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  • Digital Health Market Growth & Forecast Analysis | 2022-2028

    Digital Health Market Growth & Forecast Analysis | 2022-2028

    Digital Health Market Growth & Forecast Analysis | 2022-2028
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    Digital Health Market Size, Share, Trends, Dynamics, Growth, & Forecast Analysis- 2022 See more...

    Market Insights

    The digital health market was estimated at USD 174.2 billion in 2021 and is likely to grow at a CAGR of 18.2% during 2022-2028 to reach USD 561.52 billion in 2028.

    Digital-Health-Market-Insights
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    What is digital health?

    Digital health is defined as the incorporation of electronic communication and information technology used in managing different healthcare processes for people’s health and well-being. This concept is an umbrella term for mHealth apps, wearable devices, electronic health records, electronic medical records, telemedicine, telehealth, etc.

    COVID-19 IMPACT

    The COVID-19 pandemic has radically altered people's daily lives, workplaces, and the surrounding environment. According to the market forecast for digital health, the current estimate for 2028 is expected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has had little impact on the growth of the market because the COVID-19 lockdown enabled the widespread adoption of digital health. The pandemic has compelled the development of safer and more efficient methods of constructing offices and homes.

    Digital Health Market Highlights

    Market Size in 2021

    USD 174.2 billion

    Market Size in 2028

    USD 561.52 billion

    Market Growth (2022-2028)

    18.2% CAGR

    Base Year of Study

    2021

    Trend Period

    2017-2020

    Forecast Period

    2022-2028

    Segments Covered

    By Technology Type (Tele healthcare, mHealth, Health Analytics, and Digital Health Systems),

    By Component Type (Hardware, Software, and Services),

    By Region.

     

    According to the Data Protection Report, 2021, there was a 73% increase in healthcare cybercrime and data breaches in 2020, exposing 12 billion units of healthcare information. 

    Smartphones or mobile phones have evolved from communication and entertainment devices to health and wellness monitoring devices. According to Pew Research Center, by 2021, 97.0% of U.S. residents will own smartphones.

    Companies are developing innovative mobile applications to track daily activities such as well-being, exercise, nutrition, and development, thereby providing excellent medical services and comfort to customers.

    Besides, users can acquire data from mobile applications about clinical requests, plan arrangements, track interviews, store their medical care data, and track and request their clinical solutions.

    Additionally, For the past 5 to 6 years, the Internet of Things (IoT) has become one of the most prominent digital platforms in healthcare. IoT has evolved to the point where it is significantly transforming the healthcare sector by facilitating various activities such as efficient tracking of staff, patients, and inventories; optimizing drug prescription; ensuring availability of critical medical equipment; and addressing chronic diseases.

    The evolution and deployment of big data play a significant part in enabling an uninterrupted tailored digital experience by assisting a service provider in optimizing resources and time to provide superior healthcare services.

    Segment Analysis

    Technology Trends

    The tele-healthcare segment is projected to maintain its dominance by owning more than 36% of the market share in 2021.

    The market is segmented as tele-healthcare, mHealth, health analytics, and digital health system. It is owing to the increasing geriatric population, growing prevalence of chronic diseases, improving accessibility to the internet, and absence of skilled healthcare professionals.

    Component Trends

    The market is segmented into hardware, software, and services. The services segment is expected to remain the most dominant in the market over the forecast period and owing more than 45% share in 2021 due to the growing demand for remote patient monitoring, synchronous services, and asynchronous services.

    Regional Insights

    North America held the highest market share of more than 45% in 2021 and grew with a lucrative CAGR over the forecast period, owing to a well-developed healthcare infrastructure, huge healthcare expenditure, high adoption of advanced technology, and the presence of a tech-savvy population.

    Digital-Health-Market-Insights

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    Market Scope & Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories. 

    By Technology Type

    • Tele healthcare  
    • mHealth 
    • Health Analytics
    • Digital Health Systems

    By Component Type

    • Hardware
    • Software
    • Services

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Digital-Health-Market-Segmentation

    Click Here, to know the market segmentation details.

    Key Players

    Key players operating in the market are-

    • AdvancedMD Inc.
    • Allscripts Healthcare Solutions Inc.
    • Biotelemetry Inc.
    • iHealth Lab Inc.
    • McKesson Corporation
    • Koninklijke Philips N.V.
    • AT & T
    • Cerner Corporation
    • Cisco Systems.

    Market Dynamics

    The growth of the digital health market is primarily driven by-

    • Rising smartphone or mobile phone penetration & integration of advanced technologies, such as the internet of things (IoT) & artificial intelligence (AI),
    • Advancing healthcare IT infrastructure,
    • Increasing demand for remote patient monitoring services.

    Furthermore, digital health policies are ambiguous and differ among countries and regions. Increasing smartphone penetration, improved internet connectivity with the introduction of 4G/5G, advancement in healthcare IT infrastructure, growing need to minimize healthcare costs, rising prevalence of chronic diseases, and increased access to virtual care.

    The increased usage of the internet and smart gadgets in the healthcare sector is raising cybersecurity concerns. The number of incidences of hacking and accessing personal information via linked and smart devices has significantly increased.

    Because of data security issues regarding healthcare information, governments, healthcare organizations, and experts are hesitant to implement digital health solutions on a bigger and national scale.

    Digital Health-Market-Snapshot

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    The World Health Organization (WHO) has recognized the potential of digital health solutions to improve healthcare access and outcomes and has provided some statistics on the digital health market. Here are some key stats on the digital health market from the WHO:

    Mobile Health (mHealth): The WHO reports that more than 325,000 mobile health apps are available in app stores, with around 3.4 billion smartphone users globally. mHealth technologies provide healthcare information and services, remote patient monitoring, and appointment reminders.

    Telemedicine: According to the WHO, telemedicine can help to overcome geographical barriers, increase access to care, and reduce the cost of healthcare. Telemedicine services have been increasingly used during the COVID-19 pandemic, and the WHO has reported that telemedicine consultations have increased by up to 500% in some countries.

    Electronic Health Records (EHRs): The WHO recognizes the importance of EHRs in improving healthcare outcomes and reducing medical errors. EHRs enable the sharing of patient data between healthcare providers and can help to ensure that patients receive the right care at the right time.

    Digital Health for Universal Health Coverage (UHC): The WHO has identified digital health as a key enabler for achieving universal health coverage. Digital health solutions can help to improve healthcare access and quality, reduce healthcare costs, and promote health equity.

    Overall, the WHO recognizes the potential of digital health solutions to transform healthcare and improve health outcomes, and supports the adoption of these technologies to achieve universal health coverage.

    Report Features

    This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market. 

    • Overview, industry life cycle analysis, supply chain analysis
    • Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Trend and forecast analysis
    • Segment trend and forecast
    • Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
    • Attractive segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors

    Report Features

    Market Segmentation

    3

    Regions Covered

    4

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >150

    Company Profiles

    9

    Target Audience

    The target audience of the market includes-

    • Digital health companies
    • Digital health distributors
    • Government organization

    Critical Questions Answered in the Report

    • What are the key trends in the market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with companies across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the end-use types by battery chemistry type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Recent Developments

    July 2022, Facebook co-founder's VC firm eyes digital health tech and fintech for the investment. It is also looking to invest in logistics and supply chains, helping industries to scale up digitization.

    In July 2022, Altera Digital Health signed a new agreement with SingHealth to enhance healthcare delivery, The continued partnership will support SingHealth in streamlining its clinical workflows to enhance care coordination.

    Frequently Asked Questions (FAQs)

    The market was estimated at US$ 174.2 billion in 2021.

    The market is likely to reach US$ 561.52 billion in 2028.

    The market is growing at a CAGR of 18.2% over the forecast period.

    Digital health is defined as the incorporation of electronic communication and information technology used in managing different healthcare processes for peoples health and wellbeing. This concept is an umbrella term for mHealth apps, wearable devices, electronic health records, electronic medical records, telemedicine, and telehealth, etc.

    AdvancedMD Inc., Allscripts Healthcare Solutions Inc., Biotelemetry Inc., iHealth Lab Inc., McKesson Corporation, Koninklijke Philips N.V., AT & T, Cerner Corporation, Cisco Systems. are the key players in the market.

    Rising smartphone or mobile phone penetration & integration of advanced technologies, such as the internet of things (IoT) & artificial intelligence (AI)., Advancing healthcare IT infrastructure., Increasing demand for remote patient monitoring services.

    The study period of the market is 2016-2028.

    The tele-healthcare segment and services segment are estimated to grow with the highest CAGR during the forecast period.