The global digital health market size is expected to reach USD 295.4 billion by 2028 according to Report Linker. Due to the widespread pandemic and shelter in place orders, digital health tools and services have helped people reclaim their health from the safety of their homes.
What is Digital Health?
Digital technologies are being used to provide universal healthcare access, increase healthcare quality and outcomes, and increase population health and physical and emotional well-being. Digital health is a broad umbrella term that includes categories such as mobile health (mHealth), health information technology (IT), wearable devices, telehealth and telemedicine, and personalized medicine. Digital health is becoming increasingly more important because digital tools are providing clinicians with a more holistic perspective of patient health and allowing people greater control over their own health. Digital health has the potential to improve medical outcomes while also increasing efficiency.
Why is Digital Health Important?
Preventing disease, assisting patients in monitoring and managing chronic illnesses, cutting healthcare costs, and making medicine more suited to individual requirements are among goals pursued by the digital health sector.
What makes the healthcare industry so fascinating is that those goals might possibly benefit both patients and healthcare professionals. It is thought that by collecting more data on health markers such as activity level and blood pressure, digital health will enable people to improve their lifestyles and keep good health for longer, requiring fewer visits to their doctor.
Digital health tools may also aid in the detection of new ailments or the deterioration of existing ones. By allowing clinicians to intervene early in the course of a disease, digital health tools may be able to lessen the duration of the illness or alleviate symptoms before they become severe. Not only may digital health improve people’s quality of life, but it could also lower the total cost of healthcare over a person’s lifetime, saving money for both providers and patients.
What Technology is Trending That Will Shape the Digital Health Market?
The rise of wearables and mobile health apps has fueled the consumer side of digital health to a large extent.
Wearables like FitBit’s bands and the Apple Watch are credited with kickstarting the digital health revolution. The technology made it simple for consumers to track their activity levels, usually in terms of steps and minutes of exercise, and the mobile app ecosystem that built up around them expanded the number of ways that data could be analyzed and examined.
How Big is the Digital Health Market?
Although most academics believe that the industry is in the hundreds of billions of dollars worldwide, putting a definitive calculation on the size of the market is challenging since academics sometimes disagree on which technologies should be included under the digital health umbrella. According to Transparency Market Research, the market will be worth $223.7 billion by 2023, $379 billion by 2024, and $379 billion by 2024, according to Global Market Insights.
If you’re looking to get into the digital health space, consider partnering with a digital health accelerator such as Bayer G4A. They provide digital health startups with the skills and expertise to bring ideas to life by helping with the most difficult parts of being a young company.
How is Digital Health Solving Healthcare Problems?
There are several reasons why digital companies are focusing on health: it’s a large, recession-proof market; it’s also a costly one, with providers seeking for new methods to cut costs as demand grows. One method is to move our focus from treating disease to preventing disease.
Many disorders that are becoming more common — type 2 diabetes, high blood pressure, and high cholesterol, for example — can be prevented or treated to a considerable extent via lifestyle changes like eating a nutritious diet and staying active. That’s where digital health wearables come in: by allowing people to track their weight, activity, and other metrics, digital health wearables help people live healthier lives.
What Opportunities are in the Digital Health Market?
A new ecosystem is emerging that will increasingly provide ways for people with chronic conditions to better monitor and manage their conditions because of digital health. For example, those with high blood pressure can use an off-the-shelf linked blood pressure cuff to determine whether their blood pressure is rising or falling, and so identify not only which lifestyle changes are effective, but also which medications can assist control the problem.