The global digital health market is expected to reach a valuation of more than $234 billion in 2023, up from 2019's estimated $147 billion, driven by the healthcare industry's ongoing transition toward a model of value-based care, per a new Frost & Sullivan report.
The report, "Global Digital Health Outlook, 2020," also describes nine predictions for the growing digital health sector in 2020. The predictions center on products and solutions in several areas, with cybersecurity, big data, digital therapeutics and remote patient monitoring among those offering the most significant growth opportunities.
Here are nine predictions for the digital healthcare market in 2020, according to the Frost & Sullivan analysis:
1. Spending on artificial intelligence will slow by 50 percent as the priority turns to real-world applications of the technology.
2. Cybersecurity services will face ever-increasing demand.
3. Advancements in digital therapeutics will direct the development of information and communications technology.
4. As remote patient monitoring expands beyond chronic disease management, digital health opportunities will also increase.
5. Not only will femtech continue to play a critical role in women's health, but it will also be one of the top five investment areas of digital health.
6. Data analytics will grow to a footprint encompassing at least 65 percent of the world's data health market.
7. Telehealth, currently segmented, will be optimized into an end-to-end solution, accelerating digital health convergence.
8. Employers will make IT-enabled employee health and wellness programs a top priority.
9. The market will become increasingly dependent on big data infrastructure for digital health.
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