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Digital Health Market Analysis by Growth Opportunities and Industry Trends 2019

Author : Rahul Sankrityayan | Published Date : 2019-03-27 

Global Digital Health Market is set to exceed USD 504.4 billion by 2025; according to a new research report by Global Market Insights. Increasing demand for remote monitoring services owing to rising incidences of chronic diseases worldwide is a major factor propelling the global market growth over the forecast period. Remote monitoring uses technology to monitor changes in health of patients suffering from chronic diseases such as Chronic Obstructive Pulmonary Disease (COPD) outside the healthcare settings. Such factors will augment digital healthcare market size.

Presence of favorable government initiatives and funding in various countries for adoption of digitalized systems is set to fuel digital health industry growth over the coming years. For instance, Health Information Technology for Economic and Clinical Health (HITECH) Act, implemented in the U.S. providing USD 20 billion to hospitals and doctors to support their installation of EHRs is expected to fuel business growth in the coming years.

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It is expected that the digital health market which was evaluated at $71.4 billion in 2017 will earn a massive revenue of $379 billion by 2024. This exponential growth graph will be galvanized by the use of everyday technologies like smartphones sensors, data analytics and cloud storage that have facilitated research into digital health. Traditional paper-based models are being replaced by electronic data capture (EDC) solutions that are helping to curb the mounting costs of healthcare while empowering patients and citizens as well as healthcare providers in collecting and analyzing data in real time. Digital health market is also receiving considerable impetus from governments looking to bring down healthcare costs borne by the state.

It has been conclusively proven that the early diagnosis of disease significantly brings down the cost of healthcare, which has been one of major factors for digital health market to attain an exceptionally fast pace. The ability to continuously track, monitor and analyze health status in real time provides improvements and possibilities in one’s understanding of health status and early disease prediction becomes possible. Such information can lead to the change in behavior of the individual which is often good enough to deter the progress of certain health issues such as obesity or diabetes. Such changes on an individual level means a much healthier population and elimination of system costs by decreasing the requirement of treatments.

In a world that is embroiled in a debate about the waste involved in health services, the benefits provided by digital health industry expansion is viewed favorably. For instance, in UK, the National Health Service has been estimated to waste nearly £2 billion each year for unnecessary or expensive treatments which is often the consequence of the late discovery of diseases. The progress of digital health can facilitate cost cutting of such unnecessary treatments.

Digital health can also facilitate two-way communication between healthcare providers and patients, decreasing the need of primary care by patients which is more often than not ignored by general citizens. On perceiving abnormalities on patient data, doctors can contact patients. Advanced patient-screening techniques can boost the effectiveness and efficiency of healthcare quality. Considering the several benefits of the progress of digital health systems, it is anticipated that digital health market will register substantial impetus over 2018-2024.

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Key notable Digital Health Market participants in global digital healthcare market include McKesson Corporation, Allscripts Healthcare Solutions Inc., Cisco Systems, Inc., Qualcomm, Philips Healthcare, eClinicalWorks LLC. The industry players resort to new product development along with mergers and acquisitions to grab higher market share in the competitive industry.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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