The global digital health market was valued at $55,332.5 million in 2014, and it is expected to grow with a CAGR of 21.4% during 2015 – 2020. The global digital health market is growing due to increasing demand for advanced healthcare information system, and growing investments by HIT players. In addition, the growing need for remote patient monitoring services, increasing demand of mHealth technologies, and increasing support from government organizations are also driving growth of the global market.
On the basis of technology, the digitized health system segment is expected to be the largest market; while the mHealth segment would witness the fastest growth during the forecast period, with a CAGR of 37.1%.
The increasing demand for advanced healthcare information system, and growing investments by HIT players are playing a pivotal role in the growth of the market. Digital health technologies, such as EHR, telemedicine, and mHealth helps in compiling services related to diagnosis, treatment, care, and rehabilitation. They improve communication between patients and healthcare providers, in order to reduce medication errors, and provide better coordinated care.
However, privacy and security issues, high capital expenditure and maintenance requirement, and inadequate healthcare infrastructure in developing economies act as hindrance in growth of the global market of digital health. The growing number of collaboration and partnerships is one of the latest trends observed in this market.
Geographically, North America dominated the global market of digital health, among all the regions in 2014; whereas, the Asian market is expected to witness the fastest growth, a CAGR of 27.2%, during the forecast period.
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., Healthland, and Epic Systems Corporation.
News Courtesy: P&S Market Research