February 1, 2023
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Digital Health Market is expected to grow from USD 176

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Pune India, Dec. 16, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Digital health market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the digital health market is present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as technology, component, and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs. 

The significant players operating in the global digital health market are Apple, Inc., Telefónica S.A., Mckesson Corporation, Cerner Corporation, Allscripts, Epic Systems Corporation, AT&T, Vodafone Group, QSI Management, LLC, AirStrip Technologies, Google, Inc., HiMS, Orange, Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., Softserve among others. To achieve a substantial market share in the worldwide Digital health market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

Wearable technology, telehealth and telemedicine, personalized medicine, and mobile health are all included in the broad concept of digital health (mHealth). From artificial intelligence and machine learning to mobile medical apps and software that support the daily clinical decisions made by physicians, digital technology has been driving a transformation in health care. By facilitating more precise disease diagnosis and treatment, the use of digital health tools has the potential to greatly improve the care given to each individual patient. Digital health technologies use computing platforms, networking, software, and sensors for healthcare and related uses. These technologies can be used for a variety of purposes, including making medical gadgets and enhancing overall wellbeing. They include inventions developed for use as medical items, in medical products, as supplemental diagnostics, or as a supplement to other medical products (devices, drugs, and biologics). They might also be used for research or the creation of pharmaceuticals. Digital tools are giving medical providers a more complete picture of patient’s health and giving patients more control over their own health through data access. Digital health offers genuine chances to boost performance and enhance clinical results. These technologies present fresh possibilities for promoting prevention, early detection of fatal illnesses, and management of chronic illnesses outside of the realm of conventional medical settings. Additionally, they can help customers make wiser choices regarding their own health.

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Scope of Digital Health Market Report

Report Metric Information
Study Period 2021-2029
Base Year           2021
Forecast Period 2022-2029
Market Share Unit USD Billion
Segments Covered Technology, Component and Regions
Regions Covered North America, Europe, Asia-Pacific, South America and Middle-East and Africa
Major Players Apple, Inc., Telefónica S.A., Mckesson Corporation, Cerner Corporation, Allscripts, Epic Systems Corporation, AT&T, Vodafone Group, QSI Management, LLC, AirStrip Technologies, Google, Inc., HiMS, Orange, Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., Softserve among others.

Segmentation Analysis

Tele-healthcare segment is expected to be the fastest-growing segment in 2021. 

The technology segment is healthcare analytics, tele-healthcare, and mHealth. The tele-healthcare segment is expected to witness the highest growth rate during the forecast period. Because of the digital transformation of the healthcare sector and favourable government support for incorporating new technologies. This field has advanced significantly as a result of the widespread use of smartphones and the internet, as well as the abundance of health-related apps available. In addition, the market for tele-health is expanding as a result of improvements in wearable technologies and the rising prevalence of chronic conditions.

The software segment is expected to be the fastest-growing segment in 2021. 

The component segment includes software, hardware, and services. The software segment is expected to witness the highest growth rate during the forecast period. The significant increase in software upgrades as well as the rapid advancements in various software and hardware are the main causes of this. These services include integration, training, and upgrades. Furthermore, a lot of companies are focusing on service-based activities including training and integration, installation, and upgrade, which have accelerated market growth throughout the duration of the study. In the coming years, increased investments in digital healthcare infrastructure, particularly in emerging countries, will fuel the need for services. The growing popularity of platforms like Electronic Health Records (EHR), where organizations place a high focus on acquiring post-installation services including staffing, optimization, training, and a range of other services, has also increased demand for services.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the digital health include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

  • The North America region witnessed a major share. The market is expanding in the region as a result of rising demand for online medical consultation or remote monitoring services, increased use of healthcare IT products and services, rising public awareness of available fitness applications, and other cutting-edge medical technology. Additionally, the swift transition from volume-based care to value-based care, the increased focus on preventative healthcare, and the expanding usage of blockchain and cloud computing technologies are all expected to result in revenue growth for the region’s healthcare sector. The market in the region is also anticipated to grow more quickly in terms of revenue due to the increasing focus on healthcare analytics, the presence of large corporations, increased government support for the adoption of wireless healthcare technologies, and increased funding for improving the functionality and efficiency of existing systems.

Country Analysis

Germany’s digital health market size was valued at USD 16 billion in 2021 and is expected to reach USD 89.43 billion by 2029, at a CAGR of 24% from 2022 to 2029. The market in the region is driven by factors such as rising smartphone adoption, better internet connectivity, improved healthcare IT infrastructure, rising healthcare costs, rising prevalence of chronic diseases, rising demand for remote patient monitoring services, and rising accessibility of virtual care. These factors are driving the key trends and opportunities in the digital health market as well as future trends.

China’s digital health’ market size was valued at USD 19 billion in 2021 and is expected to reach USD 120.70 billion by 2029, at a CAGR of 26% from 2022 to 2029. The market is evolving as a result of expanding smartphone adoption, rising public awareness of digital health, and rising government spending on healthcare sector enhancements.

India’s digital health market size was valued at USD 17.6 billion in 2021 and is expected to reach USD 104.90 billion by 2029, at a CAGR of 25% from 2022 to 2029. The market is expanding in the area as a result of advancements in IT infrastructure and the emergence of entrepreneurial projects, both of which have a significant impact on market expansion. The Indian market is growing as a result of rising wearables and activity tracker use, rising smartphone adoption, and rising healthcare analytics demand.
Covid-19 Impact

Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the rising population of diseases.

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