Digital Health Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Digital Health Market: Snapshot
The global digital health market is driven by a rising demand for improved communication between healthcare professionals and patients so as to reduce medication errors and provide improved coordinated care. Digital health improves the quality of care by enabling access to lab results and gives drug information so that doctors can prevent harmful drug interactions. As digital health provides better and efficient care of patients as compared to traditional healthcare technology, their demand will continue to rise in the forecast period from 2017 to 2025. Digital health technologies such as digital diagnostic systems, EHR, and wireless technologies are making use of a range of data for efficient treatment of patients, including immunization dates, patient history, allergies, medication, radiology, diagnosis, lab test results, treatment plans, and insurance information. Players in the digital health market are participating in mergers and acquisitions, intensifying competition in the market. Players are striving hard to provide advanced technology that is also cost effective.
Digital technologies help in sharing patient information with other healthcare organizations, including emergency facilities, labs, pharmacies, clinics, and imaging facilities, and this is useful in cases of emergencies. On the other hand the lack of capital required for building healthcare infrastructure in developing nations is a key challenge for the global digital health market. Due to poor infrastructure and poor connectivity, there could be loss of signal and disconnection in virtual consultation and a patient could suffer.
Global Digital Health Market: Overview
Technology-enabled care that comprises a conjunction of health technology, digital media, and mobile devices is known as digital health. It provides easy access to relevant data and improves the quality of both health and social care, thereby assisting care givers, patients, and healthcare professionals. As the demand for healthcare services is persistently increasing, digital health comes as a sign of relief, offering cost-effective solutions.
Digital health is a multi-disciplinary field, which includes social sciences, engineering, clinicians, scientists, and researchers with an extensive range of expertise in healthcare, health economics and management, and public health.
Global Digital Health Market: Key Trends
There are various factors attributing to the growth of the global digital health market such as increased investments, growing demand for remote patient monitoring services, and favorable government initiatives. Advent of healthcare IT, coupled with developing penetration of tablets, smartphones, and other mobile platforms, will supplement the market growth. In addition, advancements in bio-sensing wearables such as blood pressure, glucose, and diabetes monitors are anticipated to make the global digital health industry a lucrative one.
However, security and privacy issues, high capital expenditure incurred on maintenance requirement, and lack of infrastructure for the healthcare industry are expected to act as a hindrance for the global digital health market.
Global Digital Health Market: Market Potential
With advent of technology, the digital health market is growing manifold. New inventions are taking place in regular intervals, boosting the demand for digital health and attracting manufacturers to this lucrative market.
Recently, the makers of a touchscreen insulin pump, Tandem Diabetes Care, introduced their first remote software update. Users of the t:slim Insulin Pump will now be able to use their personal computer to update their device. Once approved by the FDA, the Tandem Device Updater will ultimately facilitate updates, such as those that allow integration between devices.
Onduo, a joint venture firm will start developing ways to aid diabetics to make better decisions about their use of drugs and their lifestyle habits. Onduo also plans to help those who are at risk of developing diabetes.
HomeCare Connect, a Florida-based home healthcare company, concentrates on supporting home health for injured employees on worker’s compensation. HomeCare Connect Tele-Connect is a new app for tablets, smartphones, or computers that can connect healthcare specialists and caregivers with injured employees. The services can be obtained without shelling a dollar.
Global Digital Health Market: Regional Outlook
Due to increasing prevalence of chronic diseases, implementation of the Health Information Technology for Economic and Clinical Health (HITECH) Act and the Health Insurance Portability and Accountability (HIPAA) Act, and escalating geriatric population are the key drivers for the growth of the U.S digital health market. It is expected to register strong growth during the forecast period.
The growing digital healthcare industry in Germany is projected to hold a large share in the market over the said period. The regional growth can be attributed to increasing smartphone penetration, rapid technological innovation, national usage of eHealth cards, and encouraging regulations regarding eHealth.
Extensive adoption of new technologies such as mobile devices and government initiatives to encourage eHealth to address unmet healthcare needs will provide a much needed impetus to the China digital health market.
Global Digital Health Market: Competitive Analysis
Due to the inclusion of local small players, large corporations, and startups, the global digital health market size is fragmented in nature. Some of the leading players operating in the market are Athenahealth, McKesson Corporation, Qualcomm, LifeWatch, AT & T, Cerner Corporation, Philips Healthcare, Cisco Systems, iHealth Lab, and eClinicalWorks. The global digital health market is expected to be dominated by prominent industry giants for their brand recognition, financial stability, and exceptional after-sales service.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report