Global Market Outlook on Digital Health On Vaccines Market
The business model of the pharmaceutical industry will be transformed by 2020because of the progress in digital health. The augmented levels of awareness about health and fitness among people has led to the increasing adoption of wearables and mobile applications thereby contributing a major share to the digital health market.
Digital Health– Market Size (2015-2020E)
- The global digital health market is expected to double in the coming three years and is expected to cross 200 billion USD by 2020
- Digital health facilitates a new model for health management that puts the correct information in the correct hands at the correct time, thereby providing the data required to make informed decisions in healthcare
- Of the different segments that contributes to the digital health revenue, the mHealth market is expected to propel at a significantly higher growth rate because of the rising penetration of smartphones
- Telehealth is a small market and might have possible future growth in population health management
- 65% of the consumers are interested in seeing their physicians over video
- mHealth is an attractive market with innovative mobile applications, solutions and services
- Mobile operators will be the significant beneficiaries
- Asia Pacific is expected to be the important region in 2020
- EHR/ EMR systems is a well established and mature market and thus will see slow growth in the coming years
- US holds 50% of the total market share
- Wireless sensors, handheld devices and wearable devices are are gaining importance and will be driven by mHealth applications
- It contributes the largest share to the digital health segment
Drivers & Constraints
- An increasing awareness of chronic diseases and their management with advanced medical practices has advanced the adoption of mHealth technology in healthcare industry.
- People are already using applications that are used to track their basic health such as weight etc., which makes it easier for them to adopt mHealth services at hospitals
- Advanced connectivity interfaces such as Bluetooth, Wi-Fi, 3G and $G networks are now a days easily available in the developing nations in addition to developed countries , thereby providing an easy access to the mobile based health.
- 70% of the people worldwide are interested in having at least on healthcare app in their smartphones
- With increasing interest in preventive healthcare, wellness products, online services and mobile health apps are gaining significant importance
- Healthcare organizations has to ensure that the mobile apps and technologies used in mHealth are integrated with the existing health IT systems.
- Healthcare is one of the most highly regulated industry
- There are a number of regulations that needs to be met for a mobile app to become a true tool for hospitals to be able to use them.
IoT’s advancement in the Healthcare industry has brought about a phenomenal change, from wearables and sensors to smartphones and real-time data loggers expediting return on investment (ROI) for cold supply chains thereby improving and reducing costs associated with immunization
- Research and Development would also be benefitted from IoT connected healthcare devices and equipment' and Big Data generated from them
- As IoT ensures the reliability and accuracy of the equipment, they provide researchers with smooth access to abundant computing power for testing. IoT also reduces the workflow by providing standardized, quantitative, and qualitative inputs on regular basis about the pre-clinical/clinical testing procedures
Connected patient interaction:
- Healthcare providers can utilize IoT to periodically update and alert individuals and parents about their next vaccination booster for their child, health check-ups and more with a simple smartphone app.
- The widely interconnected and secured medical databases, patient medical records etc. could be accessed with just a smartphone click by both the parties (i.e. medical professionals/patients)
Identifying Hospital Acquired Infections:
- IoT helps in identifying Hospital Acquired Infections at the onset itself thereby controlling calamitous effects on patients, thus averting a clinical and economic disaster
- IoT enabled surveillance cameras can offer real-time monitoring of staff-patient interactions, their regular usage of sanitizers and other precautionary tools.