The global digital health market is projected to witness strong revenue streams with potential growth of approximately 489.60 billion dollars until 2028 with an annual growth rate of 18.10% from 2021 to 2028. This growth is attributed to many current factors such as rising integration of modern technologies, high prevalence of chronic diseases, growing need of virtual patient monitoring systems, patient engagement, and connectivity.
In addition to this, cost savings as compared to offline medical settings and worldwide connectivity are also the key factors driving the global digital health market. However, misleading information, trust factors, stringent government rules, complex health information causing concerns are likely to hamper the market growth of the global digital health market tangibly in the forthcoming years.
Furthermore, improved health care services, quality check parameters improved relationships with healthcare providers, in-person communication are collectively paving novel opportunities for expansion of the global digital health market. Digital health provides solutions to achieve higher standards of health. The health solutions include various categories like mobile health, tele health, health IT, wearable devices, telemedicine, and personalized health.
Mobile health apps and software helping medical professionals take speedy and accurate, fact-based clinical decisions and therefore this can also be classed under digital health. Digital health facilitates accurate disease diagnosis and treatment thereby enhancing healthcare delivery for an individual. Digital heath technology is usually triggered to use technology to empower consumers to take better decisions of their health and explore ways for early diagnosis of life-threatening diseases and manage chronic health conditions outside traditional health care settings.
The digital health care providers in the global digital health market are using digital health technologies for reducing inefficiencies, improve access to healthcare for people leaving in remote areas, reduce healthcare costs, provide quality access to healthcare, and make healthcare more personalized to achieve the goals of digital health and wellness.
The key digital health providers and stakeholders in the global digital health market are CISCO, IBM, Vocera Communications, Computer Programs and Systems, MQure, Softserve, Qualcomm, Orange, HiMS, Samsung, Google, AirStrip Technologies, Vodafone, AT&T, QSI Management, Epic Systems, Mckesson, Telefónica, Apple, Allscripts, and Cerner
These companies are leaders in digital health because they are using digital health technologies for reducing inefficiencies, ensure grass-root level reach, minimize costs and ensure high quality delivery.
Digital Health Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 489.60 billion|
|Growth Rate||CAGR of 18.10% during 2021-2028|
|Segment Covered||Technology, Component, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||CISCO, IBM, Vocera Communications, Computer Programs and Systems, MQure, Softserve, Qualcomm, Orange, HiMS, Samsung, Google, AirStrip Technologies, Vodafone, AT&T, QSI Management, Epic Systems, Mckesson, Telefónica, Apple, Allscripts, and Cerner.|
Key Segments of the Global Digital Health Market
Technology Overview, 2018-2028 (USD Billion)
- Healthcare Analytics
Component Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa
Reasons for the study
- To ass the scope of digital technology innovation as well as regulatory compliance in global digital health market
- To offer knowledge to the market players about the remarkable progress made in the field of digital health and wellness in recent years.
- To present the challenges faced in adopting and accessing digital health, health data, statistics, regulatory, operational, and ethics to the market players.
What does the report include?
- Crucial financial details about the market such as market size, CAGR, GDP, and all other information based on region, country, applications, type, and end users to better understand market position of each segment and its underlying opportunities.
- Analysis of the strengths, weaknesses, restraints, and opportunities in individual market segments and regions with Porter’s Five Forces Analysis.
- Significant events taking place in the market in recent months in the context of technology, government guidelines, and global digital health innovations.
Who should buy this report?
- This report is intended for the use by established firms seeking more market knowledge as well as the new entrants in the field of digital health and wellness software, hardware, and services looking out for barrier-free entry.
- The report is intended to highlight and influence future line of innovations pertaining to digital health innovators, medical community, and other interested public looking for crucial market information that will help them navigate safely in the global digital health market.
The growing focus on using new digital health hardware, software, and services over traditional healthcare services that encourages cost management, and health monitoring capabilities is the key force boosting the demand digital health wellness and solutions. Digital health software, hardware, and services have become the primary alternative to gaining health are access from traditional medical settings to provide healthcare efficiently.
The digital health technologies are used as the prominent platform for improving medical inefficiencies, cost savings, improved access to health for people leaving in remote areas, reduce healthcare costs, provide quality access to healthcare, and make healthcare more personalized.
As healthcare providers comprising both new and established players, innovation advances play crucial roles in sustaining digital health wellbeing globally.
On the basis of different approaches the market has been classified on the basis of technology namely mHealth and healthcare analytics. The mHealth segment harnessed largest market share and is likely to secure the fastest CAGR over the forecasted years. The increasing demand for reducing medical costs, accelerated growth of accurate and timely medical information, and digital health technology adoption are the key factors driving of mHealth.
On the basis of different approaches the market has been classified on the basis of component namely software, hardware, and services. The hardware and services segment have gathered highest revenue in global digital health market. The key reasons for exponential growth of this segment are rapid expansion online health providing platforms globally and hardware heath services like fit band, oximeter, thermometer, etc.
The North American region emerged as the top revenue generating region and market share in 2020 and is expected to see steady growth over the years. Rising healthcare costs, digital technology advancements, increasing use of smartphones, and surging demand for telehealth services are the key reasons boosting global digital health market growth. Also, APAC and MEA are anticipated to progress fast in the market due to rising smartphone penetration, wearable devices, and others.