September 23, 2021

Digital Health Market Market Value is Expected to Hit US$ 551.1 Bn by 2027

[250+ Pages Report] Digital Health Market categorizes the global 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 2020 – 2027

Precedence Research says, The global digital health market was valued at US$ 181.8 billion in 2020 and is anticipated to reach US$ 551.1 billion by 2027 displaying an explosive CAGR of 16.5% over the forecast period 2020 to 2027. Increasing penetration of smartphones along with numerous smartphone applications related to health and fitness across the globe is expected to be a key factor that drives the market growth.

Digital Health Market Size 2016-2027

Digital Healthcare function is largely based on the electronic health record (EHR), healthcare big data, electronic medical record (EMR), and many others. Digital healthcare provides smooth functioning of healthcare processes. Further, integration of artificial intelligence, machine learning, big data, and analytics platforms has prominently enhances the health functions and expected to continue the same trend over the upcoming years.

Report Highlights

  • North America dominated the market with a revenue share of around 40% in 2019 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 2019 due to the significant rise in the software upgradation
  • Software accounted for nearly 35% 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 2019, mHealth held the leading market position and accounted for a revenue share of more than 55% 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

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Growth Factors

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.

Global Digital Health Market 2020-2027

Regional Snapshots

North America emerged as the dominating region in the global digital health market with nearly 40% of the value share in 2019. 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.

Related Reports

  • Digital Therapeutics Market – The global market was valued at US$ 2.69 billion in 2019 and expected to reach US$ 11.82 billion by 2027, with at a compound annual growth rate (CAGR) of 20.3% during the forecast period 2020 to 2027.
  • Medical Affairs Outsourcing Market – The global market was valued at US$ 1.43 billion in 2019 and predicted to register a compound annual growth rate (CAGR) of around 10.75% during period 2020 to 2027.

Key Players & Strategies

The digital health industry is highly competitive in nature because of large number of market players investing significantly in the product development and advancement. Healthcare analytics and integration of artificial intelligence, big data, and other analytics platform are the prominent factor that drives the innovation within the market. For instance, in March 2017, McKesson Corporation completed the agreement with Change Healthcare Holdings, Inc. and announced to introduce a new healthcare IT company with name as Change Healthcare.

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:

Digital Health Market By Component 2020-2027

By Component

  • Software
  • Hardware
  • Services

Digital Health Market, By Region, 2020 & 2027

By Technology

  • Telehealthcare
    • Telehealth
      • Video Consultation
      • LTC Monitoring
    • Telecare
      • Remote Medication Management
      • Activity Monitoring
    • mHealth
      • Apps
        • Fitness Apps
        • Medical Apps
      • Wearables
        • Glucose Meter
        • BP Monitor
        • Pulse Oximeter
        • Neurological Monitors
        • Sleep Apnea Monitor
        • Others
      • Digital Health Systems
        • E-prescribing Systems
        • Electronic Health Records
      • Health Analytics

Digital Health Market, By Technology, 2020 & 2027

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Key Points of Digital Health Market 

Chapter 1    Introduction

Chapter 2    Research Methodology

Chapter 3    Executive Summary

Chapter 4    Digital Health Market Variables 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

Chapter 7    Global Digital Health Market, By Technology

Chapter 8    Global Digital Health Market, By Component

Chapter 9    Global Digital Health Market, By Region

Chapter 10    Competitive Landscape

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

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Precedence Research

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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