The leading players in the global digital health market are Allscripts Healthcare Solutions Inc, BioTelemetry, Cisco Systems, Honeywell International Inc., Koninklijke Philips N.V., McKesson Corporation, and Cerner Corporation, CureMD Healthcare, HiMS, Computer Programs and Systems, Inc., Vocera Communications, IBM Corporation (IBM Watson Health), Siemens Healthcare GmbH and other prominent players
Noida, India, June 22, 2021 (GLOBE NEWSWIRE) — A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global digital health market reached USD 120.2 billion in 2020 and is further projected to reach USD 480.1 billion by 2027, growing at a CAGR of 21.4% during 2021-2027 (forecast period). The increasing penetration of smartphones and tablets, the increasing use of digital health, the upgrading of healthcare information platforms, and the execution of government policies all contribute to the growth of the global digital health market.
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Surging adoption of cloud computing driving the global digital health market
Because of the efficiency of cloud computing, the world is witnessing a surge of cloud technologies in the digital healthcare market, which may assist organizations in reducing total operating expenses and transferring their capabilities to the cloud platform. Cloud computing allows for greater accessibility and security of medical records besides facilitating easy sharing. It also facilitates the automation of back-end processes and the automation of the maintenance and development of telehealth or digital healthcare apps. With the advent of cloud computing in the healthcare segment, hospitals and other concerned organizations have witnessed improvements in patient outcomes, rising efficiency, and cost management, which are expected to continue to be the driving forces for the healthcare sector’s cloud transformation, thereby enabling growth opportunities for the global digital health market.
Growing usage of tablets and smartphones is propelling the growth of the global digital health market
The growing demand for mobile devices, accompanied by the increasing number of digital healthcare apps, is enabling patients to grow more conscious of their healthcare regimen. Patients benefit from digital healthcare applications because they are more convenient and make communication with doctors easier. They can effectively communicate their problems to doctors and be more aware of their overall health. For instance, patients nowadays are increasingly leveraging their mobile devices for using health tracking apps like heart rate monitoring, health, and diet management, symptom checking apps, accessing medical helplines, and communicating with their healthcare provider online instead of paying a visit to the clinic. Additionally, smartphones also assist doctors and nurses in keeping precise records of their patients and their treatment. The difficulties tackled by the pharmacists and patients at the handwriting front are also minimized by digitized documents, thereby driving the global digital health market.
Major growth in demand coming from the mHealth sub-segment in the global digital health market
Based on technology, the global digital health market can be segmented into Mobile Health (mHealth), Telehealthcare, and Healthcare Analytics. The mHealth segment accounted for the largest share in the year 2020 and is expected to record substantial growth in the forecast period (2021-2027). The segment’s growth can be attributed to the rising penetration of smartphones and internet connectivity across the developing regions of the world such as India, China, and Sub-Saharan Africa. Additionally, the availability of mHealth applications has soared over the past few years, owing to rising acceptance rates of these technologies by physicians and patients. mHealth applications are also beneficial to patients who are unable to travel to clinics or hospitals. Additionally, increased healthcare spending in developing countries has been pushing the segment’s growth even further, providing a growth trajectory for the global digital health market.
Clinic end-users occupy the largest market share in the global digital health market
Based on end-users, the global digital health market can be bifurcated into hospitals, clinics, and individuals. The clinics’ segment held the largest share in the global digital health market. A clinic is a type of health care facility that focuses solely on outpatient care. The majority of clinics are run or owned privately and are sometimes subsidized by local governments. In contrast to this, hospitals provide more specialized and customized services to their patients and accept inpatients for overnight stays. However, clinics only provide primary care as desired by people from local communities. The individuals’ segment, on the other hand, is predicted to have significant growth potentials, aiding in the growth of the global digital health market.
Global Digital Health Market: Regional Insights
Based on region, the global digital health market is grouped into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The North American region holds the largest share of the global digital health market. The growth of the region can be attributed to the predominance of digital healthcare infrastructure in the region as compared to any other region around the world. Additionally, the rising chronic diseases and an aging population unable to visit hospitals or clinics on a regular basis are two key reasons driving the growth of the global digital health market in the North American region. Also, technological breakthroughs accompanied by the thriving IT industry leveraging Artificial Intelligence, digital healthcare solutions are powering the growth of the digital health market in North America.
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COVID-19 Impact Analysis
The COVID-19 pandemic shook the world out of wits and laid extreme amounts of pressure over the healthcare sector that was never confronted ever before. As a result, self-isolation measures were declared by the government around the world for curbing the spread of coronavirus. Though the ongoing pandemic has wreaked havoc on several industries, it has positively impacted the global digital health market. Since social distancing became crucial in such conditions, people decided not to visit clinics and instead seek more secure treatment options, thereby safeguarding themselves and others from the deadly. This factor has fueled the global appeal of digital health solutions. As a result of COVID-19, the number of online consultations and video chats with healthcare specialists has skyrocketed, making it simpler to adhere to social-distancing norms and safeguard one another from further exposure to the virus that has been claiming thousands of lives every day.
The leading players in the global digital health market are Allscripts Healthcare Solutions Inc, BioTelemetry, Cisco Systems, Honeywell International Inc., Koninklijke Philips N.V., McKesson Corporation, and Cerner Corporation, CureMD Healthcare, HiMS, Computer Programs and Systems, Inc., Vocera Communications, IBM Corporation (IBM Watson Health), Siemens Healthcare GmbH and other prominent players. The new entrants are providing a variety of digital healthcare services ranging from laboratory tests to interactive appointments, garnering popularity among clients and assisting them in receiving healthcare on their premises. As a result, many players in the global digital health market are encouraging unique strategies, mergers & acquisitions, for increasing market share and bolstering their position.
In June 2021, IBM Watson Health and CLX Health announced plans to integrate IBM Digital Health Pass with CLX Health’s TrustAssureTM platform, allowing individuals to navigate and schedule COVID-19 test with a provider and curate verified credentials for end-use, if necessary while returning to physical locations such as an airplane, workplace, or stadium. The IBM Digital Health Pass has been crafted to allow organizations to verify COVID-19 test results or vaccine administration of their employees, visitors, and customers paying a visit to their site.
In June 2021, Siemens Healthineers announced new digital services on the present Teamplay Digital Health Platform during the trade fair for digital healthcare services in Europe. In addition to Siemens, five other partners are expected to provide digital services, known as value-added services, over the platform.
Scope of Report
- By Technology
- Activity Monitoring
- Remote Medication Management
- LTC Monitoring
- Video Consultation
- Mobile Health
- BP Monitors
- Glucose Meter
- Pulse Oximeter
- Sleep Apnea Monitors
- Neurological Monitors
- Health Analytics
- By End User
- By Component
- By Region
- North America
- Latin America
- Asia Pacific
- Middle East
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