According to Precedence Research, the global digital health market size is expected to garner around US$ 551.1 bn by 2027, with a CAGR of 16.5% from 2020 to 2027.
OTTAWA, June 30, 2021 (GLOBE NEWSWIRE) -- The global digital health market size was accounted at US$ 181.8 billion in 2020. Digital health refers to the utilization of electronic communication or information technology-based processes, tools, and services to facilitate better healthcare services. The utilization and scaling up of digital health solutions could lead to revolutionize ways to attain higher standards of access and health services. Digital Healthcare function is largely based on the electronic health record (EHR), healthcare big data, electronic medical record (EMR), and many others. Digital healthcare provides smooth functioning of healthcare processes. Further, integration of artificial intelligence, machine learning, big data, and analytics platforms has prominently enhances the health functions and expected to continue the same trend over the upcoming years.
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Significant Use of Smartphone is Fuelling Digital Healthcare Market
The digital health market is divided on the basis of product into healthcare information systems and wearable devices. Out of the two, the former one is dominating the global digital health market. Healthcare centers such as hospitals and clinics are making use of EHR/EMR to keep the record of medical information of patients. Healthcare domain is witnessing adoption of technology such as population health management and telehealth on large scale. This trend is propelling the growth of digital health market globally.
Rise in the use of smartphone has reduced the time and cost gap between doctors and patients. mHealth allows quick and easy consultation with the medical professionals. Further, the technology is also helping people to stay updated and aware about their health by augmenting the level of awareness. This is one key segment of digital health market. This is likely to drive the digital health market in wide scale.
Growth Factors
Significant increase in the number of healthcare apps is one of the major factors that contribute to propel the market growth. For instance, as per the data published by myhealthapps blog in 2017, there were nearly 325,000 health, medical, and fitness related mobile apps in the market. Where, health apps promote more effective and efficient communication between healthcare service providers and patients those are living in remote areas.
Moreover, the implementation of mobile devices is more common among the physicians. For example, according to HIMSS Mobile Technology Survey, conducted in the year 2015, 90% of the respondents were using mobile apps for patient engagement. In addition to this, nearly 40% of physicians believed that mHealth can significantly reduce the frequency of patient visits to the offices. Hence, increasing importance of mHealth and mobile devices in order to improve health outcomes along with patient care expected to positively influence the market growth.
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Technological advancements and favorable initiatives for developing attractive digital solutions are the other key factors that estimated to drive the market growth. For example, in October 2015, AirRater, a health analytics app was introduced in Tasmania to track signs of people as well as to alert them regarding the air-borne pollutants, such as pollen. However, data breach and security issue that is a major concern among the consumer that anticipated hampering the market growth over the forecast timeframe. Nonetheless, increasing penetration of analytics platform estimated to prosper the market growth over the coming years.
Report Highlights
- In 2020, the North America region accounted the market with a revenue share of around 39% due to increasing number of geriatric population and rising prevalence of chronic diseases across the region
- The Asia Pacific exhibits the fastest growth over the forecast timeframe owing to increasing spending on healthcare infrastructure and software to promote awareness among the public
- Based on component, services captured the major market revenue accounting for nearly half of the market share in 2020 due to the significant rise in the software upgradation
- Software accounted for nearly 36% of the total market value and expected to show robust growth over the forthcoming years because of increasing demand for healthcare software, fitness apps, and various healthcare analytics platform
- In 2020, mHealth held the leading market position and accounted for a revenue share of more than 47% due to the rising penetration of internet and smartphones across the globe
- Health analytics expected to be the fastest growing segment over the forecast timeframe because of increasing advancements in the analytics platforms
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Regional Snapshots
North America emerged as the dominating region in the global digital health market with nearly 43% of the value share in 2020. The growth of the region is mainly due to rising geriatric population along with high adoption rate of smartphones in the region. Further, the government favor regarding development of app and healthcare digital platforms in the region to cut the cost of healthcare spending is the other most prominent factor that escalated the growth of the region.
Besides this, the Asia Pacific examined to register significant CAGR over the upcoming years because of rising penetration of smartphones along with smart wearable devices in the region. Medical device companies are significantly collaborating with the software developers to develop different diagnostic and monitoring applications that enable the consumer to easily communicate with the healthcare physicians. Developing countries such as Thailand and Malaysia also encourages the development of low-cost healthcare mobile technology.
Use of Electronic Health Records for Diagnosis
The importance of electronic health records (EHR) for medical procedures cannot be undermined. These records help in maintaining a unified database that can be accessed at various points in time from multiple locations. Therefore, electronic health records have become a means to study the medical history of patients, facilitating medical treatments for several individuals. These records reduce the time invested in developing a comprehensive diagnosis for patients. EHR have especially been useful in treating the geriatric population who has a history of several diseases and disorders. The healthcare industry is equipped with digital medical technologies that ensure timely and seamless implementation of EHR. In this scenario, it is safe to expect that the global digital health market would expand at a respectable pace.
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Operational Improvements in Healthcare Management
Digital technologies have also facilitated better management of operations such as billing, invoicing, report generation, and medical supplies. Large healthcare facilities and hospitals have a responsibility of managing the data of a wide host of patients. This can be achieved by using digital software technologies that can store, process, and decode patient data. Several software platforms for healthcare management have come to the fore in recent times. The complexity of healthcare procedures and operations can be decrypted with the help of digital technologies. Use of software platforms can help in reducing the operational costs of the healthcare industry. Furthermore, it can also ease the load on medical staff who are under immense pressure to stay on top of their needs. It is safe to assert that the use of digital health technologies could act as a panacea for the problems pertaining to the healthcare industry.
Key Players & Strategies
The digital health industry is highly competitive in nature because of large number of market players investing significantly in the product development and advancement. Healthcare analytics and integration of artificial intelligence, big data, and other analytics platform are the prominent factor that drives the innovation within the market. For instance, in March 2017, McKesson Corporation completed the agreement with Change Healthcare Holdings, Inc. and announced to introduce a new healthcare IT company with name as Change Healthcare.
Some of the key players operating in the market are 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., AdvancedMD Inc., and Cerner Corporation among others.
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