2023 will be a big year for technological advances, with AI, machine learning, robotics, and blockchain leading the way. Healthcare will continue to adopt new technologies to improve patient care and efficiency. Telemedicine solutions will become more widespread and balanced with in-person appointments. Sustainability will also be a major focus, with businesses looking for ways to reduce their environmental impact.
Here’s our rundown of 2023’s biggest trends leading the way.
AI Is Here to Stay
After the uncertainty caused by the global pandemic and a recession looming, companies of every size face the same challenges as before: lead, innovate and problem-solve. (Source)
AI is quickly rising to the top as the #1 tool to help businesses everywhere overcome these challenges, and in 2023 we will see AI adoption explode.
Companies that don’t invest in AI risk being left behind. According to IDC, worldwide AI spending will top $500 billion in 2023, with software as the dominant investment area. (Source)
According to a recent Gartner survey of nearly 700 companies in the U.S., U.K., and Germany, “On average, 54% of enterprise AI projects made it from pilot to production. A whopping 80% of executives in the survey said automation can be applied to any business decision and that they’re shifting away from tactical to strategic uses of AI.” (Source)
The mantra for 2023? Do more with less.
AI: Artificial Intelligence (AI) will continue to evolve and expand in 2023. AI-powered technologies such as virtual assistants, chatbots, and facial recognition systems are expected to become commonplace, with numerous applications in consumer technology and business operations. In addition, deep learning algorithms are being used to improve the accuracy of medical diagnoses and predictive analytics, helping businesses make better decisions.
According to Edwards, “The ever-expanding breadth of no-code and cloud service AI offerings exponentially increases AI accessibility. With the technology infrastructure, data science, and creation simplified, businesses with great ideas can produce AI-powered products and services that enhance customer interactions.”
The bottom line, AI is here to stay. Adopt, automate, scale, or risk getting left behind.
Machine Learning in Biopharma and Medtech
In the biotech and medical device industries, Machine Learning (ML) is also expected to be a major trend in 2023. ML can speed up drug development, reduce clinical trial costs, and enable personalized medicine by delivering more accurate diagnoses. In Medtech, ML can help improve patient care with predictive analytics and automated diagnosis systems.
Machine Learning can also automate hospital workflows and improve healthcare delivery through automated telemedicine solutions and home-to-hospital care. ML can be used to develop more innovative medical devices that are easily customizable, enabling personalized treatment plans.
As these technologies become more widely adopted, they have the potential to revolutionize the healthcare industry.
According to Slava Khristich, healthtech expert and CTO at Tateeda Global,
“The pharmaceutical industry will use AI to discover new drugs and successfully take advantage of certain healthcare technology trends from 2023.
Promising New Drugs
A team of British and Japanese scientists in January 2020 patented the first drug molecule invented by AI. The medication was accepted for human testing and will be used to treat obsessive-compulsive disorder.”
Khristich explains that as of late 2021, other promising formulas have also been discovered due to AI-enhanced lab experimenting, including some potential cures for rare and highly dangerous diseases.
According to Khristich,
“Many innovative projects use AI and machine learning methodologies to augment chemical experiments and medical drug research, including molecule modeling and simulation of chemical reactions under multi-factor environments.
This approach allows scientists to minimize costly onsite experiments with reagents and hi-tech lab equipment because many experiments can be conducted virtually. It also speeds up the discovery of fundamental scientific breakthroughs.” (Source)
The coming year promises to be exciting as businesses continue exploring and adopting new technologies that can revolutionize their operations and improve customer experiences.
From AI and IoT to robotics, virtual reality, augmented reality, Machine Learning, and blockchain technology, these trends will shape our lives and work in 2023.
As such, the healthcare industry will see some of the most significant disruptions.
Robotics to Automate Hospital Workflows
In 2022, startups worldwide invested hundreds of millions in developing AI projects, including different robotic systems, potentially allowing them to cut the cost of hiring qualified hospital staff.
According to Bernard Ross, author of “Five Medtech Trends to Watch in 2023,”
“The idea is not to replace humans with machines…but to improve medical facilities that already experienced an acute deficit in nurses and clinicians due to the COVID-19 pandemic that has put the whole healthcare system under unprecedented pressure.
There is limitless potential for using robotic helpers and automated systems in modern medicine: hygiene, surgery, remote diagnostics, etc., but the welfare of medical professionals and the successful treatment of patients remain the utmost priorities of the healthcare system.” (Source)
All of these cutting-edge technologies stand to play a huge role in the digital health trends of 2023, helping enhance traditional healthcare practices and deliver better patient outcomes.
As businesses continue to explore and implement these technologies, one thing is for sure – telemedicine solutions can play an essential role in helping balance the equation through improved patient care, better accuracy of diagnoses, predictive analytics, and secure data transfer.
Balancing Telemedicine Solutions in 2023
According to PharmaBoardroom, an information website for C-Level executives, consultants, regulators, and vendors working in Healthcare & the Life Sciences globally,
“The pandemic triggered an increase in telemedicine solutions, with consultations largely moved to virtual platforms. This helped healthcare professionals (HCPs) remain safe but impacted healthcare delivery as many conditions simply cannot be identified via video or phone calls.
HCPs have realized that some patients struggle to get appointments or become frustrated with remote diagnostics, and 2023 will see this trend begin to reverse in favor of a hybrid model. Telemedicine and remote diagnostics will continue, but the future will focus on balancing convenience with patients’ needs for face-to-face appointments.” (Source)
Driving Sustainability
With new technological innovations come new environmental concerns. In 2023 environmental sustainability will become even more mainstream and integrated into every aspect of the business.
According to Newsweek, “the ubiquitous use of data and the exponential increase in compute-intensive algorithms dramatically increase the use of energy and other resources that impact the environment. Gartner projects that by 2025, ‘50% of CIOs will have performance metrics tied to the sustainability of the IT organization.’” (Source)
In 2023, solutions will emerge to help companies measure and categorize their emissions and power consumption in a repeatable, consistent, auditable way, says Matt Domo, CEO, and Founder of FifthVantage.
Domo explains that this first step will help companies establish their consumption baseline to identify and prioritize technology improvements that impact their sustainability strategy.
Technologies, including traceability, analytics, emissions management software, and AI, will power these solutions. In subsequent years, AI automation solutions will emerge to provide actionable steps to change software code to be more sustainably efficient. (Source)
Healthcare & Sustainability
Healthcare will not be immune to the growing global climate crisis, and 2023 will see more emphasis on sustainable solutions to drive a more circular healthcare system. According to Bernard Ross, author of “Five Medtech Trends to Watch in 2023,” Medtech companies will increasingly be challenged to demonstrate compliance with high sustainability levels to become a preferred supplier.
Ross points out that clinicians will also look to Medtech innovation which provides solutions that are good for the planet – not just those that do less harm. (Source)
Blockchain: The Rising Star of Digital Trust & Security
Blockchain technology is quickly becoming the cornerstone of digital trust and security. By decentralizing data storage, blockchain creates a secure, distributed ledger system that ensures no single point of failure.
This makes it virtually impossible for hackers to compromise the system, giving businesses, governments, and consumers unprecedented levels of protection against cyber threats.
Blockchain also allows users to authenticate transactions and verify data validity while protecting user privacy.
As a result, more and more organizations are turning to blockchain as the go-to technology for digital trust and security. With its unrivaled levels of protection and authenticity, blockchain is revolutionizing how we do business in the digital age.
According to Matt Domo, CEO and Founder of FifthVantage,
“In 2023, digital trust will see heavy re-architecture investment, so there is no single central point of ownership by a process, company, or organization. Blockchain fits the bill nicely because it’s simply a database or ledger distributed across multiple machines in a peer-to-peer network. Blockchains store information in a digital format guaranteeing data reliability and security without needing third-party governance.”
Disruption: Digital Ownership
Domo explains that many companies are investing significantly in blockchain to create new forms of digital ownership, driving customer demand.
According to his Newsweek article, “4 Technology Trends in 2023 To Plan For Right Now,”
“You can now have digital ownership of things such as art, music, luxury products, and even access to hotel stays like a digital timeshare. The opportunity for new business models and customer engagement is significant.” (Source)
In addition, blockchain technology is becoming increasingly popular in healthcare.
Blockchain technology is revolutionizing healthcare systems around the world. Blockchain can help keep patient health records confidential by creating a secure and distributed ledger.
Furthermore, it can facilitate seamless data transfer between medical professionals, allowing providers to access vital health information quickly and securely.
This technology also helps reduce costs associated with managing sensitive data, providing an efficient way to store and share information without compromising patient privacy.
With its robust security measures and numerous potential applications, blockchain is paving the way for a new era of healthcare technology.
Meanwhile, it’s also giving patients peace of mind that their health data is in safe hands.
Final Thoughts
2023 will be a big year for technological advances. With AI, machine learning, robotics, and blockchain all leading the way in different industries, there are sure to be significant changes across many sectors.
Healthcare will continue to adopt new technologies to improve patient care and efficiency. Telemedicine solutions will become more widespread and balanced with in-person appointments.
And sustainability will also be a major focus for businesses as they look for ways to reduce their environmental impact. So whatever your industry, we hope this rundown of 2023’s latest trends and developments will help you as you build your long-term vision and goals for the year.