Digital Health Market worth over $426.8bn by 2027

Digital Health Market size is set to surpass USD 426.8 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Rapidly improving IT infrastructure, rising demand for remote patient monitoring services and growing venture capitalist’s investments will positively impact the market growth. Also, favorable initiatives by the federal government are set to encourage the market expansion in the coming years.

 

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The highly contagious nature of the COVID-19 virus has driven the caregivers to use digital health technologies such as mHealth apps and telehealth solutions to successfully treat patients. According to the study conducted by SSCG Media Group, in March 2020, 53% of the healthcare practitioners were using telemedicine owing to the restrictions imposed on account of the pandemic. This has driven the product adoption during the pandemic. In addition, as an increasing number of patients turn to digital health technologies, companies are also expanding their capabilities to deal with the sudden increase in patient volume. This has increased the product demand, thereby positively impacting the market.
 

Rising demand for remote patient monitoring services will foster the market progression

The growth of digital health market is led by remote patient monitoring services due to their capability to monitor various chronic conditions from remote location. Moreover, increasing prevalence of chronic diseases such as cardiovascular disorder, cancer, and diabetes should propel the acceptance of remote patient monitoring services and fuel the industry growth. Also, the market is witnessing growing demand for independent and healthy living life by growing aging population, thereby, impacting the remote patient monitoring devices market. Furthermore, with the growing trend of remote monitoring, patients can get access to high-quality healthcare facilities conveniently, saving a large amount of time and money by avoiding unnecessary trips to healthcare centers and hospitals.
 

High capital expenditure and maintenance requirement may hamper the digital health market revenue

High capital expenditure and maintenance requirement may hamper the industry expansion. The implementation of technologically advanced systems incurs heavy initial costs of consulting and planning. Also, apart from this, huge cost is needed for installation of systems, hardware, and IT upgrades for broader enterprise-wide usage.
 

Browse key industry insights spread across 300 pages with 605 market data tables & 16 figures & charts from the report, “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” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/digital-health-market
 

Growing usage of EHR and e-prescribing systems in healthcare centers will spur the segment growth

The digital health system is expected to showcase 7.1% growth rate and will reach USD 106.6 billion by 2027. The super specialty clinics and hospitals are using healthcare informatic technologies such as electronic health record (EHR) and radiology information system (RIS) that are integrated with medical transcription IT solutions. These technologies help to lessen the medical documentation timelines and help invest greater effort in diagnostic procedures and early adoption of such health information technology systems.
 

Services segment will dominate the digital health market value

The services segment accounted for USD 50.5 billion in 2020 owing to the increasing digital health services provided by various vendors coupled with rising outsourcing facilities of cloud services. Also, 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.
 

High penetration of mobile health in European region will upsurge the digital health acceptance

Europe digital health market captured over 34.6% of revenue share in 2020. In European region, mobile health market is gaining momentum, with mobile applications widely being used for improving health and lifestyle. The array of mhealth apps for patients and doctors for specific diseases, disabilities and for health improvement are constantly being developed in this region. Additionally, high market penetration of technically advanced digital health devices and the existence of favorable government initiatives is poised to impel the market during the forecast period. Furthermore, various market players are launching novel services to help people avail medical services at home.
 

Market leaders are focusing on launching various digital health services to boost the market demand

Prominent companies functioning in the digital health market are McKesson Corporation, Allscripts Healthcare Solutions Inc., Cisco Systems, Inc., Philips Healthcare, eClinicalWorks LLC. The industry participants undertake various strategic initiatives to gain a competitive edge in the market.

 

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