Advancements in technology, benefits such as convenience & flexibility, and the prevalence of chronic diseases led to the adoption of digital health solutions. According to Cigna’s 2021 360 Well-Being surveys, more than three-fifths of the global respondents preferred virtual care over in-person care. Realizing the rise in awareness among people, market players have launched innovative solutions, invested in new technologies, and adopted mergers & acquisition (M & M&A) strategies. These strategies are focused on improving virtual care and generating new revenue streams. As a result, innovative solutions and investments in developing new platforms that provide care for various conditions such as respiratory conditions and others are trending in the current scenario.
Moreover, the M&A strategy aims to improve the solutions and capabilities of digital health platforms. According to the report published by Allied Market Research, the global digital health market is estimated to reach $767.71 billion by 2030. Following are some of the activities taking place across the world.
Market players have been adding new solutions to their portfolios to improve patient care and increase revenue streams. For example, CareCloud, Inc., one of the leading healthcare technology development companies, expanded its offering with CareCloud Wellness. This solution is aimed at providing chronic care management solutions to high-risk patients. It incurs no additional expenses for the provider and enables physicians to avail opportunities for collection of payments for in-between appointment services. Moreover, patients will receive monthly follow-ups and calls from care managers and practitioners.
Healthcare providers will collaborate with care managers to create care plans and provide a comprehensive approach to medication, nutrition, and lifestyle for chronic care management. Hadi Chaudhry, the CEO and President of CareCloud, outlined that the company designed a solution to create revenue opportunities and improve the healthcare experience for its clients. The development of new solutions for digital health will continue in the coming years.
Along with the launch of new solutions, market players have adopted the strategy of raising funding to increase their offerings. For example, Biofourmis raised the funding of $300 million in a Series D funding round. General Atlantic led this round. The newly-raised financing will be utilized for expanding its digital health offerings. These offerings include predictive and personalized home care solutions. In addition, the company plans to increase the number of clinical trials and digital therapeutic solutions. It will also form new partnerships with digital health players to improve its offerings.
Realizing the adoption of digital health, big pharmaceutical companies have been striking mergers & acquisition deals. AstraZeneca carried out the acquisition of digital “hospital at home” platform provider Huma. This platform offers improved capabilities with digital biomarkers, predictive algorithms, and real-world statistics for proactive care and research. In addition, Huma is expected to acquire AMAZE, the AstraZeneca’s digital disease management platform for heart failure and asthma patients. Both companies are expected to collaborate on developing medical device companion apps for smartphone users. The acquisition trend continues with Pfizer Australia planning an acquisition of ResApp Health. ResApp developed smartphone apps to manage respiratory diseases such as asthma, pneumonia, bronchiolitis, and chronic obstructive pulmonary disease (COPD). There will be more collaborations and acquisitions for the development of improved digital health solutions in the future.
Author Bio – Pratik Kirve is a writer, blogger, and sports enthusiast. He holds a bachelor’s degree in Electronics and Telecommunication Engineering and is currently working as a Team Lead – Content Writing at Allied Market Research. He has an avid interest in writing across different verticals. When he is not following the updates and trends, he spends his time reading, writing poetry, and playing football.