According to Transparency Market Research’s latest report on the global digital health market for the historical period 2017–2019 and forecast period from 2021 to 2028, increase in adoption of digital health products by health care providers, high prevalence of diseases, and surge in collaborations between companies for technological advancements are projected to drive the global digital health market during the forecast period
Increase in Incidence of Diabetes, Cardiovascular Diseases, and Other Chronic Diseases: Key Drivers
- Disease indications such as diabetes, cardiovascular diseases, and other chronic diseases are increasing rapidly across regions due to aging population, unhealthy food habits, and rise in obesity. According to the American Heart Association, cardiovascular diseases account for 17.3 million deaths each year, which is more than the deaths caused due to cancer.
- According to Partnership to Fight Chronic Disease (PFCD), chronic diseases are the leading cause of death and disability in the U.S. Nearly 133 million people in the U.S., around 45% of the population, have at least one chronic disease. Chronic diseases account for seven in 10 deaths in the U.S., with over 1.7 million deaths each year.
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Rise in Adoption of Digital Health Product by Health Care Providers Boosts Market Growth
- Increase in adoption of digital health products by healthcare providers such as hospitals and insurance companies is expected to propel the global market during the forecast period
- In November 2016, the Ministry of Health and Prevention (MOHAP) of the UAE renewed and expanded its strategic alignment with Cerner Corporation for the continued implementation of its enterprise wide health IT system called the Wareed project
- In March 2017, Palmetto Health selected Cerner Corporation to expand Millennium Revenue Cycle across four of its acute facilities. Integration with existing electronic health record (EHR) will result in a Clinically Driven Revenue Cycle.
- In September 2016, Wise Health System selected Allscripts Sunrise and CareInMotion to improve patient care and population health
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High Cost Associated with Installation to Hamper Market
- High cost associated with large equipped systems such as EHR/EMR and revenue cycle management systems are expected to hamper the growth of the global digital health market
- The cost of EHR system varies between regions and depends on the type of EHR system (web-based and cloud-based). The overall cost associated with the adoption of EHR systems can be divided into components such as hardware (computers, database servers, scanners etc.), software, installation, training, and maintenance. On average, purchase and installation of an EMR/EHR costs from US$ 10,000 to US$ 60,000 per provider.
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Digital Health Market: Competition Landscape
- This report profiles major players in the global digital health market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global digital health market is competitive, with the top 10 players accounting for major share of the market and every company focusing on research & development to produce better products in the digital health space
- Leading players operating in the global digital health market are
- Agfa-Gevaert N.V.
- Cerner Corporation
- Allscripts Healthcare Solutions, Inc.
- McKesson Corporation
- Philips Healthcare
- GE Healthcare
- Siemens Healthineers
- Epic Systems Corporation
- Truven Health Analytics (an IBM Company)
- Alphabet, Inc.
- Qualcomm, Inc., among others
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