The $2 trillion healthcare industry is at a crossroads today. Currently burdened by crushing expenses and inefficiency, the sector seeks improvements in every relevant area. This is where health technology comes in. Tech-based tools are incorporated into every healthcare process to improve quality and efficiency, two of the most critical challenges.

The COVID-19 pandemic impacted practically all major industries globally and served as a critical driver for the rapid creation and widespread acceptance of the HealthTech industry. The worldwide health technology industry was estimated at $175 billion in 2019. With an anticipated CAGR of approximately 25% between 2019 and 2025, the market is expected to reach nearly $660 billion by 2025. It was projected that by the time the pandemic was over, our healthcare system would have experienced more than a decade of innovation in less than a year. HealthTech has built digital healthcare facilities that fundamentally revolutionise the healthcare system. Undoubtedly, technology will continue to play a significant role in healthcare. Using a plethora of digital information, the firms listed below provide healthcare products and services that benefit patients and healthcare practitioners.

Hinge health

Hinge Health is a patient-centric digital clinic that has raised $600 million. Hinge Health aims to address chronic musculoskeletal problems like back and joint pain. Its platform includes an app, wearable sensors, and health coaching, among other things. The Health-Tech claims to have one of the most extensive clinical, data science, and research and development teams in digital health. The firm reports that its user base has more than doubled and now has millions of users, including 575 clients that offer their services to workers linked to a network of over 750,000 care providers.

Pharstcare

Pharst Care is a pharmaceutical tech company that provides pharmacy services digitally. The company leverages mobile technology to provide consultations with doctors of pharmacies, medication deliveries, patient reviews, medication tracking, online counseling, and preventive healthcare information.

Current health

By managing, monitoring, and engaging patients at home via its remote monitoring platform, Current Health aims to lower health risks and high healthcare expenses. The health-tech company, which pulled in $43 million in its current series B funding, continues to provide its patients with a wearable gadget for their upper arm that monitors vital indicators such as breathing rate, pulse rate, body temperature, and movement; this data is then translated into health insights. The fact that Current Health is effectively executing across healthcare and medication delivery businesses make its products so revolutionary.

Kyruus

Kyruus provides several data management solutions and products for organisations, including hospitals, health systems, medical groups and health plan providers. The platform results in better patient experiences due to intuitive provider search, scheduling, health plan integration, and data management capabilities. Kyruus has raised $42 million to grow, provide more visibility into where patients can receive the treatment they need and empower providers to reach more patients.

What is the future of Health Tech?

Venture Capital funding has declined globally; similarly, funding to Health Tech companies has declined 40% year-on-year. However, innovation in Health care is a necessity, so we can expect the industry to continue growing so the world is more prepared if there were to be another pandemic as well as improve access to healthcare for those who need it at the click of a button.

As consumers would always need access to healthcare, demand will always exist in the healthcare sector. We can expect the sector to keep progressing and pushing the boundaries of what is possible through innovation, creating a massive opportunity for investors who are willing to invest for the long term.