The digital health market from telehealthcare segment is forecast to expand at 26.2% CAGR over 2020 to 2026 owing to increasing usage of telehealth services and video consultations along with various players are increasing the telemedicine platform capability to cater to large proportion of their customers.
SELBYVILLE, Del., June 11, 2020 /PRNewswire/ — Global Market Insights, Inc. has recently added a new report on the digital health market which estimates the market valuation for digital health will surpass US$ 639.4 billion by 2026. Healthcare systems are facing enormous pressure to lower the number of corona positive cases. Healthcare services offered via video consultations can play a major role in limiting the spread of infection. This has encouraged several governments to amend the regulatory policies governing digital health services. Revision and amendments in current regulatory policies to support the adoption of digital health services will boost the market growth.
Increasing number of COVID-19 infections will be a key factor impacting the market expansion. Total number of coronavirus patients across the globe have reached 6.7 million as of 5th June 2020 and the number is constantly increasing. This has led to implementation of stringent regulations such as nationwide lockdowns by several countries. To avail healthcare services, patients are shifting from in-person visits to virtual visits. This will drive the digital health market expansion.
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The telehealthcare segment is forecast to expand at 26.2% CAGR over 2020 to 2026. High growth is attributable to increasing usage of telehealth services and video consultations. Moreover, various players are increasing the telemedicine platform capability to cater to large proportion of their customers, thereby fostering segmental growth.
Hardware segment accounted for nearly 30% market share in 2019 and will exhibit significant growth over the forecast period. Rise in use of digital health devices such as tablets, smartphones, wearables and others is the major factor leading to segmental growth. Moreover, recent advances in microelectronics, data analysis, sensor manufacturing techniques and telecommunication has provided new growth opportunities for wearable devices in the digital health ecosystem.
Asia Pacific digital health market is estimated to reach USD 105.7 billion by 2026. The regional industry is expected to be the fastest growing over the forecast period. High growth can be attributed to the development of telecommunication infrastructure in developing countries such as India and China. Furthermore, rising venture capital investments activities and growing adoption of smart phone users will be conducive to market expansion.
Browse key industry insights spread across 308 pages with 588 market data tables & 28 figures & charts from the report, “Digital Health Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Some major findings of the digital health market report include:
- Amendments in regulations will support the adoption of digital health services.
- Increasing number of COVID-19 infections is driving the shift from in-person visits to virtual visits.
- Various digital health service providers are increasing their operational capabilities to cater to the high influx of virtual visit demands
- Asia pacific digital health market to witness fastest expansion.
- Market players are focusing on various market expansion strategies to capture larger portion of the digital health market.
Few notable companies operating in the digital health market share include McKesson Corporation, Allscripts Healthcare Solutions Inc., Cisco Systems, Inc., Qualcomm, Philips Healthcare, eClinicalWorks LLC. The players are focusing on various strategies such as mergers, acquisitions, new service launch, among others. For instance, In March 2020, AT&T announced a partnership with LifedMedID and Elo Self-Service Solutions. The partnership is expected to streamline patient registrations and increase their customer base.