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Digital Health Market to Exhibit A profitable Growth Of 29.6%

Author : Rahul Sankrityayan | Published Date : 2019-04-03 

Global Digital Health Market is set to exceed USD 504.4 billion by 2025; according to a new research report by Global Market Insights. Presence of favorable government initiatives and funding in various countries for adoption of digitalized systems is set to fuel digital health industry growth over the coming years. For instance, Health Information Technology for Economic and Clinical Health (HITECH) Act, implemented in the U.S. providing USD 20 billion to hospitals and doctors to support their installation of EHRs is expected to fuel Digital Health Market growth in the coming years.

Increasing demand for remote monitoring services owing to rising incidences of chronic diseases worldwide is a major factor propelling the global Digital Health Market growth over the forecast period. Remote monitoring uses technology to monitor changes in health of patients suffering from chronic diseases such as Chronic Obstructive Pulmonary Disease (COPD) outside the healthcare settings. Such factors will augment digital healthcare market size.

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As per estimates, digital health startups the world over raised $11.5 billion in 2017, topping the 2016 record of $8 billion, further validating the fact that digital health industry will enter a more mature phase between 2017 and 2024. With early stage deal activities having fueled a start-up wave that will attract later stage opportunities and new investments on a global basis, digital health industry trends are all set to transform in the ensuing years. Indeed, the forthcoming years are anticipated to be a dynamic time period for mergers and acquisitions, funding activities and experimentation paving way for greater advancements in digital health market.

Citing an instance of the aforementioned fact, recently, London ranked first in the number of digital health deals made in 2017, with 22 deals amounting to $189 million. Beijing digital health companies raised the most revenue with $647 million, while Israel was designated a leader in terms of both money and the number of deals forged. Other cities like Paris, Shanghai, Bangalore and Toronto had also raised over $100 million.
Remote medication and patient behavior observation has for long been a remunerative part of digital health market. In fact, a new sector of this vertical that has registered a profitable traction is digital therapeutics or digiceuticals. An instance of a prominent digital therapeutics company is HealthBeacon that is aiming to bring its funding to a total of €8 million with a goal to launch into 11 markets in 2018. HealthBeacon uses its app to treat diseases by modifying patient behavior and providing remote monitoring to improve long-term health outcomes.
Digital therapeutics thus differs from basic wellness apps by being tailor-made to cater to specific chronic ailments like rheumatoid arthritis or cancer. Though not entirely curable, the severity of such diseases can be controlled and limited by modifying the manner in which patients afflicted with such illnesses conduct their lifestyle. A major difference can be achieved in health outcomes when the expertise of such digital health platforms is combined with human interaction and coaching. As more and more companies continue to invest in this space, digital therapeutics will emerge as a prominent vertical of digital health market.

With the geriatric population rising across the globe, the healthcare system will witness a paradigm shift with patients wanting to avail more health services from their homes and outside the hospital and clinical settings. In this regard, it would be imperative to mention that advent of smartphones has brought about a profound upheaval in digital health market, as it is being used to make the patients the custodians of their own health. Observing such as trend, regulatory bodies like the Food and Drug Administration (FDA) has approved 36 health devices and apps that range from mobile lung-function monitors to blood-sugar tests. According to experts at the NHS, in the coming years healthcare will witness a tectonic shift as the digital devices used to access medical information would soon come to replace human specialists and will also be recognized by authoritative bodies controlling healthcare quality.

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Key notable industry participants in global digital health market include McKesson Corporation, Allscripts Healthcare Solutions Inc., Cisco Systems, Inc., Qualcomm, Philips Healthcare, eClinicalWorks LLC. The industry players resort to new product development along with mergers and acquisitions to grab higher market share in the competitive industry.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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