Digital Health Market Overview
Digital Healthcare means using modern information and technology infrastructure to remotely monitor chronic diseases, teleconsultations with doctors and specialists and health monitoring through wearable devices. The Digital Health Market is projected to reach USD 3,28,887.8 million at 26.30% during the forecast period. There are many mobile applications to schedule appointments, store medical history, track consultations, order medicines and more. Fitness bands and other wearable devices to track exercises, calories, nutrition and more have also hit the market in recent years. All these come under digital healthcare.
The increasing penetration of smartphones, tablets, other mobile platforms, and the internet has led to the widespread launch and use of mobile applications for healthcare purposes. This is an important factor driving the growth of this market. Increasing demand for remote monitoring services and growth capital investments into the healthcare IT infrastructure also boost the digital health market. The covid-19 pandemic caused widespread shifting of people towards digital platforms for healthcare needs due to lockdowns and the need for social distancing. This trend is likely to continue in the forecast period.
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Concerns about the security of patient data, given increasing incidents of cyber attacks, hamper this market’s growth. Regulatory compliance issues also restrain the market growth. Furthermore, the high capital expenditure required for IT infrastructure installation and maintenance is another growth deterrent for this market.
Digital Health Market Segmentation
On the basis of technology, the global Digital Health Market is divided into mHealth, telehealthcare, health analytics and digital health systems. mHealth holds the largest share in the market, accounting for USD 56.4 billion in the year 2020 and increasing internet and smartphone penetration with a high prevalence of health-related apps fuels this segment’s dominance. Moreover, healthcare providers are increasingly adopting mHealth to reach maximum patients at minimum costs.
On the basis of components, the global Digital Health Market is divided into hardware, software and services. The services segment held the largest market share in 2020, accounting for 64.58% share in 2020. Services include installation, integration, training, and upgrading of both hardware and software. Increasing investment in digital healthcare infrastructure results in rising demands for services which is boosting the growth of this segment. This trend is likely to continue in the forecast period.
Digital Health Market Regional Outlook
On the basis of regions, the global Digital Health Market is divided into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa.
North America held the largest share of the global Digital Health Market in 2020 and is expected to dominate the market in the forecast period. The presence of highly advanced IT infrastructure, increasing usage of mobile health applications and other digital healthcare platforms and high awareness regarding digital healthcare are the main reasons behind the dominance of North America.
Digital Health Market Key Players
Koninklijke Philips NV (The Netherlands), Allscripts Healthcare LLC (US), Qualcomm Technologies Inc. (US), iHealth Lab Inc. (US), Athenahealth Inc. (US), BioTelemetry Inc. (US), McKesson Corporation (US), AT&T Inc. (US), Cisco Systems Inc (US), EClinicalWorks (US), Cerner Corporation (US), General Electric Company (US), are the eminent digital healthcare services developers in the worldwide market.
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In February 2021, Philips acquired BioTelemetry Inc. The latter is a US based company providing remote cardiac diagnostics and monitoring.
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