New York, October 18, 2021 – The global digital health market size is expected to reach USD 328.48 Billion in 2028 and register a CAGR of 16.4% over the forecast period, according to the latest report by Reports and Data. Rising prevalence of chronic diseases shift towards remote patient monitoring are some key factors expected to drive market revenue growth over the forecast period. In addition, increasing number of government-led programs promoting the use of digital technologies is expected to drive revenue growth of the market going ahead.
Increasing elderly population and prevalence of chronic diseases globally has significantly increased the need for continuous monitoring of patients suffering with chronic diseases, and this is propelling demand for remote monitoring services. Elderly population is more prone to develop chronic and infectious diseases and hence there is increasing need for their continuous health monitoring, tracking vital signs such as heart rate, blood glucose level, and blood pressure, among others, and this is driving demand for remote patient monitoring systems.
Rising prevalence of chronic diseases and shift towards remote patient monitoring are some key factors driving market revenue growth
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Internet of Medical Things (IoMT) entails a connected infrastructure of software applications, medical devices, and health services and systems. Increase in the number of connected medical devices is driving steady adoption of IoMT. IoMT facilitates automatic disinfection, smart diagnosis, streamlined clinical workflow, improved patient experience, and remote patient management. Cognitive IoMT (CIoMT) is a recently developed technology, which integrates sensory information, automatic processing, and communication through networks for real-time diagnosis, monitoring, tracking, and disease control.
However, lack of evidence-based digital health standards is expected to restrain market growth to a certain extent over the forecast period.
Some Key Highlights From the Report:
- In July 2021, Koniklijke Philips N.V. announced a partnership with Cognizant Technology Solutions Corp for developing digital healthcare solutions, which will enable life science companies and healthcare organizations to accelerate clinical trial process and improve patient care. This partnership will enable Cognizant to use Philips HealthSuite for building, implementing, deploying, and operating client specific applications and provide value-based care to patients. The partnership will increase the adoption of solutions built on Philps’s HealthSuite, and further strengthen its global position in the market.
- Services segment is expected to account for largest revenue share over the forecast period due to increase in number of software platforms and increasing need for digital health services to implement, install, upgrade, and integrate software with a variety of healthcare applications.
- Health analytics segment revenue is expected to expand at a rapid CAGR over the forecast period owing to increasing focus towards preventive care and increasing use of big data analytics to improve personalized care, develop preventive care strategies, predict health outcome, ensure real-time monitoring of patient’s health, facilitate early detection of disease, and improve care efficiency and patient comfort.
- Diagnostic centers segment revenue is expected to expand at a rapid CAGR over the forecast period owing to increasing adoption of radiology information systems and picture archiving or communication systems, and rising demand for wireless medical equipment.
- Asia Pacific market revenue is expected to expand at a rapid CAGR over the forecast period owing to increasing government initiatives for promoting digitalization across the healthcare sector, rapid penetration of smartphones and connected devices, rising adoption of m-Health devices and services, and growing focus on telehealth and telemedicine.
- Major market players in the market report include Koninklijke Philips N.V., Cerner Corporation, Siemens Healthineers AG, Apple Inc., Epic Systems Corporation, McKesson Corporation, GE Healthcare Inc., Qualcomm technologies Inc., and Cisco Systems Inc.
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For the purpose of this report, Reports and Data has segmented the digital health market based on component, technology, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
- Hardware
- Software
- Services
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Telehealth
- Teleconsulting
- Telemonitoring
- Mobile Health (mHealth)
- Connected Devices
- mHealth Apps
- Fitness Apps
- Medical Apps
- Services
- Digital Health Systems
- Electronics Health Record (HER)
- E-prescribing Systems
- Healthcare Analytics
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals & Clinics
- Diagnostic Centers
- Others
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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