Digital health refers to a system or solution that delivers effective health care solutions using information technology (IT) tools and products. It is possible to provide better and more efficient care compared to traditional healthcare via patient online services and digital diagnostic techniques. Digital health products helps healthcare payers, provider, patients and other healthcare settings to improve better healthcare service in terms of time and quality and cut down health care cost.
Based on product, the digital health market is segmented into healthcare information systems and wearable devices. Healthcare information system accounted for larger market share in terms of revenue in 2016, due to increasing adoption of technological advanced products such as EHR/EMR, telehealth, population health management and other products. Healthcare information is segmented into clinical solutions and non-clinical solutions. Clinical solution is further segmented into EHR/EMR, clinical decision support system (CDSS), computerized physician order entry (CPOE), mHealth, telehealth, population health management and others. mHealth market is expected to propel at higher CAGR due to increasing penetration of smartphones and increasing awareness about health and fitness among people across the globe. mHealth segment is categorized into connected medical devices, mHealth Applications and mHealth Services. mHealth applications is further segmented into fitness apps, medical reference, wellness, medical condition management, nutrition, remote consultation, reminders and alerts, diagnostics and others. Wearable devices is segmented into diagnostic and monitoring devices and digital therapeutic devices. Digital therapeutic devices is further classified into pain management devices, rehabilitation devices, respiratory therapy devices and insulin pumps.
Based on component, the digital health market is segmented into hardware, software and services. The services segment accounted for larger market share in 2016. The service segment is expected to grow in the forecast period due to increasing adoption of digital health products such as population health management, revenue cycle management, EHR/EMR and others systems that requires services of hardware and software after a fixed interval of time to maintain processing speed and increase life span of the system.
Based on end user, the digital health market is segmented into B2C and B2B. B2B segment accounted for major market share in 2016. B2C is further segmented into patients and caregivers. B2C is segmented into providers, payers, employers, pharmaceutical companies and others. The digital health market is expected to grow due to increasing prevalence of diabetes and other chronic diseases. According to the World Health Organization, in 2015, an estimated 1.6 million deaths were directly caused by diabetes. Another 2.2 million deaths were attributed to high blood glucose in 2012.
Geographically, the digital health market has been categorized into six regions: North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In terms of geographic distribution, North America dominated the global digital health market in 2016. Factors such as emerging new product portfolio, expansion of companies, and increasing collaboration between companies were attributed to the high growth in the region. In Europe, Germany and U.K. accounted for larger market share of the total Europe digital health market in 2016. Asia Pacific was observed to be the fastest growing market expanding at a higher CAGR compared to other regions. Increasing demand and awareness for technological advanced products and increasing disposable income, along with increasing prevalence of diabetes and other chronic diseases is expected to boost the digital health market in the region during the forecast period.
Major players operating in the global digital health market are Agfa-Gevaert N.V., Cerner Corporation, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Philips Healthcare, GE Healthcare, Siemens Healthineers, Epic Systems Corporation, Truven Health Analytics (an IBM Company), Alphabet Inc. and Qualcomm, Inc. exhibit the larger geographical outreach with presence in multiple digital health product categories.
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