Digital Health Market To Garner US$ 200 Billion By 2026 | CAGR: 23.8%: Coherent Market Insights
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The Global Digital Health Market, by Technology Platform (TeleHealth (Tele Medicine and TeleCare), mHealth, Digital Health Information System (EMR/HER, Clinical Decision Support System, Computerized Physician Order Entry, and Others), Diagnostic and Monitoring Devices, Therapeutic Devices (Digital Medicine, Respiratory Therapy Devices, Insulin Pumps, and Others), and Others), by End User (Business to Consumers and Business to Business), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 85 billion in 2017 and is estimated to exhibit a CAGR of 23.8% over the forecast period (2018-2026).
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The digital health is broad term include different platforms such as tele health, health information system (EHR/EMR), and more recent mHealth platforms and data analytics. Digital health platforms emphasizes on patient centric approach rather than healthcare provider centric approach. Most importantly this platforms aids in accessible health care and affordable with available healthcare labor force. With rising prevalence of chronic disease and need for their effective monitoring digital health platforms proves to be obliging medium.
Moreover, shortage of healthcare providers, globally is a major factor that is expected to drive growth of the digital health market over the forecast period. For instance, according to the World Health Organization factsheet in 2013, there would be shortage of 13 million healthcare professionals by 2025 from 7 million in 2013. Around 83 countries worldwide unable to maintain threshold of 23 skilled health professionals per 10,000 people. Thus, digital health platform could provide solutions to such shortage by promoting tele health platform that would allow remote diagnostic and monitoring facilities to patients.
Additionally, digital health platforms could be advantageous for rural population, where access to health care is limited especially in emerging countries such as India and others. Healthcare gaps in emerging economies from Latin America and Asia pacific would provide positive prospects in digital health market. This is also due to fact that healthcare operations are still paper based with diminished efficiency. Therefore, these emerging economies could be lucrative markets for digital health over the forecast period.
Other factors that are expected to drive growth for the digital health market include rising geriatric population, new technologies in digital health, increasing penetration of smartphones, coupled with increasing number of government funding for health care services, globally.
Browse 75 Market Data Tables and 55 Figures spread through 240 Pages and in-depth TOC on “Digital Health Market – by Technology Platform (TeleHealth (Tele Medicine and TeleCare), mHealth, Digital Health Information System (EMR/HER, Clinical Decision Support System, Computerized Physician Order Entry, and Others), Online Pharmacy, Diagnostic and Monitoring Devices, Therapeutic Devices (Digital Medicine, Respiratory Therapy Devices, Insulin Pumps and Others), and Others), by End User (Business to Consumers and Business to Business), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)– Global forecast to 2026”
To know the latest trends and insights prevalent in the digital health market Press Release, click the link below: https://bit.ly/2N1DJki
Key players are focusing on strategic acquisitions, in order to expand their product offerings and geographic presence, across the globe. For instance, in August 2017, Allscripts acquired McKesson Corporation’s hospital and health system IT business and Enterprise Information Solutions for US$ 185 million in cash. Similarly, GE Healthcare, acquired Monica Healthcare with which company obtained fetal monitor technology, in March 2017. This technology comprises blue tooth connected device that monitors both fetal and maternal heart rate and uterine activity. Furthermore, in May 2018, Allscripts acquired HealthGrid Holding Company. This acquisition would result into expansion of the Allscript’s FollowMyHealth platform, which is the company’s patient engagement solution focused on connecting consumers with providers.
In January 2018, Allscripts acquired Practice Fusion. Practice Fusion offers an affordable cloud-based Electronic Health Record (HER) for small, independent physician practices. Through this acquisition Allscripts is expected to expand its big data insights and health analytics, data sharing technologies, and clinical trial solutions.
Additionally, key players are focused on launching of new innovative digital health platform that would result into better in efficiency in healthcare operations. For instance, Allscripts Healthcare Solutions launched its new electronic health record (EHR) system named Avenel, at the annual Healthcare Information and Management Systems Society (HIMSS) conference at Las Vegas in the U.S., in March 2018. Avenel is a mobile first and cloud-based platform that creates a community-wide shared patient record. It utilizes machine learning to reduce time for clinical documentation and is designed to work like an app instead of traditional software.
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Key Takeaways of the Digital Health Market:
- The global digital health market is expected to exhibit a CAGR of 23.8% over the forecast period, attributed to rising geriatric population, shortage of physician, and increasing penetration of digital technology and smartphones, globally
- Among the technology platform, health information and specifically electronic health record (EHR) segment is expected to account for a largest market share in digital health market over the forecast period. The segment growth is attributed to ease of operation’s EHR offers with data storage and use of same by different healthcare provider especially considering complex management of chronic disease.
- Among technology platform, mHealth is expected to be the second most lucrative segment. This is attributed to increasing penetration of smartphones and tablets, rising digital technology adaptation, and rising health awareness by populace, which would result in higher usage of patient monitoring devices and mobile applications.
- Among end user, business to business segment is estimated to witness significant growth, owing to increasing adoption of health IT platforms such as EHR and large capital investment by hospitals to improve health care service quality, and reach larger patient base.
- Among regions, North America is expected to hold a dominant position in the global digital health market followed by Europe, over the forecast period. This is attributed to increasing prevalence of chronic disease, in the U.S. For instance, according to a study published in American College of Cardiology Journal in 2017, cardiovascular disease accounts for around 800,000 deaths in the U.S. annually. U.S. currently has one of highest per capita expenditure on healthcare amounting US$ 9,146 according to statistics given by World Economic Forum in 2016. This cost could be reduced with help of various platforms such as tele medicine, HER and mHealth.
- Europe having one of largest population above 60 (25% according UN report in 2017) would see high demand for digital health platforms.
- Asia Pacific is expected to be lucrative market in the digital health market, over the forecast period. This is attributed to highest number of death from chronic disease (Over 12 million each year, as per WHO factsheet 2017) this region faces and shortage of proper healthcare infrastructure and healthcare providers. Moreover, the region also high smartphone user base, which is expected to drive growth for mHealth segment over the forecast period.
- Major players operating in the global digital health market include Allscripts Health Solutions, Inc. McKesson Corporation, Cerner Corporation, Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Qualcomm Inc., Truven Health Analytics Athenahealth, Inc., and Cisco Systems
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