Digital Health Market Overview
Digital Health Market Dynamics
Drivers: Technological advancements in healthcare
Rapid advancements in healthcare IT, such as cloud-based storage systems, as well as the widespread use of laptops, smartphones, and tablets by hospitals and healthcare professionals, are the main reasons propelling the expansion of the digital health sector. Electronic health records (EHR), remote monitoring sensors, and wearable technology have all been made more widely available by rising healthcare IT innovations and regulations that support them. This has fueled the market's expansion.
Restraints: High cost of devices & data breach concerns
Innovation, technologically advanced equipment, and high capital costs will restrain market expansion. In the upcoming years, growing data security issues such as cyberattacks and illegal access to information technology (IT) systems may restrain the expansion of the digital health industry. Furthermore, significant impediments to the market share of digital health may exist due to the general unwillingness of the populace in emerging countries to use healthcare technology.
Opportunities: Initiatives by government organizations and an increase in venture capitalist investment in startups
Government organizations and healthcare community initiatives will boost the market to raise awareness of digital health use and make it easier for the government to adopt various healthcare IT solutions. The market will develop even more if venture money and funds from healthcare providers are raised for startups that offer these services.
Services component is estimated to be the largest growing market category during the forecast period
The growth is attributed to the demand for various services, including installation, training, personnel, maintenance, and other similar services. Market participants offer these services either singly or as part of bundles. The demand for more sophisticated software platforms and solutions, such as electronic medical records, as well as the rising cost of the upgrades and training needed to use these software solutions, is boosting the services market. Digital health services are provided by large corporations like Amazon.com, Inc., Infosys Limited, and others. For instance, in 2019, Amazon Care was launched as part of Amazon.com, Inc.'s nationwide expansion of its in-person healthcare model and commitment to offering clients the highest quality patient-centered healthcare. This is because many businesses are looking for cost-effective, all-encompassing, and high-quality healthcare solutions.
Telehealthcare technology is estimated to be the largest growing market category during the forecast period
Revenue from the telehealthcare category is anticipated to make up the largest portion during the forecasted period. Telemedicine has significantly improved the quality of care in undeveloped areas by using tablets and smartphones to diagnose and treat patients remotely. The ability to diagnose patients in their homes is another benefit of telemedicine for specialized practitioners. During the pandemic, telemedicine usage rose from 21% of survey respondents to 44%, indicating that consumers favored online healthcare. Globally, various telemedicine services provide healthcare management and delivery, illness screening, and other services, including store-and-forward, real-time and remote, or self-monitoring.
North American segment is estimated to be the largest growing market during the forecast period
North America is estimated to be the largest digital health market and is projected to grow at the highest CAGR during the forecast period due to several factors, such as the rising demand for telehealth services in the digital health market, the increased adoption of the internet and compatible devices throughout the region, and the rising demand from the rural healthcare industry as telehealth services offer remote patient monitoring (RPM), store and forward transmission of medical information, and mobile health communication.
Additionally, healthcare organizations' quick adoption of EHR, increased government initiatives and support, and rising private sector expenditures in developing digital health solutions in the region are propelling market revenue growth. Statistics show that as of 2019, 96% of non-federal acute care hospitals and about 72% of doctors who practice in offices had certified EHRs. According to statistics, as of 2019, 72% of doctors who practice in offices and 96% of non-federal acute care hospitals had certified EHRs. Healthcare organizations were given financial incentives to embrace health information technologies under the Health Information Technology for Economic and Clinical Health (HITECH) Act. Major corporations are also investing in sophisticated health wearables, mobile applications, and technologies using cutting-edge technologies like big data and cognitive IoT, including Apple Inc., Google LLC, International Business Machines Corporation, Samsung Electronics Co., Ltd., HealthTap, Inc., and numerous other startups.
Key Market Players
The digital health market is dominated by a few global players and comprises several regional players. Some key manufacturers operating in the market are BioTelemetry Inc, eClinicalWorks, Allscripts Healthcare Solutions Inc, iHealth Lab Inc, AT & T, Honeywell International Inc, Athenahealth Inc., Cisco Systems, McKesson Corporation, Koninklijke Philips N.V., AdvancedMD Inc. and Cerner Corporation.
- In May 2022, launched by NXGN Management, LLC, NextGen Health Data Hub Insights. It is a data warehouse and bespoke analytics solution to expedite data access, analytics, and report generation for Health Information Exchanges (HIEs) and healthcare providers across the United States.
- In September 2021, the usage of RPM was announced by the UMMC (University of Mississippi Medical Clinic) in association with the North Mississippi Primary Health Care Center, which is federally approved. The objective was to improve patient health outcomes and promote patient access to diabetes care management.
- In July 2021, to improve the care of patients and quicken clinical trials, Koninklijke Philips N.V. and Cognizant announced a collaboration to create comprehensive digital health solutions.
- In January 2019, ResMed and Cerner Corporation worked together. This partnership enhanced the link between healthcare systems and home care by connecting the Brightree Home Health and Hospice platform with Cerner's Millennium EHR.
Global Digital Health Market – By Component
- Video Consultation
- LTC Monitoring
- Remote Medication Management
- Activity Monitoring
- Digital Health Systems
- E-prescribing Systems
- Electronic Health Records
- Health Analytics
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of the Middle East and Africa