Global Digital Health Market is set to exceed USD 504.4 billion by 2025; according to a new research report by Global Market Insights. Increasing demand for remote monitoring services owing to rising incidences of chronic diseases worldwide is a major factor propelling the global market growth over the forecast period. Remote monitoring uses technology to monitor changes in health of patients suffering from chronic diseases such as Chronic Obstructive Pulmonary Disease (COPD) outside the healthcare settings. Such factors will augment digital healthcare market size.
Rising venture capital funding including private equity and corporate venture capital in the health IT sector will escalate the market growth over the forecast timeframe. However, rising security concerns for patient data such as cyber security threats including uncoordinated individual attempts to gain unauthorized access to information technology (IT) systems is expected to hinder digital health market growth over the coming years. High capital cost requirement for installations of technologically advanced systems will further hamper digital health industry growth.
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Digital health systems technology business is estimated to reach USD 156.9 billion USD by 2025 due to increased adoption of advanced technology such as and Electronic Health Record (EHR) and Radiology Information System (RIS) in hospitals that reduces timeline for medical documentation and aids in investing efforts for diagnostic procedures. Supportive government initiatives along with rapidly improving IT infrastructure are some of the factors that positively impact industry growth.
mHealth business segment is expected to grow at a robust 38.8% CAGR across the forecast timeframe. High growth is attributable to rising adoption of technological advancements including wearables and apps to monitor health of patients. Wearables such as pulse oximeters, blood glucose monitors, sleep apnea monitors have wide range applications including disease tracking, treatment and diagnosis, point of care diagnostic, remote data collection & remote monitoring. For instance, AliveCor Heart Monitor is a mobile-based electrocardiogram that enables individuals to gain clear insights on their cardiac health using these precise recordings.
Telehealthcare business is expected to grow at 29.4% CAGR over the forecast period. Rising geriatric population base, increasing demand for home-based remote monitoring systems, rising incidences of chronic disorders and government initiatives are the some of the key drivers of global telehealth market growth. Teleheatlhcare business segment is bifurcated into telecare and telehealth. Telehealth systems will grow at 35.2% CAGR owing to rapid adoption of LTC monitoring systems. LTC monitoring through telehealth systems leads to reduction in hospitalizations and emergency department (ED) visits, decrease health care costs, improve patient care and patient satisfaction. Such factors will propel overall digital health market size in the forecast timeframe.
U.S. market accounted for largest share in 2018 owing to increasing prevalence of chronic diseases along with growing geriatric population in the country. Implementation of HITECH Act and HIPAA Act, promoting the use of electronic health data will foster market growth in the country. High technological adoption along with favourable government initiatives such as investment in electronic medical records (EMR) are other factors boosting business growth.
UK digital healthcare market is forecasted to reach USD 28.3 billion by 2025. Early adoption of telecare service, large central government programs for telecare and a strong existing base of hardware, increasing prevalence of smartphone and apps will escalate UK market size. UK is an attractive country for app developers, with high levels of digital knowledge and quick adoption, and presence of number of mHealth app companies drives the digital health market in UK.
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Germany market is anticipated to witness rapid growth of 29.8% CAGR over the coming years. Rising demand for innovative technologies and systems for the effective management of chronic ailments such as diabetes, orthopaedics, cancer and others will fuel digital health business growth. Favourable government initiatives such as implementation of e-Health law that aims at creation of electronic health card and setting up infrastructure for telemedicine will propel business growth in the country