Sarasota, FL -- (SBWIRE) -- 08/31/2018 -- 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.

Digital health is a field in which information & communication technology is used in modern healthcare practices and to develop a different type of services in healthcare. Digital healthcare technologies include software and hardware solutions & services, which include web-based analysis, telemedicine, email, mobile phones, wearable devices, and remote monitoring sensors.

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The Australian Digital Health Agency (ADHA) entered into the partnership with eHealth NSW to establish National Children's Digital Health Collaborative to improve accessibility and efficiency in improving children's health. Such partnership and initiatives by the government organization and healthcare communities to create awareness about the use of digital health are expected to mainly drive the growth of the digital health market. According to the statistics published by CDC in 2012, about 50% of adults in the U.S. were suffering from chronic health conditions. Increase in chronic diseases such as diabetes and cancer and a rise in awareness about the concerns of health are some of the factors contributing to the growth of the global digital health market. However, cyber threat and high cost for installation process act as a restraint for the growth of the market.

Digital health market is segmented on the basis of product type, component, and sales channel. Based on 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. Healthcare information systems segment is expected to show the rapid growth and is also expected to dominate the digital health market. Based on components, the digital health market is segmented into hardware, software, and service. Service segment is expected to dominate the digital health market. On the basis of sales channel, the digital health market is segmented into business-to-business and business-to-consumer. 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 B2B segment is expected to lead the market in the forecast period.

North America is expected to dominate the market in the forecast period due to rapid innovations and advancement in digital health, the introduction of various government policies and well-developed healthcare infrastructure. Asia Pacific is expected to show the highest CAGR in the forecast period due to the increase in the occurrence of chronic diseases and rapid improvement in the healthcare sector.

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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 players are involved in merger and acquisitions to provide technologically developed products for the digital health market.