Growing Demand for Remotely Monitoring Healthcare Services to Boost the Growth of the Global Digital Health Market in the Coronavirus Pandemic - Exclusive Report by Research Dive

The spread of COVID-19 virus across the globe has positively impacted the global digital health market due to increased demand for remotely monitoring healthcare services during the pandemic period. The global market is predicted to continue to witness strong growth by 2027.

New York, USA, Aug. 10, 2021 (GLOBE NEWSWIRE) -- The newly published research report by Research dive on the global digital health market elucidates the impact of COVID-19 pandemic on the present and future outlook of the market. Comprehensive analysis on drivers, challenges, restraints, lucrative opportunities, key segments, COVID-19 impact on the market, and competitive landscape are further delivered in the report.

Highlights of the Report

The outbreak of the COVID-19 has made promising impact on the global digital health market. According to the report, the global digital health market gathered $99.4 billion in 2019, and is projected to garner $1,045.8 billion by 2027, and exhibit a CAGR of 33.4% during the forecast period from 2020 to 2027. The probable market size in 2020 was $127.5 billion before the outbreak of COVID-19. However, due to the COVID-19 pandemic, the market size increased to $139.1 billion due to the growing adoption of digital health services to get real time health information during the chaotic situation.

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Factors Impacting the Market Growth during COVID-19 Pandemic

As per the analysts of Research Dive, the demand for digital health services have increased rapidly during the COVID-19 pandemic. This is mainly because healthcare authorities are employing several policies to promote remote monitoring and telemedicine, as a part of ‘healthcare + internet’ strategy. According to this strategy, healthcare authorities are encouraging digital health services to start online consultation platform for heart diseases, chronic disorders, as well as for COVID-19. These factors are projected to boost the growth of the digital health market in the pandemic period.

Additionally, the leading market players are implementing several growth approaches to hold a significant position during the chaotic situation. For instance, in July 2020, Koninklijke Philips N.V. entered into a collaboration with BioIntelliSense with an aim to improve remote patient monitoring solutions for patients with high risk and the ones outside the hospital. This initiatives and collaborations by major companies are helping the global market to grow further.

Increasing Demand For Remotely Patient Monitoring Services, During The COVID-19 Outbreak To Promote The Development Of Global Digital Health Market

Future Scope of the Market

The global digital health market is expected to continue to witness striking growth even after the pandemic over the forecast period, majorly due to various digital health services advantages offered to patients such as preventing diseases, monitoring & managing chronic conditions, and minimizing healthcare expenditure. Besides, the growing demand for remotely monitoring services due to rising concerns to improve the lifestyle of an individual without any need to visit physicians is expected to propel the demand for digital health services in the coming years. Moreover, the government bodies across the globe are taking initiatives to support the digitalization of healthcare facilities. For example, Indian Ministry of Health & Family Welfare eHealth Section, in July 2019 released new national digital health blueprint, which is designed to improve health IT programs in the country.

Furthermore, incorporating innovative technologies such as Internet of Things (IoT) and artificial intelligence (AI) to advance digital healthcare is estimated to generate significant growth opportunities for the global digital health market.

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Major Market Players

The key players operating in the global digital health industry include -

  1. Allscripts Healthcare, LLC
  2. McKesson Corporation
  3. CISCO
  4. AirStrip
  5. Koninklijke Philips N.V.
  6. Google Inc.
  7. BioTelemetry, Inc.
  8. Cerner Corporation
  9. Honeywell International Inc.
  10. Telefónica S.A.

These players are implementing various strategies such as strategic partnerships, technological advancements, product launches, and others to gain a competitive edge in the global industry.

For instance, in July 2021, Royal Philips, a worldwide leader in health technology, and Cognizant, an IT company, entered into a new collaboration in order to develop end-to-end digital health solutions. This will enable healthcare and life sciences companies to accelerate clinical trials and improve patient care.

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