Digital Health Market size is set to exceed USD 504.4 billion by 2025; according to a new research report by Global Market Insights.
Increasing demand for remote monitoring services owing to rising incidences of chronic diseases worldwide is a major factor propelling the global market growth over the forecast period. Remote monitoring uses technology to monitor changes in health of patients suffering from chronic diseases such as Chronic Obstructive Pulmonary Disease (COPD) outside the healthcare settings. Such factors will augment digital healthcare market size.
Presence of favorable government initiatives and funding in various countries for adoption of digitalized systems is set to fuel digital health industry growth over the coming years. For instance, Health Information Technology for Economic and Clinical Health (HITECH) Act, implemented in the U.S. providing USD 20 billion to hospitals and doctors to support their installation of EHRs is expected to fuel business growth in the coming years.
Tremendous rise in the penetration of smartphones, tablets and other mobile apps among physicians to track and access to medical information will further favor industry expansion. Furthermore, growing adoption of various healthcare IT solutions by healthcare providers to meet the heightened regulatory requirements for patient care and safety will augment digital health industry growth.
Prohibitive cost associated with installations of technologically advanced systems coupled with high threat of data security concerns will hamper digital health business growth.
Electronic health records (EHR) business is estimated reach USD 139.4 billion by 2025. Ability of these systems to exchange health information electronically to provide improved patient care are major factors contributing towards business growth. These systems enable providers to more effectively diagnose patients, reduce medical errors, and provide safer care to patients with better communication will further escalate segmental growth over the coming years.
Telehealthcare business is expected to grow at 29.4% CAGR over the forecast period. Rising geriatric population base, increasing demand for home-based remote monitoring systems, rising incidences of chronic disorders and government initiatives are the some of the key drivers of global telehealth market growth. Teleheatlhcare business segment is bifurcated into telecare and telehealth. Telehealth systems will grow at 35.2% CAGR owing to rapid adoption of LTC monitoring systems. LTC monitoring through telehealth systems leads to reduction in hospitalizations and emergency department (ED) visits, decrease health care costs, improve patient care and patient satisfaction. Such factors will propel overall digital health market size in the forecast timeframe.
UK digital healthcare market is forecasted to reach USD 28.3 billion by 2025. Early adoption of telecare service, large central government programs for telecare and a strong existing base of hardware, increasing prevalence of smartphone and apps will escalate UK market size. UK is an attractive country for app developers, with high levels of digital knowledge and quick adoption, and presence of number of mHealth app companies drives the digital health market in UK.
India digital healthcare market will grow at 35.0% CAGR during the projection period; due to increasing prevalence of chronic ailments coupled with rising demand for remote patient monitoring services in the country. Favorable government initiatives such as Digital India will augment industry growth over the coming years.
Key notable industry participants in global digital healthcare market include McKesson Corporation, Allscripts Healthcare Solutions Inc., Cisco Systems, Inc., Qualcomm, Philips Healthcare, eClinicalWorks LLC. The industry players resort to new product development along with mergers and acquisitions to grab higher market share in the competitive industry.
Guest author: Mr. Sumant Ugalmugale
is a research lead at Global Market Insights, He has authored several reports in Healthcare and Medical devices Industry. He graduated from National Institute of Pharmaceutical Education and Research (NIPER) with an MBA degree. Formerly worked on Pharma Forecasting engagements with Novartis and IQVIA.
