The geriatric population, specifically that of people in the age group of 65 and above, is about to reach 1.5 billion in 2050 from 703 million in 2019, as per the World Population Ageing 2019 report of the United Nations (UN). It is a well-known fact that the elderly fall sick often, for long periods, as they have compromised immune systems and low physical strength. On account of the latter factor, many of them also find it extremely difficult to go to a doctor every now and then, which is why the need for remote patient monitoring is increasing.
As per P&S Intelligence, this will be a key factor to take the digital health market from $101.4 billion in 2019 to $884.1 billion by 2030, at a high 21.8% CAGR between 2020 and 2030. This is because among many of its offerings, digital health includes connected devices, which are being used to monitor various aspects of people’s health and medical condition in their homes. By using the internet connection of patients’ homes, these devices automatically send the gathered data to the server of the doctor for analysis and action, thus offering the elderly immense convenience and comfort.
The level of mHealth usage can be gauged from a survey conducted by Google and Cornell University that revealed that of all the mobile apps downloaded in 2015, 44% were physical-activity-related apps, while 23% were specialized medical apps. Just like connected devices, these applications transmit the data via the internet to doctors, who then connect with patients remotely or send reminders about in-person visits. Such apps are becoming increasingly popular with the launch of advanced communication technologies such as 4G and 5G, which allow for fast data transfer.
Therefore, as governments invest in holistic care, the adoption of digital health solutions will boom in emerging and advanced economies.
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