to their issues.
A growing number of consumers prefer digital health services and are willing to use digital platforms, like on-demand mobile apps, for faster service. With on-demand healthcare apps, patients can get care without even having to go to the hospital. With benefits such as convenience, reduce healthcare spending, efficient interaction with patients, reduced paperwork, and flexibility for physicians and general practitioners to work extra hours, on-demand healthcare is here to stay.