Digital Health Market by Application and Geography - Global Forecast and Analysis 2019-2023
Global Digital Health Market: About this market
Technavio’s digital health market analysis considers sales from wireless health, mobile health, EHR, and telehealth applications. Our analysis also considers the sales of digital health in APAC, Europe, MEA, North America, and South America. In 2018, the wireless health segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing implementation of technologies, such as RFID and Bluetooth will play a significant role in the wireless health segment to maintain its market position. Also, our global digital health market report looks at factors such as the growing adoption of mHealth technologies, favorable government initiatives, and growing venture capital investments in digital health. However, security concerns regarding patient data and rise in number of cyberattacks, high CAPEX and integration complexities, and changes in regulatory and compliance requirements may hamper the growth of the digital health industry over the forecast period.
Global Digital Health Market: Overview
Growing adoption of mHealth technologies
mHealth technologies are gaining significant prominence in the digital health market as these are used for chronic disease management, disease surveillance, and treatment support. In addition, with the rise in adoption of smartphones and an increase in penetration of the Internet, there has been a considerable growth in the use of mHealth technologies. Healthcare professionals are finding it easier to access patient information and diagnose diseases by using mHealth technology-driven apps on smartphones. These apps also help the users in tracking personal health data including allergies and medications. Furthermore, mHealth services also enable the dissemination of essential medical information among healthcare professionals. This growing adoption of mHealth technologies will lead to the expansion of the global digital health market at a CAGR of over 18% during the forecast period.
Increasing adoption of electronic intensive care unit (e-ICU) models in healthcare industry
The emergence of E-ICU or tele-ICU has allowed specialized doctors in remote locations to monitor patients using two-way cameras, connected devices, and high-speed Internet. Health systems and hospitals are using e-ICUs for round the clock monitoring of patients. In addition, an e-ICU also offers alarms and notifies extra staff in cases of emergencies. Furthermore, data evaluation, medication orders, and interpretation of tests can be performed using e-ICU. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global digital health market during the forecast period 2019-2023, click here.
With the presence of several major players, the global digital health market is moderately fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading digital health manufacturers, that include Allscripts Healthcare Solutions Inc., Alphabet Inc., Cerner Corp., Cisco Systems Inc., Epic Systems Corp., General Electric Co., IBM Corp., Koninklijke Philips NV, Microsoft Corp., and Siemens Healthineers AG.
Also, the digital health market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook