According to a research report published by P&S Intelligence, the global digital health market size is projected to reach $285.8 billion by 2022, growing at a CAGR of 21.0% during the forecast period. The global digital health market is growing at a significant rate, due to growing demand for advanced healthcare information system, and growing investment by healthcare information technology (HIT) players. The growing need for remote patient monitoring services, increasing support from government organizations and growing demand for mHealth technologies are also driving the growth of the global digital health market.
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Digital health technologies, such as EHR, telehealth and mobile health, helps in compiling services related to diagnosis, treatment, care, and rehabilitation. They improve communication between patients and healthcare providers, in order to reduce medication errors, and provide better coordinated care. Moreover, an integrated digital health system helps to improve healthcare quality by enabling computerizing patient safety practices, clinical decision making, and reducing the rational burden of practitioners.
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The digital health market in Asia is growing, due to growing geriatric population and surge in the occurrence rate of different chronic diseases. Additionally, the increased patient demand and increasing life expectancy are likely to increase IT investments in the healthcare industry in the region. In terms of technology, the improving healthcare infrastructure, increasing adoption of smartphones, and favorable government supports, such as investments and grants, has fueled the growth of the medical sensors and mHealth market in the region.
The threat of substitutes is high in the global digital health market. The availability of substitutes, such as traditional healthcare technologies including paper-based practices, poses a high threat to the growth of the global digital health market. The buyer’s propensity towards substitutes is high, due to high installation and maintenance cost of digital health technologies, including telehealth and EHR. Moreover, the low switching costs further increases the threat of substitutes.
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Some of the key companies operating in the global digital health market include Cerner Corporation, AT&T Inc., Cisco Systems Inc., General Electric Company, McKesson Corporation and Koninklijke Philips N.V.
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