The Future of Digital Healthcare

Digital health enables healthcare providers to engage directly with their patients, regardless of the actual location. Sensors, trackers, remote patient monitoring (RPM) technologies and other elements of digital healthcare make the point of care for the patient themselves.

FREMONT, CA: The digital health market will be worth more than USD 550 billion by 2027, growing at a CAGR of about 16.5 per cent. With more than twice as many organisations in the certification phase as in 2020, more than half of businesses have a digital health solution, at the very least, in the development stage. However, it's also noteworthy that only 39 per cent of the providers polled said their business was fully capable of carrying out their digital healthcare goals. There is still enormous room for development and great potential for momentum for the businesses that are putting well-defined digital strategies into practice. The most recent digital technology is probably being fully incorporated and utilised by engineers and product designers. Product management decision-makers, who want to manage the product's lifespan optimally for maximum market impact, overlap with them on several topics. Following this, teams devoted to quality and regulations will be working to assure conformity with the most recent industry standards and norms. Healthcare will always be closely controlled, with exceptions and variations between areas, markets, and even economic models, despite the enthusiasm produced by an industry revolutionised via digital innovation. For original equipment manufacturers, the healthcare industry has grown to be exceedingly complicated.

Challenges that the digital health sector of the healthcare industry has been facing, along with a quick analysis of how they have changed and where they might go in the future:

1. Hesitation to take risks: One of the best methods to overcome obstacles with a solution ecosystem is to enlist outside expertise. Where established businesses choose not to invest, partners may have strengths in manufacturing skills.

Additionally, partners can aid in identifying market trends that can be connected to investment strategies supporting product lifecycles. Nevertheless, the vast majority of digital healthcare solution providers concur that consumer demand is what propels healthcare innovation, and 92 per cent believe that healthcare manufacturing firms should behave more like consumer technology firms. The message is being understood by healthcare companies. Only a small percentage agreed that their company's culture is preventing them from providing digital solutions as soon as their users demand them.

2. Potential of AI:  AI is the most effective independent driver of innovation and emerging competitors in the healthcare sector. When specific courses of action are recommended or automatically taken based on ongoing patient monitoring and compliance with, for example, a digital twin or via engagement with a digital health monitoring platform – this highly personalised healthcare is made possible by the analysis provided by AI and machine learning. To supply personalised medicine and precision healthcare solutions, more than three-quarters of digital healthcare solution providers indicate they are either seriously investigating choices or are working with cutting-edge technologies.

3. Increasing Value in Contract Manufacturing Capabilities: The primary driving elements behind the growing innovation in healthcare may be the impact of the consumer or consumerization. Nearly half of organisations that offer digital healthcare solutions think that healthcare manufacturing firms that are familiar with certification and production will be at the forefront of innovation. In contrast, 56 per cent of respondents think that "outsiders" like enterprise or consumer technology firms will fuel the sector's innovation.