Market Overview:

The global digital health market size reached US$ 289 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 881 Billion by 2027, exhibiting at a growth rate (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 relies on the latest technologies and electronic communication methods to remotely monitor the health update of patients. It includes computing platforms, medical wearables, digital healthcare systems, medical apps, healthcare analytics, and sensors. It helps improve patient care, disease management, and the healthcare experience of individuals. It also assists healthcare professionals in preparing a diagnosis history, minimizing the need for duplicate tests, accessing health records, and making efficient decisions. Besides this, it aids in lowering overall healthcare costs and provides easy management of payment procedures, clinical data, and claims. As a result, the digital health solution is gaining immense traction across the globe.

Digital Health Market Trends:

The growing global geriatric population, along with the rising prevalence of various chronic medical issues, such as diabetes, hypertension, cardiovascular, and neurological disorders, represents one of the key factors positively influencing the market. The increasing occurrence of Alzheimer’s disease, cancer, and numerous long-term care (LTC) conditions is driving the need for digital health solutions for remote patient monitoring despite geographical constraints. In addition, significant developments in the healthcare IT infrastructure and the adoption of cloud-based storage systems are contributing to the market growth. In line with this, the rising internet penetration and shifting consumer reliance on smartphones, tablets, laptops, and personal computers (PCs) are creating a positive outlook for the market. Additionally, the widespread adoption of mHealth apps in the field of radiology, cardiology, and online video consultation for numerous medical problems that require continual medical supervision, is strengthening the market growth. Furthermore, governments of various countries are implementing favorable policies to encourage the adoption of digital health solutions, which is offering a favorable market outlook. For instance, the incorporation of electronic intensive care units (e-ICUs) installed with two-way cameras, high-speed internet, and electronic devices is propelling market growth. Apart from this, ongoing research and development (R&D) activities in the field of telecommunication technologies and medical sciences are anticipated to drive the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global digital health market report, along with forecasts at the global, regional, and country levels from 2022-2027. Our report has categorized the market based on type and component.

Breakup by Type:

• Telehealth
• Medical Wearables
• EMR/EHR Systems
• Medical Apps
• Healthcare Analytics
• Others

The telehealth segment currently dominates the market due to the shifting consumer preferences toward tech-driven medical approaches and remote patient monitoring facilities. In addition, telehealth provides real-time health updates and minimizes hospital visits.

Breakup by Component:

• Software
• Hardware
• Service

The services segment accounts for the majority of the market share due to the rising awareness among individuals about the benefits of digital health-related services.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

North America enjoys the leading position in the market due to various initiatives undertaken by governing agencies operating in the region.

Competitive Landscape:

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.

Report Coverage: