Increase in the prevalence of cardiovascular diseases, diabetes, and other chronic diseases is resulting into notable business opportunities in the global digital health market, according to a study by Transparency Market Research (TMR). Hence, the digital health market projections note that the market is estimated to grow at a CAGR of 18.3% during the forecast period of from 2021 to 2028 and gain a valuation of US$ 1.2 Trn by 2028.
The global digital health market outlook provides in-depth analysis of major factors impacting the market growth. Hence, this study covers thorough assessment on the growth drivers, growth restraints, R&Ds, regional analysis, competition landscape, and ongoing trends of the digital health market. This aside, it sheds light on the recent developments in the digital health market.
The prevalence of different health disorder including cardiovascular diseases, diabetes, and other chronic diseases is being increasing rapidly globally owing to many factors including unhealthy food habits of people and rise in obese and older population globally. These factors are resulting into profitable prospects in the global digital health market. Besides, digital health products are being increasingly adopted by healthcare providers including insurance companies as well as hospitals across the globe. This factor is fueling the digital health market development.
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Players operating in the global digital health market are focusing on improving the application of medical deep learning in order to predict possible risks associated with Parkinson’s disease and dementia in people. Moreover, several enterprises are concentrating on the efficient use of medical artificial intelligence (AI) that assists in predicting potential disease patterns in individuals. Such initiatives are projected to drive the expansion in the global digital health market.
Several organizations from the healthcare industry are entering into collaboration agreements with research institutes in order to work on projects using medical AI in order to study non-invasive connections between different regions of brain. Such researches are projected to help in the detection of mental illnesses at initial stages in patients, notes a TMR assessment on the digital health market.
IT companies across the globe are using different implementation strategies in order to boost the uptake of eHealth solutions including laboratory management systems, clinical decision support systems, and telehealth, which can augment the productivity levels in healthcare organizations. For instance, several enterprises are offering training to healthcare payers and healthcare professionals on the follow-up during clinical interventions. Such initiatives are prognosticated to drive the growth in the global digital health market in the forthcoming years.
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Players Focus on Developing Technologically Advanced Products
Some of the leading players in the digital health market include Cerner Corporation, Agfa-Gevaert N.V., McKesson Corporation, Allscripts Healthcare Solutions, Inc., GE Healthcare, Philips Healthcare, Epic Systems Corporation, Siemens Healthineers, Alphabet, Inc., Qualcomm, Inc, and Truven Health Analytics (an IBM Company).
The presence of many well-entrenched companies makes the competition level in the digital health market intense and the entry of new players difficult. Hence, enterprises are executing organic and inorganic strategies in order to stay ahead of the competition. Mergers, acquisitions, and regulatory approvals some of the prominent strategies used by companies in the digital health market. Moreover, players are increasing their R&D efforts in order to develop and launch technologically advanced products. Such activities are helping enterprises to expand their product portfolios.
Europe, North America, Latin America, Middle East & Africa, and Asia Pacific are some of the key regions for the global digital health market. The presence of sturdy healthcare infrastructure and early adoption of advanced technologies make North America one of the leading regions in the digital health market. Moreover, the regional market is estimated to be driven by rising prevalence of diabetes and heart diseases in the region.