Three years in the making, the report contains detailed information dating back to ANDHealth’s 2017 inception. The report notes that the global value of the digital health market is predicted to reach USD$505.4 billion by 2025, up from USD$86.4 billion in 2018.
Since mid-2017, ANDHealth has engaged with more than 300 companies, demonstrating a huge pipeline of high potential growth companies, representing a diverse set of clinical indications, technologies and end users settings in the digital health sector.
The greatest challenges facing the industry however is the ability to commercialise these technologies, access to capital, access to customers and access to the expertise necessary to market.
Despite this, publicly funded infrastructure capabilities in Australia such as the MyHealthRecord, the Digital Health CRC and substantial State-led initiatives have created the necessary environment upon which digital medicine and therapeutics companies can begin to build patient facing interventions to substantially improve outcomes.
The pipeline of companies and technologies outlined in the report demonstrates the potential to position Australia as a global destination for digital health development, commercialisation, clinical trials and implementation, delivering against the triple aim of post-COVID recovery investment:
- Economic growth through high value STEM-based companies headquartered in Australia, delivering globally;
- A resilient, agile, scalable and personalised healthcare system, focused on preventing, diagnosing, managing and treating illness using cutting edge technologies; and
- Expanded high-value manufacturing capabilities, through sensors, wearable, connected devices and regulated software products.
MTPConnect Chair, Sue MacLeman, said there was no longer any doubt that digital health is at the heart of the modern healthcare landscape.
“The technologies around data standardisation, artificial intelligence and machine learning are transforming healthcare services, with digital enablement and integrations pricing opportunities for continuous healthcare improvement that we couldn’t have imagined just a few years ago. Most excitingly, the possibilities for future innovations are profound,” Ms MacLeman said.
The report concluded that healthcare remains one of the last remaining sectors to experience wholesale disruption, until now. Digital health will be absolutely essential to delivering equitable, high-value and affordable care in the future.
As healthcare costs rise and consumers demand more from health systems around the world, digital interventions which improve health and wellbeing and save the system critical capital will be key. For our early innovators, such as the companies that the report highlights, this means navigating often uncharted waters, and linking into a growing and dynamic international network of innovators, investors and service providers to reach their global potential.
Read the Report here.