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Digital Health Global Market Report 2021: COVID-19 Growth And Change

Digital Health Global Market Report 2021: COVID-19 Growth And Change

  • March 2021
  • 200 pages
  • ID: 6036652
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the digital health market are Allscripts Healthcare Solutions Inc., BioTelemetry Inc., eClinicalWorks, iHealth Lab Inc, McKesson Corporation, Koninklijke Philips N.V, AT & T, Cisco Systems, Athenahealth Inc., General Electric Company, Qualcomm Incorporated, Apple Inc., AirStrip Technologies, Google Inc., Mqure, Samsung Electronics Co. Ltd., Telefonica S.A., Vodafone Group, Philips Healthcare, and Siemens Healthineers.

The global digital health market is expected to grow from $183.30 billion in 2020 to $201.24 billion in 2021 at a compound annual growth rate (CAGR) of 9.79%. The slow growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $483.75 billion in 2025 at a CAGR of 24.52%.

The digital health market consists of sales of digital health services by entities (organizations, sole traders, and partnerships) that are engaged in providing digital health services for the smooth functioning of healthcare-related services.Digital health refers to the use of information technology/electronic communication tools, services, and procedures to provide healthcare services or to promote improved health care.

Only goods and services traded between entities or sold to end consumers are included.

The main types of digital technologies are mobile health (mHealth), health information technology, telehealth and telemedicine, and health analytics.Mobile health is the medicine and public health service supported by mobile devices such as mobile phones, tablets, personal digital assistants and the wireless infrastructure.

Health analytics manage, measure or analyze healthcare data.Telehealth services provide information regarding health-related services, medical care, patient education and digital communication technologies.

These are used by healthcare providers, healthcare payers, pharmaceutical companies in the areas of cardiology, diabetes, neurology, sleep apnea, and oncology.

North America was the largest region in the digital health market in 2020.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The data security concern associated with the potential mishandling of patient data is expected to hamper the growth of the digital health market in the coming years.The healthcare sector is digitizing business management and data management systems and is introducing new technologies to increase performance and minimize costs, but many weaknesses have been identified in this technology in several cases.

The healthcare sector is regularly targeted by cyber-criminals who are searching for some tool in their armor to carry out their hacks, and several of these attacks have been successful.According to the Healthcare Protection Vision Study from CyberMDX released in February 2020, nearly 30% of healthcare delivery organizations (HDOs) have suffered a data breach in the last 12 months.

Therefore, the security concerns regarding patient data restrain the growth of the digital health market.

In June 2019, Allscripts Healthcare Solutions, Inc., a US-based company offering healthcare information technology solutions that advance clinical, financial, and organizational outcomes, acquired ZappRx for an undisclosed amount. This acquisition improved the digital health product range of Allscripts and increased its customer base. ZappRx is a US-based digital health company that is engaged in simplifying and modernizing the process required to order specialty medications.

The favorable government initiatives in response to COVID-19 are expected to propel the growth of the digital health market in the coming years.Governments around the world have rapidly brought health policies and extra advantages on linked health tools, such as digital health and remote patient monitoring, in response to COVID-19.

A survey of US specialists found that owing to COVID-19, almost 80% of them expanded their use of digital health resources.In Medicare, before the pandemic, nearly 13,000 fee-for-service (FFS) recipients accessed digital health coverage in one week.

Moreover, by the end of April 2020, the use of telehealth rose by 130 times as nearly 1.7 million FFS recipients accessed such services in one week. Therefore, favorable government initiatives in response to COVID-19 drive the growth of the digital health market.

Major companies operating in the digital health sector are focusing on developing technologically advanced solutions for digital health.For instance, in March 2018, Allscripts released Avenel, a mobile-first, cloud-based electronic health record (EHR) that employs machine learning to minimize the time in medical documentation and boost EHR usability for providers.

Avenel was developed on Microsoft Azure and incorporates clinical care trends to offer providers more efficient clinical reporting and medical decision-making.

The countries covered in the digital health market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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