Published: Mar, 2018
The global digital health market has been prognosticated to see its revenue growth spurring on the back of rising count of venture capitalist investments. There could be a swelling number of startups capitalizing on industry revenue. A healthy percentage of digital health companies have been foreseen to change to B2B2C or simply B2B model in the near future. This could be applicable for even those companies that have already launched a B2B model. The market has been prophesied to witness an increase in mergers and acquisitions as well. A report by Transparency Market Research (TMR) has profiled key players such as Allscripts, McKesson, and Philips.
Furthermore, TMR has envisaged the global digital health market to expand at a 13.4% CAGR during the forecast tenure 2017-2025. In 2017, revenue earnings worth a US$196.3 bn had been secured by the market. However, by the final forecast year, the market could bag a whopping US$536.6 bn. By product, healthcare information systems have been envisioned to continue raking in a handsome share until the end of the forecast tenure. By region, North America could be the leader in the market, considering its leading revenue of US$80.0 bn achieved in 2017.
Government Initiatives in Favor of Healthcare Providers and Patients Assure Growth
Most governments today are offering initiatives that prove to be promising for both patients and caregivers. While this could enhance the growth of the world digital health market, the rising adoption of IT in the healthcare sector has been foretold to increase demand in the coming years. The market could also bolster its growth while riding on the escalating engagement of smartphones, tablets, and other mobile platforms. Moreover, speedy development of IT healthcare infrastructure has been projected to set the tone for a rewarding growth in the market.
mHealth technologies have been forecast to improve their adoption rate because of rising pressure to reduce cost and need to monitor patient health. The increasing usage of smart devices by doctors could augur well for the adoption of digital health in the U.S.
Poor Size of Healthcare Infrastructure in Emerging Countries Hampers Demand
Companies looking to benefit from the international digital health market have been anticipated to face challenges in the form of expensive capital expenditure, security and privacy issues, extortionate maintenance bills, and inadequate healthcare infrastructure size in developing economies. However, remote patient monitoring services could bring back the demand for digital health owing to their application in the examination of health problems from distant locations. Such services could see a greater adoption due to the rise of the incidence of cardiovascular diseases, cancer, and diabetes. More prospects could open up in the market because of the increase in the number of geriatrics.
The information presented in this review is based on a TMR report, titled “Digital Health Market (Products - Healthcare Information Systems (Clinical Solutions (EHR/EMR, Clinical Decision Support System (CDSS), Computerized Physician Order Entry (CPOE), mHealth (Connected Medical Devices, mHealth Applications (Fitness Apps, Medical Reference, Wellness, Medical Condition Management, Nutrition, Remote Consultation, Reminders and Alerts, and Diagnostics), and mHealth Services), Telehealth, and Population Health Management) and Non-clinical Solutions) and Wearable Devices (Diagnostic and Monitoring Devices and Digital Therapeutic Devices (Pain Management Devices, Rehabilitation Devices, Respiratory Therapy Devices, and Insulin Pumps)); Component - Hardware, Software, and Services; End User - B2C (Patients and Caregivers) and B2B (Providers, Payers, Employers, and Pharmaceutical Companies)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
- Surging adoption of IT in the healthcare industry acts as a boon to the market.
- Extortionate capital outlay and security and privacy issues take their toll on growth.
The global digital health market has been segmented as presented below:
Global Digital Health Market by Product
- Healthcare Information Systems
- Clinical Solutions
- Clinical Decision Support System (CDSS)
- Computerized Physician Order Entry (CPOE)
- Connected Medical Devices
- mHealth Applications
- Fitness Apps
- Medical Reference
- Medical Condition Management
- Remote Consultation
- Reminders and Alerts
- mHealth Services
- Population Health Management
- Non-clinical Solutions
- Clinical Solutions
- Wearable Devices
- Diagnostic and Monitoring Devices
- Digital Therapeutic Devices
- Pain Management Devices
- Rehabilitation Devices
- Respiratory Therapy Devices
- Insulin Pumps
Global Digital Health Market by Component
Global Digital Health Market by End User
- Pharmaceutical Companies
Global Digital Health Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Middle East
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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