Growing penetration of smartphones, advanced internet connectivity with the introduction of 4G/5G, innovation in healthcare IT infrastructure, growing need to curb healthcare costs, growing prevalence of chronic syndromes, and Some of the most important factors driving market expansion are improvements in the accessibility of virtual care. In addition, the foremost players aim on establishing improved applications to advance the user experience.
Different developed regions and underdeveloped regions lack trained medical experts. As per the projection of WHO, there will be a shortage of nearly 15 million healthcare workers by 2030. There is a growing requirement for healthcare experts in different regions owing to the increment in the aging population and the existence of chronic diseases. Based on United Nation predictions, there were over 703 million individuals aged 65 and above during 2019, and this number is predicted to arrive at 2 billion by 2050 around the globe. Telemedicine or telehealth services assist doctors, and assists more patients. It improved admittance to healthcare, advanced the usage of the time of patients & doctors, and assists decrease healthcare costs. Individuals living in remote locations have to travel for hours to attain admittance to treatment, but now the population can fulfil their healthcare requirements through telehealth, thereby aiding the market growth.
According to the SPER market research, ‘HealthTech Market Size– By Technology, By Component, By End-User,By Applications,By Delivery Mode – Regional Outlook, Competitive Strategies and Segment Forecasts to 2033’ state that the global HealthTech market is predicted to reach USD 1303.9 billion by 2033 with a CAGR of 13.53%.
With the innovation in IT technology and the emergence of remote patient monitoring (RPM) systems, digital healthcare is fostering around the globe. RPM has become an economical tool to improve clinical decision-making and assessment and decrease the chance of hospitalization. The acceptance of RPM services is also predicted to augment the rising incidence of diabetes, cancer, and cardiovascular syndromes. In addition, the enlarging geriatric population base is implementing independent and healthy lifestyles, which will probably improve the usage of RPM solutions.
Different initiatives are being accepted to confirm that patients suffering from chronic disease have been admitted to digital health solutions. For instance, during September 2021, the UMMC (University of Mississippi Medical Center), in collaboration with the federally competent North Mississippi Primary Health Care Center, announced the usage of RPM. The focus was to augment patient admittance to diabetes care management and improve health outcomes. Advancements such as these are predicted to introduce lucrative opportunities for digital health solution providers over the review duration.
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Additionally, the implementation of electronic health records, e-prescriptions, medical apps, and several other digital health technologies demands improved data security. Breaches can result in huge losses of confidential and critical information, involving health insurance IDs, social security numbers, and several other medical data. Since medical records are often targeted by cybercriminals through data breaches, increasing security concerns may generate roadblocks to digital health market enlargement.
Additionally, the region with the fastest growth rate is anticipated to be Asia Pacific. The region’s enlarging eHealth platform implementation and growing healthcare spending are predicted to propel the enlargement of these services. Government investment on healthcare is projected to improve requirement for remote patient monitoring and several other telehealth services, which will propel industry growth in the Asia Pacific region.
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Sara Lopes, Business Consultant – U.S.A.
SPER Market Research