Cover Corona Outbreak Impact: Digital Health Market is Expected to Boom in Coming Years

While the healthcare industry is among the most prominent and important industries, its resources are still limited. The patient pool on the other hand is increasing rapidly on account of growing geriatric population, rising prevalence of diseases, and increasing population across the globe. The availability of healthcare professionals for catering to this vast patient pool is insufficient. This problem can be solved to some extent by remote patient monitoring. Other than allowing healthcare professionals to give more time to critical patients, remote patient monitoring also provides patients with higher-quality care, especially when it comes to aged and disabled people, reduced healthcare expenses.

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Remote patient monitoring is just one positive aspect of digital health solutions. These solutions further aid in improving patient outcomes by gathering relevant data and can also help in identifying new diseases. Owing to all these advantages, the global digital health market is projected to be valued at $884.1 billion by 2030, growing with a CAGR of 21.8% during the forecast period (2020–2030). Different digital health technologies are mHealth, including mHealth apps, services, and connected devices, electronic health record, including on-premises and web/cloud-based, telemedicine, including teletraining, teleconsulting, tele-education, and telemonitoring, and healthcare analytics, including prescriptive, descriptive, and predictive.    

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Geographically, North America emerged as the largest digital health market in the past, which is majorly attributed to the rising government support for enhancing healthcare delivery systems, increasing geriatric population, and surging awareness regarding several digital health technologies through conferences and workshops, particularly in the U.S. In addition to this, different territories and provinces in Canada are actively engaged in developing their own electronic information systems, which is being supported by the Canada health Infoway, a non-profit organization aiming at driving the adoption of digital health solutions.  

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Created on Sep 22nd 2020 00:12. Viewed 292 times.

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