Market Research Report
Digital Health Market with COVID-19 Impact Analysis, By Type, By Technology, By Devices, By Application and By Region - Size, Share, & Forecast from 2021-2027
|Published by||AnalystView Market Insights||Product code||987626|
|Published||Content info||328 Pages
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|Digital Health Market with COVID-19 Impact Analysis, By Type, By Technology, By Devices, By Application and By Region - Size, Share, & Forecast from 2021-2027|
|Published: January 1, 2021||Content info: 328 Pages||
The global digital health market was valued at USD 105.8 billion by 2019, growing with 30.2% CAGR during the forecast period, 2021-2027.
Digital health is the combination of the information and communications technology (ICT) for healthcare with the help of the technological advancements of the digital revolutions. Digital health helps to facilitate access to high-quality healthcare and increase efficiencies associated with healthcare. Digital health consists of telehealth, mobile health (mHealth), and telemedicine with constant utilization of the new technology.
The rising adoption and utilization of smart devices such as smartphones, laptops, tablets, and other mobile platforms in the healthcare industry due to the surge in prevalence of several diseases around the globe have stipulated the digital health market growth. For instance, as per the recent study by the World Health Organization, in North America, approximately 55% of adults in America are suffering from at least one chronic condition which collectively cost US$1.1 trillion for healthcare. It created a massive demand for the growth of the digital health market across the globe. Also, increasing government and private initiatives and funding for the IT infrastructure development for facilitating healthcare have impelled the digital health market growth.
The digital health market is segmented on the basis of components, technology, devices, application, and region.
In terms of the component, the global digital health market is divided into software, hardware, and services. Among these, the software segment has the highest market share in 2020, this is primarily due to increasing acquisition and merger activities by launching new software to facilitate remote health monitoring. For instance, in May 2019, Optum acquired the naviHealth post-acute care management platform, and the deal expected to close for more than US$ 1 billion.
Further, in terms of technology, the global digital health market is classified as Remote Medication Management, Activity Monitoring, Tele-healthcare, Telecare, Telehealth, LTC Monitoring, and Video Consultation. Among these, the Telehealth segment has the highest market share in 2020, this is primarily due to the rising adoption of wireless technology and increasing launching of new mobile Digital Health around the globe. For instance, on 23rd Sept 2020, Apollo TeleHealth has shown immense growth by three-fold for teleconsultation case volumes and the company has provided more than 10 lakh teleconsultations during the Covid-19 lockdown since March 2020.
Based on Devices, the global digital health market is divided into wearables, BP monitors, glucose meters, pulse oximeter, sleep apnea monitors, and neurological Monitors.
In terms of the Application, the global digital health market is divided into Medical, Digital Health System, Fitness, Health Analytics, E-prescribing System and HER. Among these, the digital health system segment has the highest market share in 2020, this is primarily due to the increasing adoption of digital technology and launching of new digital telehealth services by the leading players around the globe. For instance, on 9th June 2020, Athenahealth launched its embedded telehealth solution for delivering a seamless and intuitive experience from Scheduling to Billing for both clinicians and patients.
Organizations and leading digital healthcare providers are utilizing advanced technology such as AI, machine learning in hospital administration and operations for managing the patient's cycle process which may create ample opportunity for the growth of the digital health market. For instance, on 29th September 2020, KenSci launched an AI-based platform for digital health for accelerating AI and analytics-enabled healthcare. The AI platform launched by the company was built with the help of Microsoft Azure to accelerate data transformation and enable AI and analytics workloads at scale.
Several leading players are adopting the strategies such as mergers, acquisitions, partnerships, and collaborations to implement digital technology in healthcare. For instance, on 12th January 2020, Teladoc Health has completed the acquisition of telehealth provider InTouch Health for the US $600 million.
Key features of the study:
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL DIGITAL HEALTH MARKET KEY PLAYERS
AT & T
iHealth Lab, Inc
Allscripts Healthcare Solutions Inc
Koninklijke Philips N.V.
GLOBAL DIGITAL HEALTH MARKET, BY COMPONENT
GLOBAL DIGITAL HEALTH MARKET, BY TECHNOLOGY
Remote Medication Management
Long-Term Care (LTC) Monitoring
GLOBAL DIGITAL HEALTH MARKET, BY DEVICES
Sleep Apnea Monitors
GLOBAL DIGITAL HEALTH MARKET, BY APPLICATION
Digital Health System
GLOBAL DIGITAL HEALTH MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
The Middle East and Africa
United Arab Emirates
Rest of MEA
List of Tables
List of Figures