The digital health and wellness ecosystem is the convergence of digital technologies with health care tasks in order to deliver better healthcare services, while several major digital health trends are transforming the healthcare industry worldwide. With the rapid development of digital healthcare technologies, such as digital diagnostic equipment, telemedicine tools, mobile healthcare apps, and data-driven healthcare software, the global digital health market size is forecast to grow USD 128.92 billion from 2018 to 2022, accelerating at a CAGR of over 18% during the forecast period. This growth in market size will be driven by numerous factors including a growing number of health-related concerns, the rising adoption of smart-phones and tablets, digitization in the healthcare sector along with supportive government initiatives for improving healthcare infrastructure, and the increasing number of M&A activities. Several fast-evolving digital health trends are also expected to transform the healthcare service in the near future.
Top Digital Health Trends Shaping the Future of Healthcare
Use of AI in Digital Health
The continuous rise of artificial intelligence (AI) is believed to be the major driving force for the digital health market. AI works as an integral component of healthcare services by taking over repetitive tasks, thereby helping healthcare professionals focus on more complex tasks. Each step of a patient encounter generates a huge amount of potentially helpful data and Al systems help to effectively collect and process the data in digital health solutions. AI systems can not only perform record keeping but also complete routine functions and tasks to help doctors build stronger patient relationships, be more efficient, and reduce overall workload.
Growth of Cloud Analytics in the Healthcare Industry
Cloud technology has already had a huge impact on the global healthcare industry. Now, with the rapid development of the digital health ecosystem around the world, cloud-enabled healthcare analytics is expected further support the growth of the digital health market. Some of the advantages of using cloud analytics for digital health include system scalability, cost savings, and enhanced flexibility. In addition, organizations are increasingly moving toward conducting collaborative studies for tackling human healthcare issues effectively and quickly. The adoption of cloud-based analytics modules will further help healthcare professionals in making precise decisions for their patients. For instance, cloud analytics has made it easier for many of the small and rural hospitals or clinics to gain access to information and store it in a cost-effective manner. With hardly any pressure on cutting down the costs, these hospitals can now deliver the best services to their patients.
Rising Applications of Business Intelligence in the Healthcare Industry
In the healthcare sector, hospitals in particular are facing tough competition, owing to the increasing number of hospitals and competitive treatment pricing pressure. To achieve competitive advantages, the end-users need to transform data into actionable intelligence through constant improvements in customer-facing strategies. Business Intelligence tools help hospitals and other end-users consistently and efficiently transform raw sales, services, marketing, and patient data into useful information. This is one of the top digital health trends that is anticipated to drive the market to grow at a CAGR of over 18% during the forecast period.
How is Digital Health Transforming Healthcare Services?
Enhanced Patient Engagement
Digital health technologies can actively tailor the diagnoses and treatments as per the specific requirements of each patient and instantly monitor the treatment progress through cloud-enabled systems. This will result in having better management of health records for patients with multiple health concerns or chronic diseases, providing seamless communication with doctors, maintaining the participation of patients in long term treatments, and encouraging patients to be involved with the healthcare community.
Digital health technologies enable patients to get a realistic picture about their health condition, choose treatment options based on their budget, and make the best possible decisions at the appropriate time. Interactive digital tools also improve the overall satisfaction level of patients and provide them opportunities to save money on prescription drugs and routine care.
Convenient and Cost-effective Healthcare Delivery Model
With digital health technologies in operation, patients can also receive better healthcare services in a more convenient and cost-effective way. One of the best examples of the digital health care delivery model is the online healthcare community operated by the UK’s National Health Service. The web platform, named Big White Wall, offers live therapy through audio, video, and text messages to the patients across the UK. It also provides patients access to educational content on behavioural health issues and helps obtain peer support. This model has already produced $540 in savings per NHS member per year. The US is developing the similar online healthcare communities to be launched in rural areas in the US, where shortages of mental health professionals and privacy concerns sometimes deter people from seeking help. Healthcare professionals are also encouring patients to look at reviews and seek advice for the type of care they are seeking.
Check Technavio’s Global Digital Health Report 2018-2022
Check Technavio’s Global Digital Health Report 2018-2022 for more market insights related to the future of digital health. This market research report provides the latest market size and market development for major market segments in terms of applications and regional market landscape. The report contains detailed digital health trends, market drivers, market challenges and key opportunities. In-depth market analysis such as Porter’s five force model, and comprehensive competitive landscape including detailed profiles of top companies are also included in the report. You can also take a look at Technavio’s Digital Health Market Research Library, or download your free sample report today.