ALBANY, New York, November 14, 2018 /PRNewswire/ --
According to analyst from TMR, the global digital health market is expected to grow at a robust CAGR of 13.40% within the forecast period from 2017 to 2025. In 2016, the market was estimated to be of worth US$179.6 bn, which is foreseen to reach around worth of US$536.6 bn by 2025.
Advancement in Technology in Healthcare It to Support Market Growth
The global digital health market is picking up pace from the rising number of government activities to bring issues to light among caregivers as well as the patients. Going ahead, the market is foreseen to profit by the rising investment of IT in the healthcare and medical segment in the coming years.
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Increasing technological advancements in healthcare information technology, for example, cloud-based capacity framework and rising popularity of tablets and cell phones by healthcare experts to monitor and track patient's health and history are main considerations fueling market development.
Rising advancements in healthcare IT alongside better government regulations has to a great extent stimulated the selection of different healthcare IT arrangements, for example, e-prescribing systems, electronic medical records, wearable medical devices, and remote patient monitoring. Such factors will help in growth of global digital health market.
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High Capital Expenses to Hamper Market Growth
Increasing capital funding by the firms, along with corporate firm capital and private equity in health IT industry is estimated to heighten the market development in the span of coming years. Nevertheless, rising security concerns for patient information, for example, cyber security risks including uncoordinated attempts to increase unapproved access to information technology frameworks is anticipated to upset digital health market development in the forthcoming years. High capital cost needed for establishments of technologically driven systems additionally hamper digital health industry development.
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On the basis of component, the global digital health market is classified as hardware, software, and services. Among these, the demand for digital health services is more than other digital health segments, and is expected to lead the market in future as well. Geographically, North America region is likely to dominate the global digital health market, due to emergence of improved healthcare and medical infrastructure. Oher factors such as rising collaborations between the companies presence of various players in the region are also responsible for the growth in the region. These factors are likely to maintain the lead of the market in coming years as well.
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According to a research report by Transparency Market Research (TMR), the global market for digital health is expected to project a strong competitive landscape. Some of the leading players in the global digital health market are Allscripts Healthcare Solutions Inc., Agfa-Gevaert N.V., Cerner Corp., GE Healthcare, McKesson Corp., Philips Healthcare, and Epic Systems Corp., to name a few. The key players are working on improving their consumer base in various regions and globally as well. These players are foreseen to indulge in various growth strategies such as mergers and acquisitions, collaboration, tie-ups and so on. This is likely to provide them a competitive edge over other companies in the global market. These strategies are useful in order to expand the firm's global reach as well.
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The review is based on the findings of a report by Transparency Market Research, 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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