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

Published Date: Jun 2020  |  Report ID: GMI833  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 308   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Digital Health Market size was estimated over USD 106 billion in 2019 and the industry will grow at 28.5% CAGR through 2026. Growing number of COVID-19 cases across the globe has increased the adoption of digital health technologies and will boost the digital health industry growth.
 

Digital Health Market

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A growing number of smartphone users across the globe will be a key to driving the market growth. Rapidly growing healthcare IT infrastructure in developed and developing countries will be conducive to market growth. Furthermore, a growing awareness about importance of fitness and health among the population will increase the product adoption, driving the market growth.
 

Digital Health Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 106.3 Billion
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 28.5% 2026 Value Projection: USD 639.4 billion
Pages: 308 Tables, Charts & Figures: 616
Geographies covered (16): U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Japan, China, India, Australia, Brazil, Mexico, South Africa
Segments covered: Technology, Component and Region
Companies covered (12): AdvancedMD, Inc., Allscripts Healthcare Solutions Inc, BioTelemetry, Inc., eClinicalWorks, iHealth Lab, Inc., McKesson Corporation, Koninklijke Philips N.V., AT & T, Cerner Corporation, Cisco Systems, Athenahealth, Inc., Capsule Technologies (Qualcomm Life)
Growth Drivers:
  • Increasing use of smartphones, tablets and other mobile platforms
  • Rapidly improving healthcare IT infrastructure in industrialized nations
  • Favorable government initiatives in U.S and European region
  • Rising demand for remote patient monitoring services
  • Growing venture capital investments
Pitfalls & Challenges:
  • Security concerns regarding patient data
  • High capital expenditure and maintenance requirement

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Digital health is turning to be a cornerstone in managing the COVID-19 pandemic

Increasing number of COVID-19 cases across the globe have led to impositions of lockdowns and stringent social distancing measures by governments of the world. The highly contagious nature of the virus has driven the caregivers to use digital health technologies such as telehealth to successfully treat patients. This has driven the product adoption and is expected to propel the market expansion. As an increasing number of patients turn to digital health technologies, companies are expanding their capabilities to deal with the sudden increase in patient volume. This will increase the product demand and propel the market expansion.
 

Large number of patients with chronic diseases will stimulate the demand for remote monitoring solutions. As the COVID-19 pandemic has forced the hospitals to triage the patients, there will be a growing adoption of remote monitoring solutions to ensure the health of patients with chronic conditions. Furthermore, patients with chronic conditions and geriatric individuals are more susceptible to the corona virus infection. Thus, caregivers will prefer remote monitoring of these patients to avoid exposure and improve patient quality of life, augmenting the digital health market growth.
 

The market will witness significant demand in the future owing to these conditions. However, concerns regarding misuse of patient data and high capital expenditure and maintenance might impede the market expansion 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. These factors will boost the market growth.
 

Growing use of health analytics to track the spread of infection will drive segment growth

Digital Health Market Size

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The health analytics segment was valued at more than USD 9.7 billion in 2019 and is expected to show robust growth during the forecast period. The COVID-19 pandemic has driven the demand for health analytics software. Health analytics software has been used to track the spread of COVID-19 infection and to optimize the usage of hospital resources. Furthermore, it can also be used to triage the patients for treatment, as there has been a shortage of hospital beds due to the growing number of COVID cases.
 

The digital health systems market is forecast to exhibit more than 18% CAGR over the forecast period. 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 propel the segment growth. 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 market expansion.
 

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

The software segment held nearly 34% of digital health market share in 2019 and will exhibit robust growth over the forecast period. A growing demand for digital health software such as EHRs, fitness and medical apps, and healthcare analytics will drive the segment growth. The rising number of COVID-19 cases have created a need for software to record and track the COVID cases, thereby, propelling the demand for EHRs. Furthermore, due to shutdown of gyms and recreation clubs, there will be a growing demand for fitness apps. Also, growing geriatric population and rising chronic diseases will create a demand for medical apps. These factors will drive the digital health industry growth.
 

The hardware segment had a market value of more than USD 31 billion in 2019 and is poised to exhibit robust growth during the analysis period. 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. Growing geriatric population across the world will have a positive impact on the product demand in the market. These factors will drive the segment growth and boost the industry demand.
 

The high impact of COVID-19 on Europe will drive the regional market expansion

Europe Digital Health Market

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Corona virus has had a significant impact on Europe, with Spain and Italy being highly affected. This has overburdened the hospitals with COVID cases and left little room for other patients. Furthermore, there have been strict lockdowns across the EU nations, which has disrupted the way patients seek care. The European digital health market was valued at nearly USD 37 billion in 2019 and will exhibit rapid growth in the future. The COVID-19 pandemic has forced the governments to relax regulations relating to telehealthcare that will augment product demand and propel the market expansion.
 

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 size. These factors will drive the regional industry expansion.
 

The Germany digital health market share was valued at more than USD 11 billion in 2019 and will have substantial growth during the analysis timeframe. The country took on a novel approach to combat the COVID-19 pandemic and adopted digital health extensively to curb the spread. Furthermore, high rate of technology adoption in the country coupled with relaxation of regulations during the pandemic will drive the local market growth.
 

Growth strategies of market players are focused on increasing the customer base

A few key players in the industry are Allscripts Healthcare Solutions Inc, BioTelemetry, Cisco Systems, Honeywell International Inc, Koninklijke Philips N.V., McKesson Corporation, and Cerner Corporation. These industry players are focusing on several strategies such as acquisitions, partnerships, new product launches, mergers and collaborations to increase their customer base and market share.
 

Recent industry developments:

  • In April 2020, Philips launched a national portal for digital exchange of COVID-19 patient data in Netherlands. This launch will increase their customer base and revenue generation in the market.
     
  • In June 2019, Allscripts announced that it acquired ZappRx, a digital health start-up company. This acquisition has strengthened their digital health product portfolio and expanded their customer base.  
     

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:
 

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

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
       

Frequently Asked Questions (FAQ) :

The digital health systems segment is forecast to exhibit more than 18% CAGR through 2026.
The software segment held nearly 34% market share in 2019 and will exhibit robust growth over the forecast period.
The European market was valued at nearly USD 37 billion in 2019 while Germany was valued over USD 11 billion in 2019.

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Premium Report Details

  • Published Date: Jun 2020
  • Pages: 308
  • Tables: 588
  • Charts / Figures: 28
  • Companies covered: 12
  • Countries covered: 16

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