Technological advancements are the key drivers powering the growth of the digital healthcare market which, according to the latest research (Grand View Research, “Digital Healthcare Market”, May 2019), is forecasted to expand at a CAGR of 27.7% by 2025. By embracing innovative technologies, the healthcare industry is enabled to deliver better patient health outcomes, while being time-efficient and reducing operational costs in the process.
Emerging technologies such as telemedicine, artificial intelligence (AI), big data and the Internet of Medical Things (IoMT) are bringing more business value to the healthcare sector. These benefits are translated into practical applications that aim for higher efficiency in providing digital healthcare services to patients worldwide.
While we appreciate that letting go of outdated legacy platforms requires a flexible and risk-taking mindset, this is one of the main setbacks that should be overcome to ensure the successful digitization of the healthcare sector.
It is equally important to ensure the protection of the patients’ personal data, which in this new and increasingly digital landscape requires enhanced cybersecurity safety and data protection measures.
Conclusions
Digital healthcare market review – what should you know?
| Healthcare data is expected to reach a CAGR of over 36% through 2025
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More than 80% of people are willing to use medical wearable tech
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| By 2023, the global medical market of…
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By 2025, the global healthcare market of…
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| …medical robotics market is expected to reach $20 billion. | …digital health market size is expected to reach $509.2 billion |
| …healthcare chatbots market is projected to reach $314.3 million. | …virtual reality and augmented reality healthcare market is projected to reach $5.1 billion. |
| …medical wearable devices market is expected to reach more than $27 million. | …IoT healthcare market is expected to reach $534.3 billion. |
| …blockchain healthcare market is forecasted to reach $890.5 million. | …healthcare AI-powered tools market is expected to exceed $34 billion. |
What is the current adoption rate of digital health tools?
| 32% – Live video telemedicine | 33% – Wearable ownership | 42% – Digital health tracking | 64% – Online provider reviews |
Impact of the current COVID-19 landscape on digital healthcare
| IoT-powered platforms allow public-health agencies to access real-time data to monitor the current situation. | Big data modelling studies of viral activity guide countries’ healthcare policymakers | AI and deep learning are used to enhance the detection and diagnosis of patients while predicting the evolution of the outbreak |
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Some health systems have seen an increase in the number of televisits by up to 500% |
What are the key drivers for digital transformation in healthcare?
| Growing need to facilitate predictive and preventive care
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Increased consumer requests for on-demand healthcare
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| Up to 28% visits to emergency rooms are recurring patients who could benefit more from receiving personalized preventive care plans at home |
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BUT don’t overlook the importance of setting in place governance rules for education and medical certification
| Ensure legal chains of evidence | Financial data auditing | Track inventory of high-value items such as food and medical supplies |
Digital healthcare translated into practical applications
| Tech trend
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Use cases
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Benefits
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| Telemedicine |
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| Artificial Intelligence |
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| Big Data Insights |
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| Internet of Medical Things (IoMT) |
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Encora Insights on digital healthcare applications
| We think that the current landscape will power the rise of:
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Including, but not limited to de-centralized applications, smart contracts, digital identifiers |
Enable direct, near-real-time data exchange between patients, physicians, insurance companies, brokers, therapists, psychologists, schools |
With patient’s consent, close family members or legal guardians may be able to remotely monitor the health of patients, receive alerts, and access electronic medical records |
More electronic infrastructure and new digital platforms will be developed to boost medical reporting, exchange data, compare treatments, some with automatic triggers (e.g. to public health authorities) |
51% of tech specialists warn against adopting digital surveillance methods in connection with Coronavirus tracking, due to privacy risks. |
Powerful knowledge platforms, such as the IBM Watson Health, will be used more, to augment human expertise and build smarter health ecosystems, based on rich historical data and possible treatments |
Top challenges to digitization in healthcare
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Sources:
- https://www.grandviewresearch.com/press-release/global-digital-health-market
- https://www2.deloitte.com/global/en/pages/life-sciences-and-healthcare/articles/global-health-care-sector-outlook.html
- https://rockhealth.com/reports/digital-health-consumer-adoption-report-2019/
- https://www.syberscribe.com.au/blog/10-emerging-trends-healthcare-technology-2019-beyond/
- https://www.forbes.com/sites/bernardmarr/2019/11/01/the-9-biggest-technology-trends-that-will-transform-medicine-and-healthcare-in-2020/#331d8ab972c
- https://www.digitalauthority.me/resources/state-of-digital-transformation-healthcare/
- https://www.mobifilia.com/10-healthcare-tech-trends-2020/
- https://www.washingtonpost.com/gdpr-consent/?next_url=https%3a%2f%2fwww.washingtonpost.com%2fnews%2fpowerpost%2fpaloma%2fthe-technology-202%2f2020%2f03%2f30%2fthe-technology-202-we-asked-more-than-100-tech-experts-if-u-s-should-use-location-data-to-track-coronavirus-they-were-split%2f5e80c80b602ff10d49ad757e%2f
- https://appify.digital/digital-transformation-in-healthcare-2020/
- https://www.ibm.com/watson-health/about
- https://www.selecthub.com/medical-software/top-health-it-security-trends/
