The world is beginning to adopt health technologies on a massive scale. So much so that the global healthcare solutions market has expanded and is expected to continue to experience immense growth.
According researchandmarkets.com, in 2021, the global care management solutions market value was estimated at $13.2 billion. It is estimated to have a compound annual growth rate of around 13.3% and therefore is expected to be valued at around $27.9 billion by 2027.
Technology has been a major driver in the development and growth of this market, as it has expanded access to services in several healthcare areas and increased efficiency and cost-effectiveness in others. Electronic medical records (EMRs), for example, have facilitated access to healthcare without borders because they can be instantly available regardless of distance.
Patients now have the ability to choose a caregiver anywhere in the world and have continuity of care through greater accessibility of comprehensive health records. This is just one of the many ways the EMR can improve overall care. With the EMR, prevention within healthcare delivery can be better organized, facilitating greater patient engagement.
It can also improve diagnoses because it brings together disparate information into a single database, accessible to different types of caregivers. Patients can therefore receive more comprehensive and linked care, which will inevitably result in better outcomes.
While care management technology solutions have grown steadily for these reasons, the COVID-19 pandemic has highlighted the need and preference for accessing care without having to visit a healthcare facility in person. health.
I believe that in the future more and more people will choose this option. This means that the industry could experience even greater growth than expected, especially if we go through another pandemic-like crisis, which the threat of the spread of monkeypox has recently highlighted.
PANDEMICS ARE MORE LIKELY THAN WE ONCE THOUGHT
A study, led by Marco Marani, Ph.D., of the University of Padua in Italy, which appeared in the Proceedings of the National Academy of Sciences in 2021, concluded that pandemics are more likely than previously thought. . The team looked at the likelihood of occurrence of various pathogens including plague, smallpox, cholera, typhus and new influenza viruses and concluded that someone born in 2000 now has a 38% chance to experience a full-scale pandemic. (globalhealth.duke.edu)
It is therefore clear that healthcare technology and digitization will soon become a normal part of healthcare delivery and more pervasive than it is now. The Caribbean is beginning to play a bigger role in this industry. Our own Ministry of Health and Welfare, for example, is looking to digitize some hospitals and health centers.
They already use a pharmaceutical information management system through the National Health Fund as well as insurance adjudication software which has made it easy to interface with the system for administrators and patients. Other islands such as the Bahamas use some level of technology in the delivery of healthcare.
I believe that in the years to come, more Caribbean territories will embark. If that happens, or rather when, we can seek to better integrate our health systems and allow for more support and sharing of resources at all levels, in the same way that the Caribbean Community (CARICOM) was envisioned.
Europe is ahead of the rest of the world in the digitization of healthcare, but we are catching up at a rapid pace. Imagine if we could make these kinds of global connections for patient care how much we could improve healthcare access and delivery as well as quality of care.
Technology, as part of managed care solutions, can achieve this and more. There’s been a big paradigm shift over the past two decades in the way we think about care, and I believe we’ll increase public buy-in over time and embrace technology in ways that the benefits are more important than ever. conceived.