Introduction
Digital health is a new and emerging field that refers to the use of technology to improve patient care and health outcomes. This includes everything from the use of electronic medical records to telemedicine, mobile apps, and wearables.
Digital health has the potential to transform the way we deliver healthcare, making it more patient-centered, efficient, and effective. For example, patients can now use their smartphones to track their own health data, such as steps taken or calories burned. This information can then be shared with their healthcare provider to help inform decisions about their care.
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Industry growth is driven by increasing smartphone penetration, improved internet connectivity, advanced healthcare IT infrastructure, rising healthcare expenditure, rising prevalence and chronic diseases, increased demand for remote patient monitoring services, as well as increasing accessibility to virtual care.
The adoption of digital health technologies is expected to continue to grow in the coming years, as more healthcare organizations recognize the potential benefits of these tools. EHRs, for example, can help to improve patient safety and quality of care by providing a more complete picture of a patient’s medical history. Telemedicine can increase access to care for patients in rural or underserved areas. mHealth apps can help patients manage their own health and wellness. And wearables can provide real-time data on a person’s vital signs and activity levels.
The growth of the digital market for health is primarily driven by the demand for remote monitoring services, rise in funding from government and private organizations for mHealth startups; rise of chronic diseases; and advancements in technology in the healthcare industry. According to data from the Pew Research Center in April 2021 it was found that 97% and 85% respectively of smartphone owners in the U.S. were adults. The forecast period also sees a rise in the number of geriatrics, who are more susceptible to chronic diseases. This will fuel the growth of the digital health industry.
Due to the spread of COVID-19, governments around the world have imposed strict social distancing and lockdowns. This situation makes it difficult for care providers to use digital health technologies such as telehealth to treat patients. This will drive product adoption and also boost market growth in the coming years.
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The challenges of digital health
Digital health is an exciting and rapidly growing field, but it faces a number of challenges. One challenge is the sheer volume of data that must be managed and analyzed. Another challenge is the need to integrate digital health tools into existing healthcare systems. A third challenge is privacy and security concerns, as digital health data is often sensitive and personal.
Despite these challenges, digital health holds great promise for improving patient care, reducing costs, and creating a more efficient and effective healthcare system. With the right policies and infrastructure in place, digital health can help transform the way we provide and receive care.
Drivers Factor: Growing demand for mobile apps in the field of health and wellness
Mobile apps have the potential to improve patient care in many ways. These include diagnosing illnesses, using wearables and ingestible sensors. App development in healthcare has become a necessity and a luxury.
Restraints Factor – Security concerns about patient data could slow down industry demand
Security concerns about patient data could limit the industry’s value. Stringent data security is required for digital health solutions like electronic health records, prescriptions, and medical apps. Data security breaches can lead to huge data loss, including medical records.
Recent industry developments
Philips announced in February 2021 that it had acquired BioTelemetry Inc., a top U.S. provider of remote cardiac monitoring and diagnostics. Phillips will be able to expand its customer base and business portfolio with this acquisition strategy.
AT&T announced in March 2020 a partnership with LifedMedID, Elo Self-Service Solutions and Elo Self-Service Solutions. This partnership was intended to simplify patient registrations and provide check-in-solution. This alliance expands AT&T’s digital healthcare solutions from edge to edge, strengthening its market presence.
