Global Digital Health Market Size - Industry Trends & Forecast Report 2027 - PDF document

Global Digital Health Market Thriving: Projected to touch USD 480.1 Billion by 2027, growing at the CAGR of 21.4 % during the forecast period (2020-2027) Global Digital Health Market Size - Industry Trends & Forecast Report 2027 Summary Global Digital Health Market, By Technology (Tele-healthcare {Telecare (Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation)}, mHealth {Wearables (BP Monitors, Glucose Meter, Pulse Oximeter, Sleep Apnea Monitors, Neurological Monitors), Apps (Medical, Fitness)}, Health Analytics), By End Users(Hospitals,Clinics,Individuals),By Component (Hardware, Software, Services), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Trend Analysis, Competitive Market Share & Forecast, 2020-2027 A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Digital Health Market was worth USD 120.2 Billion in the year 2020. The market is estimated to grow at the CAGR of 21.4%, earning revenue of around USD 480.1 Billion by the end of 2027. The Global Digital Health Market has been influenced by the surging usage of tablets and smartphones worldwide. Furthermore, the increasing penetration of 3G and 4G networks, as well as the expanding application area, are assisting in the growth of the global digital health industry. Additionally, the market is expected to expand due to the growing demand for advanced healthcare information systems and the implementation of supportive government policies. View report Press release Sample report Global Digital Health Market Thriving: Projected to touch USD 480.1 Billion by 2027, growing at the CAGR of 21.4 % during the forecast period (2020-2027) Global Digital Health Market Size - Industry Trends & Forecast Report 2027 The Global Digital Health Market was worth USD 120.2 Billion in 2020 and is further projected to reach USD 480.1 Billion by 2027, at a CAGR of 21.4 % during the forecast period (2021-2027). The market is driven by many factors. including the widespread use of tablets and smartphones, the advent of revolutionary mobile health, the growing demand for advanced healthcare information systems, and favorable government policies. Furthermore, the increasing adoption of mobile and wearable devices, as well as electronic health record systems is expected to drive the global digital health market forward. Global Digital Health Market Overview: Digital health makes use of information and communication technologies in a wide range of healthcare processes. It is extensively used in the healthcare sector for research, early diagnosis of chronic health conditions, and the betterment of overall health and wellness. Digital health tools can also help patients alleviate certain symptoms associated with their diseases besides reducing the duration of the disease. Healthcare organizations are increasingly investing in IoT technologies because they enable end-users to provide real-time healthcare services to patients via smart devices. This is increasing the demand for digital software and solutions in the healthcare sector. Additional factors contributing to the growth of the market are the rising prevalence of chronic diseases and the aging population. Furthermore, growth in the healthcare sector and favorable government regulations are expected to drive market growth over the forecast period. Global Digital Health Market Forecast and Trends Growth Drivers Surging Adoption of Cloud Computing in Digital Health Prominent Market One of the biggest trends recently witnessed in the digital healthcare market is the soaring adoption of cloud computing. Cloud computing in healthcare surges the efficiency of the industry while reducing costs. Cloud computing also makes medical record sharing more accessible and secure, automates back-end operations, and simplifies the development and maintenance of telehealth apps. Improving patient outcomes, increased efficiency, and cost control will continue to be the ultimate factors driving forces behind the healthcare industry's shift to the cloud. Global Digital Health Market Thriving: Projected to touch USD 480.1 Billion by 2027, growing at the CAGR of 21.4 % during the forecast period (2020-2027) Growing Usage of Tablets and Smartphones raising Digital Health Adoption Rate Mobile devices and healthcare apps allow patients to become more active with their health care regimen. Digital healthcare applications enable patients to communicate more effectively with doctors and be more aware of their overall health. For example, patients nowadays are increasingly using their mobile devices like health trackers. Also, they are using their mobile devices for health management, checking symptoms, accessing medical helplines, and communicating with their healthcare provider. Mobile devices also help doctors and nurses to keep accurate records of patients and their medicines. The errors caused by handwritten notes are minimized by digitized documents. Apps can be used to perform computerized drug tests, which has proven to be extremely beneficial to healthcare providers. Restraints Data breach and security-related concerns Data breach and security issues are a major cause of concern among the customers that are likely to impede market growth over the forecast period. A medical data breach is a privacy violation involving health records. This could include either confidential health information from a patient's electronic health record or medical billing information from their health cover. The threats and costs of healthcare data breaches are much too high, putting millions of people's personal health data at risk. As a result, data protection is now the top concern in the global digital health industry. Impact of COVID-19 in the industry Restricted movement, along with self-isolation measures declared by the government of different countries to curb the spread of coronavirus is driving the expansion of the digital health industry. Since social distancing norms are making it difficult for people to visit healthcare centers, such restrictions, combined with the growing public awareness about the infection are fueling the popularity of digital health solutions. The ongoing COVID-19 pandemic has sparked a surge in demand for digital health among patients, doctors, and practitioners, and is opening up a slew of new opportunities, with social distancing being the only way to avoid exposure. The number of online consultations and video calls with doctors has increased as a result of COVID-19, thereby making it easier to comply with digital healthcare rules and regulations, which in turn is benefiting the digital health industry. Global Digital Health Market: By Technology Based on Technology, the global digital health market is categorized into Mobile Health (mHealth), Telehealthcare, and Healthcare Analytics. The mHealth Global Digital Health Market Thriving: Projected to touch USD 480.1 Billion by 2027, growing at the CAGR of 21.4 % during the forecast period (2020-2027) segment accounted for the major share in 2020 and is expected to register substantial growth in the coming years. The segment is driven by the widespread use of smartphones and internet connectivity, the availability of several mHealth applications, and the growing acceptance of these technologies by physicians and patients. Additionally, rapid technological advancements and the growth of new products are further pushing the segment growth. Global Digital Health Market: By End-Users Based on End-users, the Global Digital Health Market is categorized into Hospitals, Clinics, and Individuals. Clinics are the dominant segment in the digital healthcare market. A clinic is a health facility that focuses entirely on outpatient treatment. Clinics may be privately run or owned and subsidized by the government. In comparison to larger hospitals that provide more specialized services and accept inpatients for overnight stays, clinics usually cover the primary care needs of the patients hailing from local communities. However, the individuals’ segment is also catching up as people all over the world are adopting IT solutions at an increasing rate, Global Digital Health Market – Regional Insights Based on region, the global digital health market is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The global digital healthcare market is dominated by North America. This is mainly attributed to the growth in the acceptance of smartphones, tablets, and internet services. The increase in chronic diseases and the rise in the aging population are some other reasons contributing to the development of the market in North America. Furthermore, because of the advanced IT industry and the increasing use of Artificial Intelligence, a lot of groundbreaking healthcare solutions are launched every second day in North America. Recent Developments In April 2021, Amgen and Liva Healthcare, a European industry leader in scalable digital health coaching, have announced a major collaboration to make cardiac recovery more available to patients suffering from heart attacks. A consortium of EU bodies will help Amgen and Liva Healthcare co-create Rehab+, a groundbreaking interactive telerehabilitation solution. In April 2021, Voluntis, a pioneer in digital therapeutics, announced a partnership with Tokyo-based Eisai to design and create novel digital therapeutics (DTx) to benefit cancer patients. Competitive Landscape The key players in the global digital health market are Allscripts Healthcare Solutions Inc, BioTelemetry, Cisco Systems, Honeywell International Inc., Global Digital Health Market Thriving: Projected to touch USD 480.1 Billion by 2027, growing at the CAGR of 21.4 % during the forecast period (2020-2027) Koninklijke Philips N.V., McKesson Corporation, and Cerner Corporation, CureMD Healthcare, HiMS, Computer Programs and Systems, Inc., Vocera Communications,IBM Corporation (IBM Watson Health), Siemens Healthcare GmbH and other key manufacturers. The primary disruption in the competitive healthcare arena caused by the entry of new digital health players is the main challenge that existing players are facing. The new entrants are offering a host of services ranging from laboratory testing to interactive appointments, and they are gaining in popularity as customers shift their confidence away from conventional health. As a result, the majority of digital health players are embracing unique strategies such as technological innovation, mergers & acquisitions, joint ventures, and alliances to increase market share and strengthen their position. Scope Attribute Details Years Considered Historical data – 2016-2019 Base Year – 2019 Forecast – 2020 – 2027 Facts Covered Revenue in USD Billion Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina, AUAE, South Africa, Saudi Arabia Product/Service Segmentation By Technology, By End User, By Component, By Region Key Players Key players for Global Digital Health Market are Allscripts Healthcare Solutions Inc, BioTelemetry, Cisco Systems, Honeywell International Inc, Koninklijke Philips N.V., McKesson Corporation, and Cerner Corporation, CureMD Healthcare, HiMS, Computer Programs and Systems, Inc.,Vocera Communications, IBM Corporation (IBM Watson Health),Siemens Healthcare GmbH and other key manufacturers. · By Technology § Tele-healthcare o Telecare ü Activity Monitoring Global Digital Health Market Thriving: Projected to touch USD 480.1 Billion by 2027, growing at the CAGR of 21.4 % during the forecast period (2020-2027) ü Remote Medication Management o Telehealth ü LTC Monitoring ü Video Consultation § Mobile Health o Wearables ü BP Monitors ü Glucose Meter ü Pulse Oximeter ü Sleep Apnea Monitors ü Neurological Monitors o Apps ü Medical ü Fitness § Health Analytics · By End User § Hospitals § Clinics § Individuals · By Component § Hardware § Software § Services · By Region § North America § Latin America § Europe § Asia Pacific § Middle East § Africa Global Digital Health Market Thriving: Projected to touch USD 480.1 Billion by 2027, growing at the CAGR of 21.4 % during the forecast period (2020-2027) About us Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us at info@blueweaveconsulting.com Global Digital Health Market Thriving: Projected to touch USD 480.1 Billion by 2027, growing at the CAGR of 21.4 % during the forecast period (2020-2027)