Digital revolution

Reported investment into US digital health companies reached $2.3 billion (£1.42 billion) in the first half of 2014 representing 170% year on year growth. The firm Research and Markets predicts an annual growth rate of 18.5% in the global digital health market through to a value of $5.7 billion (£3.51) by 2018. AAAA  As such, the likes of Microsoft, IBM, Samsung, Panasonic, Orange, Deutsche Telekom, Philips, Google and Apple are some of the giants that have developed interests in this field. An army of small companies have launched into this promising market too but why all the excitement?

Global healthcare systems are coming under increasing pressure from an ageing population, the continued rise in life-style associated disease and constraints on healthcare budgets. In the face of record levels of mental and physical ill health, coupled with increasing incidence of obesity, infirmity and loneliness, our healthcare systems are commonly deemed to be unsustainable. Digital technology is opening up new possibilities to deliver more efficient ways to deliver services and this has given rise to the field of digital healthcare. Telemedicine, e-Health, m-health and telehealthcare contribute to a confusing lexicon for digital health(care) is as broad as healthcare itself.

The digital health market segments in two main way. The things that we used to do with pens and paper that we now do in clever electronic ways is typically labelled as health IT. While this is proving to be a relatively slow and often painful transition, this is an established industry. Perhaps the more challenging aspect of digital health is the necessity to deliver health and care services such that they are more efficient, effective and convenient for all involved and this is where significant growth is forecast.

Digitally enabled products and services are already here. Wearable fitness trackers are available on Amazon and in the aisles of supermarkets whilst the remote monitoring of patients by established service providers has seen the likes of the company Tunstall grow to become a telecare giant. The next-generation of products and services will become more intelligent and more tightly wrapped around the wants and needs of their end users.

But digital health is as tall as it is wide. Data from transmitting pills and wearable technology will feed medical and lifestyle data into personalised electronic health records that are owned by the citizen and accessed by their doctor such that both citizen and healthcare professional work in conjunction to deliver the best healthcare package possible for the individual. Buying a digital health product or service will become as easy and familiar as buying a microwave or satellite TV. From wrist worn health monitors to self-install systems to remotely monitor the elderly and infirm, digital health is on its way and it is becoming big business but there is challenge.

Device manufacturers take note. Whilst those responsible for developing and delivering devices in this market face a fluid and complex regulatory environment, there is an increasing need to embrace attributes from the retail markets where the end user’s needs and wants are paramount - fashion, aesthetics, convenience and utility sit alongside value and affordability. The provision of new services through existing devices (the so-called bring your own device phenomenon) may actually reduce the need for bespoke devices in some areas of the market. Why offer a bespoke device when the powerful digital devices we already carry in the form of phones and tablets can act as “digital conduits”?

A move to unobtrusive systems that are incorporated into people’s clothing, jewellery or their own homes presents different kinds of challenge. The miniaturisation of sensors and power sources is an established trend and price sensitivity of the target markets will become an increasing factor as consumer digital health becomes a reality. Inherent in this process will be careful design, based around insight into the lives of the end user which may demand invisibility or aesthetic value depending on the nature of the opportunity.

Digital health is a novel, complex and rapidly evolving market and significant investment is being made into this sector, as particularly evident in the US. The sector has yet to see the revenue to match this level of investment and yet the truth is, the challenges to our global healthcare systems are so large and so imminent, and digital health offers such potential in mitigating a potential crisis, that the money is flowing freely. Commercial success lies ahead for those who can bring the diverse disciplines together to offer novel, affordable and effective packages.