Digital Health Market Value to Reach USD 511 Billion by 2026: Acumen Research and Consulting
The global digital health market size was valued at USD 95.7 billion in 2018 and expanding at a CAGR of 27.7% from 2019 to 2026
LOS ANGELES, Nov. 12, 2019 /PRNewswire/ -- The global digital health market value is expected to reach around USD 511 billion by 2026.
The global digital health market is expected to rise exponentially in the coming years. The already multi-billion industry is likely to grow at an accelerated pace, as healthcare sector welcomes digitization. Factors such as the advent of mobile health, wireless solutions, and telehealth will foster growth opportunities for the digital health market.
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Acumen Research and Consulting offers a comprehensive overview of the global digital health market in a report, titled "Digital Health Market (By Technology - Telehealth, Apps, Health Analytics, mHealth, Digital Health Systems, Market By Components- Hardware, Software, Services) - Global Industry Size, Share, Trends, and Forecast 2018-2026".
The report presents an executive-level blueprint of the global digital health market. It covers various factors encouraging growth. Furthermore, the report provides insights into potential challenges awaiting the market players. Using industry-leading analytical tool, the report gauges strengths and weaknesses of key players and their competitive strength. In addition to this, the report calculates investment feasibility across key regions. To offer an in-depth overview it categorizes the market on the basis of various criteria.
Rising Adoption of mHealth Technologies to Boost Growth
In the coming years, the digital health market is expected to gain pace in response to the rising adoption of mHealth technologies. These are advanced technologies that also help in the self-management of diabetes and other chronic ailments. Taking cue from this, several companies are launching innovative technologies to help in the same. For instance, Glooko was launched specifically to help in the management of diabetes. Similar apps are now increasingly available across smartphones, making it easier for the healthcare professionals and patients alike to keep abreast of the most recent patient information. Development of these technologies is lauded as they are significantly helping in disease diagnosis and monitoring. These are a few of the chief digital health market trends that are likely to enable growth in the coming years. Bolstering this will be the rising penetration of smartphones, smart devices, and better internet connectivity around the world.
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Demand for Improving Workflow Efficiency to Boost Uptake in Healthcare Organizations
The demand for digital health is rising on account of the increasing need to improving workflow efficiency across hospitals and other healthcare organizations. In addition to this, there is mounting pressure from governments to reduce healthcare costs, while at the same time focus on improving quality of patient care. Recent advancements in the technology showcased the inclusion of mobile, big data, cloud, and interoperability. Following these developments, a surge in the demand for EHR is observed, subsequently boosting growth prospects for the digital health market. In addition to this, an increasing number of companies are investing in developing innovations in EHR. For instance, Allscripts launched a mobile first and cloud based EHR, dubbed as Avenel, in 2018. The system uses machine learning to bring down time taken for clinical documentation. It works more like an application. Such developments are expected to bode well for the overall market.
High Adoption of Advanced Technologies Seals North America as a Lucrative Market for Digital Health Technologies
Regionally, the digital health market can be classified into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. Among these regions, North America has emerged dominant. Both, the presence of a sophisticated healthcare infrastructure and the high adoption of advanced technologies, are supporting the expansion of the North America digital health market. Furthermore, consumers in the region have a higher spending power, which does augur well for the overall market.
While Asia Pacific will emerge as a future market for digital health, growth in LAMEA might remain restrained. Never mind this, the region a huge untapped potential, which could stoke growth of the market in the coming years. In Asia Pacific, however, the market will see increasing opportunities as governments invest in the expansion of their healthcare infrastructure. While in developed nations such as the U.S., healthcare IT ventures funded by governments will give tailspin to the growth of the digital health market, Asia Pacific will support expansion with rising penetration of internet and smart devices. The availability of low cost mobile technologies in nations such as Thailand and Malaysia will further support the growth of the market in Asia Pacific.
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Leading Players Focus on Product Launches to Gain Competitive Strength
To study the market in detail, the report also profiles some of the leading companies operating therein. These include Qualcomm Technologies Inc.; Cerner Corporation; AirStrip Technologies; Apple Inc.; Allscripts; Orange; Samsung Electronics Co. Ltd.; Mqure; Google Inc.; Vodafone Group; Telefonica S.A.; and McKesson Corporation.
Presence of several big names in industry has rendered the digital health market highly competitive. In order to stay ahead of the competition, the companies are focusing on product launches and keeping up with the pace of evolving technologies. Several other organizations also are focusing on strategic collaborations to gain strength. In addition to this, they are aiming to acquire renowned regional players to expand their geographic footprint. Expansion strategies adopted by the leading companies are expected push the global digital health market growth over the course of the forecast period.
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