Digital Health Market to hit $379 Bn by 2024|Top Players: Allscripts, BioTelemetry, Inc., eClinicalWorks, iHealth Labs, LifeWatch Services, Inc.
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.
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Rising developments in healthcare IT along with favourable government regulations has largely encouraged the adoption of various healthcare IT solutions such as electronic medical records, e-prescribing systems, remote patient monitoring, and wearable medical devices. Such factors will boost global digital health market growth.
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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• McKesson Corporation
• Cerner Corporation
• BioTelemetry, Inc.
• iHealth Labs
• LifeWatch Services, Inc.
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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U.S. market accounted for largest share in 2017 owing to increasing prevalence of chronic diseases along with growing geriatric population in the country. Implementation of HITECH Act and HIPAA Act, promoting the use of electronic health data will foster market growth in the country. High technological adoption along with favourable government initiatives such as investment in electronic medical records (EMR) are other factors boosting business growth.
Digital Health Market by Technology
o Activity Monitoring
o Remote Medication Management
o LTC Monitoring
o Video Consultation
o BP Monitor
o Glucose Meter
o Pulse Oximeter
o Sleep Apnea Monitors
o Neurological Monitors
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