The Digital Health Market
The Digital Health market within our core geographies consists primarily of spending on digital solutions by governmental or government-sponsored institutions and pharmaceutical companies. Health care institutions handle large amounts of sensitive personal data, such as medical records, medicine prescriptions and doctor’s appointments that need to be processed with the highest level of security and with due regard to applicable data protection rules and regulations. In the health care sector, data security and reliability are top priorities as security breaches, breakdowns or other interruptions could have significant adverse implications.
The Digital Health market is expected to grow at a CAGR of 9% from 2020 to 2024, according to IDC. The market growth is expected to be driven primarily by a demand for digitalization – an expectation which has been further strengthened by the outbreak of the Covid-19 pandemic. When Covid-19 reached Europe, the development of new digital solutions was accelerated to cope with the situation, resulting in a multitude of new solutions being introduced, such as remote consultancy and infection monitoring systems.
As an example, Trifork developed a telemedicine solution within a few weeks of the outbreak in Denmark, which enabled doctors and patients to continue consultations online through the My Doctor application.
Generally, digitalization in the health care sector is centered around enhancing efficiency and streamlining processes. Trifork has a long history of servicing health care institutions and has, for instance, contributed to digitalizing the sector in Denmark, in collaboration with the Danish Health Authority. Among other things, the Group develops and operates the nationwide shared medication record in Denmark, in addition to IoT-based systems and self-service solutions. The adoption of AI is also gaining popularity, with the aim of reducing the risk of human errors and enhancing the efficiency and precision of diagnostics.
Our Digital Health Business
We are committed to improving the life of patients and healthcare personnel. We build the software solutions necessary to enable digital health ecosystems, national healthcare IT infrastructures and technology-enabled decision support systems, without jeopardizing patient data, privacy or security. We have pioneered digital healthcare solutions by developing award winning cross-sector solutions, advanced digital assistants, clinical treatment support systems and life-science solutions. We operate in both the public sector across silos (for example, doctors, pharmacies, homecare and citizens) and in the private sector (for example, with multinational pharmaceutical companies).
Within the Digital Health business area, we specifically focus on cross-sector solutions, private hospital solutions, patient empowerment solutions and solutions within the life sciences sector. Cross-sector solutions include, for example, solutions that track an individual patient across the various components of a national healthcare system. Private hospital solutions include treatment support systems, including systems that enable physicians to improve patient treatment (for example, by reducing prescription errors and centralizing patient medical data) and hospitals to improve patient flow, while decreasing cost. Patient empowerment solutions include software applications permitting patients affected by chronic disease to take an active part in their treatment through self-monitoring devices and digital assistants, minimizing time in the hospital. Lastly, solutions targeting life sciences include everything from consumer products to MedTech devices.
- Growing business in Denmark with a focus on public sector projects, mobile solutions and new technologies
- Expanding presence in Switzerland through leveraging the existing team, forming new partnerships and acquisitions
- Strengthening alliance with Dawn Health with a view to offer products to large pharmaceutical players
- Growing outside the core business through penetration of new markets and productization