Digital Health Market Future Trends, Growth Opportunities, and Research
11 June 2019, The global digital health market is subject to witness a substantial growth due to the
growing prevalence of chronic diseases and rising geriatric population across
the globe. Increasing adoption of remote monitoring for the treatment of
diseases such as Chronic Obstructive Pulmonary Disease (COPD) outside the
medical facility are expected to favor market growth over the forecast period.
Globally, the market is predicted to generate massive revenue over next
seven years, providing numerous opportunities for market players to invest for
research and development in the digital health market. The recent technological
advancements healthcare IT sector coupled with development of novel
technologies such as cloud-based storage system are expected to play vital role
in future market growth. In addition, rising demand for smartphones and tablets
by various healthcare professionals in order to monitor patient health is
anticipated to boost market growth over the forecast period.
Growing geriatric population, particularly in the Asia
Pacific region is predicted to fuel demand for digital health services.
Introduction of advanced digital health services such as electronic medical
records, e-prescribing systems, remote patient monitoring, and wearable
electronic medical devices are forecasted to fuel market expansion in the near
future.
In addition, growing awareness among general population
in regards to private equity and corporate venture capital in the health IT
sector is expected to favor market growth as well. However, rise in number of
concerns for patient data security owing to increase in cyber security threats
and data breaches to gain unauthorized access to information technology (IT)
systems are major threat for sustained market growth. In addition, higher
initial cost of installations for technologically advanced systems is
restraining market reach to a certain extent.
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| Digital Health Market |
The market is broadly categorized into four major
segments based on the application type such as m-Health, electronic health
record (EHR), telemedicine, and healthcare analytics. The m-Health is
considered as one of the fastest growing segment in the market with substantial
revenue generation in the last few years. Growing popularity of the m-Health segment
is attributed to the higher market penetration and growing awareness among
general population.
The market is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in the implementation of latest technologies in
healthcare sector, increase in the number of research & development
activities, rise in the number of incidences related to chronic diseases, and
existence of well-established medical infrastructure in the region.
Asia-Pacific region is predicted to hold the major market
share in the digital health market with massive growth in forecast period.
Countries such as India, China, Japan, South Korea and Singapore are leading
the Asia-Pacific market with growing healthcare expenditure, rising number of
medical facilities in the region, growing awareness among general population,
and significant investment by leading industry players considering potential
growth opportunities in the region.
The key players in the digital health market are
Allscripts Healthcare Solutions Inc., McKesson Co., eClinicalWorks LLC, Cisco
Systems, Inc., Qualcomm, Inc., Philips Healthcare N.V., and AT&T, Inc.
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