According to the latest report by Reports and Data, the global digital health market size was USD 97.78 Billion in 2020 and is expected to reach USD 328.48 Billion in 2028 and register a revenue CAGR of 16.4% during the forecast period, 2021-2028.
Reports and Data has published its latest report titled “Digital Health Market, By Component (Hardware, Software, Services), By Technology (Telehealth, Mobile Health, Digital Health Systems, Healthcare Analytics), By End-use (Hospitals & Clinics, Diagnostic Centers, Others), and By Region, Forecast to 2028”
According to the latest report by Reports and Data, the global digital health market size was USD 97.78 Billion in 2020 and is expected to reach USD 328.48 Billion in 2028 and register a revenue CAGR of 16.4% during the forecast period, 2021-2028.
Rising demand for personalized medicine, rising adoption of mHealth technology, and rapid incorporation of artificial intelligence, blockchain technology, and virtual reality (VR) in healthcare are among the key factors expected to drive market revenue growth over the next few years
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Drivers, Restraints, and Opportunities:
Revenue growth of the global digital health market is majorly attributed to factors such as rising burden of chronic diseases like cancer, cardiovascular disease, stroke, asthma, and chronic pulmonary obstructive disease (COPD), and rapid incorporation of artificial intelligence, virtual reality (VR), and blockchain technologies in healthcare. Increasing accessibility of the Internet worldwide, growing availability of 5G network connectivity, increasing penetration of mobile devices such as smartphones and tablets, and rising adoption of the mobile health (mHealth) technology and smart wearable devices are among the other key factors accounting for the global digital health market revenue growth.
Rising trend of digital health can be attributed to the growing demand for personalized medicine and emergence of advanced healthcare IT solutions. Digital health technologies deliver advanced healthcare services to users, enabling them to make well-informed medical decisions and better manage chronic diseases remotely. It also enables healthcare providers to access patient data in real-time and track their health and physical activities outside of healthcare settings. The COVID-19 pandemic has led to an unprecedented rise in demand for digital health services across the globe. Amid the ongoing pandemic, telehealth & telemedicine, real-time patient monitoring solutions, and e-consultation apps have gained robust traction, thus accelerating the growth of the global digital health market. Hence, growing demand for eHealth (electronic health) services, increasing focus of healthcare companies on personalized and precision medicine, development of advanced and innovative health tracking apps and wearables, and rising adoption of digital health solutions such as EHR (electronic health record), healthcare CRM (customer relationship management) tools, and e-prescriptions for better patient data management, remote patient monitoring, improved doctor-patient communication, and enhanced quality of care are driving market revenue growth to a significant extent. However, increasing incidences of cybersecurity threats and data breaches, rising concerns of patient data safety, and lesser or no accessibility of digital health technology in most underdeveloped countries around the world are certain factors expected to restrain market growth.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Services Segment Accounted for Significant Revenue Growth in 2020:
Based on component, the global digital health market is segmented into hardware, software, and services. The services segment register significant revenue growth in 2020. Increasing patient pool, rising adoption of digital heath technologies in healthcare settings such as hospitals & clinics, growing need for healthcare IT services such as routine support and maintenance & security services, and growing use of advanced digital health tools to improve the efficiency and performance of healthcare workers and better manage health data are among the key factors supporting revenue growth of this segment.
Mobile Health (mHealth) Segment to Lead in Terms of Revenue Growth:
Among technology segments, the mHealth segment, which is further segmented into connected devices and mHealth apps (fitness apps and medical apps), is expected to register the fastest revenue growth rate in the global market over the forecast period. Rapid adoption of mHealth technology amid the pandemic, rising popularity of fitness apps, growing use of smartphones and tablets, and rising trend of e-consultations and virtual visits are key factors contributing to the revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America digital health market accounted for the largest revenue share in the global market in 2020. Increasing adoption of cutting-edge digital health solutions and services, rising need for remote patient monitoring services during the pandemic, development of numerous mHealth apps, and rising focus on personalized healthcare are major factors driving the North America market revenue growth. Rising geriatric population, increasing prevalence of chronic and lifestyle-induced diseases, increasing healthcare expenditures of people, and rising trend of telehealth are other factors boosting revenue growth of the regional market.
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Major Companies in the Global Digital Health Market Include:
- Koninklijke Philips N.V.
- Cerner Corporation
- Siemens Healthineers AG
- Apple Inc.
- Allscripts Healthcare Solutions, Inc.
- Epic Systems Corporation
- McKesson Corporation
- GE Healthcare Inc.
- Qualcomm technologies Inc.
- Cisco Systems Inc.
Market Segmentation:
For the purpose of this report, Reports and Data has segmented the global digital health market based on component, technology, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
- Hardware
- Software
- Services
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Telehealth
- Teleconsulting
- Telemonitoring
- Mobile Health (mHealth)
- Connected Devices
- mHealth Apps
- Fitness Apps
- Medical Apps
- Digital Health Systems
- Electronics Health Record (EHR)
- E-prescribing Systems
- Healthcare Analytics
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals & Clinics
- Diagnostic Centers
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of Middle East & Africa
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