As per a study conducted by P&S Intelligence, the global digital health market is expected to generate a revenue of $884.1 billion, progressing at a 21.8% CAGR during the forecast period (2020–2030). The market is growing due to the rising requirement for remote patient monitoring services, growing number of smartphone and tablet users, increasing support from governments regarding digital health solutions, advancements in applications of mobile health technologies, and surging need for advanced healthcare information systems.
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On the basis of technology, the digital health market is divided into electronic health record, mHealth, healthcare analytics, and telemedicine. Out of these, the mHealth division is projected to grow at the fastest pace in the years to come. These technologies aid healthcare organizations to decrease medical costs and offer remote patient monitoring, so the need for visiting hospitals frequently is eliminated. Furthermore, mHealth assists in wellness and disease management, thereby leading to its increasing demand.
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North America held the major share of the digital health market during 2014–2019 and is further expected to emerge as the largest market in the years to come as well. The surging adoption of digital health solutions, enhancements in the healthcare infrastructure, initiatives that are being taken by several government associations for implementing this technology in healthcare settings, and rise in the healthcare spending are driving the regional domain.
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Some of the key companies operating in the digital health market are Cerner Corporation, Qualcomm Incorporated, eClinicalWorks LLC, McKesson Corporation, Epic Systems Corporation, athenahealth Inc., General Electric Company, Allscripts Healthcare Solutions Inc., Koninklijke Philips N.V., AT&T Inc., and Cisco Systems Inc.
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