The global digital health market reached a value of US$ 289 Billion in 2021.
Looking forward, the analyst expects the market to reach US$ 881 Billion by 2027, exhibiting a CAGR of 20.14% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Digital health refers to the integration of information technology and electronic communications with various healthcare processes. It includes telehealth, medical wearables, digital healthcare systems like EMR and EHR medical apps, healthcare analytics, etc. Digital health aims to improve patient care, disease management and the overall healthcare experience for the user. It also enables the healthcare providers to access health records, prepare a diagnosis history, reduce the need for duplicate tests and make efficient decisions. Digital health also facilitates the identification of new illnesses or the worsening of existing ailments while lowering the total costs of healthcare. Owing to these benefits, it finds both clinical and non-clinical applications across the medical industry.
Rapid advancements in healthcare IT infrastructure, along with the adoption of cloud-based storage systems by professionals, is the key factor driving the growth of the market. Doctors and other healthcare providers are increasingly utilizing various devices such as smartphones and tablets to monitor and track the patient’s health. Furthermore, significant developments in processing and storage technologies have made computing resources more affordable, efficient and accessible, and enabled the on-demand supply of these services to patients through the internet. Additionally, extensive governmental support and the implementation of favorable policies to encourage the adoption of digital health solutions are also boosting the demand for the technology. For instance, governments of various nations are promoting the incorporation of electronic intensive care units (e-ICU), which allow remote patient monitoring through two-way cameras, high-speed internet and electronic devices. Other factors, such as the growing geriatric population, rising healthcare expenditure levels and increasing prevalence of diseases including Chronic Obstructive Pulmonary Disease (COPD) and diabetes are also projected to drive the market further.
Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global digital health market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on type and component.
Breakup by Type:
Breakup by Component:
Breakup by Region:
Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being iHealth Lab Inc., AllScripts Healthcare Solutions Inc., AirStrip Technologies, Qualcomm Technologies, Cerner Corporation, McKesson Corporation, Kininklijke Philips N.V., LifeWatch AG, Biotelemetry Inc., eClinicalWorks, Omron Healthcare, Athenahealth Inc., AT&T, etc.
Key Questions Answered in This Report:
How has the global digital health market performed so far and how will it perform in the coming years?
What are the key regional markets in the global digital health industry?
What has been the impact of COVID-19 on the global digital health industry?
What is the breakup of the market based on the type?
What is the breakup of the market based on the component?
What are the various stages in the value chain of the global digital health industry?
What are the key driving factors and challenges in the global digital health industry?
What is the structure of the global digital health industry and who are the key players?
What is the degree of competition in the global digital health industry?