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Virtual Health Worth $10 Billion?
Recently the traditional model of care has been challenged due to the rise in healthcare costs, an aging population, and a physician shortage. With the emergence of more advanced technology in healthcare, the industry is hoping to tackle these issues with much more ease through virtual health, according to a new article from Harvard Business Review. Virtual health ranges from virtual visits with a physician, text messages with a physician, mobile apps, and more. It allows for care to be given regardless of time and location.
An analysis done by Accenture found that virtual health used for patient management, self-care, and annual patient visits is able to generate roughly $10 billion across the U.S. health system.
Demographics Changing the Face of Healthcare Systems Across the World
According to a new Forbes article, healthcare systems nationwide are facing challenges with meeting the needs of an aging population and the U.S. is no exception. Despite the United States being ranked among the top countries for the elderly, there are still many barriers in this country in quality of life and access to healthcare.
AI, AR, VR in Healthcare
According to a new article by Forbes, the genetics testing market is set to be at $10.3 billion by 2024. Artificial Intelligence (AI) has been one of the driving factors in the growth of genetic testing. It has allowed for a precision in medicine like never before. AI gives the ability to see the reasons behind why bodies react the way they do to different drugs, environments, and viruses.
Artificial Intelligence isn’t the only player in the field. Virtual, Augmented, and Mixed Reality (VAMR) is also looking to make a change in healthcare. Benefits include medicine, post-operative care, and psychological physical rehabilitation. VAMR is also being used as a tool to improve the overall patient experience with its use in patient education and lowering stress prior to procedures.
>> Read more: The Panoptics of AI, AR, VR, In Healthcare
Walmart Looks to Make Their Mark in Healthcare
According to a new CNBC article, Walmart is looking to have significant impact on the U.S. healthcare system from an access and affordability perspective. Walmart is currently in early negotiations to acquire Humana and has approached PillPack, an online pharmacy.
This announcement follows the news of Amazon, Berkshire Hathaway, and J.P. Morgan announcing their joint ventures. Walmart appears to have the upper hand, as their customers come from a variety of demographic backgrounds, including lower income communities that account for the majority of healthcare costs.