If you follow advances in technology, you already know the digital world changes tremendously in the blink of an eye. But when you’re trying to figure out where to invest your money, you might want to consider China’s digital health market.
That digital technology continues taking strides toward data privacy is no secret. And, advancements in artificial intelligence (AI) are running right alongside. The combination of the two could lead to progress in global healthcare.
How can digitization improve healthcare?
Technological advances have already laid a strong foundation for digital technology to support medically-related processes. Currently, these efforts include:
- Health apps – tracking everything from steps to caloric consumption
- Blockchain – verifying and tracking prescription medications
- Cloud-based networks – adding an additional level of security to private data
Many experts agree that the opportunities are endless for the potential of the digital impact on the medical field.
In China’s lower-tier cities, the shortage in medical professionals increases the burden of an aging population. This adds to a stressed healthcare infrastructure.
To understand the benefits digitization could provide in China, perhaps you would want to consider the unbalanced ratio between the number of people needing care with the doctors necessary to treat them. Additionally, how care facilities could handle patients more efficiently.
The anticipation is that by next year the healthcare market in China will hit $1.2 trillion. For AI companies like WeDoctor, merging technology to combine personal data, app use and prescription medications may help serve as preventative measures.
Big players are investing in medtech
While China is gaining attention for its involvement in digital technology, advances related to the medical industry are an international pursuit. Some investors may find comfort in following the lead of two of the world’s largest ecommerce companies’ pursuits to combine technology with healthcare.
Chinese e-tailer, Alibaba, is working to address the shortage of medical specialists through AI diagnostic tools; through the use of data systems, experts assert AI could revolutionize medicine. Meanwhile, Amazon’ partnership with Arcadia helped the retailer breach the medical device market.
Many experts agree that these advances will have an effect on not only digital medical technology, but also the ability to improve medical care across borders.