Digital Health Market Trends

Growth Drivers

• Growing Use of Smartphones, Laptops, & Tablets – The mobile health, or mHealth, the business has grown as mobile devices become more and more used in healthcare. In fact, 74% of hospitals are more effective than those that don't use mobile devices to gather patient data around the world. Moreover, around 84% of healthcare professionals utilize mobile devices to support patients after they leave the hospital.
• Rise in the Number of People Using Fitness Wearable Devices - Wearable medical gadgets are made to gather information about users' personal health and exercise. They can even transmit a patient's health data in real time to a physician or other healthcare expert.  More than 445 million wearable fitness devices were supplied to consumers in 2020 worldwide, and the epidemic contributed to a more than 31% increase in fitness tracker revenue.
• Favorable Government Initiatives for Digital Healthcare – Higher government efforts is expected to boost the market growth. The National Digital Health Mission (NDHM) was launched by the Ministry of Health and Family Welfare of the Government of India in August 2020 with the goal of offering essential assistance for the integration of digital health infrastructure throughout the nation.
• Growing Use of Electronic Health Record (EHR)– Around 97% of doctors electronically recorded BDOH data in 2021, while 85% of doctors electronically recorded SDOH data. Compared to other medical professionals, primary care physicians electronically collected SDOH and BDOH data at a higher rate.
• Rising Benefits of Digital Healthcare Systems– By utilizing contemporary, digital information and communication technologies in healthcare, around 1 billion individuals around the world are anticipated to receive better healthcare services and better attention during emergencies.

Challenges

• Digital Health Implementation Requires High Investment
• Need for Frequent Maintenance of the Software and Hardware
• Rising danger of data theft- Data security is the top worry for healthcare firms. As medical services become more digital, the risk of security breaches, data thefts, and fraud has increased. Any kind of cyberattack can result in the loss of private and sensitive patient health data. Hence, growing anxiety over data theft is predicted to impede market expansion. Attacks on the healthcare system affected 45 million people in 2021, up from 34 million in 2020 in the United States