Digital Health Market Size Analysis by Major Drivers 2021 - Business Growth Rate with Revenue, Leading Players Updates
The global Digital Health Market is expected to exceed the market valuation of more than US$ x million by 2027 expanding at a reasonable CAGR of x% during the forecast period (2021-2027). Digital health refers to the use of information technology, services, and procedures to improve healthcare services.
The demand for Digital Health is increasing on account of the growing number of smartphone users across the globe, rapidly growing healthcare IT infrastructure in developed and developing countries, growing awareness about the importance of health and fitness among the population, increase in the use of numerous health and medical apps to maintain fitness. For example, Propeller Health company has conducted around 60 connected medical programs to spread awareness of connected drug delivery devices. The company provides add-on devices for inhalers that are synchronized with the patient’s software for the analysis of symptoms and diseases.
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The rise of the COVID-19 has made a positive impact on the Digital Health Market. During the COVID-19 pandemic, healthcare professionals prefered digital health services for consultation and drug prescription. Moreover, several initiatives have been taken by the government to initiate digital health services in their country, this further propel the growth of the market. For instance, in December 2020, Sensyne Health plc, the British Clinical AI technology company, announced the launch of GDm-Health, a remote monitoring solution for diabetes in pregnancy, in the U.S. with immediate effect.
Based on Technology, the market is fragmented into Mobile Health Technology, Health Information Technology, Wearables Technology, Telehealth Technology, and others. The mobile health technology accounted for the largest share in 2020 owing to the increasing use of mHealth apps, and the high adoption of digital health technologies by patients and physicians. In 2019, This visionary application, developed by Healthy.io, received FDA clearance for the early self-detection of kidney disease in just a few moments from the comfort of their home.
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Based on Deployment Mode, the market is fragmented into Software, Service, and Hardware. The Software segment is expected to register the highest CAGR in the upcoming period owing to the rising demand for reducing medical costs, and several initiatives are taken by government organizations to boost healthcare IT also propels the market growth. According to a survey by Alpha Software, 82% of executives agree that mobile technologies are the face of digital transformation and 70% of access to enterprise systems will be done via mobile devices by 2020.
Based on Modality, the market is fragmented into Wired and Wireless. The wireless segment accounted for the largest share in 2020 is anticipated to register a lucrative CAGR during the forecast period. The majority of baby monitors available in the market are wireless, running off Wi-Fi or Bluetooth. First All-In-One Smart Baby Monitor with Artificial Intelligence” KamiBaby” was launched by Kami, the premium smart home security brand from YI Techn in 2020.
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Based on End-user, the market is fragmented into Clinics, Hospitals, Ambulatory Surgery Centers, Home Care Settings, and Others. The Hospitals segment is expected to dominate the market owing to the high adoption of Artificial intelligence in a digital health setting, and advancements in technologies, and the rise in adoption of Electronic Health Records (HER) in hospitals for the maintenance of large clinical data. As per National Electronic Health Records (2020), 89 percent of healthcare physicians reported using an EHR system.
For a better understanding of the market adoption of Digital Health, the market is analyzed for major regions including North America (US, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Digital Health market on account of the rising healthcare costs, increasing adoption of smartphones, advancements in coverage networks, and a surge in demand for telehealthcare services. Some of the major players operating in the market include Medtronic, Allscripts Healthcare Solutions Inc., BioTelemetry Inc., eClinicalWorks, iHealth Lab Inc, McKesson Corporation, Koninklijke Philips N.V, AT & T, Cisco Systems, and Athenahealth IncAmgen Inc.
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Global Digital Health Market Segmentation
Market Insight, by Technology
- Mobile Health Technology
- Health Information Technology
- Wearables Technology
- Telehealth Technology
Market Insight, by Deployment Mode
Market Insight, by Modality
Market Insight, by End-user
- Ambulatory Surgery Centers
- Home Care Settings
Market Insight, by Region
- North America Digital Health Market
- United States
- Rest of North America
- Europe Digital Health Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Digital Health Market
- Rest of Asia-Pacific
- Rest of World Digital Health Market
Top Company Profiles
- Allscripts Healthcare Solutions Inc.
- BioTelemetry Inc.
- iHealth Lab Inc
- McKesson Corporation
- Koninklijke Philips N.V
- AT & T
- Cisco Systems
- Athenahealth Inc