The global digital health market is driven by a rising demand for improved communication between healthcare professionals and patients so as to reduce medication errors and provide improved coordinated care. Digital health improves the quality of care by enabling access to lab results and gives drug information so that doctors can prevent harmful drug interactions. As digital health provides better and efficient care of patients as compared to traditional healthcare technology, their demand will continue to rise in the forecast period from 2017 to 2025. Digital health technologies such as digital diagnostic systems, EHR, and wireless technologies are making use of a range of data for efficient treatment of patients, including immunization dates, patient history, allergies, medication, radiology, diagnosis, lab test results, treatment plans, and insurance information. Players in the digital health market are participating in mergers and acquisitions, intensifying competition in the market. Players are striving hard to provide advanced technology that is also cost effective.
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Digital technologies help in sharing patient information with other healthcare organizations, including emergency facilities, labs, pharmacies, clinics, and imaging facilities, and this is useful in cases of emergencies. On the other hand the lack of capital required for building healthcare infrastructure in developing nations is a key challenge for the global digital health market. Due to poor infrastructure and poor connectivity, there could be loss of signal and disconnection in virtual consultation and a patient could suffer.
Global Digital Health Market: Overview
Technology-enabled care that comprises a conjunction of health technology, digital media, and mobile devices is known as digital health. It provides easy access to relevant data and improves the quality of both health and social care, thereby assisting care givers, patients, and healthcare professionals. As the demand for healthcare services is persistently increasing, digital health comes as a sign of relief, offering cost-effective solutions.
Digital health is a multi-disciplinary field, which includes social sciences, engineering, clinicians, scientists, and researchers with an extensive range of expertise in healthcare, health economics and management, and public health.
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Global Digital Health Market: Key Trends
There are various factors attributing to the growth of the global digital health market such as increased investments, growing demand for remote patient monitoring services, and favorable government initiatives. Advent of healthcare IT, coupled with developing penetration of tablets, smartphones, and other mobile platforms, will supplement the market growth. In addition, advancements in bio-sensing wearables such as blood pressure, glucose, and diabetes monitors are anticipated to make the global digital health industry a lucrative one.
However, security and privacy issues, high capital expenditure incurred on maintenance requirement, and lack of infrastructure for the healthcare industry are expected to act as a hindrance for the global digital health market.
Global Digital Health Market: Market Potential
With advent of technology, the digital health market is growing manifold. New inventions are taking place in regular intervals, boosting the demand for digital health and attracting manufacturers to this lucrative market.
Recently, the makers of a touchscreen insulin pump,
Onduo, a joint venture firm will start developing ways to aid diabetics to make better decisions about their use of drugs and their lifestyle habits. Onduo also plans to help those who are at risk of developing diabetes.
HomeCare Connect, a
Global Digital Health Market: Regional Outlook
Due to increasing prevalence of chronic diseases, implementation of the Health Information Technology for
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The growing digital healthcare industry in
Extensive adoption of new technologies such as mobile devices and government initiatives to encourage eHealth to address unmet healthcare needs will provide a much needed impetus to the
Global Digital Health Market: Competitive Analysis
Due to the inclusion of local small players, large corporations, and startups, the global digital health market size is fragmented in nature. Some of the leading players operating in the market are
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