Digital health is the convergence of digital technologies with healthcare. It facilitates speedy collection of relevant data and in turn the improvement of healthcare services. The global digital health market is rapidly expanding due to high penetration of mobile devices and internet connectivity all over the world.
More than one third of the global population is estimated to own a smartphone by 2017. Innovations in technology enabled wearable health monitoring devices have propelled the digital health market to new heights. Integration of medical devices with smartphones has facilitated real time tracking of health parameters from distant locations.
Remote monitoring services facilitating patient monitoring from a remote location is set to further drive the demand for digital health devices.
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Product Outlook and Trend Analysis :
The electronic health records (EHR) and e-prescription were the largest selling products in 2016. EHR segment witnessed substantial growth due to government initiatives and rise in investments for the development of innovative products.
mHealth market is expected to register highest growth rate due to increase in smartphone sales and increased adoption of mobile communication technology. Cost effectiveness provided by mobile devices to monitor health related parameters has also driving the market growth. Low cost and high value applications of digital health products have resulted in their adoption at a fast pace globally.
Health analytics product segment is expected to show consistent growth in the forecast period as they reduce the healthcare costs and incorrect diagnosis.
Regional Analysis :
North America dominated the global digital health market in 2016, due to various programs adopted by different organizations (such as American Health Information Community and the American Orthopedic Society for Sports Medicine)offering sports medicine fellowships for conducting research to develop innovative products.
Due to the adoption of HITECH act in 2009, the U.S. has witnessed tremendous advancements in digital health innovations. The European market is an attractive segment for the global players due to increasing number of chronic disorders in this region. Germany has seen a substantial growth in digital health market.
In 2015, the E-Health Law was approved in Germany to improve the interoperability in different healthcare IT systems. Due to increasing geriatric population, Europe and China hold attractive opportunities for growth of digital health products.
Some of the key questions answered by the report are:
-What was the market size in 2016 and forecast from 2017 to 2025?
-What will be the industry market growth from 2017 to 2025?
-What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
-What are the major segments leading the market growth and why?
-Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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