Digital Health Market 2018: Exploration on Eminent Players | AllScripts Healthcare Solutions, Inc., Biotelemetry, Inc., eClinicalWorks, iHealth Lab, Inc., LifeWatch AG, McKesson Corporation, Koninklijke Philips N.V., AT & T, Cerner Corporation, Cisco Syst

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.

Fitbit’s recent partnership with tech behemoth Google to innovate and transform the future of digital health industry, has led to enhanced health outcomes for people around the globe. As a part of the companies’ partnership, Fitbit will use Google’s new open-source tool – Cloud Healthcare API, designed to connect healthcare providers with patient data. Additionally, combining the Fitbit data with Cloud Healthcare API will provide clinicians with a more comprehensive view of the patient profile & data, in turn piloting more personalized care. Analysts deem that the partnership between the two has set a novel benchmark for other prominent players to invest in this business sphere, which is likely to influence digital health market trends in the ensuing years.

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The above-mentioned instance provides evidence that digital health industry has significantly progressed from its first wave of nascent medical applications and is now focusing on bringing advanced technology to make healthcare more efficient and personalized. It is rather overt that healthcare being one of the most dynamically advancing verticals of recent times, has witnessed a plethora of technological interventions that are currently at the pinnacle of success. On these grounds, major companies including Apple, IBM, iHealth Lab, and Cisco Systems have set their eyes on this business sphere, transforming global digital health industry into a dynamic growth ground.

Enumerating yet another vital instance in this space, the Australia digital health industry player Global Health has joined a new initiative to connect sports communities on a global level. The initiative will reportedly allow the athletes to take their medical records with them wherever they plan to move between countries & clubs. Apparently, Global Health has partnered with the Jobs4Sport digital platform, which currently connects agents, rugby union players, coaches and clubs and further plans to expand its reach into basketball, rugby league, AFL, cricket, netball, football, and hockey. According to sources, the players will be provided with their e-medical records via a Lifecard app from Global Health. The company expects to integrate the platform with Google Fit and Apple Health by the end of 2018.

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.

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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.

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.

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