LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global digital health market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global digital health market will grow at a CAGR of almost 18% during the forecast period. The increase in the number of M&A activities is a major factor driving the market’s growth.
The global digital health market is anticipated to grow during the forecast period due to the increase in technological innovations and M&A activities. Strategic M&A activities among the vendors support the development of efficient products and increase the profit margin of the service providers. The investments are carried out in the form of either capital outflow to develop new service offerings or the acquisitions of other service providers.
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In this report, Technavio highlights the rising applications of BI in the healthcare industry as one of the key emerging trends in the global digital health market:
Rising applications of BI in the healthcare industry
The healthcare sector, particularly the hospitals are facing competition owing to the increasing number of hospitals and competitive treatment pricing pressure. Thus, most of the hospitals are adopting ways to increase the speed of their processes and reduce the operation cycle time. Business intelligence (BI) tools provide real-time information, which can help end-users in avoiding process delays and in centralizing the management to improve its market response and decision-making.
“To achieve competitive advantages, the end-users need to transform data into actionable intelligence through constant improvements in customer-facing strategies. BI tools help hospitals and other end-users consistently and efficiently transform raw sales, services, marketing, and patient data into useful information,” says a senior analyst at Technavio for research on enterprise application.
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Global digital health market segmentation
This market research report segments the global digital health market into the following applications (wireless health, mobile health, HER, and telehealth) and key regions (the Americas, APAC, and EMEA).
The wireless health segment held the largest market share in 2017, accounting for over 48% of the market. The market share of this segment is expected to increase significantly during the forecast period.
In 2017, the Americas dominated the global digital health market with a revenue share of more than 50%. One of the key reasons for the growth of the Americas is the high adoption of digital health solutions in the US. The US is the largest telehealth consumer in the world.
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