A Glance Into The Digital Healthcare Market
Digital healthcare primarily involves the use of modern technologies that are focused on improving the patient's health. It is a broad and a rapidly expanding sector and comprises everything ranging from ingestible sensors to wearable gadgets, from artificial intelligence to mobile health apps and from electronic records and robotic carers. Digital transformation has been key, backed by disruptive technologies as well as cultural evolvement within the healthcare industry. Digital healthcare tools help detect new disorders or even the worsening of the ones that exist. These tools enable doctors to be part of the process right from the start without wasting any time, thereby shortening the overall length of the disease. Easing the impact of the symptoms is another benefit. Other than improving the quality of life, digital healthcare tools also bring down the total expenditure of an individual's healthcare throughout their life, cutting down bills for patients and providers alike.
Healthcare is ushering in numerous advanced technologies including sensors, mobile phones, AI, cloud computing, genomics, imaging, and ML. Healthcare workforce is constantly preparing for modern medical practices backed by digital revolution, rapidly turning tech-savvy.
Mergers and acquisitions along with strategic partnerships between the market participants combined with the rising R&D in several technologies has turned digital healthcare into an intensely competitive segment. To illustrate, in April 2021, NASSCOM FutureSkills PRIME partnered with Apollo Hospitals to introduce a Joint Technical Educational Platform. This platform has been launched to promote re-skilling and multi-skilling as well as enable re-learning and unlearning among medical staff to stay efficient, productive, and relevant in the face of digital transformation in healthcare.
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What are the Major Technologies in the Digital Healthcare Industry?
mHealth
Modern technologies that support mHealth (mobile health) have transformed the healthcare sector. mHealth has gained immense traction over the years and continues to enjoy significant popularity among people. Latest studies suggest that over 325,000 mHealth apps are downloaded over android and apple smartphones every year. Rising use of mHealth as a basic source of information has been favorable for the market. The United Healthcare Consumer Sentiment Survey reveals that close to 28% of Americans in 2017 made extensive use of mHealth apps for procuring health information.
Mounting spending on mHealth startups is a major development in the global industry. Apple and Google are the top tech firms investing considerably on mHealth apps. Various other players are also focusing on launching new mHealth apps and wearables to widen their customer base and improve market rankings. For instance, in March 2021, Germhub LLC unveiled its latest mobile app called Germhub on playstores of Google as well as Apple. Germhub can be used for preventing potential risk and spread of infectious diseases, illness-causing germs, and viruses such as COVID-19. Although vaccines are helpful in curbing the spread of infectious diseases, however; communication and transparency are extremely vital when it comes to ensuring a tight knit and safe community. With the download of this app, users can make a personal profile, and selected the safety protocols to practice, among other filters.
Covid 19 Impact Analysis
mHealth has emerged as a successful tool in the digital healthcare industry and is increasingly gaining the attention of a higher number of people, especially since the COVID-19 outbreak. Wearable mHealth technology offers a significant option of data collection while mHealth technology is primarily used for monitoring the patient having mild symptoms without the need for visiting the doctor. With the provision of better tracking, mHealth technologies are being used extensively by the public health workers to analyze the scope of the novel coronavirus.
Healthcare Analytics
Healthcare analytics is the process of collecting and analyzing the data within healthcare to achieve insights to reach actionable decisions. With application areas such as clinical data, medical costs, pharmaceuticals and patient behavior, healthcare analytics are used on macro as well as micro levels to streamline operations, reduce costs and improve patient care.
The host of advantages of healthcare analytics include cure for diseases, improved operational efficiency, maintenance of equipment and many more. In view of these benefits, the demand for healthcare analytics solutions has been rising at a fast pace.
Several companies are launching new healthcare analytics services to bolster their market position, which can also be favorable, in terms of demand. To cite a reference, in December 2020, Amazon Web Services released Amazon HealthLake, which is a HIPAA-approved service that helps facilitate the interoperability standards and the usage of big data analytics in the healthcare sector. Amazon HealthLake helps with the collection of the organization's set of data across various siloes as well as different formats into a single and more structured data lake. It automatically standardizes the data with the use of machine learning. Apart from this, the service also helps organizations in storing, tagging, indexing, standardizing, querying, and applying the machine learning techniques to study the data within the cloud.
Covid 19 Impact Analysis
Significant changes have been noted in the healthcare industry since the COVID-19 outbreak, on account of the escalating number of patients and shortage of well-equipped infrastructure. As a result, the need for real-time healthcare analytics has risen considerably in order to better manage patients' medical records, information regarding the number of hospital beds, and clinical information about the patient. Healthcare organizations are now rushing to adopt and use modern technologies like data analytics and artificial intelligence to restrict the spread of COVID-19. IBM's recent study confirms that nearly 54% of overall healthcare providers currently deploy healthcare analytics to better future strategy. Around 59% make use of healthcare analytics for product development and research while roughly 65% use the solutions for marketing and sales.
Tele-Healthcare
Telehealthcare is a highly versatile and advanced technology that helps deliver health information, health education, and patient care at a distance. This technology facilitates digital patient care and higher access of medical care to remote areas. It is also used for bringing down the number of visits to emergency room along with the hospitalization rate. In several countries, specialists as well as physicians work in metros and cities, which leaves people in remote and rural places with no medical care access. This challenge can be addressed effectively with the use of telecloud, a telehealthcare technology that helps healthcare workers to deliver patient care over long distances and that too at an affordable rate as well as in real-time.
Covid 19 Impact Analysis
Healthcare technologies and services are witnessing significant demand like never before since people are practising social distancing in the wake of the COVID-19 pandemic. Technologies like chatbots, telemedicine and robots are being used for collecting information, reassuring people, make diagnosis, treat patients, and develop vaccines. Telehealth's potential is being leveraged to overcome numerous challenges such as shortage of healthcare workers and hospital beds.
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