[150+ Pages Report] The digital health market size in terms of value is projected to reach $ 551.1 billion by 2027, at a CAGR of 16.5% between 2020 and 2027, according to a 2021 study by Precedence Research, the Canada based market insight company. Increasing penetration of smartphones along with numerous smartphone applications related to health and fitness across the globe expected to be a key factor that drives the market growth.
The study provides the overall revenue of the global digital health market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.
The global digital health market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the digital health industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
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- In 2020, the North America region accounted the market with a revenue share of around 39% due to increasing number of geriatric population and rising prevalence of chronic diseases across the region
- The Asia Pacific exhibits the fastest growth over the forecast timeframe owing to increasing spending on healthcare infrastructure and software to promote awareness among the public
- Based on component, services captured the major market revenue accounting for nearly half of the market share in 2020 due to the significant rise in the software upgradation
- Software accounted for nearly 36% of the total market value and expected to show robust growth over the forthcoming years because of increasing demand for healthcare software, fitness apps, and various healthcare analytics platform
- In 2020, mHealth held the leading market position and accounted for a revenue share of more than 47% due to the rising penetration of internet and smartphones across the globe
- Health analytics expected to be the fastest growing segment over the forecast timeframe because of increasing advancements in the analytics platforms
Significant increase in the number of healthcare apps is one of the major factors that contribute to propel the market growth. For instance, as per the data published by myhealthapps blog in 2017, there were nearly 325,000 health, medical, and fitness related mobile apps in the market. Where, health apps promote more effective and efficient communication between healthcare service providers and patients those are living in remote areas.
Moreover, the implementation of mobile devices is more common among the physicians. For example, according to HIMSS Mobile Technology Survey, conducted in the year 2015, 90% of the respondents were using mobile apps for patient engagement. In addition to this, nearly 40% of physicians believed that mHealth can significantly reduce the frequency of patient visits to the offices. Hence, increasing importance of mHealth and mobile devices in order to improve health outcomes along with patient care expected to positively influence the market growth.
Technological advancements and favorable initiatives for developing attractive digital solutions are the other key factors that estimated to drive the market growth. For example, in October 2015, AirRater, a health analytics app was introduced in Tasmania to track signs of people as well as to alert them regarding the air-borne pollutants, such as pollen. However, data breach and security issue that is a major concern among the consumer that anticipated hampering the market growth over the forecast timeframe. Nonetheless, increasing penetration of analytics platform estimated to prosper the market growth over the coming years.
Scope of the Digital Health Market Report
|Market Size in 2027||USD 551.1 billion|
|Growth Rate||CAGR of 16.5% From 2020 to 2027|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2027|
|Segments Covered||Components, Products|
|Regional Scope||North America, APAC, Europe, Latin America, MEAN, Rest of the World|
|Companies Mentioned||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.|
North America emerged as the dominating region in the global digital health market with nearly 43% of the value share in 2020. The growth of the region is mainly due to rising geriatric population along with high adoption rate of smartphones in the region. Further, the government favor regarding development of app and healthcare digital platforms in the region to cut the cost of healthcare spending is the other most prominent factor that escalated the growth of the region.
Besides this, the Asia Pacific examined to register significant CAGR over the upcoming years because of rising penetration of smartphones along with smart wearable devices in the region. Medical device companies are significantly collaborating with the software developers to develop different diagnostic and monitoring applications that enable the consumer to easily communicate with the healthcare physicians. Developing countries such as Thailand and Malaysia also encourages the development of low-cost healthcare mobile technology.
Use of Electronic Health Records for Diagnosis
The importance of electronic health records (EHR) for medical procedures cannot be undermined. These records help in maintaining a unified database that can be accessed at various points in time from multiple locations. Therefore, electronic health records have become a means to study the medical history of patients, facilitating medical treatments for several individuals. These records reduce the time invested in developing a comprehensive diagnosis for patients. EHR have especially been useful in treating the geriatric population who has a history of several diseases and disorders. The healthcare industry is equipped with digital medical technologies that ensure timely and seamless implementation of EHR. In this scenario, it is safe to expect that the global digital health market would expand at a respectable pace.
Operational Improvements in Healthcare Management
Digital technologies have also facilitated better management of operations such as billing, invoicing, report generation, and medical supplies. Large healthcare facilities and hospitals have a responsibility of managing the data of a wide host of patients. This can be achieved by using digital software technologies that can store, process, and decode patient data. Several software platforms for healthcare management have come to the fore in recent times. The complexity of healthcare procedures and operations can be decrypted with the help of digital technologies. Use of software platforms can help in reducing the operational costs of the healthcare industry. Furthermore, it can also ease the load on medical staff who are under immense pressure to stay on top of their needs. It is safe to assert that the use of digital health technologies could act as a panacea for the problems pertaining to the healthcare industry.
Top Players Contending in the Market:
The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global digital health market are as follows:
- BioTelemetry Inc
- 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
- Video Consultation
- LTC Monitoring
- Remote Medication Management
- Activity Monitoring
- Fitness Apps
- Medical Apps
- Glucose Meter
- BP Monitor
- Pulse Oximeter
- Neurological Monitors
- Sleep Apnea Monitor
- Digital Health Systems
- E-prescribing Systems
- Electronic Health Records
- Health Analytics
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Some of the key highlights of the report are:
- Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
- Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
- Competitive Landscape Analysis – Some of the leading companies operating in the digital health market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
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 2020-2027 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.
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