The global digital health market size is expected to be worth around US$ 551.09 billion by 2027 and poised to grow at a CAGR 16.5% from 2022 to 2027, according to Precedence Research.
The global digital health market size is expected to be worth around US$ 551.09 billion by 2027 and poised to grow at a CAGR 16.5% from 2022 to 2027, according to Precedence Research.
Growth Factors
The global digital health market is expected to witness a rapid growth owing to the various factors such as surging prevalence of various chronic diseases, growing cases of obesity, growing geriatric population, increased penetration of smartphones, rapidly growing number of internet users, and growing healthcare expenditure. The growing burden of diseases across the globe is estimated to have a positive impact on the market growth as the need for frequent diagnosis and consulting is growing. Digital health allows access 24/7 consultation services to the patients.
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Furthermore, according to the International Telecommunication Union, around 4.9 billion people had access to internet in 2021 and majority of them used their smartphones to connect to the internet. This is a major factor that is boosting the growth of the digital health market. Furthermore, the government policies regarding the digital health have witnessed certain changes and it has positively impacted the growth of the market. The geriatric people require frequent monitoring and diagnosis. The digital health platforms offer remote monitoring facilities that favor the adoption of the digital health among the old age population.
Report Highlights:
- Based on the component, the service segment dominated the market in 2020 with a 64.58%. The service segment is estimated to be valued at US$ 141.54 billion in 2021 and is projected to increase to US$ 344.86 billion by 2027, witnessing a CAGR of 16% between 2021 and 2027. This is attributed to the increased adoption of software and the frequent upgradation of the software. The software companies offer a wide range of services post-installation like staffing, training, optimization, and other services. Furthermore, the surging investments in the development of digital infrastructure across the developed economies are significantly boosting the growth of the service segment.
- Based on the technology, mHealth segment dominated the global digital health market in 2019. This is primarily attributed to the rapid emergence of huge number of mHealth startups across the major markets. Moreover, the surging penetration of the digital devices and the improved access to internet has fueled the segment’s growth. The introduction of latest technologies like AI and sensors is expected to further drive the market growth in the forthcoming future.
- The tele healthcare segment is estimated to be valued at US$ 89.2 billion in 2021 and is projected to increase to US$ 296.2 billion by 2027, witnessing a CAGR of 22.14% between 2021 and 2027.
- North America was the leading digital health market with revenue share of 36.34%. The increased adoption of the digital technologies among the consumers and the healthcare providers has supplemented trhe market growth. According to the NCBI, around 95.0% of the adult population had a mobile phone, and around 64.0% of them owning smartphones in US in 2018. Fur4thermore, the amendments in the reimbursement policies pertaining to the telehealth services has significantly propelled the growth of the North America digital health market. The increased consumer awareness regarding the digital health and the increased prevalence of the chronic diseases coupled with high healthcare expenditure are some of the major factors that has driven the growth of the digital health market in North America.
- Asia Pacific is expected to witness growth at a CAGR of 19.11% during the forecast period. The presence of huge youth population, rising adoption of smartphones, growing literacy rate, rising healthcare expenditure, and rising awareness regarding the digital health are some of the prominent growth drivers of the Asia Pacific digital health market. The rising government investments in the digitization of healthcare infrastructure and development of smart hospitals are expected to foster the demand for the digital health in the near future.
- The europe region is estimated to be valued at US$ 79.09 billion in 2021 and is projected to increase to US$ 184.12 billion by 2027, witnessing a CAGR of 15.12% between 2021 and 2027.
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Future of the Digital Health Market
The introduction of the latest technologies such as artificial intelligence, cloud computing, data analytics, internet of things, and 5G are projected to provide lucrative growth opportunities to the market players and also help in fixing the concerns related to data privacy and cybersecurity. The increasing investments in the digital infrastructure in rapidly boosting the development of various innovative software and the automation technology are significantly penetrating in the healthcare industry.
COVID-19 Impact Analysis:
- The outbreak of the COVID-19 pandemic resulted in the increased adoption of the digital health products such as mHealth, telemedicine, EHR, and so on owing to the less number of visits to the hospitals.
- The fear of getting infected with COVID-19 disease has shifted the consumers towards the virtual technologies especially for receiving healthcare services.
- The rising trend of digitalization has gained extreme momentum during the COVID-19 period and is expected to sustain in the future.
Key Developments in the Marketplace:
- In June 2018, Medidata acquired Shyft Analytics that helped Medidata to develop data platform to be used during the drug development phase.
- In October 2019, Meditech merged with Google to offer electronic health records data using the Google Cloud platform.
Some of the key players operating in the market are eClinicalWorks, Allscripts Healthcare Solutions Inc, iHealth Lab Inc, BioTelemetry Inc, AT & T, Honeywell International Inc, AdvancedMD Inc., Athenahealth Inc., Cisco Systems, McKesson Corporation, Koninklijke Philips N.V., and Cerner Corporation among others.
Market Segmentation
By Component
- Software
- Hardware
- Services
By Technology
- Telehealthcare
- Telehealth
- Video Consultation
- LTC Monitoring
- Telecare
- Remote Medication Management
- Activity Monitoring
- Telehealth
- mHealth
- Apps
- Fitness Apps
- Medical Apps
- Wearables
- Glucose Meter
- BP Monitor
- Pulse Oximeter
- Neurological Monitors
- Sleep Apnea Monitor
- Others
- Apps
- Digital Health Systems
- E-prescribing Systems
- Electronic Health Records
- Health Analytics
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
- Rest of the World
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