Sellbyville, DE -- (SBWire) -- 10/15/2018 --Digital Health Market size is set to exceed USD 379 billion by 2024; according to a new research report by Global Market Insights.
Increasing demand for remote monitoring services owing to rising incidences of chronic diseases worldwide is a major factor propelling digital health market growth over the forecast period. Remote monitoring uses technology to monitor changes in health of patients suffering from chronic diseases such as Chronic Obstructive Pulmonary Disease (COPD) outside the healthcare settings. Such factors will augment digital health market size.
Presence of favorable government initiatives and funding in various countries for adoption of digitalized systems is set to fuel digital health industry growth over the coming years. For instance, Health Information Technology for Economic and Clinical Health (HITECH) Act, implemented in the U.S. providing USD 20 billion to hospitals and doctors to support their installation of EHRs is expected to fuel business growth in the coming years.
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Tremendous rise in the penetration of smartphones, tablets and other mobile apps among physicians to track and access to medical information will further favor industry expansion. Furthermore, growing adoption of various healthcare IT solutions by healthcare providers to meet the heightened regulatory requirements for patient care and safety will augment digital health industry growth.
Prohibitive cost associated with installations of technologically advanced systems coupled with high threat of data security concerns will hamper digital health business growth.
Electronic health records (EHR) business segment will drive digital health systems market with more than 93% share in 2017. Ability of these systems to exchange health information electronically to provide improved patient care are major factors contributing towards business growth. These systems enable providers to more effectively diagnose patients, reduce medical errors, and provide safer care to patients with better communication will further escalate segmental growth over the coming years.
Telehelathcare business segment is expected to witness 27.7% CAGR over the coming years. Rising geriatric population base, increasing demand for home-based remote monitoring systems, rising incidences of chronic disorders and government initiatives are the some of the key drivers of global telehealth market growth. Telehatlhcare business segment is bifurcated into telecare and telehealth.
Telehealth systems will grow at 33.8% CAGR owing to rapid adoption of LTC monitoring systems. LTC monitoring through telehealth systems leads to reduction in hospitalizations and emergency department (ED) visits, decrease health care costs, improve patient care and patient satisfaction. Such factors will propel overall digital health market size in the forecast timeframe.
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UK digital health market was valued at USD 4.0 billion in 2017. Early adoption of telecare service, large central government programs for telecare and a strong existing base of hardware, increasing prevalence of smartphone and apps will escalate UK digital health market size. UK is an attractive country for app developers, with high levels of digital knowledge and quick adoption, and presence of number of mHealth app companies drives the digital health market in UK.
India digital health market will witness over 33% CAGR during the projection period; due to increasing prevalence of chronic ailments coupled with rising demand for remote patient monitoring services in the country. Favorable government initiatives such as Digital India will augment industry growth over the coming years.
Key notable industry participants in global digital health market include McKesson Corporation, Allscripts Healthcare Solutions Inc., Cisco Systems, Inc., Qualcomm, Philips Healthcare, eClinicalWorks LLC. The industry players resort to new product development along with mergers and acquisitions to grab higher market share in the competitive industry.
Digital Health Market 2018: Exploration on Eminent Players : McKesson Corporation, Koninklijke Philips N.V., at & T, Cerner Corporation, Cisco Systems, Athenahealth Inc.
Digital Health Market size was valued at USD 71.4 billion in 2017 and is expected to witness approximately 28.0% CAGR from 2018 to 2024.