The field of digital health is experiencing a swift expansion, merging technology, healthcare, and data to enhance the proficiency and efficacy of healthcare offerings. The World Health Organization (WHO) defines digital health as improving health and healthcare delivery using digital technologies, such as mobile devices, sensors, and software applications. According to a report by Precedence Research: In 2022, analysts estimated the global digital health market to be worth USD 332.53 billion. They anticipate reaching approximately USD 1,694.21 billion by 2032, experiencing a compound annual growth rate of 19.4% from 2023 to 2032.
Digital health solutions have the potential to enhance patient outcomes, reduce healthcare costs, and improve access to care.
And what are the key benefits of digital health for pharmaceutical companies?
Digital health technologies allow pharmaceutical companies to improve patient outcomes, increase efficiency, and reduce costs. As such, they are becoming an increasingly important part of the healthcare landscape, and pharmaceutical companies that embrace digital health will likely be at a competitive advantage.
Let`s look at a few examples:
- Improved patient outcomes
- Increased patient engagement
- Enhanced communication between healthcare providers and patients
- Cost savings
Digital health has revolutionised the healthcare industry, offering numerous benefits to providers and patients. Key components of digital health include
- Electronic Health Records (EHR) allow healthcare providers to keep patient records in a secure digital format, making accessing and sharing information easier.
- Telemedicine enables remote consultations and diagnoses, saving patients time and increasing accessibility to healthcare.
- Mobile health (mHealth) apps that allow patients to monitor and manage their health from their mobile devices, promoting healthy lifestyles and disease prevention
- Wearable technology that provides real-time health data, helping patients and healthcare providers to understand health patterns better and make informed decisions
At Evalueserve, we recognise the importance of staying updated with emerging trends in Digital Therapeutics. Our team is well-versed in monitoring market signals and differentiating them from noise, with a focus on the following directions:
- Implementing a continuum of care: This involves 24/7 monitoring of patients through apps that enable disease management and enhance patients’ quality of life. These apps monitor patient vitals and provide timely interventions and medicine reminders, improving therapy compliance and clinical outcomes.
- Enhancing patient Experience: Patients with chronic diseases can benefit from digital tools that enable them to monitor their vitals and progress. This tool not only helps patients take control of their therapeutic outcomes but also reduces discomfort associated with the use of needles/injections.
To maintain a competitive lead, staying abreast of these trends is crucial.
We recently helped a global healthcare company monitor its peers and emerging competitors in the digital health domain. Our insights helped the organisation stay informed about the latest technological happenings among competitors and sensitised its R&D and innovation team to its position relative to peers and competitors in the digital health domain.
The future of digital health
The healthcare industry is undergoing rapid transformation with the emergence of digital health, bringing advantages like improved patient results, greater efficiency, and cost reduction. However, fully realising these benefits necessitates close collaboration between healthcare providers, policymakers, and technology companies. Working together can create a cohesive ecosystem that harnesses technology to deliver patient-centric care.
The future of digital health is promising, with advancements in telemedicine, wearable devices, artificial intelligence, and other areas. These technologies enable healthcare providers to monitor patients remotely, predict and prevent diseases, and offer personalised care. However, unlocking this future requires a collaborative effort involving stakeholders from all sectors.
Thus, policymakers must establish an enabling environment that fosters innovation while protecting patient privacy and data security. Healthcare providers must incorporate digital health technologies into their workflows to boost efficiency and care quality. Technology companies, in turn, should focus on developing solutions that address real-world problems and integrate with existing healthcare systems.
In conclusion, the healthcare industry is undergoing rapid transformation with the emergence of digital health, bringing advantages like improved patient results, greater efficiency, and cost reduction. However, fully realising these benefits necessitates close collaboration between healthcare providers, policymakers, and technology companies. Working together can create a cohesive ecosystem that harnesses technology to deliver patient-centric care.