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Digital Health Market Size By Technology [Telehealthcare {Telecare (Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation)}, mHealth {Wearables (BP Monitor, Glucose Meter, Pulse Oximeter, Sleep Apnea Monitor, Neurological Monitor), Apps (Medical, Fitness)}, Digital Health System (EHR, e-prescribing System)], Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Spain, Italy, Russia, Poland, Japan, China, India, Australia, Brazil, Mexico, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

Published Date: November 2016 | 110 Pages | Report ID: GMI833 Report Format: PDF

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Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Digital Health Market size was USD 51.3 billion in 2015, with 25.9% CAGR estimation from 2016 to 2024.

U.S. Digital Health Market size, by Technology, 2012- 2024 (USD Billion)
U.S. Digital Health Market size, by Technology, 2012- 2024 (USD Billion)

Increasing use of smartphones, tablets, and other mobile platforms, rapidly improving IT infrastructure and favorable government initiatives are some of the significant factors driving the global digital health market size.

Penetration of smartphones, tablets and other mobile platforms is growing worldwide. Over a third of the world’s population is projected to own a smartphone by 2017, up from just fewer than 10 percent in 2011. There has been a tremendous rise in the use of smartphones by physicians in the U.S. leading to a practice of digital health. With rising pressure for cost cutting in healthcare, providers are seeking m-health technologies for health monitoring.

Healthcare IT market will remain a strong growth platform, as we continue to integrate healthcare systems with improved government support. Favorable initiatives have led to the introduction of technologically advanced healthcare IT facilities, and sophisticated healthcare infrastructure supporting the growth of the market size. For instance, the U.S. implemented the HITECH Act (Health Information Technology for Economic and Clinical Health), and funded hospitals and doctors collectively $20 billion to support installation and use of EHRs.

Global market growth is significantly driven by remote patient monitoring services owing to capability to supervise illnesses from a remote location. Moreover, increasing prevalence of diseases such as cardiovascular, cancer, and diabetes should propel the adoption of these services.  The industry should witness a significant rise in number of independently living geriatric population benefitting from remote patient monitoring services.

Global Digital Health Market, By Technology

Digital health systems market which comprise of electronic health records and e-prescribing systems grabbed the largest revenue share of 62% in 2015. The segment was predominantly driven by EHR (electronic health records), with target market size slated to reach over USD 116 billion by 2024 with 16.7% CAGR over forecast period. Technological advancements, rising investments in interoperability and favorable government initiatives should expand digital health systems market size.

Telehealthcare market size is slated to witness healthy growth due to growing prevalence of chronic diseases, increased funding for telehealth, scarcity of doctors in the U.S., development in telecommunication infrastructure and increasing awareness levels of tele-health.

mHealth market size is slated to grow at a highest 36.5% CAGR during the forecast timeframe reaching over USD 205 billion by 2024. The industry is driven by an increase in usage of mobile communications technology & devices to improve access to healthcare information, increase in the sales of smartphones, improved distribution of routine and emergency health services and diagnostic services.  mHealth technology is viewed as the solution to improve healthcare cost-efficiency, as the providers seek to maximize their patient outreach at minimal costs.

Health analytics is emerging avenue in digital health system that help reduce healthcare costs, misdiagnosis, and provide consistent and reliable information to care team. The segment should witness robust growth over forecast period due to growing healthcare budget constraints worldwide.

Global Digital Health Market, By Region

U.S. market share continues to dominate the global landscape, with target revenue slated to exceed USD 152 billion by 2024. Rising incidences of chronic diseases, increasing geriatric population base and implementation of HITECH Act and HIPAA Act should promote business expansion.

Germany digital healthcare industry held over 30% of regional revenue share with USD 5.4 billion in 2015 and expected to reach over USD 40 billion by 2024. Rapid technological innovation, increasing smart phone penetration, national usage of eHealth cards and favorable regulations regarding e-health provide boost to digital health and wellness business.

China market size will grow at over 30% to exceed USD 17 billion by 2024. Government initiatives to encourage eHealth to address unmet healthcare needs and widespread adoption of new technologies such as mobile devices will drive business growth.

Competitive Market Share

Global digital health market size is fragmented in nature, with large corporations, local small players as well as start-ups joining the industry competition.  The key industry participants will hold maximum digital health market share owing to strong financial muscle, brand recognition and premium after sales service. The major players include McKesson Corporation, Qualcomm, LifeWatch, and Philips Healthcare, AT & T.

The other business participants include Cerner Corporation, Cisco Systems, Athenahealth, iHealth Lab, and eClinicalWorks.

Global Digital Health Industry Background

Global digital health market share is anticipated to face limitations in term of security regarding patient data. The implementation of digital health solutions such as electronic health records, e-prescriptions, medical Apps require full-proof data security, without which the physicians and hospitals business is at stake. There has been an unprecedented rise in number of cyber threats and incidents. As per the records maintained by Department of Health and Human Services, health records of around 88.4 million people were breached through hacking or theft, in 2014. Hence, the digital health adoption should be coupled with deployment of comprehensive measures to detect and prevent these threats and continuously monitor IT networks and systems as well as maintain backup and protective systems.

What Information does this report contain?

What was the historic market data from 2013 to 2015, what is the industry growth forecast from 2016 to 2024?
A detailed analysis of regulatory trends, growth drivers, industry pitfalls, challenges and opportunities for participants
Which are the leading market products, applications & regions and how will they perform by 2024?
What are the technology & innovation trends, how will they evolve by 2024?
Which companies lead the industry, how are they positioned in the market in terms of sustainability, competency, production capacity and strategic outlook?

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