Digital Health is All Set to Transform the Healthcare Sector around the World Explore How
24 Jan 2022
In order to enhance the efficiency of traditional healthcare techniques and to make more personalized and precise treatments, multiple varieties of digital technologies are now-a-days implemented in the healthcare sector. The digital health market cover everything starting from wearable devices, health information technology (IT), mobile health apps, embedded sensors, artificial intelligence (AI) or robotic care, personalized medicine, telehealth & telemedicine.
From the past few years, digital health tools have helped healthcare providers in identifying new critical illnesses, monitoring health conditions, improving treatment outcomes, and predicting the onset of diseases. Unlike traditional healthcare system, digital health system is capable of offering advanced services, which can enable consumers for early diagnosis of life threatening diseases and for the management of chronic disease at lower cost & with greater accessibility.Â
According to a report published by Allied Market Research, the global digital health market size is projected to reach $767.7 billion with a significant CAGR from 2021 to 2030. Certain factors such as surge in prevalence of chronic diseases, rise in geriatric population, rapid adoption of smartphone and internet users, advancements in healthcare information technology, rise in funding from private & government organizations for mobile health startup, and others are majorly driving the growth of the global digital health market.
Moreover, the emergence of the COVID-19 pandemic has given way to rapid adoption of virtual applications by healthcare organizations worldwide. To carry out proper treatments both in and out of hospitals while maintaining social distancing norms was a big challenge for healthcare providers. This in turn, has boosted the demand for digital health in healthcare sector across the globe.
Currently, North America is holding the highest market share, owing to the presence of maximum market players in this region. The key market players are coming up with new strategies, joint ventures, partnerships, and collaborations in order to stay competitive in the market. For instance, the UK-based digital health company and American Telemedicine Association (ATM) has collaborated to launch a new resource for evaluating mobile health app.
At the same time, Apple has launched its latest watch with an ECG function through which any undiagnosed heart conditions like atrial fibrillation can be detected. Similarly, Medtronic, a medical device company, has recently developed an app that allows its users to share data directly with their doctor through their smartphones. This way, in the consumer domain, the digital health market is transforming the medical technologies into a full fledge digital health tech.
Furthermore, few market players are investing huge amounts in their R&D for inventing next generation drugs, while some other companies are looking to diversify R&D into new treatment modalities. Enterprises are finding out better ways to monitor drugs and to produce synergistic interventions.Â Here, it is worth mentioning that, with the emerging technologies, new regulatory standards, and presence of major tech companies, the global digital health market is anticipated to gather huge prospects and exponential growth in the near future
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.