Digital Health Market | Key Players - LifeWatch AG, McKesson Corporation, Allscripts Healthcare Solutions Inc., eClinicalWorks LLC, Qualcomm, Cisco Systems and More
Digital Health Market will exceed USD 379 billion by 2024; as per a new research report.
Increasing technological advancements in healthcare information technology will be the primary driving factor for digital health market growth. Rising usage of digital platforms such as electronic health records, software and wearables that significantly reduces healthcare overheads will offer lucrative market growth opportunity in recent years.
Tremendous rise in the usage of tablets, smartphones and digital apps by physicians in the developed countries will act as another growth rendering driver for digital health market growth. For instance, Manhattan Research?s Cybercitizen Health U.S. 2013 study, 95 million people used mobile phones or tools to access medical information leading to cost savings and enhanced care to patients.
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Few of the prominent market players involved in global digital health market are LifeWatch AG, McKesson Corporation, Allscripts Healthcare Solutions Inc., eClinicalWorks LLC, Qualcomm, Cisco Systems, Inc. and Philips Healthcare. The industry participants are engaged in acquisition and collaborations to enhance their market foothold and expand geographic reach.
Surging number of baby boomers suffering from chronic diseases has fueled the demand for remote monitoring services. With the growing trend of remote monitoring, patients can avail high-quality healthcare facilities at the convenience of their residence, saving a large amount of time and money thereby avoiding unnecessary trips to hospitals and healthcare centers. Such factors will further propel digital health market growth in the future.
Digital health systems business segment accounted for 56.8% share in 2017 due to increased penetration of electronic health records (EHRs) and e-prescribing systems in hospitals and super specialty clinics to improve the quality of care offered to patients. In addition, strong support from government to increase adoption of EHR along with favorable reimbursement policies in the U.S. will stimulate digital health systems segmental growth over the forecast timeframe.
mHealth business segment is expected to grow at 37.7% CAGR over the forecast period owing to growing adoption of healthcare related apps for better management of several chronic diseases. Increasing awareness for self-patient monitoring will boost adoption of wearables thereby fueling segmental growth.
U.S. digital health market accounted for largest share in 2017 and is forecasted to grow at a 26.8% CAGR over the projected period. Rapidly advanced technologies are being widely accepted and adopted across U.S. Moreover, favorable government support for increasing the penetration of electronic medical records will further foster regional growth.
China digital health market is estimated to grow at a CAGR of 34.1% over the forecast period. Initiatives taken by the Chinese government to support eHealth to address long-standing inefficiencies and unmet needs for the health care system in country will favor digital health industry growth.
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