Digital Health Market Size By Technology [Tele-healthcare {Telecare (Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation)}, mHealth {Wearables (BP Monitors, Glucose Meter, Pulse Oximeter, Sleep Apnea Monitors, Neurological Monitors), Apps (Medical, Fitness)}, Health Analytics, Digital Health System (EHR, e-prescribing System)], By Component [Hardware, Software, Services], Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Digital Health Market size exceeded USD 106 billion in 2019 and is poised to grow at over 28.5% CAGR between 2020 and 2026. A growing number of smartphone users across the globe will be a key factor driving the market growth. Rapidly growing healthcare IT infrastructure in developed and developing countries will be conducive to the market expansion. Furthermore, a growing awareness about importance of fitness and health among the population will increase the product adoption, fuelling the market progression.
 

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Digital health is the use of technology in healthcare. It involves the use of electronic products, software, or services to manage conditions or improve the quality of life. It includes increasing use of technologically advanced medical devices including wearables to monitor personal health. Use of numerous health and medical apps to maintain fitness and manage various mental conditions will spur the industry growth. In addition, growing usage of remote patient monitoring and tele-healthcare will impel the industry expansion.
 

Although, the COVID-19 pandemic has virtually disrupted all the major sectors across the globe, the digital health segment has witnessed a positive boost amid the pandemic. Various governments across both developed and developing economies have modified regulations pertaining to the use of digital technologies for healthcare purposes. This has led to a surge in the use of digital health technologies, thus positively impacting the industry progression.
 

Moreover, as an increasing number of patients turn to digital health technologies, companies are expanding their capabilities to deal with the sudden rise in patient volume. This will increase the product demand and propel the market revenue. Additionally, the COVID-19 pandemic significantly augmented the funding activities for digital health apps and companies, thus providing a significant opportunity to new players and novel technologies.
 

Increasing venture capital investment will prove conducive to the digital health market demand

Increasing number of venture capital investment activities will play a major role in driving the industry revenue. Recent years have showcased a huge influx of novel technologies and solutions for improving the healthcare outcomes. These novel technologies and start-ups have attracted large number of venture capital investments firms and private equity firms to explore huge potentials. For instance, the venture capital funding in digital healthcare space have observed an increase from USD 5.1 billion in 2016 to USD 14.8 billion in 2020. This represents an increase of over 190% in VC funding across 5 years. Such a steady amount of funding will make digital health a stable market to invest in. A large number of investors are showing interest in funding digital health platforms and start-ups owing to immense growth opportunities and favorable return-on-investment.
 

The market will register significant demand in the future attributed to these conditions. However, concerns regarding the misuse of patient data and high capital expenditure and maintenance might impede the market value during the short run. As companies work to alleviate these concerns, and bring down the cost of digital health solutions, there will be an increase in product adoption rates.
 

Growing use of health analytics to optimize hospital resources will spur the segment growth

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The health analytics segment in the digital health market accounted for more than USD 9.7 billion in 2019. Health analytics software has been used to track the spread of various infection and to optimize the usage of hospital resources. Furthermore, it can also be used to triage the patients for treatment, that will enable to improve the treatment outcome in developing economies.
 

The digital health systems segment is projected to witness 18% growth rate through 2026. A shift from paperwork to paperless patient records will cause an increase in demand for digital health systems such as electronic health records (EHRs) and foster the segment value. The segment is bifurcated into EHRs and e-prescription software. A growing telemedicine market and a preference for homecare settings will boost the demand for e-prescribing software thus propelling the market growth.
 

Rapid expansion of healthcare IT and modernization of healthcare systems will drive the growth for software segment

The software segment held nearly 34% of the digital health market share in 2019 led by the growing demand for digital health software such as EHRs, fitness and medical apps, and healthcare analytics. Increasing number of hospitals across U.S. and Europe are adopting EHR software as they are real-time, patient-centered accounts that make data available immediately. The system consists of patient’s medical history, diagnoses, medicines, treatment plans, vaccination dates, radiology images, laboratory and test results. This makes data easily accessible to the authorized healthcare personnel, that may offer more personalized therapeutic treatment to the patients and improve the outcome. Also, growing geriatric population and rising chronic diseases will create a demand for medical and fitness apps.
 

The hardware segment was valued at USD 31 billion in 2019. A growing incidence of chronic diseases due to unhealthy lifestyle will increase the patient pool. This will result in an increased demand for hardware such as glucometers, and BP monitors. Rising geriatric population across the world will have a positive impact on the product demand in the market.
 

High smart phone penetration rate coupled with huge VC funding activities in European region will influence the regional growth

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Europe digital health market is expected to register significant growth during the forecast period on account of the significant number of mobile subscriptions and smart phone penetration. For instance, the smart phone acceptance reached 79% by the end of 2019 across the European region. This have significantly increased the usage of novel technology in numerous developed countries in Europe. With mobile applications widely being used for improving health and lifestyle, the mHealth market is gaining momentum in the European market.
 

The array of mhealth apps for patients and doctors for specific diseases, disabilities and for health improvement are constantly developing in this region. This is significantly attracting large number of VC findings and emergence of digital health start-ups in the region. Additionally, growing geriatric population across the continent, coupled with rising incidence of chronic diseases will drive the adoption of novel solutions to manage patient health, boosting the market expansion.
 

The Germany digital health market size was over USD 11 billion in 2019. Increasing number of smart phone users coupled with growing acceptance of wearable devices will be a major growth rendering factor. Rising demand for innovative technologies and systems for the effective management of chronic ailments such as diabetes, orthopaedics, cancer and others will fuel the industry demand. Well-established healthcare infrastructure along with high usage of medical apps among patients and doctors to improve collaboration and monitor health status will augment the market revenue in Germany.
 

Adoption of business strategies will pave growth opportunities for companies operating in the market

Prominent companies operating in the market include Dentsply Sirona, Envista Holding, COLTENE, MANI, Ultradent Products, Brasseler USA and Ivoclar among others. New product launch, partnerships and collaboration are the most commonly adopted business strategies to sustain market position.
 

Some of the recent industry developments:

• In February 2021, Philips announced that it completed the acquisition of BioTelemetry, Inc., one of the leading U.S.-based digital health companies involved in remote cardiac diagnostics and monitoring. This acquisition will expand Philip’s remote cardiac care product portfolio, thereby strengthening its market presence.
   
• In May 2018, Dentsply Sirona introduced SICAT Endo 3D software, an integrated solution to the dental market that improves workflow and planning in endodontic treatment. This strategy helped company to expand its business portfolio, thereby strengthening its market position.
   

The digital health market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:
 

Market, By Technology

• Telehealthcare
  • Telecare
    • Activity monitoring
    • Remote medication management
  • Telehealth
    • LTC monitoring
    • Video consultation
• mHealth
  • Wearables
    • BP Monitor
    • Glucose meter
    • Pulse oximeter
    • Sleep apnea monitors
    • Neurological monitors
    • Others
  • Apps
    • Medical apps
    • Fitness apps
• Health analytics
• Digital health systems
  • Electronic health records
  • E-prescribing systems

Market, By Component

• Hardware
• Software
• Service

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
  • Poland
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • South Africa