At 28.0% CAGR Digital Health Market burst to hit $379 Bn by 2024

Sellbyville, DE -- (SBWire) -- 11/26/2018 --Global Digital Health Market set to exceed USD 379 billion by 2024; according to a new research report by Global Market Insights.
Rising venture capital funding including private equity and corporate venture capital in the health IT sector will escalate the market growth over the forecast timeframe. However, rising security concerns for patient data such as cyber security threats including uncoordinated individual attempts to gain unauthorized access to information technology (IT) systems is expected to hinder digital health market growth over the coming years. High capital cost requirement for installations of technologically advanced systems will further hamper digital health industry growth.

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Digital health systems technology business segment accounted for 56.8% market share in 2017 due to increased adoption of advanced technology such as and Electronic Health Record (EHR) and Radiology Information System (RIS) in hospitals that reduces timeline for medical documentation and aids in investing efforts for diagnostic procedures. Supportive government initiatives along with rapidly improving IT infrastructure are some of the factors that positively impact industry growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- Allscripts
- BioTelemetry, Inc.
- eClinicalWorks
- iHealth Labs
- LifeWatch Services, Inc.
- McKesson Corporation
- AT&T
- Cerner Corporation
- Cisco
- athenahealth
- Qualcomm

mHealth business segment is expected to grow at a robust 37.7% CAGR owing to rising adoption of technological advancements including wearables and apps to monitor health of patients. Wearables such as pulse oximeters, blood glucose monitors, sleep apnea monitors have wide range applications including disease tracking, treatment and diagnosis, point of care diagnostic, remote data collection & remote monitoring. For instance, AliveCor Heart Monitor is a mobile-based electrocardiogram that enables individuals to gain clear insights on their cardiac health using these precise recordings.

Electronic health records (EHR) business segment will drive digital health systems market with more than 93% share in 2017. Ability of these systems to exchange health information electronically to provide improved patient care are major factors contributing towards business growth. These systems enable providers to more effectively diagnose patients, reduce medical errors, and provide safer care to patients with better communication will further escalate segmental growth over the coming years.

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U.S. market accounted for largest share in 2017 owing to increasing prevalence of chronic diseases along with growing geriatric population in the country. Implementation of HITECH Act and HIPAA Act, promoting the use of electronic health data will foster market growth in the country. High technological adoption along with favourable government initiatives such as investment in electronic medical records (EMR) are other factors boosting business growth.

Digital Health Market by Technology
o Telehealthcare
o Telecare
o Activity Monitoring
o Remote Medication Management
o Telehealth
o LTC Monitoring
o Video Consultation
o mHealth
o Wearables
o BP Monitor
o Glucose Meter
o Pulse Oximeter
o Sleep Apnea Monitors
o Neurological Monitors