Digital Health: The Opportunities, the Challenges and the Emerging Global Ecosystem of Connected Devices
The
wearable heart monitor that helps a heart-bypass patient send continuous vital
sign reports back to his doctor after surgery.
Smart
Pills with sensors the size of a grain of sand that can send out or a caregiver
a text message when a dose is missed.
A
tele-health platform that allows elderly patients to have face-to-face
appointments with their physician without dealing with the challenges of
distance or travel.
The portal
that enables a person to wirelessly send their test results to an app on their
phone and to a portal that shares results with their doctor – who can make
therapy adjustments remotely.
Such innovations in medicine would have been hard to imagine even
just a decade ago. But as the developments of cloud capabilities, device
inter-operability and data informatics have converged with the health care and
life sciences industry, Digital Health has emerged as the future of health
care.
The influence of technology and innovation in the industry has
been significant and is poised for a period of unprecedented growth. According
to recent figures from the Deloitte
Center for Health Solutions’ report, “mHealth in a mWorld” says the market will rise from $1.2 billion in 2011 to $11.7
billion by 2018, at a compound annual growth rate of 39 percent.
Technology is Shaping the Future
The Digital Health revolution that
is taking place due in large part to worldwide access to technology, the
proliferation of mobile devices and increased use of the Internet every day. We
are moving from a point-of-care to a take anywhere health process through
mobile devices, apps and dynamic web portals that help people.
Healthcare is one of the last
industries that have not been fully transformed by technology…until now. The
growth of digital is global, exponential and permanent and it is inevitable
that with this unprecedented amount of access, people will use this technology
to track and better manage their health.
Economic Forces are Shaping the Future
It is more than just technology
that is driving the growth of Digital Health. Economic forces, as we all know,
are forcing governments everywhere to find new, more efficient ways to deliver
healthcare.
So what does this mean for
diagnostics companies? It typically represents an evolution to core business of
developing medical devices and it can also mean unprecedented opportunity. This
change will not always be easy but smart organizations are positioning
themselves to complementary services and solutions to meet the evolving needs
of the markets, patients and health care professionals. This will create new
opportunities for businesses and enable business models that are not yet clearly
known. Diagnostic companies must be able to embrace this change and continue to
deliver innovative products in 2014 and beyond that complement core offerings.
Pharmaceutical and diagnostics
companies should be embracing this digital health revolution through ongoing
strategy and roadmap development, active participation in industry consortiums,
building open partnership models and actively working towards solutions to
positively impact the ongoing diagnosis and care for health conditions.
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