Digital Health Market: 7 prominent trends fostering the industry outlook through 2025
The digital health market is projected to record momentous gains over the forthcoming timeframe owing to the increasing incidences of chronic diseases across the world, especially among the geriatric population. Ageing population is at a higher risk of developing different health conditions such as asthma, pulmonary hypertension, and chronic obstructive pulmonary disorder. The growing demand for effective means to monitor these conditions is slated to drive the growth graph of the market. Accessing healthcare services through digital media offers elderly people more convenience, which would ensure an elevated demand for digital health devices in the years to come.
Significant rise in the penetration of smartphones, tablets, and other mobile platforms across both developed and developing nations and rapidly improving healthcare infrastructure will also propel the market share. Meanwhile, various initiatives by regional governments for promoting the use of digital health solutions should also boost the market growth.
Below are some key trends that would majorly influence digital health market expansion over the coming years:
Rapid development of sophisticated healthcare infrastructure in U.S.
The U.S. digital health market is likely to witness tremendous growth over the coming years. In 2018, the region segment held a valuation of approximately $36.6 billion in terms of revenue size. The anticipated growth of the segment is ascribed to the increasing geriatric population and growing prevalence of chronic disorders across the country.
Moreover, the U.S. is at the forefront when it comes to technology adoption and the nation is further working towards the development of smart manufacturing infrastructure that would allow operators to make use of big data in real time. This trend is expected to drive the regional market growth in the future.
Increasing use of smart phones across Canada
While the digital health market in North America was led by the U.S., Canada too is slated to make notable contributions towards industry growth over the coming years. Digital health market in Canada is projected to follow the U.S. digital health market, recording a CAGR of more than 26.9% through the forecast period. In 2014, the country had spent in nearly 10.4% of its total GDP on healthcare. In fact, healthcare information technology spending in Canada is rapidly increasing and this trend is expected to continue over the coming years. In addition, demographics like the increasing number of smartphone and tablet users will also positively impact the growth of digital health industry in Canada.
Access sample pages of this report, “North America Digital Health Market Forecast 2025” in detail along with the table of contents (ToC) @
Growing adoption of digital health systems across Europe
Europe digital health systems segment, in 2018, accounted for a valuation of approximately $16.5 billion and is further projected to grow substantially over the forthcoming years. This anticipated growth is ascribed to the high internet connectivity across the region. Additionally, growing expenditure on IT in healthcare sector would also majorly expedite the deployment of electronic health records in the region, which would prove to be highly conducive for the market growth.
Growing adoption of wearables across Germany
The digital health market in Germany is slated to record substantial growth over the coming years. In 2018, the region recorded a revenue size of approximately $9.2 billion. The region is likely to be driven by the growing elderly population and rising burden of chronic conditions. Factors like increasing disposable income, substantial rise in the number of health apps, and high adoption of wearables to monitor personal health would further outline a remunerative growth graph for the industry. Additionally, substantial growth of regional companies providing technologically advanced products would greatly fuel the Germany digital health market size in coming years.
Strong presence of well-established mHealth app companies in UK
Digital health market in the UK is anticipated to grow at more than 29.6% CAGR over the analysis period. The regional segment is slated to witness strong growth over the coming years owing to how favorable the country is for technological innovations. The country, in fact houses a high number of mHealth app companies and is the number one country for app developers, with vast digital knowledge and rapid adoption. Furthermore, favorable initiatives undertaken by private institutions and the UK government would also fuel industry share.
Access sample pages of this report, “Europe Digital Health Market Forecast 2025” in detail along with the table of contents (ToC) @
Rising geriatric population base in Japan
In 2018, Japan digital health market held a valuation of nearly $3.8 billion in terms of revenue size. High prevalence of coronary heart diseases among middle aged Japanese men coupled with rising geriatric population would drive the demand for digital health solutions in Japan. Additional factors such as rise in application of telehealth & mobile health, increased risk of stroke among men, and high prevalence of hypertension will foster the demand for digital health systems.
Moreover, numerous key players in the region are implementing strategic initiatives to explore the regional digital health market. A prominent instance being the IBM and Otsuka Pharmaceutical deal, where they reportedly finalized an agreement to effectively establish a new entity, Otsuka Digital Health Co., Ltd., to operate as a JV for Otsuka’s pharmaceutical business and rollout a digital health solution for psychiatry patients across Japan.
Introduction of favorable government initiatives in India
Digital health market in India is likely to expand at around 35.0% CAGR through the forthcoming time period. The rising need to efficiently store as well as manage patient information, reduce operational cost, and enhance efficiency will foster regional market growth. Moreover, supportive government initiatives to encourage the use of digital health solutions across India will also boost regional market share in forthcoming years.
AT & T, Cisco Systems, eClinicalWorks LLC, Cerner Corporation, McKesson Corporation, Philips Healthcare, Allscripts Healthcare Solutions Inc., Qualcomm, Athena Health, and LifeWatch AG among many others are some of the top key players operating in the digital health market. The prominent players in the market are actively adopting novel strategies to grow their customer base and to gain a competitive edge in the market. Key strategies adopted by these market players include agreements & collaborations, expansion strategy, partnerships & joint ventures, novel product launches, acquisition strategy, among many others.
Access sample pages of this report, “Asia Pacific Digital Health Market Forecast 2025” in detail along with the table of contents (ToC) @
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