Digital Health Market Share, Size, Trends, Industry Analysis Report, By Technology (Telehealthcare, mHealth, Health Analytics, Digital Health Systems); By Component (Hardware, Software, Services); By Application; By Region; Segment Forecast, 2022 - 2030
- Published Date:Sep-2022
- Pages: 112
- Format: PDF
- Report ID: PM1375
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global digital health market was valued at USD 175.43 billion in 2021 and is expected to grow at a CAGR of 27.4% during the forecast period. The market is expanding due to improvements in the healthcare IT infrastructure and increasing medical costs, which has rapidly boosted the demand for digital wellbeing. For instance, in April 2020, to address the USD 5 Billion COVID-19-related dilemma, the Asian Infrastructure Investment Bank (AIIB) announced its first medical infrastructure investment.
Know more about this report: Request for sample pages
The incorporation of information technology and electronic communications utilized for various medical procedures to improve people's well-being is referred to as digital health. The fast use of innovative technologies, including wearable devices, mHealth Apps, orally administered sensors, and machine intelligence, have contributed to the market's rise.
Furthermore, widespread government backing and the introduction of favorable laws to stimulate the adoption of digital solutions are increasing the demand for the technology. Governments worldwide support the use of electronic intensive care units (e-ICU), which enable remote monitoring of patients via monocular cameras, high-speed broadband, and electronic equipment.
Lockdowns and travel bans were implemented to slow the spread of Covid-19 due to its overall infection rate. Medical providers and patients rapidly implement telehealth and telemedicine technologies to reduce in-person consultations. The ongoing Covid-19 pandemic exposed the flaws in the current overcrowded medical systems. It highlighted the potential of digital solutions, which encouraged the use of these solutions and resulted in a sharp increase in their adoption rate.
Respective governments in both developed and emerging economies have altered legislation governing the use of digital technologies in healthcare. This has increased the usage of digital technologies, positively boosting industry growth. Furthermore, due to the increasing number of cases and the necessity to track the long-term impacts of vaccines, demand for EHR devices and medical analytics has increased.
Know more about this report: Request for sample pages
Industry Dynamics
Growth Drivers
The industry is developing due to rising smartphone penetration and improved global internet connectivity. Smartphones are now fitness monitors and communication and entertainment products. A Pew Research Center study from 2021 shows that 97.0% of Americans own smartphones. Market players are developing innovative mobile applications to track everyday activities such as fitness, diet, activity, and well-being to provide customers with high treatment and convenience.
Additionally, mobile apps allow consumers to find out about medical questions, track consultations, make appointments, keep their medical information, and track and obtain prescriptions for medications. For instance, in May 2022, the National Health Authority (NHA) released an updated edition of the Ayushman Bharat Health Accounts smartphone application in anticipation of an improved digital user interface.
The Google Play Store offers the Ayushman Bharat Health Account (ABHA) app, previously named the NDHM Health Records app. The software is already gaining significant interest, as seen by the more than 4 lakh downloads completed. Technology players are concentrating on boosting data security features and improving the mobile wellbeing experience by providing various subscription options, which is anticipated to support the expansion of the digital health market.
Report Segmentation
The market is primarily segmented based on technology, component, application, and region.
|
By Technology |
By Component |
By Application |
By Region |
|
|
|
|
Know more about this report: Request for sample pages
Telehealthcare Market Segment is Expected to Witness the Fastest Growth
This annual growth is caused by factors such as development in internet connectivity, a rapidly increasing shortage of healthcare professionals, rapidly growing smartphone usage, rising medical costs, widespread adaptability of telehealth application areas, and rapidly increasing physician and patient implementation of these technologies. Rapid technical advancements and continuous telehealth application evolution fuel the segment's expansion.
Telecare services assist in bridging the availability and engagement barriers between medical professionals and patients. Telehealth services eliminate this need for in-person consultations, reducing the difficulty of organizing appointments and driving to the hospital, lowering care costs and unnecessary spending.
Moreover, businesses are developing chatbot services to offer first consultations or respond the basic medical questions. Favorable government policies, more technical collaboration among market parties, and the limits imposed by the Covid-19 epidemic all contribute to the growing digitalization trend in medical sector.
Digital health technology such as telecare and remote patient are extensively employed in long-term care systems and infrastructure. Additionally, the integration of cutting-edge IoT technologies, improving connection, and the rising need for virtual medical consultation due to the COVID-19 pandemic are driving the segment's rapid expansion.
For instance, as per CDC, The pandemic-related telemedicine regulatory changes and public medical recommendations may have contributed to the 154% rise in telehealth visits during the final week of March 2020 compared to the same period in 2019.
Services Market Segment Accounted for the Highest Market Share in 2021
This is primarily due to a considerable increase in software upgrades and quick improvements in both software and hardware. Training and integration, installation, and upgradation are examples of these services. The rise of the services sector is fueled by the rising need for cutting-edge software platforms and systems, such as electronic medical records, and the increasing demand for the upgrades and training needed to operate these technology solutions.
Increasing investment in the digital medical system, particularly in emerging nations, will fuel service demand in the future years. Furthermore, rising demand for platforms such as Electronic Health Records (EHR) drives up service demand, as many businesses focus on procuring post-installation services such as staffing, optimization, training, and numerous other benefits.
In addition, the expansion of the services sector is anticipated to be boosted by improvements in medical IT infrastructure and the adoption of technological medical solutions in emerging nations. Medical facilities are quickly implementing these cutting-edge technology solutions and platforms in emerging markets to improve their organizational workflows and medical, operational, and economic outcomes.
mHealth Market Segment is Expected to Hold a Significant Revenue Share
The mHealth segment mainly consists of health-related smartphone platforms and wearable gadgets. Because of the rising prevalence of cardiovascular illnesses, the adoption of such heart wellness mobile phones is predicted to skyrocket over the coming years.
As medical professionals attempt to increase patient engagement while decreasing expenses, the technology is being viewed as a way to enhance medical spending. Furthermore, mobile telephony technology and devices that improve access to medical data, essential medical services, and diagnostic tests are driving the segment.
The Demand in North America is Expected to Witness Significant Growth
The rise of startups, lucrative investment possibilities, rising smartphone usage, improvements in internet access, technological literacy, eagerness to accept cutting-edge technical solutions, and favorable government initiatives are all credited with the growth of the North American digital health market. Additionally, the market expansion in the region is being driven by factors such as globalization, an elderly population, changing lifestyles, a rise in the incidence of chronic diseases, and a rising need for value-based care.
Asia Pacific digital health market is predicted to experience the fastest growth in the following years due to improvements in IT infrastructure and the introduction of entrepreneurial initiatives, which significantly impact the market's growth. The market is expanding due to increasing smartphone adoption, growth in activity trackers and wearables, and rising demand for medical analytics.
Positive adjustments to data privacy and cyber security regulations assist the market's expansion and development of digital health. The industry's growth is fueled by rising government spending and support for remote patient monitoring to ensure that populations in emerging nations have access to inexpensive and reliable medical services.
Competitive Insight
Some of the major players operating in the global market include AT&T Inc., AirStrip Technologies Corporation, Allscripts Incorporation, Apple, Inc., BioTelemetry Inc., Cerner Corporation, CISCO Systems, Inc., Computer Programs and Systems, Inc., Epic Systems Corporation, Google, Inc., IBM Corporation, Mckesson Corporation, Orange SA, QSI Management, LLC, Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., Telefónica S.A., Vodafone Group, and Vocera Communications Inc.
Recent Developments
- In January 2022, a cutting-edge AI platform has been created by Treatment.com International Inc. to support better health choices made by patients and caregivers globally. The eagerly anticipated Treatment Digital Health App is now accessible from the Apple App Store, and the company announced its global launch.
Digital Health Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2021 |
USD 175.43 billion |
|
Revenue forecast in 2030 |
USD 1,432.92 billion |
|
CAGR |
27.4% from 2022 - 2030 |
|
Base year |
2021 |
|
Historical data |
2018 - 2020 |
|
Forecast period |
2022 - 2030 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
|
Segments Covered |
By Technology, By Component, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key Companies |
AT&T Inc., AirStrip Technologies Corporation, Allscripts Incorporation, Apple, Inc., BioTelemetry Inc., Cerner Corporation, CISCO Systems, Inc., Computer Programs and Systems, Inc., Epic Systems Corporation, Google, Inc., IBM Corporation, Mckesson Corporation, Orange SA, QSI Management, LLC, Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., Telefónica S.A., Vodafone Group, and Vocera Communications Inc. |
© 2024 Polaris Market Research and Consulting. All rights reserved
