Market Research Future (MRFR) Has Announced a New Release on the Digital Health Market highlights the current and future status of market and regional level analysis with the help of industry trends and market performance. Global Digital Healthcare Market Research Report: By Technology (Telehealthcare, mHealth, and Health Analytics), Component (Hardware, Software, and Services), End User (Providers, Payers, Employers, and Pharmaceutical Companies)—Global Forecast till 2023
Global Digital Health Market Insights:
According to the research report published by Market Research Future Reports, the global digital healthcare market has observed a tremendous growth by 11.8% CAGR, which is estimated to expand till the year 2023. Later, this market gained USD 180 billion in 2017, which is expected to grow in the future timeline.
Digital healthcare is penetrating healthcare markets in various parts of the world. Growth of the internet has also influenced the adoption of digital healthcare. Technological advanced, rapid digitization in healthcare, increasing number of internet savvy individuals and increased focus on delivering cost-efficient healthcare are some of the key factors influencing the global market for digital healthcare.
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Global Digital Health Market: Drivers & Trends
In today’s time, digital transformation is being the mainstream technology, especially in the healthcare sector, as several healthcare organizations are focusing on offering valuable and improved services to the patients. The ongoing technological advancements in the healthcare industry are actively encouraging the hospitals and other health roofs to shift towards digitalization and maintain a customer-centered business model efficiently. This is hereby boosting the growth of the digital healthcare market in the assessment period.
With that, other factors behind the expansion of the global digital healthcare market are proliferating at a steady pace owing to the presence of some latest favorable government initiatives and funding options in various countries across the globe. This is mainly for the adoption of digitalized systems, which is now set to fuel digital health industry growth in the years to come.
Moving forward, some more prominent factors that are mainly driving the market is the incredible rise in the infiltration of smartphones, tablets, and other devices that has mobile apps. By this, the physicians can track and access medical information, which will further favor industry expansion. Furthermore, mounting adoption of various healthcare IT solutions by healthcare providers to meet the intensified regulatory requirements for patient’s care and safety will also augment digital health industry growth by double-digit, as estimated in the forecast period.
Global Digital Health Market: Competition Analysis
Key companies mentioned in MRFR’s report are AT & T, Biotelemetry, Inc., Cisco Systems, Koninklijke Philips N.V., AllScripts Healthcare Solutions, Inc., Qualcomm, Athenahealth Inc., LifeWatch AG, Cerner Corporation, iHealth Lab, Inc., General Electric Company, McKesson Corporation and EClinicalWorks
Global Digital Health Market Segmentation :
According to the reports presented by MRFR, the global digital healthcare market has been segmented based on technology, component, end user, and region.
By technology, this market segment is segmented into telehealthcare, mHealth, and health analytics. Further, the telehealthcare segment is classified as telecare and telehealth. The telecare segment comprises of activity monitoring and remote medication management. The telehealth segment includes LTC monitoring and video consultation. Whereas, the mHealth segment is further classified as wearables and apps. The wearables segment includes BP monitor, glucose monitor, pulse monitor, sleep apnea monitors, neurological monitors, and others. The apps segment includes medical apps and fitness apps.
By component, the market has been categorized into hardware, software, and services.
By end user, the market is segmented into providers, payers, employers, pharmaceutical companies, and others.
Global Digital Health Market Regional Outlook :
Whereas Asia-Pacific was the fastest growing region in the market in 2017 owing to the presence of a vast population base, enormous opportunities for the development of the market, digitization in healthcare and more have been the major driving factors for the Asia-Pacific market of global digital healthcare. Apart from this, the demand for innovative technology for continuous monitoring of health, hence, drives the market in the Asia Pacific till now. Moreover, Japan is the largest market for wearable medical devices.
Lastly, the Middle East and Africa held the least share in the global digital healthcare market owing to the low economic development, especially within the African region.
In the current scope of the study, regionally, the global digital healthcare market has covered essential regions such as the Americas, Europe, Asia-Pacific, and the Middle East and African region.
Among them, it has been observed that the Americas lead with the largest market share for wearable medical devices chiefly owing to the existence of the large obese and diabetic population. As per 2017, the data suggested by the Centers for disease control and Prevention (CDC) states that nearly 9.4% of the US population was suffering from diabetes. Moreover, the increasing healthcare expenditure and the presence of major market players are, therefore boosting the growth of the digital healthcare market in the region.
While, in 2017, it was estimated that Europe stood second in the global digital healthcare market owing to the cumulative awareness of health and physical fitness along with swelling expenditure on healthcare and rising incidences of chronic diseases.
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