Digital Health Market To Witness An Impressive Growth Of $509.2 Billion Exhibiting A CAGR Of 27.7% By 2025 | Grand View Research Inc.

Digital Health Market To Witness An Impressive Growth Of $509.2 Billion Exhibiting A CAGR Of 27.7% By 2025 | Grand View Research Inc.

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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. 

U.S. digital health market size, by technology, 2014 - 2025 (USD Billion)

Digital Health Market Report Highlights 

  1. 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

  2. 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  

  3. 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 

  4. 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 

  5. 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

  6. 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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About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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