NEW YORK, Aug. 31, 2020
NEW YORK, Aug. 31, 2020 /PRNewswire/ -- The European Union (EU) recently said that the internet is most commonly accessed on mobile phones. In addition, compared to 2.5 billion in 2016, smartphone users numbered 3.2 billion in 2019. The increasing smartphone penetration is projected to drive the global digital health market to $884.1 billion by 2030, from $101.4 billion in 2019, at an explosive 21.8% CAGR during 2020–2030, according to P&S Intelligence.
This is because this concept involves the provision of several healthcare services via smartphones and tablets, apart from PCs and laptops, through the internet. The primary reason this factor is responsible for the digital health market expansion is that people are increasingly using mobile health (mHealth) apps on these mobile communication devices. Via mobile apps, health records can be stored, updated, and shared with medical professionals, who then connect with patients remotely, for diagnosis and follow-ups.
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The COVID-19 pandemic is boosting the growth of the digital health market, because the lockdown initiated in numerous nations to stop the virus in its tracks has led to restrictions on the movement of people. Thus, people are avoiding going to the hospital, except in unavoidable circumstances, and connecting with their doctors virtually. Additionally, primary care and outpatient healthcare services have long been considered as capable of being provided remotely, and this pandemic is making this more and more apparent.
The mHealth category dominated the digital health market in the past, based on technology, and the situation is expected to be the same in the coming years. This is attributed to this technology's ability to keep a large population informed about the latest developments in the healthcare and medical field quickly. In addition, mHealth also helps in monitoring patients remotely and reduces healthcare spending.
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North America is the most productive digital health market currently, because the awareness in the region about the various applications of this technology is increasing. Additionally, the rising geriatric population is leading to an increasing demand for remote patient monitoring solutions. The government is also offering its support for the adoption of such technologies; for instance, the Health Information Technology for Economic and Clinical Health (HITECH) Act of the U.S. encourages the adoption of electronic health records (EHRs) by medical professionals.
In order to be in a stronger position in the digital health market than before, companies offering such solutions are engaging in mergers and acquisitions, with the idea of:
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The major players in the global digital health market include Cerner Corporation, Qualcomm Incorporated, Epic Systems Corporation, eClinicalWorks LLC, athenahealth Inc., McKesson Corporation, General Electric Company, Allscripts Healthcare Solutions Inc., AT&T Inc., Koninklijke Philips N.V., and Cisco Systems Inc.
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