The use of digital healthcare technology such as telemedicine, artificial intelligence (AI)-enabled medical equipment, and blockchain electronic health records to provide better healthcare to patients is known as digital healthcare.
The worldwide digital healthcare market is predicted to be worth US$ 3,963.3 million in 2021, with a CAGR of 13.7 percent during the forecast period (2021-2028).
Companies are working together to expand digital healthcare, which may be related to market growth. For example, in December 2020, EMEA Edison Accelerator, a new start-up accelerator program in EMEA, will be established. The initiative was launched in conjunction with GE Healthcare and Wayra UK, a corporate innovation pioneer. The accelerator program focused on bringing artificial intelligence (AI) to several sectors of the healthcare industry, such as operational AI in cancer, medical imaging, and enhancing the patient experience.
Furthermore, governments in some regions are focused on developing programs to promote and adopt AI in the healthcare industry, which is boosting market growth. For example, the Government of India intended to introduce a special incentive scheme in August 2021 to encourage start-ups in telemedicine, digital health, and artificial intelligence (AI). Furthermore, the Biotechnology Industry Research Assistance Council (BIRAC) has provided more than US$ 280 million in funding to around 1,500 healthcare startups, companies, and small businesses.
Furthermore, the development of new companies in digital healthcare will drive the market's growth throughout the forecast period. For example, in April 2021, K Health, Anthem, and Blackstone Growth announced the formation of a joint venture to use artificial intelligence techniques to provide innovative digital health solutions to customers.