After being valued at more than $55 million in 2014, the global digital health market is expected to increase by a compound annual growth rate (CAGR) of more than 21 percent between 2015-2020, according to a report from P&S Market Research.
The global digital health market is surging at a significant rate due to increasing demands for an advanced healthcare information system and growing investments by health IT players, the report found. The technologies, such as electronic health records (EHR), telemedicine, and mobile health (mHealth) devices and apps, help in compiling services related to diagnosis, treatment, care, and rehabilitation. They also improve communication between patients and healthcare providers in order to reduce medication errors and provide better coordinated care. Additionally, the growing need for remote patient monitoring services increases the demand for mHealth technologies. Increasing support from government organizations is also supporting the growth of this market, the report found.
The restraints associated with the growth of the global digital health market include privacy and security issues, high capital expenditure and maintenance requirement, and inadequate healthcare infrastructure in developing economies. The growing number of collaboration and partnerships is also one of the latest trends observed in the market.
Geographically, North America is expected to maintain its dominance in the market until 2020. This is due to improved healthcare infrastructure, increased healthcare spending, and initiatives taken by various government associations for the implementation of digital health technologies in healthcare facilities. In addition, the increasing use of mHealth apps, growing awareness about innovative and advanced applications of medical sensors, and increasing incidences of various chronic diseases are also supporting the growth the digital health market in North America, the report found.
What's more, Europe is expected to witness marginal growth in this market in the near future, while the Asian region is expected to witness the highest growth globally during the forecast period. This is mainly due to growing geriatric population and upsurge in the occurrence rate of different chronic diseases. Additionally, the increased patient demand and increasing life expectancy are likely to increase IT investments in the healthcare industry in the region, according to the research.
