A recently added report by TMR Research, titled, “Digital Health Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017– 2025,” brings to the fore crucial information pertaining to the market such as its size, competitive dynamics, and growth prospects. The report begins with basic definitions and a lowdown on classifications and applications. It studies the development history of the market along with its current competitive landscape.
The report finds that the ability of digital health to eliminate human medication errors and provide effective communication between patients and healthcare professionals and hence facilitate an improved, coordinated care, has led to its swift uptake. Digital health serves to better the quality of care by providing access to lab results and information on drugs to thwart harmful drug interactions by doctors. This is how it steals a march over traditional healthcare technology.
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Demand for digital health is projected to soar in the near future. Digital health technologies, namely EHR, digital diagnostic systems, and wireless technologies leverage a variety of data – lad test results, patient history, radiology, immunization dates, allergies, diagnosis, and even insurance information – to bring about effective treatment.
Overall, digital health is a multi-disciplinary field that brings under its ambit engineering, social sciences, healthcare, health economics and management, and public health. It helps in exchanging patient information with other healthcare institutions such as emergency facilities, pharmacies, labs, clinics, and imaging facilities. One factor posing a hindrance to adoption digital health is the steep upfront capital needed to construct healthcare infrastructure. Developing nations, also have a lot of catch to do in terms of internet speeds. This is another factor dealing a blow to the market. Security and privacy threats and high cost of maintenance are other factors dampening growth in the market.
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However, increased investments in digital health, rising demand for remote patient monitoring services, and favorable government initiatives will eventually help overcome such bottlenecks to growth. Emergence of more sophisticated healthcare IT, proliferation of smartphones, tablets, and other mobile devices are also predicted to boost market growth. Further, progress in bio-sensing wearables are proving beneficial to the global digital health market too.
From a geographic standpoint, North America is a key market for digital health. This is primarily on account of its superior healthcare infrastructure, high per capita spends on health, early adoption of technology, and burgeoning use of health-tech wearables, smartphones, and mobile devices.
A noticeable trend in the digital health market are players banking upon mergers and acquisitions to enhance their market share. Players are also ploughing money into development of more cutting-edge technology that are affordable at the same time.
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The global digital health market is fragmented in nature on account of the presence of a copious number of small and large companies and mushrooming startups. However, big names in the industry are expected to retain their stronghold over the market by dint of their brand recognition, excellent after-sales services, and deep pockets. Some such prominent names operating in the market are McKesson Corporation, Athenahealth, Qualcomm, Cerner Corporation, LifeWatch, AT & T, Philips Healthcare, iHealth Lab, Cisco Systems, and eClinicalWorks. The report studies their products and services, sales and revenues, market shares, strategies, and prospects going forward.
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