The North America digital health market is set to record notable revenue gains in coming years owing to a steadily growing geriatric population, rising prevalence of different chronic disorders, and increasing healthcare costs in the region.
The North America digital health market is set to record notable revenue gains in coming years owing to a steadily growing geriatric population, rising prevalence of different chronic disorders, and increasing healthcare costs in the region. Changing healthcare regulatory norms, technological advancements in the field of mobility and analytics, and increasing penetration of smartphones and tablets are further likely to complement the industry outlook.
According to a recent survey conducted by the Pew Research Center in U.S., approximately 75% of U.S. population presently uses a smart phone, a tremendous rise from the 2011 numbers, when the demographic stood at about 35%. Meanwhile, growing demand for quick and efficient access to healthcare services through smartphones will also boost the digital health industry growth in North America.
Driven, in part, by these aforementioned factors, the North America market would surpass a valuation of more than $219.7 billion by 2025.
Following is a brief overview of four notable trends that are likely to foster the North America industry growth:
Rising prevalence of mHealth services
When it comes to noteworthy gains, the regional mHealth segment is projected to expand at an incredible CAGR of 37.3% through the analysis timeframe. The rising number of tablet and smartphone users coupled with the region’s well-established telecommunications infrastructure would boost the segment revenue growth.
Meanwhile, increasing demand for advanced healthcare information systems as well as the launch of novel smartphone app related to innovative mHealth technologies would also augment the demand for different mHealth solutions in coming years.
Access sample pages of this report, “North America Digital Health Market Size By Component [Hardware, Software, Services], By Technology [Tele-healthcare {Telecare (Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation)}, mHealth {Wearables (BP Monitors, Glucose Meter, Pulse Oximeter, Sleep Apnea Monitors, Neurological Monitors), Apps (Medical, Fitness)}, Health Analytics, Digital Health System (EHR, e-prescribing System)], Industry Analysis Report, Country Outlook (U.S., Canada), Application Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents (ToC) @
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Increasing adoption of electronic health record-keeping solutions
In 2018, the overall digital health systems segment held a revenue share of more than 52.3% of the overall industry landscape, accounting for a valuation of over $21.1 billion. Determinants such as elevated penetration of tablets & smartphones, rapidly developing IT infrastructure, and favorable government initiatives would augment the segmental growth. Additionally, growing adoption of innovative electronic health record-keeping solutions, for managing clinical data in an efficient manner, would further fuel industry growth.
Moreover, numerous technological advancements within the field of analytics and mobility are also expected to trigger the revenue growth for the industry.
Growing funding in the telehealth sector
The telehealthcare segment is slated to witness the most notable growth during the forecast time period. In fact, according to industry estimates, the telehealth segment is projected to record a growth rate of more than 30.5% owing to determinants such as rising funding for telehealth, growing scarcity of doctors throughout the U.S., rapidly improving telecommunication infrastructure, as well as growing awareness regarding tele-health. Today, telehealth is fast becoming a crucial part of the healthcare industry as it seeks to progress in terms of excellence by shifting away from the fee-for-service model to an outcome-focused care as well as reimbursement model.
High prevalence of chronic disorders in the U.S.
From a regional standpoint, the U.S. digital health market is anticipated to register distinguished growth over the forecast timeframe. In 2018, the regional market recorded revenues of over $36.6 billion. Estimates expect this trend to continue owing to factors like rising occurrence of different chronic diseases, increasing geriatric population, and a strong telecom network.
The U.S. is at the forefront when it comes to technology adoption, which would play majorly towards improving the industry outlook. Additionally, the country is also working towards the development of a smart manufacturing infrastructure, to allow operators to leverage big data to make better business decisions, which would further foster the business growth.
McKesson Corporation, Cisco Systems, Inc., Allscripts Healthcare Solutions Inc., Philips Healthcare, Qualcomm, and eClinicalWorks LLC among others are some of the major North America digital health market players.
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