11 June 2019, The global digital health market is subject to witness a substantial growth due to the growing prevalence of chronic diseases and rising geriatric population across the globe. Increasing adoption of remote monitoring for the treatment of diseases such as Chronic Obstructive Pulmonary Disease (COPD) outside the medical facility are expected to favor market growth over the forecast period.
Globally, the market is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the digital health market. The recent technological advancements healthcare IT sector coupled with development of novel technologies such as cloud-based storage system are expected to play vital role in future market growth. In addition, rising demand for smartphones and tablets by various healthcare professionals in order to monitor patient health is anticipated to boost market growth over the forecast period.
Growing geriatric population, particularly in the Asia Pacific region is predicted to fuel demand for digital health services. Introduction of advanced digital health services such as electronic medical records, e-prescribing systems, remote patient monitoring, and wearable electronic medical devices are forecasted to fuel market expansion in the near future.
In addition, growing awareness among general population in regards to private equity and corporate venture capital in the health IT sector is expected to favor market growth as well. However, rise in number of concerns for patient data security owing to increase in cyber security threats and data breaches to gain unauthorized access to information technology (IT) systems are major threat for sustained market growth. In addition, higher initial cost of installations for technologically advanced systems is restraining market reach to a certain extent.
The market is broadly categorized into four major segments based on the application type such as m-Health, electronic health record (EHR), telemedicine, and healthcare analytics. The m-Health is considered as one of the fastest growing segment in the market with substantial revenue generation in the last few years. Growing popularity of the m-Health segment is attributed to the higher market penetration and growing awareness among general population.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in healthcare sector, increase in the number of research & development activities, rise in the number of incidences related to chronic diseases, and existence of well-established medical infrastructure in the region.
Asia-Pacific region is predicted to hold the major market share in the digital health market with massive growth in forecast period. Countries such as India, China, Japan, South Korea and Singapore are leading the Asia-Pacific market with growing healthcare expenditure, rising number of medical facilities in the region, growing awareness among general population, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the digital health market are Allscripts Healthcare Solutions Inc., McKesson Co., eClinicalWorks LLC, Cisco Systems, Inc., Qualcomm, Inc., Philips Healthcare N.V., and AT&T, Inc.
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