Digital Health Market

Market Snapshot

Premium Insights:

Global Digital Health Market is valued at USD 145.57 Billion in 2021 and is projected to reach a value of USD 430.52 Billion by 2028 at a CAGR of 16.9% over the forecast period.

The rise in investment from private & public organizations for mHealth startups, the rise in the prevalence of chronic diseases, and the advancement of technology in the healthcare industry are the main factors driving the growth of the global Digital Health market. The aging population, which is more susceptible to chronic diseases, is another factor driving the growth of the global Digital Health industry. Furthermore, the market is expanding due to major companies in healthcare information technology and an increase in the elderly population. The primary driver of the market's expansion is the quick development of healthcare IT infrastructure and the professional use of cloud-based storage solutions.

Additionally, substantial advancements in processing and storage technologies have increased the affordability, effectiveness, and accessibility of computer resources and permitted the on-demand delivery of these services to patients via the internet. The government's strong backing and the creation of laws promoting Digital Health solutions also contribute to increased demand for the technology. Nevertheless, the COVID-19 epidemic has accelerated the development of Digital Health, transforming healthcare through, among other things, patient portals, telemedicine, remote patient monitoring tools, online symptom checks, and patient-facing tools. Therefore, it is anticipated that such innovative breakthroughs in the field of Digital Health would open attractive business opportunities. However, as Digital Health becomes more widely used, security lapses and data leaks could impede the market's growth. Worries about ensuring regulatory compliance are anticipated to limit the growth of the Digital Health industry throughout the anticipated timeframe.

Top Market Trends-

· The rise in investment from private & public organizations for mHealth startups, the rise in the prevalence of chronic diseases, and the advancement of technology in the healthcare industry are the main factors for the market growth.

· In 2021, the telehealth sector dominated the market with a share of 37.6%.

· In 2021, the service sector held the largest share in the market at 46%

· The market players are expanding because of the rising trend of personalized medicine and value-based healthcare.

Market Segmentation:

The Digital Health Market is segmented based on Components, Technology and Region. Based on Components, the Digital Health market is segmented as Hardware, Software, and Services. Based on technology, the market is segmented as Telehealthcare, MiHealth, Digital Health Analysis, and Health Analytics.

Based on Component:

The service Category Dominated the Market in 2021

Based on Components, the Digital Health market is segmented as Hardware, Software, and Services. The service segment is accounted for the highest revenue share in the market. This is primarily due to the large increase in software upgrades and quick improvements in different software and hardware. These services include upgrade, installation, and training & integration. The rising delivery of Digital Health services from vendors and the increased frequency of chronic diseases are two major segment drivers. Additionally, there is a positive forecast for industry growth in the services sector due to the growing awareness of the advantages of Digital Health-related services. Also, many businesses are concentrating on service-based operations such as training and integration, installation, and upgrade, which have accelerated market expansion during the study period.

Based on Technology:

Telehealth Category Dominated the Market in 2021

Based on technology, the market is segmented as Telehealthcare, MiHealth, Digital Health Analysis, and Health Analytics. The telehealth segment is estimated to hold the biggest share in the market. This can be attributed to the conceptual change in the global healthcare industry from pharmacological treatments to tech-driven alternatives. With telehealth systems, patients can control their health and receive real-time monitoring. They encourage more health workers and people to use the platform since they enable specialists to mediate in real time due to the healthcare industry's digital transition and favorable government backing for integrating new technologies. The significant expansion of the segment is mostly attributable to the increasing use of smartphones and the internet worldwide, as well as the market's abundance of health-related apps.

Based on Regional Analysis:

North America had the Largest Share in 2021

North America is expected to hold the largest share in the market during the forecast period. The rise of startups, lucrative investment possibilities, rising smartphone usage, improvements in internet access, technological literacy, eagerness to accept cutting-edge technological solutions, and favorable government initiatives are all credited with the growth. Additionally, increased electronic health record (EHR) use in hospital-owned ambulatory care and expanding public awareness of cutting-edge and novel medical device applications are two other factors impacting the development of the Digital Health industry

Recent Developments:

· In March 2022 -Cognizant announced a partnership with Microsoft to develop a new Digital Health solution to increase remote patient monitoring for better medical treatment.

· In March 2020, AT&T announced a partnership with Like-minded and Elo Self-Service Solutions. The partnership aimed to streamline patient registrations and check-in-solution.

· In March 2019, TriNetX, a company that analyses data for clinical trials, raised an estimated US$ 40 million intending to expand its operations throughout the Asia Pacific.

· In January 2019, ResMed and Cerner Corporation worked together. This partnership enhanced the link between healthcare systems and home care by connecting the Brightree Home Health and Hospice platform with Cerner's Millennium EHR.

Competitive Landscape:

The key players in the Global Digital Health Market include- Allscripts Healthcare Solutions Inc. (US), Cisco Systems (US), Koninklijke Philips N.V. (Netherlands), McKesson Corporation (US), and Cerner Corporation (US) and others.

Segmentation of the Global Digital Health Market: