What Does the Digital Health Market Hold for the Future?

The Current healthcare scenario, worldwide, is undergoing revolution due to technology and innovation. With the view to enable better healthcare outcomes and to curb the healthcare costs, digital innovations in healthcare are being constantly introduced. The trend is expected to accelerate and play a significant role in the healthcare empowering both the patients and the healthcare providers, by availing real-time data and continual connectivity between each other. As a result, the future of the digital health market is booming.

Digital healthcare is the intersection of medical science and technology. Today, innovations in the digital health segment are transforming and revolutionizing the global healthcare market. It is making healthcare readily-available and data-optimized by continuous collecting and with digital health, you might not need a brick-and-mortar establishment to get healthcare advice but will have a good access to the best healthcare experts at your fingertips.

Insights into the Global Digital Health Market

With the global digital health market currently at$179.6 billion in 2016, it is anticipated to rise at a CAGR of 13.4%, reaching $536.6 billion by 2025. In the coming years, the digital health market would be supported by modern technological advancements in the healthcare infrastructure. Digital technologies such as Electronic Health Record/Electronic Medical Record, Telehealth, and mHealth make up the most of healthcare information systems. The growth of mHealth is advancing with the proliferation of smartphone technology and the growing interest of consumers in preventive health and fitness. As a result, the demand for digital health services is on the rise with more and more providers contributing to the segment. The number of companies engaging in the healthcare wearables and medical apps is also continuing to grow. Moreover, the increasing consumers use of mobile and web for healthcare needs has further contributed to the increasing digital health adoption by providers.

Why is Digital Health Gaining Importance?

With the world inclined towards technology, there is a fast adoption of digital health technology in the healthcare. Everyday technologies like cell phones, cloud storage, and smartphones sensors are playing a major role in the emergence of digital health today. With data analysis and Big Data monitoring, it is possible to get a comprehensive and accurate information on the performance of the clinical products and services, which will thereby lead to better innovation.

Technologies like Telemedicine and Remote Patient Monitoring enable newer and lower-cost healthcare setting for elderly and disabled patients at home. Low-cost home care facilities will certainly serve to improve patients’ health by ensuring efficient care. Using digital health technologies makes it easier for physicians to monitor patient information and analyze their prior data for possible illness/allergies and alternative treatments. Collection of Big Data helps organizations in early prediction of diseases and provide changes and prevent and eliminate system costs. More accurate and timely identification of communicable diseases will help the healthcare industry enhance their treatment productivity and reduce scourge. Precision medicine will cater to the medical needs specific for every patient. Adoption of digital health technologies, though favorable, requires a high level of interoperability and coordination across all the sector of healthcare in order to achieve and sustain the benefits of improved proactive healthcare.

Future of Digital Health Market

With the growing need for digital technology, the digital health market is all set to witness a huge growth in the coming years. The growing demand for m Health technologies, the advanced healthcare information system, increase g need for remote patient monitoring services, the growing HIT investments, and the increasing government support is driving the market growth substantially. Moreover, digital health technologies like telehealth and EHR are widening the scope of improvements within the healthcare infrastructure.

Digital health would provide the ability to process huge information collected from thousands of individuals, thus revealing new ways to improve patient outcomes. Data monitoring and reviews can help identify scourge practices within the healthcare management and help organizations increase productivity and efficiency. With remote monitoring and mHealth, people from even remote areas can get high-quality healthcare and collaboration with distant doctors. Big data analytics will help in process large data to improve quality care.

Currently, there is a growing demand for Health technology almost all over the world. It is positively impacting the growth of the health market and leading to many life-saving innovations. mHealth is offering various apps for wellness management as well as disease and treatment management which is increasing its demand further. The growing geriatric population, this technology as it helps healthcare costs, and the burden of chronic diseases are also fueling and adoption of this technology as it helps healthcare providers in reducing the medical costs and increasing the operational efficiency. Genomic profiling will help improve predicting susceptibility treatment and early detection of drug repentance. Despite the wariness of the potential obstacles in digital health, the healthcare providers are showing unbridled enthusiasm in adopting this technology for its innovative ways and collaboration possibilities. No doubt, digital healthcare is all set to revolutionize the sector.
We at IIHMR, are well aware of changing trends in healthcare and are hence adapting its methods of learning and syllabus to enables our students to stay abreast with industry. We recognize and understand the new waves of change in the industry and accordingly prepare our students for the future market. With the cutting-edge curriculum and innovative pedagogy, IIHMR excels in producing well-trained professionals who are ready to seize the opportunities within the healthcare industry.

Posted By :-
Dr. Sanjiv Kumar,
Director, International Institute of Health Management Research, Delhi
MBBS, MD, DNB(MCH), MBA, FIMAMS, FIAMS, FIPHA

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