Report Scope & Overview:
Digital Health Market size was valued at USD 220.17 Bn in 2022 and is expected to reach at USD 1633 Bn by 2030, and grow at a CAGR of 28.47% over the forecast period 2023-2030.
The integration of information technology and electronic communications with various healthcare activities is known as digital health. Telehealth, medical wearables, digital healthcare systems including EMR and EHR medical applications, healthcare analytics, and many more digital health services are available. The goal of this solution is to improve patient care, illness management, and the user's overall healthcare experience. Healthcare practitioners may also use digital health to access patient information, build a diagnostic history, eliminate the need for redundant testing, and make more efficient judgments. It also makes it easier to detect new illnesses or the deterioration of current ones, all while cutting overall healthcare expenses. Because of these advantages, it is used in both clinical and non-clinical settings throughout the medical business.
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The telehealth and teleconsultation services market are being driven by the fast-growing incidence rate of chronic diseases like Alzheimer's, diabetes, cardiovascular diseases, and cancer, which require long-term care and patient monitoring services. Telemedicine and telehealth services are fast gaining traction in the healthcare industry, with support from both government and corporate entities.
For first consultations or basic medical questions, firms are creating chatbot services. Government efforts, an increasing number of technology collaborations among industry participants, and the limitations caused by the Covid-19 epidemic are all contributing to the growing trend of digitalization in healthcare. Long-term care services and institutions are increasingly using digital health solutions such as remote patient monitoring and telecare.
MARKET DYNAMICS:
KEY DRIVERS:
Big data use in the healthcare industry.
EHR and EMR systems are becoming more popular.
Rising demand for remote patient monitoring services and expanding virtual care accessibility.
Increasing smartphone adoption and boosting internet access
OPPORTUNITY:
The majority of specialists and physicians work in cities or metropolises. This problem may be solved by using the telecloud, which allows healthcare personnel to give economical therapy to patients over large distances.
CHALLENGES:
Concerns about patient data security
significant financial investment and the requirement for upkeep
IMPACT OF COVID-19:
The extensive infection rate of Covid-19 necessitated lockdowns and travel restrictions in order to prevent the virus from spreading. Major changes were made to healthcare facilities, and treatments and consultations were prioritized according to on whether they were urgent or not. Healthcare professionals and patients are increasingly using telehealth and telemedicine solutions to eliminate in-person consultations.
To address crumbling healthcare systems and digitalize procedures, the healthcare industry quickly adopted digital health solutions such as teleconsultation, remote patient monitoring, electronic medical records, mHealth applications, virtual fitness platforms, remote medication management, and healthcare analytics. To meet the rising demand for telehealth services in remote places and make healthcare more accessible, market participants adopted a variety of techniques. To extend their product portfolios, key businesses updated their product innovation strategy.
MARKET ESTIMATION:
Due to a growth in the incidence of chronic diseases, a surge in demand for telehealth and telemedicine, and an increase in the number of internet users, the eHealth sector led the market in 2021 and is likely to maintain this trend over the forecast period. However, due to an increase in demand for remote monitoring services, an increase in the incidence of hypertension, and an increase in the number of smartphone users, the mHealth segment is predicted to develop significantly throughout the projection period. Due to advancements in healthcare information technology, an increase in demand for lowering healthcare costs, and rise in the need for structured data and workflow in the healthcare sector, the software segment led the market in 2021 and is likely to maintain this trend during the forecast period. However, due to an increase in the number of investments in digital infrastructure and increased demand for software upgrades and installation, the hardware segment is likely to develop significantly throughout the projection period. Due to a growth in the frequency of chronic diseases, a surge in demand for mHealth apps, and the usage of new technologies in the healthcare sector, the healthcare providers segment led the market in 2021 and is likely to maintain this trend over the forecast period. However, due to rising healthcare costs and increased demand for healthcare IT solutions, the payers’ sector is likely to develop significantly throughout the forecast period.
KEY SEGMENTS:
On The Basis of mHealth Product:
mHealth Devices
mHealth Services
Prevention Services
Diagnostic Services
Monitoring Services
Treatment Services
eHealth
Telehealth
Medical Apps
Others
On The Basis of Component:
Software
Hardware
Services
On The Basis of End-User:
Healthcare Providers
Payers
Healthcare Consumers
Others
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REGIONAL ANALYSIS:
North America dominated the market in 2021, with the strongest revenue increase. Growing healthcare IT spending to improve infrastructure, technological literacy, readiness to adopt advanced technological solutions, favorable government initiatives, the emergence of startups, lucrative funding options, growing smartphone penetration and advancements in internet connectivity are all factors contributing to the growth. Globalization, changing lifestyles, a growing senior population, rising chronic disease incidence rates, and increased demand for value-based care are all driving market expansion in North America.
On the other hand, Asia Pacific is expected to expand at the quickest rate in the next years as a result of advances in IT infrastructure and the introduction of entrepreneurial initiatives, both of which are contributing considerably to the market's development. The Asia Pacific market is expanding due to rising smartphone penetration, increased use of activity trackers and wearables, and increased demand for healthcare analytics. Changes in data privacy and cyber security measures are assisting the market's development and expansion. The market is growing due to increased government expenditure and assistance in areas such as remote patient monitoring to provide inexpensive and accessible healthcare services for people in developing nations.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
KEY PLAYERS:
The major key players are Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco Systems, eCLINICALWORKS, General Electric company, Koninklijke Philips N.V, Honeywell International Inc., Mckesson Corporation, Siemens Healthcare AG, Qualcomm technologies, Inc. & Other Players
| Report Attributes | Details |
| Market Size in 2022 | USD 220.17 Bn |
| Market Size by 2030 | USD 1633 Bn |
| CAGR | CAGR of 28.47% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by mHealth Product (mHealth Devices and mHealth Services) • by Component (Software, Hardware, Services) • by End-User (Healthcare Providers, Payers, Healthcare Consumers, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco Systems, eCLINICALWORKS, General Electric company, Koninklijke Philips N.V, Honeywell International Inc., Mckesson Corporation, Siemens Healthcare AG, Qualcomm technologies, Inc. |
| Key Drivers | • Rising demand for remote patient monitoring services and expanding virtual care accessibility. • Increasing smartphone adoption and boosting internet access |
| Market Challenges | • Concerns about patient data security • significant financial investment and the requirement for upkeep |
Ans:- The Digital Health Market size was valued at USD 171.38 Bn in 2021.
Ans:- Concerns about patient data security and significant financial investment and the requirement for upkeep.
Ans:- The major key players are Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco Systems, eCLINICALWORKS, General Electric company, Koninklijke Philips N.V, Honeywell International Inc., Mckesson Corporation, Siemans Healthcare AG, Qualcomm technologies, Inc.
Ans:- The primary growth tactics of Digital Health Market participants include merger and acquisition, business expansion, and product launch.
Ans:- The study includes a comprehensive analysis of worldwide Digital Health Market trends, as well as present and future market forecasts,Porter's five forces analysis aids, study of buyer and supplier potential and competitive landscape etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Digital Health Market Segmentation, by mHealth Products
8.1 mHealth Devices
8.1.1 Blood Glucose Meter
8.1.2 BP Monitors
8.1.3 Pulse Oximetry
8.1.4 Neurological Monitors
8.1.5 Cardiac Monitors
8.1.6 Apnea & Sleep Monitors
8.1.7 Others
8.2 mHealth Services
8.2.1 Prevention Services
8.2.2 Diagnostic Services
8.2.3 Monitoring Services
8.2.4 Treatment Services
8.2.5 eHealth
8.2.6 Telehealth
8.2.7 Medical Apps
8.2.8 Others
9. Digital Health Market Segmentation, by Component
9.1 Software
9.2 Hardware
9.3 Services
10. Digital Health Market Segmentation, by End-User
10.1 Healthcare Providers
10.2 Payers
10.3 Healthcare Consumers
10.4 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Allscripts Healthcare Solution, Inc.
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Cerner Corporation
12.3 Cisco Systems
12.4 eCLINICALWORKS
12.5 General Electric company
12.6 Koninklijke Philips N.V
12.7 Honeywell International Inc.
12.8 Mckesson Corporation
12.9 Siemans Healthcare AG
12.10 Qualcomm technologies, Inc
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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