\ Global digital health market is expected to attain a size of $223.7 billion by 2023
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Global digital health market is expected to attain a size of $223.7 billion by 2023

 

October 11, 2018 --

LONDON, Oct. 11, 2018 /PRNewswire/ -- Digital Health Market by Technology (mHealth [Connected Devices, mHealth Apps, Services], EHR [Web/Cloud-based, On-Premise], Telemedicine [Teleconsulting, Telemonitoring, Tele-education, Teletraining], Healthcare Analytics [Descriptive, Predictive, Prescriptive]), by End User (Hospitals, Clinics, Individuals), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Russia, Poland, Japan, China, India, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa, U.A.E.) - Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023

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Global digital health market is expected to attain a size of $223.7 billion by 2023, the market is mainly driven by the increasing penetration of smart phones and tablet users, growing need for remote patient monitoring services, and increasing demand for advanced healthcare information systems.

On the basis of technology, the digital health market has been categorized into mHealth, electronic health record (EHR), telemedicine, and healthcare analytics. Amongst all, the mHealth market is expected to witness fastest growth during the forecast period, attributed to the increasing number of health awareness programs. For instance, according to a research study conducted by F. Hoffmann-La Roche AG and Daman U.A.E's National Health Insurance Company, there were 325,000 health apps available in 2017, and approximately 3.6 billion apps were downloaded by the users in the same year across the world.

Further, the mHealth market is sub-categorized into connected devices, mHealth apps, and services. Among the varied mHealth product and services, the connected devices category dominated the global mHealth market during the historical period, with a contribution of 57.2% in 2017; whereas, mHealth apps is expected to be the fastest growing category in this market, witnessing a CAGR of 38.9% during the forecast period.

Digital health solutions are mainly used in the hospitals, clinics and at individual level. The hospitals constituted the largest end-user base for digital health solutions in the global digital health market, accounting for 52.1% market share in 2017. This can be attributed to the high adoption of various digital health solutions in large number of hospitals for providing effective care to large patient base. However, the fastest growth during the forecast period is expected from the individual end-user category. This is primarily due to the surge in penetration of information technology-based technologies and solutions amongst the population.

During the forecast period, the digital health market is forecasted to witness the fastest growth in APAC, at a CAGR of 26.6%. This growth is attributed to the rising geriatric population and surge in the prevalence of different chronic diseases. In terms of technology, improving healthcare infrastructure, increasing adoption of smart phones, and government support in the form of investments and grants, have fueled the growth of digital health market in the region. Moreover, the successful implementation of telemedicine projects in the regional countries including India has led to the envisioning of a regional telemedicine network connecting the Southeast Asian countries.

According to the International Trade Administration (ITA), in 2014, the Japanese healthcare information technology (HIT) market size was around $3.9 billion. The large size of HIT industry is primarily attributed to the increasing adoption of digital health solutions in the country. For instance, in 2015, the adoption rate for EHRs and computerized ordering systems among hospitals was 27.8% and 38.0%, respectively. In the same year, 70.1% of hospitals with over 400 beds had EHRs; and 79.8% of them have electronic ordering systems. This states the high usage of digital health solutions in the country.

The companies operating in the digital health industry are acquiring other firms and establishing their presence in different economies to increase their market share. For instance, in May 2018, Allscripts Healthcare Solutions Inc. acquired HealthGrid Holding Company (HealthGrid), a provider of mobile, enterprise patient engagement solutions, to integrate HealthGrid's capabilities into its FollowMyHealth platform. The acquisition aimed at leveraging existing patients' contact information, connecting providers with patients, and facilitating patient outreach and engagement. Terms of the transaction were not disclosed.

In April 2018, the company also acquired the OneContent business to Hyland Software Inc., a provider of content services solutions to the healthcare industry and beyond. Allscripts acquired the OneContent business in late 2017 through the acquisition of McKesson's Enterprise Information Solutions (EIS) portfolio. Terms of transaction were not disclosed.

Some of the other key players in the digital health industry are Qualcomm Incorporated, Ce

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