Digital Healthcare Market Overview
Digital healthcare includes a wide range of end-uses in the healthcare sector where digital technology has been used to increase the efficacy of healthcare systems. The advent of digital technology has been a key driver for the healthcare sector, as it has enabled easy and accurate data logging as well as analysis. This has provided the healthcare sector the ability to outsource the menial tasks in the healthcare sector’s processes to machines and concentrate on improving core competencies, helped by digital technology.
According to the research report published by Market Research Future Reports, the global Digital Healthcare Market Size, has observed a tremendous growth by 23.7% CAGR, which is estimated to expand till the year 2030. Later, this market gained USD 1.3 trillion by 2030, which is expected to grow in the future timeline.
It has been observed that increasing demand for remote monitoring services owing to rising incidences of chronic diseases globally. This has been a significant factor propelling the global digital healthcare market during the forecast period. Mainly, remote monitoring uses technology to monitor changes in the health of patients, who are suffering from chronic diseases. These factors are generally augmenting the digital healthcare market growth for the future timeline.
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Digital Healthcare Market Segmentation
According to the reports presented by MRFR, the global digital healthcare market has been segmented based on technology, component, end user, and region.
By technology, this market segment is segmented into telehealthcare, mHealth, and health analytics. Further, the telehealthcare segment is classified as telecare and telehealth. The telecare segment comprises of activity monitoring and remote medication management. The telehealth segment includes LTC monitoring and video consultation. Whereas, the mHealth segment is further classified as wearables and apps. The wearables segment includes BP monitor, glucose monitor, pulse monitor, sleep apnea monitors, neurological monitors, and others. The apps segment includes medical apps and fitness apps.
By component, the market has been categorized into hardware, software, and services.
By end user, the market is segmented into providers, payers, employers, pharmaceutical companies, and others.
Digital Healthcare Market Regional Analysis
In the current scope of the study, regionally, the global digital healthcare market has covered essential regions such as the Americas, Europe, Asia-Pacific, and the Middle East and African region.
Among them, it has been observed that the Americas lead with the largest market share for wearable medical devices chiefly owing to the existence of the large obese and diabetic population. As per 2017, the data suggested by the Centers for disease control and Prevention (CDC) states that nearly 9.4% of the US population was suffering from diabetes. Moreover, the increasing healthcare expenditure and the presence of major market players are, therefore boosting the growth of the digital healthcare market in the region.
While, in 2017, it was estimated that Europe stood second in the global digital healthcare market owing to the cumulative awareness of health and physical fitness along with swelling expenditure on healthcare and rising incidences of chronic diseases.
Whereas Asia-Pacific was the fastest growing region in the market in 2017 owing to the presence of a vast population base, enormous opportunities for the development of the market, digitization in healthcare and more have been the major driving factors for the Asia-Pacific market of global digital healthcare. Apart from this, the demand for innovative technology for continuous monitoring of health, hence, drives the market in the Asia Pacific till now. Moreover, Japan is the largest market for wearable medical devices. Lastly, the Middle East and Africa held the least share in the global digital healthcare market owing to the low economic development, especially within the African region.
Key Players
Some of the key players in the global digital healthcare market are AllScripts Healthcare Solutions, Inc., AT T, Athenahealth Inc., Biotelemetry, Inc., Cerner Corporation, Cisco Systems, EClinicalWorks, iHealth Lab, Inc., Koninklijke Philips N.V., LifeWatch AG, McKesson Corporation, Qualcomm, General Electric Company, and others.
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