The Global Digital
Health Market, by Technology Platform (Tele Health [Tele Medicine, Tele
Care], mHealth, Digital Health Information System [EMR/HER, Clinical Decision
Support System, Computerized Physician Order Entry and Others], Diagnostic and
Monitoring Devices, Therapeutic Devices [Digital Medicine, Respiratory Therapy
Devices, Insulin Pumps and Others] and Others) by End User (Business to
Consumers and Business to Business) and by Region (North America, Latin
America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ $ 85
billion in 2017 and is projected to exhibit a CAGR of 23.8% over the forecast
period (2018 – 2026).
The digital health is broad term
that takes many different platforms under its umbrella such as tele health,
health information system (EHR/EMR) and more recent mHealth platforms and data
analytics. Digital health platforms takes into account the patient centric
approach rather than healthcare provider centric approach. Most importantly
this platforms makes health care accessible and affordable with available
healthcare labor force. With rising prevalence of chronic disease and need for
their effective monitoring digital health platforms proves to be obliging
medium.
Global shortage of healthcare
providers would major impetus for the growth of digital health market.
According to the World Health Organization factsheet in 2013, there would be
shortage of 13 million healthcare professionals by 2025 from 7 million in 2013.
Around 83 countries worldwide unable to maintain threshold of 23 skilled health
professionals per 10,000 people. Digital health platform could provide
solutions to such shortage by promoting tele health platform that would allow
remote diagnostic and monitoring facilities to patients.
Digital health platforms could be
beneficial for rural population where access to health care is limited
especially in emerging countries such as India etc. Healthcare gaps in
developing countries from Latin America and Asia pacific would provide positive
prospects in digital health market. This is also due to fact that healthcare
operations are still paper based with diminished efficiency. Therefore, this
developing countries could directly leapfrog towards cloud based digital health
platforms in the near future.
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Other factors that would aid
growth for the digital health market are aging population, new technologies in
digital health, larger penetration of smartphones and increased government
funding for health care services.
Browse 75 Market Data Tables and
55 Figures spread through 240 Pages and in-depth TOC on “Digital Health Market
- by Technology Platform (Tele Health [Tele Medicine, Tele Care], mHealth,
Digital Health Information System [EMR/HER, Clinical Decision Support System,
Computerized Physician Order Entry and Others],Online Pharmacy, Diagnostic and
Monitoring Devices, Therapeutic Devices [Digital Medicine, Respiratory Therapy
Devices, Insulin Pumps and Others] and Others) by End User (Business to
Consumers and Business to Business) and by Region (North America, Latin
America, Europe, Asia Pacific, Middle East, and Africa)- Global forecast to
2026”
Key players are also undertaking
strategic acquisitions in order to expand their product offering and geographic
presence in different regions across the globe. For instance, in August 2017,
Allscripts announced to acquire McKesson Corporation’s hospital and health
system IT business and Enterprise Information Solutions for US$ 185 million in
cash.
GE Healthcare, in March 2017,
acquired Monica Healthcare with which company obtained fetal monitor
technology. This technology comprises blue tooth connected device that monitors
both fetal and maternal heart rate and uterine activity.
In May 2018, Allscripts acquired
HealthGrid Holding Company. This acquisition would result into expansion of the
Allscript’s FollowMyHealth platform which is the company’s patient engagement
solution focused on connecting consumers with providers.
In January 2018, Allscripts
announced to acquire Practice Fusion. Practice Fusion offers an affordable
cloud-based Electronic Health Record (HER) for small, independent physician
practices. Through this acquisition Allscripts is expected to expand its big
data insights and health analytics, data sharing technologies, and clinical
trial solutions.
Key players are engaged in the
launching of new innovative digital health platform that would result into
better in efficiency in healthcare operations. For instance, in March 2018,
Allscripts Healthcare Solutions launched its new electronic health record (EHR)
system named Avenel, at the annual Healthcare Information and Management
Systems Society (HIMSS) conference at Las Vegas in the U.S. Avenel is a mobile
first and cloud based platform that creates a community-wide shared patient
record. It uses machine learning to reduce time for clinical documentation and
is designed to work like an app instead of traditional software.
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Report: https://www.coherentmarketinsights.com/market-insight/digital-health-market-1909
Key Takeaways of the Digital
Health Market:
The global digital health market
is expected to exhibit a CAGR of 23.8 % over the forecast period, owing to increasing
aging population, shortage of physician and penetration of digital technology
and smartphones
Among the technology platform in
digital health market, health information and specifically electronic health
record (EHR) would hold largest market share in digital health market segment.
This is due to ease of operation’s EHR offers with data storage and use of same
by different healthcare provider especially considering complex management of
chronic disease.
mHealth would be second most
lucrative platform. With number of smartphones and tablets increasing, rising
digital technology adaptation and increased health awareness by common
population, there would be higher usage of patient monitoring devices and
mobile applications.
Amongst end users, business to
business segment is poised to see higher market growth due to larger adoption
of health IT platforms such as EHR and large capital investment by hospitals to
improve health care service quality and reach larger patient base.
North America is expected to be
the dominant region in the global digital health market followed by Europe.
U.S. has high prevalence of chronic disease. According to a study published in
American College of Cardiology Journal in 2017, cardiovascular disease accounts
for around 800,000 deaths in the U.S. annually. U.S. currently has one of
highest per capita expenditure on healthcare amounting US$ 9,146 according to
statistics given by World Economic Forum in 2016. This cost could be reduced
with help of various platforms such as tele medicine, HER and mHealth.
Europe having one of largest
population above 60 (25% according UN report in 2017) would see high demand for
digital health platforms.
Asia Pacific would be lucrative
market in near future for digital health market. This is due to one of highest
number of death from chronic disease (More than 12 million each year as per WHO
factsheet 2017) this region faces and shortage of proper healthcare
infrastructure and healthcare providers. This region also high smartphone user
base which would drive growth for mHealth platform in digital health market.
Key players operating in the
global digital health market are Allscripts Health Solutions, Inc. McKesson
Corporation, Cerner Corporation, Siemens Healthineers, GE Healthcare,
Koninklijke Philips N.V., Qualcomm Inc., Truven Health Analytics Athenahealth,
Inc. and Cisco Systems
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