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Message: INDUSTRY BULLETIN: Digital Health Market is Slated to Witness Tremendous Growth During the Forecast Period

INDUSTRY BULLETIN: Digital Health Market is Slated to Witness Tremendous Growth During the Forecast Period

posted on Nov 27, 2019 10:04AM

By: pnsintelligence

Smartphones, tablets, and other internet platforms are the epitomes of innovation in the world. Over the last five years (2013–2017), there has been an exponential increase in the use of smartphones and tablets. The innovations have greatly helped sectors such as education, transportation, business, and healthcare reach the masses. Digitization of healthcare has considerably improved the doctor–patient interaction, thereby leading to the growth of the digital health sector.

Offering an insight into the scenario, P&S Intelligence has predicted substantial growth in the digital health market at a CAGR of 21.1% during 2018–2023. Digital health refers to the integration of information technology into healthcare services. Individuals, hospitals, and clinics are the end-users of digital healthcare solutions. Among these, individuals are expected to constitute the largest end-user base globally, progressing at a CAGR of 21.9% during the forecast period.

Telemedicine, mHealth, electronic health records (EHRs), and healthcare analytics are the various divisions of the technology segment of the domain. Of these, mhealth had the largest share, of 31.5%, in the market during the historical period, and it is expected to register 33.5% CAGR during the forecast period. Government initiatives toward the implementation of mhealth and rising awareness about its advanced applications have driven the digital health market growth to a great extent.

Generating revenue of $73.1 billion in 2017, the digital Health market is slated to witness tremendous growth during the forecast period. A lot of key players in the industry are developing new products and technologies for mHealth, telemedicine, and other healthcare services to cash in on the opportunity. For instance, in June 2018, NetApp Inc. and Cisco Systems Inc. together launched FlexPod solutions, which combine the data services of NetApp with Cisco’s infrastructure integrated with its unified computing system. These solutions help firms in accelerating the delivery of the app and transitioning to a hybrid cloud.

This clearly indicates that the domain’s growth is being driven by the rising smartphones user base as well as the growing adoption of cloud technology for data storage and sharing.


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