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The digital health care market is growing fast, almost 28 percent annually, according to Grand View Research.
The driver behind the growth in health care is the pressure to innovate new therapies and drugs, as well as pressure from regulators and the public to streamline costs while still keeping the quality of health care high.
The application of new technology to the health care industry, along with new ideas about how to apply and deliver treatment are what health care providers and vendors in the industry are focusing on.
In the first half of 2019, ‘digital health company’ startups raised $4.2 billion in 180 funding deals in the first half of 2019, according to Rock Health.
While startups abound, success is elusive. The health care industry is a difficult industry to get started in and excel. Medicine is complex; regulation is intense; and politics are inescapable.
David Uffer, a partner at Alira Health, said that “digital health care itself is a problematic market. Business models in digital health are hard to figure out. There’s a difference between wellness and healthcare, and there’s always a tug-of-war with insurance companies over who is going to pay for services.”
Jeff Immelt, former chairman and CEO of GE and now venture partner at New Enterprise Associates, said that “there are so many dead home healthcare companies. The graveyards are full of them. The next graveyard is going to be filled with AI companies if they don’t find a way to embed their technology into these systems.”