Digital Health Market - Global Industry Analysis

Digital Health Market By Product & Service (mHealth and mHealth Services). By Components (Software, Hardware, and Services). By End User (Healthcare Providers, Payers, Healthcare Consumers, and Others). and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022-2028

Published Date: 11-May-2022 Category: Healthcare Report Format : PDF Pages: 187 Report Code: ZMR-2687 Status : Published

The global Digital Health Market was worth around USD 143.9 billion in 2021 and is estimated to grow to about USD 367.2 billion by 2028, with a compound annual growth rate (CAGR) of approximately 16.9 percent over the forecast period.

Description

Industry Prospective:

The global Digital Health Market was worth around USD 143.9 billion in 2021 and is estimated to grow to about USD 367.2 billion by 2028, with a compound annual growth rate (CAGR) of approximately 16.9 percent over the forecast period. The report analyzes the Digital Health Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Digital Health Market.

Digital Health Market: Overview

The integration of information technology and electronic communications with various healthcare activities is referred to as digital health. Rapid developments in healthcare IT infrastructure, as well as professional use of cloud-based storage solutions, are major factors driving market expansion. Doctors and other healthcare providers are increasingly using technology such as cellphones and tablets to monitor and track the health of their patients. Additionally, substantial advances in processing and storage technology have made computing resources more economical, efficient, and accessible, allowing for on-demand delivery of these services to patients via the internet. Moreover, widespread government backing and the introduction of favorable regulations to stimulate the adoption of digital health solutions are increasing the demand for the technology. Other factors such as the growing elderly population, rising healthcare expenditure levels, and the rising prevalence of diseases such as Chronic Obstructive Pulmonary Disease (COPD) and diabetes are expected to drive the market even more.

Covid-19 Impact

The COVID-19 pandemic is still underway, and healthcare mobile applications have created an opportunity for enormous progress during this period of crisis, changing people's opinions of the health industry worldwide. The COVID-19 epidemic is expected to have a beneficial influence on the digital health business since it has increased the demand for analytics platforms to track and monitor the total number of cases worldwide. In addition, the enormous number of cases and the need to track the long-term impact of vaccines has increased the demand for EHR systems and healthcare analytics. The spread of COVID-19 has prompted governments all over the world to adopt strict social distancing standards and lockdowns. In this context, digital health technologies such as telemedicine offer a great opportunity for medical providers to treat patients while adhering to lockdown restrictions. This, in turn, is predicted to increase product acceptance, as well as positively impact market growth in the future years.

Global Digital Health Market

Digital Health Market: Driver

The growing use of smartphones and other mobile applications will drive the growth of the digital health market.

The use of cell phones by physicians has increased significantly in the United States, leading to an expansion in the practice of digital health. Smartphones, tablets, and other mobile platforms are used by one-third of all U.S. adults, with physicians using them twice as much as the general population. This has resulted in a massive increase in the number of mobile applications for healthcare needs, fuelling the industry's expansion. In addition, rapidly increasing IT infrastructure, favorable government activities, rising demand for remote patient monitoring services, and greater venture capitalist investment would raise sector income.

Digital Health Market: Restraint

Concerns about the security of patient data may cause a slowdown in market demand.

Concerns about patient data security may detract from the industry's value. The use of digital health solutions such as electronic health records, e-prescriptions, and medical apps necessitates strict data protection. A breach in data security can result in massive losses of essential and personal information, such as medical records, which frequently contain social security numbers, insurance IDs, addresses, and medical details, negatively impacting the reputation and outcomes of operations. Uncoordinated individual attempts to gain unauthorized access to information technology systems directed at physicians, hospitals, customers, and third-party service providers are common cyber security concerns.

Digital Health Market: Segmentation

The Digital Health Market is segregated based on Product & Service, Component, and End User.

By Product & Service, the market is classified into mHealth and mHealth Services. In the forecast period, the mHealth section of the digital health market acquired the largest share. The mHealth sector mostly consists of health-related mobile applications and wearable gadgets. Due to the increasing prevalence of cardiovascular disorders, such cardiac health-related mobile devices are expected to increase rapidly in the coming years. As healthcare providers aim to boost patient outreach while reducing costs, mHealth technology is seen as a method to improve healthcare cost-efficiency. Furthermore, the mHealth segment is being propelled by an increase in the use of mobile communications technology and devices to improve access to healthcare information, emergency health services, and diagnostic services.

By Component, the market is classified into Software, Hardware, and Services. In the forecast period, the services sector dominated the market, accounting for the largest share of market revenue, owing to rising demand for services such as installation, staffing, training, maintenance, and other similar services. Market participants offer these services either separately or as part of a bundle. The increasing need for modern software solutions and platforms like as electronic medical records, as well as the increasing requirement for up-gradation and training to run these software systems, are all contributing to the expansion of the services segment.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Recent Developments

  • In 2020, AT&T has joined forces with LifedMedID and Elo Self-Service Solutions. The collaboration aims to improve patient registration and check-in solutions. This strategic agreement expands AT&T's edge-to-edge digital healthcare solutions to improve patient outcomes, bolstering the company's market footprint.

Regional Landscape

North America dominated, accounting for the largest share of market revenue in the forecast period. Increasing healthcare IT expenditure to advance infrastructure, technological literacy, readiness to adopt advanced technological solutions, favorable government initiatives, the emergence of startups, lucrative funding options, increasing smartphone penetration, and advancements in internet connectivity are all contributing to growth. Moreover, globalization, changing lifestyles, an aging population, an increase in the incidence of chronic diseases, and an increase in demand for value-based care are driving market expansion in North America.

Asia Pacific is expected to have the fastest growth in the coming years as a result of developments in IT infrastructure and the creation of entrepreneurship initiatives, both of which are significantly contributing to the market's development. Rising smartphone penetration, increased use of activity trackers and wearables, and increased demand for healthcare analytics are propelling the Asia Pacific market forward. Favorable changes to data privacy and cyber security protocols are assisting the market's development and growth. Increasing government expenditure and assistance in areas such as remote patient monitoring to ensure inexpensive and accessible healthcare services to communities in developing countries is driving market expansion.

Competitive Landscape

Some of the main competitors dominating the Digital Health Market include - Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco system, eCINCICALWORKS, General Electric company, Koninklijke Philips N.V., Honeywell International Inc., Mckesson Corporation, Siemens Healthcare AG, and Qualcomm technology, Inc.

Digital Health Market is segmented as follows:

By Product & Service

  • mHealth
  • mHealth Services

By Component

  • Software
  • Hardware
  • Services

By End-User

  • Healthcare Providers
  • Payers
  • Healthcare Consumers
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

Free Analysis

Digital health is a field in which information & communication technology is used in modern healthcare practices and to develop a different type of services in healthcare. Digital healthcare technologies include software and hardware solutions & services, which include web-based analysis, telemedicine, email, mobile phones, wearable devices, and remote monitoring sensors.

The Australian Digital Health Agency (ADHA) entered into the partnership with eHealth NSW to establish National Children’s Digital Health Collaborative to improve accessibility and efficiency in improving children’s health. Such partnership and initiatives by the government organization and healthcare communities to create awareness about the use of digital health are expected to mainly drive the growth of the digital health market. According to the statistics published by CDC in 2012, about 50% of adults in the U.S. were suffering from chronic health conditions. Increase in chronic diseases such as diabetes and cancer and a rise in awareness about the concerns of health are some of the factors contributing to the growth of the global digital health market. However, cyber threat and high cost for installation process act as a restraint for the growth of the market. 

Global Digital Health Market

Digital health market is segmented on the basis of product type, component, and sales channel. Based on product type, the digital health market is further segmented into healthcare information systems and wearable devices. The healthcare information systems segment is further divided into clinical solutions and non-clinical solutions. The clinical solution segment is further categorized into EHR/EMR, clinical decision support system, computerized physician order entry and mHealth. Further, the wearable devices segment is sub-segmented into digital therapeutic devices and diagnostic & monitoring devices. Healthcare information systems segment is expected to show the rapid growth and is also expected to dominate the digital health market. Based on components, the digital health market is segmented into hardware, software, and service. Service segment is expected to dominate the digital health market. On the basis of sales channel, the digital health market is segmented into business-to-business and business-to-consumer. Business-to-business is further sub-segmented into employers, wellness centers, fitness centers, and gyms. The business-to-consumer segment consists of patients and caregivers. The B2B segment is expected to lead the market in the forecast period.

North America is expected to dominate the market in the forecast period due to rapid innovations and advancement in digital health, the introduction of various government policies and well-developed healthcare infrastructure. Asia Pacific is expected to show the highest CAGR in the forecast period due to the increase in the occurrence of chronic diseases and rapid improvement in the healthcare sector. 

The key players in the global digital health market are AT&T Inc., Cerner Corp., GE Healthcare, McKesson Corp., Philips Healthcare, Cisco Systems, Agfa-Gevaert N.V., Siemens Healthineers, Allscripts Healthcare Solutions Inc., and Qualcomm Inc. The players are involved in merger and acquisitions to provide technologically developed products for the digital health market.

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FrequentlyAsked Questions

Rapid developments in healthcare IT infrastructure, as well as professional use of cloud-based storage solutions, are major factors driving market expansion. Doctors and other healthcare providers are increasingly using technology such as cellphones and tablets to monitor and track the health of their patients.

According to the Market Research report, the global Digital Health Market was worth about 143.9 (USD billion) in 2021 and is predicted to grow to around 367.2 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 16.9 percent.

North America dominated, accounting for the largest share of market revenue in the forecast period. Growing healthcare IT expenditure to advance infrastructure, technological literacy, readiness to adopt advanced technological solutions, favorable government initiatives, the emergence of startups, lucrative funding options, growing smartphone penetration, and advancements in internet connectivity are all contributing to the growth.

Some of the main competitors dominating the Digital Health Market include - Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco system, eCINCICALWORKS, General Electric company, Koninklijke Philips N.V., Honeywell International Inc., Mckesson Corporation, Siemens Healthcare AG, and Qualcomm technology, Inc.

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