The global digital health market was valued at US$ 307.7 Bn in 2020 and it is estimated to expand at a CAGR of 18.3% from 2021 to 2028. The global digital health market is expected to cross the value of US$ 1.2 Trn by the end of 2028.
EHR Mobile Apps Hold Promising Potentials for Insurance Companies
Innovations in the electronic health records (EHRs) domain are helping companies in the digital health market to gain global recognition. For instance, IT service providers are joining forces with research & industrial systems engineering firms to steer innovations in electronic patient records (EPR) by targeting the German healthcare systems. Electronic health records, being an important part of solutions in the digital health market, are positioned to expand at a promising rate during the forecast period.
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Government organizations are scaling the extra mile to commission IT companies that are steering innovations in EHRs. Technical implementations of the EHR are being extended toward the health insurance companies, since insurance companies need to provide its insured persons with the records at the beginning of the year. Vendors in the digital health market are increasing their capabilities to develop EHR mobile apps for the convenience of the insured persons.
eHealth Poses Multifaceted Challenges in Routine Clinical Practice
The implementation of eHealth programs is significantly challenging for patients with chronic illnesses. Currently, the gap between the healthcare system’s decision to adopt an eHealth program and its routine use in everyday processes is multifaceted & complex. Hence, companies in the digital health market are warming up to the idea of adopting evidence-based health innovation programs to healthcare professionals in order to establish its routine practice.
IT companies are adopting various implementation strategies to increase the uptake of eHealth solutions such as telehealth, laboratory management systems, and clinical decision support systems that increase productivity levels in healthcare facilities. Companies are achieving implementation success by providing training to healthcare professionals and healthcare payers about the follow-up during clinical interventions.
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Strategic Collaborations between IT Companies & Researchers Draws Innovations in Medical AI
Companies in the digital health market are augmenting the advantages of medical deep learning to predict potential risks of dementia and Parkinson’s disease in individuals. Several startups are gaining proficiency in medical artificial intelligence (AI) that helps to predict possible disease patterns in patients.
Healthcare companies should collaborate with research teams to innovate in projects with the help of medical AI to investigate non-invasive connections between brain regions to detect mental illnesses at very early stages in patients. IT companies should collaborate with researchers and innovators to gain efficacy in the early detection of mental illnesses that eliminate the need of surgical interventions. On the other hand, wearable devices are intensifying competition between start-ups and established companies in the digital health market. Key statistics from wearable devices serve as important patient insights for mental health doctors.
Digital Health Market: Overview
According to Transparency Market Research’s latest report on the global digital health market for the historical period 2017–2019 and forecast period from 2021 to 2028, increase in adoption of digital health products by health care providers, high prevalence of diseases, and surge in collaborations between companies for technological advancements are projected to drive the global digital health market during the forecast period
Increase in Incidence of Diabetes, Cardiovascular Diseases, and Other Chronic Diseases: Key Drivers
- Disease indications such as diabetes, cardiovascular diseases, and other chronic diseases are increasing rapidly across regions due to aging population, unhealthy food habits, and rise in obesity. According to the American Heart Association, cardiovascular diseases account for 17.3 million deaths each year, which is more than the deaths caused due to cancer.
- According to Partnership to Fight Chronic Disease (PFCD), chronic diseases are the leading cause of death and disability in the U.S. Nearly 133 million people in the U.S., around 45% of the population, have at least one chronic disease. Chronic diseases account for seven in 10 deaths in the U.S., with over 1.7 million deaths each year.
Rise in Adoption of Digital Health Product by Health Care Providers Boosts Market Growth
- Increase in adoption of digital health products by healthcare providers such as hospitals and insurance companies is expected to propel the global market during the forecast period
- In November 2016, the Ministry of Health and Prevention (MOHAP) of the UAE renewed and expanded its strategic alignment with Cerner Corporation for the continued implementation of its enterprise wide health IT system called the Wareed project
- In March 2017, Palmetto Health selected Cerner Corporation to expand Millennium Revenue Cycle across four of its acute facilities. Integration with existing electronic health record (EHR) will result in a Clinically Driven Revenue Cycle.
- In September 2016, Wise Health System selected Allscripts Sunrise and CareInMotion to improve patient care and population health
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High Cost Associated with Installation to Hamper Market
- High cost associated with large equipped systems such as EHR/EMR and revenue cycle management systems are expected to hamper the growth of the global digital health market
- The cost of EHR system varies between regions and depends on the type of EHR system (web-based and cloud-based). The overall cost associated with the adoption of EHR systems can be divided into components such as hardware (computers, database servers, scanners etc.), software, installation, training, and maintenance. On average, purchase and installation of an EMR/EHR costs from US$ 10,000 to US$ 60,000 per provider.
Digital Health Market: Competition Landscape
- This report profiles major players in the global digital health market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global digital health market is competitive, with the top 10 players accounting for major share of the market and every company focusing on research & development to produce better products in the digital health space
Leading players operating in the global digital health market are
- Agfa-Gevaert N.V.
- Cerner Corporation
- Allscripts Healthcare Solutions, Inc.
- McKesson Corporation
- Philips Healthcare
- GE Healthcare
- Siemens Healthineers
- Epic Systems Corporation
- Truven Health Analytics (an IBM Company)
- Alphabet, Inc.
- Qualcomm, Inc., among others
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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