Digital Health Market Trends, Growth Insights, Research Overview, Regional Outlook, COVID-19 Impact and Global Industry Analysis By 2025
Digital Health Market Size, Growth and Share Analysis By Technology (Digital Health Systems, Telehealthcare, mHealth, and Healthcare Analytics), by Application (Cardiology, Diabetes, Neurology, Sleep Apnea, Oncology, and others), By Delivery Mode (On-Premise and Cloud-Based), by Components (Software, Services, and Hardware), By End User (Healthcare Providers, Healthcare Payers, Pharmaceutical Companies and others) and by Region (Americas, Europe, Asia-Pacific, and the Middle East & Africa), Forecast till 2025
Digital Health Market Scope
Market Research Future (MRFR) expects the Digital Healthcare Market size to procure a stellar growth rate of 26.30% between 2018 and 2025 (evaluation period). MRFR also anticipates the market to touch USD 328,887.8 million by 2025. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Following the COVID-19 outbreak, the healthcare sector has been eager to accept digital transformation in view of the uncontrollable surge in SARS-CoV-2 cases. The Digital Health Market is thriving, considering the increasing technological innovations and the mounting significance of video and online consultations and many other digital platforms across countries post the lockdown. The considerable increase in digital outpatient appointments combined with the rising uptake of smartphones, tablets and iPads have also led to extensive market growth.
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Although the Digital Health Market has been reeling from the COVID-19 impact, the fast adoption of technologies such as big data, AI, IoT, and others have ensured sustained growth. These advanced technologies are increasingly being used by the healthcare industry to achieve higher efficiency as well as success rate in surgeries and several other medical activities. The high penetration of smartphones and mobile apps related to healthcare and the escalating use of cloud services also assist in the market growth. Additional factors benefiting the market include the soaring awareness level with regard to the importance of fitness among the population.
The shift from manual systems to digital patient records has resulted in a strong demand for digital health systems like EHRs OR electronic health records, thus enhancing the Digital Health Market size. A factor that also contributes to the market revenue is the increased focus of industry participants on adopting growth strategies such as partnerships, product launches, acquisitions, collaborations and mergers for expanded customer base. To cite a reference, in October 2020, Hims & Hers, a Digital healthcare vendor merged with special purpose acquisition company/SPAC to go public, given that the market is now significantly overwhelmed by the COVID-19 pandemic. The merger is expected to help Hims & Hers to invest in new product categories, which could accelerate its aim to be a well-known name in the digital healthcare industry, while joining an increasing list of digital health vendors that are going public.
Digital Health Market Segmentation
The digital health market segmentation, according to the MRFR report, comprises technology, application, delivery mode, components and end user.
The technologies studied in market report include telehealthcare, digital health systems, healthcare analytics and mhealth. These technologies have emerged as highly popular Digital Health Market trends worldwide, especially since the COVID-19 outbreak.
The primary applications of digital healthcare are oncology, diabetes, cardiology, sleep apnea, neurology, and more.
Delivery modes considered in the digital health market study are on-premise along with cloud-based.
Components listed in the digital health market report include services, hardware and software.
Pharmaceutical companies, healthcare payers, healthcare providers, and others are the key market end-users identified in the MRFR report.
Digital Health Market Regional Insight
Digital Health Market size has been evaluated in the report, with respect to certain regions, namely Europe, MEA/Middle East & Africa, Asia Pacific/APAC and the Americas.
There is a strong possibility that the Americas can emerge as the market leader in the years ahead, given the spectacular growth of digital healthcare in line with the high healthcare spending across the US and Canada. The fast burgeoning geriatric mass along with the soaring prevalence of various chronic disorders and diseases can also boost the uptake of novel technologies that help in efficient patient management.
The novel coronavirus has had a brutal impact on Europe, especially in Italy and Spain. The pandemic has substantially overburdened the healthcare industry, as the rising SARS-CoV-2 cases as lowered the focus on patients with other ailments. The lockdown across countries has also disrupted the healthcare options generally available for patients, prompting them to seek online assistance. With some help from this factor, Europe still remains the second biggest gainer in the global digital health market, since technology adoption is quite high in the region and the government is doing everything in its capacity to curb the situation. Also, increase in product and software launch by the renowned companies in the region also adds to the digital health market share value. For instance, in April 2020, Philips had launched an online portal in Netherlands, which caters to COVID-19 patients who can now exchange data digitally. The launch has managed to expand the company’s customer base in the region, while also bolstering the market growth for digital healthcare.
APAC’s growth rate is expected to be the fastest out of all the regions in the following years, thanks to the improving healthcare infrastructure combined with the escalation in the number of healthcare IT firms. The rapid surge in R&D centers along with the increasing cases of lifestyle disorders like obesity, diabetes, chronic obstructive pulmonary disease, obstructive sleep apnea and hypertension also generate the requirement for technically advanced platforms for preventing and treating diseases. Another factor boosting the Digital Health Market growth can be the rising disposable incomes in conjunction with the improving economy of the region.
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Digital Health Market Eminent Competitors
The highly eminent contenders that own an extensive Digital Health Market share include Koninklijke Philips NV (The Netherlands), Cisco Systems, Inc (US), iHealth Lab Inc. (US), Allscripts Healthcare LLC (US), EClinicalWorks (US), Cerner Corporation (US), Athenahealth Inc. (US), Qualcomm Technologies, Inc.(US), General Electric Company (US), AT&T Inc.(US), BioTelemetry, Inc. (US), McKesson Corporation (US), to name a few.
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