Digital Health Market Size By Technology [Telehealthcare {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], COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Jul 2021  |  Report ID: GMI833  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 300   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Digital Health Market size exceeded USD 141.8 billion in 2020 and is estimated to grow at over 17.4% between 2021 and 2027. The market growth is attributed to the growing popularity of healthcare IT. Many private and public institutions have already moved to the wave of IT adoption by fully digitizing their entire enterprise. Also, digital health technology enables to have smarter choices, allowing people to spend more time on tasks they deem valuable, thus fundamentally transforming the market space.
 

Digital Health Market Overview

Get more details on this report - Request Free Sample PDF
 

The COVID-19 pandemic has virtually disrupted all the major sectors worldwide and 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 growth. Also, given the large number of cases and the need for tracking long-term effects of vaccines has driven the demand for EHR solutions and healthcare analytics. The affect is expected to impel the adoption of digital health, thus fostering the industry expansion. However, with growing acceptance of digital health, there are increasing number of security breaches and data leaks, that may slow down the market progression.
 

Increasing use of smartphones and other mobile applications will spur the digital health market expansion

There has been a tremendous rise in the use of smartphones by physicians in the U.S. leading to increased practice of digital health. The penetration of smartphones, tablets and other mobile platforms is one-third among all U.S. adults, with physicians adopting them twice as compared to the general population. For instance, currently, it is poised that more than 5 billion people globally own a mobile device, out of which over half of them are smartphones. This has led to enormous growth of mobile applications for healthcare needs, thereby fueling the industry progression. Furthermore, rapidly improving IT infrastructure, favorable government initiatives, rising demand for remote patient monitoring services and growing venture capitalist’s investments will positively impact the industry revenue.
 

Security concerns regarding patient data may slow down the market demand

Security concerns regarding patient data may hamper the industry value. The implementation of digital health solutions such as electronic health records, e-prescriptions, medical apps require stringent data security. Breach in data security can result in incurring huge losses of critical and confidential information including medical records, which often contain social security numbers, insurance IDs, addresses and medical details, hence, adversely affecting the reputation and results of operations. Common cyber security threats include uncoordinated individual attempts to gain unauthorized access to information technology systems that are directed at the physicians, hospitals, its customers, and its third-party service providers.
 

mHealth segment is slated to showcase significant market value

Digital Health Market Size

Get more details on this report - Request Free Sample PDF
 

mHealth segment in the digital health market accounted for USD 56.4 billion in 2020. mHealth industry primarily comprises health-related mobile applications and health-related wearable devices. Due to the growing prevalence of cardiovascular diseases, such cardiac health related mobile devices are set to register robust growth in the coming years. As healthcare providers seek to maximize their patient outreach while minimizing costs, mHealth technology is viewed as the solution to improve healthcare cost-efficiency. Further, mHealth segment is driven by the increase in the use of mobile communications technology & devices to improve access to healthcare information and emergency health services & diagnostic services.
 

Rise in advent of technology and software applications will stimulate the market revenue

The software segment captured 33.5% of the market share in 2020. With advancements in technology, the acceptance rate of latest mobile applications in healthcare have increased considerably. Electronic health records (EHRs), mHealth, telemedicine and healthcare analytics are the various divisions of digital health software segment. Additionally, software segment is projected to observe a positive growth in the future, owing to affordable cost associated with these software applications. In addition, rising awareness among people about several digital health technologies to maintain a track of their daily activities and increasing concerns about health and fitness among the population will further increase the industry demand.
 

Developed healthcare IT infrastructure, and government initiatives for the implementation of digital health technologies in North America will propel the market progression

Global Digital Health Market

Get more details on this report - Request Free Sample PDF
 

North America digital health market is anticipated to register growth at over 16.2% through 2027 led by highly developed healthcare IT infrastructure, and government initiatives for the implementation of digital health technologies in healthcare facilities. Moreover, growing usage of mHealth apps coupled with rapid usage of wireless & mobile health services accelerate the market expansion.  Also, rising implementation of EHR in hospital owned ambulatory care, increasing awareness levels regarding innovative and advanced applications of medical devices are some of the factors influencing the market growth of digital health in North America. Furthermore, the implementation of HITECH Act and HIPAA Act are promoting the use of electronic health data in the U.S., thereby augmenting the industry growth.
 

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

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

Recent industry developments:

  • In February 2021, Philips announced that it has completed the acquisition of BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring. This acquisition strategy is expected to help Phillips expand their business portfolio in the market as well as customer base.
     
  • In March 2020, AT&T announced a partnership with LifedMedID and Elo Self-Service Solutions. The partnership aimed to streamline patient registrations and check-in-solution. This strategic alliance extends AT&T’s edge-to-edge digital healthcare solutions to enhance the patient outcome, thereby strengthening its market presence.   
     

The digital health market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, 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
    • Saudi Arabia

 

Frequently Asked Questions (FAQ) :

The market size of digital health exceeded USD 141.9 billion in annual revenue in 2020 and will expand at a rate of over 17.4% through 2027.
The digital health market size from the mHealth technology segment exceeded USD 56.4 billion in 2020 and will grow with the rising prevalence of cardiovascular diseases.
Software components held close to 33.5% of revenue share in 2020 and will see expansion up to 2027 with the increasing adoption of the latest mobile applications in the healthcare sector.
The North America market will record a growth rate of around 16.2% through 2027 driven by the booming healthcare IT infrastructure and the rise in government initiatives in the region.
The digital health market valuation is expected to reach USD 426.8 billion by 2027. Digital health technologies are deployed with computing platforms, connectivity, software, and sensors, and are incorporated in health care and related uses.

Premium Report Details

  • Published Date: Jul 2021
  • Pages: 300
  • Tables: 605
  • Charts / Figures: 16
  • Companies covered: 10
  • Countries covered: 17

Get a report that explains COVID-19 impact on this market

Buy Now

Need a Discount? Get in touch with us for special pricing

Request Discount

 Connect with our sales team

Chat with us
We use cookies to enhance user experience. (Privacy Policy) X