Digital medicine includes the services of telemedicine. It allows long-distance patient and clinician contact, care, advice, education, intervention, monitoring, and remote admissions. Digital healthcare technology can facilitate medical care and enhance the process of treatment. It can be also helpful for VR surgery, med archives, and the treatment of oncological diseases. For example, with the help of VR helmets, we can treat strabismus and brain damage. Artificial intelligence helps examine a patient’s condition from the photo and video.
The structure of digital healthcare is divided into 4 segments:
⁃ telemedicine
⁃ mobile health service
⁃ med analytics
⁃ healthcare system solution’s
Market Size
Digital Health Market size reached $140 billion in 2020. It is expected to grow at 20% between 2021 and 2027. The market growth has resulted from the overwhelming popularity of healthcare IT. Loads of public and private medical institutions have shifted to IT adoption. Besides, digital health technology allows us to spend time on the things people consider valuable. This is principally transforming the market
The pandemic effect
COVID-19 has contributed to the digital health popularity. Both developed and developing economies have implemented digital tools for medical purposes. Also, the necessity of tracking long-term effects of vaccines has boosted the demand for digital technologies and healthcare analytics.
Digital medicine trends
The digitalization of med infrastructure
One of the most promising tendencies is the adoption of a patient e-card along with e-receipts. Also, these are access points to med apps, monitoring of disease database, and treatment methods on the basis of Big Data.
Preventive medicine
Digitalization provides a space for commercially profitable projects with interesting business models. The AI algorithms of Engy Health scan a heart rate. This enables the detection of stressful borderline and to forecast the chronic disease development.
Services for the elderly population
With the increase in chronic diseases and the overload of healthcare system, the need for alternative methods to treat elderly people is growing.
The Canary Care business model is based on a discreet observation. It allows elderly people to remain independent longer. Current uses gadgets to track vital signs and inform med workers about declining health.
The Internet of Medical Things (Iomt)
This is a network of Internet-connected medical devices, hardware infrastructure, and software applications. Its functions are miniaturization, individual setting, and digital signal processing. IoMT provides wireless and remote devices to securely communicate over the Internet to allow a rapid and flexible analysis of medical data.
In the future the network will imply a seamless integration with health monitoring systems, diagnosing, and prescribing therapy.
Smart clothes
A promising niche that is gradually developing is a ‘smart’ textile for healthcare. You can inweave electronics into clothes, duvets, pillows, and shoes. The technology helps monitor a physical state and take care of a patient.
Resources for med literacy
World Health Organization notes the direct correlation between critical healthcare indicators (e.g. mortality rate) and the population unawareness of health issues.
‘Doctor&Me’ platform provides informational groups for different diseases. Besides viewing info materials and videos, users can consult with doctors or other patients on diets, physical activity, rehabilitation, etc.
Market Strategy
A few key companies functioning in the market are Allscripts Healthcare Solutions, Inc., Cisco Systems, Koninklijke Philips N.V., McKesson Corporation, and Cerner Corporation. These market leaders are focusing on several strategies such as acquisitions, partnerships, new product launches, mergers, and collaborations to increase their customer base and revenue share in the market.
Recent industry developments:
In February 2021, Philips announced that it has completed the acquisition of BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring. This acquisition strategy is expected to help Phillips expand their business portfolio in the market as well as customer base.
In March 2020, AT&T announced a partnership with LifedMedID and Elo Self-Service Solutions. The partnership aimed to streamline patient registrations and check-in-solution. This strategic alliance extends AT&T’s edge-to-edge digital healthcare solutions to enhance patient outcome, thereby strengthening its market presence.
