ALBANY, New York, Feb. 4, 2019 /PRNewswire/ --
According to TMR, the global digital health market pegged the revenue of US$179.6 bn in 2016 to expand with a CAGR of 13.40% to attain revenue of US$536.6 bn over the forecast period from 2017 and 2025.
Based on the product, the mHealth segment is anticipated to witness higher growth on the back of rising penetration of smartphones globally and is expected to remain as dominant over the forecast period. Based on the region, the North American digital health market is witnessing higher growth and expected to remain dominant by the end of the forecast period due to the large patient pool and growing advancement in the products.
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Growing Patient-centric Approach to Benefit Growth of Market
Swiftly changing technologies across healthcare IT including cloud-based storage systems coupled with booming adoption of smartphones, laptops, and tablets by healthcare providers and hospitals to track patient health are the key factors propelling the growth of the digital health market. Rising development in healthcare IT along with supportive regulations has encouraged the adoption of the numerous healthcare solutions such as electronic medical records (EHR) and remote monitoring, and wearable us boosting the growth of the digital health market.
Additionally, raising venture capital and funding from healthcare providers in order to maintain their patient-centric approach is propelling the growth of the digital health market. Additionally, growing investment for enhancing the existing health IT sector is leading to invent new products, which is leading to propel the growth of the global digital health market.
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High Cost of Technology to Hamper Growth of the Market
Despite these factors, rising security concerns for data such as cyber-attacks and unauthorized access to information technology (IT) systems is hampering the growth of the digital health market. Additionally, high capital cost and installations of technologically advanced systems are hampering the growth of the global digital health market. Nonetheless, digitization in healthcare and implementation of numerous infrastructure is offering lucrative opportunities for growth in the digital health market over the forecast period. Additionally, growing adoption from the developed countries such as US and Germany and especially from small healthcare provider is propelling growth of the global digital health market.
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Transparency Market Research (TMR) witnesses the global digital health market has a highly competitive and fragmented vendor landscape. Some of the companies operating in the global digital health market are Agfa-Gevaert N.V., Cerner Corp., Allscripts Healthcare Solutions Inc., McKesson Corp., Philips Healthcare, GE Healthcare, Siemens Healthineers, Qualcomm Inc., Epic Systems Corp., Truven Health Analytics, and Cisco Systems Inc. These players are taking part in activities such as merger & acquisition, partnership, and strategic collaborations for business expansion and for gaining the competitive edge in the global digital health market.
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This information is encompassed in the report by TMR, titled "Digital Health Market (Product - Health Care Information Systems and Wearable Devices; Component - Hardware, Software, and Services; End User - B2C and B2B) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025."
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