Expected to grow at a CAGR of a whopping 18.6% from 2023 to 2030, the digital health market is all set to revolutionise the way we look at healthcare. Improved internet access, advanced health IT infrastructure, rising prevalence of chronic diseases, virtual care options and development in AI and other related technologies are fueling this market growth and current health tech trends.
With a revenue forecast of USD 809 billion in 2030, big techs, investors and entrepreneurs are all set to foray into the health tech space. In the world’s largest tech summit, CES, that took place in the first week of January 2023, major healthcare representatives and experts discussed private equity, value-based care, and digital health funding.
Here are the top 4 health tech trends we decrypted from health tech debates and panel discussions at CES 2023.
Top 4 health tech trends to watch in 2023
1. Data from consumer tech will play a significant role in transforming the healthcare industry
CES 2023 panel discussion titled “The Future of Care in America: A New Hybrid Model” featured representatives from ResMed, UnitedHealthcare and Teladoc Health, who emphasised the role of digital health data in the evolution of the healthcare industry.
Healthcare data makes up one-third of all data collected globally, but only 5% of it is being used. Digital health companies finding a way to collect, analyse and generate insights from this consumer tech data on a common platform will see higher demand and growth.
Hospitals and health systems that do not embrace digital health data risk losing their patients to competitors. They will have to work with AI companies, nutrition companies and others to improve health and wellness outcomes. Finding the right platform for data management will also be a key challenge.
2. Prioritising senior usability is the key to success in the digital health market
With an aged population growing globally, the demand for remote patient monitoring and senior care products and services will see a rise. Digital health companies that ensure their products are easily accessible and usable among senior users will succeed effortlessly.
Personal emergency response systems, wearables, remote patient monitoring systems and health tracking devices are popular among seniors who want to age in place and maintain their independence. However, the healthcare industry needs to ensure a smooth consumer experience.
Additionally, companies must consider the technology burden on seniors and caregivers and address the needs of seniors with accessibility issues, such as hearing or visual impairments. Integrating multiple health tracking devices into a single system may help improve the user experience for seniors managing multiple chronic conditions.
3. Telehealth will continue to strive and the hybrid care model will gain prominence
While COVID-19 lockdowns brought telehealth to the mainstream, it has proven to be a valuable resource even after returning to the normal routine. Specific patient populations—parents with young kids, seniors and people living in underdeveloped locations—are benefiting from telehealth.
While it may not replace traditional healthcare delivery, telehealth is effective and benefits all parties involved. Hybrid care models, like virtual first care, have the potential to fill the gaps in coverage and improve healthcare system efficiency.
Digital health companies will now have to work towards incorporating it into long-term healthcare plans.
4. Wearables and health sensors will see greater adoption
With the pandemic bringing self-care and proactive care to the limelight, wearables and health sensors with a focus on simplicity and user experience will achieve greater adoption among consumers.
Instead of adding more devices to their collection, consumers are seeking out wearable technology that is effective and capable. To meet this demand, manufacturers are emphasising pragmatic devices with useful technology rather than adding unnecessary sensors. By gathering meaningful health data and prioritising user experience, these devices have the potential to positively impact health outcomes.
To conclude
While the health tech trends are clearly seen in present-day care models and consumer preferences, these are bound to grow leaps and bounds in the near future. However, digital health adoption will highly depend on broadband access and digital health literacy to help consumers make informed health decisions. Without a reliable infrastructure, vulnerable populations might not be able to take advantage of advancing technology.
