The proliferation of health tech innovations is accelerating exponentially. In 2023, the global digital health market was estimated at USD 240.9 billion and projected to grow at a compound annual growth (CAGR) of 21.9% from 2024 to 2030. This growth has been further accelerated by the COVID-19 pandemic, especially in evolving markets in Asia Pacific.
While digital advancements hold immense potential to revolutionize healthcare delivery, technological progress has been accompanied by varied responses. Today, only around 48% of US patients say that they are comfortable with at least one generative AI application in healthcare. In other markets such as India, Indonesia, and China, 70% of consumers trust digital health and technology companies to manage their healthcare needs.
This raises a critical concern for digital health delivery systems: How can we leverage technological prowess to build greater patient trust while transforming healthcare delivery?
The Digital Trust Deficit
Stakeholder optimism has remained high around digital health advancements, reflected by USD 10.7 billion invested in 2023. However, a deeper look into patient sentiment signals an underlying mistrust in medical devices and digital health offerings. Nearly twice as many people worldwide lack confidence in healthcare innovation, believing it to be poorly managed.
Key stakeholders such as patients, healthcare professionals, and health administrators appear to trust public institutions such as universities much more than entities such as insurance and pharmaceutical companies. High ethical standards, proficiency in service delivery, and a well-earned reputation are critical trust enablers.
The challenge then arises when new-age tech developments are peppered with data privacy concerns and weak digital health user experiences. On the healthcare professional front, an incorrect use of digital tools or overtly complex health applications can also lead to increased workload and safety risks, that later trickle down to impacted patient care.
Potentials for Health-Tech Innovations
On the flip side, the pandemic underscored the successful outcomes of trust in advancing health technology. The crisis demonstrated that many previously unfeasible advancements in patient care are now achievable through digital tools. Telemedicine stands out as a prime example, meeting soaring healthcare demands, not by replacing physicians, but by enhancing healthcare accessibility on a broader scale, especially to underserved communities.
Greater precision in diagnosis and treatment is another benefit. AI has the potential to incorporate a wide range of datasets including real-world patient information, resulting in more accurate diagnosis and then treatment. For instance, radiologists at The Medical City Hospital in the Philippines have been using the South Korean AI tool Lunit Insight CXR to identify critical cases like pneumothorax (collapsed lung) at a much faster rate due to its ability to detect 10 kinds of radiologic abnormalities in chest X-rays.
Digital health systems also bring significant potential to health organizations. The use of cloud technology in healthcare is growing so fast that total global spending is estimated to reach a global market value of USD 120.6 billion by 2029. This can also result in significant cost savings for the healthcare sector.
Public health agencies are embracing digital technologies to address rising demographic challenges, such as rising non-communicable disease statistics and a growing silver society driven by an aging population. To effectively scale digital health solutions and overcome challenges, collaboration among healthcare stakeholders is crucial. Global initiatives are making significant strides in unlocking the full potential of digital health and eliminating barriers.
Navigating a Tech-Powered Healthcare Era
Technology stands poised to revolutionize patient care and accessibility. However, this transformation cannot operate in silos. There needs to be a marriage between trusted healthcare providers, such as pharmacists, state agencies, and public health representatives, as well as industry innovators who are on the cusp of cutting-edge breakthroughs.
Collaboration among health technology providers, healthcare providers, and supply chain partners is essential to cultivate a robust and responsive ecosystem. There are a few key areas where collaboration can be expedited. Collaboration between healthcare professionals and mobile health or telehealth providers can drive:
• Greater patient access
• Improved patient education
• Seamless omnichannel experience
• Increased trust
An example of how stakeholders can do so is through DKSH Healthcare’s cloud-based patient management platform PSPhere, which was developed to enhance interoperability among patients, healthcare providers, and stakeholders in the biopharmaceutical and medical device sectors.
Designed as a platform-as-a-solution (PaaS), PSPhere establishes a dynamic two-way communication channel connecting patients with all stakeholders involved in the entire care journey; by providing a curated suite of digital solutions they can tap to complement doctor’s prescriptions. For example, a patient who needs help paying for medication can use the platform to access available financial assistance programs while tapping on add-on features like e-ordering medication to be delivered straight to their home.
A wealth of information, combined with AI and predictive analytics models, becomes more crucial as well as it allows deep market insights. These insights help to reduce the cost by identifying inefficiencies, optimizing resource allocation, and providing actionable intelligence. For sales teams, this means the ability to focus their efforts on high-priority areas in the field, ensuring maximum impact where it matters most.
Such data-driven strategies empower healthcare organizations to better target their efforts, improve decision-making, and ultimately enhance overall operational efficiency. DKSH Healthcare possesses such insights due to its vast reservoir of data from its extensive commercial and distribution operations, providing a critical advantage. For example, DKSH Healthcare has made substantial contributions to the COVID-19 vaccine distribution throughout the Asia Pacific region.
DKSH's role in the COVID-19 vaccine distribution highlights its deep understanding of complex logistical challenges and its ability to execute large-scale healthcare initiatives. By leveraging its extensive network, cold chain expertise, and regulatory knowledge, DKSH ensured the timely and efficient delivery of millions of vaccine doses across Asia, demonstrating its strategic foresight and commitment to public health.
Moreover, with a projected shortfall of 10 million health workers by 2030, health tech solutions are highly relevant as they are empowering consumers to manage their health more proactively with teleconsultation, remote monitoring, and patient-facing educational platforms.
The global telehealth market size was estimated at USD 101.15 billion in 2023 and is projected to grow at a CAGR of 24.3% from 2024 to 2030. This emphasis on prevention, driven by innovation, is playing a pivotal role in shaping the evolving healthcare landscape, driving improvements in access, affordability, and quality of care.
Greater collaboration is needed between governments, healthcare stakeholders, and businesses with existing widespread access, such as local internet providers, to put in place the infrastructure for telemedicine. This includes proper development of apps, accessible technologies and even local influencer endorsements to normalize telemedicine usage.
Innovative Tech Alliances the Future for Patient Optimization
Digital technologies and artificial intelligence have begun to influence healthcare. From accelerating clinical trials and cutting down drug development timelines to driving health literacy and expediting access to healthcare services, health technology brings a spectrum of benefits for all stakeholders across the healthcare ecosystem.
Despite its clear benefits, digital health relies heavily on trust to succeed and depends on an interplay of a complex set of enablers and impediments. For digital health solutions to scale and address these issues, collaboration among healthcare stakeholders is essential. Global initiatives have emerged to enhance digital health benefits and leverage the full potential of health tech to transform healthcare delivery.
Reach out to us at DKSH Business Unit Healthcare for more information on PSPhere and our patient solutions services. Learn more here.