The global digital heath market accounted for revenue of $76,723.8 million in 2015, and it is expected to grow at a CAGR of 21.0% during the forecast period. Based on technology, the mHealth segment is expected to witness the fastest growth during the forecast period, at a CAGR of 34.0% globally.
Digital health refers to the use of IT tools and services for delivering better healthcare services. It improves the quality of care through ready access to lab test results, and drug information systems, which alert pharmacists to prevent harmful drug interactions. In addition, digital health provides more efficient care, as compared to traditional healthcare technologies through digital diagnostic techniques and patient online services. Digital health technologies, such as electronic health records (EHR), digital diagnostic systems, and wireless technologies comprises a range of data including patient history, immunization dates, medication, allergies, diagnosis, radiology images, laboratory and tests results, insurance information, and treatment plans.
GLOBAL DIGITAL HEALTH MARKET SHARE, BY TECHNOLOGY (2015 AND 2022)
The global digital health market is growing at a significant rate, due to growing demand for advanced healthcare information system, increasing support from government organizations, and growing investment by HIT players. In addition, the growing need for remote patient monitoring services, and growing demand for mHealth technologies are also driving the growth of the global market. Wherever, the restraints associated with the growth of the global digital health market include privacy and security issues, high capital expenditure and maintenance requirement, and inadequate healthcare infrastructure in developing economies.
Geographically, North America is expected to maintain its dominance in the global market of digital health during the forecast period. This is due to improved healthcare infrastructure, increased incidence of chronic diseases, and increased healthcare spending in the region. In addition, the initiatives taken by various government associations for the implementation of digital health technologies in healthcare facilities, and increasing use of mHealth apps are also driving the growth of the North American digital health market.
The European digital health market is growing, mainly due to growing aging population, increasing prevalence of chronic diseases, and technological advancements in HIT. However, the Asian market of digital health is expected to witness the highest growth globally, during the forecast period. This is due to the increased patient demand and increasing life expectancy, which is likely to increase IT investments and drive the growth of the market in the region.
Some of the key companies operating in the global digital health market include AT&T Inc., Cerner Corporation, Cisco Systems Inc., General Electric Company, McKesson Corporation, Koninklijke Philips N.V., Qualcomm Incorporated, eClinicalWorks, Allscripts Healthcare Solutions Inc., athenahealth Inc., and Epic Systems Corporation.