From a privilege earlier to a necessity now, digital health has observed great demand among a considerable chunk of the populace. The use of information technology is not new to the healthcare sector, but digital health platforms have broadened the uses of digitalization across many applications. Global health concerns relating to mortality, child illness, aging, and infectious diseases have pushed the scope of digitalization to a considerable extent. Based on these factors, the digital health market is expected to bring immense growth prospects during the forecast period of 2017-2025.
Digital health can be defined as the convergence of technologies with healthcare, medicines, and others. It helps in making healthcare more precise and personalized. The benefits of digital health will have a positive impact on the growth trajectory. Stakeholders in the digital health sector include practitioners, patients, application developers, medical device manufacturers, distributors, and researchers.
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Digital health platforms have emerged as the solution for lowering healthcare costs while efficiently assisting patients to manage and monitor chronic conditions. These tools provide a 360-degree analysis of the health status of a patient to a healthcare professional. These factors help in increasing the growth prospects of the digital health market.
Transparency Market Research’s (TMR’s) research report on the digital health market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on digital health by TMR suggests a stable growth period.
According to the TMR experts, the market for digital health is prognosticated to expand at 13.40 percent CAGR during the forecast period of 2017-2025. In the context of valuation, the digital health market is estimated to reach a valuation of US$ 536.6 bn by 2025, the end year of the forecast period.
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Support of the Government Bodies for Promoting Digital Health to Bring Tremendous Growth Opportunities
The government bodies of numerous countries are focusing on encouraging digital health to provide accessible, efficient, inclusive, and affordable health coverage to all its citizens. The COVID-19 pandemic has further pushed the need for digital health.
The establishment of the Public Health Informatics and Technology (PHIT) Workforce Development Program by the U.S. Government is a classic instance. The government recognizes the role of digital health as an integral part of a successful healthcare infrastructure. The PHIT Workforce Program aims to train more than 4000 individuals through an interdisciplinary approach in public health informatics and technology.
The Indian Government has established the National Digital Health Mission (NDHM) with the objective to offer necessary support for the digital health infrastructure integration in the country. Such initiatives by the government serve as growth generators for the digital health market.
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Rising Popularity of Electronic Health Records (EHRs) and Enterprise Resource Planning (ERP) to Add Extra Stars of Growth
Software platforms help in easing the strain of the healthcare professionals to a substantial extent. The use of electronic health records to securely share information with patients and other clinicians will help in increasing the growth opportunities. Furthermore, the maintenance of electronic health records help in improving the patient and provider interaction and communication. It also ensures safer and reliable prescribing. Such developments help in developing a stable growth structure of the digital health market.
The role of enterprise resource planning software in the healthcare sector is expanding at a rapid rate. It helps in increasing the financial and operational efficiency of numerous healthcare facilities. These software applications help in the creation of an integrated ecosystem, which proves to be of great benefit to the users in the healthcare sector. These factors will turn the tables of growth during the forecast period.
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