Digital Health Market Expected to Expand at a Steady CAGR through 2025
Impact of digital technology among end-user verticals such as public, retail, banking, financial service and insurance (BFSI) and Manufacturing sectors is phenomenal, but it is becoming a game changer technology in healthcare sector with increasing dependency of end-user on digital health platform. These platforms are being increasingly implemented to perform remote monitoring for chronic disease and to access electronic medical and personal health record through broadband and mobile. Increasing demand for m-health (mobile health) with innovative mobile applications and solutions is expected to catalyze the growth of digital health market across globe.
Digital Health Market Segmentation
On the basis of platform, the global digital health market can be segmented as m-Health, telehealth, wireless health, electronic media record and other. Among all the aforementioned platforms wireless health platform segment is dominating the market at present and is expected to remain dominant during the forecast period from 2015 to 2020. Moreover, electronic medical record segment is projected to occupy the second largest share. However, the m-Health segment is likely to exhibit the fastest CAGR over the forecast period. The global digital health market can be segmented based on application, which includes healthcare amenities, e-prescription, home care and remote monitoring & consultancy application. The global digital health market is further segmented based on end-user including hospital & nursing home, physician, healthcare worker and individual. Of all the end-user segments, hospital & nursing home is anticipated to be the largest end-user segment over the forecast period.
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Digital Health Market: Region-wise Outlook
The globaldigital health market is expected to witness a healthy CAGR through 2025 due to growing awareness concerning health across the globe. Regionally, the digital health market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan and Middle East & Africa (MEA). Globally, among all the regions, North America is expected to account for the highest share followed by Western Europe over the projected period. US is expected to be the dominant market for digital health in the North America region.
Digital Health Market: Drivers
Rising awareness concerning health, supplemented by growing adoption of smart-phone and tablet are expected to drive the digital health market growth between 2015 and 2020. Moreover, growing penetration of 3G and 4G network and increasing application area is supporting the growth of global digital health market growth. However, stringent regulatory norms in the United States and threat associated with data privacy and security are restricting the growth of global digital health market.
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Digital Health Market: Key Players
The key players operating in the global digital health market includes AT&T Inc., Apple Inc., AirStrip Technologies LP, Alcatel-Lucent Corporation, Cerner Corporation, Symantec Corporation, Aruba Networks, Inc., Cisco Systems, Inc., Qualcomm, Inc., Siemens Healthcare and Philips Healthcare. Major players in the market follow the strategy of introducing innovative and cost effective solution to buy out competition. In addition, strategic partnership, collaborations and joint ventures are the other major strategies followed by the digital health solution provider to outperform competitors.
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