Newark, NJ, Sept. 15, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global digital health market is expected to grow from USD 96.23 billion in 2019 and to reach USD 623.20 billion by 2027, growing at a CAGR of 22.07% during the forecast period 2020-2027.
The constantly increasing healthcare IT structure has led to the market growth of digital health. Further the rising use of smart phones and wearables have increased the market demand. The increasing prevalence of chronic diseases has propelled the growth of the market. The most recent example is the COVID-19 virus which is highly contagious in nature. The number of cases has been increasing rapidly all around the world. The precautionary steps such as maintaining social distancing and imposition of lockdown has attracted more consumers towards adoption of digital health. The health caregivers have also started to provide digital service during this pandemic.
The digital health has gained popularity in the recent years owing to the growing integration of data science and healthcare. It uses electronic communication tools for facilitation of better healthcare services. Digital health has made continuous monitoring easy and viable. The usage of digital health has resulted in improving the quality of the life and decreasing the overall expenditure. It has, most importantly, increased the reachability of the health services. The remote monitoring has especially increased the comfort for patients especially for the geriatric population.
The increasing number of health apps introduced has attributed to the increasing venture capital investments and collaborations has increased the supply of digital health. Moreover, the favourable government initiatives and increasing technological advancement are the primary factors which have increased the market growth. However, high capital expenditure and the growing concern for patient data are hindering the growth of digital health market.
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Key players operating in the global digital health market include Qualcomm Technologies Inc., Samsung Electronics Co. Ltd., Philips Healthcare, AT&T Inc., GE Healthcare, Siemens Healthineers, Koninklijke Philips NV, Google Inc., Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Apple Inc., Cisco Systems, AirStrip Technologies, Telefonica S.A., Vodafone Group, BioTelemetry Inc., EClinicalWorks, iHealth Lab Inc., Mqure and others. The majority of the manufacturers present in the digital health market are keen to adopt specific expansionary strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships, in order to gain higher market shares and strengthen their position in the market. Qualcomm Technologies Inc. and Philips Healthcare are some of the biggest manufacturers present in the global market of the digital health.
- In April 2020, the major player, Philips launched a national portal for the digital exchange of COVID-19 positive patient’s data in Netherlands. This strategy was implemented to increase the customer base.
- In June 2019, Allscripts announced the acquisition of ZappRx, which is a digital health start-up. The acquisition has strengthened the digital health product portfolio of the company.
mHealth segment dominated the market and held the largest market share of 34.02% in the year 2019
On the basis of the technology segment, the global digital health market includes mHealth, tele healthcare, digital healthcare systems and healthcare analytics. The four major segments are further sub-segmented. The mHealth includes wearables, mHealth apps and services. Wearables is further categorized into glucose meters, pulse oximeters, sleep apnea monitors (PSG), BP monitors, neurological monitors, activity trackers/actigraphs. The mHealth apps further includes fitness apps and medical apps. Tele Healthcare segment includes categorized into tele-health and tele-care. Tele-health sub-segment includes LTC monitoring and video consultation. Tele-care sub-segment further includes remote medication management and activity monitoring. The digital healthcare systems further includes EHS and e-prescribing systems. The mHealth segment dominated the market and held the largest market share of 34.02% in the year 2019. The availability of more number of health apps along with better connectivity has resulted in the increasing market demand of mHealth over the years. Also, the growing adoption of the mHealth technologies by the patients and health providers is accelerating the growth of the segment.
Services segment dominated the market and held the largest market share of 38.03% in the year 2019
On the basis of the component segment, the global digital health market includes software, hardware and services. Services segment dominated the market and held the largest market share of 38.03% in the year 2019. The increasing investments in the digital infrastructure and continuous software up-gradation had contributed to the market growth of the segment.
Cardiology dominated the market and held the largest market share of 32.29% in the year 2019
On the basis of the application segment, the global digital health market includes diabetes, cardiology, sleep apnea, oncology, neurology and others. Cardiology dominated the market and held the largest market share of 32.29% in the year 2019. Cardiology deals with the heart disorder which needs constant monitoring of the heart activities. The digital health market has helped to increase the connectivity between patient and doctors which saves up the time and provides instant solution to emergency situations.
Patients dominated the market and held the largest market share of 30.11% in the year 2019
The end-user segment includes pharmaceutical companies, healthcare providers, wellness centers, gyms, fitness centers, patients and others. Patients dominated the market and held the largest market share of 30.11% in the year 2019. The patients are benefitted from the remote monitoring as it is more comfortable for them. Moreover, it is also less costly and the services can be accessed from anywhere.
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Regional Segment Analysis of the Digital Health Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global digital health market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for a significant market share of 42.63% in the year 2019. The increasing prevalence of chronic diseases and higher usage of smartphones has led to the market growth of the region. Further, the availability of advance coverage networks has propelled the market demand. However, Asia-Pacific is expected to register a prospering growth during the forecast period. The growing presence of medical device companies is the driving factor for market growth. Moreover, the increasing software development has also increased the base of the market in different countries.
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About the report:
The global digital health market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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