Digital Health Market: Emergence of Remote Patient Monitoring Services Creates Worthwhile Opportunities

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.

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Digital Health Market : Industry Analysis and Opportunity Assessment 2017 – 2025

Digital Health Market: Snapshot

The global digital health market is driven by a rising demand for improved communication between healthcare professionals and patients so as to reduce medication errors and provide improved coordinated care. Digital health improves the quality of care by enabling access to lab results and gives drug information so that doctors can prevent harmful drug interactions. As digital health provides better and efficient care of patients as compared to traditional healthcare technology, their demand will continue to rise in the forecast period from 2017 to 2025. Digital health technologies such as digital diagnostic systems, EHR, and wireless technologies are making use of a range of data for efficient treatment of patients, including immunization dates, patient history, allergies, medication, radiology, diagnosis, lab test results, treatment plans, and insurance information. Players in the digital health market are participating in mergers and acquisitions, intensifying competition in the market. Players are striving hard to provide advanced technology that is also cost effective.

Digital technologies help in sharing patient information with other healthcare organizations, including emergency facilities, labs, pharmacies, clinics, and imaging facilities, and this is useful in cases of emergencies. On the other hand the lack of capital required for building healthcare infrastructure in developing nations is a key challenge for the global digital health market. Due to poor infrastructure and poor connectivity, there could be loss of signal and disconnection in virtual consultation and a patient could suffer.

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Global Digital Health Market: Overview 

Technology-enabled care that comprises a conjunction of health technology, digital media, and mobile devices is known as digital health. It provides easy access to relevant data and improves the quality of both health and social care, thereby assisting care givers, patients, and healthcare professionals. As the demand for healthcare services is persistently increasing, digital health comes as a sign of relief, offering cost-effective solutions.

Digital health is a multi-disciplinary field, which includes social sciences, engineering, clinicians, scientists, and researchers with an extensive range of expertise in healthcare, health economics and management, and public health. 

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Global Digital Health Market: Key Trends 

There are various factors attributing to the growth of the global digital health market such as increased investments, growing demand for remote patient monitoring services, and favorable government initiatives. Advent of healthcare IT, coupled with developing penetration of tablets, smartphones, and other mobile platforms, will supplement the market growth. In addition, advancements in bio-sensing wearables such as blood pressure, glucose, and diabetes monitors are anticipated to make the global digital health industry a lucrative one.

However, security and privacy issues, high capital expenditure incurred on maintenance requirement, and lack of infrastructure for the healthcare industry are expected to act as a hindrance for the global digital health market.

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Global Digital Health Market: Market Potential 

With advent of technology, the digital health market is growing manifold. New inventions are taking place in regular intervals, boosting the demand for digital health and attracting manufacturers to this lucrative market.

Recently, the makers of a touchscreen insulin pump, Tandem Diabetes Care, introduced their first remote software update. Users of the t:slim Insulin Pump will now be able to use their personal computer to update their device. Once approved by the FDA, the Tandem Device Updater will ultimately facilitate updates, such as those that allow integration between devices.

Onduo, a joint venture firm will start developing ways to aid diabetics to make better decisions about their use of drugs and their lifestyle habits. Onduo also plans to help those who are at risk of developing diabetes.

HomeCare Connect, a Florida-based home healthcare company, concentrates on supporting home health for injured employees on worker’s compensation. HomeCare Connect Tele-Connect is a new app for tablets, smartphones, or computers that can connect healthcare specialists and caregivers with injured employees. The services can be obtained without shelling a dollar.

Global Digital Health Market: Regional Outlook 

Due to increasing prevalence of chronic diseases, implementation of the Health Information Technology for Economic and Clinical Health (HITECH) Act and the Health Insurance Portability and Accountability (HIPAA) Act, and escalating geriatric population are the key drivers for the growth of the U.S digital health market. It is expected to register strong growth during the forecast period.

The growing digital healthcare industry in Germany is projected to hold a large share in the market over the said period. The regional growth can be attributed to increasing smartphone penetration, rapid technological innovation, national usage of eHealth cards, and encouraging regulations regarding eHealth.

Extensive adoption of new technologies such as mobile devices and government initiatives to encourage eHealth to address unmet healthcare needs will provide a much needed impetus to the China digital health market.

Global Digital Health Market: Competitive Analysis 

Due to the inclusion of local small players, large corporations, and startups, the global digital health market size is fragmented in nature. Some of the leading players operating in the market are Athenahealth, McKesson Corporation, Qualcomm, LifeWatch, AT & T, Cerner Corporation, Philips Healthcare, Cisco Systems, iHealth Lab, and eClinicalWorks. The global digital health market is expected to be dominated by prominent industry giants for their brand recognition, financial stability, and exceptional after-sales service.

Uptake of Digital Health Rises As it Lowers Human Medication Errors

San Francisco, California, November 21, 2017: A recently added report by TMR Research, titled, “Digital Health Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017– 2025,” brings to the fore crucial information pertaining to the market such as its size, competitive dynamics, and growth prospects. The report begins with basic definitions and a lowdown on classifications and applications. It studies the development history of the market along with its current competitive landscape.

The report finds that the ability of digital health to eliminate human medication errors and provide effective communication between patients and healthcare professionals and hence facilitate an improved, coordinated care, has led to its swift uptake. Digital health serves to better the quality of care by providing access to lab results and information on drugs to thwart harmful drug interactions by doctors. This is how it steals a march over traditional healthcare technology.

Demand for digital health is projected to soar in the near future. Digital health technologies, namely EHR, digital diagnostic systems, and wireless technologies leverage a variety of data – lad test results, patient history, radiology, immunization dates, allergies, diagnosis, and even insurance information – to bring about effective treatment.

Overall, digital health is a multi-disciplinary field that brings under its ambit engineering, social sciences, healthcare, health economics and management, and public health. It helps in exchanging patient information with other healthcare institutions such as emergency facilities, pharmacies, labs, clinics, and imaging facilities. One factor posing a hindrance to adoption digital health is the steep upfront capital needed to construct healthcare infrastructure. Developing nations, also have a lot of catch to do in terms of internet speeds. This is another factor dealing a blow to the market. Security and privacy threats and high cost of maintenance are other factors dampening growth in the market.

However, increased investments in digital health, rising demand for remote patient monitoring services, and favorable government initiatives will eventually help overcome such bottlenecks to growth. Emergence of more sophisticated healthcare IT, proliferation of smartphones, tablets, and other mobile devices are also predicted to boost market growth. Further, progress in bio-sensing wearables are proving beneficial to the global digital health market too.

From a geographic standpoint, North America is a key market for digital health. This is primarily on account of its superior healthcare infrastructure, high per capita spends on health, early adoption of technology, and burgeoning use of health-tech wearables, smartphones, and mobile devices.
A noticeable trend in the digital health market are players banking upon mergers and acquisitions to enhance their market share. Players are also ploughing money into development of more cutting-edge technology that are affordable at the same time.

The global digital health market is fragmented in nature on account of the presence of a copious number of small and large companies and mushrooming startups. However, big names in the industry are expected to retain their stronghold over the market by dint of their brand recognition, excellent after-sales services, and deep pockets. Some such prominent names operating in the market are McKesson Corporation, Athenahealth, Qualcomm, Cerner Corporation, LifeWatch, AT & T, Philips Healthcare, iHealth Lab, Cisco Systems, and eClinicalWorks. The report studies their products and services, sales and revenues, market shares, strategies, and prospects going forward.

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