The digital health industry is expected to witness strong growth in the coming years. Fortune Business Insights™ estimates that the rising dependence on digital services, increasing smartphone adoption, and growing development of 5G infrastructures are factors responsible for the service’s growth. Governments across the globe constantly aim to develop advanced solutions for citizens’ health monitoring. For example, in May 2018, several governments across the globe launched the Global Digital Health Index at the World Health Assembly to monitor and track citizens’ health.
COVID-19 Impact: Substantial Investments in Digital Infrastructure to Increase Software Adoption
The COVID-19 pandemic has changed the overall functioning and market dynamics. With the reliance on the Internet of Things (IoT) & smart devices and the launch of effective health monitoring applications and devices are expected to help detect infections. Further, rising government investments in the development of effective services are expected to boost market development.
Factors, such as lack of beds & medical equipment and risks associated with infection spread, may popularize the adoption of online consultations from several medical professionals. In India, applications, such as “Arogya Setu, Cowin, and others, have helped governments gather information regarding several patients and arrange vaccinations.
The convenience of Online Platforms and Reduced In-patient Visits to Boost Adoption
Digital health platforms provide convenience to patients and medical professionals by reducing in-patient visits and providing details regarding medication and other health conditions. It offers insights into patient health and enables medical professionals to accurately diagnose patients. Lack of medical equipment and beds is a major challenge that governments faced during the pandemic. The incorporation of digital health platforms helps patients consult with doctors virtually and get accurate health details. It reduces in-patient visits and helps patients gain on-time treatment.
Incorporation of Artificial Intelligence (AI) and Machine Learning (ML) Services to Improve Efficiency
Developers aim at incorporating advanced technology into the services to enhance efficiency and boost accuracy. The incorporation of AI provides accurate data for fitness and health monitoring. It tracks movements and activities to help provide accurate details to patients. Furthermore, manufacturers incorporate advanced machine learning services in health monitoring devices such as smartwatches, fitness bands, and others to accurately map heart rate, body weight, movement, and others with machine learning to guide the users to track their health and help achieve a healthy lifestyle. In addition, the incorporation of cloud-based services may boost the adoption of the product.
Major Challenges: Concerns Regarding Efficiency of the Service to Challenge Global Industry
Rising concerns regarding the accuracy and reliance on the company are expected to hinder consumers’ adoption. Issues such as inaccurate monitoring or incorrect data may slow the growth of this business. Further, server issues and data theft concerns may hinder the adoption of digital health platforms. Moreover, outdated data issues may hinder market growth. Therefore, such challenges may impede the market’s progress.
Key Players: Major Players Focus on Deploying Effective Strategies to Fuel Competitive Landscape
Manufacturers actively seek out effective services to develop effective strategies to keep their businesses running. The rising focus on research and development is responsible for the emergence of artificial intelligence and machine learning technology. Further, companies aim at targeting major sports events to boost the promotion of digital health services. For example, Commonwealth Medical Association announced its Commonwealth center to promote digital health platforms in Commonwealth countries in April 2018.
Moreover, the increasing focus on launching innovative applications may enable manufacturers to improve their service offerings and attract consumers. For example, Indie Health and Hifinite collaborated to announce Hicare 3.0 remote monitoring and telehealth platform at the Connected Healthcare Conference in October 2018. Incorporating these strategies may help competitive players in the market establish a strong brand image and tackle the incessantly competitive landscape.
Major Companies Operating in the Market
- Medtronic
- GENERAL ELECTRIC COMPANY
- Cerner Corporation
- McKesson Corporation
- Infor
- Allscripts
- Athenahealth, Inc.
- Diabeteizer GmbH & Co. KG
- Cognizant
- Dimensional Insight, Inc.
- Siemens AG
- Qualcomm Life
- 3M
- IBM Corporation, Inc.
- Microsoft
- Koninklijke Philips N.V.
- NVIDIA Corporation
- Next IT Corp.
- Change Healthcare
- AgaMatrix, Inc.
- LifeWatch, Nike Inc.
The demand for healthcare increases as the reliance upon IoT increases, and the adoption of digital services is becoming increasingly important. Governments are focusing heavily on developing effective digital health services and online platforms to diagnose patients and enable citizens to maintain a healthy lifestyle. Further, manufacturers focus on integrating top-of-the-line technologies to improve product quality and provide consumers with fitness bands, software, fitness brands, and other effective offerings that help boost their health and offer accurate measurements and data. Additionally, the rising popularity of the service among consumers is a factor that may propel the digital health market’s progress.
