What is Digital Healthcare?
Digital healthcare is an emerging innovation in the healthcare industry. The advent of various technologies empowers consumers to the much-informed decisions regarding their health and offers new options for facilitating prevention. It encompasses a range of technologies and solutions, such as mobile health (mHealth) applications, electronic health records (EHRs), electronic medical records (EMRs), wearable devices, telehealth, telemedicine, and personalized medicine. The growth of the digital healthcare market is driven by various factors, including advances in technology, increasing demand for remote healthcare services, improved data analytics capabilities, and a growing focus on patient-centric healthcare solutions.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Allscripts (United States), AT & T (United States), McKesson (United States), Qualcomm (United States), Koninklijke Philips N.V. (Netherlands), Cisco Systems (United States), Cerner (United States), Biotelemetry (United States), IBM (United States) and Philips (Netherlands) |
The study covers a detailed analysis segmented by key business segments i.e. , by application (Patients, Healthcare Providers, Pharmaceutical Companies and Others) and major geographies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Digital Healthcare market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Digital Healthcare market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are Allscripts (United States), AT & T (United States), McKesson (United States), Qualcomm (United States), Koninklijke Philips N.V. (Netherlands), Cisco Systems (United States), Cerner (United States), Biotelemetry (United States), IBM (United States) and Philips (Netherlands).
Market Overview:
In Sep 2019, Google and Mayo Clinic announced a partnership for the revolution of healthcare patients, clinics, and others. Through this partnership, the Mayo Clinic’s enhanced its capabilities with the help of Google’s cloud and artificial intelligence. This helps Mayo Clinic to transform its virtual care and AI enables digital diagnostics. Additionally, in Oct 2019, the Advanced Medical Technology Association announced the launch of its Centre of Digital Health, a platform which is a huge contribution towards the medical technology industry to serve the unique need of companies.
In Sep 2019, the United States Food and Drug Administration revealed the guidance for the encouragement for the development of digital health tools. These guidelines are part of the Digital Health Innovation Action Plan and address key provisions of the 21st Century Cures Act. Under the first guidance, they reveal Clinical Decision Support Software, is revised draft guidance based on a careful review of public comments received on the previous draft published in 2017.
The market is fragmented by the leading players, and market players are highly focusing on the production technologies, enhancement of efficiency, and service life. There are strong growth opportunities in this market which is captured by tracking the ongoing process improvement and financial flexibility to invest in business strategies.
Influencing Trend:
Advancement in technology such as health information technology (IT), wearable devices, telehealth and telemedicine, and personalized medicine. These technologies help in empowering consumers to make better-informed decisions for their health. And it also provides various options for facilitating prevention, early diagnosis of life-threatening diseases.
Market Growth Drivers:
Growing Demand for the Advance Health Service for End Users from All Governments, Advancement in Technology Platforms and Rise in Public and Private Partnership for the Emerging Digital Health Technologies
Challenges:
Slowdown in Economy and Lack of Awareness in Under Developing Regions
Restraints:
Huge Investment Required and Lack of Professional Expertise
Opportunities:
Developing and Implementing Regulatory Strategies and Policies for Digital Health Technologies and Development in Enhancing Outreach to Digital Health Customers
Key highlights of the Global Digital Healthcare market Study:
CAGR of the market during the forecast period 2022-2028
In-depth information on growth factors that will accelerate the Digital Healthcare market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Digital Healthcare market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Digital Healthcare Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Digital Healthcare market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Digital Healthcare market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Digital Healthcare Service Providers, Government Regulatory and Research Organizations and End-Use Industries.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.