by According to a research report “Digital Health Market (By Component: Software, Hardware, and Services; By Technology: Telehealthcare [Telehealth and Telecare], mHealth [Apps and Wearables], Digital Health Systems [E-prescribing Systems and Electronic Health Records], and Health Analytics) – Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2022 – 2027” published by Precedence Research, the digital health market is projected to grow from USD 262.63 billion in 2022 and is forecasted to reach USD 551.09 billion by 2027; it is expected to grow at a CAGR of 16.5 % from 2021 to 2027.
Increasing government funding for mHealth startups and growing prevalence of chronic diseases have spurred the demand for digital health across the medical settings. Increasing smartphone sales coupled with the growing number of mobile health apps is expected to drive market growth. Additionally, the symbiotic use of IoT, AI, and Big Data for developing digital health software is anticipated to fuel market growth.
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Digital health is usually defined as the employment of information and communication technologies across the healthcare sector or we can simplify it as alliance between digital technology and healthcare system. This digital transformation in healthcare system is incorporated with the help of hardware, software and services. It provides numerous opportunities to tackle health and wellbeing of patients remotely.
Rising demand for mobile health apps, increasing penetration of Internet of Things (IoT), big data, and artificial intelligence (AI) due to the transformation in the healthcare industry are some of the pivotal factors propelling the growth of the digital health market. However, cybersecurity, high capital investment and stringent regulatory compliances are likely to hamper the growth of the market to a certain extent.
With an aim to fast-track the development of novel technologies and to meet the needs of the healthcare sector, tele healthcare, mHealth, healthcare analytics and digital health systems are the key technologies of the digital health market. MHealth is a lucrative segment due to the increasing number of mobile health apps that can be easily downloaded and accessed via smartphones.
The components used in the digital health market include software, hardware and services. Services accounted for the largest market share in 2020 and the trend is anticipated to continue during the forecast period. The introduction of several hardware and software for digital health is expected to result in continuous demand for consultation, training, installation, and upgrades. Furthermore, digital innovations that provide more holistic approach to the doctors to maintain the well-being of patients via data access also assisting patients to look after their health will further propel the market growth in the foresee future.
Table of Contents
Digital Health Market Estimations Y-O-Y:
- Market Size Was Valued In 2021: US$ 220.16 Billion
- Market Size Is Projected to Grow By 2022: US$ 262.63 Billion
- Market Size Is Projected to Grow By 2023: US$ 309.93 Billion
- Market Size Is Projected to Grow By 2024: US$ 362.36 Billion
- Market Size Is Projected to Grow By 2025: US$ 420.08 Billion
- Market Size Is Projected to Grow By 2026: US$ 483.07 Billion
- Market Size Is Projected to Grow By 2027: US$ 551.09 Billion
- Compound Annual Growth Rate (CAGR) from 2022 to 2030: 8 percent
Market Report Findings
- The telehealthcare segment accounted for one third revenue share of the total market in 2020, and is expected to register a CAGR of 22.14% during the forecast period. The fear of patients visiting hospitals due to the fear of contracting coronavirus has provided an impetus to innovations merging technology and healthcare solutions. The rising trend of remote patient monitoring and virtual doctor consulting is driving the growth of the segment.
- Numerous strategic moves were noted over the past few years to add boost to the market growth.
- Services of the component segment accounted for about two third share of the global market in 2020 and are expected to garner a CAGR of 16.0% during the forecast period.
- Software segment is expected to grow at a higher CAGR of 17.5% during the forecast period.
- As of 2020, digital health services accounted for the largest market share at 64.6%. The introduction of digital health apps and software programs is expected to drive the services segment. Services such as consulting, training, installation, and upgrades are in higher demand during the rapidly evolving software and hardware. Increasing investments in the digital health space are expected to drive the software and hardware segments during the forecast period.
- U.S. dominated the North America digital health market and is projected to retain its trend throughout the forecast period.
- China accounted for the largest share in the Asia-Pacific digital health market, registering a CAGR of 18.8% during the forecast period.
- The Asia Pacific digital health market is expected to generate revenues worth USD 161.3 billion by 2027.
COVID-19 Impact
The COVID-19 pandemic has accelerated the growth of the digital health market. Till the pandemic hit on a global scale, innovations in digital health were paced. However, the global pandemic resulting in social distancing and lockdown norms has resulted in several people demanding mobile health apps to easily access their medical records and share the same with doctors, hospitals, and insurance providers. Thus, the pandemic has resulted in opening lucrative growth opportunities for the market.
Regional Analysis
Europe dominated the market for digital health in 2020 and is expected to continue maintaining its leading position during the forecast period. However, huge investments in several countries of Asia Pacific will drive the region’s growth. The high number of coronavirus cases in Asia Pacific has resulted in digital health taking the forefront, in terms of regulations and investments by several governments.
The Asia Pacific region is expected to be the fastest growing market. Factors such as developing healthcare infrastructure, rising R&D investments by prominent players to develop novel & effective digital technologies, growing initiatives by public & private organizations to provide access in low- & middle-income countries and increasing awareness regarding the remote monitoring services attributes to the high growth of the market in the region. Countries such as India and China in the APAC region are projected to offer significant growth opportunities owing to increasing government spending in the region.
North America – Due to a continually growing senior population, increased frequency of various chronic conditions and rising healthcare expenditures in the region, the North American digital health industry is expected to see significant revenue growth in the coming years. Changing healthcare regulatory rules, technical improvements in the realm of mobility and analytics, and rising smartphone and tablet use are all expected to contribute to the industry’s prospects. The North American market growth is highly dependent on the trends prevalent in the US.
United States – The state of digital technology in the healthcare market in the United States is likewise deteriorating. Only 10% of physician offices used electronic records in 2008, before the concerted push to connect physicians—a low percentage when compared to the UK, where the adoption of digital primary care records is at 100%. While there has been progressing, with almost half of US medical offices now adopting electronic records, email is still uncommon, and monthly treatment and billing summaries for insured healthcare customers are still bewildering, especially when contrasted to monthly integrated bank and credit card bills.
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Competitive Landscape
Prominent players are progressively implementing collaborative initiatives with several organizations, research centers & companies in order encourage R&D for digital health technologies.
- For instance, In July 2020, BioTelemetry, Inc. announced a sales agreement with Boston Scientific, a global medical technology leader. With this agreement, BioTelemetry becomes a sales agent in the United States for the Boston Scientific LUX-Dx™ Insertable Cardiac Monitor (ICM) System to an agreed-upon subset of customers.
- Also, In April 2021, Allscripts Healthcare, LLC announced that it partnered with Revo Health, LLC (Revo) to provide Allscripts Practice Management and Payerpath, helping to drive financial and operational performance to all of its Infinite Health Collaborative (i-Health) clinics.
Some of the prominent players in the digital health market include:
- BioTelemetry Inc
- eClinicalWorks
- Allscripts Healthcare Solutions Inc
- iHealth Lab Inc
- AT & T
- Honeywell International Inc
- Athenahealth Inc.
- Cisco Systems
- McKesson Corporation
- Koninklijke Philips N.V.
- AdvancedMD Inc.
- Cerner Corporation
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of component, technology, and region:
By Component
- Software
- Hardware
- Services
By Technology
- Telehealthcare
- Telehealth
- Video Consultation
- LTC Monitoring
- Telecare
- Remote Medication Management
- Activity Monitoring
- Telehealth
- mHealth
- Apps
- Fitness Apps
- Medical Apps
- Wearables
- Glucose Meter
- BP Monitor
- Pulse Oximeter
- Neurological Monitors
- Sleep Apnea Monitor
- Others
- Apps
- Digital Health Systems
- E-prescribing Systems
- Electronic Health Records
- Health Analytics
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Why should you invest in this report?
If you are aiming to enter the global digital health market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for digital health are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
TABLE OF CONTENT
Chapter 1 Introduction
1.1 Research objective
1.2 Scope of the study
Chapter 2 Research Methodology
2.1 Research Approach
2.2 Market Research Process
2.2.1 Data procurement and data mining
2.2.2 Data analysis and standardization
2.2.3 Data processing and market formulation
2.2.4 Data validation
2.3 Market Research Approach1
2.4 Data Sources
2.4.1 Secondary Research
2.4.2 Primary Research
2.5 Assumptions & Limitations
Chapter 3 Executive Summary
3.1 Market snapshot
Chapter 4 Digital Health Market Variables and Scope
4.1 Introduction
4.1.1 Big data
4.1.2 Cloud computing
4.1.3 Connected health
4.1.4 eHealth
4.1.5 ePatients
4.1.6 Gamification
4.2 Market classification and scope
Chapter 5 COVID-19 Impact on Digital Health Market
5.1 COVID-19: Digital health industry impact
5.1.1 Immediate outbreak response
5.1.2 Impact mitigation
5.1.3 Growth opportunities
Chapter 6 Digital Health Market Dynamics Analysis and Trends
6.1 Market dynamics
6.1.1 Market drivers
6.1.1.1 Rising demand for mobile health apps
6.1.1.2 Rising penetration of Artificial Intelligence (AI), Internet of Things (IoT), and Big Data
6.1.1.2.1 Internet of Things (IoT)
6.1.1.2.2 Big Data
6.1.1.3 Artificial Intelligence (AI)
6.1.1.4 Converging AI, IoT, and Big Data in healthcare
6.1.2 Market restraint
6.1.2.1 Healthcare cybersecurity is a major restraint to the global digital health market
6.1.3 Market opportunities
6.1.3.1 Increasing penetration of digital health in emerging economies
6.2 Digital health supply chain analysis
Chapter 7 Global Digital Health Market, By Technology
7.1 Digital health market, by technology, 2016-2027
7.1.1 Market estimation and forecast, by technology, 2016-2027
7.2 Tele healthcare
7.2.1 Tele healthcare market estimation and forecast, by type, 2016-2027
7.3 mHealth
7.3.1 mHealth market estimation and forecast, by type, 2016-2027
7.4 Healthcare analytics
7.5 Digital health systems
7.5.1 Digital health systems market estimation and forecast, by type, 2016-2027
Chapter 8 Global Digital Health Market, By Component
8.1 Digital health market, by component, 2016-2027
8.1.1 Market estimation and forecast, by component, 2016-2027
8.2 Software
8.3 Hardware
8.4 Services
Chapter 9 Global Digital Health Market, By Region
9.1 Digital health market, by region, 2016-2027
9.1.1 Market estimation and forecast, by region, 2016-2027
9.2 North America
9.2.1 North America market estimation and forecast, by component, 2016-2027 (USD Billion)
9.2.2 North America market estimation and forecast, by technology, 2016-2027
9.2.3 US 58
9.2.3.1 US market estimation and forecast, by component, 2016-2027
9.2.3.2 US market estimation and forecast, by technology, 2016-2027
9.2.4 Rest of North America 60
9.2.4.1 Rest of North America market estimation and forecast, by component, 2016-2027
9.2.4.2 Rest of North America market estimation and forecast, by technology, 2016-2027
9.3 Europe
9.3.1 Europe market estimation and forecast, by component, 2016-2027
9.3.2 Europe market estimation and forecast, by technology, 2016-2027
9.3.3 Germany
9.3.3.1 Germany market estimation and forecast, by component, 2016-2027
9.3.3.2 Germany market estimation and forecast, by technology, 2016-2027
9.3.4 UK
9.3.4.1 UK market estimation and forecast, by component, 2016-2027 (USD Million)
9.3.4.2 UK market estimation and forecast, by technology, 2016-2027 (USD Million)
9.3.5 France
9.3.5.1 France market estimation and forecast, by component, 2016-2027
9.3.5.2 France market estimation and forecast, by technology, 2016-2027
9.3.6 Rest of Europe
9.3.6.1 Rest of Europe market estimation and forecast, by component, 2016-2027
9.3.6.2 Rest of Europe market estimation and forecast, by technology, 2016-2027
9.4 Asia Pacific
9.4.1 Asia Pacific market estimation and forecast, by component, 2016-2027
9.4.2 Asia Pacific market estimation and forecast, by technology, 2016-2027
9.4.3 China
9.4.3.1 China market estimation and forecast, by component, 2016-2027
9.4.3.2 China market estimation and forecast, by technology, 2016-2027
9.4.4 Japan
9.4.4.1 Japan market estimation and forecast, by component, 2016-2027
9.4.4.2 Japan market estimation and forecast, by technology, 2016-2027
9.4.5 India
9.4.5.1 India market estimation and forecast, by component, 2016-2027
9.4.5.2 India market estimation and forecast, by technology, 2016-2027
9.4.6 Southeast Asia
9.4.6.1 Southeast Asia market estimation and forecast, by component, 2016-2027
9.4.6.2 Southeast Asia market estimation and forecast, by technology, 2016-2027
9.4.7 Rest of Asia Pacific
9.4.7.1 Rest of Asia Pacific market estimation and forecast, by component, 2016-2027
9.4.7.2 Rest of Asia Pacific market estimation and forecast, by technology, 2016-2027
9.5 Latin America
9.5.1 Latin America market estimation and forecast, by component, 2016-2027
9.5.2 Latin America market estimation and forecast, by technology, 2016-2027 (USD Billion)
9.5.3 Brazil
9.5.3.1 Brazil market estimation and forecast, by component, 2016-2027 (USD Million)
9.5.3.2 Brazil market estimation and forecast, by technology, 2016-2027
9.5.4 Rest of Latin America
9.5.4.1 Rest of Latin America market estimation and forecast, by component, 2016-2027 (USD Million)
9.5.4.2 Rest of Latin America market estimation and forecast, by technology, 2016-2027
9.6 Middle East & Africa
9.6.1 Middle East & Africa market estimation and forecast, by component, 2016-2027
9.6.2 Middle East & Africa market estimation and forecast, by technology, 2016-2027
9.6.3 GCC
9.6.3.1 GCC market estimation and forecast, by component, 2016-2027
9.6.3.2 GCC market estimation and forecast, by technology, 2016-2027 (USD Million)
9.6.4 South Africa
9.6.4.1 South Africa market estimation and forecast, by component, 2016-2027
9.6.4.2 South Africa market estimation and forecast, by technology, 2016-2027
9.6.5 North Africa
9.6.5.1 North Africa market estimation and forecast, by component, 2016-2027 (USD Million)
9.6.5.2 North Africa market estimation and forecast, by technology, 2016-2027
9.6.6 Rest of MEA
9.6.6.1 Rest of MEA market estimation and forecast, by component, 2016-2027 (USD Million)
9.6.6.2 Rest of MEA market estimation and forecast, by technology, 2016-2027
Chapter 10 Competitive Landscape
10.1 Company market share/positioning analysis, 2020
10.2 Market players landscape
10.2.1 List of suppliers
10.2.2 List of end-users
Chapter 11 Company Profile
11.1 BioTelemetry Inc.
11.1.1 Company overview
11.1.2 Business outline
11.1.3 Product line
11.1.4 Recent developments
11.2 eClinicalWorks
11.2.1 Company overview
11.2.2 Business outline
11.2.3 Product line
11.2.4 Recent developments
11.3 Allscripts Healthcare Solutions Inc.
11.3.1 Company overview
11.3.2 Business outline
11.3.3 Financial performance
11.3.4 Product line
11.3.5 Recent developments
11.4 iHealth Lab Inc.
11.4.1 Company overview
11.4.2 Business outline
11.4.3 Product line
11.5 Honeywell International Inc.
11.5.1 Company overview
11.5.2 Business outline
11.5.3 Financial performance
11.5.4 Product line
11.5.5 Recent developments
11.6 athenahealth Inc.
11.6.1 Company overview
11.6.2 Business outline
11.6.3 Financial performance
11.6.4 Product line
11.6.5 Recent developments
11.7 Cisco Systems
11.7.1 Company overview
11.7.2 Business outline
11.7.3 Financial performance
11.7.4 Product line
11.7.5 Recent developments
11.8 McKesson Corporation
11.8.1 Company overview
11.8.2 Business outline
11.8.3 Financial performance
11.8.4 Product line
11.8.5 Recent developments
11.9 Koninklijke Philips N.V.
11.9.1 Company overview
11.9.2 Business outline
11.9.3 Financial performance
11.9.4 Product line
11.9.5 Recent developments
11.10 Cerner Corporation
11.10.1 Company overview
11.10.2 Business outline
11.10.3 Financial performance
11.10.4 Product line
11.10.5 Recent developments
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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