Global Digital Health Market
Digital health refers to joining of healthcare and healthcare associated entities with digital technologies. The primary focus of digital health is to deliver medicine more personalized and precise. It incorporates various advanced technologies namely mobile, cloud-based platforms, internet, and more to offer better healthcare service to patients. New platforms such as tele-medicine and tele-care have enabled healthcare providers to reach with patients more effectively. Furthermore, apart from aforementioned digital platforms, digital health utilizes mobile health (mhealth), wearable devices, personalized medicine, and health information technology (IT).
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Digital health offers numerous benefits such as reduction in inefficiencies, healthcare cost, improvement in healthcare facilities, quality of aspect of healthcare, access to healthcare services from distant location. Moreover, digital health platforms such as mHealth makes self-monitoring of health parameters by patient possible and at the same time remote monitoring this parameters by health care provider
The global digital health market size was valued at US$ 85.0 Billion in 2017 and is expected to witness a CAGR of 20.6% over the forecast period (2018–2026).
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Increase in aging population, prevalence of chronic diseases and need for continuous monitoring would propel growth for the global digital health market
Growing population across the globe along with increasing geriatric population is expected to drive growth of the global digital health market. According to the Population Prospects Report of United Nations published in 2017, in 2017, there are around 962 million people aged 60 years and above in the world, which accounts for 13% of the global population. The population aged 60 years and above is growing at a rate of about 3% per year and it would reach to 1.4 billion by 2030. Such high number of aging population would be immensely benefitted with digital health platform such as tele care and tele medicine in which remote diagnosis and remote monitoring is possible.
Growing prevalence of the chronic disease and increasing need for continuous monitoring is also expected to fuel growth of the global digital health market during the forecast period. According to the World Health Organization data in 2017, around 40 million people die each year due to chronic disease, which accounts for 70% of all deaths globally. Cardiovascular diseases is responsible for 17.7 million death annually, followed by cancers (8.8 million deaths), respiratory diseases (3.9million deaths), and diabetes (1.6 million deaths).
Cardiovascular disease and diabetes could be managed effectively without physician visit with the help of the mobile application and wearable devices such as glucose monitoring, blood pressure measurement, pulse oximeters mobile based ECG status. Even cancer can become accessible and simple with tele care platform. Electronic health record facility could be immensely beneficial as complication associated with patient data (diagnostic data, treatment history and results) could be managed and accessed easily.
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Figure 2. Notable Developments in the Digital Health Market in 2017
Source: Coherent Market Insights Analysis (2018)
Higher penetration of smartphone, digital technology across the globe to be an important driver for the digital health market growth
Growing use of smartphones and tables around the world especially in emerging economies is expected to fuel the adoption of digital health platform. According to statistics provided by the Pew Research Centre in 2016, 72% population of the U.S. has smartphone access, around 59% of Chinese population and around 45% of Indian population possess smartphone. The number of internet users in India is expected to reach 450-465 million by 2020 as per estimation of the Internet and Mobile Association of India in 2017. This is important market trend as mHealth platform could directly get influenced with higher penetration of smartphones.
Moreover, numerous fitness apps, health apps and health appointment consultation would see rising prospects with higher mobile and internet user base. Platforms such as online pharmacy would also witness upward market growth. Shortage of healthcare providers worldwide would lead higher utilization of digital health platform.
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However, there is expected to lead to shortage of nurses and physicians in the near future, according to study in 2017 by Association of American Medical Colleges. The U.S. would have a shortage of between 40,800 and 104,900 physicians by 2030, which would create need to adopt digital health platform such as tele medicine, tele care and health information systems such as e-prescription etc.
Major players operating in the global digital health market are Allscripts Health Solutions, Inc. McKesson Corporation, Cerner Corporation, Siemens Healthineers, GE Healthcare, Koninklijke Philips N.V., Qualcomm Inc., Proteus Digital Health, Inc., Truven Health Analytics Athenahealth, Inc., and Cisco Systems.
Detailed Segmentation:
- Global Digital Health Market, By Technology Platform
- Tele health
- Tele Medicine
- Tele Care
- mHealth
- Digital Health Information Systems
- EMR/HER
- Clinical Decision Support System (CDSS)
- Computerized Physician Order Entry (CPOE)
- Others
- Diagnostic and Monitoring Devices
- Therapeutic Devices
- Digital Medicine
- Respiratory Therapy Devices
- Insulin Pumps
- Others
- Others
- Tele health
- Global Digital Health Market, By End Users
- Business to Consumers
- Business to Business
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