Will North America Digital Health Market Perceive Robust Expansion by 2025?
Nov 26, 2019
North America Digital Health Market size was valued at USD 40.3 billion in 2018 and is expected to witness 28.4% CAGR from 2019 to 2025
India - November 26, 2019 /MarketersMedia/ —
Increasing number of smart phone and tablet users in both developing and developed economies will lead to digital health market growth. A survey performed by Pew Research Center in U.S. states that about 75% of the U.S. population currently uses smart phone compared to 35% in 2011. Growing need for efficient and quick access to healthcare services via smart phones will boost digital health market growth in North America. According to the Graphical Research new growth forecast report titled “North America Digital Health Market Size By Technology [Tele-healthcare {Telecare, Telehealth}, mHealth {Wearables, Apps}, Health Analytics, Digital Health System], Country Outlook (U.S., Canada), Industry Size, Share, Growth Trends & Forecast, 2018 – 2025”, estimated to exceed USD 219.7 billion by 2025.
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Growing need for remote patient monitoring services across the region will lead to market growth in the region. To overcome the shortage of physicians, tele-healthcare is predicted to help physicians and patients to use their time effectively. Remote healthcare delivery technologies such as video conferencing have emerged as a promising solution for fewer physicians to patient ratio, thus, leading to North America digital health industry growth.
However, security concerns for critical patient data and high capital expenditure for maintaining digital health network may hamper industry growth in forthcoming years.
mHealth market is forecasted to expand at 37.3% CAGR over the forecast timeframe. Increasing number of smart phone and tablet users along with presence of well-established telecommunications network will boost business growth. Growing demand for healthcare information systems and launch of new mobile applications related to mHealth technologies will further increase demand for mhealth solutions over the forecast period.
Digital health systems market accounted for 52.3% revenue share in 2018. Increasing adoption rate of electronic health record for efficiently managing clinical data will foster industry growth. Various government initiatives to encourage use of electronic health records across various healthcare facilities will be conducive to business growth.
North America digital health market was led by U.S. digital health market and is estimated to show a positive trend throughout the projection period. Canada digital health business is forecasted to follow U.S. digital health market progressing at 26.9% CAGR throughout the forecast timeframe. Canada spent around 10.4% of the total GDP on healthcare sector in 2014. Healthcare IT spending in Canada is continuously increasing and the trend is anticipated to continue over forecast timeframe. Additionally, favorable demographics such as rising number of smart phone users will highly impact Canada digital health industry growth.
Major market players in North America digital health market are McKesson Corporation, Allscripts Healthcare Solutions Inc., Cisco Systems, Inc., Qualcomm, Philips Healthcare, eClinicalWorks LLC among other industry participants. These market players are undertaking strategies such as technology development and acquisitions to gain market presence and for company expansion.
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Report Content
Chapter 1. Methodology
1.1. Definition and forecast parameters
1.1.1. Definitions
1.1.2. Methodology and forecast parameters
1.2. Data sources
1.3. References & sources
1.3.1. Secondary
1.3.2. Primary
Chapter 2. Executive Summary
2.1. North America digital health industry summay, 2014 – 2025
2.1.1. Country trends
2.1.2. Technology trends
Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Industry outlook, 2014 - 2025
3.3. Major factor analysis
3.3.1. Drivers
3.3.1.1. Government and private institution initiatives
3.3.1.2. Increasing use of smartphones, tablets, and other mobile platforms
3.3.1.3. Rapidly improving healthcare IT infrastructure in industrialized nations
3.3.1.4. Favorable government initiatives in U.S.
3.3.1.5. Rising demand for remote patient monitoring services
3.3.1.6. Growing venture capital investments
3.3.2. Restraints & challenges
3.3.2.1. Security concerns regarding patient data
3.3.2.2. High capital expenditure and maintenance requirement
3.4. Regulatory landscape
3.4.1. U.S.
3.5. Technology landscape
3.6. Porter’s analysis
3.7. Competitive review, 2017
3.8. PEST analysis
Browse key industry insights along with TOC @https://www.graphicalresearch.com/table-of-content/1162/north-america-digital-health-market
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Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
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