Digital Health Market: Rising adoption of digital health products by healthcare providers is driving market growth
Digital Health Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2021-2028
WILMINGTON, DELAWARE, USA, June 20, 2022 /EINPresswire.com/ — According to the report, the digital health market was valued at US$307.7 billion in 2020 and is projected to grow at a CAGR of 18.3% from 2021 to 2028. The global digital health market is driven by increasing incidence of diabetes, cardiovascular disease and other chronic diseases; increased adoption of digital health products by healthcare providers and increased government initiatives. Digital health is technology-based care that involves the convergence of digital media, health technologies and mobile devices. It is designed to help patients, caregivers and healthcare professionals easily access relevant data and improve the quality of social and individual health.
Digital health products help healthcare payers, providers, patients and other healthcare institutions improve healthcare services in time and quality and reduce healthcare costs. The digital health market is expected to be driven by increasing demand and adoption of health information technology solutions and their ease of use. The global digital health market is quite competitive with major players accounting for a significant share of the global market. Moreover, each company focuses on research and development to produce digital health products.
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Increase in market adoption of cloud-based system readers
The increased adoption of cloud services, mobile devices and the large number of mobile applications have pushed the boundaries characteristic of enterprises. For enterprises, identity and access management represents the ability to validate users and oversee the access of various people, from employees to partners to consumers, and to protect sensitive resources. Advanced technologies, especially information technologies, are creating new types of devices and new networks that introduce new threats for which new security approaches are needed. Additionally, the developing market provides cybersecurity vendors with new avenues for innovation.
The service segment will dominate the market
In terms of components, the global digital health market has been categorized into hardware, software, and services. The service segment accounted for a larger market share in 2020. The segment is expected to be driven by increasing adoption of digital health products such as population health management, revenue cycle management, DSE/DME and others that require hardware and software services after a fixed time interval to maintain processing speed and increase system life.
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B2B will be a highly lucrative end user
Based on end-user, the global digital health market has been divided into B2C and B2B. The B2B segment accounted for a major market share in 2020. The B2C segment was divided into patients and caregivers. The B2B segment has been divided into providers, payers, employers, pharmaceutical companies and others. The digital health market is expected to be driven by the rising prevalence of diabetes and other chronic diseases.
According to the World Health Organization, diabetes was the 10th leading cause of death in 2019, with an estimated 1.5 million deaths caused directly by the disease, and 48% of all diabetes-related deaths occurred before age. 70 years old.
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North America will dominate the global market
In terms of region, the global digital health market has been segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America led the global digital health market in 2020, followed by Europe. The dominance of these two regions can be attributed to technological advancements and increased investment in the digital health market through financings, mergers and acquisitions, and government funding. For example, in August 2017, Allscripts entered into a definitive agreement to acquire McKesson Corporation’s hospital and healthcare systems IT business, Enterprise Information Solutions, for US$185 million in cash, subject to an adjustment of net debt and working capital. The healthcare information systems segment is expected to account for a larger market share.
Europe includes big countries like Germany, France, UK, Spain and Italy. Germany and the UK accounted for a major share of the digital health market in Europe in 2020. Increasing government initiatives and new product launches are expected to fuel the growth of the digital health market in the countries during of the forecast period.
The Asia-Pacific digital health market is expected to grow at a rapid rate over the forecast period, driven by increasing adoption of digital health products in India, Australia, New Zealand and in other developing countries. Rising smartphone penetration and internet access is expected to propel the market in Asia-Pacific over the forecast period.
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The global digital health market is fragmented in number of players. The major players in the global market are Agfa-Gevaert NV, Cerner Corporation, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Philips Healthcare, GE Healthcare, Siemens Healthineers, Epic Systems Corporation, Truven Health Analytics (an IBM Company), Alphabet, Inc. . ., and Qualcomm, Inc.
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