Pune, India, April 20, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Asia Pacific digital health market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 74 billion by 2027.
Asia Pacific digital health market trends are geared toward technological upgrades associated with wearables, online behavior tracking, and telehealth platforms. With the regional healthcare infrastructure being redefined by latest advances in augmented reality (AR), mobile health apps and devices are being used to monitor sleep patterns amongst patients suffering from sleep apnea and other sleep disorders.
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With the number of coronavirus infections rising, patients are seeking online consultations and treatments to avoid contagion as new virus variants emerge. The aging population is particularly inclined toward the use of health apps and websites for treating a host of illnesses including cancer.
The following factors are generating substantial opportunities for the digital health industry in Asia Pacific:
Japanese players address underserved patient needs
Japan digital health market share is projected to cross $24.7 billion by 2027, expanding at a CAGR of 20.4% between 2021 and 2027. The expected growth can be ascribed to the attention of industry players toward the underserved needs of patients suffering from cardiovascular conditions and sleep disorders.
In September 2021, ZOLL Medical Corporation, a Japanese manufacturer of medical devices and associated software solutions, announced its acquisition of Israel-based medical technology provider Itamar Medical Ltd. The two companies are expected to offer diagnosis and treatment for sleep disorders associated with cardiovascular disorders. Since home sleep medicine is an expanding sphere in the regional healthcare industry, the collaboration can fortify the market position of the company.
Digital value chain collaboration between India and Australia
Australia digital health market demonstrates considerable scope for expansion through the next six years, considering its expertise in diagnostics and medical devices. The Australia India Business Exchange (AIBX) 2021 was recently launched with the following healthcare initiatives in view:
- Introduction of a digital health report emphasizing digital health value chain in India and concurrent opportunities for Australian players therein
- Health boot camp for new and old players, wherein a digital value chain integration between the two markets will facilitate growth
- Focus toward market literacy through health & life sciences events across India and Australia
Virtual reality for mental health concerns
With latest research indicating the connections between poor sleep, neurological disorders, and higher risk of COVID-19 infection, the digital health market participants are targeting individuals suffering from mental health conditions. Mental health therapists have been embracing virtual reality exposure therapy (VRET) for treating post-traumatic stress disorder (PTSD), anxiety, phobias, stress, addiction, and depression, generating demand for new sleep apps with comprehensive features. Sleep trackers are gaining momentum due to COVID-induced anxiety, stress, and disrupted sleep patterns.
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Hardware segment driven by oximeter demand
The escalating demand for oximeters and sleep monitoring devices amidst the three waves of the pandemic has had a positive impact on the hardware segment growth in Asia Pacific. The penetration of numerous other wearables such as heart rate monitoring devices has been increasing at a notable pace across Indonesia, Philippines, China, and Thailand. Asia Pacific digital health industry share from the hardware segment is expected to measure at $28.7 billion by 2027, growing at a promising 24.7% CAGR through the analysis timeline.
The software segment represented 33.4% of APAC digital health industry size in 2020, owing to the paradigm changes in customer preferences engendered by the COVID-19 pandemic. Healthcare software offerings are being launched or upgraded by leading digital healthcare providers. For instance, in April 2021, WebMD launched its WebMD ProPractice platform that can be seamlessly incorporated into the existing EHR systems.
Browse Related Report:
North America Digital Health Market Forecast 2027 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)}, Health Analytics, Digital Health System (EHR, e-prescribing System)], By Component [Hardware, Software, Services], Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
https://www.graphicalresearch.com/industry-insights/1162/north-america-digital-health-market
Europe Digital Health Market Forecast 2027 By Component [Hardware, Software, Services], 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)}, Health Analytics, Digital Health System (EHR, e-prescribing System)], Research Report, Country Outlook (Germany, UK, France, Italy, Spain, Russia, Poland, Switzerland, The Netherlands, Sweden, Norway, Denmark, Finland, Iceland), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
https://www.graphicalresearch.com/industry-insights/1163/europe-digital-health-market
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
