As per the statistics of TMR, the global digital health market has been envisaged to rake in a revenue of US$536.6 bn by the end of 2025 from US$196.3 bn in 2017 at a 13.4% CAGR. With regard to revenue, healthcare information systems had accounted for a king’s share in 2016. On the basis of regional distribution, North America had taken the lead in the market in the same year.
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The world digital health market has been prophesied to gain a strong impetus due to the surging adoption of IT in the healthcare industry and growing count of government initiatives in favor of healthcare providers and also patients. The rapid improvement of healthcare IT infrastructure and rising usage of mobile platforms such as tablets and smartphones could bode well for the market. Healthcare providers have been anticipated to up the adoption of mHealth technologies for monitoring the health of patients in view of the elevating pressure for cost reduction.
The practice of digital health in the U.S. has been receiving a telling boost owing to the striking increase in the usage of smartphones by physicians. The world digital health market has been predicted to ride its growth on the back of the advent of technologically sophisticated healthcare IT facilities backed by promising government support. The market could boast of a robust growth platform considering the fruitful integration of healthcare systems with enhanced government support.
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The other side of the coin could reveal a slack in growth for the international digital health market. This has been envisioned to be because of certain factors such as the poor size of healthcare infrastructure in emerging countries, high maintenance bills, security and privacy issues, and extortionate capital outlay.
However, the international digital health market has been foreseen to offer a wealth of auspicious business prospects in respect of the emergence of remote patient monitoring services that allow to examine health problems from remote locations. The adoption of these services has been expected to propel due to the burgeoning prevalence of diabetes, cancer, cardiovascular, and other diseases. The market could also expect opportunities birthing from the rise of geriatric population living independently and profiting from remote patient monitoring services.
The global digital health market has been prognosticated to testify the existence of leading companies that showcase a grander regional outreach on account of their involvement in a range of digital health product categories. According to a report by Transparency Market Research (TMR), some of the dominant players operating in the market could be Philips Healthcare, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Cerner Corporation, and Agfa-Gevaert N.V. The players have been circumstantially profiled in the report on the basis of various aspects such as recent developments, product portfolio, and key business strategies.
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