Back in 2019, the size of the Digital Health Market size was assessed over USD 106 billion and through 2026, the same ought to develop at 28.5% CAGR. The growth in demand for digital healthcare services because of the expanding frequencies of ongoing illnesses across the globe is one of the variables moving the development of the digital health market.
Also, the huge ascent in the infiltration of cell phones and other mobile applications among medical care specialists and doctors to track and access clinical data is driving the market. In addition to this, the developing number of COVID-19 cases across the globe has expanded the reception of digital technologies related to healthcare and will support the development of the digital health market.
There has been significant growth in the quantity of healthcare mobile applications in the market. This has been one of the driving factors that has boosted the development of the digital health market. In 2017, there were 325,000 clinical, wellbeing, and wellness applications on the lookout.
Wherein, healthcare applications drive efficient communication between patients living in distant regions and medical care professionals. Additionally, the utilization of cell phones is ascending among doctors. For example, as indicated by the HIMSS Mobile Technology Survey, in 2015, 90% of the review respondents were utilizing cell phones for engaging with candidates.
Here, we discuss the 5 key trends that are the main driving forces of the emerging digital health market.
- Consumers On-Demand
The phrase “on-demand” automatically drives our minds to consumers and their demands. The demand for products is generated by the convenience of consumers – wherever and however they want to use a product.
The health market is entering the time of digitalized development, as patients look for on-request medical services in light of their bustling timetables. As of 2018, more than 50% of individuals have been browsing the internet using mobile devices.
As per a report, customers are going on the web to get clinical data for the accompanying reasons:
- 47% in search of doctors and researchers.
- 38% in search of the hospitals and clinical facilities.
- 77% book appointments using the websites.
Consumer Demand is a pushing factor for innovation in the digital health market. For such a long time, medical service gadget makers have been driven fundamentally by advancements in treatment to accomplish solid results inside the restrictions of a profoundly regulated industry. As they move their concentration to turn out to be more receptive to buyers’ interest, they will likewise have to decide how to satisfy their consumers through new innovations while as yet encouraging healthy results.
- Healthcare Content and Marketing
Content marketing in healthcare services is an advanced digital marketing strategy. Content Marketing helps medical clinics and medical services suppliers reach and educate individuals through online content. Content Marketing in the digital health industry is valuable since it assists with building brand power, and also engages patients, and improves retention.
Here are some data and statistics that prove how useful and important healthcare content and marketing has become in the present day scenario –
- 77% of individuals search for healthcare options on the internet prior to booking an appointment.
- 54% of patients use health insurance websites.
- 26% of individuals judge an organization based on customer reviews.
- 83% of individuals visit hospital websites before visiting.
- 50% of individuals use health-related information websites.
- 44% of individuals schedule appointments on their cell phones after researching hospitals.
The best development for the drug, biotech, diagnostics, and medical gadget marketing financial plans is occurring in mobile applications, social media, and digital sales. These platforms are helping the growth of the digital health market through advanced marketing tactics mostly targeting customers.
- Data – A Driving Factor In Digital Health
With the combination of technology with the data that is available to us, we can quicken the manner in which healthcare works a lot to treat more patients internationally. For instance, by applying Artificial Intelligence and profound learning strategies to information, its potential can be unlocked by utilizing calculations to see patterns in clinical results and patients’ conduct. These can be utilized to inform about the improvements to the present intercessions and construct new digitalized treatments that can be accessed whenever and wherever, and made accessible to individuals or parts of the world that don’t have access to medical services till today.
The digital health industry has also become data-driven in its decision making. Data can provide various benefits for an organization –
- Decrease The Rate Of Errors In Medication – Through patient record investigation, advanced software can hail any irregularities between a patient’s wellbeing and medication solutions, cautioning health experts and patients when there exists an expected danger of mistake in medication or prescription.
- Encouraging Preventive Care – A high volume of individuals venturing into emergency units are repeating patients likewise called “frequent flyers” They can represent up to 28% of visits. A huge data investigation could distinguish these individuals and make preventive intends to shield them from returning.
- Perfect Staff – Predictive analysis of data could help medical clinics and hospitals predict rates of future admission, which assists these offices with apportioning the appropriate staff to manage patients. This saves some finances and decreases emergency unit stand-by times when an office is understaffed.
- Digital Health Devices
Healthcare organizations have become proactive by putting resources into wearable digital gadgets that can monitor patients with high-risk medical conditions constantly to decide the probability of any significant health event. As per a new report, the wearable digital gadget market is expected to arrive at more than $27 million by 2023, a hop from nearly $8 million in 2017.
A few examples of the most in-trend gadgets:
- Exercise trackers
- Sweat meters
- Heart rate sensors
As gadgets like heart monitors and fitness trackers are progressively combined with the Internet of Medical Things (IoMT) stages, healthcare wearables will be claimed as leading factors for advanced wellbeing. Miniature devices, adaptable hardware, and biometric sensors are developing exciting new gadgets that will help patients with chronic issues and recovery. The information conveyed from these solutions will prepare healthcare service suppliers and patients with the information that can add to the development of the digital health market.
- Electronic Health Records
An Electronic Health Record (EHR) is essentially the digitalized form of medical information of a patient and incorporates everything from a patient’s clinical history and past diagnostics to treatment plans, and test outcomes. It likewise contains their personal information like address, contact, past work, and also financial data like Mastercard numbers.
Some of the many advantages of using EHRs:
- Better productivity as the system becomes more effective.
- Patient Care Improves.
- Storage Issues are solved as paperwork decreases.
- Accurate documentation.
- Quick access to patient data.
The ability of EHRs to share medical services information electronically can help you with giving higher type and safer thought for patients while making generous updates for a clinical affiliation. EHRs help healthcare providers better oversee care for patients and give better medical care without the headache of paperwork and documentation.
The digital health industry is going through a seismic move in how healthcare information is accessed and processed. Gone are the days when all healthcare data was under the lock and key of doctors and hospitals, and patients needed to transfer ownership of their lives to get to their own medical data – customers need to have the option to get to all parts of their medical information and records and do so as easily as possible.
The COVID-19 pandemic has uncovered the efficiency and usefulness of new technological innovation-empowered platforms and tools, like telehealth and distant patient checking. Its expanded use during the pandemic will speed the all-around development, acceptance, and selection of advanced answers for both medical services experts and their patients. It’s an ideal opportunity to consider the 5 key trends in the digital health market illustrated above and assess where your organization stands and where it’s going.