The rising demand for wearable medical devices is one of the key factors driving the digital healthcare market. The wearable medical devices are based on the Information Communications Technologies (ICT) network that complements services such as medical and health informatics.
Digital Healthcare Market Driven by Growing Demand for Wearable Medical Devices
Market Research Future (MRFR) Has Estimated The Global Digital Healthcare Market’s CAGR At 11.8% Over The Forecast Period From 2018 To 2023. A new report from MRFR examines the global digital healthcare market in detail, analyzing the market’s previous growth trajectory in order to draw conclusions about the market’s future growth potential. Major drivers and restraints affecting the global digital healthcare market are outlined in the report with a comprehensive overview of the market and its prospects in the coming years.
Digital healthcare includes a wide range of end-uses in the healthcare sector where digital technology has been used to increase the efficacy of healthcare systems. The advent of digital technology has been a key driver for the healthcare sector, as it has enabled easy and accurate data logging as well as analysis. This has provided the healthcare sector the ability to outsource the menial tasks in the healthcare sector’s processes to machines and concentrate on improving core competencies, helped by digital technology.
The growing demand for medical decision support systems is thus likely to be a major driver for the global digital healthcare market over the forecast period. Medical decision support systems offer physicians assistance by providing data-driven analysis of the condition and thus providing the closest approximation of the diagnosis. This has made diagnoses more reliable, making the healthcare sector more efficient and precise in its operations.
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The growing demand for wearable medical devices is also a major driver for the global digital healthcare market. Wearable medical devices have become a ubiquitous part of everyday life due to their facility to log various variables about human health and fitness. Heart rate monitors and blood sugar monitors are among the most popular wearable medical devices, a clear reflection of the growing prevalence of cardiovascular diseases and diabetes around the world. Growing prevalence of diabetes, heart troubles, obesity, and blood pressure conditions is likely to be a major driver for the global digital healthcare market over the forecast period.
In September 2019, Canvs announced its entry into the healthcare sector with CareClues, a one-stop digital healthcare solutions for customers as well as healthcare providers. More players are likely to enter the digital healthcare market in the coming years, as the prolific scope of the healthcare sector in emerging economies where digital healthcare is still a novel concept is likely to provide opportunities for even small-scale businesses and start-ups.
The growing number of smaller players in regions like Asia Pacific, Africa, and Latin America is likely to result in significant merger and acquisition activity in the coming years, as major players look to eliminate competition and expand their own horizons in developing economies.
Competitive Analysis: Digital Healthcare Market
Leading Players in The Global Digital Healthcare Market Size Include General Electric Company, Qualcomm, McKesson Corporation, LifeWatch AG, Koninklijke Philips NV, Cisco Systems, Cerner Corporation, AT&T, AllScripts Healthcare Solutions, and others.
Segmentation: Digital Healthcare Market
The global digital healthcare market is segmented based on technology, component, end user, and region.
The global market for digital healthcare is segmented by technology into mHealth, telehealthcare, and health analytics. The telehealthcare segment is further segmented into telehealth and telecare. The telecare segment includes remote medication management and activity monitoring. The telehealth segment includes video consultation and LTC monitoring. The mHealth segment is further classified as apps and wearables. The wearables segment includes neurological monitors, pulse monitors, BP monitors, sleep apnea monitors, glucose monitors, and others. The apps segment includes fitness apps and medical apps.
Based on component, the market is segmented into hardware, software, and services.
Based on end user, the market is segmented into providers, payers, employers, pharmaceutical companies, and others.
Regional Analysis: Digital Healthcare Market
The Americas segment holds the dominant share in the global digital healthcare market due to the presence of well-equipped healthcare agencies as well as leading developers in the healthcare market. Asia Pacific is likely to witness rapid growth in the coming years due to the high volume of unmet needs in the healthcare sector in developing countries in the region.
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