Global Digital Health Market is expected to grow at a CAGR of 22.07% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Digital Health Market by Technology (mHealth, Tele Healthcare, Digital Healthcare Systems and Healthcare Analytics), Component (Software, Hardware and Services), Application, End-users, Region and Global Forecast 2020-2027.
The global digital health market is expected to grow from USD 96.23 billion in 2019 to USD 623.20 billion by 2027, at a CAGR of 22.07% during the forecast period 2020-2027. North America is the dominant region in terms of market shares. The availability of better technology coupled with the increasing chronic diseases has led to the growth of the market in the region. Further, the high adoption of smartphones along with advance coverage networks has propelled the market demand. Apart from this, Asia-Pacific is expected to be the fastest growing region during the forecast period. The increasing use of smartphones and wearables has increased the connectivity between health providers and patient through the help of different apps. Further, the growing collaboration between medical device companies and software development agencies has accelerated the market growth in the region.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the digital health market are Qualcomm Technologies Inc., Samsung Electronics Co. Ltd., Philips Healthcare, AT&T Inc., GE Healthcare, Siemens Healthineers, Koninklijke Philips NV, Google Inc., Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Apple Inc., Cisco Systems, AirStrip Technologies, Telefonica S.A., Vodafone Group, BioTelemetry Inc., EClinicalWorks, iHealth Lab Inc., Mqure and others.
The technology segment includes mHealth, tele-healthcare, digital healthcare systems and healthcare analytics. It is a wide segment and thus consist many sub-segments under these four broad segments. The mHealth includes wearables, mHealth apps and services. The wearables further include glucose meters, pulse oximeters, sleep apnea monitors (PSG), BP monitors, neurological monitors, activity trackers/actigraphs. The mHealth apps further includes fitness apps and medical apps. Tele-healthcare segment is further categorized into tele-health and tele-care. Moreover, the tele-health sub-segment includes LTC monitoring and video consultation. The tele-care sub-segment further includes remote medication management and activity monitoring. The digital healthcare systems further includes EHS and e-prescribing systems. Out of the above mentioned four major segments, mHealth holds majority of the market share. The growing smartphones market is the major factor for growth of the segment. Further, high use of internet and increased penetration of mHealth apps owing to the increasing consumer awareness has increased the demand for mHealth segment. The component segment includes software, hardware and services. The services segment accounts for majority of the market shares. The demand for training and integration, upgradation and installation has increased over the years which have resulted in the segment growth. The application segment includes diabetes, cardiology, sleep apnea, oncology, neurology and others. The cardiology segment constitutes major market shares. Cardiology requires continuous monitoring which can be easily done with the help of the gadgets. Digital health increases the connectivity between the patient and care giver and also provides better treatment. The end-user segment includes pharmaceutical companies, healthcare providers, wellness centers, gyms, fitness centers, patients and others. Patients are the dominant end-user. Digital health services are majorly designed for the viability of the patients. It helps to extend the reach of health professionals to far away patients which help to improve their quality of life.
Digital health has been introduced for providing better treatment with the means of information technology. It improves the efficiency of the delivery especially in remote areas and enables development of personalized medicine. Digital health involves many professionals such as researchers, scientists, clinicians, stakeholders, etc with the help of a single platform. The constantly increasing healthcare IT structure along with the increasing use of smartphones has led to the growth of the market.
About the report:
The global digital health market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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