Digital Health Market Size and Segment Analysis Forecast, 2030
In this article, we will Forecast 2030 digital health market opportunities and why Healthcare needs Digitization. Happy Readings.☺
With the boom of artificial intelligence in more or less all sectors of industries, Digital Healthcare Segment
seems no less than a blessing. With the availability of consultations 24/7, you don’t have to worry about having a medical emergency at midnight at least. A study report by PEW Research Center
in 2018 shows that more than 93 million Americans seek health-related issues and solutions online per day.
A study for Digital Health Market Trends by the Association of Medical Colleges
in the US shows that by 2030,
- There will be a shortage of over 1,00,000 physicians,
- A 55% rise in patients who will have crossed the age of 65, and
- A population was more concerned about healthcare insurance.
century has also seen a shift in preference from insurance to membership and subscription packs. Here’s an overview:
As we can see, the Subscription Economy Index (SEI) level has expanded vastly, compared to S&P 500 Sales Index and US Retail Sales Index since 2012. Hence, it has the potential for exponential growth over the coming years. But, why should patients opt for online healthcare services?
- No travel time.
- No waitlist and long queues.
- Instant access to doctor consultations.
- Availability of doctors from any field of medicine 24/7.
- No-contact with other patients who may spread infections.
- Accessible across areas with limited resources, e.g., suburban and rural areas.
Digital Health Market - How are healthcare providers benefitted?
- Flexible schedules.
- More personal time.
- Improved work-life balance.
- Accessible cloud-based records of returning patients to refer when providing consultations.
- Ability to set own fees at convenience (in group practices too).
- Services can be provided while traveling as well.
The following report on the market size of the US digital health (2014-2025) by Grand View Research shows the potential of growth prospects of online healthcare in the digital era.
It has also been found that the US tops the list in healthcare expenditures, with an average person spending $10,224 in a lifetime (source: www.policyadvice.net
). In 2019, US residents spent $3.65 trillion on health, which is 17.8% of the country’s total GDP).
So, how can digital marketing
help the digital healthcare segment grow exponentially?
Let’s have a look into the healthcare sectors that Americans mostly invested in during 2019:
As we can see, medical equipment, healthcare services, medical devices, generic pharma, managed care, and healthcare supplies have been least focused on. Among other reasons, a major reason is the lack of resources in less developed areas of the US. If the sectors are made online, digital marketing will help communicate to these residents the very existence along with the availability and accessibility of these healthcare products and services online. The result will thus, be an exponential growth in the overall healthcare industry of the US, over a short span of time-with patients not only residing within the country but also across the globe.
Digital Piloto, March 7, 2021