Digital Health Market: Technological Growth Map over Time to Understand the Industry Growth Rate
Digital Health Market - Snapshot
Digital health refers to the utilization of electronic communication or information technology-based processes, tools, and services to facilitate better healthcare services. The utilization and scaling up of digital health solutions could lead to revolutionize ways to attain higher standards of access and health services. Such an effort is also likely to protect and promote well-being and health of the people, which is likely to bolster expansion of the global digital health market in the years to come.
A rise in the demand for remote monitoring services is driven by the augmented prevalence of chronic diseases and recent outbreak of global pandemic, COVID-19. At present, the future course of the global digital health market is influenced by the COVID-19 considerably, which is spreading at an exponential rate. People are avoiding public places such as parks, hospitals, clinics in a bid to avoid contacting the disease. In addition to that, phenomenal penetration of smartphones and various mobile apps, including the ones designed for providing health-related services are likely to drive the demand for digital health services.
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Rapid Development in Technology to Bolster Demand for Digital Health Services
Improved connectivity of internet together with a rise in the adoption of mHealth technologies by patients and physicians alike are likely to drive the mHealth segment of the global digital health market.
Some of the well-known benefits of digital health system are mentioned as below
- Access to affordable healthcare technologies in clinics
- Prevention before treatment
- Sustainable and responsive healthcare
- Expanding the reach of medical professionals
North America is one of the prominent regions in the global digital health market owing to the presence of large base of geriatric population, rapid adoption of latest technologies, and increased prevalence of various chronic diseases.
In addition to that, collaborations and government aid are encouraging the developers of apps and healthcare professionals to develop improved digital solutions, which is likely to bolster growth of the global digital health market.
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Digital Health Market: Snapshot
With the changing face of the healthcare sector, focused on patient-centric services, digital health is aiding to attain such goals. Owing to the use of technology in the healthcare domain, the mortality rate has reduced significantly. This has also facilitated quick diagnosis of diseases. Apart from improving the quality of healthcare, digital health care has also reduced the time and cost of diagnosis and therapeutics.
Governments are striving for digitization of services and processes across industry sectors, including healthcare. For that, several schemes have been introduced and initiatives have been undertaken. This is one big push-up towards the expansion of digital health market in the coming future.
Increase in number of diabetes cases and different types of chronic diseases among people are a few factors leading to surge in demand for digital heath market.
Registering all the technological advancements going on in medical and healthcare industry, digital health market is likely to chart at a lucrative CAGR of 13.40% in between 2017 and 2025. As per Transparency Market Research (TMR), the market value is projected to reach US$536.6 bn by the end of 2025.
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Significant Use of Smartphone is Fuelling Digital Healthcare Market
The digital health market is divided on the basis of product into healthcare information systems and wearable devices. Out of the two, the former one is dominating the global digital health market. Healthcare centers such as hospitals and clinics are making use of EHR/EMR to keep the record of medical information of patients. Healthcare domain is witnessing adoption of technology such as population health management and telehealth on large scale. This trend is propelling the growth of digital health market globally.
Rise in the use of smartphone has reduced the time and cost gap between doctors and patients. mHealth allows quick and easy consultation with the medical professionals. Further, the technology is also helping people to stay updated and aware about their health by augmenting the level of awareness. This is one key segment of digital health market. This is likely to drive the digital health market in wide scale.
Instant Health-Tracking and Access to Doctor is Key Factor
Technological advancement in the healthcare infrastructure is pushing the demand for wearable devices in the market. Registering surge in demand, the companies are trying to upgrade products, which includes hardware suitable for the healthcare domain. This is likely to contribute in the expansion of digital health market.
At the same time, software segment of healthcare domain is witnessing significant growth owing to the access of doctors via app. Software platform eases the overall treatment cycle, starting from booking an appointment to the discharge process. Also, electronic health record (EHR) is facilitating quick access of patient’s medical history. These factors are cumulatively driving the digital health market globally.
The digital health market is also bifurcated on the basis of end user into B2B and B2C. B2B comprises of various entities such as employers, pharmaceutical companies, providers, and payers. This segment is a key contributor to the digital health market. B2C involves only patient and medical professionals.
Owing to the increasing population and rising incidence of chronic diseases, Asia Pacific and Europe are likely to contribute significantly to the digital health market. North America is likely to dominate in the digital health market because of presence of advanced medical healthcare infrastructure in the region.
Some of the key players in the market are Epic Systems Corp., GE Healthcare, Cerner Corp., Truven Health Analytics, and Allscripts Healthcare Solutions Inc.
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