Digital Health Market Future Trends and Scope Analysis By 2025
Technology-enabled care that comprises a conjunction of health technology, digital media, and mobile devices is known as digital health. It provides easy access to relevant data and improves the quality of both health and social care, thereby assisting care givers, patients, and healthcare professionals. As the demand for healthcare services is persistently increasing, digital health comes as a sign of relief, offering cost-effective solutions.
Digital health is a multi-disciplinary field, which includes social sciences, engineering, clinicians, scientists, and researchers with an extensive range of expertise in healthcare, health economics and management, and public health.
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Global Digital Health Market: Key Trends
There are various factors attributing to the growth of the global digital health market such as increased investments, growing demand for remote patient monitoring services, and favorable government initiatives. Advent of healthcare IT, coupled with developing penetration of tablets, smartphones, and other mobile platforms, will supplement the market growth. In addition, advancements in bio-sensing wearables such as blood pressure, glucose, and diabetes monitors are anticipated to make the global digital health industry a lucrative one.
However, security and privacy issues, high capital expenditure incurred on maintenance requirement, and lack of infrastructure for the healthcare industry are expected to act as a hindrance for the global digital health market.
Global Digital Health Market: Market Potential
With advent of technology, the digital health market is growing manifold. New inventions are taking place in regular intervals, boosting the demand for digital health and attracting manufacturers to this lucrative market.
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Recently, the makers of a touchscreen insulin pump, Tandem Diabetes Care, introduced their first remote software update. Users of the t:slim Insulin Pump will now be able to use their personal computer to update their device. Once approved by the FDA, the Tandem Device Updater will ultimately facilitate updates, such as those that allow integration between devices.
Onduo, a joint venture firm will start developing ways to aid diabetics to make better decisions about their use of drugs and their lifestyle habits. Onduo also plans to help those who are at risk of developing diabetes.
HomeCare Connect, a Florida-based home healthcare company, concentrates on supporting home health for injured employees on worker’s compensation. HomeCare Connect Tele-Connect is a new app for tablets, smartphones, or computers that can connect healthcare specialists and caregivers with injured employees. The services can be obtained without shelling a dollar.
Global Digital Health Market: Regional Outlook
Due to increasing prevalence of chronic diseases, implementation of the Health Information Technology for Economic and Clinical Health (HITECH) Act and the Health Insurance Portability and Accountability (HIPAA) Act, and escalating geriatric population are the key drivers for the growth of the U.S digital health market. It is expected to register strong growth during the forecast period.
The growing digital healthcare industry in Germany is projected to hold a large share in the market over the said period. The regional growth can be attributed to increasing smartphone penetration, rapid technological innovation, national usage of eHealth cards, and encouraging regulations regarding eHealth.
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Extensive adoption of new technologies such as mobile devices and government initiatives to encourage eHealth to address unmet healthcare needs will provide a much needed impetus to the China digital health market.
Global Digital Health Market: Competitive Analysis
Due to the inclusion of local small players, large corporations, and startups, the global digital health market size is fragmented in nature. Some of the leading players operating in the market are Athenahealth, McKesson Corporation, Qualcomm, LifeWatch, AT & T, Cerner Corporation, Philips Healthcare, Cisco Systems, iHealth Lab, and eClinicalWorks. The global digital health market is expected to be dominated by prominent industry giants for their brand recognition, financial stability, and exceptional after-sales service.
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