Rising Investment in Healthcare Information System aids the Expansion of Digital Health Market
Digital health is technology-enabled care that involves the convergence of digital media, health technology, and mobile devices. It is designed to help patients, care givers, and healthcare professionals access relevant data easily and improve the quality of both social and health care. Digital health is gaining impetus since it provides cost-effective solutions at a time when the demand for healthcare services is persistently increasing.
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The rising aging population, increasing price of advanced treatments, and shrinking healthcare expenses by governments have impelled healthcare providers to look for complementing solutions to sustain future social and health care systems. Opportunities for deploying mobile technology in a healthcare set-up have significantly increased in the last few years. The proliferation of smart devices and smartphones has played a crucial role in propagating digital health. Notable developments in bio-sensing wearables such as glucose, blood pressure, and diabetes monitors are further expected to augment the interest in digital health.
Digital health enables access to real-time health care data. Furthermore smartphones and wearable medical devices integrating an increasing range of sensors to facilitate monitoring changes in physiology. Therefore, the applicability of digital health is expected to surge extraordinarily in the near future.
The report presents a granular analysis of the global digital health market, studying the various aspects influencing the market’s trajectory between 2016 and 2023. Factors aiding and inhibiting the growth of the market have been analyzed in detail. The report also presents insights into the strategies adopted by various companies operating in the market.
Global Digital Health Market: Key Opportunities and Threats
Digital health refers to a system or solution that delivers effective health care solutions using IT tools and products. It is possible to provide better and more efficient care compared to traditional healthcare via patient online services and digital diagnostic techniques. Latest digital health technologies such as electronic health records (EHR), wireless technologies, and digital diagnostic systems encompass data such as patient history, medication, allergies, immunization dates, radiology images, diagnosis, laboratory and tests results, treatment plans, and insurance information.
The global digital health market is exhibiting robust growth due to the increasing demand for advanced information systems in the health care industry. Favorable policies by governments and the rising investment by players in the healthcare information system (HIT) have also been aiding the expansion of the digital health market. Additionally, the market is also gaining impetus from the growing demand for remote monitoring services in response to the proliferation of home healthcare services.
On the flip side, certain restraints often associated with the global digital health market include high capital expenditure, privacy and security issues, expenditure incurred on maintenance requirement, and inadequate infrastructure of the healthcare industry in developing countries.
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Global Digital Health Market: Regional Outlook
Regionally, North America dominates the global digital health market and is expected to maintain its dominance through the forecast period. This exponential surge witnessed by the regional market is aided by the developed healthcare infrastructure, increased healthcare spending, and the increasing incidence of chronic illnesses in the region.
The digital health market is also witnessing attractive opportunities in Europe. The European market is primarily aided by the increasing geriatric population, rising prevalence of chronic ailments, and technological advancements introduced in the HIT. However, during the forecast period, the Asia Pacific digital health market is expected to report growth at highest rate. The increasing investment in healthcare and IT will support the growth of the digital health market in Asia Pacific.
Global Digital Health Market: Competitive Insight
To present insights into the competition prevailing in the market, the report also profiles companies such as General Electric Company, AT&T Inc., McKesson Corporation, Cisco Systems Inc., and others.