The global market for digital health is demonstrating a competitive business landscape, finds a new research study by Transparency Market Research (TMR). Agfa-Gevaert N.V., Allscripts Healthcare Solutions Inc., Cerner Corp., McKesson Corp., GE Healthcare, Philips Healthcare, Siemens Healthineers, Truven Health Analytics, Epic Systems Corp., Qualcomm Inc., and Cisco Systems Inc. are some of the prominent players in this market. The leading companies are concentrating on expanding their regional bases to strengthen their position in the global market. Over the coming years, these vendors are expected to engage into mergers, acquisitions, and strategic partnerships to gain a competitive advantage over their peers, states the research report.
According to the research study, the global digital health market was worth US$179.6 bn in 2016. Expanding at a CAGR of 13.40% during the period from 2017 to 2025, the market is projected to reach US$536.6 bn by the end of the forecast period. Software, hardware, and services are the key segments of this market based on components. The demand for digital health services is comparatively higher than other digital health components and is projected to remain high over the forthcoming years, states the research report.
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North America to Remain on Top
On the basis of the geography, the global market for digital health has been segmented into North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe in this research study. Among these, the North America market has acquired the dominance, owing to the presence of advanced medical and healthcare infrastructure in this region. This regional market is anticipated to remain on the top over the next few years, thanks to the high number of well-established players. Asia Pacific and Europe are also expected to witness a significant rise in the years to come, states the research report.
Rising Uptake of IT in Medical and Healthcare Sector to Boost Market’s Growth
“The global market for digital health is gaining substantially from the increasing number of government initiatives to raise awareness among patients as well as the caregivers,” says a TMR analyst. Going forward, the market is likely to benefit from the rising uptake of IT in the medical and healthcare sector in the years to come, states the research study.
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