The global market for digital healthcare is set to expand at a compound annual growth rate (CAGR) of 11.8% (2018-2023) reports Market Research Future (MRFR). The market stood at a valuation of USD 180 Bn in 2017. Growing popularity of wearable medical devices is a major force behind the market growth. Rise of wearables has also led to increased need for relevant communication platforms that work in tandem. These platforms enable various types real-time health readings fed by wearable devices. Digital healthcare is penetrating healthcare markets in various parts of the world. Growth of the internet has also influenced the adoption of digital healthcare. Technological advanced, rapid digitization in healthcare, increasing number of internet savvy individuals and increased focus on delivering cost-efficient healthcare are some of the key factors influencing the global market for digital healthcare.
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Global Digital Healthcare Market: Segmental Analysis
MRFR’s report includes a thorough segmental analysis of the market based on component, technology, and end user.
Based on component, the market has been segmented into services, software, and hardware. Based on technology, the market has been segmented into health analytics, mHealth, and telehealth care. The mHealth segment is further sub-segmented into apps and wearables. The apps segment is further sub-segmented into fitness apps and medical apps. The wearables segment is further sub-segmented into glucose monitor, sleep apnea monitors, BP monitor, neurological monitors, pulse monitor and others. The telehealth care segment is further sub-segment into telehealth (video consultation and LTC monitoring) and telecare (remote medication management and activity monitoring). By end user, the market has been segmented into payers, pharmaceutical companies, providers, employers, and others.
Digital Healthcare Market: Regional Analysis
The Americas represent the brightest spot in the digital healthcare market. This is mainly owing to presence of an advanced healthcare system in the U.S. Moreover, a growing patient pool and faster uptake of innovative healthcare solutions is having propelling the market forward in the region. Rising cases of obesity and diabetes in the region coupled with increased occurrence of chronic disorders continues to drive the need for effective healthcare solutions in the Americas. According to the data released by Centers for disease control and prevention (CDC) close to 9.4% of the US population was diabetic.
Europe is projected to remain the second largest market for digital healthcare during the forecast period. Many European countries boast world-class healthcare systems at the same time the per capita healthcare expenditure remains high in the region. The market is also benefiting from the high healthcare penetration in the region.
The market in Asia Pacific is poised to grow at an impressive pace over the next several years. Due to improving medical diagnostics, the patient population in the region is rising fast. The region present tremendous opportunities to the healthcare sector. These factors make APAC an attractive proposition for market players. In APAC, Japan currently represents the largest market for digital healthcare.
Global Digital Healthcare Market: Competition Analysis
Key companies mentioned in MRFR’s report are AT & T, Biotelemetry, Inc., Cisco Systems, Koninklijke Philips N.V., AllScripts Healthcare Solutions, Inc., Qualcomm, Athenahealth Inc., LifeWatch AG, Cerner Corporation, iHealth Lab, Inc., General Electric Company, McKesson Corporation and EClinicalWorks
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