The global digital health market to gain traction in the coming years owning to the rapid development in global healthcare infrastructure, and increasing governments efforts for promoting digitalization in healthcare industry.
The recent trend of healthcare digitization is empowering the better track of healthcare industry by improving and managing one’s health data to support better living of the population. Digital health also helps in reducing inefficiencies in healthcare delivery, reduces cost, improved access, and rise in the market of personalized and precise medicine. The broad scope of digital healthcare covers Mobile Healthcare (mHealth), healthcare information technology (IT), wearable devices, telehealth and telemedicine, and personalized medicine. Also, the devices have the ability to connect and communicate with other devices or systems, and changing business strategies of the companies that has shifted to B2B model to promote the digital health market. Similarly, broad category in healthcare industry market also focuses on providing solutions and in the space to reduce the documentation workload and allow for streamlining the collected data of the patient. The digital health industry is fostering collaborations and enhancing outreach of digital health to the customers.
Rapid growth in healthcare IT infrastructure combined with the increasing demand for data synchronization for proper treatment of patients to boost global digital health market.
The global digital health market is primarily driven by rising government initiative for developing the healthcare systems by using information technology. Additionally, rising healthcare IT expenditure by the local governments, increasing number of chronic diseases, and need for improved access for the health data across the globe to positively influence the market growth. Also, need for improving healthcare quality in the developing countries with the help of technologically advanced systems such as EHR, and EMR to boost the market growth during the forecast period. In addition, the increased adoption of systems the increase in the number of mobile health technologies for remote patient monitoring, that helps in cost cutting and improving healthcare quality to stimulate the market growth.
Furthermore, reducing number of government regulations for the approval of various medical devices, and rising funding by the private investors which shows immense opportunities in the market to fuel the industry growth. Moreover, rising need to control number of deaths due to medical error globally also drives the market.
However, high cost of implementation of this systems in the hospitals, and issues regarding patient’s data safety to impede the market of digital health market in the near future.
The global digital health market is segmented on the basis of technology and geography.
On the basis of technology type, digital health market is segmented into:
Geographically, the global digital health market to be segmented as North America, Europe, Asia Pacific, Latin America & Middle East and Africa. North America is expected to dominate the digital health market over the forecast period. North America holds major share owning to the ongoing investments by the major players and the government for developing new technologies, increasing number chronic diseases in this region. While, rising awareness for the use of health cards that contains entire health data would also spur the digital health market of North America.
However, Asia Pacific is likely to offer lucrative opportunity owning to the changing healthcare infrastructure, rising focus of key players on this region, and increasing health conscious population.