Worldwide Digital Health Market to Hit $504.4 Billion by 2025: Global Market Insights, Inc.
The U.S. digital health market accounted for largest share in 2018 supported by increasing prevalence of chronic diseases along with growing geriatric population in the country.
Sellbyville, Delaware, March 6, 2019 (Newswire.com) - The UK digital health market is set to exceed USD 28.3 billion by 2025. Early adoption of telecare service, large central government programs for telecare and a strong existing base of hardware, increasing prevalence of smartphone and apps will escalate UK market size. UK is an attractive country for app developers, with high levels of digital knowledge and quick adoption, and presence of number of mHealth app companies drives the market in UK.
Global Digital Health Market value expected to surpass USD 504.4 billion by 2025; according to a new research report by Global Market Insights, Inc. Increasing demand for remote monitoring services owing to rising incidences of chronic diseases worldwide is a major factor propelling the global market growth over the forecast period. Remote monitoring uses technology to monitor changes in health of patients suffering from chronic diseases such as Chronic Obstructive Pulmonary Disease (COPD) outside the healthcare settings. Such factors will augment digital health market growth.
Presence of favorable government initiatives and funding in various countries for adoption of digitalized systems is set to fuel digital health industry growth over the coming years. For instance, Health Information Technology for Economic and Clinical Health (HITECH) Act, implemented in the U.S. providing USD 20 billion to hospitals and doctors to support their installation of EHRs is expected to fuel business growth in the coming years.
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Tremendous rise in the penetration of smartphones, tablets and other mobile apps among physicians to track and access to medical information will further favor industry expansion. Furthermore, growing adoption of various healthcare IT solutions by healthcare providers to meet the heightened regulatory requirements for patient care and safety will augment digital health industry growth.
Prohibitive cost associated with installations of technologically advanced systems coupled with high threat of data security concerns will hamper digital health business growth.
Electronic health records business is estimated reach USD 139.4 billion by 2025. Ability of these systems to exchange health information electronically to provide improved patient care are major factors contributing towards business growth. These systems enable providers to more effectively diagnose patients, reduce medical errors, and provide safer care to patients with better communication will further escalate segmental growth over the coming years.
Browse key industry insights spread across 220 pages with 398 market data tables & 10 figures & charts from the report, “Digital Health Market Size By Technology [Tele-healthcare {Telecare (Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation)}, mHealth {Wearables (BP Monitors, Glucose Meter, Pulse Oximeter, Sleep Apnea Monitors, Neurological Monitors), Apps (Medical, Fitness)}, Digital Health System (EHR, e-prescribing System)], Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Spain, Italy, Russia, Poland, Japan, China, India, Australia, Brazil, Mexico, South Africa), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/digital-health-market
Telehealthcare business is expected to grow at 29.4% CAGR over the forecast period. Rising geriatric population base, increasing demand for home-based remote monitoring systems, rising incidences of chronic disorders and government initiatives are the some of the key drivers of global telehealth market growth. Teleheatlhcare business segment is bifurcated into telecare and telehealth. Telehealth systems will grow at 35.2% CAGR owing to rapid adoption of LTC monitoring systems. LTC monitoring through telehealth systems leads to reduction in hospitalizations and emergency department (ED) visits, decrease health care costs, improve patient care and patient satisfaction. Such factors will propel overall digital health market size in the forecast timeframe.
India digital health market will grow at 35.0% CAGR during the projection period; due to increasing prevalence of chronic ailments coupled with rising demand for remote patient monitoring services in the country. Favorable government initiatives such as Digital India will augment industry growth over the coming years.
Key notable industry participants in global digital healthcare market include McKesson Corporation, Allscripts Healthcare Solutions Inc., Cisco Systems, Inc., Qualcomm, Philips Healthcare, eClinicalWorks LLC. The industry players resort to new product development along with mergers and acquisitions to grab higher market share in the competitive industry.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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