The Global Digital Health Market is expected to rise at a considerable rate in response to the rising prevalence of chronic diseases. Fortune Business insights in its new report titled “Digital Health Market: Global Market Analysis, Insights and Forecast, 2018 – 2025” predicts that North America is likely to show attractive growth opportunities during the forecast period.
This is primarily on account of the presence of advanced healthcare and medical infrastructure in North America. Presence of a large number of well-established players in this region is likely to continue boosting the digital healthcare market in North America.
Besides North America, Europe and Asia Pacific are also expected to grow at a significant rise in the upcoming years. The rising level of digital knowledge in the U.K. is expected to drive the digital health market.
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Rapid Adoption of mHealth Technologies Drives the Market
The global digital health market is driven by several factors. “Rising number of government initiatives aimed at promoting digital health solutions will enable growth in the market,” said a lead analyst at Fortune Business Insights. “In the coming years, the digital health market is estimated to benefit from the uptake of IT in the medical industry,” he added. With the increasing use of smartphones across the world, the demand for digital health services is growing owing to the rising adoption of health apps. Other factors such as the rising demand for in-house remote monitoring devices and increasing geriatric population will catalyze the growth of the digital health and wellness services. Digital health over the past few years has become a game changer in the digital health industry. Digital health services help in monitoring diseases and provide access to electronic information of patients through tablets or mobiles. Doctors can check the complete digital health record of their patients and accordingly offer the best consultation. All the factors mentioned above are anticipated to boost the digital health market during the forecast period.
Although digital health services are adopted by a large number of hospitals across the world, there are some factors that may harm the growth of the digital health market. The high cost associated with the installation of such advanced digital health systems is likely to restrict the market to an extent. In addition to this, several security and safety concerns with regards to the data exposed digitally may pose a serious threat to the digital healthcare market.
Growth Strategies Adopted by Companies to Aid Expansion
The global digital health market covers several players, demonstrating a competitive vendor landscape. Among these, the leading players are working continuously to expand their product portfolio and strengthen position in the digital healthcare market. Some of the leading companies operating in the global digital health market are Allscripts Healthcare Solutions Inc., Agfa-Gevaert N.V., Truven Health Analytics, McKesson Corp., GE Healthcare, Cerner Corp., Cisco Systems Inc., Philips Healthcare, NetApp., Siemens Healthineers, and Qualcomm Inc. In the near future, these companies are anticipated to engage in strategic partnerships, mergers and acquisitions, and agreements to increase their share in the market. Also, these initiatives are adopted to gain a competitive edge in the global digital health market.
Market Players Are Focusing on Strategic Collaborations to Establish a Stronghold
Cisco and NetApp joined hands with each other in June 2018 to launch FlexPod solutions. Companies worked together to a computer network, and store important data and help organizations to accelerate application delivery.
In April 2018, Digital Health China and Koninklijke Philips N.V. introduced a teleradiology application platform called SHINEFL. This service platform provides a scalable and customizable cloud-based solution for effective image management. Through this, one can view, store, analyze, and retrieve medical images even remotely. The clinical applications involved in this platform are majorly for cardiology, oncology, and neurology.
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Startups are growing fast in the U.S. In this regards, the Digital Health Council of Massachusetts announced a new program on digital health in April 2019. The program called Sandbox is meant to drive the growth of startups in the state. Launch of such programs is likely to bode well for the global digital health market.
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