Growing at a projected CAGR of 26% between the forecast period of 2017–24, the digital health market is expected to value more than $378bn by 2024, according to research by Market Study Report.
The report noted that the significant growth in this market is down to increased investment and digitization across the industry.
Additionally, Market Study Report found that the key factors propelling the adoption would be the increased use of new technologies, in particular AI. This is expected to be driven by the continued adoption of chatbots, robotics and mHealth in the sector, all of which are used to relieve practitioner workload.
In particular, AI-driven chatbots have proven useful for helping patients receive diagnosis and care from the comfort of their home, leading to respite for overburdened hospitals. 75% of doctor, urgent care and ER visits could be safely handled over video chat or phone call according to Solution Built research. In the majority of these cases chatbots could help by remotely advising patients.
Additionally, Accenture research indicated that 80% of health executives agree that within the next two years, AI will work next to humans in their organizations as a co-worker.
However, there are still some things holding back digitization in the sector. Market Study Report noted: "Security concerns pertaining patient data will hinder digital health market growth. Apart from this, high cost maintenance and installation of hardware, IT upgrades, and systems for comprehensive enterprise adoption will hamper industry expansion."