How is Growing Need for Remote Patient Monitoring Driving Digital Health Market?
While the healthcare industry is among the most prominent and important industries, its resources are still limited. The patient pool on the other hand is increasing rapidly on account of growing geriatric population, rising prevalence of diseases, and increasing population across the globe. The availability of healthcare professionals for catering to this vast patient pool is insufficient. This problem can be solved to some extent by remote patient monitoring. Other than allowing healthcare professionals to give more time to critical patients, remote patient monitoring also provides patients with higher-quality care, especially when it comes to aged and disabled people, reduced healthcare expenses.
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Remote patient monitoring is just one positive aspect of digital health solutions. These solutions further aid in improving patient outcomes by gathering relevant data and can also help in identifying new diseases. Owing to all these advantages, the global digital health market is projected to be valued at $884.1 billion by 2030, growing with a CAGR of 21.8% during the forecast period (2020–2030). Different digital health technologies are mHealth, including mHealth apps, services, and connected devices, electronic health record, including on-premises and web/cloud-based, telemedicine, including teletraining, teleconsulting, tele-education, and telemonitoring, and healthcare analytics, including prescriptive, descriptive, and predictive.
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Out of all these, the demand for the mHealth technology was the highest in the past, which can be primarily because of the surging penetration of smartphones and internet all across the globe. mHealth delivers healthcare services with the aid of devices including personal digital assistants, cell phones, tablets, and laptops via wireless networks. Because of the supportive regulatory norms, increasing popularity of at-home services, growing prevalence of chronic diseases, surging geriatric population, and increasing healthcare costs, the requirement for mHealth service is rising rapidly. In addition to this, these applications are also available for wellness and disease management, which is further increasing their adoption.