About Digital Healthcare
Digital healthcare is an emerging innovation in the healthcare industry. The advent of various technologies empowers consumers to the much-informed decisions regarding their health and offers new options for facilitating prevention. It encompasses a range of technologies and solutions, such as mobile health (mHealth) applications, electronic health records (EHRs), electronic medical records (EMRs), wearable devices, telehealth, telemedicine, and personalized medicine. The growth of the digital healthcare market is driven by various factors, including advances in technology, increasing demand for remote healthcare services, improved data analytics capabilities, and a growing focus on patient-centric healthcare solutions.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The market is fragmented by the leading players, and market players are highly focusing on the production technologies, enhancement of efficiency, and service life. There are strong growth opportunities in this market which is captured by tracking the ongoing process improvement and financial flexibility to invest in business strategies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Healthcare market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Allscripts (United States), AT & T (United States), McKesson (United States), Qualcomm (United States), Koninklijke Philips N.V. (Netherlands), Cisco Systems (United States), Cerner (United States), Biotelemetry (United States), IBM (United States) and Philips (Netherlands) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Digital Healthcare market by , Application (Patients, Healthcare Providers, Pharmaceutical Companies and Others) and Region.
On the basis of geography, the market of Digital Healthcare has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Services, the sub-segment i.e. Monitoring Services will boost the Digital Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Product, the sub-segment i.e. Tele-Healthcare will boost the Digital Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Hardware will boost the Digital Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Advancement in technology such as health information technology (IT), wearable devices, telehealth and telemedicine, and personalized medicine. These technologies help in empowering consumers to make better-informed decisions for their health. And it also provides various options for facilitating prevention, early diagnosis of life-threatening diseases.
Market Growth Drivers:
Growing Demand for the Advance Health Service for End Users from All Governments, Advancement in Technology Platforms and Rise in Public and Private Partnership for the Emerging Digital Health Technologies
Challenges:
Slowdown in Economy and Lack of Awareness in Under Developing Regions
Restraints:
Huge Investment Required and Lack of Professional Expertise
Opportunities:
Developing and Implementing Regulatory Strategies and Policies for Digital Health Technologies and Development in Enhancing Outreach to Digital Health Customers
Market Leaders and their expansionary development strategies
In Sep 2019, Google and Mayo Clinic announced a partnership for the revolution of healthcare patients, clinics, and others. Through this partnership, the Mayo Clinic’s enhanced its capabilities with the help of Google’s cloud and artificial intelligence. This helps Mayo Clinic to transform its virtual care and AI enables digital diagnostics. Additionally, in Oct 2019, the Advanced Medical Technology Association announced the launch of its Centre of Digital Health, a platform which is a huge contribution towards the medical technology industry to serve the unique need of companies.
In Jan 2019, BioTelemety announced the acquisition of a start-up company known as Geneva Healthcare for USD 45million. Through this deal, BioTelemetry is able to access Geneva’s cloud-based platform to deliver better patient care. And it also helps in expanding their reach over USD 1 billion domestic implantable cardiac device monitoring market.
In Sep 2019, the United States Food and Drug Administration revealed the guidance for the encouragement for the development of digital health tools. These guidelines are part of the Digital Health Innovation Action Plan and address key provisions of the 21st Century Cures Act. Under the first guidance, they reveal Clinical Decision Support Software, is revised draft guidance based on a careful review of public comments received on the previous draft published in 2017.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Digital Healthcare Service Providers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.