Technology is revolutionizing medicine -- and the job market right along with it. Analysts are projecting the global digital health industry will grow from $84.4B in 2018 to $504.4B by 2025. Tech’s timing couldn’t be better. Our health care system has been running on a patchwork of disconnected information systems using fragments of data without the right infrastructure to help people make the most informed decisions. We’re poised for a new era of health intelligence. And the digital health jobs sector is where it starts.
Those who want to put their skills and talents to use to fix one of society’s most urgent problems will find many opportunities in health technology. Here’s why:
- Smart phones, smart cars, smart homes. We live in a world where we have conversations with our devices. And they talk back. The smart, connected technology we and our doctors now use is opening up new ways for us to remotely monitor our blood pressure and sugar 24/7 and get the care where and when we need it. Video consults from your phone or laptop are changing what it means to “go to the doctor.” For companies with tech and services designed to help us monitor our health and connect with our care team, consumer tech represents “the last mile to the consumer.” This is part of the reason why market analysts project the Internet of Things in Healthcare market will grow from $48.7B in 2018 to $256.7B in 2025. It’s also why the telehealth market projected to grow from $49.8B in 2018 to $266.8B globally by 2026. But, fear not humans. While Alexa cannot replace the members of our care team, she and other personal technology like her can make getting care faster and more convenient for us and everyone involved in our care.
- Connected health care is here. Doctors are trading clipboards for iPads. Thanks to the now universal use of electronic health records (EHR), your doctors can share the information they need to take care of you in nanoseconds. Your health insurance company can authorize your service instantly. It took a bit longer than other industries, but technology interoperability is revolutionizing how and where we can get care. New regulations that will liberate our personal health data from closed systems will create opportunities to find ways to protect that information and allow it to be used by the right people at the right time to make the right care decisions. These trends are driving the predicted increase in the global market for cloud computing to increase from $23.4B in 2019 to $51.9B by 2024.
- The digitization of health care. Data is the lifeblood of our health care system. Socioeconomic, environmental, biomedical, financial, expenditures, outcomes and, increasingly, genetic information are all flowing simultaneously. Experts project there could be as much as 2,314 exabytes (one exabyte = one quintillion bytes) of new health care data generated in 2020. Where’s all this data coming from? Electronic health records, disease registries, personal apps, labs, health insurers and other databases. Unlocking, connecting, organizing and making sense of this data so it can be used for evidence-based decisions is perhaps our biggest challenge in health care. Everyone in the business of delivering or paying for care -- or supporting those who do -- must also be health data people. This is why analysts predict that the U.S. health care informatics market will be worth $123.24 billion by 2025, up from $39.45 billion in 2016.
- Genomics. We’ve just scratched the surface in our understanding of how our individual genetic makeup affects our risk for disease or our ability to metabolize drugs that could help us. In some cases, our own cells are used to make the cure. Diagnostics companies, pharmaceutical and biotech companies, health care providers and counseling services are transforming their business models for this new era of personalized medicine. Industry analysts predict the genomics market to grow from $15.8B in 2018 to $62.4B by 2026.
- Investors flocking. Global venture capital funding for the Digital Health sector came to $44 billion since 2010 in over 1,200 digital health startups. Up to twenty different digital health companies could be making their IPOs within the next couple of years. Four recent IPOs – Livongo, Health Catalyst, Phreesia, and Peloton – raised an average of $425M from private investors.This trend is expected to continue, which will lead to even more investment into digital health and job creation in the field. Bright minds in these industries are providing clear data that demonstrates the legitimacy of their work, making digital health a magnet for investors.
This post really just scratches the surface of what’s happening in this exciting, multi-faceted industry sector. There are many elements and players old and new who are jumping in or re-inventing themselves to reshape how health care is delivered and paid for in the US and around the world. Our job at DigiHealth.jobs is to translate the market opportunities into job opportunities. We’re glad you’re here and invite you to keep checking back in on what’s new and what you need to know to be part of this exciting market.