As far as the adoption of emerging technologies has been taking place in the past decade, it is always observed that financial services have always been the sector to accept and leverage the latest technologies fastest, while healthcare sector has been the most laid back in using new technologies. But, COVID-19 has changed that completely.
Europe seems to be at the forefront of developing Healthtech. Healthtech has become the second biggest sub-set of the tech sector in UK after fintech as there over 100 healthtech companies, on track to become unicorns or $1bn businesses. From providing online patient care, tracking cases to supporting front-line staff; gathering and analysing data to loaning important equipment and resources; tech companies across the country are helping the NHS and the government.
Healthtech startups are seeing a boost in VC funding across the world, from UK to Africa to India. According to experts, new technologies will help in the here and now and will also shape the future of healthcare. Many tech startups have actually switched their entire focus to healthcare and making solutions that are proving to be helpful in this scenario.
While the development of patient monitoring technology and telemedicine is helping in getting across with the patients, technologies like data analytics and AI are helping in making vaccines and cure for the novel coronavirus.
Recently Healthtech startups globally have seen merger and acquisitions. According to a report, in mid-March, Canada-based Blockchain Holdings Ltd. announced that it had acquired all rights and assets of self-quarantine monitoring technology TRACESafe, a suite developed by WiSilica Inc. US healthcare workforce provider AMN Healthcare Services announced plans to acquire Florida-based video service provider Stratus Video early this year and closed the deal in February for $475 million.
Global noninvasive health tech company Masimo announced plans to acquire German ventilation company TNI medical in March, in a statement that did not disclose the value of the deal. The transaction is expected to close in the second quarter of 2020. Everbridge, a global critical events response management software company, acquired Dutch cell and LTE broadcasting solutions provider one2many.
The demand in healthtech is public driven and has brought a massive shift in consumer mindset. Patients have started to realise that they can go directly to their doctor using technology without having to expose themselves to undue risks at clinics and hospitals.