The increased number of patients using digital health tools, such as telehealth and other enterprise IT solutions, empowered consumers to manage their health and accelerated global digital health market growth, according to Frost & Sullivan's recent analysis, Global Digital Health Outlook.
These tools will help ensure patient engagement and avoid staff burnout. Under the aspirational scenario, the global market for digital health will likely garner $205.13 billion in revenue by the end of 2022 from $178.37 billion in 2021.
"As digital transformation in healthcare soars along with the urgency for well-integrated solutions, healthcare stakeholders and consumers demand holistic solutions delivered via digital platforms," said Chandni Mathur, Healthcare & Life Sciences Senior Consultant at Frost & Sullivan. "Further, innovation, usage of advanced analytics and artificial intelligence (AI), and, most importantly, interoperability will be key in 2022 and beyond."
Mathur added: "With the continuous development of direct-to-consumer healthcare models, patient experience will take center stage as a key differentiator in terms of services. Digital health companies will need to position themselves as customer value creators in the minds of healthcare providers."
Digital health vendors' move to meet the quadruple aim—lower costs, improve peoples' health, enhance the patient experience, and team well-being—in the healthcare space presents lucrative growth prospects for market participants, including:
Remote patient monitoring: Grouping the right set of technologies, such as virtual visits, triaging solutions, and patient engagement solutions, on a single platform can create a solid virtual network.
Big tech using on-demand services in primary care: Providing real-time data and building a personalized payment experience as part of on-demand healthcare delivery will strengthen the patient experience.
Prioritize population health management (PHM) analytics: Offer platform-based performance monitoring to improve cost, quality, and clinical and financial resource utilization.
Global Digital Health Outlook, 2022 is the latest addition to Frost & Sullivan's Healthcare & Life Sciences research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.