Digital Health Market Likely To Rise with 23.8% CAGR Forespeaks 2021 To 2027

Digital Health, which entails the full-fledged implementation of electronic medical systems, is the convergence of computer technology with medical, health, life, and organizational systems to improve the efficiency of health care delivery at all levels to create healthcare more responsive and personalized to every patient. It aims at improving the quality of health services by applying new and innovative techniques and practices in the area of information and computer science. This enables the use of computer software and hardware to create digital platforms that are used to deliver healthcare services via the Internet.

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It also provides services that provide improved decision support systems, expanded access to complex knowledge from experts, easier and faster collection, storage, and retrieval of patient data, improved quality of diagnostic test results, better utilization of clinical information, and improved communication between doctors and patients.

1. In September 2020, The U.S. Food and Drug Administration announced the launch of the Digital Health Center of Excellence within the Center for Devices and Radiological Health (CDRH)

2. In December 2020, Sensyne Health plc the British Clinical AI technology company announces that it has launched GDm-Health, its remote monitoring solution for diabetes in pregnancy, in the U.S. with immediate effect.

The growing need for remote patient monitoring services and rising patient engagement & connectivity is contributing to the growth of the digital health market. The high prevalence of chronic diseases such as diabetes, Cardiovascular Disorders (CVDs), and diabetes is again supporting the growth of the market. The growing adoption of digital health technology among the consumer due to the increasing penetration of smartphone is another key factor fostering the growth of the digital health market. According to research data published in NCBI in 2018, 95.0% of the U.S. adult population use a mobile phone, with 64.0% of them owning smartphones. As per the report published by the GSM Association, Mobile Economy 2018, the number of people connected to mobile services surpassed 5 billion in 2017 and the number of unique mobile subscribers is anticipated to reach 5.9 billion by 2025.

North America is expected to dominate the global digital health market and this is due to the fact that the region is accounted for rapid advancement in technology and high demand for telehealthcare services in the region. According to the report published by Mckinsey in May 2020, the Covid-19 pandemic instigated a increase in the adoption and usage of telehealth in the U.S. Adoption of telehealth services by consumers has risen steeply in the country, from 11.0% in 2019 to 46.0% in 2020 to replace the canceled healthcare visits.

Top Key Players Include In Digital Health Market: Allscripts Health Solutions, Inc. McKesson Corporation, Cerner Corporation, Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Qualcomm Inc., Proteus Digital Health, Inc.,Truven Health Analytics Athenahealth, Inc. and Cisco Systems.

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