Increasing Utilization of Digital Health Platform and Aging World Population is expected to Expand Digital Health Market beyond US$ 200 Billion by 2026

Digital health is a cluster of multiplatform technologies that involves use of new age information communication technologies that utilizes digital, mobile and cloud based platforms in order to provide quality healthcare to patients. Digital health platforms such as tele medicine, tele care let health beneficiary to connect with health care provider. Digital Health synergies right information at the right place at the right time for use by the right healthcare provider. Digital health also involves utilization of the mobile health (mHealth), health information technology (IT), wearable devices, tele health and telemedicine, and personalized medicine. Digital health platform brings the stakeholder in healthcare system such as patients, health care practitioners, researchers, medical device industry firms, and as mobile application developers (mHealth provider) more closely and makes whole healthcare system efficient.

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Various advantage of digital health offers are that it reduce inefficiencies, improve access to healthcare services even to distant location, reduces healthcare costs, increases quality aspect of healthcare and make medicine more personalized and efficient for patients. Digital health platforms such as mHealth makes self-monitoring of health parameters by patient possible and at the same time remote monitoring this parameters by health care provider

The global digital health market size was valued at US$ 85.0 Billion in 2017 and is expected to witness a CAGR of 23.8% over the forecast period (2018–2026).

Increase in aging population, prevalence of chronic diseases and need for continuous monitoring would propel growth for the digital health market

Population across globe is slowly observing growth in median age with higher number of people crossing age bracket of 60 and above. According to the Population Prospects Report of United Nations published in 2017, in 2017, there are an estimated 962 million people aged 60 or over in the world (13 per cent of the global population). The population aged 60 or above is growing at a rate of about 3 per cent per year and it would reach to 1.4 billion by the year 2030. Such high number of aging population would be immensely benefitted with digital health platform such as tele care and tele medicine in which remote diagnosis and remote monitoring is possible.

Increased prevalence of the chronic disease and need for continuous monitoring would be another important driver for positive outlook of the digital health market during the forecast period. According to the World Health Organization data in 2017, around 40 million people die each year due to chronic disease, which accounts for 70% of all deaths globally. Cardiovascular diseases is responsible for 17.7 million death annually, followed by cancers (8.8 million deaths), respiratory diseases (3.9million deaths), and diabetes (1.6 million deaths).

Cardiovascular disease and diabetes could be managed effectively without physician visit with the help of the mobile application and wearable devices (glucose monitoring, blood pressure measurement, pulse oximeters mobile based ECG status). Even cancer can become accessible and simple with tele care platform. Electronic health record facility could be immensely beneficial as complication associated with patient data (diagnostic data, treatment history and results) could be managed and accessed easily.

Higher penetration of smartphone, digital technology across the globe to be an important driver for the digital health market growth

Increased user base of smartphones and tablets across globe especially in the developing countries would lead to higher adoption of digital health platform. According to statistics provided by the Pew Research Centre in 2016, 72% population of the U.S. has smartphone access, around 59% of Chinese population and around 45% of Indian population possess smartphone. The number of internet users in India is expected to reach 450-465 million by 2020 as per estimation of the Internet and Mobile Association of India in 2017. This is important market trend as mHealth platform could directly get influenced with higher penetration of smartphones.

Various fitness apps, health apps and health appointment consultation would see rising prospects with higher mobile and internet user base. Platforms such as online pharmacy would also witness upward market growth. Shortage of healthcare providers worldwide would lead higher utilization of digital health platform.

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There is expected to be shortage of nurses and physicians in the near future, according to study in 2017 by Association of American Medical Colleges. The U.S. would have a shortage of between 40,800 and 104,900 physicians by 2030, which would create need to adopt digital health platform such as tele medicine, tele care and health information systems such as e-prescription etc.

The key players operating in the global digital health market are 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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This release was published on openPR.