Why Are Old People Opting for Digital Health Solutions?

Growth drivers such as rising penetration of tablets and smartphones, booming geriatric population, increasing requirement for remote patient monitoring services, surging support for digital health solutions, soaring demand for mobile health (mHealth) technology, and growing applications of cloud computing in the healthcare sector will propel the digital health market at a CAGR of 21.8% during the forecast period (2020–2030). The market generated revenue of $101.4 billion in 2019 and it is expected to generate $884.1 billion by 2030.

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According to the World Population Ageing 2019 report by the United Nations Department of Economic and Social Affairs (UNDESA), the number of people aged 65 years or above will reach 1.5 billion by 2050. The aged people are more susceptible to illness, due to their low immune level and high recovery time, owing to which they require the utmost care. Digital health devices, apps, and services play a vital role in providing healthcare solutions to the older people in remote locations. Moreover, the adoption of digital health solutions is spurring in developing countries due to the lack of primary healthcare facilities in remote areas of these nations.

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Categories under the technology segment of the digital health market include mHealth, electronic health record (EHR), telemedicine, and healthcare analytics. Amongst these, the mHealth category held the largest market share in 2019 and it is projected to witness the fastest growth in the forecast period. This is because mHealth technologies assist healthcare agencies in reducing medical costs and offer effective remote patient monitoring, so that patients need not have to visit healthcare facilities for regular check-ups. Besides, mHealth technologies also help in wellness and disease management, thereby, fueling their adoption.

According to P&S Intelligence, North America witnessed the maximum adoption of digital health solutions during 2014–2019, due to the surge in awareness regarding these technologies, through multiple conferences and workshops, boom in ageing population, and increase in governments support to improve healthcare infrastructure, in the region. Furthermore, healthcare settings in Canada are also observing the widescale adoption of digital health solutions, including EHRs. This is due to the active involvement of Canadian provinces and territories in the development of their electronic information systems.

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This release was published on openPR.