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The global digital health market size is expected to witness considerable growth owing to the increasing patient population and the growing utilization of advanced devices in healthcare processes in order to improve efficiency.
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 the healthcare domain across all countries. The Global Digital Health Index is expected to empower health ministries across all governments, investors and policymakers 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 global digital health market growth during the forecast period.
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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 barriers to the digital health market share.
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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.
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 the 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 the 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 share.
The Asia Pacific holds huge potential for the global 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 the diagnosis & treatment process, also a shortage of healthcare workforce in the emerging nation is expected to boost the demand for the global digital health market during the forecast period.