Global Digital Health Market

Global Digital Health Market Size, Share, Growth Analysis, By Technology Type(Tele-Healthcare, Healthcare Analytics), By Component(Software, Services) - Industry Forecast 2022-2028


Report ID: SQSG35G2001 | Region: Global | Published Date: August, 2022 | Pages: 165 | Tables: 64 | Figures: 67

Global Digital Health Market Insights

Global digital health market was valued at US$ 174.65 billion in 2021, and the market size is estimated to reach US$ 988.58 billion by 2028, at a CAGR of 28.10% over the forecast period (2022–2028).

The swift rise in tech-equipped progression in developed and developing countries has increased the use of smartphones. Rising internet connectivity and inclination towards digitalisation have paved the way for Digital health services. In the year 2019 around 10% of global GDP was dedicated to healthcare and the figure is expected to witness year-on-year growth. Health is one of the major concerns of government across all nations and with increasing awareness, the expenditure on healthcare infrastructure has witnessed surging figures. The rise in hectic living, and pollution, have given rise to various diseases and raised health concerns among Millenials. The advent rise in chronic diseases owing to urban living style is inclining individuals as well as organisations to take adequate measures. It is estimated that by 2045 the global expenditure on diabetes will rise by USD 1 trillion.

Digital health services aid the health needs of individuals. Facilities such as digital interaction with doctors, digital prescription, and healthcare analytics are making healthcare accessible and advanced. Mobile applications such as Practo, and CardMedic, aid doctor consultation virtually without the need to visit the clinic via chat, or video call. Mobile applications such MyfitnessPal, and Lifesum assist users in maintaining proper nutrition and staying healthy and fit.

 

 

 

Market snapshot

Global Market Size

Technology TypeTele-Healthcare, Healthcare Analytics, mHealth, Digital Health Systems.ComponentSoftware, Services, Hardware

Largest Segment

Mobile Health Technology

Fastest Growth

Health Information Technology

Growth Rate

Technology TypeTele-Healthcare, Healthcare Analytics, mHealth, Digital Health Systems.ComponentSoftware, Services, Hardware CAGR

Global Digital Health Market, 2021-2027 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Digital Health Market Size By Technology , 2021-2027 ($ Bn)
Global Digital Health Market Size By Technology , 2021-2027 (%)

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Global Digital Health Market Segmental Analysis

Global digital health market is segmented based on technology type, component and region. Based on the technology type the market is further segmented into Tele-Healthcare, Healthcare Analytics, mHealth, and Digital Health Systems. Based on component the market is further segmented into Software, Services, and Hardware. Based on the region it is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Digital health market to flourish with growing adoption of smart technologies

Based on the technology type, the Tele-Healthcare segment dominated the market in 2021 with a revenue share of more than 35%. Lucrative growth is expected owing to smartphone usage readiness and advanced technology adoption. Healthcare providers are limited and the use of advanced technology pave way for a wide range of accessibility. There has been a huge acceptance of telehealth applications, a 15.4 % increase was observed in visits to telehealth services in the year 2020. Rising health concerns and inclination towards ease of accessibility among millennials are leading to high market demand. Integration of IoT with data to provide personalised consultation through easy-to-handle mobile applications is expected to boost the market.

The component segment is witnessing rising demand for installation and maintenance services of digital health software services

Service segment dominated the digital health market in 2021 with a revenue share of more than 45% and it is expected to dominate the market in the given forecast period (2022-2028). There has been a huge demand for services such as maintenance, installation, training etc. The growing demand for advanced software facilities and healthcare IT has enticed healthcare providers to install and utilise smart systems for purposes.

 

 

 

Global Digital Health Market By Technology , 2021(%)

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Global Digital Health Market Regional Insights

North America dominated the digital health market in 2021 and is expected to maintain its dominance throughout the forecast period. The growth in the region attributes to technological advancement. The rising expenditure on healthcare and IT healthcare infrastructure by the government and the adoption of emerging lucrative health advancing technologies is contributing to market growth. Along with this the rise in the use of smartphones and digitally equipped devices are providing ease of accessibility to individuals. Growing health awareness and increase in chronic disorders pertaining to hectic lifeways in inclining people healthcare vigilance and utilise the digital health services aided with healthcare analytics, health tracker, online doctor consultation, and diet trackers.

On the other hand, Asia Pacific is predicted to register the fastest growth in the coming years due to improvements in IT infrastructure and the introduction of entrepreneurial initiatives, both of which have a big impact on the market's growth. The Asia Pacific market is expanding as a result of increasing smartphone adoption, rising wearables and activity tracker use, and rising demand for healthcare analytics.

 

 

 

Global Digital Health Market By Geography, 2021 - 2027
  • Largest
  • Fastest

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Global Digital Health Market Dynamics

Driver

  • Governmental initiatives and expenditures for Tech-enhanced healthcare to drive global digital health market

The rise in government initiatives to equip healthcare infrastructure with advanced technologies is increasing the digital health market demand in upcoming years. In 2020 the health expenditure recorded in the US amounted to USD 4.1 trillion. As per the estimations of global digital health, spending is estimated to rise by over USD 500 billion by 2025 owing to the evolution of Information technology and artificial intelligence.

Restraint

  • Data security concerns in the data-steered era to hamper the growth of the global digital health market

The rising use of smartphones and data-driven applications poses an unpredicted threat to data security. Around 79 billion US individual healthcare data was posed for infringement in the year 2021. Health-related data owes utmost cruciality. The rising cases of phishing and cyber-attacks have raised a concern about using mobile-based applications or relying on them freely. However, organisational initiatives along with government initiatives with the integration of several cyber security technologies are deploying ways to protect data effectively.

 

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Global Digital Health Market Competitive Landscape

The global digital health market players are using innovative strategies along with collaborations, mergers, and acquisitions deploying ways for enhancing the Healthcare Infrastructure and equipping it with future-ready digital advancements. Cloud computational technology and Artificial Intelligence are among the top used technologies among market players to generate high market share and have a competitive edge.

Top Players Company Profiles

  • Allscripts (US)
  • Cerner Corporation (US)
  • Mckesson Corporation (US)
  • Epic Systems Corporation (US)
  • QSI Management, LLC (US)
  • AT&T (US)
  • AirStrip Technologies (US)
  • Softserve (US)
  • Google, Inc. (US)
  • Samsung Electronics Co. Ltd (South Korea)
  • Hims (US)
  • NextGen Healthcare, Inc. (US)

Recent Development

  • In May 2022, ChristianaCare, a regional not-for-profit healthcare system, Client of a Cerner Corporation piloted a collaborative robot called “Moxi” also known as cobot. Moxi is capable of assisting nurses with tasks where direct patient care is not involved in non-clinical tasks such as delivering things, helping in lab activities etc. This intends to allow nurses and other clinical staff to have more time to care for their patients ChristianaCare will install a total of five Moxi cobots at Christiana Hospital.
  • In May 2022, Elligo Health Research and Freenome announced their collaboration to enable a clinical trial through the Learning Health Network helping advance the early detection of cancer. Together with the company's intent to use the research-activated network of health systems, real-world data (RWD) and multi-omics technology, developed by Freenome, with a vision of accelerating early cancer detection.
  • In February 2022, NextGen Healthcare, Inc. announced its partnership with Verato which is identified as an expert provider of healthcare, life sciences, and public health provider, with a vision to incorporate patient matching into the NextGen Health Data Hub (HDH) platform.
  • In May 2022, NextGen Healthcare, Inc partnered with Circuit Clinical intending to bring clinical trial access to patients of Federally Qualified Health Centers (FQHCs) through over 14,000 providers that make use of NextGen Healthcare solutions.

 

Global Digital Health Key Market Trends

  • Increasing demand for improving workflow efficiency in clinics, hospitals, and other healthcare facilities is driving up demand for mHealth services, assisting market growth. Furthermore, ongoing technological breakthroughs for producing advanced digital solutions, as well as an increasing number of favorable initiatives by the government and commercial sectors, are adding to overall market growth. For instance, researchers at the University of Illinois created a camera to boost smartphone diagnostic functions. The mHealth technology type sector had the biggest revenue share in 2020.
  • Life in the midst of a pandemic had a significant impact on mental health. Mindfulness applications such as Headspace, Liberate, and Calm were not simply for the niche meditation audience; mainstream adoption fueled download statistics in the wellness app market. For instance, In 2020, Calm gained 10 million new customers, and venture capitalists contributed $75 million to raise the company's valuation above $2 billion. Employers are becoming more aware that wellness apps may be beneficial to their employees. Corporate wellness retreats, workplace yoga, and team-building activities have been around for decades, but the employer-provided wellness app is a novel concept.

 

Global Digital Health Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.

According to our analysis, with remote services, IoT devices, and expedited R&D procedures now in full swing, providers and patients are beginning to recognize the value of digital health services. Funding and investment activity demonstrates that others recognize the importance of digital health trends as well. Total funding for digital health efforts reached an all-time high of US$26.5 billion in 2020, fueled by the COVID-19 pandemic. Telemedicine alone received US$4.3 billion in funding. In addition, six digital health startups raised more than US$6 billion in IPOs in 2020.

There is still a lot of room for development. However, the healthcare business is taking innovation seriously, with the goal of building a better future.

 

 

 

Report Metric Details
Segments covered
  • Technology Type
    • Tele-Healthcare, Healthcare Analytics, mHealth, Digital Health Systems.
  • Component
    • Software, Services, Hardware
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered s Company Profiles

  • Allscripts (US)
  • Cerner Corporation (US)
  • Mckesson Corporation (US)
  • Epic Systems Corporation (US)
  • QSI Management, LLC (US)
  • AT&T (US)
  • AirStrip Technologies (US)
  • Softserve (US)
  • Google, Inc. (US)
  • Samsung Electronics Co. Ltd (South Korea)
  • Hims (US)
  • NextGen Healthcare, Inc. (US)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Digital Health Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Digital Health Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Digital Health Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Health Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Digital Health Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Digital Health Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global digital health market was valued at US$ 174.65 billion in 2021, and the market size is estimated to reach US$ 988.58 billion by 2028, at a CAGR of 28.10% over the forecast period (2022–2028).

 

 

 

 

 

 

The global digital health market players are using innovative strategies along with collaborations, mergers, and acquisitions deploying ways for enhancing the Healthcare Infrastructure and equipping it with future-ready digital advancements. Cloud computational technology and Artificial Intelligence are among the top used technologies among market players to generate high market share and have a competitive edge. 'Allscripts (US)', 'Cerner Corporation (US)', 'Mckesson Corporation (US)', 'Epic Systems Corporation (US)', 'QSI Management, LLC (US)', 'AT&T (US)', 'AirStrip Technologies (US)', 'Softserve (US)', 'Google, Inc. (US)', 'Samsung Electronics Co. Ltd (South Korea)', 'Hims (US)', 'NextGen Healthcare, Inc. (US)'

 

 

 

 

 

 

Governmental initiatives and expenditures for Tech-enhanced healthcare to drive global digital health market

 

 

 

 

 

 

Increasing demand for improving workflow efficiency in clinics, hospitals, and other healthcare facilities is driving up demand for mHealth services, assisting market growth. Furthermore, ongoing technological breakthroughs for producing advanced digital solutions, as well as an increasing number of favorable initiatives by the government and commercial sectors, are adding to overall market growth. For instance, researchers at the University of Illinois created a camera to boost smartphone diagnostic functions. The mHealth technology type sector had the biggest revenue share in 2020.

 

 

 

 

 

 

North America dominated the digital health market in 2021 and is expected to maintain its dominance throughout the forecast period. The growth in the region attributes to technological advancement. The rising expenditure on healthcare and IT healthcare infrastructure by the government and the adoption of emerging lucrative health advancing technologies is contributing to market growth. Along with this the rise in the use of smartphones and digitally equipped devices are providing ease of accessibility to individuals. Growing health awareness and increase in chronic disorders pertaining to hectic lifeways in inclining people healthcare vigilance and utilise the digital health services aided with healthcare analytics, health tracker, online doctor consultation, and diet trackers.

 

 

 

 

 

 

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Global Digital Health Market

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