DIGITAL HEALTHCARE MARKET ANALYSIS

Data security and privacy concerns can hamper the digital healthcare market growth. Patients are increasingly wary of sharing their personal medical information online due to fear of data breach and leak of sensitive health records. This reluctance to adopt digital healthcare solutions can hamper the market growth. There have been several incidents reported in the past few years which have eroded public trust and highlighted the risks. For instance, according to a report published by U.S. Department of Health and Human Services in 2021, healthcare data breaches had increased by 68% from previous year. Over 37 million patient records were exposed in data breaches in 2021. Such large-scale breaches have worried patients about potential misuse of their medical records and insurance details if shared digitally. This fear has prevented faster adoption of telehealth consultations and online prescription services.

Market Opportunities: Growing telehealth and telemedicine market

Growing telehealth and telemedicine market can offer growth opportunities for the digital healthcare sector. With global healthcare infrastructure being challenged by the ongoing COVID-19 pandemic, telehealth has provided an innovative solution for physical distancing and virtual care. Healthcare providers have adopted telehealth at an unprecedented rate to evaluate and treat patients remotely, reducing the need for in-person visits and preserving critical medical supplies. According to the data from the U.S. Department of Health and Human Services, telehealth use had increased by 154% between 2019 to 2020 (HHS.gov report on telehealth access during Covid-19, 2021). As physical distancing continues in many parts of the world, telehealth allows providers to care for large numbers of patients from the safety of their own homes and offices. Patients have also appreciated the convenience of virtual visits that eliminate travel time and costs associated with physical visits.