Health care sector at ‘critical juncture:’ World Economic Forum

Developing health tech transforms global health care as costs continue to increase

The healthcare industry is at a “critical juncture,” as for the third year in a row, medical expenses are expected to rise by double digits globally, with estimates of an average increase of 10.4%, according to a report the World Economic Forum (WEF) released on Tuesday. There are numerous reasons for this increase, including overburdened public healthcare systems and rising demand for private health care, especially in the Asia-Pacific region and the Middle East and Africa, where medical cost growth is expected to be 12.3% and 12.1% respectively, according to the report. On the other hand, health technology continues to grow as artificial intelligence, telemedicine, wearable devices and integrated digital platforms are revolutionizing patient care worldwide. The first robotic mastectomy was carried out in Cleveland Clinic Abu Dhabi which demonstrated how innovation in healthcare has the ability to revolutionize the industry. Through the use of cutting-edge robotic technology, this minimally invasive procedure offers patients with breast cancer increased precision, quicker recovery, and better results, while also greatly reducing their burden. The report also said that financing must be organized in a way that makes quality health care accessible to all. New approaches must be developed by policymakers and entrepreneurs to guarantee that rules respect the values of patient safety and health care, while never impeding advancement.