Digital Health Market size to cross $639.4 Bn by 2026

Digital Health Market size is projected to exceed USD 639.4 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Digital health industry will witness momentous growth amid the COVID-19 pandemic owing to increasing trends of social distancing and rising adoption of telecommunications for delivering healthcare. Various market players are launching novel services and product portfolio to cater to the growing demands of the people. Strict regulations imposed by the government to minimize the infection spread will propel the industry growth.

 

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Boom in venture capital investments for digital health start-ups

Increasing importance of digital health and technologies led to increase in venture capital investment to a great extent. For instance, in the first quarter of 2020, the venture capital investments for digital health start-ups accounted for USD 3.1 billion, about 1.5 times the investment compared to 2019 Q1. Increase in investment activities is attributed to growing adoption of various digital health services, thus propelling market growth. Also, with various governments imposing nationwide lockdown, availing healthcare services via telecommunication has become the trend. Thus, growing venture capital investments will significantly drive the market growth.
 

Growing demand for remote patient monitoring will spur the digital healthcare market

Remote patient monitoring and video consultations are expected to witness significant growth in the upcoming years and boost the digital health market expansion. There is a significant burden on the healthcare system owing to large number of coronavirus patients pool requiring medical assistance. Some patients require emergency medical services, however, as large number of patients are either asymptomatic or show minimal symptoms, the health of such patients can be monitored remotely. This will significantly lower the burden on healthcare systems and efficiently manage the COVID-19 crisis. Thus, increasing number of market players are offering novel solutions for remote patient monitoring and video consultations.
 

Browse key industry insights spread across 308 pages with 588 market data tables & 28 figures & charts from the report, 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” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/digital-health-market
 

Health and fitness apps to witness large scale adoption amid COVID-19 pandemic

mHealth segment is further bifurcated into wearables and apps. The apps segment is expected to witness 38.9% CAGR across the forecast timeframe. Implementation of stringent regulations to minimize the infection spread has led to restricted movements of people. This has influenced large proportion of the population to adopt health and fitness apps. Thus, more number of people are using health and fitness apps to track and monitor the daily activities, thereby propelling market growth.
 

Services segment will dominate the digital healthcare market

The services segment accounted for revenue of 39.2 billion in 2019. Large number of digital health companies are providing novel services to meet the growing demand of the people. For instance, in October 2019, American Well partnered with Cleveland Clinic to form a new joint venture ‘The Clinic’. Major objective of this new joint venture was to provide comprehensive digital health services to the patients through virtual visits. Such initiatives will significantly drive the market growth.
 

Large number of COVID-19 cases in the North American region will upsurge the digital health adoption

North America digital health market accounted for share of 46.2% in 2019. Large number of COVID-19 cases is one of the major reason for market growth. North America accounted for more than 1.9 million cases of coronavirus positive patients as of 5th June 2020. This will drive the industry across the region. People are adopting various digital health services for diagnosis and treatment purposes. Moreover, various market players are launching novel services to help people avail medical services at home. This will significantly boost the market growth.
 

Market players are focusing on launching various digital health services to boost market expansion

Prominent market players in the global digital health market share are McKesson Corporation, Allscripts Healthcare Solutions Inc., Cisco Systems, Inc., Qualcomm, Philips Healthcare, eClinicalWorks LLC. The market players undertake various strategic initiatives to gain a competitive edge in the digital health industry. For instance, in March 2019, Abbott announced launch of its digital health service program in India. This program enabled the doctors to support patients across broad range of healthcare needs, from prevention to awareness, adherence to treatment and motivation. By launch of the program, Abbott strengthened its market position in India.
 

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