Market Research Report
Digital Health Market: Current Analysis and Forecast (2021-2027)
|Digital Health Market: Current Analysis and Forecast (2021-2027)|
Published: June 1, 2021
UnivDatos Market Insights Pvt Ltd
Content info: 142 Pages
Delivery time: 1-2 business days
Digital health makes the use of technology to help people get better with their health. Wearable devices, mobile health apps, ingestible sensors, electronic health records, and automated care devices are main component of Digital health. Several government are taking initiatives to promote digital health in their country. For instance, the Australian Government has taken the initiative to promote healthcare IT in Australia through a lifetime policy PCEHR (Personally Controlled Electronic Health Record) for each of its citizens. The demand for digital health is increasing on account of the growing number of smartphone users, emerging healthcare IT infrastructure in developed and developing countries, the growing awareness about the importance of health and fitness among the population, increasing use of numerous health and medical apps to maintain fitness. Moreover, the growing geriatric population, rising healthcare expenditure, and increasing prevalence of diseases including Chronic Obstructive Pulmonary Disease (COPD), diabetes, and cancer also propels the market growth. According to the National Institutes of Health (NIH), more than 16 million Americans are suffering from chronic obstructive pulmonary disease (COPD). However, some of the challenges the industry faces includes security concerns regarding patient data and lack of appropriate healthcare infrastructure.
Based on Technology, the market is fragmented into Mobile Health Technology, Health Information Technology, Wearables Technology, Telehealth Technology, and others. The mobile health technology accounted for the largest share in 2020 is anticipated to register a lucrative CAGR during the forecast period. The increasing use of mHealth apps, increasing penetration of internet connectivity & smartphones, and the high adoption of digital health technologies by patients and physicians are the major factor driving the market growth. For example, Teva a pioneer in enhancing health and improving access to quality healthcare for society has launched a Bluetooth-enabled albuterol sulfate rescue inhaler. The new inhaler is available on prescription to U.S. patients age 4 and older, according to the Tel Aviv, Israel-based company. 'ProAir Digihaler' connects with the smartphone to detect and record COPD and Asthma symptoms.
Based on Deployment Mode, the market is fragmented into Software, Service, and Hardware. The Software segment is expected to register the highest CAGR in the upcoming period owing to the rising demand for reducing medical costs, and several initiatives taken by government organizations to boost healthcare IT also propels the market growth. FDA launched the Digital Health Center of Excellence in 2020, for the empowerment of stakeholders to advance health care by fostering responsible and high-quality digital health innovation.
Based on Modality, the market is fragmented into Wired and Wireless. The wireless segment accounted for the largest share in 2020 is anticipated to register a lucrative CAGR during the forecast period. Wireless digital health technologies such as 4G, Bluetooth low energy (BLE), and BodyLAN are used for the diagnosis and treatment of diseases. In 2020, cos announced the global launch of its first hackproof Baby Monitor, a huge breakthrough offering customers an all-in-one intelligent way to keep a track on their babies at home remotely.
Based on End-user, the market is fragmented into Clinics, Hospitals, Ambulatory Surgery Centers, Home Care Settings, and Others. The Hospitals segment is expected to dominate the market owing to the high adoption of Artificial intelligence in a digital health setting, and advancements in technologies. For instance, in 2020, Quantib, a market leader in artificial intelligence solutions for radiology, received FDA clearance for its prostate solution which provides a workflow for the detection of abnormalities on MRI prostate scans.
For a better understanding of the market adoption of Digital Health, the market is analyzed for major region including North America (US, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Digital Health market on account of the rising healthcare costs, increasing adoption of smartphones, advancements in coverage networks, and a surge in demand for telehealthcare services. Some of the major players operating in the market include Medtronic, Allscripts Healthcare Solutions Inc., BioTelemetry Inc., eClinicalWorks, iHealth Lab Inc, McKesson Corporation, Koninklijke Philips N.V, AT & T, Cisco Systems, and Athenahealth Inc.