Rise in Prevalence of Chronic Diseases to Help Digital Health Market Gain Valuation of US$ 1.2 Trn by 2028, States TMR Report
- Increase in use of digital health products by insurance companies and hospitals is fueling sales prospects in the global digital health market
- Collaboration between IT companies and researchers & innovators is projected to help gain proficiency in early detection of mental disorders and reduce requirements of surgical interventions
02 Feb, 2022, 09:30 ET
ALBANY, N.Y., Feb. 2, 2022 /PRNewswire/ -- The global digital health market is estimated to expand at a CAGR of 18.3% during the forecast period from 2021 to 2028, according to a study by Transparency Market Research (TMR).
Advancements in certain segments of the healthcare industry, including electronic health records (EHRs) are projected to favor the growth of the global digital health market in the upcoming years. Several IT companies are collaborating with research & industrial systems engineering organizations in order to introduce technological advancements in EHR systems. Furthermore, government authorities of many countries around the world are incentivizing different IT firms that are working to advance EHRs.
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Health insurance companies are required to provide health data to their customers at the start of the year. As a result, they are increasing the use of EHR systems, which, in turn, is driving the global digital health market. Moreover, many companies operating in the global market are focusing on the development of highly advanced EHR mobile apps, which can be easily used by insured persons to access their health data.
Major players in the global digital health market are engaged in development, regulatory approvals, and launch of technologically advanced products. Moreover, several companies are using strategies of collaborative agreements and acquisitions in order to maintain their leading position in the global digital health market.
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Digital Health Market: Key Findings
- Players in the digital health market are focusing on the use of medical deep learning techniques in order to foresee potential risks of Parkinson's disease and dementia in people. Besides, several new entrants are increasing focus on the medical artificial intelligence (AI) to diagnose potential disease patterns in patients.
- Many healthcare organizations are collaborating with researchers in order to work on projects that are focused on the use of medical AI to study non-invasive connections between different parts of the human brain and identify mental disorders at early stage
- Mental health doctors are depending on key data from wearable devices while studying illness of a patient. This factor is creating sizable revenue streams for enterprises operating in the global digital health market.
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Digital Health Market: Growth Boosters
- Surge in cases of cardiovascular diseases, diabetes, and other chronic disorders is offering promising business prospects in the global digital health market
- Rising trend of paid video consultations using latest technologies such as telemedicine is creating lucrative prospects in the global digital health market
Digital Health Market: Regional Analysis
- The market is prognosticated to gain sizable business opportunities in North America and Europe, owing to many factors such as rise in investments in the digital health market through merger & acquisitions, funding, and government funding. Moreover, technological advancements in these regions are anticipated to play a key role in market growth in these regions.
- The Asia Pacific digital health market is expected to observe promising growth avenues during the forecast period, owing to rise in adoption of digital health products in many developing countries such as Australia, India, and New Zealand along with increase in penetration of Internet and smartphones in the region
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Digital Health Market: Key Players
Some of the key players profiled in the report are:
- Cerner Corporation
- Agfa-Gevaert N.V.
- McKesson Corporation
- Allscripts Healthcare Solutions, Inc.
- GE Healthcare
- Philips Healthcare
- Epic Systems Corporation
- Siemens Healthineers
- Alphabet, Inc.
- Truven Health Analytics (an IBM Company)
- Qualcomm, Inc.
Digital Health Market Segmentation
- Healthcare Information Systems
- Wearable Devices
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
mHealth Market: The global mHealth market is expected to witness massive growth rate in the coming years of the forecast period. For one, the outbreak of the COVID-19 pandemic has become a catalyst for the development of the global market. In last few years, digitalization has been a key factor of innovation across almost all industries, particularly in the healthcare segment.
Health Care Information Systems Market: The healthcare information systems market has progressed from being in a nascent phase in the 80s to a thriving market in recent years due to quicker adoption rates of healthcare information systems and demand for them from large as well as smaller health care organizations. Digitization of health care records has created a far more informed, innovative, and personalized care paradigm.
Healthcare Informatics Market: Companies in the healthcare informatics market are focusing on AI-enabled platforms and robust genomic sequencing capabilities to advance clinical research and personalized patient care. Unique clinical insights from a pool of vast database can contribute to innovative solutions in cancer care.
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