Rising Uptake of IT in Medical and Healthcare Sector Likely to Heighten Demand for Digital Health, Says TMR Study

Albany, New York, Sept. 19, 2019 (GLOBE NEWSWIRE) -- As per a new report pertaining to global digital health market by Transparency Market Research, the rising penetration of technologies like IoT, machine learning, data science, and artificial intelligence boosts the market to 13.40% CAGR during the forecast period of 2017 to 2025. The report also suggests that this growth of the global Digital Health Market is attributed to the arrival of smart healthcare solutions by various technology solution providers across the globe.

Dawn of Healthcare Information System

As mentioned earlier, technological developments are the major drivers that fuels the growth of global digital health market. Once such segment of the market that is gaining major traction these days is the healthcare information system. The segment is considered as the dominating sectors over various other parameter of the market. This growth of attributed to growing adoption of electronic health records, and computerized physician order entry, teleheath systems, and mhealth by various healthcare institutions and hospitals. Based on these clinical and non-clinical solutions, the global digital health market is experiencing an exceptional growth in the forecast period of 2017 to 2025.

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Uninterrupted Connectivity Makes Growth Easier

Rising application of smartphones and advanced connectivity technology like 4G and 5G are some more prominent factors that drives the growth of global digital health market. Smartphones have become an integral part of life, they are capable of connecting two people sitting at two corners of the world easily. Also, information sharing based on numerous apps is another factor favoring the prominence of smartphones in various business applications.

Healthcare industry is also deploying apps that can share vital patient records and medical prescription through these apps. Now the sharing is made convenient due to the presence of uninterrupted connectivity offered various telecom service providers. Hence with developing telecom industry, more connection medium are expected to boost the growth of global digital health market in the forecast period of 2017 to 2025.

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Competitive yet Opportunistic Scenario

The global digital health market is highly competitive since healthcare industry is calling for new solutions that can support digital health. This competition is also creating huge opportunities for the solution providers that can help them grow substantially in future. It is because of this competition, the global digital health market is expected to generate US$ 536.6 bn by the end of 2025.

However, being competitive, the market is stimulating solution providers to adopt some strategies that can support them to have a sustainable future in the global digital health market. The players are either partnering with various hospitals to acquire access to the data of patients’ records and prescription which can help them improve their products. Or, they are launching new products that various healthcare institutions can incorporate easily into their operations. These strategies are proving to be anchor of the stronghold of the players over the digital health market as they allow the players to accumulate essential resources to have a successful future in the market during the estimated time frame of 2017 to 2025.

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North America: The Domination Continues

As per the analysis of the global digital health market by the analysts at Transparency Market Research, North America holds maximum share of the total growth of the market. The analysts predict that the region is expected to continue its dominance over the market backed by the presence of prominent players offering innovative digital health solutions. Moreover, with rising adoption of technologies like mobility, remote access, smart sensors, and other data oriented technologies by hospitals and other healthcare institutions in the U.S. is another factor that boosts the growth of North America in global digital health market during the forecast period of 2017 to 2025.

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The study presented here is based on a report by Transparency Market Research (TMR), titled, “Digital Health Market (Product - Health Care Information Systems and Wearable Devices; Component - Hardware, Software, and Services; End User - B2C and B2B) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025”

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