Gone are the times when digital healthcare was a novelty or a mere experiment. It is now a lucrative industry, attracting not only new players and consumers but also several investors who are the key to continuous adoption and growth. In fact, over the years the venture capital investment in digital healthcare has skyrocketed to record-breaking levels. Companies are standing up to offer solutions for the rising health care costs, physician shortages, and the need for better prevention and management of expensive chronic conditions in the healthcare industry. Technology has become so advanced that today patients can even access virtual consultation and telemedicine platforms easily. Undoubtedly, digital healthcare represents one of the most promising growth sectors in the healthcare industry. But what are the factors that are driving this increased inclination towards digital healthcare?
Shift Towards Value-based Healthcare
The healthcare industry is becoming increasingly focused on the outcomes rather than the procedures involved. Hence, there is mounting pressure on companies to deliver higher-quality care at lower costs. Stakeholders in the industry have realized that to achieve value-based healthcare efficiently; digital healthcare is the way forward. Value-based healthcare is a delivery model in which hospitals and physicians are paid based on patient health outcomes. Digital healthcare also makes it easier to share patient data and measure patient outcomes.
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Rise of Wearables and Remote Health Tracking
As patients are becoming more willing to play an active role in managing their health and are getting substantially comfortable with new technologies, remote monitoring solutions and condition-specific digital healthcare programs are gaining more popularity. Also, wearables and digital sensors are shifting from fitness to clinical focus, prompting more and more physicians to recommend and even prescribe digital healthcare solutions to meet critical objectives. With the help of wearables patients and physicians can track the patient outcome in real-time, giving them the opportunity to identify deviations and get back on track quickly.
Engaged Patients and Pro-active Providers
Today, physicians and patients engage with one another more than ever before. With the help of smartphone apps or remote technologies to track data and tweak treatments, providing, and receiving treatment have never been easier. Increased patient-engagement also ensures that they are given the right treatment and also facilitating them to keep tabs on the success rate of the treatment provided.
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Rising Healthcare Partnerships
In recent times, partnerships between pharma and digital healthcare technology companies have been in the news. Digital healthcare vendors are increasingly signing partnerships with device manufacturers, and connecting devices for their platforms, which simplifies device data aggregation. Also, more significant healthcare players and pharmacy chains are becoming highly active in undertaking digital healthcare initiatives.