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Digital Health Market Worth US$536.6 Bn by 2025; High Adoption of Cloud-based Services to Augment Growth, Says TMR
ALBANY, New York, May 27, 2019 /PRNewswire/ -- The global digital health market will witness high growth, as the competition among the players is expected to increase, observes Transparency Market Research (TMR). Leading players in the market are focusing on integrating advanced technologies to deliver better services to their users. Use of some organic and inorganic activities is will help the players to get a stronger hold in the market and will provide them an upper edge among other players. In case to get a stronger geographical reach, these players are using various other strategies.
According to the TMR's report, analysts have profiled some of the prominent players including Philips Healthcare, Cerner Corp., Truven Health Analytics, GE Healthcare, Qualcomm Inc., Epic Systems Corp., and Cisco Systems Inc. operating in the global digital health market. Strategies adopted along with other crucial decisions made by these players are specified in detail in the report.
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Thanks to the increasing adoption of advanced technologies, the global digital health market is expected to generate a revenue of US$536.6 bn by the end of 2025. In 2016, the market earned US$179.6 bn. The global digital health market is required to augment a healthy 13.4% CAGR over the period of eight years from 2017 to 2025.
North America is the dominant region where the demand for digital health is high due to a favorable environment. Presence of a large number of players and significant efforts made by them are key aggregators augmenting growth in the North America digital health market. Europe is expected to hold the second position in the global digital health market, as more and more efforts are made to develop the healthcare industry in Europe.
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Focusing on digital health components, and the demand for digital health services is high as compared to software and hardware components. Use of digital health services can be used from a distant location and helps in reducing healthcare costs, which has led to an increasing demand in digital health services at a splendid rate.
Increasing Penetration of Smartphones to Influence Positively Growth of Digital Health
Significant rise in chronic diseases such as diabetes, cardiovascular disease, and others has boosted demand for digital health solutions to a keep regular check on patient's health development. Now, healthcare providers also suggest the adoption of digital health, as it helps in providing real-time analysis and better monitoring of the patient's health. Growing prevalence of mhealth, wearable devices, health information technology, telehealth and telemedicine, and personalized medicine is also benefitting growth in the digital health market.
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Technological advancements and virtualization technologies paved a new way for the growth of health care IT. Moreover, increasing use of smartphones and the availability of health apps are triggering demand in the global digital health market. With the growing availability of 3G and 4G network is an add-on that has further enhanced the development of digital health across the globe.
Cyber-Attacks to Challenge Growth in Digital Health Market
Despite the growing demand for digital health, increasing cyber threats and attacks are likely to hamper the growth of wide adoption of digital health. Additionally, the high costs associated with the installation of digital health services and solutions has also posed a great challenge in the growth of this market.
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Although, wide adoption of cloud-based systems by hospitals and health care organization will help in overcoming these restraints and push growth in the global digital health market. Initiatives taken by manufacturers and healthcare authorities to integrate advanced techniques are likely to accelerate growth in the global digital health market.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Digital Health Market (Product - Health Care Information Systems and Wearable Devices; Component - Hardware, Software, and Services; End User - B2C and B2B) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025."
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