Dive Brief:
- A new report by P&S Market Research estimates the global digital health market is expected to grow with a CAGR of 21.4% between 2015 to 2020, and was valued at $55.3 billion in 2014.
- According to the report, digital health is surging due to increased demand for advanced healthcare information systems and increased investments by health IT players. The digitized health system segment dominated the global digital health market in 2014 with a 48.2% share.
- Benefits of digital health include improved communication between patients and providers, better-coordinated care, and more efficient care via digital diagnostic techniques and patient online services.
Dive Insight:
North America is expected to maintain its dominance in the market between 2015 to 2020, due to an improved healthcare infrastructure, initiatives by government groups for implementation of digital health technologies in healthcare facilities, and increased healthcare spending, according to the report. In addition, wider use of mhealth apps, more awareness about medical sensors and increased rates of chronic diseases all support the growth of this market.
Asia is expected to have the highest growth globally within the forecast period due to a growing geriatric population and increased rates of chronic diseases. Europe is only expected to have marginal growth.
Various restraints to this market's growth include privacy and security issues, high capital expenditure and maintenance requirements as well as inadequate healthcare infrastructures in developing economies.