The healthcare industry

In the United States, healthcare spending as a percentage to GDP amounts to 18.3%, which roughly equates to USD $12,914 per person per year. The COVID-19 pandemic has further accelerated the profits of firms in the healthcare industry and the sector sees a positive outlook in the coming years. McKinsey estimates a CAGR of 8.2% from 2021 to 2025.

As consumers, what innovations and technological advancements can we see?

1. Virtual Reality (VR)

Most of us are aware of the usage of VR in gaming environments where users get a taste of what it’s like to be in a virtual environment. Well, the technology has been adopted to assist surgeons at George Washington University Hospital with neuro and thoracic surgeries.

The VR platform has the ability to create reconstructions that are specific to patients using their CT and MRI scans. Similar to flying simulators that pilots train on, the technology allows surgeons to better plan and attempt varying techniques of surgery before conducting the actual one.

Additionally, the technology is also used to provide patients with more details and information about the surgery they will be undergoing, putting them at ease.

2. Artificial Intelligence (AI)

The usage of AI in the healthcare industry is proving very useful. A neurosurgeon, Dr Chris Mansi and an Israeli machine learning postdoc, David Golan founded Viz.ai in an attempt to reduce the time required to identify patients at risk of stroke and to accord them timely medical assistance.

The technology takes the CT scans of patients’ brains and compares them against a database of scans to find early signs. Doctors are alerted immediately and are able to view the patient’s scans via their phones, thereby reducing wait time for surgery.

Another interesting application of AI in the healthcare industry is the exploration of medicine development and even personalized medications. Machine learning technologies have the ability to synthesize large amounts of data from wearable technology, medical records and academic research.

Experts from McKinsey suggest that this could potentially provide patients with not just the right medication but also at the right time, dose and sequence.

3. 3D printing

From hearing aids to dentistry to prosthetics, the number of applications of 3D printing in the healthcare industry is endless. ActivArmor, a company that prides itself as “the only waterproof, breathable, sanitizable custom plastic cast in the US consumer marketplace” uses 3D printing technology to produce custom-made casts and splints for patients.

Orthopedics – the medical field of the musculoskeletal system – has seen increased usage of 3D printing technologies as well. A company in the field to look out for is Stryker which has in 2022 opened a 156,000 square foot facility dedicated to additive manufacturing or 3D printing.

The company uses in-growth technology called “Tritanium” which has the ability to mimic the structure of bones, better retain fluid, and allow bone cells to attach and multiply.