Digital Health Market Segments: By Technology (Mobile Health, Electronic Health Record, Telemedicine & Healthcare Analytics); By Component (Software, Hardware and Services); By End User (B2B & B2C); and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
[ 170 + Pages Research Report ] Digital Health Market to surpass USD 969.1 Billion by 2030 from USD 132.8 Billion in 2018 at a CAGR of 18.00% throughout the forecast period, i.e. 2019-30.
Intersection of genomic & emerging technologies with healthcare and society is emerging health. It helps to generate customized and reliable medications and also increases healthcare delivery quality. Continuous tracking has been made simple and viable by digital health. The use of digital health has contributed to an increase in the quality of life and a decrease in total spending. The discipline requires the use of ICTs to help overcome the health issues and difficulties faced by people under care. These innovations provide solutions and services for both hardware and software, including telemedicine, web-based research, email, cell phones and apps, text messages, wearable devices, and sensors for clinical or remote monitoring. Digital health is primarily concerned with the advancement of integrated health systems to facilitate the use of computational technology, mobile devices, techniques for computational analysis, and communication media.
Global Digital Health Market to surpass USD 969.1 Billion by 2030 from USD 132.8 Billion in 2018 at a CAGR of 18.00% throughout the forecast period, i.e. 2019-30. Growing penetration of smartphones and tablets, increasing demand for remote patient monitoring services, creative mobile health (mHealth) technology applications, increasing demand for advanced health information systems, and government funding for these solutions are expected to drive the growth of the global digital health market over the coming years.
Global Digital Health Market is segmented by technology into mHealth, telehealthcare, digital healthcare systems, and healthcare analytics. The greater market share in 2018 was accounted for by mHealth segment and is expected to see the highest growth during the forecast period. The mHealth includes wearables, mHealth apps, and services. The dominance of the segment is due to the ability of technology to distribute knowledge and information to a broad population more rapidly. The availability of more health apps coupled with increased accessibility has resulted in rising market demand mHealth segment over the forecast period. The usage of mHealth technologies by patients and health care providers also accelerates the growth of the segment. Besides, the key factors driving the mHealth segment are increasing penetration of smartphones and internet access and increased adoption of mHealth technologies by physicians and patients.
Global Digital Health Market is segmented by component into Hardware, Software, and Services. The greater market share in 2018 was accounted for by the services segment owing to factors such as rapid hardware and software development and an increase in the number of software updates. These facilities include different operations, such as installation, training and integration, and updating. Besides, the demand for software platforms such as Electronic Health Records (EHR) is driving demand for services as businesses are increasingly focused on delivering post-installation services, including training, optimization, staffing, clinical and other services. Whereas rapid technical developments and rising wearable device penetration are the main factors driving consumer demand for hardware. in the market.
Growing Cloud Computing based Applications
Growing application of cloud computing in healthcare settings is one of the major trends being observed in the digital health industry. Computing resources have become cheaper, more efficient, and more readily accessible than before because of the rapid advancement in processing and storage technologies. This technological trend has allowed the development of a new model of computing, called cloud computing, in which on-demand services are supplied to users through the internet. Medical applications, such as pharmacy orders and physician inquiries, are included in these resources; and non-clinical applications, including sales cycle management and patient billing.
Government Initiative for Digital Health Solutions
Increasing funding from government organizations plays a key role in the digital health market's growth. Several government agencies provide support for the introduction of digital technologies in healthcare facilities, in the form of funding and initiatives. Government measures such as awareness campaigns and healthcare IT R&D funding are expected to fuel the growth of the sector. The goal of those initiatives was to increase access to medical care. The growth of the digital health market is also driven by the rising demand for an integrated healthcare information system.
High cost of Digital Health products
A key factor expected to restrict the growth of the global digital health market over the forecast period is the growing security issues related to patient data. Besides, a further factor expected to hamper the growth of the target market in the near future is higher capital costs for the construction of technologically advanced systems. The growth of the global digital health market is also limited by stringent regulatory requirements in the United States and risks associated with data privacy and protection.
Allscripts Healthcare Solutions
Global Digital Health Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Global Digital Health Market in North America held the largest market share of USD 132.8 Billionin the year 2018. The rising prevalence of chronic diseases and higher smartphone use have contributed to the region's growth in the industry. In addition, consumer growth has been propelled by the availability of advanced coverage networks. Due to the growing demand for technologically advanced products and government initiatives for the implementation of e-Health legislation across different countries in this region, the market in Europe is expected to register a significant share over the forecast period. Asia-Pacific, however, is expected to experience prosperous growth during the forecast period. The increasing involvement of companies with medical devices is the driving force for the growth of the industry. In addition, the growing production of software has expanded the market base in different countries as well.
Global Digital Health market, which is highly competitive, consists of several major players such as Qualcomm Incorporated, Cerner Corporation hold a substantial market share in the Global Digital Health market. Other players analyzed in this report are AT&T Inc., Apple Inc., AirStrip Technologies LP, Alcatel-Lucent Corporation, Cerner Corporation, Symantec Corporation, Aruba Networks, Inc., Cisco Systems, Inc., Qualcomm, Inc., Siemens Healthcare, and Philips Healthcare among others
Recently, various developments have been taking place in the market. For instance, In July 2020, Allscripts Healthcare Solutions Inc. and Microsoft Corporation extended their strategic partnership for five years, to expand the development and delivery of cloud-based health IT solutions.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Global Digital Health Market Segments:
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