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Digital Health Market – Learn The Investment Strategy Of Market Players To Increase Business Growth

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Digital Health Market

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 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 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.

Healthcare system has been fragmented across the globe, i.e. there are several decision makers for the treatment of an individual with particular illness. Lack of coordination among healthcare professionals and patients has negatively impacted the quality of healthcare and its cost, which led to the fragmentation of healthcare information (such as diagnosis, medical history, patient demographics, billing, and administrative data). This in turn derived the need for an advanced integrated health care system.

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.

Source: P&S Intelligence

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