Pune, India, Dec. 01, 2022 (GLOBE NEWSWIRE) -- The digital health market size was valued at USD 548.08 billion in 2021. It is anticipated to touch USD 4,547.70 billion by 2029 at a CAGR of 29.5% during the forecast period. The market is booming at a considerable rate due to the growing use of advancing healthcare IT infrastructure to manage clinical workflow efficiently. Fortune Business Insights™ stated this in a report titled, "Digital Health Market, 2022-2029."
Industry Developments:
- November 2021- Gilead Sciences, Inc. teamed up with Amazon web services Inc. with an aim to deliver advanced innovative medicines for patients using machine learning and AWS analytics.
- December 2021- CVS Health joined hands with Microsoft to promote digital transformation and develop smart solutions for end-users to improve their health.
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Drivers and Restraints
Growing Penetration of the Internet in the Healthcare Industry to Augment Product Demand
The rising demand for Artificial Intelligence and the growing internet penetration in healthcare departments has surged the connected drug delivery devices market. Another reason for the growing product demand is the increasing adoption of digital devices for better treatment. For example, the Arogya Setu App was launched by the Indian government for syndrome mapping and self-assessment to diagnose patients. Meanwhile, protecting the data from malware attacks could hamper the digital health market growth.
COVID-19 Impact-
Need For Digital Health to Tackle the Crumbling Healthcare Systems
The impact of COVID-19 has raised the need for digital health to tackle the crumbling healthcare systems. Furthermore, the growing digitalization trend to curb the transmission rate has increased the demand for the product. To avoid in-person consultations, healthcare professionals and patients readily began adopting advanced IoT telehealth solutions to reduce the transmission of the virus.
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Segmentation-
Rising Need for Accurate diagnosis drives the Telehealthcare Segment
In terms of product type, the market is segmented into healthcare analytics, digital health systems, telehealthcare, and mHealth. The telehealthcare segment will gain traction due to the rising advantages of telemedicine, including faster and more accurate diagnosis of diseases.
Growing Popularity of New Product Launches to Propel Livestock Segment
Based on Components, the market is fragmented into hardware, software, and services. The software segment will gain popularity due to new product launches to support the best healthcare services.
Growing Partnerships Among Key Players will Favor Development
With regards to end users, the market is bifurcated into business to consumer and business to business. The business to business segment is anticipated to maintain its leadership due to the growing partnerships among key players for a better digital solution.
Report Coverage
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
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Regional Insights
Strong IT Healthcare Infrastructure Promotes Growth in North America
North America holds a considerable digital health market share and is expected to lead the global market due to the robust IT healthcare infrastructure, adoption of smartphone users, and presence of major players in the marketplace.
Investors have anticipated amazing growth in regions such as China, Japan, and India during the forecast period due to the increased demand for remote monitoring services and varying regulatory strategies for digital healthcare across the region.
Europe is expected to showcase substantial growth due to the rapidly growing digitalization in industrialized nations to enhance the patient experience.
Competitive Landscape
Soaring Investments In Innovation to Promote Global Market
Top companies will likely invest in product rollouts, R&D activities, and technological advancements to expand their geographical presence. With increasing investments in advanced design, stakeholders could inject funds into mergers and acquisitions.
List of the Companies Profiled in the Digital Health Market:
- General Electric Company (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Allscripts Healthcare, LLC (U.S.)
- Cerner Corporation (U.S.)
- Epic Systems Corporation (U.S.)
- McKesson Corporation (U.S.)
- Medical Information Technology, Inc. (U.S.)
- Siemens Healthcare GmbH (Germany)
- Boston Scientific Corporation (U.S.)
- FUJIFILM Holdings Corporation (Japan)
- Medtronic (Ireland)
- IBM (U.S.)
- Validic (U.S.)
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
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- Market Trends
- Key Insights
- Technological Developments in the Digital Health Market
- Key Industry Trends
- Regulatory & Reimbursement Scenario
- Ageing Population Data
- Snapshot of Venture Capital Investments
- Statistics on Smartphone Penetration, By Key Countries
- New Product Launches
- Key Industry Developments- Mergers, Acquisitions and Partnerships
- Impact of COVID-19 on Global Digital Health Market
- Global Digital Health Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Product Type
- mHealth
- Market Analysis, Insights and Forecast – By Product Type
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- Apps
- Disease and Treatment Management Apps
- Wellness Management
- Others
- Wearables
- Body & Temperature Monitors
- Sleep Trackers
- Fitness Trackers
- Glucose Monitors
- BP Monitors
- Cardiac Monitors
- Others
- Apps
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- Healthcare Analytics
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- Population Health management
- Clinical Management
- Others
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- Digital Health Systems
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- EMR/EHR
- e Prescribing system
- Others
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- Telehealthcare
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- Telehealth
- Telecare
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- North America Digital Health Market Analysis, Insights and Forecast2018-2029
- Market Analysis, Insights and Forecast – By Product Type
- mHealth
- Market Analysis, Insights and Forecast – By Product Type
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- Market Analysis, Insights and Forecast – By Component
- Services
- Software
- Hardware
- Market Analysis, Insights and Forecast – By End User
- Business to Business
- Business to Consumer
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Component
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- Apps
- Disease and Treatment Management Apps
- Wellness Management
- Others
- Wearables
- Body & Temperature Monitors
- Sleep Trackers
- Fitness Trackers
- Glucose Monitors
- BP Monitors
- Cardiac Monitors
- Others
- Apps
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- Healthcare Analytics
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- Population Health management
- Clinical Management
- Others
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- Digital Health Systems
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- EMR/EHR
- e Prescribing system
- Others
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- Telehealthcare
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- Telehealth
- Telecare
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- Market Analysis, Insights and Forecast – By Component
- Services
- Software
- Hardware
- Market Analysis, Insights and Forecast – By End User
- Business to Business
- Business to Consumer
- Market Analysis, Insights and Forecast – By Country
- U.S. (By Component)
- Canada (By Component)
- Market Analysis, Insights and Forecast – By Component
TOC Continued…….
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