Global digital healthcare market is estimated to witness high growth, owing to growing telehealth usage and increasing adoption of telemedicine
Global Digital Healthcare Market is estimated to be valued at USD 220.10 Bn in 2024, exhibiting a CAGR of 21% over the forecast period 2024-2031. Furthermore, rapid proliferation of smartphones and seamless connectivity is expected to propel the market growth.
Market Dynamics:
Global digital healthcare market growth is driven by factors such as growing telehealth usage and increasing adoption of telemedicine. Telehealth solutions allow remote monitoring of patients and enable healthcare providers to track health metrics digitally. This has emerged as a viable option especially during the ongoing COVID-19 pandemic. With social distancing measures in place, telehealth has helped reduce dependency on hospital visits and ensured continuity of care. There has been rising adoption of telemedicine as it offers convenience of virtual medical consultation to patients from the comfort of their homes. This has proven beneficial for elderly population and for those in remote areas with limited access to healthcare facilities. Moreover, telemedicine solutions equipped with AI and analytics can analyze large patient data pools and help providers make more informed treatment decisions. Rising focus on personalized healthcare and preventive medicine can drive the global digital healthcare market growth over the forecast period.
Market Drivers:
Growing Emphasis on Patient-Centric Healthcare Delivery
Global digital healthcare market growth is driven by growing emphasis on patient-centric healthcare delivery. Technologies like telehealth, remote patient monitoring, and digital health apps are helping to shift the focus from provider-centric to patient-centric care. These digital solutions enable easier access to care and make it more convenient for patients to engage with providers and manage their health from the comfort of their homes. The COVID-19 pandemic has further accelerated this shift as telehealth became a necessity to continue care delivery while maintaining social distancing. More healthcare organizations are now recognizing the value of digital tools in empowering patients to take control of their health.
Increased Adoption of mHealth and Telehealth Services
Global digital healthcare market growth is driven by increased adoption of mobile health (mHealth) apps and telehealth services. The widespread use of smartphones and other mobile devices has made it easier for patients to access virtual care services and utilize digital tools to track health indicators and manage chronic conditions remotely. According to recent estimates, the global mHealth market will be valued at US$ 400 billion by 2027. Telehealth provider telemedicine carts and virtual visit platforms are also seeing increased demand as patients prefer remote medical consultations over in-person visits for non-emergency cases. Overall mHealth and telehealth are helping to expand access to care and reducing the burden on overstretched healthcare infrastructure.
Market Restraints:
Reluctance Among Medical Practitioners
While digital technologies offer many advantages, there is reluctance shown by some physicians and other medical practitioners to fully adopt virtual care delivery modes. There exists an inherent resistance to change as well as concerns regarding patient safety, clinical efficacy, revenue loss, and job security. Convincing older practitioners trained in traditional models of care can also pose challenge. Healthcare organizations need to address these concerns through education, incentivization, and by clearly demonstrating benefits like productivity improvements and cost reductions. Interoperability issues also limit full integration of digital tools in existing clinical workflows.
Data Security and Privacy Concerns
Concerns around data privacy and security of electronic health records can hamper the digital healthcare market growth. Patients are understandably hesitant to share sensitive health data via digital channels due to the risk of breaches and potential misuse of their personal information. Medical practices also hesitate to transition to digital tools, fearing hacking incidents and compliance issues. Strong privacy laws, implementation of cybersecurity best practices, and transparency in data usage can gain consumer confidence and address this important challenge.
Market Opportunities:
Growing Telehealth and Remote Patient Monitoring Markets
Leveraging advancements in telecommunications, growing markets for telehealth and remote patient monitoring can offer opportunities for digital healthcare companies. Technologies combined with services like post-discharge monitoring, virtual consultations with specialists, and remote intensive care unit patients/providers seamlessly. Companies can differentiate with services offering ,personalized virtual management of chronic conditions ranging from diabetes to COPD. Standardizing telehealth coding, reimbursements, and care coordination makes such models commercially viable. Successful enterprise models promise robust growth for software, devices, services and connectivity solution providers.
Increased Adoption of AI and Analytics
Continuous progress in artificial intelligence (AI) and data analytics can offer opportunities for solution developers. Areas like computer-aided diagnosis, automated report generation, predictive analytics, virtual assistants and automated image interpretation are gaining popularity. Healthcare organizations also recognize the value of AI in combating inefficiencies, improving outcomes and experience. Capitalizing on clinical and financial needs via AI-driven decision support, operations management and personalized services can deliver significant returns and competitive advantage. Increased government grants, private investments as well as clinical validation fortify the business case for advanced analytics-enabled solutions.
Link - https://www.coherentmarketinsights.com/market-insight/digital-healthcare-market-4623
Key Development
- On January 4, 2024, Eli Lilly and Company, a pharmaceutical company, launched LillyDirect, a novel digital healthcare solution for patients in the U.S. dealing with obesity, migraine, and diabetes. This initiative aims to streamline the patient experience by offering disease management resources, personalized support, and direct home delivery of select Lilly medications through third-party pharmacy dispensing services.
- In March 2023, BlueRock Therapeutics LP, a subsidiary of Bayer AG, a pharmaceutical and biotechnology company, announced a partnership with Emerald Innovations and Rune Labs, a health analytics company focusing on leveraging contactless and invisible wearable digital health technology, to enhance monitoring for Parkinson's disease
- In March 2023, Google, a multinational technology company, launched Open Health Stack, an open-source initiative allowing developers to create health-related applications, emphasizing AI collaborations aimed at cancer screening
- In March 2023, Nabla Technologies, a IT consulting and service company, introduced Copilot, a digital assistant tool in the form of a Chrome extension utilizing GPT-3. It is designed to help doctors translate patient conversations into actionable insights.
- In March 2022, Samsung, a multinational electronics and information technology company, showcased its latest advancements, including a smart healthcare TV and sophisticated digital health solutions for healthcare facilities, during the Healthcare Information and Management Systems Society (HIMSS) Global Conference in Florida. Samsung partnered with ShareSafe to develop a secure casting solution from mobile devices to Samsung Smart Healthcare TVs.
Key Players: Telefónica S.A., Epic Systems Corporation, QSI Management, LLC, AT&T, AirStrip Technologies, Google, Inc., Hims & Hers Health, Inc., Orange, Softserve, Computer Programs and Systems, Inc., Vocera Communications, IBM Corporation, CISCO Systems, Inc., Apple Inc., Oracle Cerner, Veradigm, Mckesson Corporation, Hims & Hers Health, Inc., Vodafone Group, Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., General Electric Company
