Report Id: SNS/ICT/1282 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The Digital Health Market size was valued at USD 171.38 Bn in 2021 and is expected to reach at USD 989.85 Bn by 2028, and grow at a CAGR of 28.47% over the forecast period 2022-2028.
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.
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.
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
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.
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.
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.
On The Basis of mHealth Product:
On The Basis of Component:
On The Basis of End-User:
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
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.
|Market Size in 2021||US$ 171.38 Bn|
|Market Size by 2028||US$ 989.85 Bn|
|CAGR||CAGR of 28.47% From 2022 to 2028|
|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, Siemans 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
Frequently Asked Questions (FAQ) :
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
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
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
8.2 mHealth Services
8.2.1 Prevention Services
8.2.2 Diagnostic Services
8.2.3 Monitoring Services
8.2.4 Treatment Services
8.2.7 Medical Apps
9. Digital Health Market Segmentation, by Component
10. Digital Health Market Segmentation, by End-User
10.1 Healthcare Providers
10.3 Healthcare Consumers
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Allscripts Healthcare Solution, Inc.
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
12.5 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
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.