Market Overview
Market Research Future (MRFR) confirms that the Digital Healthcare Market 2020 can achieve a stunning growth rate of 26.30% from 2019 to 2025 (analysis period). The market is expected to be worth USD 3,28,887.8 Million by the end of the year 2025.
Growth Boosters and Deterrents
Telemedicine, blockchain electronic health records and artificial intelligence-backed devices are a few significant examples of digital healthcare, with these technologies reshaping the way health care professionals interact with each other and patients. These technologies have also transformed the way data is shared between healthcare providers, helping them to reach informed decisions as to how to proceed with the correct treatment plan to achieve successful outcomes. Innovation has been a key driver of the digital healthcare industry, with the increasing technological advancements leading to better streamlining of work, improved patient outcomes, lower human errors, and reduced costs.
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The total number of smartphone owners crossed the five billion mark by the year 2019 and continues to mount at a rapid pace. Over four billion individuals worldwide, at any given point of time, use the Internet and are increasingly become aware of the benefits that digital healthcare has to offer. Doctors and other healthcare professionals are progressively adopting virtual-reality tools to either boost their medical skills or develop plans for a complicated surgery. Another significant trend in the digital healthcare market is the soaring popularity of the wearable technology. Seeing the escalating adoption of wearables in view of rising health consciousness among people, companies are proactively developing advanced devices that offer up-to-date tracking of high-risk persons to determine the possibility of any major illness or health issue.
Segment Analysis
The Global Digital Healthcare Market has been segmented by Technology, Application, Delivery Mode, Components, and End User.
The market, based on technology, has been bifurcated into digital health systems, telehealthcare, mhealth, and healthcare analytics. The digital health systems are further sub-segmented into EHR/EMR and e-prescribing systems. Telehealthcare is further segmented into activity monitoring, remote medication management, LTC monitoring, video consultation. mHealth is further segmented into wearables and mHealth apps. Wearables are furthermore segmented into glucose meters, neurological monitors, sleep apnea monitors, pulse oximeters, BP monitors, and others. mHealth apps is more segmented into fitness apps and medical apps.
Based on application, the digital healthcare market has been segregated into cardiology, diabetes, neurology, sleep apnea, oncology, and others.
Based on delivery mode, the digital healthcare market has been segregated into on-premise and cloud based.
Based on components, the digital healthcare market has been segregated into software, services, and
hardware.
The global digital healthcare market, based on end user, has been segmented into healthcare providers, healthcare payers, pharmaceutical companies, and others.
Regional Analysis
The Global Digital Healthcare Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas is likely to hold the largest share of the global digital healthcare market during the assessment period. The high adoption rate of electronic health records (EHRs) and electronic medical records (EMRs), supportive government initiatives and rise in healthcare funding, and rising pressure to improve the quality of care and reduced healthcare costs likely drive the market growth in the American region.
The Europe market established substantial growth in the market due to the presence of major players such as Allscripts Healthcare, LLC (US), BioTelemetry, Inc. (US), Cerner Corporation (US), Cisco Systems, Inc (US), Koninklijke Philips NV (The Netherlands) and others.
Asia-Pacific is estimated to be the fastest-growing region in the global market due to the presence of rapidly developing economies such as China, India, and South Korea and a rise in research & development centers.
The digital healthcare market in the Middle East & Africa is expected to witness gradual growth owing to increasing government support toward the healthcare IT industry in the Middle East, and rapid technological advancements.
Key Players
MRFR recognizes the following companies as the Key Players in the Global Digital Healthcare Market— Allscripts Healthcare, LLC (US), BioTelemetry, Inc. (US), Cerner Corporation (US), Cisco Systems, Inc (US), Koninklijke Philips NV (The Netherlands), McKesson Corporation (US), General Electric Company (US), AT&T Inc.(US), Athenahealth Inc. (US), EClinicalWorks (US), iHealth Lab Inc. (US), Qualcomm Technologies, Inc.(US).
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