Global Digital Health Oppportunity driven by Virtual Care, Remote Patient Monitoring, Digital Therapeutics and AI
BRUSSELS, BELGIUM, July 6, 2021 /EINPresswire.com/ — Fuelled by Covid-19, favourable reimbursement (CMS codes in US, Digital Act in Germany etc.) & ageing population with chronic diseases, the Global Digital Health Market is forecasted to reach $ 96 billion by 2025. Total corporate funding for digital health including venture capital, debt and public market financing reached $21.6 billion in 2020, up 103% compared to $10.6 billion in 2019. A unique confluence of new technologies like AI, wearables, remote vitals montioring are enabling a rapid transformation in the way healthcare is delivered.
Key segments within Digital Health include:
– Virtual Care including Teleconsultations, Behavorial health amongst others
– Remote Monitoring, Digital Diagnostics and Chronic Disease Management
– Digital Therapeutics
– AI enabled Drug Discovery and Development, Clinical Trials
– Other digital care delivery models incuding digital pharmacies, insurances & clinical decision systems
In order to continue the rapid growth, companies need to tackle several challenges that have historically inhibited faster adoption of digital tools in healthcare. Some of those challenges are long regulatory pathway, complex & multi-layered reimbursement systems, lack of interoperability, inertia of health systems and physicians and privacy concerns amongst patients.
The study reveals that in several areas, the pandemic has caused sesmic shifts in adoption of digital tools and patients, physicians, health systems have a much more positive outlook compared to 18-20 months earlier. Having used digital tools like virtual consultations, remote patient monitoring for chronic diseases, virtual monitoring of certain end-points for clinical trials, the key decision-makers are ready to allocate significant budgets to enable the digital transformation.
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In the report, we analyse over 200 companies in this sector and assess market size, growth across United States, EU, Middle East, APAC and Latin America.
Virtual Care including Teleconsultations, Behavorial health & innovative delivery models
Includes virtual primary and specialist consultations, remote behaviroal health business models and innovative care delivery models. Key companies include Amwell, Teladoc, Dr on Demand, Doctolib, Tytocare and others
Remote Monitoring, Digital Diagnostics and Chronic Disease Management
Growing at 25% CAGR includes chronic care management and post-acute care with companies like Medtronic, Vivify, Withings, HRS, Current Health, Zio, iRhythm and over 100 others leading the way care is given in out-of-hospital settings to improve outcomes and reduce costs.
Digital Therapeutics
We believe the Prescription Digital Therapeutics (PDT) market is growing +36% year over year and may reach ~$12 billion by 2025. Areas of interest within PDT include substance abuse disorder, major depression disorder, insomnia, migraine, pain management, and dieting. Key companies include Pear Therapeutics, Akili, Gaia, Click Therapeutics and also large Pharma players like Novartis, AstraZeneca, Teva are making headway into this fast growing segment of digital health.
AI enabled Drug Discovery and Development, Clinical Trials
It typically takes $1-3 billion in R&D costs to develop a new drug and timelines can be as long as 10+ years. The drug discovery and development process is one of the most logical areas for AI-enabled transformation. Companies that are transforming drug discovery and development for pharma include AI-ML enabled platforms of Atomwise, Benevolent AI, Exscientia, Schrödinger and many other companies.
Other digital care delivery, insurance models
This is a segment with diverse categories such as Digital Pharmacies (Amazon’s PillPack, GoodRx, TabulaRasa), Digital Insurances (eHealth, Health Equity), Improving clinical decision support (Tabula Rasa, Microsoft, IBM, Philips), Improving / automating revenue cycle (R1 RCM, Phreesia, nThrive) and other key areas.
Innovative companies are differentiating from their competitors by fine-tuning their business models, refining their product & service offerings and tailoring pricing strategies based on type of customer segment, geographic coverage, population health metrics & continuum of care offered.
Today, there is a unique window of opportunity to tap into this high-growth market by developing the right strategies and leveraging industry acumens. Contact us at info@meditechinsights.com to gain exclusive industry insights.
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip Investors & hyper-growth Start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry leading CXO, VPs and key demand/supply side decision-makers.
Contact:
Ruta Halde
Principal, Digital Health
ruta.s@meditechinsights.com
Manoj Sahasrabudhe
Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
