PUNE, India : Infinium Global Research’s recent report on the “Digital health Market (Service (Telehealth, mHealth, Health Analytics and Digital health system), End-User (Clinics, Government Hospitals, Specialty Hospital and General Hospital): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025” provides a comprehensive outline of the factors responsible for the growth of the market. According to the report published by Infinium Global Research, the market is estimated to grow at a CAGR of 14.88% over the forecast period of 2019 to 2025. In addition, the digital health market was valued at USD 135.45 billion in 2018 and it is expected to reach USD 357.13 billion by 2025.
Digital Health Market to Grow with a CAGR of 14.88% over the Period of 2019 To 2025
Digital healthcare is growing, and it is creating a wide range of possibilities for transforming the healthcare industry. The growth of the digital health sector will add further value to patient care across the world. Digital health solutions are being used by patients and healthcare professionals to effectively manage and track healthcare-related activities. The growing demand for telehealth services such as remote patient monitoring is majorly driving the expansion of the market. As digital health offers remote patient monitoring, it assists healthcare professionals to effectively communicate and track their patients over a distant location, boosting the demand for digital health solutions in the industry.
Growing Prevalence of Chronic Diseases to Support the Adoption of Digital Health Solutions
Among the world population, a high prevalence of chronic diseases is being witnessed. Moreover, the complication rates are rising and the incidence of people with multiple chronic conditions is also rapidly increasing. According to The World Health Organization, the share of chronic diseases in the global burden of disease is estimated to increase to nearly 57% in 2020 from 2001. This increase in the prevalence of chronic diseases such as cancers, diabetes, and cardiovascular disorders augment market growth. The majority of these patients have special healthcare requirements and have to visit their physicians or doctors more often. However, digital health offers convenience to such patients. Furthermore, various advancements in technology such as cloud computing, big data and IoT are expected to offer numerous opportunities for the market.
COVID 19 Outbreak to Boost the Acceptance of Digital Health
The concerns over the spread of coronavirus are expected to positively impact the growth of the digital health market. Governments in many countries have put on nationwide lockdowns to impose social distancing in order to contain the pandemic. Currently, as the entire health care system is primarily focused on treating this virus, non-emergency medical visits to hospitals are being revoked during the 2020 COVID-19 outbreak, which has lead to a rise in the number of patients opting for digital health solutions in 2020. During these times, digital health technology is deployed to address the most urgent needs during the pandemic. Thus, patients who need healthcare assistance prefer digital health as they can access it while sitting inside their homes. Furthermore, people with flu-like symptoms can instantly access to digital health platforms to find if they are infected by coronavirus.
Moreover, the digitalization of health data, coupled with the introduction of advanced data mining techniques will further create a wide range of possibilities for automating and improving the tasks that healthcare professionals have traditionally conducted in a qualitative or semi-quantitative way. Thus, benefiting the existing players in digital health service sector over the long term.
Digital Health Systems to Hold the Largest Share in the Global Digital Health Industry
Among the services, the digital health systems generated the highest revenue for digital health. The growing adoption of advanced technologies including EHR and RIS at hospitals is majorly driving the demand for digital health systems. Such technologies help in the medical documentation as well as in the diagnostic activities. This influences the use of digital health systems in healthcare facilities. Moreover, the rise in government support for the digitalization of healthcare systems further propels the growth of the segment.
North America Region to Generate the Highest Revenue in the Global Marketplace
In terms of region, North America generated the largest revenue in the global digital health market. The increasing prevalence of chronic diseases and growing geriatric population are majorly driving the growth of North America. According to the National Center for Chronic Disease Prevention and Health Promotion, 6 in 10 adults in the US suffer from a chronic disease. Such patients need to visit healthcare professionals on a regular basis. In addition, digital health can help patients to easily access healthcare solutions, thus augmenting the demand for digital health. Moreover, the higher internet and technological penetration in the North America will augment the use of digital health in North America.
Digital Health Market to Witness Several Mergers and Acquisitions Over the Forecast Years
The global digital health market is fragmented in nature is characterized by the presence of several companies. The major players in the market include Siemens Healthineers, GE Healthcare, Philips Healthcare, McKesson Corp, and Allscripts Healthcare Solutions Inc. The key players are implementing strategies including product innovation and mergers and acquisitions to consolidate their position in the market. For instance, Allscripts acquired a cloud-based electronic health record platform Practice Fusion, for USD 100 million in 2018. This acquisition is expected to expand the presence of Allscripts across North America and Europe.
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Source: PR Newswire