Why Digital Health?
Digital health is the convergence of technology and healthcare to increase the efficiency, precision, and personalization of care delivery.
This sector of the industry is growing rapidly for a number of reasons, including:
Macroeconomic Imperative in Healthcare
We spend more on healthcare than any other country in the world. This is unsustainable and dramatic changes must be made to decrease costs and increase quality.
Millennials have overtaken Baby Boomers as the largest living generation. This group of digital pioneers embraces technology and doesn’t want to be slowed down by manual processes. As the Millennial generation becomes the driving force for voting and expectations of government, we expect dramatic changes in the healthcare system.
Rise of the Tech Monopolists
Conglomerates like Meta, Amazon, Google, Apple and Walmart have dramatically disrupted almost every other industry and market, and are beginning to make their way into healthcare, the largest chunk of the U.S. economy yet to be disrupted. This will push the industry to innovate rapidly in the next decade.
Health System Dissatisfaction
No one likes the U.S. healthcare system. There is a broad distaste with the system on the part of every stakeholder, and ongoing political battles demonstrate systematic issues. The industry needs tech solutions that can make healthcare delivery more accessible, comprehensive, and affordable.
Patients are becoming more educated and expect to be able to have autonomy over their healthcare choices as they do when interacting with every other industry. Digital health is the answer.
The Covid-19 crisis has accelerated the use of digital health technologies like telehealth and remote patient monitoring by a decade. And, this is just the beginning.