Pune, India, Feb. 08, 2021 (GLOBE NEWSWIRE) — Digital Healthcare Market Overview:
Market Research Future (MRFR) assessed the Global Digital Healthcare Market 2020 through the analysis period between 2019 and 2025. By 2025, the Digital Healthcare Market can rise at 26.30% CAGR. The digital healthcare market can earn USD 3,28,887.8 Mn on the conclusion of the study period.
The increase in prevalence of big data in the healthcare industry and the existence of robust medical IT structure can support expansion of the digital healthcare industry in the study tenure. The growing popularity of tele-cloud is observed to create lucrative opportunities for investors that can favor the expansion of the market. Issues associated with security of patient data and the requirement for substantial capital expense can challenges to market rise in the years to come.
COVID-19 Pandemic Analysis:
The outbreak of SARS-COV-2 has transformed healthcare delivery. The paradigm is observed to shift from humans to dynamic digital platforms. The introduction of new telecom technologies is noted to make digital healthcare solutions highly viable. The current medical crisis is highlighting the urgency for digitalization of healthcare solutions, which is observed to identify the underlying growth scopes for investors. Multinational companies are joining forces to improve the healthcare ecosystem. For instance, Capgemini, Sanofi, Orange, and Generali are venturing development in the digital healthcare domain to offer favorable solutions to patients.
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Key Companies invest in R&D to Secure Long-Term Returns:
- Cisco Systems Inc (US)
- BioTelemetry Inc. (US)
- Cerner Corporation (US)
- Allscripts Healthcare LLC (US)
- McKesson Corporation (US)
- Koninklijke Philips NV (The Netherlands)
- Qualcomm Technologies Inc. (US)
- iHealth Lab Inc. (US)
- EClinicalWorks (US)
- Athenahealth Inc. (US)
- AT&T Inc. (US)
- General Electric Company (US).
Enterprises dealing in digital healthcare solutions are concentrating on research and development undertakings to launch different innovations that can contribute to the market upsurge. The introduction of digital healthcare systems and new software by different companies can add competitive edge, which, in turn, can bolster their global presence. Competitive strategies adopted by players in the worldwide digital healthcare industry, such as; joint ventures, and expansions among other can add to the market dynamics.
Digital Healthcare Market Segment Overview:
Rise in Demand for mHealth to Favor Digital Healthcare Market
The technology-based segments of the digital health market are mhealth, telehealth care, digital health systems, and healthcare analytics. The rise in preference of mHealth that is observed to a popular market trends can promote the market expansion in the analysis period. The hike in internet usage, and upscaling sales of smartphones, along with extensive range of innovations in mHealth apps can contribute to the rise of the market in the analysis tenure.
Cardiology Segment to Take Lead
The application-based segments of the digital healthcare market are oncology, diabetes, sleep apnea, cardiology, and neurology among others. The cardiology segment can generate high revenue for the market by 2025. The increase in cases of lifestyle-related issues, such as; cardiac diseases, and prime focus of investors in treatments, and diagnosis can influence the segment dynamics. Launch of new products in the digital healthcare landscape and increase in demand for patient-focused monitoring solutions and services, in the cardiology section can contribute to the market rise.
Cloud-Based Delivery Model to Gain Considerable Traction
On-premise and cloud-based are two key delivery models that are studied for the digital healthcare market. The on-premise mode requires higher investments in the IT infrastructure, while facilities offered by cloud are large-scale big data operations, processing capacity, and huge storage. Thus, the cloud segment can gain high traction that can contribute to the rise of the market along the analysis tenure.
Software Component Segment to Earn High Profit
Hardware and software are components-based segments of the digital healthcare market. The dramatic rise in demand for different digital healthcare software, such as; fitness, EHRs, healthcare analytics, and medical applications can contribute to the rise of the segment. The increase in cases of novel coronavirus with the emergence of new strains is observed to bolstered the need for advanced software for effective tracking and maintenance of data.
Healthcare Providers Segment Secures Forefront Position
Healthcare payers, pharmaceutical companies, and healthcare providers among others are end-user-based segments of the market. more. The healthcare providers segment can rise exponentially due to high ingression of tablets and smartphones for multiple functions, such as; improvement in communication to acquire better information from the point of care.
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Americas Market to Rise at High Pace
The digital healthcare market in the Americas can secure the highest share of the overall market due to substantial hike in healthcare spending. The significant increase in the support from healthcare IT in the US can benefit the market in the years to come. The rise in healthcare advantages and increase in need to curb high expenses are observed to support the growing utility of digital healthcare that can push the regional market.
Rise in Quality of Medical Care to Favor Europe Market
In Europe, the digital healthcare market can rise at decent pace due to significant decline in healthcare costs, escalation in innovations, and upgradation of technologies. Continuous efforts by different players to boost existing service and solution portfolio by different key players can contribute to the expansion of Europe digital healthcare market in the analysis period.
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Increase in IT Vendors to Support APAC Market
In Asia Pacific, the rise of the digital healthcare market can be attributed to the rapid improvements across the regional healthcare infrastructure. The increase in number of healthcare IT vendors can add to the regional market upsurge. The rise in funding for research and development undertakings across different CRO, along with the existence of several renowned firms in developing nations of APAC can bolsters the market rise in the years to come. The introduction of reforms to deal with unorganized healthcare base and introduction of financial aid by different governments in the region can benefit APAC market in the near future.
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