Global Digital Health Market will achieve 25.9% CAGR to cross $379 billion by 2024
SELLBYVILLE, Del., Jan. 19, 2018 /PRNewswire-iReach/ -- The Industry Outlook report "Digital Health Market Technology [Telehealthcare {Telecare (Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation)}, mHealth {Wearables (BP Monitor, Glucose Meter, Pulse Oximeter, Sleep Apnea Monitor, Neurological Monitor), Apps (Medical, Fitness)}, Digital Health System (EHR, e-prescribing System)], Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Spain, Italy, Russia, Poland, Japan, China, India, Australia, Brazil, Mexico, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2024" by Global Market Insights, Inc. forecast Digital Health Market is anticipated to exceed $379 billion by 2024.
Increasing demand for remote patient monitoring services, strong investment outlookand favourable government initiatives should drive global digital health market size. Emergence of healthcare IT coupled with growing penetration of smartphones, tablets and other mobile platforms have led to increased adoption of new business models. Digital technology has enabled people to make smarter choices and receive products with value added services.
Digital health industry innovations including the integration of cloud-based technology into digital health systems and introduction of novel software's like practice management, predictive analysis and care management software should serve as a high impact growth driver.
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mHealth industry could witness remarkable growth in excess of 35%, to surpass USD 200 billion by 2024. Increasing use of smartphones, improved distribution of diagnostic health services and growing trend towards use of cost effective services will stimulate segment growth.
Germany digital healthcare market size was over USD 5.4 billion in 2015 and anticipated to exceed 40 billion by 2024. It will drive regional industry growth owing to increasing use of mobile communications technology, rapid technological developments and favourable E-Health regulations in this region.
Extensive application of remote patient monitoring services and favourable government initiatives should help build a sophisticated healthcare infrastructure for digital health market growth. For instance, HITECH Act have promoted digital health systems by funding hospitals and physicians in the U.S.
Increasing number of start-ups to capitalize on industry revenue and growing number of venture capitalists investments will spur the global digital healthcare market share. Digital health entrepreneurs are striving to prove credibility and trustworthiness of their services and gain maximum industry share. Some of the recent start-ups include Validic, mySugr, Augmedix, CareDox, and Livongo Health. Furthermore, venture capitalist funding along with mergers and acquisitions attributed to over 4.7 billion with 670 deals in 2014 followed by over USD 4.6 billion with 574 deals the next year.
EHR (Electronic health records) attributed to over 60% of global digital health market share in 2015, with expectations to reach over USD 116 billion by 2024. Some of the factors that should drive business growth are rising investments in interoperability, technological advancements and supportive government decisions favouring expansion of digital health market size.
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Global digital health market size will reach USD 379.3 billion by 2024, with over 25% growth from 2016 to 2024.
Digital health systems market share was over USD 32 billion in 2015 with more than USD 130 billion by 2024. Growing investments in interoperability and increasing awareness regarding usage of EHR platforms will drive business growth.
Health analytics market size was over USD 4 billion in 2015 and should witness 25.9% growth over the forecast timeframe. It helps reduce instances of misdiagnosis and curb healthcare costs by providing reliable and cost- effective healthcare information to care providers.
Japan digital health market size will grow at over 29% to exceed USD 20 billion by 2024, owing to extensive adoption of new healthcare technologies and improved government focus to reduce healthcare cost.
Brazil digital health market size was over USD 843 million in 2015 and anticipated to grow at 27.9% over the forecast period. It held over 47% of regional digital healthcare market share in 2015.
South Africa digital healthcare market share was over 15% of regional revenue in 2015 and expected to surpass USD 1.2 billion by 2024.
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Presence of large corporations, local industry players as well as start-ups are increasing the overall digital health market competitiveness. The key industry players will hold maximum revenue share owing to their brand recognition and prompt after sales service. The major players include Qualcomm, Philips Healthcare, McKesson Corporation, AT & T and LifeWatch.
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