In
the last few years, the adoption of advanced technologies and digitization has
increased speedily in various sectors. The Healthcare sector is one of the
major industries which have rapidly embraced emerging technologies such as
artificial intelligence, robotics, and others.
Current Market Scenario:
The
medical industry is fast-moving with the latest technological advancements to
serve the community in a better way. The demand for remote monitoring services,
increased investment from commercial and government organizations for mHealth
and telehealth startups, rise in prevalence of chronic disease, and growing
advancements in the healthcare sector are major driving factors for the growth
of the global digital health market. In addition, the rise in the adoption of
digital health devices and technologies and the growing demand for wearable
devices assist the market growth. According to Allied Market Research, the
global digital
health market is
anticipated to grow at a significant CAGR of 17.9% from 2021 to 2030.
After
the outbreak of the Covid-19 pandemic, the demand for home-based health care
services has improved even more. Market players are adopting strategic
collaborations to enhance their services and offerings to the customers with
technological advances and the latest innovations. A home health care provider,
BAYADA joined hands with Dina, a digital health care company, to assist them
with their latest tech-enabled services for health plan point venture partners
and hospitals.
BAYADA
Home Health Care recently announced the launch of its latest, cutting-edge
digital care transition and coordination solutions. This solution will help
their venture partners, clinics, and hospitals to improve their service
offerings for patients in their homes and communities. BAYADA's latest digital
tools will help to identify hazards and track interventions. It will work as a
part of a special longitudinal care management program that will connect the
areas of acute and post-acute care. In the trial of this service with patients
requiring complex care, the rate of emergency department visits was found to be
reduced by 30% and that of patient hospitalization by 42%.
CEO
of Dina, Ashish V. Shah, highlighted that companies should collaborate with
forward-thinking home care providers to enhance serving individuals at home in
the post-Covid era rather than only investing in remote patient monitoring
capabilities and telehealth offerings. He further added that the company looks
forward to deploying this new technology and managing care delivery logistics
in collaboration with BAYADA, thus ensuring that patients and their families
receive reliable, safe, coordinated, and great care at home.
Another
eye-catching latest product in the digital health market is FemTech’s Awesome
Woman, a direct-to-consumer offering. Customers can use the service to purchase
customized health product packages as well as access telehealth services.
FemTec Health creates a personalized health product box offering that includes
various products such as probiotics, vitamins, and at-home diagnostics. For
best-personalized offerings, the company uses data by combining customers'
genetics, genomics, and health history with AI and machine learning. Users can
select and specify the area of health for products such as beauty, reproductive
health, urinary and vaginal health, hormone balance, and so on. A few months
ago, the startup announced a $38 million funding round, and it has also
acquired Birchbox and Liquid Grids, a social marketing platform. And now, both
Awesome Woman and Birchbox will be part of the firm's direct-to-consumer
operations.
Covid-19 Impact:
Covid-19
had severe threats to the global healthcare system. The outbreak of Covid-19
increased strain on the healthcare system, which in turn enhanced the demand
for advancements in remote monitoring services and healthcare IT. It was
challenging to manage, accommodate, and treat rapidly increasing covid cases in
the initial days of the pandemic. During the first and second waves of the
pandemic, hospitals found it difficult to accommodate the massive number of
covid patients who required immediate care. Additionally, vital critical and
surgical care interventions and life-saving emergencies were also disturbed,
and millions of patients didn't get essential health care. Due to these
reasons, the Covid-19 pandemic has accelerated the implementation of new
interoperable platforms for data exchange, vaccinations, symptom screening,
clinical trials, and clinical treatment. Due to the adverse effects of the
pandemic, the demand for digital health is anticipated to grow exponentially in
the coming years.
Author’s Bio:
E-mail: vaishanavi.kumbalwar@alliedanalytics.com
LinkedIn: https://www.linkedin.com/in/vaishanavi-kumbalwar
Vaishanavi Kumbalwar is a fun-loving, independent, unconventional and original thinker who loves to put her thoughts into words. She holds a bachelor’s degree in Mechanical Engineering and currently working as Senior Associate Content Writer at Allied Market Research. She thrives on challenges and loves to explore different writing styles to bring off her fondness for being a writer and blogger. She is an enthusiast of different cultures, places and cuisines and loves to travel off the tourist path and explore new things.
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