The digital health market is expected to hit $537 billion in revenue by 2025, according to a Transparency Market Research (TMR) report released on Monday. North America leads digital health market growth, with the largest patient pool and most advanced digital products, the report found.
SEE: Internet of Things policy (Tech Pro Research)
Cloud-based storage systems have completely changed healthcare IT, especially when paired with smartphones, laptops, and tablets, the report found. The merging of technologies helps healthcare providers track patient health and improve overall patient experience. Other evolving healthcare technologies include electronic medical records (EHR), remote monitoring, and wearables, the report added.
Healthcare providers aim to maintain a patient-centric approach to medicine, the report said, leading some providers to raise venture capital and funding for products that can achieve this goal. The increased investments in the healthcare IT sector results in the invention of new products and the subsequent growth of the global health market.
"The global market for digital health is gaining substantially from the increasing number of government initiatives to raise awareness among patients as well as the caregivers," a TMR analyst said in a press release.
Despite the growth, security concerns surrounding healthcare data remain a major issue, the report found. Some of the top security concerns include loss of patient records, and the ability to operate without the technology in emergency situations. However, the worries aren't new, which is why the Internet of Things (IoT) security market is predicted to hit $9.88 billion by 2025.
Check out this TechRepublic article to learn more about how IoT is impacting healthcare.
The big takeaways for tech leaders:
- Healthcare IoT will cause the digital health market to hit $537 billion by 2025. — TMR, 2019
- This growth is due to the increased use of smartphones, laptops, an tablets by healthcare providers. — TMR, 2019
- Internet of Things (IoT): A cheat sheet (TechRepublic)
- Special report: Sensor'd enterprise: IOT, ML, and big data (TechRepublic download)
- What is the Internet of Things? Everything you need to know about the IoT right now (ZDNet)
- These smart plugs are the secret to a seamless smart home (CNET)
- Internet of Things and smart cities: More must-read coverage (TechRepublic on Flipboard)
Macy Bayern has nothing to disclose. She does not hold investments in the technology companies she covers.
Macy Bayern is an Associate Staff Writer for TechRepublic. A recent graduate from the University of Texas at Austin's Liberal Arts Honors Program, Macy covers tech news and trends.