April 17, 2020
According to the research report titled ‘Digital Health Market Size By Technology Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, global digital health market is expected to surpass USD 379 billion by the year 2024.
Advancements in healthcare information technology and rising adoption of digital platforms including wearables, software and electronic health records in order to reduce healthcare overheads are prime factors driving the digital health market growth. There has been an upsurge in usage of digital apps, smartphones and tablets among physicians. Increased pervasiveness of chronic conditions among baby boomers have impelled the adoption of remote monitoring devices. These devices not only offer high quality healthcare services at the patient’s residence but also helps in saving money and time by avoiding unnecessary trips to healthcare centers and hospitals.
In terms of technology, digital health systems segment held 56.8% market share in 2017 and will showcase similar growth trends during the estimated timespan. Rising penetration of e-prescribing systems and EHRs (Electronic health records) across specialty clinics and hospitals to enhance the quality of life among patients is fueling the segmental growth. Favorable reimbursement policies and regulatory scenario which promote the use of EHR services are stimulating the incorporation of digital health systems.
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Alternatively, mHealth segment is presumed to expand with a CAGR of 37.7% during 2019-2025. Growing inclination towards healthcare apps for better management of chronic conditions and increasing awareness pertaining to self-monitoring systems among patients are contributing towards the growth of the segment.
Considering the geographical landscape, the U.S. digital health industry is expected to grow with a CAGR of 26.8% between 2019 and 2025. Increasing utilization of technologically advanced medical devices along with favorable federal reforms which promote the use of electronic medical records are promoting the business scenario in the U.S.
On the other hand, digital health market in China is set to record a growth rate of 34.1% through 2025, primarily due to government initiatives which promote eHealth services.
The key players operating in digital health market are Philips Healthcare, Cisco Systems Inc., Qualcomm, eClinicalWorks LLC, Allscripts Healthcare Solutions Inc., McKesson Corp. and LifeWatch AG among others.
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