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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.
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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.
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.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 141.9 Billion (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 17.4% |
2027 Value Projection: | 426.9 Billion (USD) |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 300 |
Tables, Charts & Figures: | 621 |
Segments covered: | Technology, Component and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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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.
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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.
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.
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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.
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.
Market, By Technology
Market, By Component
The above information is provided for the following regions and countries: