By 2040, the US health spending is expected to soar to $8.3 trillion: a number that indicates more than double in just 20 years. Today, the medical industry is larger than ever, and healthcare spending accounts for nearly 20% of the GDP. Healthcare is also the largest employer in the US, with 20 million employees accounted for in 2018. The adoption of new technology in healthcare will only continue to improve the field and allow for further life-changing advancements.
Telehealth, digital therapeutics and devices, artificial intelligence, and personalized healthcare are only a few of the emerging aspects of healthcare that are taking the country by storm post-pandemic. With all raking in billions and even trillions of dollars, it is clear the impact that new healthcare has on our society to overcome health problems.
The pandemic highlighted a need for greater equality in healthcare, and this technology is helping to fill the gaps. Companies like Cityblock, Google, and Unite US are all helping to bridge the gap that many social and economic factors created during the pandemic. During this healthcare crisis, people of color accounted for over 60% of all COVID-19 deaths, indicating that there was a larger problem within the system that needed to be addressed.
Thankfully, in a now post-pandemic world, the business of medicine is evolving. Technology is improving, and each day more people of all walks of life are reaping the benefits of these developments.