Digital Health Market Insights, Segment Analysis, Growth Drivers and Future Scope

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Digital health technologies, such as EHR, telehealth and mobile health, helps in compiling services related to diagnosis, treatment, care, and rehabilitation. They improve communication between patients and healthcare providers, in order to reduce medication errors, and provide better coordinated care. Moreover, an integrated digital health system helps to improve healthcare quality by enabling computerizing patient safety practices, clinical decision making, and reducing the rational burden of practitioners.

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.

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Smartphones and other technologies have made a major contribution to the growth of the digital health market. According to a European Union press release, among all devices, smartphones were the preferred platform to access the internet in 2016, accounting for over 79% of all internet users. With advancements in technology, the adoption of the latest mobile applications in healthcare has increased considerably. Apart from smartphones, the progress of the digital health market can be credited to the use of tablets and other internet platforms, such as desktops and laptops.

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.