HealthTech

Rising Demand for Remote Monitoring Services Fuels Interest in Digital Health Market

Digital Health Market

Recent outbreak of COVID-19 virus has affected every industry on the planet. One could argue, however, that this time was most strenuous for professionals working in healthcare and medical industries. Growing burden of healthcare industry is related to the rapidly growing number of infected patients and certain insufficiencies in current medical and healthcare infrastructure. Growing need for remote monitoring services in healthcare was highlighted during this pandemic. Remote monitoring systems can prove to be extremely useful in situations like the current global pandemic, as they allow the healthcare professionals to remotely monitor patient’s health in real-time, as to avoid the risk of getting infected themselves.

Increasing proliferation of smart telecommunications technologies can enable remote monitoring or self-health monitoring systems through smart phone applications. This, along with growing augmented global prevalence of chronic diseases in driving the global digital health market. Other factors motivating the growth in global digital health market include increasing instances of diabetes, wherein patient requires certain amount of monitoring and various government initiatives supporting digitalization of processes and services across industry verticals.

Services and products in global digital health market utilize processes based on information technology or electronic communication to facilitate enhanced and reliable healthcare services. Products and services in global digital health market are categorized broadly as clinical solutions and non-clinical solutions. Clinical solutions include electronic health records (EHR), electronic medical records (EMR), clinical decision support systems (CDSS), mobile health applications (mHealth), population health management solutions, telehealth, and computerized physician order entry (CPOE). Integrating enhanced health monitoring and diagnostics systems in global digital health market can help hospitals, clinics, and medical professionals to consult, diagnose, treat, and monitor patients in better way. Digital data tracking can enable enhanced data analytic applications and bypass the need for storing or going through massive amounts of physical patient records.

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Rapidly Rising Penetration of Smartphones Favorable for Digital Health Market

Rising usage of smart phones is observed to be directly affecting the growth of global digital health market. Using smart phones can reduce the cost and time gap between patients and doctors. Increasing number of players in global digital health market are focused on developing newer and more advanced mHealth applications and supplementary devices to facilitate remote monitoring and promote self-health tracking. mHealth is one of the attractive segments in global digital health market. Growing penetration of smart phones and rising disposable income has disseminated advanced technological solutions in larger public. mHealth products can offer personalized medical solutions for self-use.

Products and services in mHealth segment include mobile applications such as fitness apps, wellness apps, medical reference apps, nutrition and diet tracking apps, apps that issue reminders and alerts, remote consultation apps, and medical condition management apps. Wearable devices is yet another promising segment in global digital health market. Wearable medical devices can include monitoring and diagnostics devices and digital therapy devices, which include rehabilitation devices, insulin pumps, pain management devices, and respiratory therapy devices.

North America to Dominate Digital Health Market in Coming Years

Ever increasing population and growing instances of reported chronic diseases are key factors influencing the growth of global digital health market in Asia Pacific and Europe regions. North America is projected to be a dominant region in the global digital health market in coming years. This can be attributed to the presence of technologically advanced healthcare and medical facilities, along with rapid adoption of cutting-edge technologies in the region.

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Manufacturers and players in the market are collaborating in order to develop new applications and devices that can be of assistance to wide range of patients and professionals working in healthcare industry. Government aids to encourage the development of these devices are bolstering the research and development efforts undertaken by market players. Some of the major incumbent players in global digital health market include GE Healthcare, Truven Health Analytics, Allscripts Healthcare Solutions, Epic Systems Corp., and Cerner Corp.

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