Market Research Report
Published: May 1, 2021
Global Industry Analysts, Inc.
Content info: 408 Pages
Delivery time: 1-2 business days
Global Digital Health Market to Reach $456.9 Billion by 2026
Digital health uses communication technologies and information for various healthcare processes, including for research, early diagnosis of health conditions, and enhancing an individual`s overall health and well-being. Growth in the global market is set to be driven by the transformation of patient data stored in the form of electronic forms saving time and space. The implementation of mobile applications by young adults has a positive effect on the worldwide digital health market. The disposable income levels and convenience to pay medical bills is expected to further fuel the growth of digital health. Innovations in technology to reduce human errors improve patient prognosis and overall quality patient care, leading to digital health growth. The growing adoption of telemedicine, increasing aging population and rising occurrence of chronic diseases have fueled the demand for digital health technology globally. The Covid-19 pandemic and the conditions thereon have resulted in the rapid adoption of various digital health technologies. In addition to the older technologies, newer technologies such as healthcare apps have been gaining rapid adoption.
Amid the COVID-19 crisis, the global market for Digital Health estimated at US$152.5 Billion in the year 2020, is projected to reach a revised size of US$456.9 Billion by 2026, growing at a CAGR of 18.8% over the analysis period. mHealth, one of the segments analyzed in the report, is projected to record a 16.6% CAGR and reach US$253.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Digital Health Systems segment is readjusted to a revised 20.5% CAGR for the next 7-year period. mHealth Segment holds the largest share, owing to the factors including increasing adoption of mHealth technologies among medical professionals, increasing preventive healthcare trends, and increased funding for mHealth start-ups. The demand is further fueled because of the increasing demand for efficient workflow and healthcare centers. Digital Health systems are anticipated to witness strong growth due to increasing government initiatives to endorse digital health and growth in the demand for electronic health record systems.
The U.S. Market is Estimated at $80.2 Billion in 2021, While China is Forecast to Reach $47.1 Billion by 2026
The Digital Health market in the U.S. is estimated at US$80.2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$47.1 Billion by the year 2026 trailing a CAGR of 22.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.2% and 17.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.2% CAGR. The US dominates the market growth led by high healthcare spending, government initiatives, including funding in EMR, adoption of high technologies and the adoption of healthcare information technology. Further, the usage of telemedicine and mHealth applications is on rise across the nation. Other factors driving market growth include implementing HITECH and HIPAA Acts, encouraging the usage of electronic health data, and rise in incidence of chronic diseases, and growth in the aged population. Europe is another major market for digital health led by increasing pressure to cut increasing healthcare costs, improved healthcare solutions, and innovative technologies. Increased usage of mHealth, continuous improvement in healthcare infrastructure, countries such as India and China turning into medical tourism hubs, government initiatives for raising awareness about digital health, growing incidence of chronic disease, and increase in aging population propel growth in the Asia-Pacific region.
Healthcare Analytics Segment to Reach $47.1 Billion by 2026
Healthcare analytics is an important application of technology that manages a large amount of data related to patients and hospitals. In the global Healthcare Analytics segment, USA, Canada, Japan, China and Europe will drive the 18.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$13.3 Billion in the year 2020 will reach a projected size of US$43.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.9 Billion by the year 2026.
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