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Digital Health Market Value to Reach USD 511 Billion by 2026
- Demand for digital health is rising on account of the increasing need to improving workflow efficiency across hospitals and other healthcare organizations
- In addition to this, there is mounting pressure from governments to reduce healthcare costs, while at the same time focus on improving quality of patient care
The global digital health market value is expected to reach around USD 511 billion by 2026.
The global digital health market is expected to rise exponentially in the coming years. The already multi-billion industry is likely to grow at an accelerated pace, as healthcare sector welcomes digitization. Factors such as the advent of mobile health, wireless solutions, and telehealth will foster growth opportunities for the digital health market.
Rising Adoption of mHealth Technologies to Boost Growth
In the coming years, the digital health market is expected to gain pace in response to the rising adoption of mHealth technologies. These are advanced technologies that also help in the self-management of diabetes and other chronic ailments. Taking cue from this, several companies are launching innovative technologies to help in the same. For instance, Glooko was launched specifically to help in the management of diabetes. Similar apps are now increasingly available across smartphones, making it easier for the healthcare professionals and patients alike to keep abreast of the most recent patient information. Development of these technologies is lauded as they are significantly helping in disease diagnosis and monitoring. These are a few of the chief digital health market trends that are likely to enable growth in the coming years. Bolstering this will be the rising penetration of smartphones, smart devices, and better internet connectivity around the world.
Demand for Improving Workflow Efficiency to Boost Uptake in Healthcare Organizations
The demand for digital health is rising on account of the increasing need to improving workflow efficiency across hospitals and other healthcare organizations. In addition to this, there is mounting pressure from governments to reduce healthcare costs, while at the same time focus on improving quality of patient care. Recent advancements in the technology showcased the inclusion of mobile, big data, cloud, and interoperability. Following these developments, a surge in the demand for EHR is observed, subsequently boosting growth prospects for the digital health market. In addition to this, an increasing number of companies are investing in developing innovations in EHR. For instance, Allscripts launched a mobile first and cloud based EHR, dubbed as Avenel, in 2018. The system uses machine learning to bring down time taken for clinical documentation. It works more like an application. Such developments are expected to bode well for the overall market.
Source: https://finance.yahoo.com/news/digital-health-market-value-reach-133000839.html