The Global DigitalHealth Market, by Technology Platform (Tele Health [Tele Medicine, TeleCare], mHealth, Digital Health Information System [EMR/HER, Clinical DecisionSupport System, Computerized Physician Order Entry and Others], Diagnostic andMonitoring Devices, Therapeutic Devices [Digital Medicine, Respiratory TherapyDevices, Insulin Pumps and Others] and Others) by End User (Business toConsumers and Business to Business) and by Region (North America, LatinAmerica, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ $ 85billion in 2017 and is projected to exhibit a CAGR of 23.8% over the forecastperiod (2018 – 2026).
The digital health is broad termthat takes many different platforms under its umbrella such as tele health,health information system (EHR/EMR) and more recent mHealth platforms and dataanalytics. Digital health platforms takes into account the patient centricapproach rather than healthcare provider centric approach. Most importantlythis platforms makes health care accessible and affordable with availablehealthcare labor force. With rising prevalence of chronic disease and need fortheir effective monitoring digital health platforms proves to be obligingmedium.
Global shortage of healthcareproviders would major impetus for the growth of digital health market.According to the World Health Organization factsheet in 2013, there would beshortage of 13 million healthcare professionals by 2025 from 7 million in 2013.Around 83 countries worldwide unable to maintain threshold of 23 skilled healthprofessionals per 10,000 people. Digital health platform could providesolutions to such shortage by promoting tele health platform that would allowremote diagnostic and monitoring facilities to patients.
Digital health platforms could bebeneficial for rural population where access to health care is limitedespecially in emerging countries such as India etc. Healthcare gaps indeveloping countries from Latin America and Asia pacific would provide positiveprospects in digital health market. This is also due to fact that healthcareoperations are still paper based with diminished efficiency. Therefore, thisdeveloping countries could directly leapfrog towards cloud based digital healthplatforms in the near future.
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Other factors that would aidgrowth for the digital health market are aging population, new technologies indigital health, larger penetration of smartphones and increased governmentfunding for health care services.
Browse 75 Market Data Tables and55 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 andMonitoring Devices, Therapeutic Devices [Digital Medicine, Respiratory TherapyDevices, Insulin Pumps and Others] and Others) by End User (Business toConsumers and Business to Business) and by Region (North America, LatinAmerica, Europe, Asia Pacific, Middle East, and Africa)- Global forecast to2026”
Key players are also undertakingstrategic acquisitions in order to expand their product offering and geographicpresence in different regions across the globe. For instance, in August 2017,Allscripts announced to acquire McKesson Corporation’s hospital and healthsystem IT business and Enterprise Information Solutions for US$ 185 million incash.
GE Healthcare, in March 2017,acquired Monica Healthcare with which company obtained fetal monitortechnology. This technology comprises blue tooth connected device that monitorsboth fetal and maternal heart rate and uterine activity.
In May 2018, Allscripts acquiredHealthGrid Holding Company. This acquisition would result into expansion of theAllscript’s FollowMyHealth platform which is the company’s patient engagementsolution focused on connecting consumers with providers.
In January 2018, Allscriptsannounced to acquire Practice Fusion. Practice Fusion offers an affordablecloud-based Electronic Health Record (HER) for small, independent physicianpractices. Through this acquisition Allscripts is expected to expand its bigdata insights and health analytics, data sharing technologies, and clinicaltrial solutions.
Key players are engaged in thelaunching of new innovative digital health platform that would result intobetter 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 ManagementSystems Society (HIMSS) conference at Las Vegas in the U.S. Avenel is a mobilefirst and cloud based platform that creates a community-wide shared patientrecord. It uses machine learning to reduce time for clinical documentation andis designed to work like an app instead of traditional software.
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Key Takeaways of the DigitalHealth Market:
The global digital health marketis expected to exhibit a CAGR of 23.8 % over the forecast period, owing to increasingaging population, shortage of physician and penetration of digital technologyand smartphones
Among the technology platform indigital health market, health information and specifically electronic healthrecord (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 sameby different healthcare provider especially considering complex management ofchronic disease.
mHealth would be second mostlucrative platform. With number of smartphones and tablets increasing, risingdigital technology adaptation and increased health awareness by commonpopulation, there would be higher usage of patient monitoring devices andmobile applications.
Amongst end users, business tobusiness segment is poised to see higher market growth due to larger adoptionof health IT platforms such as EHR and large capital investment by hospitals toimprove health care service quality and reach larger patient base.
North America is expected to bethe dominant region in the global digital health market followed by Europe.U.S. has high prevalence of chronic disease. According to a study published inAmerican College of Cardiology Journal in 2017, cardiovascular disease accountsfor around 800,000 deaths in the U.S. annually. U.S. currently has one ofhighest per capita expenditure on healthcare amounting US$ 9,146 according tostatistics given by World Economic Forum in 2016. This cost could be reducedwith help of various platforms such as tele medicine, HER and mHealth.
Europe having one of largestpopulation above 60 (25% according UN report in 2017) would see high demand fordigital health platforms.
Asia Pacific would be lucrativemarket in near future for digital health market. This is due to one of highestnumber of death from chronic disease (More than 12 million each year as per WHOfactsheet 2017) this region faces and shortage of proper healthcareinfrastructure and healthcare providers. This region also high smartphone userbase which would drive growth for mHealth platform in digital health market.
Key players operating in theglobal digital health market are Allscripts Health Solutions, Inc. McKessonCorporation, Cerner Corporation, Siemens Healthineers, GE Healthcare,Koninklijke Philips N.V., Qualcomm Inc., Truven Health Analytics Athenahealth,Inc. and Cisco Systems
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