"Grand View Research, Inc. – Market Research And Consulting."According to a recent report published by Grand View Research Inc., the increasing number of COVID-19 cases and the rising adoption of digital health technologies are likely to accelerate market expansion.
The global digital health market size is expected to reach USD 509.2 billion by 2025, registering a CAGR of 27.7%, as per a new report by Grand View Research, Inc. Growing adoption of mHealth technologies by medical experts to prescribe drugs for chronic illness, such as cardiovascular disorders and diabetes, has propelled the market growth. For instance, Glooko is popular for diabetes management. Availability of such smartphone application for healthcare professionals to diagnose diseases and access patient information. Furthermore, an increase in penetration of smartphones and internet connectivity are the key factors driving the market.
Growing need for enhancing workflow efficiency in healthcare centers is fueling the adoption of mHealth services in healthcare administration. For instance, Results SMS is a well-known open source used in Uganda to facilitate appointment reminders. mHealth services have the capability to relay essential medical information to medical workers, which is driving their adoption in healthcare communities.
Additionally, increasing pressure from the governments to reduce cost and rising demand for improved patient care is resulting in an increase in the demand for electronic health record (EHR) systems. Recent advancements in EHR technology with the inclusion of interoperability, mobile, cloud, and big data are propelling the demand for advanced EHRs in the market.
Digital Health Market Report Highlights
High incidence rate of the COIVD-19 virus has scaled up the use of digital health solutions. In February 2020, the National Health Commission rolled out regulations for health authorities to strengthen the use of digital solutions in response to the COVID-19pandemic, to improve the existing medical service for frontline healthcare providers. The coronavirus outbreak has led to a 25% surge in health app downloads
Venture funding for telemedicine, bioinformatics, and electronic personal health records (PHRs) solutions have shot up in 2020. Some of the top venture-funded medical categories include social health networks, healthcare booking, wearable sensors, practice management solutions, clinical decision support, data analytics, and mHealth applications
Some of the top mergers and acquisitions of 2020 includes the acquisition of Livongo Health by Teladoc, acquisition of Ancestry by Blackstone, BioTelemetry's acquisition by Philips, Invitae's acquisition of ArcherDX, and WellSky's acquisition of Allscripts
Companies are investing in developing advanced innovative technologies in EHRs and are boosting market demand. For instance, Allscripts in 2018 launched Avenel, which is a cloud based and mobile-first EHR that uses machine learning to minimize the time required in clinical documentation
In 2018, the mHealth technology segment accounted for the highest revenue share due to prominent advancements made in mHealth technologies, rising funding for mHealth startups, and increasing trend of preventive healthcare
North America generated the largest revenue of USD 38.2 billion in 2018 owing to the rapid adoption of smartphones, rise in the prevalence of chronic diseases, advancements in coverage networks, and increase in the geriatric population
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Digital Health Market Segmentation
Grand View Research has segmented the global digital health market on the basis of technology, component, and region:
Digital Health Technology Outlook (Revenue, USD Million, 2014 - 2025)
Tele Healthcare
Tele-care
Activity Monitoring
Remote Medication Management
Tele-health
LTC Monitoring
Video Consultation
mHealth
Wearables
BP Monitors
Glucose Meters
Pulse Oximeters
Sleep Apnea Monitors (PSG)
Neurological Monitors
Activity Trackers/ Actigraphs
mHealth Apps
Medical Apps
Fitness Apps
Services
mHealth Services Market, By Type
Monitoring Services
Independent Aging Solutions
Chronic Disease Management & Post-Acute Services
Diagnosis Services
Healthcare Systems Strengthening Services
Others
mHealth Services Market, By Participants
Mobile Operators
Device Vendors
Content Players
Healthcare Providers
Healthcare Analytics
Digital Health Systems
EHR
E-prescribing Systems
Digital Health Component Outlook (Revenue, USD Million, 2014 - 2025)
Hardware
Software
Services
Digital Health Regional Outlook (Revenue, USD Million, 2014 - 2025)
North America
U.S.
Canada
Europe
U.K.
Germany
Spain
France
Italy
Russia
Asia Pacific
China
Japan
India
South Korea
Singapore
Australia
Latin America
Brazil
Mexico
Argentina
Middle East & Africa
Saudi Arabia
UAE
South Africa
List of Key Players of Digital Health Market
• Apple Inc.
• AirStrip Technologies
• Allscripts
• Google Inc.
• Orange
• Qualcomm Technologies Inc.
• Mqure
• Samsung Electronics Co. Ltd.
• Telefonica S.A.
• Vodafone Group
• Cerner Corporation
• McKesson Corporation.
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Wireless Health Market – https://www.grandviewresearch.com/industry-analysis/wireless-health-market
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