Digital Health Market Analysis
digital health market is driven by the shift to electronic forms of storing patient data to save up on space and time. Electronic health records (EHRs)/electronic medical records (EMRs) contain records of patient medical history, prescription, and medicine intake. This information can assist physicians in accurate diagnosis and lower waiting times.
The global digital health market size is touted to reach USD 328,887.8 million by 2025. It is expected to score a CAGR of 26.30% during the assessment period. The Digital healthcare relies on interconnected systems on a common platform to provide patients with accurate diagnosis and utmost care. New emerging technologies such as artificial intelligence, robotics, big data, mobile applications, and others are disrupting the healthcare sector. The global digital health market report collates the surge in supply and demand with new drivers and challenges for healthcare providers, payors, and medical facilities for the period of 2019 to 2025 (forecast period). The outbreak of the COVID-19 pandemic and the response by digital healthcare has been included in the report.
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Adoption of mobile applications by young adults is a positive indicator for the global digital health market. The increased disposable income levels of this demographic and convenience afforded to them for payments and medical bills can facilitate the growth of digital health. In addition, breakthroughs in technology which compensate for human errors, improving patient outcomes, and quality patient care are likely to usher in massive growth in the coming years.
Digital Health Market Competitive Outlook
Cerner Corporation, Athenahealth Inc., McKesson Corporation, iHealth Lab Inc., General Electric Company, BioTelemetry, Inc., Allscripts Healthcare, LLC, Cisco Systems, Inc, Koninklijke Philips NV, EClinicalWorks, AT&T Inc., and Qualcomm Technologies, Inc. are key players of the global digital health market.
Digital Health Market Segmentation
The global digital health market is segmented by technology, application, delivery mode, components, and end user.
By technology, the digital health market is segmented into mHealth, healthcare analytics, digital health systems, and telehealth. The digital health systems segment is further sub-segmented into EHR/EMR and e-prescribing systems. Similarly, telehealth is further segmented into video consultation, activity monitoring, LTC monitoring, and remote medication management. The mHealth segment is further segmented into wearables and mHealth apps. Within mHealth, wearables are further segmented into BP monitors, glucose meters, pulse oximeters, neurological monitors, sleep apnea monitors, and others. Lastly, mHealth apps are more segmented into fitness apps and medical apps.
Based on application, the digital health market has been segregated into neurology, oncology, cardiology, diabetes, sleep apnea, and others.
On the basis of delivery mode, the digital health market has been bifurcated into on-premise and cloud-based.
Based on components, digital health market has been segmented into software, services, and hardware.
End users comprise pharmaceutical companies, healthcare providers, healthcare payers, and others.
Digital Health Market Regional Analysis
Geographically, the global digital health market covers Europe, the Americas, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is likely to dominate the digital health market till 2025. The growth in this region can be attributed to increasing healthcare spending and healthcare information technology (IT) adoption. According to the Centers for Medicare and Medicaid Services, in 2017, the healthcare sector in the US has grown in size and amounting to USD 10,739 per person. Preference of mHealth applications and telemedicine can fuel the regional digital health market growth.
Europe is expected to assume the second position in digital health market globally during the review period. The rising pressure to curb soaring healthcare costs, technological advancements, and improved healthcare solutions and services can bode well for the global digital health market in Europe.
APAC is estimated to grow the fastest owing to mHealth being one of the biggest catalysts for the market. These applications can connect patients with doctors easily and get consultation from the comfort of their homes. Improvements in healthcare infrastructure, medical tourism hubs in India and China, and an increasing number of healthcare IT companies can facilitate growth.
The digital health market in the MEA region is expected to grow at a steady rate. Increasing government support towards the healthcare IT industry in the Middle East and adoption of digital tools can drive the market growth across the region.
During the crisis of COVID-19 pandemic, with several countries opting for lockdown and social distancing, the digital health market is gaining a substantial boost. This is due to the rapid uptake of telemedicine. Doctors are preferring telemedicine as a method as this helps in avoiding contact and chances of contracting the disease. Also, the technology is perfect for geriatric patients who find it difficult to move around much. It is also helping doctors to monitor patients who are already undergoing treatments.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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