Global Digital Health Market is projected to reach $96 billion by 2025 and forecasted to grow at a 28% CAGR as per Medi-Tech Insights

Fueled by Covid-19, favorable 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 monitoring are enabling a rapid transformation in the way healthcare is delivered.

Key segments within Digital Health Market includes:

  • Virtual Care including Teleconsultations, Behavioral 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 including digital pharmacies, insurances & clinical decision systems

This research study reveals that in several areas, the pandemic has caused seismic 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.

In the report, we analyze 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, Behavioral health & innovative delivery models

Includes virtual primary and specialist consultations, remote behavioral 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.

Today, there is a unique window of opportunity to tap into this high-growth market by developing the right strategies and leveraging industry acumens.

For More Granular Insights, Contact Us @ https://meditechinsights.com/contact-us/

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