2020 witnessed the uncertain time of the growing pandemic making the life of people upside down. Still, the shades of uncertainty prevail with people giving much emphasis to personal health and care. With the disruption in technology, specifically the rapid increase in Healthcare app development, healthcare players to provide a more targeted and effective approach. Thus, it allows investors to incline more towards health tech which is a necessity at present.
Digital technology has disrupted almost every single industrial sector and healthcare is no longer behind it. Especially, after the unexpected onset of the Covid-19 crisis, it has become more than obvious to rely on digitally enabled services to maintain perfect health. Looking at this, stakeholders in the healthcare industry are investing heavily into health tech to improve the process of consultation, medical care, patient monitoring, and more.
One of the highly adopted facets of Digi-health is the growing inclination towards healthcare app development across wide regions. Be it like telemedicine, online consultation, ordering medicines online, and mapping personal health using specialized apps, digital health values are expected to grow more.
So, in this blog, we will be looking at the growing market size in digital health. Also, the reasons that lead to dramatic growth towards digital healthcare solutions.
Let’s get started on this.
Fastest Growing Market Size of Digital Health
There has been a rapid inclination towards digital health technologies before and after the onset of the pandemic. Let’s have a look at the growing market size of the digital healthcare sector in the following points.
* As of 2019, the global market reach of digital health was approximately around $350 billion.
* 49% of the companies investing in digital healthcare fall into the category of self-care delivery like that of providing remote healthcare, effective therapies, supplying therapies, and more.
* In 2020, the digital health market exceeded $141.8 billion as compared with 2019 and is expected to grow over 17.4% between 2021 and 2027.
* During the extreme Covid-19 situation, digital healthcare functionalities rely more on Electronic Health Record (EHR), Healthcare Big Data, Electronic Medical Record (EMR), and more.
Factors Affecting the Rapid Growth of Healthcare App Development Solutions
The rapid increase in grow acceptance of healthcare app development and digitally handling patients is because of the following few reasons.
1. Growing Impact of Covid-19 in the Healthcare
The unexpected arrival of the Covid-19 situation was the time when patients experienced the digital penetration of Digi health. Although, before that only 1-2% of people encountered virtual healthcare support. However, after the pandemic, the ratio has now increased to almost 30%.
Not just that only, Covid-19 resulted in growing dependency on digital healthcare support owing to the following few facts:
* Around 66% of the people have now adopted telemedicine.
* 40% of the primary care appointments happen virtually.
* There has been a massive investment in digital healthcare solutions between 2019 and 2020. And, that comes around $1.1 billion to $3.1 billion respectively.
* Since 2020, the funding the digital healthcare has experienced an increase of 72% as a total of $14 billion invested in over 440 agreements.
Due to the above increase in digital healthcare, even patients are more obliged to try out this new approach. Special thanks to the rapid increase of healthcare app development solutions that bring personal healthcare app for people to monitory necessary vitals on a daily basis.
3. Major Driving Forces of Digital Healthtech
Another reason to witness a dramatic increase in the growing investment in digital health tech is due to changes in the payment policies.
With the efficiency in the level of making online payments with an inclination towards mobile app development, Telehealth has also witnessed a tremendous increase in acceptance. It further leads to cost reduction on the part of patients to receive exclusive healthcare support.
The change in the payment structure leads to more patient engagement to an optimum level and reduces preventable readmissions to the emergency departments.
3. Remote Patient Monitoring Solutions
There has been an incredible rise of Remote Patient Monitoring Solutions (RPM) all the way from $417 million to $914 million in 2020 itself. It allows patients to receive on-time clinical care solutions directly from expert physicians. In 2021, RPM is expected to grow to a greater expansion, especially in linked with physicians getting seamless access to patient’s data and enable preventative care paradigms. It further helps to improve chronic care management to an optimum level and giving much-needed care to patients remotely.
Investment into new-age digital healthcare solutions is on a fueling start, especially after the onset of Covid-19. The rising trend of remote patient care will not soon be far away and continues to flourish over a long period of time.
If you are prepared for this change in the healthcare sector, then ready to scale up your services with a healthcare app. Hire a mobile app developer from a proficient company like Mobibiz to expand your health tech journey.
Frequently Asked Questions
Q. What is Telehealth?
Telehealth is a digitally disruptive technology to provides end-to-end patients care services via mobile apps and websites. It provides seamless access to people who get connected with doctors virtually, order medicines, booking a clinical appointment, and more.
Q. What are the Benefits of Developing a Healthcare Mobile App?
Healthcare mobile app is developed according to the diverse requirements of patients and clinical experts to avail and deliver the service digitally. Investing in healthcare app development leads to the following few benefits:
- Real-Time Service for Patients: Healthcare apps are boon for patients to avoid waiting for hours in the hospital lobby. Instead, people can swiftly book online appointments, do clinical video call with doctors, upload the prescription to order medicines online, find a doctor, and more.
- Healthcare Service in Remote Areas: The availability of smartphones even in remote areas led people to have seamless access to healthcare apps. It thus, helps individuals to get remote healthcare support all around the time and despite any location they want.
- Reduce Risk of Diagnostic Errors: Healthcare mobile apps offer the efficiency of storing previous clinical records of patients. It leads to doctors and the staff know clearly about the patient’s medical condition and offer end-to-end service in a hassle-free manner.
Q. In How Much Time Healthcare App Development Work be Completed?
The development of healthcare mobile app relies more on the organizational requirements, features to add, functionalities to create, and any sort of customization. Once, all the things are collected, then a proper timeline is maintained to develop the app.