Digital Healthcare Market Size, Growth and Share Analysis by Technology (Digital Health Systems, Telehealth care, mHealth, and Healthcare Analytics), Application (Cardiology, Diabetes, Neurology, Sleep Apnea, Oncology, and others), Delivery Mode (On-Premise and Cloud-Based), Components (Software, Services, and Hardware), End User and Forecast till 2025
Digital Health Market Analysis
Global Digital Health Market size is estimated to reach USD 3,28,887.8 million, with a CAGR of 26.30% by2025, As per Market Research Future (MRFR). In recent years, the use of IT in the medical field has resulted in the coordinated adoption of the EHR and the EMR. EHRs and EMRs boost the quality of care given in medical services. The terms EHR and EMR can be used interchangeably, but only in format. As stated by the National Coordinator for Health Information Technology (ONC), the EMRs are digital versions of paper graphs in the clinician’s office. Usually, they include the patient’s medical and treatment history. On the other side, the EHRs are primarily intended to collect and compile information. EHRs can be used to share information
Digital Healthcare operates on the basis of Healthcare Big Data, Electronic Medical Record (EMR), Electronic Health Record (EHR), and others. Digital healthcare enables the smooth functioning of healthcare-related processes. This study provides an exclusive analysis of the effect of COVID-19 on the Digital Health Market. The detailed review offers information on the impact of the outbreak on the demand and supply situations, trends, and projections of the digital healthcare Industry.
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The rising prevalence of chronic diseases and aging populations worldwide is expected to boost the demand for enhanced remote patient management technologies and services that are expected to drive the digital healthcare sector’s growth. In addition, funding initiatives by government agencies across the globe to facilitate digitization and innovation are expected to enable healthcare organizations to deploy improved technologies such as connected electronic health records, health information systems, and clinical decision-making support systems within organizations to serve patients effectively. This, in turn, is anticipated to boost the growth of digital healthcare worldwide.
Moreover, growing numbers of COVID-19 cases worldwide have led to the imposition of lockdowns and strict social distance measures by governments worldwide. The extremely infectious existence of the virus has prompted caregivers to use digital health technology, such as telehealth, to manage patients effectively. This has accelerated product acceptance and is expected to accelerate market expansion. As a growing number of patients turn to digital health technology, businesses are widening their capacity to cope with the rapid rise in patient volume. This will boost competition for products and promote the growth of the industry.
An increasing number of patients with chronic diseases will increase demand for remote monitoring solutions. Since the COVID-19 pandemic has prompted hospitals to triage patients, there will be a growing acceptance of remote monitoring solutions to ensure the safety and health of patients with chronic conditions. In addition, patients with chronic illnesses and geriatric people are more vulnerable to coronavirus infection. Caregivers will, therefore, prefer remote monitoring of these patients to avoid exposure, and improve the quality of life of the patients, augmenting the digital health market growth.
Digital Health Market Segmentation
The global Digital Health Market has been segmented by technology, application, delivery mode, components, and end-user.
Based on technology, the global Digital Health Market has been bifurcated into digital health systems, telehealthcare, mhealth, and healthcare analytics. The digital health systems are further divided into EHR/EMR and e-prescribing systems. Telehealthcare is further divided into remote medication management, activity monitoring, LTC monitoring, video consultation. mHealth is further divided into wearables and mHealth apps. Furthermore, wearables are divided into glucose meters, neurological monitors, sleep apnea monitors, pulse oximeters, BP monitors, and others. mHealth apps are more divided into fitness apps and medical apps. The growing number of COVID-19 cases has generated a need for software to record and monitor COVID cases, thus boosting demand for EHRs.
By application, the global Digital Health Market has been bifurcated into cardiology, diabetes, neurology, sleep apnea, oncology, and others.
Based on delivery mode, the global Digital Health Market has been bifurcated into on-premise and cloud-based.
Based on components, the global Digital Health Market has been bifurcated into software, services, and hardware.
Based on end-user, the global Digital Health Market has been segmented into healthcare providers, healthcare payers, pharmaceutical companies, and others.
Digital Health Market Regional Analysis
The global market for Digital Health Market, based on region, has been divided into the Americas, Asia Pacific, Europe, and the Middle East & Africa.
The Americas are expected to dominate the global Digital Health Market. Growth in this region can be ascribed to a rise in healthcare expenditure and the adoption of healthcare information technology (IT). As claimed by the Centers for Medicare and Medicaid Services, the healthcare sector in the US increased by about 3.9% in 2017, reaching USD 10,739 per person.
The European Digital Health Market is projected to be the second largest in the research period. The increasing pressure to reduce healthcare costs, technological advances, and improved healthcare solutions and services in the region is expected to have a significant impact on Europe’s Digital Health Market.
Asia Pacific is anticipated to be the fastest-growing market due to evolving healthcare infrastructure and a rising number of healthcare IT companies. In addition, the growth of research and development centers and the presence of top companies in emerging economies are propelling the market’s growth in this region.
The market in the Middle East and Africa is projected to expand at a steady rate. Growing government funding for the healthcare IT industry in the Middle East and rapid technological developments are driving market growth across the region.
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Digital Health Market Key Players
The prominent players identified by MRFR in the global Digital Health Market are Allscripts Healthcare, LLC (US), Cisco Systems, Inc (US), BioTelemetry, Inc. (US), Cerner Corporation (US), Koninklijke Philips NV (The Netherlands), Athenahealth Inc. (US), AT&T Inc.(US), McKesson Corporation (US), EClinicalWorks (US), iHealth Lab Inc. (US), General Electric Company (US), Qualcomm Technologies, Inc.(US).
Digital Healthcare Industry News
Philips introduced a national portal for the digital exchange of COVID-19 patient data in the Netherlands. This launch will expand their customer base and generate revenue in the market.
Allscripts announced the acquisition of ZappRx, a digital health start-up company. The acquisition improved their digital health product range and increased their customer base.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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