APAC digital health market is projected to hit more than USD 72.6 billion by 2027 due to the favorable regulatory compliance and increasing adoption of smartphones in the region.
Selbyville, Delaware, July 19, 2021 (GLOBE NEWSWIRE) --
According to latest report “Digital Health Market by Technology (Telehealthcare, mHealth, Health Analytics, Digital Health System), Component (Hardware, Software, Services), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of digital health will cross $426.8 billion by 2027.
Increasing importance of digital health and technologies has led to a rise in venture capital investment to a great extent. For instance, Health tech funding in the APAC region reached USD 5.5 billion in 2018 which was almost four times as compared to the funding achieved in 2015, with China, India and Southeast Asia leading in terms of investment in Asia Pacific. Such steady amount of funding will make digital health a stable market to invest in. Furthermore, a large number of investors are showing interest in funding digital health platforms and start-ups owing to immense growth opportunities and favorable return-on-investment. Therefore, growing number of venture capitalist investment will spur growth of the market in the coming years.
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The telehealthcare segment in the digital health market accounted for USD 6.7 billion in 2020. Tele-healthcare is one such technology that is transforming the delivery and use of healthcare services. The technology provides patients with devices to manage their health, extend services to remote areas, and enable experts to mediate in real time. The most important benefit of telehealth is in lowering costs by reducing hospitalization, readmissions, and length of stays.
Hardware segment captured 30.9% of the digital health market share in 2020 due to the rise in use of digital health devices such as tablets, smartphones, wearables and others. Growing interest of manufacturers in the development of innovative wearables will propel the segment growth. For instance, in March 2019, Fitbit announced the launch of four new wearable smartwatches with the aim to make fitness tracking more affordable.
Asia Pacific digital health market is estimated to surpass USD 72.6 billion by 2027 on account of the favorable regulatory compliance and growing adoption of smartphones in the region. For instance, as per estimates approximately 40% of the population in China has a smartphone. In addition, widespread acceptance of new technologies and government initiatives to support eHealth to address long-standing inefficiencies and unmet needs for the health care system will boost the market expansion. Moreover, rising prevalence of lifestyle disorders such as diabetes, obesity and hypertension generates a need of technologically advanced platforms for prevention and treatment of such diseases, thereby augmenting the market progression.
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Few notable companies operating in the market 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.
Table of Contents (ToC) of the report:
Chapter 3 Digital Health Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By technology
3.4.2 By component
3.5 COVID-19 impact analysis
3.6 Usage of health data by wearables/health apps
3.6.1 Company share analysis, 2019 (wearables)
3.6.2 Company share analysis, 2019 (health apps)
3.7 Market entry landscape
3.8 Digital health supply chain
3.9 Regulatory landscape
3.10 Technology landscape
3.10.1 Upcoming technologies
3.11 Porter's analysis
3.12 Competitive landscape, 2020
3.13 PESTEL analysis
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