According to the report, global digital health market was valued at approximately USD 122.66 billion in 2017 and is expected to generate revenue of around USD 423.11 billion by the end of 2024, growing at a CAGR of around 19.35% between 2018 and 2024.
New York, NY, July 13, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Digital Health Market by Product Type [Healthcare Information Systems (Clinical Solutions and Non-Clinical Solutions) and Wearable Devices (Diagnostic & Monitoring Devices and Digital Therapeutic Devices)], by Component [Hardware, Software and Services] and by End User [B2B (Employers, Wellness Centers, Fitness Centers and Gyms) and B2C (Patients and Caregivers)] – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global digital health market was valued at approximately USD 122.66 billion in 2017 and is expected to generate revenue of around USD 423.11 billion by the end of 2024, growing at a CAGR of around 19.35% between 2018 and 2024.
Digital health is the convergence of genomic & digital technology with healthcare and society. It helps to make personalized & precise medicines and also enhances the efficiency of healthcare delivery. The increase in the prevalence of chronic diseases, initiatives by government and healthcare organization, and merger and acquisition by companies for expansion and to develop its products are some of the factors that are anticipated to fuel the growth of global digital health market.
Browse through 139 Tables & 24 Figures spread over 110 Pages and in-depth TOC on “Global Digital Health Market Size, Share 2017: Industry Growth, Segments, Trends Analysis and Forecast, 2024”.
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The digital health market is segmented on the basis of product type, component, and sales channel. Based on the product type, the digital health market is further segmented into healthcare information systems and wearable devices. The healthcare information systems segment is further divided into clinical solutions and non-clinical solutions. The clinical solution segment is further categorized into EHR/EMR, clinical decision support system, computerized physician order entry, and mHealth. Further, the wearable devices segment is sub-segmented into digital therapeutic devices and diagnostic & monitoring devices. The healthcare information systems are expected to dominate the product type segment due to the rapid increase in the use of EHR/EMR and mHealth by physicians and population respectively.
Based on components, the digital health market is segmented into hardware, software, and service. Service segment is expected to dominate the components segment as the services provided by practitioners are updated frequently.
Based on the sales channel, the digital health market is segmented into the business-to-business and business-to-consumer. The business-to-business is further sub-segmented into employers, wellness centers, fitness centers, and gyms. The business-to-consumer segment consists of patients and caregivers. The business-to-business segment is expected to show rapid growth in the forecast period. The demand for digital health and eHealth in business-to-business is increasing due to the use of applications by employers and in wellness centers for record of health problems.
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North America is the leading regional segment in the digital health market. In 2009, the U.S. adapted HITECH (Health Information Technology for Economic and Clinical Health) which led to rapid advancements and innovations in the digital health which fueled the growth of the digital health market. In the U.S., in a year over USD 3 trillion is spent on healthcare. Increase in investment in healthcare, growing reforms and the introduction of various government policies in the U.S. and North America is driving the growth of the digital health market in this region. Increase in the number of initiatives from various communities such as American Health Information Community (AHIC) for awareness about the importance of digital health and well-established infrastructure for healthcare is anticipated to drive the growth of digital health market in North America.
In Europe, Germany acquired the leading share of the digital health market. Increasing number of geriatric population, growing prevalence of chronic diseases, and rising adoption of eHealth by government organizations are some of the factors contributing to the growth of the Europe digital health market. The growing investment by healthcare IT players and presence of the majority of digital health practitioners in Europe is expected to fuel the growth of the digital health market in this region.
Browse the full “Digital Health Market by Product Type [Healthcare Information Systems (Clinical Solutions and Non-Clinical Solutions) and Wearable Devices (Diagnostic & Monitoring Devices and Digital Therapeutic Devices)], by Component [Hardware, Software and Services] and by End User [B2B (Employers, Wellness Centers, Fitness Centers and Gyms) and B2C (Patients and Caregivers)] – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024” report at https://www.zionmarketresearch.com/report/digital-health-market
Asia Pacific is anticipated to show the highest CAGR during the forecast period. The rapid increase in awareness and adoption of electronic medical records and downloading of mHealth apps in the last two years is mainly driving the growth of the digital health market in the Asia Pacific. Rapidly improving healthcare infrastructure, providing quality healthcare services same as international standards and government initiatives to create awareness about digital health are also some of the factors contributing to the growth of digital health market in the Asia Pacific. The rapid increase in aging population, rising incidence of chronic disease and co-morbidities, and high medical errors are expected to fuel the growth of the digital health market.
The Middle East and Africa and Latin America regions are expected to witness the least growth among all regions within the forecast period. Increase in medical errors and diagnostic procedures, economic development of the region, rapid adoption of western culture and increase in disposable income has also driven the growth of the digital health market in these regions.
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The key players in the global digital health market are AT&T Inc., Cerner Corp., GE Healthcare, McKesson Corp., Philips Healthcare, Cisco Systems, Agfa-Gevaert N.V., Siemens Healthineers, Allscripts Healthcare Solutions Inc., and Qualcomm Inc. The major players are involved in acquisition and mergers to expand their businesses in various regions.
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This report segments the global digital health market as follows:
Global Digital Health Market: Product Type Segment Analysis
- Healthcare Information Systems
- Clinical Solutions
- Clinical Decision Support System
- Computerized Physician Order Entry
- Non-Clinical Solutions
- Clinical Solutions
- Wearable Devices
- Diagnostic & Monitoring Devices
- Digital Therapeutic Devices
Global Digital Health Market: Component Segment Analysis
Global Digital Health Market: Sales Channels Segment Analysis
- Business-to-Business (B2B)
- Wellness Centers
- Fitness Centers
- Business-to-Consumers (B2C)
Global Digital Health Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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