Digital Health Market Rapid Growth By Leading Players Allscripts Health Solutions, Inc. McKesson Corporation, Cerner Corporation, Siemens Healthineers, GE Healthcare

Digital health integrates advanced technologies that utilizes digital, mobile, and cloud-based platforms to offer better healthcare service to patients. Digital health platforms such as tele medicine, tele care enables health providers to communicate with patients. Digital health synergies right information at the right place at the right time for healthcare provider. Furthermore, digital health utilizes mobile health (mHealth), health information technology (IT), wearable devices, tele health and telemedicine, and personalized medicine. Digital health platform brings the stakeholder in healthcare system such as patients, health care practitioners, researchers, medical device industry firms, and as mobile application developers (mHealth provider) to make healthcare system efficient.

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Various advantage of digital health offers are that it reduce inefficiencies, improve access to healthcare services even to distant location, reduces healthcare costs, increases quality aspect of healthcare and make medicine more personalized and efficient for patients. Digital health platforms such as mHealth makes self-monitoring of health parameters by patient possible and at the same time remote monitoring this parameters by health care provider

The global digital health market size was valued at US$ 85.0 Billion in 2017 and is expected to witness a CAGR of 23.8% over the forecast period (2018–2026).

Increase in aging population, prevalence of chronic diseases and need for continuous monitoring would propel growth for the digital health market

Population across globe is slowly observing growth in median age with higher number of people crossing age bracket of 60 and above. According to the Population Prospects Report of United Nations published in 2017, in 2017, there are an estimated 962 million people aged 60 or over in the world (13 per cent of the global population). The population aged 60 or above is growing at a rate of about 3 per cent per year and it would reach to 1.4 billion by the year 2030. Such high number of aging population would be immensely benefitted with digital health platform such as tele care and tele medicine in which remote diagnosis and remote monitoring is possible.

Increased prevalence of the chronic disease and need for continuous monitoring would be another important driver for positive outlook of the digital health market during the forecast period. According to the World Health Organization data in 2017, around 40 million people die each year due to chronic disease, which accounts for 70% of all deaths globally. Cardiovascular diseases is responsible for 17.7 million death annually, followed by cancers (8.8 million deaths), respiratory diseases (3.9million deaths), and diabetes (1.6 million deaths).

Market Dynamics

Various combinations of factors makes market for digital health a lucrative. Larger number of population crossing age 60 and above worldwide leads to higher requirement of healthcare needs with more emphasis on long term care and chronic disease care. Developed markets such as U.S. and Europe are especially witnessing higher number of population 65 and above. According to the U.S. Census Bureau’s report of 2017, there were 47.8 million people aged 65 years and older in the U.S. in 2015 accounting for 14.9% of the total population, a 1.6 million increase from that in 2014. Europe is currently having highest 65 years and above age population which is 25% of entire population according to the Population Prospect Report of the United Nations published in 2017. Tele Care and Tele Medicine are important digital health platform for this population as they don’t have to take efforts of visiting physician in person. Another important factor for growth of the digital health market would be high technological penetration in the digital health domain. For instance, cloud based electronic medical record which could be shared amongst entire healthcare stakeholders would make entire health operation smooth and efficient.

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Key companies covered as a part of this study include Allscripts Health Solutions, Inc. McKesson Corporation, Cerner Corporation, Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Qualcomm Inc., Proteus Digital Health, Inc., Athenahealth, Inc., Cisco Systems

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