Digital Health enables Access to Real-Time Healthcare Data using IT Tools and Products

Digital health refers to a system or solution that delivers effective health care solutions using IT tools and products. It is possible to provide better and more efficient care compared to traditional healthcare via patient online services and digital diagnostic techniques. The rise of digital health has been facilitated by modern disruptive technologies that have made it possible to combine health technology, digital media, and mobile devices to aid in better treatment. Digital health aids caregivers, patients, and healthcare professionals, by giving them access to relevant data required for better decision-making. It is gaining traction fast, as it is cost-effective, time saving, and accurate. Some of the main factors that led to the growth of its market are expensive advanced treatments, burgeoning elderly population, and shrinking healthcare budgets of governments. Confronted with such challenges, healthcare providers turned to new age technologies for quick and efficient solution.

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A huge number of smart-phone toting patients these days are increasingly using some form a wearable health tech that monitors glucose, diabetes, and blood pressure. The data gathered and processed by such devices is a veritable treasure trove for healthcare professionals who can utilize it to quickly diagnose a medical situation. There are, however, a couple of factors hobbling market growth. They include high capital expenditure, maintenance expenditure, privacy and security issues, and inadequate healthcare infrastructure in developing countries.

The report segments the digital health market on the basis of geography into Latin America, comprised of Brazil, Chile, Mexico, Peru, and others; Asia Pacific, comprised of Japan, China, India, ASEAN, New Zealand, and Australia; North America, comprised of Canada and U.S.; Eastern Europe, comprised of Russia and Poland; Western Europe, comprised of France, Germany, U.K., Spain, Italy, Belgium, Nordic countries, Luxembourg, and the Netherlands; and Middle East and Africa, comprised of Southern Africa, North Africa, and GCC.

Currently, North America is the leading market for global digital health on account of developed healthcare infrastructure, rising incidence of chronic diseases, and large healthcare budget. It is predicted to maintain its dominant position in the forecast period from 2016 to 2023. Europe too is proving to be an attractive market for digital health due to the prevalence of chronic ailments, increasing geriatric population, and technological advancements. The Asia Pacific market, however, is slated to witness maximum growth because of high investment in healthcare and IT. Some of the key players discussed in the report are AT&T Inc., General Electric Company, Cisco Systems Inc., and McKesson Corporation.

Aggregate Investing in Digital Health Surpassed that in Traditional Healthcare and Medical Devices

Global Digital Health Market: Overview

Digital health is technology-enabled care that involves the convergence of digital media, health technology, and mobile devices. It is designed to help patients, care givers, and healthcare professionals access relevant data easily and improve the quality of both social and health care. Digital health is gaining impetus since it provides cost-effective solutions at a time when the demand for healthcare services is persistently increasing.

Digital Health Market Trends:

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The rising aging population, increasing price of advanced treatments, and shrinking healthcare expenses by governments have impelled healthcare providers to look for complementing solutions to sustain future social and health care systems. Opportunities for deploying mobile technology in a healthcare set-up have significantly increased in the last few years. The proliferation of smart devices and smartphones has played a crucial role in propagating digital health. Notable developments in bio-sensing wearables such as glucose, blood pressure, and diabetes monitors are further expected to augment the interest in digital health.

Digital health enables access to real-time health care data. Furthermore smartphones and wearable medical devices integrating an increasing range of sensors to facilitate monitoring changes in physiology. Therefore, the applicability of digital health is expected to surge extraordinarily in the near future.

The report presents a granular analysis of the global digital health market, studying the various aspects influencing the market’s trajectory between 2016 and 2023. Factors aiding and inhibiting the growth of the market have been analyzed in detail. The report also presents insights into the strategies adopted by various companies operating in the market.

Global Digital Health Market: Key Opportunities and Threats

Digital health refers to a system or solution that delivers effective health care solutions using IT tools and products. It is possible to provide better and more efficient care compared to traditional healthcare via patient online services and digital diagnostic techniques. Latest digital health technologies such as electronic health records (EHR), wireless technologies, and digital diagnostic systems encompass data such as patient history, medication, allergies, immunization dates, radiology images, diagnosis, laboratory and tests results, treatment plans, and insurance information.

The global digital health market is exhibiting robust growth due to the increasing demand for advanced information systems in the health care industry. Favorable policies by governments and the rising investment by players in the healthcare information system (HIT) have also been aiding the expansion of the digital health market. Additionally, the market is also gaining impetus from the growing demand for remote monitoring services in response to the proliferation of home healthcare services.

On the flip side, certain restraints often associated with the global digital health market include high capital expenditure, privacy and security issues, expenditure incurred on maintenance requirement, and inadequate infrastructure of the healthcare industry in developing countries.

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Global Digital Health Market: Regional Outlook

Regionally, North America dominates the global digital health market and is expected to maintain its dominance through the forecast period. This exponential surge witnessed by the regional market is aided by the developed healthcare infrastructure, increased healthcare spending, and the increasing incidence of chronic illnesses in the region.

The digital health market is also witnessing attractive opportunities in Europe. The European market is primarily aided by the increasing geriatric population, rising prevalence of chronic ailments, and technological advancements introduced in the HIT. However, during the forecast period, the Asia Pacific digital health market is expected to report growth at highest rate. The increasing investment in healthcare and IT will support the growth of the digital health market in Asia Pacific.

Global Digital Health Market: Competitive Insight

 To present insights into the competition prevailing in the market, the report also profiles companies such as General Electric Company, AT&T Inc., McKesson Corporation, Cisco Systems Inc., and others.