The global digital health market has been prognosticated to see its revenue growth spurring on the back of rising count of venture capitalist investments. There could be a swelling number of startups capitalizing on industry revenue. A healthy percentage of digital health companies have been foreseen to change to B2B2C or simply B2B model in the near future. This could be applicable for even those companies that have already launched a B2B model. The market has been prophesied to witness an increase in mergers and acquisitions as well. A report by Transparency Market Research (TMR) has profiled key players such as Allscripts, McKesson, and Philips.
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Furthermore, TMR has envisaged the global digital health market to expand at a 13.4% CAGR during the forecast tenure 2017-2025. In 2017, revenue earnings worth a US$196.3 bn had been secured by the market. However, by the final forecast year, the market could bag a whopping US$536.6 bn. By product, healthcare information systems have been envisioned to continue raking in a handsome share until the end of the forecast tenure. By region, North America could be the leader in the market, considering its leading revenue of US$80.0 bn achieved in 2017.
Government Initiatives in Favor of Healthcare Providers and Patients Assure Growth
Most governments today are offering initiatives that prove to be promising for both patients and caregivers. While this could enhance the growth of the world digital health market, the rising adoption of IT in the healthcare sector has been foretold to increase demand in the coming years. The market could also bolster its growth while riding on the escalating engagement of smartphones, tablets, and other mobile platforms. Moreover, speedy development of IT healthcare infrastructure has been projected to set the tone for a rewarding growth in the market.
mHealth technologies have been forecast to improve their adoption rate because of rising pressure to reduce cost and need to monitor patient health. The increasing usage of smart devices by doctors could augur well for the adoption of digital health in the U.S.
Poor Size of Healthcare Infrastructure in Emerging Countries Hampers Demand
Companies looking to benefit from the international digital health market have been anticipated to face challenges in the form of expensive capital expenditure, security and privacy issues, extortionate maintenance bills, and inadequate healthcare infrastructure size in developing economies. However, remote patient monitoring services could bring back the demand for digital health owing to their application in the examination of health problems from distant locations. Such services could see a greater adoption due to the rise of the incidence of cardiovascular diseases, cancer, and diabetes. More prospects could open up in the market because of the increase in the number of geriatrics.