Industries / Healthcare / Digital Health Market

Digital Health Market REPORT OVERVIEW

In May 2018, a group of major governments across the globe launched a new concept, Global Digital Health Index, at World Health Assembly with the aim to track, monitor and to evaluate the use of digital technology in healthcare domain across all countries. The Global Digital Health Index is expected to empower health ministries across all governments, investors and policy makers to take strategic decisions in order to improve digital health in that particular nation.

Digital health is the integration of information systems and healthcare processes in order to improve patient experience, disease management and improve quality of life. Digital health focuses on improving patient care and health by the convergence of information, advanced connectivity, and technology. Programs initiated by government authorities are expected to fuel the growth of the global digital health market during the forecast period. 

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The Global Digital Health Market is expected to witness considerable growth owing to increasing patient population and growing utilization of advanced devices in healthcare processes in order to improve efficiency. 

Certain factors such as lack of network infrastructure in emerging nations as well as lack of standard policies are expected to restrain the growth of the global digital health market during the forecast period. Moreover, the reluctance of major population in emerging nations to utilize healthcare devices may offer considerable barrier for the growth of the global digital health market.               

Key Players Covered 

Some of the major companies that are present in the global digital health market are Medtronic, GENERAL ELECTRIC COMPANY, Cerner Corporation, McKesson Corporation, Infor, Allscripts, athenahealth, Inc., Diabetizer GmbH & Co. KG, Cognizant, Dimensional Insight, Inc., Siemens AG, Qualcomm Life, 3M, IBM Corporation, Inc., Microsoft, Koninklijke Philips N.V., NVIDIA Corporation, Next IT Corp., Change Healthcare, AgaMatrix, Inc., LifeWatch, Nike Inc. and others. 

 SEGMENTATION

Among the segmentation, wearable technology in the technology segment is expected to register comparatively higher CAGR owing to the rapidly growing adoption of wearable devices due to one-touch information and higher patient convenience. 

Key Insights 

• Key mergers and acquisitions
• Key performance indicators
• Key strategies of leading market players
• Technological advancements 

Regional Analysis 

North America is projected to hold a leading share in the global digital health market owing to a rising emphasis on self-care and increasing technology adoption in order to get required information at a single point of contact. Moreover, certain advantages offered by digital health such as effective remote patient monitoring, real-time solutions by mobile applications, timely tracking of health conditions and reduction in communication gap between patients and physicians are some of the responsible factors which offer strong support for the growth of the global digital health market. The Asia Pacific holds huge potential for global digital health market owing to the rise in geriatric population and ease of disease treatment due to the assistance of digital health. The growing emphasis on technological advancements in diagnosis & treatment process, also a shortage of healthcare workforce in the emerging nation is expected to boost the demand for global digital health market during the forecast period. 

Key Industry Developments

• In April 2018, Commonwealth Medical Association launched Commonwealth Center for Digital Health for promoting digital health in commonwealth nations.
• In October 2018, The collaboration of Hifinite and Indie Health announced the prosed plan to launch hiCare 3.0 telehealth and remote monitoring platform at Connected Healthcare Conference.
• In March 2019, TriNetX, data analysis company in clinical trials raised an estimated US$ 40 Mn with an aim to expand the company’s operations across Asia Pacific region.