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Digital Health Market Overview
The widespread usage of big data in the healthcare sector has considerably benefited the Digital Health Market. As per an MRFR report, the market will achieve a CAGR of 26.30 percent, leading to an income of USD 3 28,887.8 million by the end of 2025.
Digitization has facilitated a large-scale transformation within the healthcare industry, helping in efficiently and accurately streamline and manage all the operations. Digital healthcare as a whole help manage feedback procedures, post-recovery care, coupled with preventive care. With technical advancements in artificial intelligence, digital healthcare has emerged as the perfect tool for fast and easy automation of a number of healthcare-based operations and procedures.
Surge in internet connectivity along with the escalating use of smartphones as well as mobile platforms worldwide accelerates the adoption of digital healthcare. Rising smartphone ownership has elevated the number of people opting for online healthcare services, broadening the applications of digital healthcare.
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The digital healthcare market also stands to benefit from the surge in big data within the healthcare industry, escalating adoption of EHR and EMR systems, and the mounting number of government mandates. In numerous countries worldwide, specialists as well as physicians are based in urban areas, which leaves the patients living in rural locations with no access to on-time medical services. The issue is addressed by telecloud, which lets the healthcare professionals to offer fast and effective treatment to patients regardless of the distance, and that too at an affordable rate.
Digital Health Market Segmental Analysis
The Digital Health Market can be divided into segments based on the mode of delivery, type, technology, end-user, application, and region. The Digital Health Market’s primary distribution modes are cloud-based and on-premise. Based on technology, the Digital Health Market is divided into mhealth, healthcare analytics, digital health systems, and telehealthcare. The Digital Health Market is divided into applications such as neurology, cancer, cardiology, diabetes, and sleep apnea. The region segment of the Digital Health Market includes Asia Pacific, Middle East, South America, North America, Africa, and Europe. The Digital Health Market is divided into pharmaceutical firms, healthcare providers, and healthcare payers based on end-users.
Detailed Regional Analysis
The Digital Health Market is split into regions like Asia Pacific, Middle East, South America, North America, Africa, and Europe. The North American Digital Health Market is likely to lead the global market with the maximum market share during the anticipated period. The European area accounted for the second-highest market share in the Digital Health Market, owing to significant pressure to reduce healthcare costs while expanding technology innovation. However, the Asia Pacific growth is projected to grow at the fastest rate in the near future. The surge in sponsored research and development centers, together with the presence of renowned firms across the region’s growing nations, further contributes to the market’s growth rate.
Digital Health Market Competitive Analysis
The overall development prospects of market participants are predicted to boost progressively as the impact of the COVID-19 epidemic lessens. The optimism about COVID-19-related therapeutic techniques, such as vaccines, being pushed out in various locations is forecast to expand market sentiment further. The emergence of global firms into important developing regional markets is considered to have a positive impact that will spread to other industry segments. The effectiveness of core sectors on a global scale is projected to augment the expansion of the global market in the approaching period. Furthermore, improved economic relations between numerous nations are expected to provide further opportunities for growth in the coming years. The involvement of governmental organizations in promoting market development is projected to be critical through the provision of special incentives to attract global titans to certain locations and contribute to market development during the forecast period.
The primary companies in the Digital Health Market are Qualcomm Technologies Inc. (US), Allscripts Healthcare LLC (US), iHealth Lab Inc. (US), Athenahealth Inc. (US), Cisco Systems Inc (US), BioTelemetry Inc. (US), McKesson Corporation (US), AT&T Inc. (US), EClinicalWorks (US), Koninklijke Philips NV (The Netherlands), General Electric Company (US) and Cerner Corporation (US).
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Digital Healthcare Industry Updates:
Novant Health Inc. has introduced a one-stop digital store for healthcare information, complete with a virtual assistant and a physician matcher. According to the system, Novant Health Now – NovantHealth.org/NOW — offers professional solutions to healthcare queries and support and real-time information. It is accessible to everyone. According to Novant, the digital alternative is a natural continuation of virtual care, which has gained in popularity dramatically during the COVID-19 pandemic.
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