U.S. revenues from digital health technology-enabled solutions and services will exceed $5.7 billion in 2015, fueled by a new industry report from Parks Associates (News - Alert) forecasts.
According to Delivering Quality Care to the Digital Home: 2010 Update, a new report from Parks Associates, the digital health industry is poised for enormous growth over the next 10 years. Starting from a base of $1.7 billion in 2010 hit, emerging health devices, services and connectivity will triple to over $5.7 billion in 2010, representing a projected 27 percent compound annual growth rate (CAGR) for the next five years. Consumer and care provider adoption of mobile applications and medical devices that track vital signs and provide a variety of services based on aging in place and wellness maintenance will be an important factor in this growth projection. Mobile broadband will also be a key growth driver as many emerging health services rely on high-speed connectivity to report all the medical data being generated by new devices and to provide interactive services among care providers and patients.
"The digital health industry has many subsectors, and near-term growth will be uneven across these segments," said Harry Wang, director of Parks Associates' health research team. "Adoption of chronic-care monitoring will grow slowly, and medication management and senior fall-detection programs will expand at above-average rates. The real engines of growth in this industry will be mobile care solutions and tracking applications."
Wang is optimistic about the future of digital health industry, but notes that the political impasse over the new healthcare law could delay investment in new healthcare technologies and create funding challenges for new business models. "To move forward, this industry needs smart entrepreneurs and visionary industry leaders and a regulatory and reimbursement system amenable to innovative, effective, and cost-saving technology advances."
MedHealth World is covering current and emerging home health monitoring, telehealth access to doctor-patient and second opinion consultations, innovative mobile health applications and aging-in place services as the digital health market continues to expand.Ms. Graham is a writer and editor with a current focus on health and wellness. To read more of her articles, please visit her columnist page.
Edited by Jaclyn Allard