In today’s digital age, there is a continuous demand for healthcare innovations. Dedicated efforts are developing new or improved health systems, services, products, policies, and delivery methods. In addition, the COVID-19 pandemic has made telemedicine a potential and effective healthcare delivery medium.
Many MedTech, finance, and IT companies are making investments in the digital health market to leverage growth opportunities and cater to the demand. Talking about demand, a recent update is enough to show how fruitful the market is.
Panda Health Inc. is an eCommerce platform that connects buyers and sellers who deal in digital health technologies. The platform recently announced a valuable capital investment by high-profile healthcare stakeholders led by Vizient, Inc. The investment has been made with the expectation of growing the platform’s reach and offerings. The platform helps healthcare businesses to implement their digital health plans.
Like the above-mentioned motivating market updates, many other factors influence the market growth and drive it towards the future. Below are some of the trends dominating the global digital health market in 2021:
The expansion of telemedicine
Reliance on telemedicine has increased during the pandemic as people around the world are following social distancing and no-contact transactions. According to the Future Health Index India Report 2021, 75% of the surveyed Indian healthcare leaders said shifting to remote or virtual care is the priority. As a result, internet-based medical intervention trends in the market and makes healthcare services accessible to the remote population.
Virtual reality in the healthcare market
Virtual Reality (VR) solutions in the healthcare market allow medical professionals and patients to interact via simulated environment. VR can be used in medical surgery, pain management, physical therapies, and rehabilitation.
Rey, mental health and wellness, recently added $10 million in new funding. The company is improving mental health by combining medication, therapy, and permitted technologies, such as virtual reality (VR).
Talking about investments and growth opportunities in the digital health market, a report published by Allied Market Research states that the market is expected to reach $767,718.9 million by 2030.
National digital health portals
Countries across the world are building comprehensive and accessible digital health records.
Sweden has got it already. Every citizen and resident in the country has a personal identification number (Swedish PIN), which helps healthcare documentation. During the COVID pandemic, the country has also built an Intensive Care Registry to gather COVID cases.
There are varied advantages to having access to unified patient records. First, it helps in reduced or no medical errors and preventive care.
The power of AI and digital health
Artificial intelligence (AI) will play a huge role in digital healthcare. PARO robotic seal is one such AI tool that is used for dementia patients. In addition, the medical sector is using chatbots to offer therapy and patient care services.
Medical professionals are using AI in precision medicine, drug discovery, and medical imaging too. For example, AI pattern recognition is being used in treating cancer patients. In addition, doctors are using AI to create personalized treatment plans that suit patient’s genetic makeup and lifestyle.
Apps, wearables, and self-monitoring solutions
Digital wearables are a big part of the digital health sector. Self-monitoring applications are present in the market in different forms, but wearable devices are gaining popularity. These wearables are helping athletes, diabetic or BP patients, and health cautious populations to keep track of their daily medical status.
Germany passed the Digital Care Act in 2019, allowing doctors to prescribe medical apps. For example, Kalmeda is a tinnitus app used as an alternative to behavioral therapy and can be reimbursed through public health insurance.
Role of med-tech sector
The growth of the MedTech sector is visible across the world. Digital health opportunities attract many companies to enter this sector and bring innovative products that cater to the medical and health-conscious population.
Ukraine is one such country in which the med-tech sector is booming.
The country hosts around 14 startups that are part of the EMERGE list of most promising startups in the region. ComeBack Mobility is another such company. The company has built a telemedicine tool that connects to the walking crutches and helps recover leg injuries.