The global digital health industry is relied upon to ascend at an extensive rate due to the rising prevalence of chronic diseases. “Digital Health Industry: Global Industry Analysis Insights and Forecast2018 – 2025” predicts that North America is likely to show attractive growth opportunities during the forecast period.
This is primarily because of the presence of advanced healthcare and medical infrastructure in North America. In addition, the presence of a large number of well-established players in this region is likely to continue boosting the digital healthcare industry in North America. Besides North America, Europe and Asia Pacific are also expected to grow significantly in the upcoming years. In addition, the rising level of digital knowledge in the U.K. is expected to drive the digital health Industry.
Increasing Adoption of Health Technologies Drives the Industry
Several factors drive the Global Digital Health Industry. “Rising number of government initiatives aimed at promoting digital health solutions will enable growth in the industry,” said a lead analyst at Fortune Business insights. “In the coming years, the digital health industry is estimated to benefit from the uptake of IT in the medical industry,” he added. In addition, with the increasing use of smartphones across the world, the demand for digital health services is growing owing to the rising adoption of health apps.
Other factors such as the rising demand for in-house remote monitoring devices and the increasing geriatric population will catalyze the growth of digital health and wellness services. Digital health over the past few years has become a game-changer in the digital health industry. Digital health services help monitor diseases and provide access to patients’ electronic information through tablets or mobiles. Doctors can check their patients’ complete digital health records and accordingly offer the best consultation. All the factors mentioned above are anticipated to boost the digital health Industry during the forecast period.
Although many hospitals adopt digital health services across the world, some factors may harm the growth of the digital health Industry. First, the high cost associated with installing such advanced digital health systems is likely to restrict the Industry to an extent. In addition to this, several security and safety concerns regarding the data exposed digitally may pose a serious threat to the digital healthcare Industry.
Some of the major companies that are present in the global digital health industry are;
Medtronic, GENERAL ELECTRIC COMPANY, Cerner Corporation, McKesson Corporation, Infor, Allscripts, athenahealthInc, Diabetizer GmbH & Co. KG, Cognizant, Dimensional InsightInc, Siemens AGQualcomm Life, 3MIBM CorporationInc, Microsoft, Koninklijke Philips N.V, NVIDIA Corporation, Next IT Corp, Change Healthcare, AgaMatrixInc, LifeWatchNike Inc. and others
Growth Strategies Adopted by Companies to Aid Expansion
The global digital health Industry covers several players demonstrating a competitive vendor landscape. The leading players are working continuously to expand their product portfolio and strengthen their position in the digital healthcare Industry. Some of the leading companies operating in the global digital health Industry are Allscripts Healthcare Solutions Inc., Agfa-Gevaert N.V.Truven Health AnalyticsMcKesson Corp.GE HealthcareCerner Corp.Cisco Systems Inc.Philips HealthcareNetApp.Siemens Healthineersand Qualcomm Inc. These companies are anticipated to engage in strategic partnership mergers and acquisitions and agreements to increase their market share shortly. Also, these initiatives are adopted to gain a competitive edge in the global digital health Industry.
Industry Players Are Focusing on Strategic Collaborations to Establish a Stronghold
Cisco and NetApp joined hands with each other in June 2018 to launch FlexPod solutions. Companies worked together to compute networks, store essential data, and help organizations accelerate application delivery.
In April 2018Digital Health China and Koninklijke Philips N.V. introduced a teleradiology application platform called SHINEFL. This service platform provides a scalable and customizable cloud-based solution for effective image management. Through this, one can viewstoreanalyzeand retrieve medical images even remotely. The clinical applications involved in this platform are majorly for cardiologyoncologyand neurology.
Startups are growing fast in the U.S. In this regard, the Digital Health Council of Massachusetts announced a new program on digital health in April 2019. The Sandbox program is meant to drive the growth of startups in the state. The launch of such programs is likely to bode well for the global digital health Industry.