Digital Health Market by Technology (mHealth [Connected Devices, mHealth Apps, Services], EHR [Web/Cloud-based, On-Premise], Telemedicine [Teleconsulting, Telemonitoring, Tele-education, Teletraining], Healthcare Analytics [Descriptive, Predictive, Prescriptive]), by End User (Hospitals, Clinics, Individuals), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Russia, Poland, Japan, China, India, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa, U.A.E.) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023
NEW YORK, March 07, 2019 (GLOBE NEWSWIRE) -- Smartphones, tablets, and other internet platforms are the epitomes of innovation in the world. Over the last five years (2013–2017), there has been an exponential increase in the use of smartphones and tablets. The innovations have greatly helped sectors such as education, transportation, business, and healthcare reach the masses. Digitization of healthcare has considerably improved the doctor–patient interaction, thereby leading to the growth of the digital health sector.
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Offering an insight into the scenario, P&S Intelligence has predicted substantial growth in the global digital health market at a CAGR of 21.1% during 2018–2023. Digital health refers to the integration of information technology into healthcare services. Individuals, hospitals, and clinics are the end-users of digital healthcare solutions. Among these, individuals are expected to constitute the largest end-user base globally, progressing at a CAGR of 21.9% during the forecast period.
Smartphones and other technologies have made a major contribution to the growth of the digital health market. According to a European Union press release, among all devices, smartphones were the preferred platform to access the internet in 2016, accounting for over 79% of all internet users. With advancements in technology, the adoption of the latest mobile applications in healthcare has increased considerably. Apart from smartphones, the progress of the digital health market can be credited to the use of tablets and other internet platforms, such as desktops and laptops.
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Telemedicine, mHealth, electronic health records (EHRs), and healthcare analytics are the various divisions of the technology segment of the domain. Of these, mHealth had the largest share, of 31.5%, in the market during the historical period, and it is expected to register 33.5% CAGR during the forecast period. Government initiatives toward the implementation of mHealth and rising awareness about its advanced applications have driven the digital health market growth to a great extent.
There is no doubt that technology can be exploited for negative reasons. Increased use of smartphones could lead to the loss or breach of personal data. Maintaining privacy and security of data is, thus, a major concern for digital health market players, as data loss may discourage patients from using the platform, thus affecting the sector growth. However, with increased awareness among users and adoption of advanced cloud-based systems, data breach can be controlled. These also help the sector by providing quick access to business applications, large storage for medical details, and advanced security, which are leading to their increasing adoption.
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Generating revenue of $73.1 billion in 2017, the digital Health market is slated to witness tremendous growth during the forecast period. A lot of key players in the industry are developing new products and technologies for mHealth, telemedicine, and other healthcare services to cash in on the opportunity. For instance, in June 2018, NetApp Inc. and Cisco Systems Inc. together launched FlexPod solutions, which combine the data services of NetApp with Cisco’s infrastructure integrated with its unified computing system. These solutions help firms in accelerating the delivery of the app and transitioning to a hybrid cloud.
This clearly indicates that the domain’s growth is being driven by the rising smartphones user base as well as the growing adoption of cloud technology for data storage and sharing.
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