Digital Health - Global Market Outlook (2021-2028)

Digital Health - Global Market Outlook (2021-2028)

According to Stratistics MRC, the Global Digital Health Market is accounted for $113.00 billion in 2021 and is expected to reach $341.17 billion by 2028 growing at a CAGR of 17.1% during the forecast period. Digital health includes digital care programs which are convergence of digital technologies with health, healthcare, living, and society to enhance the efficiency of healthcare delivery to make medicine more personalized and precise. It refers to the application of modern technologies and digital services to improve the health and medical condition among individuals. Digital health allows medical practitioners to diagnose the disease early and there by offering better treatment to the patients. The field of digital health is wide and it includes remote patient monitoring, ingestible sensors, wearable gadgets, electronic medical records, and many others. Digital health field has managed to help patients in monitoring and managing the well-being health conditions and to reduce the overall healthcare costs.

Market Dynamics:

Driver:

Growing Demand for Mobile Health Apps

The impending of mobile apps is being used to advance patient treatment in a range of ways, comprising employing wearable’s, diagnosing illness, and ingestible sensors. It has become increasingly reliant on smart devices now that have entered the digital world. People continue to rely on smartphones to manage calendars, coordinate work and business operations, keep informed and connected through social media, and arrange doctor visits and healthcare check-ups. Healthcare app development has become both a need and a luxury. The healthcare industry has seen significant changes as a result of technology advancements and meddling. Mobile app development has aided in the evolution of the healthcare sector in recent years. The COVID-19 pandemic is still on-going, and healthcare mobile apps have paved the path for great growth during this time of crisis, transforming people's perceptions of the health industry worldwide.

Restraint:

High Cost

High costs related to huge equipped systems such as EHR/EMR and revenue cycle management systems are predicted to hamper the growth of the market. The cost of an EHR system varies between provinces and depends on the type of EHR system (web-based and cloud-based). The overall cost associated with the adoption of EHR systems can be divided into components such as hardware (computers, database servers, scanners, etc.), software, installation, training, and maintenance.

Opportunity:

Growing Use of Smartphones and Other Mobile Applications

There has been an incredible increase in the use of smartphones by physicians in the U.S. foremost to increase the practice of digital health. The penetration of smartphones, tablets, and other mobile platforms is one-third among all U.S. adults, with physicians adopting them twice as compared as the general population. For instance, it is poised that more than a billion people globally own a mobile device, out of which over half of them are smartphones. This has led to the massive growth of mobile applications for healthcare needs, thereby fuelling the industry's progression.

Threat:

Security Concerns Concerning Patient Data

Security concerns concerning patient data may threaten the industry's value. The execution of digital health solutions such as electronic health records, e-prescriptions, and medical apps require stringent data security. A breach in data security can result in incurring huge losses of critical and confidential information including medical records, which often contain social security numbers, insurance IDs, addresses, and medical details, hence, adversely affecting the reputation and results of operations. Common cyber security threats include uncoordinated individual attempts to gain unauthorized access to information technology systems that are directed at the physicians, hospitals, customers, and its third-party service providers.

Services segment is expected to be the largest during the forecast period

Service segment is accredited to the significant rise in the software upgradation along with rapid advancements in various software and hardware. These services comprise training & integration, installation, and upgradation. Besides, the numerous companies are focusing on services based activities such as training & integration, installation, and up-gradation that have augmented the market growth in the study period. Increasing investment on digital healthcare infrastructure predominantly in the developing countries drives the demand for services during the upcoming years. Furthermore, growing demand for platforms such as Electronic Health Records (EHR) that further propels the demand for service as most of the companies are prominently focusing on acquiring post-installation services such as staffing, optimization, training, and many other services.

The mHealth segment is expected to have the highest CAGR during the forecast period

The mhealth segment is going to have lucrative growth during the forecast period as mhealth technologies aid healthcare organizations in decreasing medical costs and offer remote patient monitoring, so the need for visiting hospitals frequently is eliminated moreover mhealth assists in wellness and disease management, thereby leading to its increasing demand.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, owing to growing spending on healthcare infrastructure and software to promote awareness among the public. The rising penetration of smartphones, growing government spending on the up-gradation of the healthcare industry, and rising consciousness regarding digital health are stimulating the market growth. Moreover, rising smartphone penetration, growing acceptance of smart wearable devices, and a surge in demand for EMRs and EHRs are contributing to the growth of the regional market. Furthermore, countries, such as Malaysia and Japan, have already established a national warehouse that enables data sharing between public hospitals. Additionally, the increasing demand for remote patient monitoring and related services owing to increasing government are spending on healthcare is anticipated to propel market growth.

Region with highest CAGR:

North America is projected to have the highest CAGR, North America is going to have high growth during the forecast period, as there is the surging implementation of digital health solutions, improvements in the healthcare infrastructure in North American provinces, and many initiatives are being taken by numerous government associations for implementing this technology in healthcare settings, which in turn results in the rise in healthcare spending drives the regional domain. Moreover, the growing usage of mHealth apps coupled with rapid usage of wireless & mobile health services accelerates the market expansion.

Key players in the market:

Some of the key players profiled in the Digital Health Market include 3M, Apple, Inc., athenahealth Inc, Cerner Corporation, Cisco Systems Inc, Cognizant, eClinicalWorks LLC, General Electric Company, IBM Corporation, Koninklijke Philips N.V., Microsoft, Qualcomm Incorporated, Samsung Electronics Co., Ltd., Siemens AG, Vodafone Group, AT&T, Philips, Patchai.

Key developments:

In November 2021: Patchai, an Italy-based digital health technology startup, acquired by Alira Health. Patchai provides intelligent digital health solutions that engage and empower patients in clinical research and care pathways, allowing patients to better manage their health conditions, improve adherence to study protocols and care plans, and provide clinicians with robust, real-time data to help them deliver better care.

In March 2020: AT&T partnered with LifedMedID and Elo Self-Service Solutions. The partnership aimed to streamline patient registrations and check-in-solution. This strategic alliance extends AT&T’s edge-to-edge digital healthcare solutions to enhance the patient outcome, thereby strengthening its market presence.

In February 2021: Philips acquired of BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring. This acquisition strategy is expected to help Phillips expand their business portfolio in the market as well as customer base..

Therapy Types Covered:
Preventive
Curative

Type of Solutions Covered:
Combination Solution
Gaming Solution
Software Solution

Modality’s Covered:
Wired
Wireless

Purpose of Solutions Covered:
Medication Augmentation
Medication Replacement

Types Covered:
Integrated Health Information Exchange Networks (HIE/EHR)
Clinical Information System (CIS)
Hospital Information System (HIS)
Secondary-Usage Non-Clinical Systems
General Practitioner (GP) or Specialty Systems

Components Covered:
Hardware
Software
Services

Delivery Modes Covered:
On-Premise
Cloud

Technology’s Covered:
Tele-Healthcare
Health Analytics
Hospital Information System (HIS)
Population Health Management
Mobile Health
Telemedicine
Digital Health System
E-Prescribing System
mHealth

Applications Covered:
Diabetes
Cardiology
Oncology
Neurology
Human Estrogen Receptor (HER)

Sales Channels Covered:
Business-to-Business (B2B)
Business-to-Consumers (B2C)

End Users Covered:
Hospitals
Pharmaceutical Companies
Ambulatory Surgery Centres
Homecare settings
Individuals
Gyms
Clinics

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances