New York, NY, July 12, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Digital Health Market by Product Type [Healthcare Information Systems (Clinical Solutions and Non-Clinical Solutions) and Wearable Devices (Diagnostic & Monitoring Devices and Digital Therapeutic Devices)], by Component [Hardware, Software and Services] and by End User [B2B (Employers, Wellness Centers, Fitness Centers and Gyms) and B2C (Patients and Caregivers)] - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”.
According to the report, global digital health market was valued at approximately USD 122.66 billion in 2017 and is expected to generate revenue of around USD 423.11 billion by the end of 2024, growing at a CAGR of around 19.35% between 2018 and 2024.
Digital health is the convergence of genomic & digital technology with healthcare and society. It helps to make personalized & precise medicines and also enhances the efficiency of healthcare delivery. The increase in the prevalence of chronic diseases, initiatives by government and healthcare organization, and merger and acquisition by companies for expansion and to develop its products are some of the factors that are anticipated to fuel the growth of global digital health market.
Browse through 139 Tables & 24 Figures spread over 110 Pages and in-depth TOC on “Global Digital Health Market Size, Share 2017: Industry Growth, Segments, Trends Analysis and Forecast, 2024”.
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Digital health is a field in which information & communication technology is used in modern healthcare practices and to develop a different type of services in healthcare. Digital healthcare technologies include software and hardware solutions & services, which include web-based analysis, telemedicine, email, mobile phones, wearable devices, and remote monitoring sensors.
The Australian Digital Health Agency (ADHA) entered into the partnership with eHealth NSW to establish National Children’s Digital Health Collaborative to improve accessibility and efficiency in improving children’s health. Such partnership and initiatives by the government organization and healthcare communities to create awareness about the use of digital health are expected to mainly drive the growth of the digital health market. According to the statistics published by CDC in 2012, about 50% of adults in the U.S. were suffering from chronic health conditions. Increase in chronic diseases such as diabetes and cancer and a rise in awareness about the concerns of health are some of the factors contributing to the growth of the global digital health market. However, cyber threat and high cost for installation process act as a restraint for the growth of the market.
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Digital health market is segmented on the basis of product type, component, and sales channel. Based on product type, the digital health market is further segmented into healthcare information systems and wearable devices. The healthcare information systems segment is further divided into clinical solutions and non-clinical solutions. The clinical solution segment is further categorized into EHR/EMR, clinical decision support system, computerized physician order entry and mHealth. Further, the wearable devices segment is sub-segmented into digital therapeutic devices and diagnostic & monitoring devices. Healthcare information systems segment is expected to show the rapid growth and is also expected to dominate the digital health market. Based on components, the digital health market is segmented into hardware, software, and service. Service segment is expected to dominate the digital health market. On the basis of sales channel, the digital health market is segmented into business-to-business and business-to-consumer. Business-to-business is further sub-segmented into employers, wellness centers, fitness centers, and gyms. The business-to-consumer segment consists of patients and caregivers. The B2B segment is expected to lead the market in the forecast period.
North America is the leading regional segment in the digital health market. In 2009, the U.S. adapted HITECH (Health Information Technology for Economic and Clinical Health) which led to rapid advancements and innovations in the digital health which fueled the growth of the digital health market. In the U.S., in a year over USD 3 trillion is spent on healthcare. Increase in investment in healthcare, growing reforms and the introduction of various government policies in the U.S. and North America is driving the growth of the digital health market in this region. Increase in the number of initiatives from various communities such as American Health Information Community (AHIC) for awareness about the importance of digital health and well-established infrastructure for healthcare is anticipated to drive the growth of digital health market in North America.
Browse the full "Digital Health Market by Product Type [Healthcare Information Systems (Clinical Solutions and Non-Clinical Solutions) and Wearable Devices (Diagnostic & Monitoring Devices and Digital Therapeutic Devices)], by Component [Hardware, Software and Services] and by End User [B2B (Employers, Wellness Centers, Fitness Centers and Gyms) and B2C (Patients and Caregivers)] - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/digital-health-market
In Europe, Germany acquired the leading share of the digital health market. Increasing number of geriatric population, growing prevalence of chronic diseases, and rising adoption of eHealth by government organizations are some of the factors contributing to the growth of the Europe digital health market. The growing investment by healthcare IT players and presence of the majority of digital health practitioners in Europe is expected to fuel the growth of the digital health market in this region.
Asia Pacific is anticipated to show the highest CAGR during the forecast period. The rapid increase in awareness and adoption of electronic medical records and downloading of mHealth apps in the last two years is mainly driving the growth of the digital health market in the Asia Pacific. Rapidly improving healthcare infrastructure, providing quality healthcare services same as international standards, and government initiatives to create awareness about digital health are also some of the factors contributing to the growth of digital health market in the Asia Pacific. The rapid increase in aging population, rising incidence of chronic disease and co-morbidities, and high medical errors are expected to fuel the growth of the digital health market.
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The Middle East and Africa and Latin America regions are expected to witness the least growth among all regions within the forecast period. Increase in medical errors and diagnostic procedures, economic development of the region, rapid adoption of western culture and increase in disposable income has also driven the growth of the digital health market in these regions.
The key players in the global digital health market are AT&T Inc., Cerner Corp., GE Healthcare, McKesson Corp., Philips Healthcare, Cisco Systems, Agfa-Gevaert N.V., Siemens Healthineers, Allscripts Healthcare Solutions Inc., and Qualcomm Inc. The major players are involved in acquisition and mergers to expand their businesses in various regions.
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This report segments the global digital health market as follows:
Global Digital Health Market: Product Type Segment Analysis
- Healthcare Information Systems
- Clinical Solutions
- EHR/EMR
- Clinical Decision Support System
- Computerized Physician Order Entry
- mHealth
- Non-Clinical Solutions
- Clinical Solutions
- Wearable Devices
- Diagnostic & Monitoring Devices
- Digital Therapeutic Devices
Global Digital Health Market: Component Segment Analysis
- Hardware
- Software
- Service
Global Digital Health Market: Sales Channels Segment Analysis
- Business-to-Business (B2B)
- Employers
- Wellness Centers
- Fitness Centers
- Gyms
- Business-to-Consumers (B2C)
- Patients
- Caregivers
Global Digital Health Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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