Global Digital Health Market value is set to achieve a significant CAGR from 2019 to 2025, as per the research study report by Global Market Insights, Inc. The fact that positive encouragement from governments and funding bodies will expedite the growth of digital health market has recently been demonstrated in a move by the Industrial Strategy Challenge Fund. Managed by UK Research and Innovation, the Fund plans to offer £17 million for the development of breakthrough technologies that can revolutionize healthcare. Some of the technologies being developed under the initiative include a GPS app that can track the availability of beds in hospitals, a 3D printing technology for tablets and a smartphone app that can monitor and improve treatment of complex wounds. As the presence of digital technologies becomes more pervasive in the daily lives of human being, the digital health industry will continue to revolutionize healthcare and life in general with improved quality of care and much more.
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The evolution of the digital health market has come through as a means to offset the ever-rising costs of healthcare, to support a growing middle-class population, to incorporate disruptive digital innovations into healthcare and to take care of an increasingly aging population. Many experts are of the opinion that the changing status quo will have significant effect on healthcare delivery in the near future in which digital healthcare will make it possible for patients to access one’s health and get help from experts without having to go to a brick and mortar building delivering healthcare solutions.
It is expected that the digital health market which was evaluated at $71.4 billion in 2017 will earn a massive revenue of $379 billion by 2024. This exponential growth graph will be galvanized by the use of everyday technologies like smartphones sensors, data analytics and cloud storage that have facilitated research into digital health. Traditional paper-based models are being replaced by electronic data capture (EDC) solutions that are helping to curb the mounting costs of healthcare while empowering patients and citizens as well as healthcare providers in collecting and analyzing data in real time. Digital health market is also receiving considerable impetus from governments looking to bring down healthcare costs borne by the state.
It has been conclusively proven that the early diagnosis of disease significantly brings down the cost of healthcare, which has been one of major factors for digital health market to attain an exceptionally fast pace. The ability to continuously track, monitor and analyze health status in real time provides improvements and possibilities in one’s understanding of health status and early disease prediction becomes possible. Such information can lead to the change in behavior of the individual which is often good enough to deter the progress of certain health issues such as obesity or diabetes. Such changes on an individual level means a much healthier population and elimination of system costs by decreasing the requirement of treatments.
In a world that is embroiled in a debate about the waste involved in health services, the benefits provided by digital health industry expansion is viewed favorably. For instance, in UK, the National Health Service has been estimated to waste nearly £2 billion each year for unnecessary or expensive treatments which is often the consequence of the late discovery of diseases. The progress of digital health can facilitate cost cutting of such unnecessary treatments.
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Digital health can also facilitate two-way communication between healthcare providers and patients, decreasing the need of primary care by patients which is more often than not ignored by general citizens. On perceiving abnormalities on patient data, doctors can contact patients. Advanced patient-screening techniques can boost the effectiveness and efficiency of healthcare quality. Considering the several benefits of the progress of digital health systems, it is anticipated that digital health market will register substantial impetus over 2018-2024.
Key players in global digital healthcare market include
2)Allscripts Healthcare Solutions Inc.
3)Cisco Systems, Inc.
Chapter 1. Methodology
1.2. Market definition
1.3. Forecast parameters
1.4. Data sources
126.96.36.199. Paid sources
188.8.131.52. Unpaid sources
Chapter 2. Executive Summary
2.1. Digital health market industry 3600 synopsis, 2014 – 2025
2.1.1. Business trends
2.1.2. Technology trends
2.1.3. Regional trends
Chapter 3. Digital Health Market Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 – 2025
3.3. Industry impact forces
3.3.1. Growth drivers
184.108.40.206. Increasing use of smartphones, tablets, and other mobile platforms
220.127.116.11. Rapidly moving healthcare IT infrastructure in industrialized nations
18.104.22.168. Favorable government initiatives in U.S. and European region
22.214.171.124. Rising demand for remote patient monitoring services
126.96.36.199. Growing venture capital investments
3.3.2. Industry pitfalls & challenges
188.8.131.52. Security concerns regarding patient data
184.108.40.206. High capital expenditure and maintenance requirement
3.4. Growth potential analysis
3.4.1. By technology
3.5. Market entry landscape
3.6. Regulatory landscape
3.7. Technology landscape
3.7.1. Upcoming technologies
3.8. Porter’s analysis
3.9. Competitive landscape, 2017
3.9.1. Company market share analysis, 2017
3.9.2. Strategy dashboard
3.10. PESTEL analysis
UK digital health market is forecasted to reach USD 28.3 billion by 2025. Early adoption of telecare service, large central government programs for telecare and a strong existing base of hardware, increasing prevalence of smartphone and apps will escalate UK market size. UK is an attractive country for app developers, with high levels of digital knowledge and quick adoption, and presence of number of mHealth app companies drives the digital health market in UK.
India digital healthcare market will grow at 35.0% CAGR during the projection period; due to increasing prevalence of chronic ailments coupled with rising demand for remote patient monitoring services in the country. Favorable government initiatives such as Digital India will augment industry growth over the coming years.
Key players in global digital healthcare market include McKesson Corporation, Allscripts Healthcare Solutions Inc., Cisco Systems, Inc., Qualcomm, Philips Healthcare, eClinicalWorks LLC. The industry players resort to new product development along with mergers and acquisitions to grab higher market share in the competitive industry.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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