Digital Healthcare Market is expected to register a CAGR of 26.30% to reach USD 3,28,887.8 million by 2025. Digital Healthcare operates based on healthcare big data, electronic health record (EHR) and electronic medical record (EMR), and others. Digital healthcare facilitates the smooth functioning of healthcare-related processes.
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Market Dynamics
The high adoption rate of EHRS and EMRS. In recent years, the application of IT in the medical sector has resulted in a parallel adoption of EHR and EMR. EHRs and EMRs improve the quality of care in medical services. The terms EHR and EMR can be interchangeably used but are exclusive in format. According to the Office of the National Coordinator for Health Information Technology (ONC), EMRs are digital versions of paper charts in a clinician’s office. They typically contain the medical and treatment history of the patients. On the other hand, EHRs are primarily designed to collect and compile information. EHRs can be used to share information between healthcare providers, laboratories, specialists, etc.
Segmentation
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 are 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 dominate the global digital healthcare market. The growth in this region can be attributed to increasing healthcare spending and healthcare information technology (IT) adoption. According to the Centers for Medicare and Medicaid Services, in 2017, the healthcare sector in the US has grown by approximately 3.9%, reaching USD 10,739 per person.
The European market for digital healthcare is expected to be the second largest during the review period. The rising pressure to reduce healthcare costs, technological advancements, and improved healthcare solutions and services in the region is expected to have a positive impact on the digital healthcare market in Europe.
Asia-Pacific is estimated to be the fastest-growing market owing to the emerging healthcare infrastructure, and an increasing number of healthcare IT companies. Moreover, the rise in research & development centers and the presence of top companies in developing countries boost the growth of the market in this region.
The market in the Middle East & Africa is expected to grow at a steady rate. The increasing government support toward the healthcare IT industry in the Middle East and rapid technological advancements drives the market growth across the region.
Key Players
The Prominent Players in the Global Digital Healthcare Market are 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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