Digital Health Market: Top trends boosting the industry expansion through 2027
According to a recent study from market research firm Graphical Research, the global digital health market size is set to register a significant growth during the forecast timeframe. The healthcare industry in many developed regions is already using technologies like Artificial Intelligence and Machine Learning to deliver enhanced diagnostics and medication processes.
These technologies are known to increase the patient engagement rate as patients are involved in the medical decision-making processes that would alter their way of living in some ways. Patients across the world are getting world-class treatments, thereby improving their overall experience with doctors and other staff members.
Digital therapeutics are being increasingly used to increase the efficiency of medical procedures and provide accurate diagnosis to patients. Some of the examples of these therapeutics are insulin pumps, wearable gadgets and blood glucose meters. Venture capitalists and other investors have realized the power of healthcare technologies and their impact on the future of medicine. It has resulted in increased investments by them to encourage the merger of healthcare with IT.
Some noteworthy regional trends enhancing the scope of global digital health industry up to 2027 are mentioned below:
Telehealth solutions rise in Europe:
Telehealth solutions segment captured nearly 58.4% of Europe digital health market share in 2020. This share is expected to grow in the future because chronic ailments are rising at an alarming rate in the region. Remote video technology is being extensively adopted to make the interactions between medical professionals and patients easier. Digital health solutions have augmented patient engagement rate to a great extent.
Growing geriatric population prompts digital health use in Europe:
A large percentage of the population in Europe is aged 65 years and above. This makes them highly prone to many complex diseases like diabetes, kidney ailments and other disorders. Since the elderly cannot always commute to far-off places for their treatments, digital health services will be highly demanded by them.
These services facilitate remote monitoring of a patient’s response to various treatments. Governments across the EU are promoting the use of digital health facilities through various initiatives and are improving the current digital infrastructure to help consumers get easier access to virtual healthcare services. Europe digital health industry share is projected to go past $149.7 billion by 2027.
Chronic diseases foster Germany digital health market forecast:
Since Germany has a majorly geriatric population, the chances of contracting chronic diseases is high in the country. In fact, the national digital health market is expected to be valued at $47.6 billion by 2027. The nation’s parliament passed the Digital Health Care Act in 2019 to bring positive and advanced changes in its healthcare facilities. This move by the government enabled the digital health service providers to reach rural areas and offer healthcare solutions. The introduction of online health platforms has made it much easier for patients to pay their medical bills online and claim their financial reimbursements.
Telehealth services become popular in Asia Pacific:
While various healthcare technologies are widely used for different purposes, telehealth services will gain traction among consumers in Asia Pacific.Remote monitoring services are increasing in demand to offer convenience to customers who live in far-off locations. Many people in the region are becoming aware about the concept of telehealth, which basically uses telecommunication technologies to provide remote healthcare services to customers. These aspects have played a crucial role in estimating the total valuation of APAC digital health market, which is expected to surpass $74 billion by 2027.
Many nations across APAC region placed movement restrictions and lockdowns to prevent the spread of the COVID-19 virus. This has increased the use of telehealth services to provide treatment solutions to patients via video conferencing and mobile applications.
Digital health hardware demand grows in Asia Pacific:
Asia Pacific digital health market share from hardware components segment will record a CAGR of 24.7% between 2021-2027. Digital health services are being extensively used by more and more people in theregion. Hardware or digital therapeutics like wearable devices are finding robust demand among customers in Asia Pacific. Companies in regional nations are increasing their focus on developing smart and high-end wearable technologies. Medvivo announced its plans to launch COVID Oximeter and Virtual Wards in April 2021. These devices will be used to closely monitor the progress of COVID-19 patients.
Japan digital health market grows significantly:
Japan digital health market size is expected to grow at a commendable rate as online healthcare services are being heavily adopted by consumers. Treatments with the help of medical apps are growing at a steady rate in the country. The nation’s government has increased its funding towards the promotion of digital healthcare services. For example, it launched its Honebuto plan that will help customers avail medical services through online mediums. Japan has strong rules and laws regarding digital health services like the pharmacist’s act, the medical practitioner’s act and gene testing that encourage the use of virtual healthcare services.
Use of software components in North America:
North American consumers will see increased use of software components in the regional digital health industry. Some of the software solutions include mobile health (mHealth) apps, electronic health records (EHRs), and telehealth, among others.
North America digital health industry size is anticipated to expand at 16.2% CAGR through 2027. The U.S. has enacted the Affordable Care Act (ACA) that will play a significant role in the development of digital health solutions in the country. The main aim of ACA is to improve the overall quality of healthcare services and lower the cost of medical insurance with the help of technology. Computer modelling technology will help the authorities closely track healthcare expenditure in the country, thereby raising the demand for digital health software.
mHealth apps enhance U.S. digital health market forecast:
US digital health industry is expected to expand at a robust 16.3% CAGR through 2027. Chronicdisease cases like cancer are becoming prevalent among people in the country. mHealth apps are finding high demand among customers as they help them keep a good track of their medical and fitness needs. Hospitals in the US are extensively using digital health technologies like Electronic Health Records (EHRs) to help the staff keep proper records of the medical history of their patients.
Digital healthcare companies like Allscripts Healthcare Solutions Inc., eClinical Works, Cisco Systems, AdvancedMD Inc., McKesson Corporation, Cerner Corporation and AT&T have started creating advanced digital health products and services to offer convenience to medical professionals and patients alike.
