Digital Health Market Overview
The global digital health market is estimated to acquire USD 3,28,887.8 million at a healthy CAGR of over 26.30% during the assessment era, says Market Research Future (MRFR).
The global market for digital healthcare has registered a massive spike in the growth rate in the last few years. The market’s growth is credited to the regulatory obligations, the assistance provided to maintain patients’ electronic health records, increased use of EHR and EMR systems, and rising usage of big data in the healthcare sector. In addition, increased investment for various mHealth firms and the growing trend of preventative healthcare is also projected to catalyze the market’s growth over the coming years. However, the need for maintenance, need for substantial capital expenditure, and growing security concerns in terms of patient data are likely to restrict the market’s growth.
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Digital health market Segment Analysis
The global digital health market has been segregated into various segments based on technology, delivery mode, application, component, and region.
Based on technology, the global market for digital healthcare is divided into healthcare analytics, mHealth, Telehealthcare, digital health systems, and others.
Based on application, the global market for digital healthcare is split into oncology, neurology, cardiology, sleep apnea, diabetes, and others.
The global market for digital healthcare is divided into cloud-based and on-premises based on delivery mode.
The digital health market is split into hardware, services, and software based on components.
The digital health market is divided into pharmaceutical companies, healthcare payers, healthcare providers, and others based on end-user.
Digital health market Regional Analysis
The global market for digital healthcare is studied across five major regions, including the Middle East & Africa, Latin America, Europe, the Americas, and the Asia-Pacific.
The MRFR report suggests that the American region will likely secure the top position in the global digital health market over the assessment era. The regional market’s growth is primarily credited to the significant adoption rate of healthcare information technology and healthcare spending. The US is the leading growth contributor across the region owing to the considerable spending on healthcare and the growing need to curb these high expenses.
The European region will likely secure the second position in the global digital health market over the forecasted era. The regional market’s growth is mainly credited to the significant pressure to cut healthcare costs across the region. In addition, the factors such as the growth in technological innovations and continuous efforts by the players to enhance their existing solutions and services are also anticipated to impact the market’s growth over the assessment era positively.
The digital health market for the Asia-Pacific region is anticipated to register the highest CAGR over the forecasted timeframe. The regional market’s growth is mainly credited to the rapid improvement in the healthcare infrastructure across the region. Furthermore, the factors such as the soaring pool of healthcare IT vendors, increase in funded research & development centers, increase in financial aid by the government, presence of renowned firms, and continuous reforms to deal with the inadequate healthcare infrastructure are also projected to impact the regional market’s growth positively.
Digital health market Competitive Analysis
The global market for digital healthcare has an incredibly strong competitive landscape. The market players concentrate on research & development activities to launch innovative systems. The global digital health market has prominent leaders such as General Electric Company (US), Koninklijke Philips NV (The Netherlands), Cerner Corporation (US), Allscripts Healthcare LLC (US), Qualcomm Technologies Inc. (US), EClinicalWorks (US), AT&T Inc. (US), McKesson Corporation (US), Cisco Systems Inc (US), BioTelemetry Inc. (US), iHealth Lab Inc. (US), Athenahealth Inc. (US), and several others.
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Recent Developments
March 2022- GE Healthcare is expanding its business in healthcare by introducing its new Edison platform for healthcare organizations. The Edison Digital Health Platform accumulates applications and patient data from various sources and incorporates them with current clinical workflows for easy provider access. The platform also comprises a “cohort manager” tool to enable providers to query a wealth of data and draw outpatient cohorts for analytics.
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