The global digital health market reached a value of US$ 167 Billion in 2019. Looking forward, the market is expected to continue its moderate growth during the next five years., according to a new report by IMARC Group.
Digital health utilizes information and communication technologies for diverse healthcare processes. It is widely used in the healthcare sector for conducting research, the early diagnosis of chronic conditions, and improving an individual’s overall health and wellness. It assists patients in making informed decisions pertaining to their well-being, which often leads to improved quality of life. Digital health tools also aid in relieving the patients of certain symptoms associated with their illness or in shortening the length of the disease. This results in the reduction of healthcare bills, thereby providing improved disease management and patient care. These tools can be further employed for tracking diseases, monitoring public health and identifying new illnesses or the worsening of existing ones.
Global Digital Health Market Trends:
The global market is primarily driven by the increasing adoption of telemedicine by medical professionals. The growing geriatric population and the increasing occurrence of chronic diseases have led to the rising demand for advanced IT-based monitoring systems. Electronic intensive care unit (e-ICU) models are gaining widespread prominence in the healthcare sector, which enables doctors and professionals to monitor patients despite geographical constraints. This trend, in confluence with the increasing adoption of cloud-based systems by various hospitals and physician-owned ambulatory surgery centers (ASCs), is expected to impact the market growth positively. Moreover, governments of several countries, along with various international organizations, are undertaking initiatives to improve the overall healthcare infrastructure, which is expected to significantly contribute to the market growth.
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For instance, the World Health Organization (WHO) is working extensively to maximize the use of digital health technology on the global level. In partnership with the International Telecommunications Union (ITU), WHO has implemented an mHealth program called “Be He@lthy Be Mobile (BHBM),” which aims to prevent and control noncommunicable diseases (NCDs) by exploiting the widespread base of mobile subscriptions, majority of which lies in developing economies of the world. The initiative is aimed at the emerging economies, such as those in the African region, with a poor healthcare infrastructure. It operates through the BHBM application, which creates awareness through health content, can be integrated with other health services apps on the phone, and aims to be in tandem with the national health system of the country in which it is being used.
Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Digital Health Market Segmentation
Market Breakup by Type
2. Medical Wearables
3. EMR/EHR Systems
4. Medical Apps
5. Healthcare Analytics
Market Breakup by Component
Market Breakup by Region
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
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Some of the major players operating in the industry worldwide include iHealth Lab Inc., AllScripts Healthcare Solutions Inc., AirStrip Technologies, Qualcomm Technologies, Cerner Corporation, McKesson Corporation, Kininklijke Philips N.V., LifeWatch AG, Biotelemetry Inc., eClinicalWorks, Omron Healthcare, Athenahealth Inc., AT&T, etc.
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