Digital Health Market is Expected to Grow a CAGR of 16.5% By 2027 | Precedence Research

Precedence Research recently published a report on “Digital Health Market (By Component: Software, Hardware, and Services; By Technology: Telehealthcare [Telehealth and Telecare], mHealth [Apps and Wearables], Digital Health Systems [E-prescribing Systems and Electronic Health Records], and Health Analytics) – Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 – 2027”. Amid the COVID-19 crisis, The global digital health market size is projected to reach USD 181.8 billion by 2027 from an estimated USD 551.1 billion in 2020, at a CAGR of 16.5% from 2020 – 2027.

The market revenue/volume with the help of widespread quantitative and qualitative insights, and forecasts of the market. This report presents breakdown of market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This research report evaluates digital health market on a global and regional level. It offers thorough analysis of market status, growth and forecast of the global digital health market for the period from 2016 to 2027. This research study offers historic data for years 2016 to 2027 along with a forecast from 2020 to 2027 based on value.

Digital Healthcare function is largely based on the electronic health record (EHR), healthcare big data, electronic medical record (EMR), and many others. Digital healthcare provides smooth functioning of healthcare processes. Further, integration of artificial intelligence, machine learning, big data, and analytics platforms has prominently enhances the health functions and expected to continue the same trend over the upcoming years.

Scope of the Study

This digital health market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes market by players, type, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

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Growth Factors

Significant increase in the number of healthcare apps is one of the major factors that contribute to propel the market growth. For instance, as per the data published by myhealthapps blog in 2017, there were nearly 325,000 health, medical, and fitness related mobile apps in the market. Where, health apps promote more effective and efficient communication between healthcare service providers and patients those are living in remote areas.

Moreover, the implementation of mobile devices is more common among the physicians. For example, according to HIMSS Mobile Technology Survey, conducted in the year 2015, 90% of the respondents were using mobile apps for patient engagement. In addition to this, nearly 40% of physicians believed that mHealth can significantly reduce the frequency of patient visits to the offices. Hence, increasing importance of mHealth and mobile devices in order to improve health outcomes along with patient care expected to positively influence the market growth.

Technological advancements and favorable initiatives for developing attractive digital solutions are the other key factors that estimated to drive the market growth. For example, in October 2015, AirRater, a health analytics app was introduced in Tasmania to track signs of people as well as to alert them regarding the air-borne pollutants, such as pollen. However, data breach and security issue that is a major concern among the consumer that anticipated hampering the market growth over the forecast timeframe. Nonetheless, increasing penetration of analytics platform estimated to prosper the market growth over the coming years.

Report Highlights

• North America dominated the market with a revenue share of around 40% in 2019 due to increasing number of geriatric population and rising prevalence of chronic diseases across the region
• The Asia Pacific exhibits the fastest growth over the forecast timeframe owing to increasing spending on healthcare infrastructure and software to promote awareness among the public
• Based on component, services captured the major market revenue accounting for nearly half of the market share in 2019 due to the significant rise in the software upgradation
• Software accounted for nearly 35% of the total market value and expected to show robust growth over the forthcoming years because of increasing demand for healthcare software, fitness apps, and various healthcare analytics platform
• In 2019, mHealth held the leading market position and accounted for a revenue share of more than 55% due to the rising penetration of internet and smartphones across the globe
• Health analytics expected to be the fastest growing segment over the forecast timeframe because of increasing advancements in the analytics platforms

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Key Players:

This report also provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the digital health market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the digital health market include:

• BioTelemetry Inc
• eClinicalWorks
• Allscripts Healthcare Solutions Inc
• iHealth Lab Inc
• AT & T
• Honeywell International Inc
• Athenahealth Inc.
• Cisco Systems
• McKesson Corporation
• Koninklijke Philips N.V.
• AdvancedMD Inc.
• Cerner Corporation

Regional Snapshots

North America emerged as the dominating region in the global digital health market with nearly 40% of the value share in 2019. The growth of the region is mainly due to rising geriatric population along with high adoption rate of smartphones in the region. Further, the government favor regarding development of app and healthcare digital platforms in the region to cut the cost of healthcare spending is the other most prominent factor that escalated the growth of the region.

Besides this, the Asia Pacific examined to register significant CAGR over the upcoming years because of rising penetration of smartphones along with smart wearable devices in the region. Medical device companies are significantly collaborating with the software developers to develop different diagnostic and monitoring applications that enable the consumer to easily communicate with the healthcare physicians. Developing countries such as Thailand and Malaysia also encourages the development of low-cost healthcare mobile technology.

Related Reports

• Digital Therapeutics Market – The global market was valued at US$ 2.69 billion in 2019 and expected to reach US$ 11.82 billion by 2027, with at a compound annual growth rate (CAGR) of 20.3% during the forecast period 2020 to 2027.

 

• Medical Affairs Outsourcing Market – The global market was valued at US$ 1.43 billion in 2019 and predicted to register a compound annual growth rate (CAGR) of around 10.75% during period 2020 to 2027.

Key Takeaways

• Comprehensive analysis of the digital health market trends and shares from 2020 to 2027 at global and regional level to identify growth opportunities and analyze market developments
• Exhaustive analysis of price trends with respect to resin type and region that are expected to impact the outlook of the global digital health market
• Porters’ Five Forces analysis that highlights the bargaining power of buyers and suppliers to enable stakeholders to make profit-oriented business decisions
• Extensive market outlook of key geographic regions along with market drivers, inhibitors, current & future market trends, and emerging applications
• Comprehensive list of key potential clients across major end-use industries in different geographies
• Thorough import-export analysis  across the globe
• Regional level production output to comprehend the demand-supply scenario
• Competitive landscape covers key companies’ profiling, market share analysis, market footprint analysis, competitive business strategies, channels, and competition matrix for key players

TABLE OF CONTENT

Chapter 1    Introduction

1.1    Research objective
1.2    Scope of the study

Chapter 2    Research Methodology

2.1    Research Approach
2.2    Market Research Process
2.2.1    Data procurement and data mining
2.2.2    Data analysis and standardization
2.2.3    Data processing and market formulation
2.2.4    Data validation
2.3    Market Research Approach1
2.4    Data Sources
2.4.1    Secondary Research
2.4.2    Primary Research
2.5    Assumptions & Limitations

Chapter 3    Executive Summary

3.1    Market snapshot

Chapter 4    Digital Health Market Variables and Scope

4.1    Introduction
4.1.1    Big data
4.1.2    Cloud computing
4.1.3    Connected health
4.1.4    eHealth
4.1.5    ePatients
4.1.6    Gamification
4.2    Market classification and scope

Chapter 5    COVID-19 Impact on Digital Health Market

5.1    COVID-19: Digital health industry impact
5.1.1    Immediate outbreak response
5.1.2    Impact mitigation
5.1.3    Growth opportunities

Chapter 6    Digital Health Market Dynamics Analysis and Trends

6.1    Market dynamics
6.1.1    Market drivers
6.1.1.1    Rising demand for mobile health apps
6.1.1.2    Rising penetration of Artificial Intelligence (AI), Internet of Things (IoT), and Big Data
6.1.1.2.1    Internet of Things (IoT)
6.1.1.2.2    Big Data
6.1.1.3    Artificial Intelligence (AI)
6.1.1.4    Converging AI, IoT, and Big Data in healthcare
6.1.2    Market restraint
6.1.2.1    Healthcare cybersecurity is a major restraint to the global digital health market
6.1.3    Market opportunities
6.1.3.1    Increasing penetration of digital health in emerging economies
6.2    Digital health supply chain analysis

Chapter 7    Global Digital Health Market, By Technology

7.1    Digital health market, by technology, 2016-2027
7.1.1    Market estimation and forecast, by technology, 2016-2027
7.2    Tele healthcare
7.2.1    Tele healthcare market estimation and forecast, by type, 2016-2027
7.3    mHealth
7.3.1    mHealth market estimation and forecast, by type, 2016-2027
7.4    Healthcare analytics
7.5    Digital health systems
7.5.1    Digital health systems market estimation and forecast, by type, 2016-2027

Chapter 8    Global Digital Health Market, By Component

8.1    Digital health market, by component, 2016-2027
8.1.1    Market estimation and forecast, by component, 2016-2027
8.2    Software
8.3    Hardware
8.4    Services

Chapter 9    Global Digital Health Market, By Region

9.1    Digital health market, by region, 2016-2027
9.1.1    Market estimation and forecast, by region, 2016-2027
9.2    North America
9.2.1    North America market estimation and forecast, by component, 2016-2027 (USD Billion)
9.2.2    North America market estimation and forecast, by technology, 2016-2027
9.2.3    US    58
9.2.3.1    US market estimation and forecast, by component, 2016-2027
9.2.3.2    US market estimation and forecast, by technology, 2016-2027
9.2.4    Rest of North America    60
9.2.4.1    Rest of North America market estimation and forecast, by component, 2016-2027
9.2.4.2    Rest of North America market estimation and forecast, by technology, 2016-2027
9.3    Europe
9.3.1    Europe market estimation and forecast, by component, 2016-2027
9.3.2    Europe market estimation and forecast, by technology, 2016-2027
9.3.3    Germany
9.3.3.1    Germany market estimation and forecast, by component, 2016-2027
9.3.3.2    Germany market estimation and forecast, by technology, 2016-2027
9.3.4    UK
9.3.4.1    UK market estimation and forecast, by component, 2016-2027 (USD Million)
9.3.4.2    UK market estimation and forecast, by technology, 2016-2027 (USD Million)
9.3.5    France
9.3.5.1    France market estimation and forecast, by component, 2016-2027
9.3.5.2    France market estimation and forecast, by technology, 2016-2027
9.3.6    Rest of Europe
9.3.6.1    Rest of Europe market estimation and forecast, by component, 2016-2027
9.3.6.2    Rest of Europe market estimation and forecast, by technology, 2016-2027
9.4    Asia Pacific
9.4.1    Asia Pacific market estimation and forecast, by component, 2016-2027
9.4.2    Asia Pacific market estimation and forecast, by technology, 2016-2027
9.4.3    China
9.4.3.1    China market estimation and forecast, by component, 2016-2027
9.4.3.2    China market estimation and forecast, by technology, 2016-2027
9.4.4    Japan
9.4.4.1    Japan market estimation and forecast, by component, 2016-2027
9.4.4.2    Japan market estimation and forecast, by technology, 2016-2027
9.4.5    India
9.4.5.1    India market estimation and forecast, by component, 2016-2027
9.4.5.2    India market estimation and forecast, by technology, 2016-2027
9.4.6    Southeast Asia
9.4.6.1    Southeast Asia market estimation and forecast, by component, 2016-2027
9.4.6.2    Southeast Asia market estimation and forecast, by technology, 2016-2027
9.4.7    Rest of Asia Pacific
9.4.7.1    Rest of Asia Pacific market estimation and forecast, by component, 2016-2027
9.4.7.2    Rest of Asia Pacific market estimation and forecast, by technology, 2016-2027
9.5    Latin America
9.5.1    Latin America market estimation and forecast, by component, 2016-2027
9.5.2    Latin America market estimation and forecast, by technology, 2016-2027 (USD Billion)
9.5.3    Brazil
9.5.3.1    Brazil market estimation and forecast, by component, 2016-2027 (USD Million)
9.5.3.2    Brazil market estimation and forecast, by technology, 2016-2027
9.5.4    Rest of Latin America
9.5.4.1    Rest of Latin America market estimation and forecast, by component, 2016-2027 (USD Million)
9.5.4.2    Rest of Latin America market estimation and forecast, by technology, 2016-2027
9.6    Middle East & Africa
9.6.1    Middle East & Africa market estimation and forecast, by component, 2016-2027
9.6.2    Middle East & Africa market estimation and forecast, by technology, 2016-2027
9.6.3    GCC
9.6.3.1    GCC market estimation and forecast, by component, 2016-2027
9.6.3.2    GCC market estimation and forecast, by technology, 2016-2027 (USD Million)
9.6.4    South Africa
9.6.4.1    South Africa market estimation and forecast, by component, 2016-2027
9.6.4.2    South Africa market estimation and forecast, by technology, 2016-2027
9.6.5    North Africa
9.6.5.1    North Africa market estimation and forecast, by component, 2016-2027 (USD Million)
9.6.5.2    North Africa market estimation and forecast, by technology, 2016-2027
9.6.6    Rest of MEA
9.6.6.1    Rest of MEA market estimation and forecast, by component, 2016-2027 (USD Million)
9.6.6.2    Rest of MEA market estimation and forecast, by technology, 2016-2027

Chapter 10    Competitive Landscape

10.1    Company market share/positioning analysis, 2020
10.2    Market players landscape
10.2.1    List of suppliers
10.2.2    List of end-users

Chapter 11    Company Profile

11.1    BioTelemetry Inc.
11.1.1    Company overview
11.1.2    Business outline
11.1.3    Product line
11.1.4    Recent developments
11.2    eClinicalWorks
11.2.1    Company overview
11.2.2    Business outline
11.2.3    Product line
11.2.4    Recent developments
11.3    Allscripts Healthcare Solutions Inc.
11.3.1    Company overview
11.3.2    Business outline
11.3.3    Financial performance
11.3.4    Product line
11.3.5    Recent developments
11.4    iHealth Lab Inc.
11.4.1    Company overview
11.4.2    Business outline
11.4.3    Product line
11.5    Honeywell International Inc.
11.5.1    Company overview
11.5.2    Business outline
11.5.3    Financial performance
11.5.4    Product line
11.5.5    Recent developments
11.6    athenahealth Inc.
11.6.1    Company overview
11.6.2    Business outline
11.6.3    Financial performance
11.6.4    Product line
11.6.5    Recent developments
11.7    Cisco Systems
11.7.1    Company overview
11.7.2    Business outline
11.7.3    Financial performance
11.7.4    Product line
11.7.5    Recent developments
11.8    McKesson Corporation
11.8.1    Company overview
11.8.2    Business outline
11.8.3    Financial performance
11.8.4    Product line
11.8.5    Recent developments
11.9    Koninklijke Philips N.V.
11.9.1    Company overview
11.9.2    Business outline
11.9.3    Financial performance
11.9.4    Product line
11.9.5    Recent developments
11.10    Cerner Corporation
11.10.1    Company overview
11.10.2    Business outline
11.10.3    Financial performance
11.10.4    Product line
11.10.5    Recent developments

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