Increasing Utilization of Digital Health Platform and Aging World Population is expected to Expand Digital Health Market beyond US$ 200 Billion by 2026 - Coherent Market Insights

Published On : Jul 05, 2018

The Global Digital Health Market, by Technology Platform (Tele Health [Tele Medicine, Tele Care], mHealth, Digital Health Information System [EMR/HER, Clinical Decision Support System, Computerized Physician Order Entry and Others], Diagnostic and Monitoring Devices, Therapeutic Devices [Digital Medicine, Respiratory Therapy Devices, Insulin Pumps and Others] and Others) by End User (Business to Consumers and Business to Business) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ $ 85 billion in 2017 and is projected to exhibit a CAGR of 23.8% over the forecast period (2018 – 2026), as highlighted in a new report published by Coherent Market Insights.

The digital health is broad term that takes many different platforms under its umbrella such as tele health, health information system (EHR/EMR) and more recent mHealth platforms and data analytics. Digital health platforms takes into account the patient centric approach rather than healthcare provider centric approach. Most importantly this platforms makes health care accessible and affordable with available healthcare labor force. With rising prevalence of chronic disease and need for their effective monitoring digital health platforms proves to be obliging medium.

Global shortage of healthcare providers would major impetus for the growth of digital health market. According to the World Health Organization factsheet in 2013, there would be shortage of 13 million healthcare professionals by 2025 from 7 million in 2013. Around 83 countries worldwide unable to maintain threshold of 23 skilled health professionals per 10,000 people. Digital health platform could provide solutions to such shortage by promoting tele health platform that would allow remote diagnostic and monitoring facilities to patients.

Digital health platforms could be beneficial for rural population where access to health care is limited especially in emerging countries such as India etc. Healthcare gaps in developing countries from Latin America and Asia pacific would provide positive prospects in digital health market. This is also due to fact that healthcare operations are still paper based with diminished efficiency. Therefore, this developing countries could directly leapfrog towards cloud based digital health platforms in the near future.

Other factors that would aid growth for the digital health market are aging population, new technologies in digital health, larger penetration of smartphones and increased government funding for health care services.

Browse 75 Market Data Tables and 55 Figures spread through 240 Pages and in-depth TOC on “Digital Health Market - by Technology Platform (Tele Health [Tele Medicine, Tele Care], mHealth, Digital Health Information System [EMR/HER, Clinical Decision Support System, Computerized Physician Order Entry and Others],Online Pharmacy, Diagnostic and Monitoring Devices, Therapeutic Devices [Digital Medicine, Respiratory Therapy Devices, Insulin Pumps and Others] and Others) by End User (Business to Consumers and Business to Business) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Global forecast to 2026

To know the latest trends and insights prevalent in the digital health market, click the link below:

Key players are also undertaking strategic acquisitions in order to expand their product offering and geographic presence in different regions across the globe. For instance, in August 2017, Allscripts announced to acquire McKesson Corporation’s hospital and health system IT business and Enterprise Information Solutions for US$ 185 million in cash.

GE Healthcare, in March 2017, acquired Monica Healthcare with which company obtained fetal monitor technology. This technology comprises blue tooth connected device that monitors both fetal and maternal heart rate and uterine activity.

In May 2018, Allscripts acquired HealthGrid Holding Company. This acquisition would result into expansion of the Allscript’s FollowMyHealth platform which is the company’s patient engagement solution focused on connecting consumers with providers.

In January 2018, Allscripts announced to acquire Practice Fusion. Practice Fusion offers an affordable cloud-based Electronic Health Record (HER) for small, independent physician practices. Through this acquisition Allscripts is expected to expand its big data insights and health analytics, data sharing technologies, and clinical trial solutions.

Key players are engaged in the launching of new innovative digital health platform that would result into better in efficiency in healthcare operations. For instance, in March 2018, Allscripts Healthcare Solutions launched its new electronic health record (EHR) system named Avenel, at the annual Healthcare Information and Management Systems Society (HIMSS) conference at Las Vegas in the U.S. Avenel is a mobile first and cloud based platform that creates a community-wide shared patient record. It uses machine learning to reduce time for clinical documentation and is designed to work like an app instead of traditional software.

Key Takeaways of the Digital Health Market:

  • The global digital health market is expected to exhibit a CAGR of 23.8 % over the forecast period, owing to increasing aging population, shortage of physician and penetration of digital technology and smartphones
  • Among the technology platform in digital health market, health information and specifically electronic health record (EHR) would hold largest market share in digital health market segment. This is due to ease of operation’s EHR offers with data storage and use of same by different healthcare provider especially considering complex management of chronic disease.
  • mHealth would be second most lucrative platform. With number of smartphones and tablets increasing, rising digital technology adaptation and increased health awareness by common population, there would be higher usage of patient monitoring devices and mobile applications.
  • Amongst end users, business to business segment is poised to see higher market growth due to larger adoption of health IT platforms such as EHR and large capital investment by hospitals to improve health care service quality and reach larger patient base.
  • North America is expected to be the dominant region in the global digital health market followed by Europe. U.S. has high prevalence of chronic disease. According to a study published in American College of Cardiology Journal in 2017, cardiovascular disease accounts for around 800,000 deaths in the U.S. annually. U.S. currently has one of highest per capita expenditure on healthcare amounting US$ 9,146 according to statistics given by World Economic Forum in 2016. This cost could be reduced with help of various platforms such as tele medicine, HER and mHealth.
  • Europe having one of largest population above 60 (25% according UN report in 2017) would see high demand for digital health platforms.
  • Asia Pacific would be lucrative market in near future for digital health market. This is due to one of highest number of death from chronic disease (More than 12 million each year as per WHO factsheet 2017) this region faces and shortage of proper healthcare infrastructure and healthcare providers. This region also high smartphone user base which would drive growth for mHealth platform in digital health market.
  • Key players operating in the global digital health market are Allscripts Health Solutions, Inc. McKesson Corporation, Cerner Corporation, Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Qualcomm Inc., Truven Health Analytics Athenahealth, Inc. and Cisco Systems

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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