The demand within the global digital health market is slated to rise
in the times to follow. There are no qualms about the importance of recording
and tracking medical procedures conducted across the healthcare industry. The
advent of digital transformation has created new opportunities for expansion
across the global digital health market. Furthermore, digital health
technologies have enabled medical practitioners and doctors in exercising
seamless control over healthcare procedures. The success of the healthcare
sector depends upon the coordination of medical and administrative activities.
It is important to use digital technologies in order to restore the integrity of
medical and operational activities. Therefore, the total volume of revenues
within the global digital health market is projected to multiply in the years
to follow.
The global digital health market is expected to grow at a
formidable CAGR of 13.40% ovee the period between 2017 and 2025. Telemedicine
has become an important component of the digital health infrastructure. The
need for remote monitoring of patients has generated humongous opportunities
for growth within the global digital health market. The geriatric population is
the largest consumer of telemedicine facilities, and this is a key dynamic of
market maturity. Moreover, the unprecedented need for constantly monitoring
patients with mobility problems has also driven market demand.
Use of Electronic Health
Records for Diagnosis
The importance of electronic health records (EHR) for
medical procedures cannot be undermined. These records help in maintaining a
unified database that can be accessed at various points in time from multiple
locations. Therefore, electronic health records have become a means to study
the medical history of patients, facilitating medical treatments for several
individuals. These records reduce the time invested in developing a
comprehensive diagnosis for patients. EHR have especially been useful in
treating the geriatric population who have a history of several diseases and
disorders. The healthcare industry is equipped with digital medical
technologies that ensure timely and seamless implementation of EHR. In this
scenario, it is safe to expect that the global digital health market would
expand at a respectable pace.
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Operational Improvements
in Healthcare Management
Digital technologies have also facilitated better
management of operations such as billing, invoicing, report generation, and
medical supplies. Large healthcare facilities and hospitals have a
responsibility of managing the data of a wide host of patients. This can be
achieved by using digital software technologies that can store, process, and
decode patient data. Several software platforms for healthcare management have
come to the fore in recent times. The complexity of healthcare procedures and
operations can be decrypted with the help of digital technologies. Use of
software platforms can help in reducing the operational costs of the healthcare
industry. Furthermore, it can also ease the load on medical staff who are under
immense pressure to stay on top of their needs. It is safe to assert that the
use of digital health technologies could act as a panacea for the problems
pertaining to the healthcare industry.
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Use of ERPs within
Healthcare
Several integrated software platforms and apps have been
developed to ease the tasks of the medical staff. SAP ERP is widely used across
the healthcare industry, and this is an important dynamic of market growth and
maturity. Enterprise Resource Planning (ERP) has helped in increasing the
operational and financial efficiency of healthcare units, creating fresh opportunities
for market growth and maturity. It is expected that several new entities would
invest in developing robust healthcare technologies based on digital nodes. The
need for an integrated ecosystem across the healthcare sector has generated new
opportunities for growth within the global digital health market.
This review is based on TMR’s report titled, “Digital
Health Market (Product - Health Care Information Systems and Wearable Devices;
Component - Hardware, Software, and Services; End User - B2C and B2B) - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025”.
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