As the pandemic spread over the world and took on new forms, digital health responded by providing more and more assistance. Access to health in the hands of patients empowered consumers to control their health with the greatest tools, and telehealth and other enterprises IT solutions remained the backbone for healthcare organizations.
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Stakeholders and consumers began expecting end-to-end solutions offered via platforms as the worldwide demand for digital health surged in combination with the rise of healthcare consumerism. In 2022 and beyond, success will depend on novel approaches, the application of sophisticated analytics and AI, and, most critically, interoperability.
Artificial intelligence will have strong and obvious applications in healthcare providers and doctors, including the development of digital front-door methodologies, the orchestration of workflows, the provision of virtual care, the creation of clinical pathways, and the attainment of improved health outcomes at reduced costs.
Furthermore, it will aid in making sure patients are involved and keeping employees from getting too frustrated. This forecast, like every year before it, lays out robust tendencies that will permeate the digital health industry environment, offers projections, and spotlights expansion prospects.
The widespread implementation of telehealth as a result of the pandemic is perhaps the most significant and urgent healthcare innovation to emerge from it. From primary to secondary to multispecialty, and even clinical trials, telehealth has established itself as an integral part of the patient and researcher experience. Even though telehealth was widely adopted in the early phases of the pandemic, with an anticipated $4.2 billion raised in the first half of 2021 alone, future projections have fallen off. Because of this, financiers are beginning to think about the long-term implications of telehealth 2.0.
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Improved patient outcomes and care quality are a direct result of technological advances that minimize human error. Demand for digital health technology has increased all around the world due to factors including the proliferation of telemedicine, the aging of the population, and the prevalence of chronic diseases. There has been quick uptake of numerous digital health solutions as a direct result of the Covid-19 pandemic and its subsequent problems. Healthcare apps, a relatively new technology, have seen rapid uptake alongside more established methods of treatment.
One of the subsegments of the healthcare industry that the report examines is mobile health, which is expected to grow at a CAGR of 16.6% and reach US$253.1 Billion by the end of the forecast period. Growth in the Digital Healthcare Systems sector is readjusted to a revised 20.5% CAGR for the following 7 years after a thorough assessment of the commercial ramifications of the pandemic and the economic crisis it triggered.
A number of factors have contributed to the mHealth Segment's dominance, including the growing popularity of Health technology among doctors and nurses, the rise of preventative healthcare practices, and the availability of more financial resources for mHealth ventures. The need for productive healthcare facilities and streamlined operations is also driving up demand.
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The "virtual patient" is a concept embraced by this method in healthcare; these digital simulations of persons are applied to test medications and treatments, hence accelerating the time it takes to get new items from the design phase to the market.
To begin with, this may be confined to simulations or models of particular organs or systems, while models that represent entire bodies are drawing closer to being practical.
While the available evidence suggests that this goal is still a ways off from becoming a practical choice, we will keep working toward it in 2022.
Because of its potential to help the healthcare industry produce therapies more quickly and effectively, digital twin technology is viewed as one of the most significant tech advances in healthcare for 2022.
Throughout the duration of the epidemic, mental health has been one of the most heavily funded areas of digital health. In 2021, funding for mental health was $3. 1 billion, making it the most heavily financed therapy area. As the use of digital health continues to grow in the realm of mental health, new technologies are being developed with the goals of improving efficiency, expanding relevance at scale, and speeding up access to help through the use of automation and AI (AI).
When we think of virtual mental health technology, we might think of meditation, wellness, or virtual therapy. However, by combining AI or natural language processing (NLP), we might enhance clinical support and intervention in unexpected ways.
The COVID-19 epidemic has increased consumer demand for linked monitoring devices, and this trend is only likely to accelerate in the coming year, 2022.
It is anticipated that 320 million consumer health and wearable wellness devices would ship worldwide in 2022, indicating significant demand for such technology. According to the company's projections, that number will rise to 440 million by 2024. This expansion is most likely being fueled by the introduction of innovative products and the gradual but steady adoption of these applications by healthcare professionals.
With the advancements in hardware, software, and apps, smartwatches have become mini health clinics that people use to track more than just their running times.
Most modern smartwatches have heart rate monitors, and some of these devices have FDA clearance for spotting irregularities like atrial fibrillation, a leading risk of stroke.
Big names in healthcare are increasing their bets on the future of wearable and connected technology. Current Health, a provider of linked devices and remote patient monitoring services, was acquired by Best Buy for almost $400 million. Google paid $2.1 billion to acquire Fitbit, a company that makes fitness trackers. Furthermore, Whoop, a digital startup that develops fitness monitoring wearables, has raised $400 million to date and is currently valued at $3.6 billion.
These developments are only a small fraction of the digital health industry's rapidly shifting and increasingly complex competitive landscape. As "big tech" and other non-traditional players continue to enter the space, incumbents are consolidating as they rush to broaden their capabilities and create level (e.g., Doctor on Demand blending with Grand Rounds), and more providers and payers are working to "in-source" more of these functions, the existing vendor landscape is becoming increasingly challenging.