The Global Digital Healthcare Market is expected to grow at an approximate CAGR of 11.8% during the forecast period, 2018–2023.
The rising demand for wearable medical devices is one of the key factors driving the Digital Healthcare Market. The wearable medical devices are based on the Information Communications Technologies (ICT) network that complements services such as medical and health informatics. These devices create a platform that enables the providers and patients to contact with one another quickly using SMS, calls, or Internet-based video links. In recent years, various devices are launched by market players. For instance, in 2018, Medtronic plc received FDA approval for its Guardian Connect mobile Continuous Glucose Monitor (CGM), along with the paired Guardian Connect App for Apple iOS devices.
Various other factors such as technological advancements, untapped emerging markets, rising incidence of lifestyle diseases, increasing healthcare expenditure, and cost-effectiveness of devices are also expected to propel the growth of the market. However, the lack of awareness about the possible applications of connected healthcare and increasing cyber crimes can hamper market growth over the forecast period.
Some of the key players in the global digital healthcare market are Allscripts Healthcare Solutions, Inc., AT & T, Athenahealth Inc.Cerner Corporation, Cisco Systems, EClinicalWorks, iHealth Lab, Inc., Koninklijke Philips N.V., LifeWatch AG, McKesson Corporation, Qualcomm, General Electric Company, and others.
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The Americas command the largest market for wearable medical devices chiefly due to the presence of huge obese and diabetic population. As per the 2017 data suggested by the Centers for disease control and Prevention (CDC), nearly 9.4% of the US population, i.e., was suffering from diabetes. Moreover, increasing healthcare expenditure and the presence of major market players are also boosting growth within the region.
In 2017, it was estimated that Europe stood second in the global digital healthcare market. This can be attributed to the increasing awareness of health and physical fitness with increasing expenditure on healthcare and rising incidences of chronic diseases.
Asia-Pacific was the fastest growing region in 2017. Presence of a huge population base, huge opportunities for development of the market, digitization in healthcare is the major driving factor for the Asia-Pacific market. Moreover, the demand for innovative technology for continuous monitoring of health drives the market in the Asia Pacific. Japan is the largest market for wearable medical devices.
On the other hand, the Middle East and Africa held the least share in the global digital healthcare market due to the low economic development, especially within the African region.
The global digital healthcare market is segmented based on technology, component, end user, and region.
The global market for digital healthcare, by technology, is segmented into telehealthcare, mHealth, and health analytics. The telehealthcare segment is further classified as telecare and telehealth.
The telecare segment includes activity monitoring and remote medication management. The telehealth segment includes LTC monitoring and video consultation. The mHealth segment is further classified as wearables and apps. The wearables segment includes BP monitor, glucose monitor, pulse monitor, sleep apnea monitors, neurological monitors, and others. The apps segment includes medical apps and fitness apps.
Based on component, the market is segmented into hardware, software, and services.
Based on end user, the market is segmented into providers, payers, employers, pharmaceutical companies, and others.
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