LONDON, Feb. 9, 2016 /PRNewswire/ -- The global digital health market accounted for $55,332.5 million value in 2014, and it is expected to grow with a CAGR of 21.4% during 2015 - 2020. Among the various technologies, the digitized health system segment dominated the global digital health market, with 48.2% share in 2014.
The global market of digital health is up surging with a significant rate, due to increasing demand for advanced healthcare information system, and growing investments by HIT players. The technologies, such as electronic health records (EHR), telemedicine, and mHealth, helps in compiling services related to diagnosis, treatment, care, and rehabilitation. They improve communication between patients and healthcare providers, in order to reduce medication errors, and provide better coordinated care. Additionally, the growing need for remote patient monitoring services, increasing demand of mHealth technologies, and increasing support from government organizations are also supporting the growth of this market.
Digital health refers to the use of IT tools and services for delivering better healthcare services. It improves the quality of care through ready access to lab test results, and drug information systems, which alert pharmacists to prevent harmful drug interactions. In addition, it provides more efficient care, as compared to traditional healthcare technologies, through digital diagnostic techniques and patient online services. The technologies, such as EHR, digital diagnostic systems, and wireless technologies, comprises a range of data including patient history, immunization dates, medication, allergies, diagnosis, radiology images, laboratory and tests results, insurance information, and treatment plans. These technologies help to share information with other healthcare organizations and providers, such as medical imaging facilities, emergency facilities, laboratories, clinics, and pharmacies.
The restraints associated with the growth of the global digital health market include privacy and security issues, high capital expenditure and maintenance requirement, and inadequate healthcare infrastructure in developing economies. The growing number of collaboration and partnerships is one of the latest trends observed in the market.
Geographically, North America is expected to maintain its dominance in the market during 2015 - 2020. This is due to improved healthcare infrastructure, increased healthcare spending, and initiatives taken by various government associations for the implementation of digital health technologies in healthcare facilities. In addition, the increasing use of mHealth apps, growing awareness about innovative and advanced applications of medical sensors, and increasing incidences of various chronic diseases are also supporting the growth the digital health market in North America.
Europe is expected to witness marginal growth in this market in the near future. However, the Asian region is expected to witness the highest growth globally, during the forecast period. This is mainly due to growing geriatric population and upsurge in the occurrence rate of different chronic diseases. Additionally, the increased patient demand and increasing life expectancy are likely to increase IT investments in the healthcare industry in the region.
The key companies operating in the global digital health market include AT&T Inc., Cerner Corporation, Cisco Systems Inc., General Electric Company, McKesson Corporation, Koninklijke Philips N.V., Qualcomm Incorporated, eClinicalWorks, Allscripts Healthcare Solutions Inc., athenahealth Inc., Healthland, and Epic Systems Corporation.
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