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Digital Health Market To Reflect Significant Incremental Opportunity Of USD 509.2 Billion By 2025| Grand View Research, Inc.

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Digital Health Market To Reflect Significant Incremental Opportunity Of USD 509.2 Billion By 2025| Grand View Research, Inc.

May 27
09:22 2020
Digital Health Market To Reflect Significant Incremental Opportunity Of USD 509.2 Billion By 2025| Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, Rising demand for remote monitoring services due to increasing incidences of chronic diseases across the globe is one of the factors propelling the growth of the digital health market.

According to a report, “Digital Health Market Size, Share & Trends Analysis Report By Technology (mHealth, Digital Health Systems), By Component (Hardware, Software, Services), And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc.,The global digital health market size is expected to reach USD 509.2 billion by 2025, expanding at a CAGR of 27.7% over the forecast period, according to a new report by Grand View Research, Inc. Growing adoption of mHealth technologies by physicians to prescribe for self-management of chronic illness, such as diabetes, has propelled the growth of the market. For instance, Glooko is specifically used for management of diabetes. Availability of such apps in smartphones makes it easier for healthcare professionals to access patient information and diagnose diseases. Furthermore, increase in penetration of smartphones and internet connectivity are the key factors driving the market.

Growing need for improving workflow efficiency in hospitals and other healthcare centers is propelling the demand for mHealth services in healthcare administration. For instance, Results SMS in Uganda is an open source SMS-based platform providing appointment reminders. It gives appointment reminders as SMS to patients. In addition, mHealth services are disseminating essential medical information to healthcare professionals, which, in turn, is driving their adoption in healthcare communities as these help in training, updating, and educating about diagnosis and treatment.

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Additionally, increasing pressure from the governments to reduce cost and rising demand for improved patient care are resulting in an increase in the demand for electronic health record (EHR) system. Recent advancements in EHR technology with the inclusion of interoperability, mobile, cloud, and big data are propelling the demand for advanced EHRs in the market. Companies are increasingly investing in developing innovative technologies in EHRs, which, in turn, is expected to boost demand in the market. For instance, in 2018, Allscripts launched Avenel, which is a mobile-first, cloud based EHR that uses machine learning to reduce time in clinical documentation and works more like an app.

U.S. digital health market

Digital Health Market Report Highlights

  • In 2018, the mHealth technology segment held the largest revenue share owing to rising adoption of mHealth technologies among physicians and patients, increasing trend of preventive healthcare, and rising funding for mHealth startups

  • Digital health systems occupied the second largest revenue share in 2018 owing to rising government initiatives to promote digital health, resulting in increased adoption of digital systems among healthcare systems

  • North America held the largest revenue share in 2018 owing to rapid growth in adoption of smartphones, advancements in coverage networks, rise in the prevalence of chronic diseases, and increase in geriatric population

  • Asia Pacific is expected to expand at the fastest CAGR over the forecast period owing to increasing penetration of smartphones and smart wearable devices and rising adoption of mHealth services

  • Key players operating in the digital health market include Apple Inc.; AirStrip Technologies; Allscripts; Google Inc.; Orange; Qualcomm Technologies Inc.; Mqure; Samsung Electronics Co. Ltd.; Telefonica S.A.; Vodafone Group; Cerner Corporation; and McKesson Corporation.

Component Insights

In 2018, services accounted for the largest market share of 47.7% owing to factors such as rapid advancements in hardware and software and increase in the number of software upgradations. These services comprise various activities including installation, training and integration, and upgradation. Furthermore, growing demand for software platforms such as electronic health records (EHR) propel the demand for services as companies are increasingly focusing on providing post-installation services, including training, optimization, staffing, clinical, and other services.

Global digital health market

Moreover, growing investments in digital infrastructure, particularly in developing countries are driving the demand for services in order to implement successful digital platforms. Companies are also introducing newer ways to provide services to their clients, which, in turn, is positively impacting the market growth. For instance, Nuance Communications, Inc. features Epic Go-Live Services that provide live expertise of highly skilled and clinically trained support team.

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Rapid technological advancements and increasing penetration of wearable devices are the key factors driving the demand for hardware in the market. According to an article published by Forbes, in 2015, around 15.0 million of wearable devices were shipped and 125.0 million units are expected to be shipped in 2019.Rapid launch of new products in the hardware space is also contributing to the market growth. Some of the major players operating in this space are Apple, Inc.; Omron Corporation; Fitbit, Inc.; and Koninklijke Philips N.V.

Digital Health Market Segmentation

Grand View Research has segmented the global digital health market on the basis of technology, component, and region:

Digital Health Technology Outlook (Revenue, USD Million, 2014 – 2025)

  • Tele Healthcare

    • Tele-care

      • Activity Monitoring

      • Remote Medication Management

    • Tele-health

      • LTC Monitoring

      • Video Consultation

  • mHealth

    • Wearables

      • BP Monitors

      • Glucose Meters

      • Pulse Oximeters

      • Sleep Apnea Monitors (PSG)

      • Neurological Monitors

      • Activity Trackers/ Actigraphs

    • mHealth Apps

      • Medical Apps

      • Fitness Apps

    • Services

    • mHealth Services Market, By Type

      • Monitoring Services

        • Independent Aging Solutions

        • Chronic Disease Management & Post-Acute Services

      • Diagnosis Services

      • Healthcare Systems Strengthening Services

      • Others

    • mHealth Services Market, By Participants

      • Mobile Operators

      • Device Vendors

      • Content Players

      • Healthcare Providers

    • Healthcare Analytics

    • Digital Health Systems

      • EHR

      • E-prescribing Systems

Digital Health Component Outlook (Revenue, USD Million, 2014 – 2025)

  • Hardware

  • Software

  • Services

Digital Health Regional Outlook (Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • Spain

    • France

    • Italy

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Singapore

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE

    • South Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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