The solid pace of technological developments in the healthcare industry has fuelled digital healthcare practices, cybersecurity, patient data transparency, remote patient monitoring (RPM), and various customer-centric and operational enhancements. Healthcare players are constantly expanding digital health, and this sector has become a hotbed for investors. According to McKinsey, investments in U.S. digital therapeutics companies have increased by approximately 40% a year over the past seven years.
With one in four U.S. adults suffering from a chronic disease, this industry is expected to keep growing as the population swells. The global pharmaceuticals market is expected to reach $2.14 trillion in 2026 growing at a CAGR of 7.7%, while health spending is expected to balloon from $4 trillion in 2020 to $8.30 trillion by 2040.
