Digitization in the healthcare space along with the buzzing trend of IoT (Internet of Things) worldwide, will propel the digital health industry growth over the coming seven years. The evolving smart healthcare technology across the globe is expected to enhance the industry outlook over the coming timeframe. According to Global Market Insights, Inc., “Digital health industry size is estimated to surpass USD 379 billion by 2024.” Widespread application of remote patient monitoring solutions along with favorable government policies will help in creating an advanced healthcare infrastructure worldwide. Moreover, growing penetration of smartphones, mobiles, and tablets is expected to noticeably boost the digital health market trends over the coming years.
The new technological breakthroughs in healthcare IT industry along with improvements in healthcare services is expected to build a profitable roadmap for the digital health market. Rampant use of mHealth technologies by healthcare service providers for monitoring patient health will also bring a significant surge in the mHealth market, in turn proliferating the digital health industry over the next few years.
U.S. Digital Health Market size, by Technology, 2012- 2024 (USD Billion)
Considering the technological trends in the digital health business space, health analytics market size will witness a considerable growth over the next few years, having reached a targeted revenue of over USD 4 billion in 2015. Digital health systems market value estimated at USD 32 billion in 2015, is expected to observe a high surge over 2016-2024, primarily driven by growing consumer awareness about EHR (Electronic health record) and rising interoperability trend.
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Geographically, US digital health market will dominate the global industry, with target revenue poised to surpass USD 152 billion by 2024. Rise in aging population base suffering from chronic ailments coupled with introduction of HIPAA & HITECH acts will positively impact the regional growth. Rapid technological changes, rise in sale of smartphones, growing popularity of eHealth cards, and government support for e-health will contribute significantly towards Germany digital health industry, which contributed over 30% of the global market share in 2015. Japan digital health market size will surpass USD 20 billion by 2024, due to the growing popularity of health care technologies along with improved healthcare services at lower costs.
Global digital health market share is highly fragmented, with big multinational corporations, local industry players, and start-up firms trying to capture maximum share and establish their market position. Key industry players will try to increase their revenue by introducing new technologies in the digital health business and investing heavily in R&D projects. Key market players include McKesson Corporation, Philips Healthcare, Qualcomm, AT & T, LifeWatch, Cisco Systems Incorporation, eClinicalWorks, Cerner Corporation, iHealth Labs, and athenahealth Incorporation.
Author Name : Dhananjay Punekar