Global Digital Health Market is segmented by Technology Type (Tele healthcare, mHealth, Health Analytics, and Digital Health Systems), by Component Type (Hardware, Software, and Services), and by Region (North America, Europe, Asia-Pacific, and the Rest of the World).
Market Insights
According to this report, the digital health market was estimated at USD 174.2 billion in 2021 and is likely to grow at a CAGR of 18.2% during 2022-2028 to reach USD 561.52 billion in 2028.
What is digital health?
Digital health is defined as the incorporation of electronic communication and information technology used in managing different healthcare processes for people’s health and well-being. This concept is an umbrella term for mHealth apps, wearable devices, electronic health records, electronic medical records, telemedicine, telehealth, etc.
COVID-19 IMPACT
The COVID-19 pandemic has radically altered people's daily lives, workplaces, and the surrounding environment. According to the market forecast for digital health, the current estimate for 2028 is expected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has had little impact on the growth of the market because the COVID-19 lockdown enabled the widespread adoption of digital health. The pandemic has compelled the development of safer and more efficient methods of constructing offices and homes.
The methodology involves collecting and analyzing crucial data regarding products, and services offered in the market. This report assists the users to gain a better understanding of market developments and aids in business growth. This report is the result of a thorough analysis of customer spending habits, business target market, challenges, and competitors in the market.
Key players
Key players operating in the Digital Health Market are-
- AdvancedMD Inc.
- Allscripts Healthcare Solutions Inc.
- Biotelemetry Inc.
- iHealth Lab Inc.
- McKesson Corporation
- Koninklijke Philips N.V.
- AT & T
- Cerner Corporation
- Cisco Systems.
Market Drivers
The growth of the digital health market is primarily driven by-
- Rising smartphone or mobile phone penetration & integration of advanced technologies, such as the internet of things (IoT) & artificial intelligence (AI),
- Advancing healthcare IT infrastructure,
- Increasing demand for remote patient monitoring services.
Segment Analysis
The tele-healthcare segment is projected to maintain its dominance by owning more than 36% of the market share in 2021.
The market is segmented as tele-healthcare, mHealth, health analytics, and digital health system. It is owing to the increasing geriatric population, growing prevalence of chronic diseases, improving accessibility to the internet, and absence of skilled healthcare professionals.
The market is segmented into hardware, software, and services. The services segment is expected to remain the most dominant in the market over the forecast period and owing more than 45% share in 2021 due to the growing demand for remote patient monitoring, synchronous services, and asynchronous services.
North America held the highest market share of more than 45% in 2021 and grew with a lucrative CAGR over the forecast period, owing to a well-developed healthcare infrastructure, huge healthcare expenditure, high adoption of advanced technology, and the presence of a tech-savvy population.
The report will help you find answers to these questions -
What are the key trends in the Digital Health Market?
How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
What is the impact of COVID-19 on the Digital Health Market?
What are the key strategies adopted by the major vendors to lead in the global Digital Health Market?
What is the market share of the top vendors?
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