Digital Health Market Growing with Healthy CAGR by 2024
Zion Market Research has published a new report titled “Digital Health Market by Product Type [Healthcare Information Systems (Clinical Solutions and Non-Clinical Solutions) and Wearable Devices (Diagnostic & Monitoring Devices and Digital Therapeutic Devices)], by Component [Hardware, Software and Services] and by End User [B2B (Employers, Wellness Centers, Fitness Centers and Gyms) and B2C (Patients and Caregivers)] – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global digital health market was valued at approximately USD 122.66 billion in 2017 and is expected to generate revenue of around USD 423.11 billion by the end of 2024, growing at a CAGR of around 19.35% between 2018 and 2024.
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Digital health is the convergence of genomic & digital technology with healthcare and society. It helps to make personalized & precise medicines and also enhances the efficiency of healthcare delivery. The increase in the prevalence of chronic diseases, initiatives by government and healthcare organization, and merger and acquisition by companies for expansion and to develop its products are some of the factors that are anticipated to fuel the growth of global digital health market.
The digital health market is segmented on the basis of product type, component, and sales channel. Based on the product type, the digital health market is further segmented into healthcare information systems and wearable devices. The healthcare information systems segment is further divided into clinical solutions and non-clinical solutions. The clinical solution segment is further categorized into EHR/EMR, clinical decision support system, computerized physician order entry, and mHealth. Further, the wearable devices segment is sub-segmented into digital therapeutic devices and diagnostic & monitoring devices. The healthcare information systems are expected to dominate the product type segment due to the rapid increase in the use of EHR/EMR and mHealth by physicians and population respectively.
Based on components, the digital health market is segmented into hardware, software, and service. Service segment is expected to dominate the components segment as the services provided by practitioners are updated frequently.
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Based on the sales channel, the digital health market is segmented into the business-to-business and business-to-consumer. The business-to-business is further sub-segmented into employers, wellness centers, fitness centers, and gyms. The business-to-consumer segment consists of patients and caregivers. The business-to-business segment is expected to show rapid growth in the forecast period. The demand for digital health and eHealth in business-to-business is increasing due to the use of applications by employers and in wellness centers for record of health problems.
North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa are the regional segments of the global digital health market. North America is anticipated to remain the leading region over the forecast period due to the increase in a number of initiatives by government organizations and healthcare communities for awareness about digital health importance. Europe is expected to show a significant growth in the forecast period due to the development of technologies of digital health and the rise in incidences of chronic diseases due to the rise in geriatric population. The Asia Pacific is expected to show a high growth rate due to the rapid adaption of electronic medical records and rapid improvement in the quality of healthcare services. Latin America and the Middle East & Africa are also expected to show a steady growth due to an increase in the prevalence of chronic diseases and an increase in medical errors due to manual inputs.
The key players in the global digital health market are AT&T Inc., Cerner Corp., GE Healthcare, McKesson Corp., Philips Healthcare, Cisco Systems, Agfa-Gevaert N.V., Siemens Healthineers, Allscripts Healthcare Solutions Inc., and Qualcomm Inc. The major players are involved in acquisition and mergers to expand their businesses in various regions.
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This report segments the global digital health market as follows:
Global Digital Health Market: Product Type Segment Analysis
- Healthcare Information Systems
- Clinical Solutions
- Clinical Decision Support System
- Computerized Physician Order Entry
- Non-Clinical Solutions
- Clinical Solutions
- Wearable Devices
- Diagnostic & Monitoring Devices
- Digital Therapeutic Devices
Global Digital Health Market: Component Segment Analysis
Global Digital Health Market: Sales Channels Segment Analysis
- Business-to-Business (B2B)
- Wellness Centers
- Fitness Centers
- Business-to-Consumers (B2C)
Global Digital Health Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa