The global healthcare IT market size was valued at USD 142.7 billion in 2022 and is projected to exhibit a CAGR of 17.9% in the forecast period. Global big data in the healthcare market is expected to reach $34.27 billion by 2022 at a CAGR of 22.07%.
In this episode, I am in conversation with Suja Chandrasekaran about how technology is revolutionizing healthcare. We discuss that the future of care is hybrid, where the blend of physical and virtual care is driven by the equity of access, efficiency, and efficacy of care enabled by data, and a laser focus on talent management is required to bring value to value-based care.
We acknowledge that the US Healthcare spending is estimated to be $4.3 trillion. At the same time, technology innovations such as wearables rose by 19%, digital therapeutics increased by 32%, and startup funding was targeted to reach $22 billion in 2023. We realize that the trends are moving towards meeting patients where they are and making the patient experience more simple, seamless, and integrated.
We firmly believe that the future of health requires equity and quality of care while engaging providers and payors, and a fundamental shift is required to promote healthcare, not sick care.
Suja Chandrasekaran was Senior EVP, Chief Digital and Information Officer at CommonSpirit Health. She is an industry-recognized global operation and digital transformation leader. Previously, she has been a member of executive leadership teams and global chief of digital and tech at large companies, including Walmart, Inc, Kimberly-Clark Corporation, Nestle S.A., and The Timberland Company.
Suja serves as a board member on the boards of public companies American Eagle Outfitters (NYSE: AEO), a global omnichannel apparel retailer, and Cardinal Health (NYSE: CAH), a healthcare and pharma-centered, Fortune 15 company. She is also on the boards of private companies - digital supply chain tech platform Blume Global Technologies and Agendia Inc, a precision medicine molecular diagnostics company focused on breast cancer research, diagnosis, and treatment.
Smriti Kirubanandan has a strong background in robotics and public health and is a Healthcare Executive, where she focuses on driving significant transformations within the healthcare ecosystem, concentrating on customer experience, intelligent automation, data analytics and insights, and is determined to make healthcare more accessible and affordable through innovation and empathy. She also spearheads brand development, thought leadership, and market research.
Smriti is a selected Young Global Leader 2023 by the World Economic Forum, a member of the Young Leaders Circle at the Milken Institute, and is the Founder of HLTH Forward Podcast- an award-winning media platform that hosts healthcare leaders, policymakers, and artists to discuss the challenges in the system and what we could do collectively to move healthcare forward.Support the show