WASHINGTON, July 06, 2022 (GLOBE NEWSWIRE) -- The Global Digital Health Market size was worth USD 145.57 Billion in 2021 and is projected to reach USD 430.52 Billion by 2028, growing at a CAGR of 16.9% during the forecast period (2022-2028). Rising preference towards personalized medicines and mHealth technology adoption are some of the key factors which are expected to continue to drive the revenue growth of the market during the forecast period. Furthermore, the adoption of blockchain technology, artificial intelligence (AI) and virtual reality is expected to contribute significantly to the revenue growth of the market. Digital health is technology-enabled care that involves the convergence of digital media, health technology, and mobile devices. It is designed to help patients, caregivers, and healthcare professionals access the relevant data easily and improve the quality of both social and individual health. Digital health products help healthcare payers, provider, patients, and other healthcare settings to improve healthcare services in terms of time & quality and cut down health care cost. Digital health technology is designed to provide patients with a new approach to the health care system. The system incorporates concepts of increasing accuracy and cost efficiency to save time, manage disease, health risks and promote wellness. Digital health, or digital health care, is a broad, multidisciplinary concept that includes concepts from an intersection between technology and health care. Digital health applies digital transformation to the healthcare field, incorporating software, hardware and services. These enhanced capabilities of digital health technology are expected to generate revenue in the near future.
Go through the Vantage Market Research exclusive report, titled “Digital Health Market by Technology (Telehealthcare, mHealth, Healthcare Analytics, Digital Health Systems), by Component (Hardware, Software, Services), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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COVID-19 Impact Analysis:
World health Organisation (WHO) is harnessing the power of digital health to be applied during the COVID-19 pandemic. The outbreak of COVID-19 has affected various industries across the world. Governments around the world implemented strict lockdown measures and social distancing norms to contain the rapid spread of the pandemic. Repeated lockdowns from early 2020 to mid-2021 led to a number of issues, including low labour and employee availability, logistical challenges and a troubled supply chain, on the other hand, caused a number of issues for industry participants, including disrupted supply chains, logistical challenges in the export of finished goods, and employee recruitment from quarantine. WHO is working on a global social enterprise improving lives by using mobiles used for COVID-19 vaccines for people with simple phones or limited access to the Internet, Mobile technology is revolutionizing the way organizations engage with their end users. More than 96% of the world's population has a mobile phone, which means it is now possible to reach almost every single person on the planet. These are some of the factors that are driving the market growth during the COVID-19 pandemic
The impact of COVID-19 on the market demand is considered while estimating the current and growth trends and forecast size of the market for all the regions and countries based on the following data- points:
- COVID-19 Pandemic Impact Assessment
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Quarterly Market Revenue Forecast by Asia Pacific 2021 & 2022
- Short Term Dynamics
- Long Term Dynamics
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Digital Health Market is predicted to grow at a CAGR of roughly 16.9% during the forecast period 2022-2028.
- The Digital Health Market was estimated to be worth roughly USD 145.57 Billion in 2021 and is expected to reach USD 430.52 Billion by 2028; based on primary research.
- Based on type segment, the alkaline electrolyze segment has the largest market share by technology.
- On the basis of region, Europe is projected to dominate the worldwide Digital Health Market.
The report on Digital Health Market highlights:
- Assessment of the market
- COVID Impact Analysis
- Premium Insights
- Global and Regional Dynamics
- Historic Data, Estimates and Forecast
- Competitive Landscape
- Company Profiles
Market Dynamics:
Drivers:
Increasing Adoption of Mobile Health
The broad scope of digital health includes categories such as mobile health (mHealth), health information technology (IT), wearable devices, telehealth and telemedicine, and personalized medicine. Mobile medical applications and software are revolutionizing healthcare with support for clinical decisions made by healthcare professionals. The growing demand for wearable medical devices and the increase in the number of connected devices or wireless technologies are helping the continued adoption of m-health technology. The rapid digitization of healthcare delivery is accelerating the development of precision medicine. The advent of digital technologies such as telehealth or eHealth tools is enabling healthcare professionals to provide personalized or personalized diagnosis and treatment planning for patients.
The digital health market is gaining huge potential worldwide due to the increasing use of smartphones in clinics and hospitals. In addition, the introduction of advanced technology such as artificial intelligence (AI) is expected to play an important role in the improvement of digital health services. According to the World Health Organization, digital tools are giving providers a more holistic view of patients' health through access to data and giving patients more control over their health. Digital health offers real opportunities to improve medical outcomes and increase efficiency. These are some of the factors that are optimized using mobile applications which are expected to drive the digital health market.
Cyber security and privacy concerns may hinder the digital health market
In recent years, information security is a major area of interest for IT professionals. Cyber-attacks in the industry and consumer sectors have resonated widely in the past and more recently cyber-attacks in the healthcare sector are of concern. The Food and Drug Associations (FDA) have provided some criteria on digital health cyber security that are currently used in the healthcare sector. This includes a vulnerability or weakness in the software, hardware or other factor that could pose a risk that is identified in the application. This is due to the high risks of cyber-attacks, which are expected to slow down the digital health market.
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List of Prominent Players in the Digital Health Market:
- Allscripts Healthcare Solutions Inc. (US)
- Cisco Systems (US)
- Koninklijke Philips N.V. (Netherlands)
- McKesson Corporation (US)
- Cerner Corporation (US)
Regional Analysis:
Increasing Growth of Digital Health Market in North America
Awareness of technological advancements and better infrastructure in the healthcare industry is expected to drive the growth of the digital health market in North America over the forecast period. The region is expected to contribute 46% to the market growth as countries like the US are the major markets for digital health. The market growth in North America is expected to exceed the market growth in other regions. North America accounted for the largest share of the Digital Health Market in 2021. The rising healthcare spending in the India and China is expected to drive the regional market growth. The majority of hospitals in the China have implemented software solutions, enabling them to achieve their digital healthcare goal.
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(Please note that the updated sample of this report has come up with the COVID-19 impact analysis)
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Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Digital Health Market?
- How will the Digital Health Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Digital Health Market?
- What is the Digital Health market drivers and restrictions?
- What will be the CAGR and size of the Digital Health Market throughout the forecast period?
This market titled “Digital Health Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 145.57 Billion |
| Projected Market Size in 2028 | USD 430.52 Billion |
| CAGR Growth Rate | CAGR of 16.9% From 2022 - 2028 |
| Base Year | 2022 |
| Historic Years | 2016 - 2021 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Technology • Telehealthcare • mHealth • Healthacare Analytics • Digital Health Systems Component • Hardware • Software • Services |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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