Digital Health Market is Expected To Get US $382 billion by 2025

A research study titled, “Digital Health Market by Technology - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the digital health market is projected to be around $382 billion by 2025.

Changing regulations and patient demographics are persuading the healthcare industry to improve the quality of health services, organizational efficiency, and cost management. In such circumstances, healthcare providers need to address challenging issues such as, over or under treatment, misdiagnosis, unnecessary procedures/medication and delayed diagnosis.

Digital health is a cluster of emerging technologies and applications that leverage data, cloud, and mobile platforms for effective patient treatment. The utility of digital health extend to a wide range of health care processes ranging from monitoring patients in general wards, ICUs or at home, to assist physicians in making accurate and better diagnoses. Healthcare providers are now utilizing advanced digital tools to better understand their patients and treat them. Digital health is transforming patient care into a more convenient and responsive process coordinated with the patient’s need.

Digital health systems segment dominated the global market in 2016. EHRs and e-prescriptions allow access to a more in-depth evaluation of patient records enabling physicians to reach to a more accurate diagnosis. In case of an emergency, EHR can provide critical and lifesaving information quickly to emergency care providers. E-prescriptions prevent handwriting errors and provide both physicians and pharmacists with easy access to prescription history of patients. This can largely help reduce the chances of dispensing wrong drugs. According to the FDA, medication errors harm approximately 1.3 million American citizens annually.

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mHealth market will witness favorable growth over the forecast period as a result of increasing smartphone penetration worldwide and technological innovations in health based mobile applications.

North America held the largest share of the global digital health market in 2016, due to increased healthcare spending in the region, improved healthcare infrastructure, and rapid adoption of digital health technology. According to a study conducted by the National Center for Biotechnology Information in December 2015, more than half of the mobile phone users in the U.S. have downloaded a health related mobile app.

The Asia-Pacific digital health market will witness the fastest growth during the forecast period. Emphasis on integration of technology with healthcare and government initiatives to support digital health in emerging economies will drive the growth of digital health market in these countries. For example, in January 2016, the government of India launched a mobile health service ‘Kilkari’ under its Digital India initiative. This platform delivers weekly audio messages to expecting mothers educating them about pregnancy, child care, and child birth. Such initiatives are creating an ecosystem for favorable growth of digital health market in developing countries.

Product development and technological innovations steer the competitive digital health market. In 2017, Nokia expanded its digital health portfolio by launching the Withings brand of connected health products. It also announced the introduction of a HIPAA compliant Patient Care Platform which will assist doctors to remotely monitor their patients.

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Competitive Analysis

The major players in the digital health market focus on continuous innovation to bring new and advanced products in the market and stay ahead of the competition. Also, strategic alliances between the major players keep them above their competitors. New York City Economic Development Corporation (NYCEDC) has announced their 2017 digital health initiative to award $250,000 to top startups in digital health to encourage new startups to innovate and grow. Such initiatives will further drive the competitive forces to be more innovative.

Key players operating in this market are Cerner Corporation, AT & T, Inc., Qualcomm, Inc., Cisco Systems, Inc., Athena Health, Inc., Philips Healthcare, Biotelemetry, Inc., Lifewatch AG, McKesson Corporation, and eClinicalWorks.

Market Opportunities

Digital health offers more advanced and efficient healthcare services than traditional one. Increasing demand for advanced healthcare information systems propose lucrative opportunities for the expansion of digital health market. Remote monitoring services are changing the way health monitoring was perceived traditionally. The home healthcare segment also has enormous scope for the development of advanced innovative products with a rising demand for these products globally. Health analytics is a rapidly growing segment which is expected to see consistent innovations backed by investments from governments as well as large market players.

Digital Health Market Segmentation:

By Technology:

• Telehealthcare

• Telecare

• Remote Medication Management
• Activity Monitoring

• Telehealth

• Video Consulting
• LTC Monitoring

• mHealth

• Wearables

• Pulse Oximeters
• Sleep apnea Monitors
• BP Monitors
• Glucose Meters
• Neuromonitors

• Apps

• Fitness Apps
• Medical Apps

• Health Analytics
• Digital Health Systems

• E-prescribing Systems
• Electronic Health Records (EHR)

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