Digital Health Market Growth Prospects, Trends and Forecast up to 2024
The demand within the global digital health market is slated to rise in the times to follow. There are no qualms about the importance of recording and tracking medical procedures conducted across the healthcare industry. The advent of digital transformation has created new opportunities for expansion across the global digital health market. Furthermore, digital health technologies have enabled medical practitioners and doctors in exercising seamless control over healthcare procedures. The success of the healthcare sector depends upon the coordination of medical and administrative activities. It is important to use digital technologies in order to restore the integrity of medical and operational activities. Therefore, the total volume of revenues within the global digital health market is projected to multiply in the years to follow.
The global digital health market is expected to grow at a formidable CAGR of 13.40% ovee the period between 2017 and 2025. Telemedicine has become an important component of the digital health infrastructure. The need for remote monitoring of patients has generated humongous opportunities for growth within the global digital health market. The geriatric population is the largest consumer of telemedicine facilities, and this is a key dynamic of market maturity. Moreover, the unprecedented need for constantly monitoring patients with mobility problems has also driven market demand.
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Use of Electronic Health Records for Diagnosis
The importance of electronic health records (EHR) for medical procedures cannot be undermined. These records help in maintaining a unified database that can be accessed at various points in time from multiple locations. Therefore, electronic health records have become a means to study the medical history of patients, facilitating medical treatments for several individuals. These records reduce the time invested in developing a comprehensive diagnosis for patients. EHR have especially been useful in treating the geriatric population who have a history of several diseases and disorders. The healthcare industry is equipped with digital medical technologies that ensure timely and seamless implementation of EHR. In this scenario, it is safe to expect that the global digital health market would expand at a respectable pace.
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Operational Improvements in Healthcare Management
Digital technologies have also facilitated better management of operations such as billing, invoicing, report generation, and medical supplies. Large healthcare facilities and hospitals have a responsibility of managing the data of a wide host of patients. This can be achieved by using digital software technologies that can store, process, and decode patient data. Several software platforms for healthcare management have come to the fore in recent times. The complexity of healthcare procedures and operations can be decrypted with the help of digital technologies. Use of software platforms can help in reducing the operational costs of the healthcare industry. Furthermore, it can also ease the load on medical staff who are under immense pressure to stay on top of their needs. It is safe to assert that the use of digital health technologies could act as a panacea for the problems pertaining to the healthcare industry.
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Use of ERPs within Healthcare
Several integrated software platforms and apps have been developed to ease the tasks of the medical staff. SAP ERP is widely used across the healthcare industry, and this is an important dynamic of market growth and maturity. Enterprise Resource Planning (ERP) has helped in increasing the operational and financial efficiency of healthcare units, creating fresh opportunities for market growth and maturity. It is expected that several new entities would invest in developing robust healthcare technologies based on digital nodes. The need for an integrated ecosystem across the healthcare sector has generated new opportunities for growth within the global digital health market.
This review is based on TMR’s report titled, “Digital Health Market (Product – Health Care Information Systems and Wearable Devices; Component – Hardware, Software, and Services; End User – B2C and B2B) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025”.
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