Digital Technology for Chronic Health Conditions - Expected Market Transformation Over the Next Five Years

Fueled by the pandemic, every aspect of digital healthcare is rapidly expanding. Digital visits have been available for some time. Now, they're on their way to becoming the norm, when symptoms don't require in-person examination. But digital consultations with physicians aren't the only benefit from automation patients are receiving. Digital technology for chronic conditions - retrieving and processing a patient's digitally stored records, derived from various sources, combined with recorded patient responses to pertinent questions during examinations -?is delivering much-needed insight.?

Creative, personalized ways of managing each patient's chronic condition are made possible, through the insight delivered by digital technology. In light of these anticipated treatment breakthroughs, the market for digital technology for chronic conditions will likely experience various types of transformation over the next five years.??

The holistic approach of the future - digital technology for chronic conditions

Hosted by Becker's Hospital Review, a webinar held January 21, 2021, featuring a cross-section of digital and healthcare providers, delivered some key takeaways regarding the increasing adoption of digital care for chronic conditions. What we interpret from our experience and this vital insight, covered in a Becker's Health IT Blog post, includes, in our words the concepts that:

• Patients are becoming increasingly engaged with digital health care options.?
• New forms of software are being continually created, featuring platforms capable of pulling data from every aspect of a patient's health records and lifestyle choices. These platforms enable a more holistic, all-encompassing approach, especially helpful for improving symptoms in patients suffering from chronic conditions.
• This holistic approach is important for addressing chronic conditions, as the patient's lifestyle choices and background can affect symptoms. Analysis of details that are much easier to record and access, allow healthcare detectives to connect the dots - to better understand what factors trigger or intensify chronic symptoms.
• A consensus is forming in support of the concept that all healthcare in the future should begin digitally. This would allow providers to create a system by which partners (insurers, providers, and patients as a consensus) could receive an easier access to more relevant, evidence-based information, specific to the patient's condition. This could enable more prompt and appropriate treatment decisions.

A speaker participating in the webinar: The CEO of Lifesprk, a senior services company providing pre-and post-acute care within the home, commented on the company's holistic approach, enhanced by the concept of (not only an electronic health record) - but: an "electronic life record":

"The electronic life record is where we merge medical records, third-party data including demographic, behavioral and consumer information, and then the top layer is all our first-party data," Mr. Wenell said. "We're tracking every interaction – every phone call, visit, etc. – and we collect that data not just for data sakes but we use it to deliver insights in the right place at the right time."?

- Jason Wenell, chief technology officer of Lifesprk (St. Louis Park, Minn.)

Prominent providers are seeking new careers in digital healthcare

In a related post, Becker's Health IT shared a list of four hospital executives who transferred to join digital health companies. Prominent members of the medical community are recognizing that future opportunity lies in joining forces with digital technology providers and healthcare organizations applying the principles of digital technology, which can be especially supportive of patients seeking solutions for symptoms of chronic conditions.

The lesson the pandemic taught us about risks caused by chronic illness

Those with chronic health conditions were most likely to be hospitalized and/or lose their lives when contracting COVID-19, according to a CDC report. Hospitalizations were six times higher and deaths twelve times higher for patients contracting COVID-19 who reported chronic health conditions like cardiovascular disease, diabetes, and chronic lung disease.?

If the chronic conditions had received more efficient treatment prior to the patients contracting coronavirus, how many lives could have been saved? It seems clear that the potential for greater effectiveness offered by digital technology, applied to chronic conditions, is necessary.

The benefits could preserve life and increase comfort during "normal times", in addition to during a pandemic, Everyday stress and other conditions we take for granted can trigger serious symptoms resulting in hospitalization and/or death in those suffering chronic conditions. The holistic approach made possible by digital technology, applied to health care, holds promise for symptom relief and longer life for those with chronic health conditions.

The epidemic of chronic illness

Back in 2018, Investors Business Daily noted the epidemic of chronic illness, described new technological solutions that could not only help patients but reduce costs. The following quote was excerpted from the post.

To realize the benefits of these connected devices, hospitals, doctors, insurers, payers, and patients must shift thinking from how it's always been done and embrace a new era of connected tech.

- From "Chronic Disease Epidemic: New Technology Can Make All The Difference" by?Mike Pederson and Jared Watkin, Investors Business Daily

Digital technology that opens channels while providing privacy and security

The challenge for digital health startups developing platforms for supporting the treatment of chronic health conditions is to create products that provide transparency while ensuring security, and following regulations concerning the sharing of information.

Those serving in every element of healthcare services, technology, infrastructure as well as policymakers, must work together to create ways to appropriately share the data necessary for improving patient care.?

Digital health market predictions for the coming five years

Digital technology is finding more and more applications in healthcare. Patients and providers are more engaged than ever. The market is growing. It's no secret, technology rules the future of many business sectors, and healthcare is no exception. This quote notes an official prediction covering the next five years, in reference to the global Digital Health Market.?

"According to the research report, the global?Digital Health Market?was estimated at USD 84.08 Billion in 2019 and is expected to reach USD 220.94 Billion by 2026. The global Digital Health Market is expected to grow at a compound annual growth rate (CAGR) of 14.8% from 2019 to 2026".

- "Digital Health Market By Component (Software, Hardware, and Services), By Technology (mHealth, Digital Health Systems, Tele Healthcare, and Healthcare Analytics): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026"

Times have changed

Investors may have been hesitant to invest in digital health products and services in earlier years, but high demand and changes in conditions associated with health care technology investments have dramatically increased investor confidence.?

More and more digital health companies have gone public or been purchased at attractive premiums. "Exit" events that give venture investors payouts have bolstered venture capitalists' confidence in the industry.

"For a while there were not a lot of exits in digital health and now there are, and investors like exits,".

- Megan Zweig, chief operating officer of Rock Health

A suggested stock purchase and the reason behind it?

Teladoc Health made it onto a list of stocks recommended for purchase presented by The Motley Fool on May 26, 2021. When chosen wisely, healthcare stocks should have healthy returns, the expert says. Following are comments from the article, relevant to Teladoc, a company featuring digital healthcare for chronic conditions. Notable points are bolded.

?"The company provides telehealth services, delivering healthcare remotely through the internet and over the phone. Teladoc's acquisition of Livongo Health in 2020 gave the company a digital health platform for helping people manage chronic conditions such as diabetes. The COVID-19 pandemic has driven increased adoption of virtual care services. Teladoc's growth prospects should be very good even after the pandemic ends. Individuals, employers, governments, and health insurers are seeking to control healthcare costs -- which telehealth and chronic disease management help achieve."

- From: "Investing in Healthcare Stocks" - The Motely Fool

A time of opportunity

As noted by the data presented, digital technology for chronic conditions is one application of digital health technology that holds great promise as one of the most rapidly transforming sectors of digital healthcare over the next five years. Digital systems are being honed by health startups into what may become the most comprehensive information gathering, diagnostic and treatment systems ever utilized by the medical community.

Opportunities in this field are opening for:

• Entrepreneurs of digital healthcare startups.
• Healthcare professionals seeking employment in a new and promising field.
• Investors seeking a worthy cause that holds promise for rapid expansion of services, and thus, profits.
• Patients seeking solutions for chronic health conditions.

Whatever your reason for exploring digital technology for chronic health conditions, continued development of the process, products, and services utilized for the service holds promise for transforming the lives of patients as well as growing the market for investment.

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