Digital health provides efficient care through patient online services and digital diagnostic techniques. A digital diagnostic system, wireless technologies, and electronic health records are some of the digital health technologies which include a variety of data such as medication, patient history, treatment plans, radiology images, allergies, laboratory and test results, and diagnosis. The global digital health market is growing at a significant rate, due to Escalating penetration of smartphone and tablet users, and mounting occurrence of chronic and lifestyle associated diseases such as cardiovascular diseases.
Different technologies such as mhealth, electronic health record (EHR), healthcare analytics, and telemedicine contributed to the digital health market size. The market has witnessed a high demand for mhealth in the coming years due to mounting alertness about advanced applications and government schemes for the employment of mhealth technology.
Insight by Technology
On the basis of technology, the market is subdivided into mhealth, electronic health record (EHR), healthcare analytics, and telemedicine. Of all technologies, mhealth segment accounted the largest share in the market, due to mounting alertness about technologically advanced applications such as wearables and apps to monitor the health of the patient, and government schemes for the employment of mhealth technology.
The EHR is further subdivided into on-premise and web/cloud–based. In addition, telemedicine is further subdivided into teletraining, teleconsulting, tele-education, telemonitoring and others. Among all telemedicine segments, telemonitoring segment is expected to grow at the fastest rate in the telemedicine market due to escalating occurrence of chronic and lifestyle associated diseases, and the mounting need for remote patient monitoring services in developing countries.
Moreover, healthcare analytics are further subdivided into predictive, prescription, and description. In addition, mhealth is further subdivided into services, mhealth apps, and connected devices. Among all mhealth segments, connected devices accounted the largest share in the market.
Insight by End User
The different end users of the market are hospitals, clinics, and individual. Among all end users, the individual is expected to grow at the fastest rate in the digital health market.
Innovative application of cloud computing in digital health is the trend in the digital health market.
Escalating penetration of smartphone and tablet users, refining healthcare IT infrastructure, expanding the geriatric population, enlarging acceptance of patient-centric EHR system, innovative application of mhealth technologies, mounting financing by healthcare information technology players, and escalating need of remote patient monitoring services are the primary growth drivers for digital health market.
The mounting occurrence of chronic and lifestyle associated diseases such as cardiovascular disorders, government support for digital health solution, amplifying requirement for a progressive and innovative healthcare information system, and escalating acceptance of cloud-based system are also facilitating the growth for the digital health market.
Huge capital investment, strict regulatory norms, threats associated with security and data privacy, and lack of healthcare infrastructure are the major challenges for the growth of the digital health market.
Globally, the manufacturing companies trying to enter the digital health market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest digital health market as in the region the occurrence of chronic and lifestyle associated diseases is increasing, and favorable government initiatives. In addition, escalating healthcare expenditure, mounting usage of mHealth apps, growing awareness about innovative and advanced applications of medical sensors, elevated technological adoption, and expanding geriatric population are also up surging growth of the North American digital health market.
Asia-Pacific is observed to witness the fastest growth in the market, due to expanding the geriatric population, and refining healthcare IT infrastructure. In addition, mounting healthcare expenditure, upsurge IT investments in the healthcare industry, augmented government funding, and escalating occurrence of chronic and lifestyle associated diseases are also creating a positive impact on the digital health market growth in the region.
Key players in the digital health market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In January 2016, AT&T signed an agreement with YOFiMeter to enable people with diabetes to wirelessly transmit their blood sugar levels. Qualcomm Incorporated, athenahealth Inc., Cisco Systems Inc., Cerner Corporation, McKesson Corporation, Koninklijke Philips N.V., eClinicalWorks LLC, AT&T Inc., Allscripts Healthcare Solutions Inc., Epic Systems Corporation, and General Electric Company are the key players offering digital health.