Ottawa, Feb. 09, 2022 (GLOBE NEWSWIRE) -- The north america digital health market size was valued at US$ 58.35 billion in 2021. Increasing government funding for mHealth startups and growing prevalence of chronic diseases have spurred the demand for digital health across the medical settings. Increasing smartphone sales coupled with the growing number of mobile health apps is expected to drive market growth. Additionally, the symbiotic use of IoT, AI, and Big Data for developing digital health software is anticipated to fuel market growth.
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Digital health is usually defined as the employment of information and communication technologies across the healthcare sector or we can simplify it as alliance between digital technology and healthcare system. This digital transformation in healthcare system is incorporated with the help of hardware, software and services. It provides numerous opportunities to tackle health and wellbeing of patients remotely.
Rising demand for mobile health apps, increasing penetration of Internet of Things (IoT), big data, and artificial intelligence (AI) due to the transformation in the healthcare industry are some of the pivotal factors propelling the growth of the digital health market. However, cybersecurity, high capital investment and stringent regulatory compliances are likely to hamper the growth of the market to a certain extent.
Digital Health Market Share, By Region, 2020 (%)
| Region | 2020 (%) | |
| North America | 26.33% | |
| Europe | 36.34% | |
| Asia Pacific | 25.06% | |
| LATAM | 7.08% | |
| MEA | 5.19% | |
With an aim to fast-track the development of novel technologies and to meet the needs of the healthcare sector, tele healthcare, mHealth, healthcare analytics and digital health systems are the key technologies of the digital health market. MHealth is a lucrative segment due to the increasing number of mobile health apps that can be easily downloaded and accessed via smartphones.
The components used in the digital health market include software, hardware and services. Services accounted for the largest market share in 2020 and the trend is anticipated to continue during the forecast period. The introduction of several hardware and software for digital health is expected to result in continuous demand for consultation, training, installation, and upgrades. Furthermore, digital innovations that provide more holistic approach to the doctors to maintain the well-being of patients via data access also assisting patients to look after their health will further propel the market growth in the foresee future.
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Market Report Findings
- The telehealthcare segment accounted for one third revenue share of the total market in 2020, and is expected to register a CAGR of 22.14% during the forecast period. The fear of patients visiting hospitals due to the fear of contracting coronavirus has provided an impetus to innovations merging technology and healthcare solutions. The rising trend of remote patient monitoring and virtual doctor consulting is driving the growth of the segment.
- Numerous strategic moves were noted over the past few years to add boost to the market growth.
- Services of the component segment accounted for about two third share of the global market in 2020 and are expected to garner a CAGR of 16.0% during the forecast period.
- Software segment is expected to grow at a higher CAGR of 17.5% during the forecast period.
- As of 2020, digital health services accounted for the largest market share at 64.6%. The introduction of digital health apps and software programs is expected to drive the services segment. Services such as consulting, training, installation, and upgrades are in higher demand during the rapidly evolving software and hardware. Increasing investments in the digital health space are expected to drive the software and hardware segments during the forecast period.
- U.S. dominated the North America digital health market and is projected to retain its trend throughout the forecast period.
- China accounted for the largest share in the Asia-Pacific digital health market, registering a CAGR of 18.8% during the forecast period.
- The Asia Pacific digital health market is expected to generate revenues worth USD 161.3 billion by 2027.
COVID-19 Impact
The COVID-19 pandemic has accelerated the growth of the digital health market. Till the pandemic hit on a global scale, innovations in digital health were paced. However, the global pandemic resulting in social distancing and lockdown norms has resulted in several people demanding mobile health apps to easily access their medical records and share the same with doctors, hospitals, and insurance providers. Thus, the pandemic has resulted in opening lucrative growth opportunities for the market.
Regional Analysis
Europe dominated the market for digital health in 2020 and is expected to continue maintaining its leading position during the forecast period. However, huge investments in several countries of Asia Pacific will drive the region’s growth. The high number of coronavirus cases in Asia Pacific has resulted in digital health taking the forefront, in terms of regulations and investments by several governments.
The Asia Pacific region is expected to be the fastest growing market. Factors such as developing healthcare infrastructure, rising R&D investments by prominent players to develop novel & effective digital technologies, growing initiatives by public & private organizations to provide access in low- & middle-income countries and increasing awareness regarding the remote monitoring services attributes to the high growth of the market in the region. Countries such as India and China in the APAC region are projected to offer significant growth opportunities owing to increasing government spending in the region.
North America - Due to a continually growing senior population, increased frequency of various chronic conditions and rising healthcare expenditures in the region, the North American digital health industry is expected to see significant revenue growth in the coming years. Changing healthcare regulatory rules, technical improvements in the realm of mobility and analytics, and rising smartphone and tablet use are all expected to contribute to the industry's prospects. The North American market growth is highly dependent on the trends prevalent in the US.
United States - The state of digital technology in the healthcare market in the United States is likewise deteriorating. Only 10% of physician offices used electronic records in 2008, before the concerted push to connect physicians—a low percentage when compared to the UK, where the adoption of digital primary care records is at 100%. While there has been progressing, with almost half of US medical offices now adopting electronic records, email is still uncommon, and monthly treatment and billing summaries for insured healthcare customers are still bewildering, especially when contrasted to monthly integrated bank and credit card bills.
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Competitive Landscape
Prominent players are progressively implementing collaborative initiatives with several organizations, research centers & companies in order encourage R&D for digital health technologies.
- For instance, In July 2020, BioTelemetry, Inc. announced a sales agreement with Boston Scientific, a global medical technology leader. With this agreement, BioTelemetry becomes a sales agent in the United States for the Boston Scientific LUX-Dx™ Insertable Cardiac Monitor (ICM) System to an agreed-upon subset of customers.
- Also, In April 2021, Allscripts Healthcare, LLC announced that it partnered with Revo Health, LLC (Revo) to provide Allscripts Practice Management and Payerpath, helping to drive financial and operational performance to all of its Infinite Health Collaborative (i-Health) clinics.
The digital health market is marked by presence of prominent players such as BioTelemetry Inc., eClinicalWorks, Allscripts Healthcare Solutions Inc., iHealth Lab Inc., AT & T, Honeywell International Inc., Athenahealth Inc., Cisco Systems, McKesson Corporation, Koninklijke Philips N.V. Other players operating in the market are AdvancedMD Inc., Cerner Corporation, Apple, Inc., Telefónica S.A., Epic Systems Corporation, QSI Management, LLC, AirStrip Technologies and MQure among others.
By Component
- Software
- Hardware
- Services
By Technology
- Telehealthcare
- Telehealth
- Video Consultation
- LTC Monitoring
- Telecare
- Remote Medication Management
- Activity Monitoring
- Telehealth
- mHealth
- Apps
- Fitness Apps
- Medical Apps
- Wearables
- Glucose Meter
- BP Monitor
- Pulse Oximeter
- Neurological Monitors
- Sleep Apnea Monitor
- Others
- Apps
- Digital Health Systems
- E-prescribing Systems
- Electronic Health Records
- Health Analytics
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
- Rest of the World
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