According to the most recent estimate by Emergen Research, the global digital health market will be worth USD 175.20 billion in 2021 and grow at a revenue CAGR of 27.2% throughout the projected period.
According to the most recent estimate by Emergen Research, the global digital health market will be worth USD 175.20 billion in 2021 and grow at a revenue CAGR of 27.2% throughout the projected period. The primary factor driving market growth is the increasing demand for remote patient monitoring services, driven by the Covid-19 pandemic. In addition, the rapid adoption of mobile health solutions and the growing popularity of wearables are also key factors driving market growth.
Governments of various countries are investing in digital healthcare initiatives to provide better patient care. For instance, in July 2019, the Indian government allocated US$ 1.3 billion for its Ayushman Bharat National Health Protection Mission. This initiative is aimed at providing health insurance cover of up to US$ 7,020 per family per year. Moreover, the UK government has invested US$ 222 million in its National Health Service’s (NHS) digital transformation plan. This plan is expected to provide better patient care and reduce the cost of healthcare services.
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Digital technologies provide preventative, personalized and proactive care, which helps health systems deliver quality patient outcomes at a lower cost. They offer new ways to engage patients in their own health and wellbeing, as well as collect data for research purposes. Digital health is an emerging market with a wide range of stakeholders. Key players include technology companies, start-ups, venture capitalists, healthcare providers, payers, and pharmaceutical and medical device companies.
Technology companies are investing heavily in digital health, with Google, Apple, and Amazon leading the pack. These companies are using their data and AI capabilities to develop new healthcare products and services. Start-ups are also playing a key role in the digital health market, with innovative solutions that are transforming the healthcare landscape.
Some factors restraining digital health market revenue growth include lack of awareness about digital health solutions and services, and IT infrastructural shortcomings in some developing economies. Nevertheless, the global digital health market is expected to expand at a significant pace during the forecast period from 2021 to 2030 on account of continuous advances in technology, supportive government initiatives, and growing adoption of digital health solutions by healthcare organizations.
Some Key Highlights from the Report
- On 09 March 2022, Epic Systems Corporation announced it had agreed to acquire the patient engagement company, Dossia, Inc. The purchase price was not disclosed. This move signals Epic’s continued interest in the digital health market and their belief that engaging with patients electronically will play an increasingly important role in providing quality care going forward. Dossia provides a secure, web-based platform that allows patients to aggregate, view, and share their health information. The company has a customer base of over two million people and has partnerships with a number of healthcare organizations, including the Cleveland Clinic, Stanford Medicine, and the University of Pittsburgh Medical Center.
- The tele-healthcare segment is expected to account for largest share over the forecast period due to technological advancements in SMS, MMS, and web-based platforms and also due to the presence of several key players in this region.
- The services segment accounted for largest revenue share in 2021 due to the growing demand for digital health services from healthcare providers and patients.
- The products segment is anticipated to grow at highest CAGR during the forecast period. Increasing number of startups and tech-giants are focused on developing advanced digital health products, which is expected to support market growth over the next ten years.
- The healthcare consumer segment revenue is expected to grow at a rapid rate over the forecast period owing to the rising adoption of digital health technologies. The growing demand for value-based healthcare services and the need to control healthcare costs are some of the key factors driving the growth of this segment.
- The US is the largest digital health market, followed by China and Europe. In terms of growth, the Asia-Pacific region is expected to be the fastest-growing market for digital health, due to the increasing adoption of digital health solutions in developing countries such as China and India.
- Allscripts Healthcare, LLC, Cisco Systems, Inc., McKesson Corporation, Koninklijke Philips N.V., Cerner Corporation (Oracle Corporation), NXGN Management, LLC, Epic Systems Corporation, SoftServe, AirStrip Technologies, Inc., Healthcare Information, and Management Systems Society, Inc. are a few of the leading businesses mentioned in the market report.
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Emergen Research has segmented the global digital health market based on technology, component, end user, and region:
- Technology Outlook (Revenue, USD Billion, 2019–2030)
- Tele-healthcare
- Wearables
- BP monitor
- Glucose monitor
- Pulse monitor
- Others
- Applications
- Medical apps
- Fitness apps
- Health analytics
- Digital health systems
- Others
- Component Outlook (Revenue, USD Billion, 2019–2030)
- Hardware
- Software
- Services
- End User Outlook (Revenue, USD Billion, 2019–2030)
- Healthcare providers
- Healthcare consumers
- Others
- Regional Outlook (Revenue, USD Billion, 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest of Middle East & Africa
- North America
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