Drivers:
RISING AWARENESS OF HEALTH AMONG PEOPLE AND GROWING NEED FOR REMOTE PATIENT MONITORING SERVICES:
Promoting awareness about community health issues and preventative action provides helpful and hopeful information and assistance. To have a better lifestyle people nowadays have become more health conscious and due to technological advancements such as the use of digital technology, people have become more attracted towards the beneficial things. The patient monitoring devices can be used at home and one can easily operate it to maintain their health.
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The cloud computing is a technology that helps to provide services to patients where individual can easily collect or share information with advanced operational efficiency in less cost. The cloud based tools are designed in such a way that they are highly efficient to share important information with high speed to health service providers and to their patients. All these advanced features such as high speed, easy access are increasing the cloud services adoption rate.
INCREASING PREVALENCE AND RISK OF DISEASES AND INCREASING PENETRATION OF SMART PHONE AND TABLET USERS:
Prevalence of diseases is the actual number of cases alive during a period of time (period prevalence) that gives measure of the disease in recent time. It was found that with the increase in the population, the number of diseases like diabetes, neuromuscular, fetal problems and others is also increasing.
There are some statistics given below for prevalence of diseases and they are as follows:
TECHNOLOGICAL ADVANCEMENT IN HEALTHCARE IT:
Restraints:
ELECTRONICS AND TELECOMMUNICATION ISSUES:
HIGH CAPITAL EXPENDITURE AND MAINTENANCE REQUIREMENT:
The investment in the healthcare yield returns the labour productivity and cost-saving thereby, contributing to GNP (Gross National Product) growth. Economic development can lead to better health and higher expenditure. Monitoring devices are considered critical and expensive for treating the health related issues. Government initiatives had framed reimbursement policies for the same.
Healthcare is always found to be a capital intensive industry that requires huge investments in the medical devices, services and product.
Opportunity:
AFFORDABLE AND MANAGEABLE DEVICES:
Digital health solutions contain clinical and medical devices, apps, and related services that are used in the DNA and genetic testing. The devices, apps, and related services as a resource are used for providing solutions which are already available in the market or are currently in development. For getting better solution in a service, development is carried out by different companies and then it is provided to customers.
Challenges:
PRIVACY AND SECURITY CHALLENGES IN DIGITAL HEALTHCARE:
FAILURE IN THE TRANSMISSION OF DATA:
The health information exchange is essential for interoperability of data related to the patient but are sometimes hindered due to the slow pace of HIE services adoption which is a challenging art in healthcare sector for information sharing. The act of transferring the data of health information via electric mode is known as health information exchange. It is widely used to bring all the health care entities at one place where health information exchange for all the data is carried out with the purpose of improving health and care in their community. At a time, collecting all data sometimes causes problems in transferring the correct data to right place.
Digital health involves advanced disruptive innovations, medical technologies and digital communication that provide best practice in the healthcare sectors. With increase in the cost of chronic conditions treatment and shortage of doctors worldwide, the need in the same sector fails to catch up with the rapid progression of the medical technology industry.
Due to the loss in the connectivity, sometimes the important data related to the patient gets deleted during transferring the same and such issues are found to be challenging in this market as they may hamper the growth of the market.
Market Trends:
On the basis of product, the market is segmented into device, software and services. Device segment is sub-segmented into vital signs monitoring devices, glucose monitoring devices, sleep monitoring devices, foetal monitoring & obstetric devices, and neuromonitoring devices. Software segment is sub-segmented into healthcare apps, chronic disease apps, personal health apps and others. Services segment is sub-segmented into remote monitoring, consultancy services and others. In 2018, devices segment is expected to dominate the Europe digital health monitoring market at the highest CAGR of 18.3% in the forecast period of 2019 to 2026.
On the basis of type, the market is segmented into telehealth, EHR/EMR, mHealth, wireless health and others. In 2018, wireless health segment is expected to dominate the Europe digital health monitoring market at the CAGR of 17.1% in the forecast period of 2019 to 2026. However, mhealth segment is growing with highest CAGR 18.5% in the forecast period of 2019 to 2026.
On the basis of end user, the market is segmented into hospital, clinics, ambulatory surgical centers, homecare settings and others. In 2018, hospitals segment is expected to dominate the Europe digital health monitoring market at the CAGR of 17.8% in the forecast period of 2019 to 2026. However, homecare settings segment is growing with highest CAGR 18.2% in the forecast period of 2019 to 2026.
Some of the prominent participants operating in this market are Medtronic, Agfa-Gevaert Group., iHealth Labs Inc., OMRON Corporation, Boston Scientific Corporation, BioTelemetry, Inc., BIOTRONIK SE & Co. KG, Honeywell International Inc., Epic Systems Corporation, Siemens Healthineers AG, Allscripts , McKesson Corporation, Koninklijke Philips N.V., Abbott, IBM Corporation, GENERAL ELECTRIC COMPANY, Cerner Corporation, Cisco Systems, Inc., Qualcomm Technologies, Inc. and among others.
Global Digital Health Monitoring Market expected to reach USD 132.2 billion by 2022