March 03, 2020
According to the research report titled ‘North America Digital Health Market Statistics By Technology Industry Analysis Report, Country Outlook, Industry Size, Share, Growth Trends & Forecast, 2018 – 2025’ available with Market Study Report LLC, North America digital health market is expected to cross USD 219.7 billion by the year 2025.
As per the report, North America digital health market is expected to observe spiraling growth on account of escalating number of tablet and smartphone users in both developed and developing countries. According to the Pew Research Center, in the U.S., around 75% of the population uses smartphones, which is an upsurge from 35% in 2011. Also, smartphones have facilitated rapid and efficient access to healthcare services, which will spur North America digital health industry growth.
Rising focus towards improving remote patient monitoring by adopting tele-healthcare will augment the market oulook. Physicians and patients are opting for video conferencing to ensure constant and time-effective diagnosis. Moreover, introduction of the latest mobile applications and improved healthcare information systems will significantly induce demand for mHealth solutions. The report predicts that mHealth segment of North America digital health market will record a CAGR of around 37.3% over the forecast timeframe.
In 2018, digital health systems accounted for around 52.3% revenue share of North America digital health industry. The growth has stemmed from the rapid adoption of electronic health records for effective management of clinical data. Numerous government initiatives have been introduced to promote use of electronic health records across several healthcare facilities, which has accentuated North America digital health market growth.
Taking into consideration the geographical landscape, the U.S. is likely to emerge as a key country-specific digital health industry within North America. Following the growth of the U.S., Canada digital health market is expected to grow with a CAGR of 26.9% during 2018-2025. In 2014, Canada outlaid almost 10.4% of the total GDP on healthcare industry. Constant inflow of investments in Canada on healthcare IT sector will foster North America digital health market growth.
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Some of the notable North America digital health industry participants include eClinicalWorks LLC, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Cisco Systems, Inc., Philips Healthcare, and Qualcomm among others. The companies are pursuing various business strategies, such as acquisitions, technology development, and partnerships to gain a foothold in the market.
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