MarkiTech.AI’s Predictions for 2024: Shaping the Future of Health in a Dynamic World

Written by Nauman Jaffar

By the time this goes to print, it will have been over two weeks since we all either got horribly drunk and forgot the number on our respective front door and even the name of our street - or remembered it all because we went to bed at 9 pm. Both kinds exist! Neither is right. It will have been over two weeks since we were dragged out of a gutter at 5 am by first responders or had our door smashed in and were put on a gurney in our own kitchen by first responders. It will have been over two weeks since the cardiologist or nutritionist glared at us for having let our bodies become train wrecks, or the psychologist looked at us with compassion for having let our mind become train wrecks. Bottom line: time to take stock! January is the month of audits, of plans, of resolutions (we don’t break them before Feb 01, remember that). So, now that the fog (the one in our head; not the one outside the window) is beginning to wear off, we’re revisiting the 12-month-long tornado that was 2023, the year marked by enormous global challenges, from political upheavals to natural calamities, from continuing financial disasters to continuing global heating (yeah; we went from warming to heating a couple of years ago and in 2023 we finally accepted that “heating” is a word); and in this, our first week of lucidity in 2024, we at MarkiTech.AI can proudly claim that we have remained steadfast in our commitment to innovation within the healthcare technology sector in 2023, and intend to keep doing more of the same in 2024. We have worked on projects including but not limited to generative AI, machine learning, computer vision, scheduling and forecasting, 5G, edge computing, etc., just to name a few in 2023.

Economic upheavals like the Fed rate hikes (rate nuke strikes, if you ask Joe Blow) and the sucker punch fallout from the Silicon Valley Bank collapse meant the healthcare sector was forced to continue to navigate through a maze of increasing expenses and labor shortages, and yet 2023 wasn't without its milestones. The emergence and stellar rise of ChatGPT, achieving the fastest growth in consumer app history, and the shift towards prudent cash management in the entrepreneurial sphere were, among other, major developments that signified a turning of the tide in technology and business.

When we talk about health, conversations (look out for our conversation AI scribe we recently launched called cliniscripts.com that will help mental health professionals save at least an hour a day) invariably make a subconscious demarcation between the pre-pandemic and post-pandemic eras. The amazing resilience and malleability the health industry exhibited in the early phase of the pandemic gave rise to previously unimagined delivery channels and solutions, driven primarily by an evolving symbiosis between the digital and health delivery worlds. The digital health domain, having gradually found its keel—so to speak—post-pandemic, is now looking forward to a stable and sustainable future. 2023's projected closure at $10.7 billion in funding, a substantial increase from pre-COVID levels, indicates an optimistic trajectory. Investment has particularly favored companies addressing chronic disease management and mental health support, underscoring a persistent demand for such services.

As we look ahead to 2024, MarkiTech.AI envisions a healthcare landscape that will be spilling over with innovative breakthroughs coming in fast, strong, and more efficient, personalized healthcare solutions. Here are our top predictions for the year:

1.???? Generative AI revolutionizes Healthcare by augmenting human clinicians: Look out for a blog we are writing about life in the 2030s using AI. We have been talking about AI's integration into healthcare for a while, and we’ve been doing it for a while too, but we think 2024 will witness its widespread adoption in administrative and clinical realms. The commoditization of AI, spurred by the proliferation of open-source models like Vision AI, will make it an essential scaffolding in the infrastructure of healthcare operations. It’s only fair to hope this democratization will lead to significant cost reductions and improved care delivery. But a word of caution here: AI will only complement human clinicians, augmenting their capabilities, and should not be expected to replace them—not in 2024 at least.

2.???? Digital Health Consolidation: Like all markets catering to an emerging technology paradigm, the digital health market will also undergo rapid shakeouts and consolidations likely. This will result from increased buyer scrutiny and a more challenging financing environment. We foresee a surge in both vertical and horizontal mergers and acquisitions, as companies aim to broaden their offerings and leverage economies of scale. This trend will also be driven by the participation of major retailers, payers, and tech companies in digital health strategies. In our world, we have developed solutions like YourDoctors.Online and SenSights.AI in the digital health realms and integrated our ML / Computer vision solution Veyetals into both solutions.

3.???? Mental Health Integration: Mental healthcare will continue its trajectory toward destigmatization, integrating holistic health practices into care models. Companies will adopt multidisciplinary approaches, combining therapy with physical health indicators like diet and sleep, and utilizing various digital tools to improve accessibility and effectiveness.

4.???? Addressing the “Obesity Epidemic”: Public awareness and demand for obesity treatments are expected to rise sharply. Not only are pharmaceutical corporations reaping a windfall but they are generally unable to match supply with demand, forcing governments to restrict a lot of the medications to type II diabetics. Yet demand remains unabated and unsatisfied, and new channels will emerge to continue to service it. Although, so far, they have been slow on the uptake, employers and health plans may eventually wake up to the benefits of increasing coverage for weight loss medications, albeit with the challenge of high costs. Effective digital health strategies will combine medication access with broader support for mental health and lifestyle changes.

5.???? Focus on Underserved Communities: With the end of the COVID-19 Public Health Emergency, there's an increased focus on supporting the urban poor, rural populations, and seniors. In the US, Partnerships between Medicaid agencies and community-based organizations will play a pivotal role in addressing the social and health needs of these groups.

6.???? In US Medicare’s Holistic Approach: Unlike in Canada (health systems are light years behind), US Medicare's new policies in 2024 will emphasize holistic health, offering reimbursement for services that address social determinants of health and chronic illness management. This will simplify the healthcare experience for consumers and provide more comprehensive support. That is the right thing to do.

7.???? Climate Change and Health: The health impacts of climate change will take center stage. Healthcare companies will invest in solutions that adapt to environmental changes and reduce related health costs. This will include utilizing health and environmental data to offer personalized care in response to local climate conditions.

In summary, 2024 promises to be a pivotal year for healthcare, driven by technological advancements and a more profound and nuanced appreciation of complex health issues. At MarkiTech.AI , we are excited to contribute to this evolving landscape, supporting innovative solutions that enhance healthcare delivery and accessibility. Happy holidays and a prosperous new year!!