Market Study Report has released a new research study on Asia Pacific Digital Health Market Analysis 2020-2027 inclusive of one or more factors covering regional opportunities, application landscape, product demand trends, and end-use portfolio of the industry over the forecast timeframe. The report also outlines the competitive framework of the Asia Pacific Digital Health industry detailing the SWOT analysis and market share dominance of the prominent players.
Asia Pacific digital health market outlook has certainly garnered momentum in recent years and is presently experiencing a rapid growth trend. With the emergence of the novel coronavirus in 2020, digital health has, undoubtedly, become the crowning achievement of digital transformation in healthcare. Its numerous uses are significantly altering the way patients are treated.
Patients benefit from improved treatment as a result of technological advancements like as virtual reality tools, wearable medical equipment, telemedicine, and 5G mobile technologies. Doctors, on the other hand, can use artificial intelligence-powered technologies to simplify their operations.
Total Asia Pacific digital health market size is slated to cross $107.5 billion by 2026. Allscripts Healthcare, BioTelemetry, McKesson Corporation, Cerner Corporation, Koninklijke Philips, Qualcomm, and Cisco are among the leading digital healthcare providers in Asia Pacific.
Prominent players of Asia Pacific digital health market include companies like Allscripts Healthcare Solutions Inc., Cerner Corporation, Philips Healthcare, BioTelemetry, Inc., Cisco Systems, iHealth Lab, Inc., eClinicalWorks, AT&T, McKesson Corporation, Qualcomm, and Koninklijke Philips N.V.
Based on the technology, Asia Pacific digital health market is categorized into tele-healthcare, mHealth, health analytics, and digital health systems. The tele-healthcare segment is anticipated to grow with a CAGR of 31.8% between 2019 and 2025. Rising funds for telehealth, lack of doctors, rapidly developing telecommunication sector, and growing awareness regarding telehealth are the factors driving the segmental growth. Accessibility in remote areas and real-time treatment plans are encouraging the adoption of tele-healthcare facilities in Asia Pacific.
Increasing prevalence of lifestyle diseases such as diabetes, hypertension, obesity, obstructive sleep apnea, and chronic obstructive pulmonary disease is boosting the demand for technologically advanced solutions for the treatment and prevention of these diseases, which in turn is encouraging the adoption of digital services across the healthcare sector.
Rising disposable income and changing lifestyle are also complementing the market growth. However, lack of awareness and stringent regulatory framework may hamper the market growth in the forthcoming time period.
Considering the geographical landscape, Asia Pacific digital health market is split into India, China, Japan, South Korea, Australia, Malaysia, Indonesia, Thailand, Singapore, and Philippines. Among these, India digital health market is anticipated to register 35% CAGR during the analysis period, owing to increasing requirement for efficiently storing and managing healthcare data coupled with a growing need to reduce operational cost. Moreover, favorable government initiatives regarding digital health services will positively impact the market growth in the coming years.
Digital health technology is designed to provide patients new method of healthcare system. This system includes concepts for saving time, boosting accuracy and cost efficiency to manage illness, health risks and promote wellness. Digital health, or digital healthcare, is a broad, multidisciplinary concept that includes concepts from an intersection between technology and healthcare. Digital health applies digital transformation to the healthcare field, incorporating software, hardware and services. These enhanced capabilities of digital health technology are expected to generate revenue in coming years, states Vantage Market Research.
Increasing Adoption of Mobile Health
The broad scope of digital health includes categories such as mobile health (mHealth), health information technology (IT), wearable devices, telehealth and telemedicine, and personalized medicine. From mobile medical applications and software that support the clinical decisions made by healthcare professionals has been driving a revolution in healthcare.
The Digital Health Market is gaining huge potential across the globe owing to the increasing adoption of smartphones in clinics and hospitals. Further, the introduction of advanced technology like artificial intelligence (AI) is expected to play a crucial role in the improvement of digital health services. According to the World Health Organization, Digital tools are giving providers a more holistic view of patient health through access to data and giving patients more control over their health. Digital health offers real opportunities to improve medical outcomes and enhance efficiency. These are few factors that are adapted using mobile applications which are expected to drive the Digital Health Market.
