The global digital health market has been prognosticated to testify the existence of leading companies that showcase a grander regional outreach on account of their involvement in a range of digital health product categories. According to a report by Transparency Market Research (TMR), some of the dominant players operating in the market could be Philips Healthcare, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Cerner Corporation, and Agfa-Gevaert N.V. The players have been circumstantially profiled in the report on the basis of various aspects such as recent developments, product portfolio, and key business strategies.
As per the statistics of TMR, the global digital health market has been envisaged to rake in a revenue of US$536.6 bn by the end of 2025 from US$196.3 bn in 2017 at a 13.4% CAGR. With regard to revenue, healthcare information systems had accounted for a king’s share in 2016. On the basis of regional distribution, North America had taken the lead in the market in the same year.
Developing IT Infrastructure and Advantageous Government Support Raise Expectations
The world digital health market has been prophesied to gain a strong impetus due to the surging adoption of IT in the healthcare industry and growing count of government initiatives in favor of healthcare providers and also patients. The rapid improvement of healthcare IT infrastructure and rising usage of mobile platforms such as tablets and smartphones could bode well for the market. Healthcare providers have been anticipated to up the adoption of mHealth technologies for monitoring the health of patients in view of the elevating pressure for cost reduction.
The practice of digital health in the U.S. has been receiving a telling boost owing to the striking increase in the usage of smartphones by physicians. The world digital health market has been predicted to ride its growth on the back of the advent of technologically sophisticated healthcare IT facilities backed by promising government support. The market could boast of a robust growth platform considering the fruitful integration of healthcare systems with enhanced government support.
Inadequate Infrastructure and Expensive Maintenance Depress Demand
The other side of the coin could reveal a slack in growth for the international digital health market. This has been envisioned to be because of certain factors such as the poor size of healthcare infrastructure in emerging countries, high maintenance bills, security and privacy issues, and extortionate capital outlay.
However, the international digital health market has been foreseen to offer a wealth of auspicious business prospects in respect of the emergence of remote patient monitoring services that allow to examine health problems from remote locations. The adoption of these services has been expected to propel due to the burgeoning prevalence of diabetes, cancer, cardiovascular, and other diseases. The market could also expect opportunities birthing from the rise of geriatric population living independently and profiting from remote patient monitoring services.
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.”
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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