Global Digital Health Market: Snapshot
The market for digital health is gaining remarkable momentum across the world, thanks to the surge in the prevalence of diabetes and various other chronic diseases. With the increasing number of government initiatives and the rising uptake of information technology in the area of medical and healthcare, the market is anticipated to witness significant growth over the next few years. In 2016, the global digital health market was at US$179.6 bn. According to Transparency Market Research (TMR), the opportunity in this market is anticipated to rise at a CAGR of 13.40% between 2017 and 2025 and increase to US$536.6 bn by the end of 2025. The technological advancement in the medical and healthcare infrastructure is also projected to support this market over the next few years.
Strong Demand for Healthcare Information Systems
The global market for digital health is assessed on the basis of the product, component, end user, and the geography. Based on the product, the market is classified into wearable devices and healthcare information systems. Among the two, healthcare information systems leads the global market due to the significant rise in the adoption of technological advanced products, such as telehealth, EHR/EMR, and population health management. Further, the healthcare information segment is bifurcated into clinical solutions and non-clinical solutions. Clinical decision support system (CDSS), EHR/EMR, computerized physician order entry (CPOE), telehealth, mHealth, and population health management are the key segments of clinical solutions. Of these, the market for mHealth is anticipated to propel at a significantly high growth rate on account of the rising penetration of smartphones across the world and the augmenting levels of awareness regarding health and fitness among people across the world.
Based on the component, the market is categorized into software, hardware, and services. The demand for digital health services is higher than other digital health components and is expected to remain high over the forthcoming years. Based on the end user, the market has been categorized into B2B and B2C. The B2B segment has emerged as the key contributor to this market over the last few years. Providers, employers, payers, and pharmaceutical companies are the main components of the B2B segment, whereas, the B2C segment includes patients and caregivers.
North America to Demonstrate Strong Rise in Digital Health Market
In terms of the geography, the global digital health market has been segmented into six regions: Europe, Asia Pacific, Latin America, North America, the Middle East, and Africa. North America, among these, has been dominating the global market. Various factors, such as the prescience of a large pool of players and increasing collaboration between them are instrumental behind the significant growth of this regional market. With the high demand from Germany and the U.K., the Europe market for digital health is expected to continue on the leading position over the next few years. Going forward, Asia Pacific is likely to offer lucrative opportunities for the growth of the global market for digital health in the near future.
Agfa-Gevaert N.V., Cerner Corp., Allscripts Healthcare Solutions Inc., McKesson Corp., Philips Healthcare, GE Healthcare, Siemens Healthineers, Epic Systems Corp., Truven Health Analytics, Qualcomm Inc., and Cisco Systems Inc. are some of the key participants in the global digital health market.