Digital Health Market size was valued at USD 178 billion in 2022 and is poised to grow from USD 211 billion in 2023 to USD 881 billion by 2031, growing at a CAGR of 18.6% in the forecast period (2024-2031).
Digital health market is making significant changes by inclining towards digitally connected care network. Several driving forces are emerging that support the shift from reactive to proactive approaches, enhancing patient communication, and changing the digital health industry. Improved connectivity of the internet along with growing technological advancements in the developing and developed countries are fueling the market growth.
The growing number of geriatric populations suffering from different health conditions, individuals in fragile conditions, and patients suffering from several chronic diseases are the main classes that need the ideal healthcare with improved medical care. These classes of patients need to stay at home and be observed by innovative solutions like telehealth or digital health. They need frequent monitoring along with remote communication by their caregivers and must be advisedpromptly for proper care. Also, patients should be highly independent, try to get healthier, engage actively, and feel safe. Teleconsultation and telemonitoring are some of the tools that canassist medical professionals and patients in their daily lives. Also, caregivers can adopt these solutions to plan essential tasks and deliver reminders to patients like reminding about teleconsultations, taking timely medicines, measuring vital signals, and perform a few physical activities.
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Growing Awareness on Implementing Electronic Health Records to Strengthen the Market
Most organizations increasingly prefer to connect and communicate with what they and others collect. This is essential so that the focus is on the correct big data so that they have a significant impact on health results. Although most organizations understand the importance of the implementation and incorporation of electronic medical records, just a few of them comefrom these sources. The maximum amount of data affecting health are behavioral or social in nature and are being followed. Hence, there is an increasing need for solutions that streamline processes so that patients can share it effortlessly. Doctors have an opportunity to expand the so-called ‘right data’ and how to gather it. With a thoughtful approach to the study of big data, physicians can better predict the best treatment for individual patients early in the process. Throughout these attempts, there is a lot of potential to gain quality and positive health results at a sustainable price.
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In May 2024, Athenahealth launched novel electronic health record solutions specially designed for medical specialists. The cloud-enabled firm said it is planning to minimize exhaustion and enhance the EHR experience in healthcare by uniting practice management capabilities and critical electronic health record with customized workflows.
In November 2023, AstraZeneca introduced Evinova, a health-technology organization to speed-up modernization in the sector of life sciences, clinical trial delivery, and improved health results. Evinova will be functioning as a different health-technology company within AstraZeneca.
In April 2023, Firsthand, a healthcare firm emphasized at individuals with SMI, has chosen the analytics development solution provider, Ursa Studio, to support its undertaking of transforming this historically stigmatized, underserved, and deprioritized group engrosses with the healthcare network.
In April 2024, Maven Clinic, the leading digital clinic for women’s & family health, today announced its expansion of prize-winning Fertility and Family Building program. The product improvements also comprise the Maven Managed Benefit solution, associating digital care management with personalized fertility benefit design, and carve-out management, and an extension of ‘reproductive urology provider ecosystem’ for male fertility.
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While the Digital health is transforming at a speedy pace, the key players in the market are increasingly finding fresh methods to make and shift towards the transformation in an optimistic manner which will assist patients and practitioners in the same way. Awareness and education of the digital health prospects and challenges are the pillars to stay ahead and guide patients through this.
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