Digital Health Market by Technology (mHealth [Connected Devices, mHealth Apps, Services], EHR [Web/Cloud-based, On-Premise], Telemedicine [Teleconsulting, Telemonitoring, Tele-education, Teletraining], Healthcare Analytics [Descriptive, Predictive, Prescriptive]), by End User (Hospitals, Clinics, Individuals), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Russia, Poland, Japan, China, India, Australia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa, U.A.E.) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023

Digital Health Market Overview

The global digital health market generated $73.1 billion revenue in 2017 and is predicted to observe a tremendous growth, with a CAGR of 21.1%, during 2018–2023. Growing government support for digital health solutions, innovative and advanced applications of mHealth technologies, and increasing use of smart phones and tablets are the major factors responsible for notable growth of the market.

GLOBAL DIGITAL HEALTH MARKET, BY END USER, $M (2013-2023)

On the basis of technology, the market has been divided into mHealth, telemedicine, electronic health record (EHR), and healthcare analytics, where mHealth held the largest share, of 31.5%, in the global digital health market in 2017. It is expected to garner 59.1% revenue by 2023, witnessing a CAGR of 33.5% during the forecast period. This is attributable to the increasing number of government initiatives for the implementation of mHealth technologies and rising awareness about their advanced applications, globally.

The telemedicine market has been further classified into teleconsulting, telemonitoring, tele-education, teletraining, and other types of telemedicine services. During the forecast period, the telemedicine market is expected to witness the highest growth for telemonitoring services, at a CAGR of 17.0%. The growth in the telemonitoring category is driven by the increasing prevalence of chronic and lifestyle associated diseases, and growing need for remote patient monitoring services in developing parts of the world.

Based on end user, the digital health market has been categorized into hospitals, clinics, and the individuals using these solutions. Globally, the adoption of digital health solutions by the individuals is expected to be the highest throughout the analysis period, progressing at a CAGR of 21.9%, during the forecast period.

Geographically, North America would hold the largest share of the global digital health market throughout the analysis period. This position of the North American digital health market can be attributed to the improving healthcare infrastructure, rising adoption of digital healthcare solutions, surging healthcare spending, and initiatives taken by various government associations for the implementation of digital healthcare technologies in healthcare facilities. Furthermore, IoT and other computational technologies require well-established information and communication technology (ICT) infrastructure, which is present in the region that helps in the growth of digital health market in the region.

Digital Health Market Dynamics

Trends

The advanced applications of cloud computing in digital health have been observed as a major trend in the digital health market. Due to the rapid development in processing and storage technologies, computing resources have become cheaper, more powerful and easily available than before. This technological trend has enabled the development of a new computing model, called cloud computing, in which resources are provided through the internet in an on-demand fashion to the users. These resources include clinical applications, such as pharmacy orders, and physician enquiries; and non-clinical applications including revenue cycle management, and patient billing.

Growth Drivers

Increasing penetration of smart phones and tablet users, growing need for remote patient monitoring services, innovative and advanced applications of mHealth technologies, government support for digital health solutions, and increasing demand for healthcare information systems are the factors driving the growth of the global digital health market.

Over the last five years, the number of mobile applications for smart phones and tablet devices have increased exponentially. According to a press release published by the European Union, mobile phones or smart phones were the most frequently used devices to access the internet. These devices accounted for over three-quarters shares (79%) of the total number of internet users in 2016. Approximately, 94% of the people using smart phones were aged 16–24 years of age. As the telecommunication technology is advancing over the period of time, people are adopting the latest mobile applications in the healthcare sector.

Furthermore, remote patient monitoring has led to increase in the use of wireless devices for routine tasks at the patient’s home. Another factor driving the growth of the digital health market is the increasing adoption of e-ICU models in the healthcare industry. This model allows specialized doctors in remote locations to monitor patients using two-way cameras, high speed internet, and connected devices. Thus, growing geriatric population, increasing prevalence of chronic diseases, and lack of primary healthcare facilities in emerging nations have boosted the demand for remote patient monitoring services globally, which supports the demand for various digital health solutions.

Digital Health Market - Competitive Landscape

Key players in the digital health industry are actively participating in the development of new products and technologies for telemedicine, mHealth and EHR. For instance, in June 2018, Cisco Systems Inc. (Cisco) and NetApp Inc. (NetApp), launched FlexPod solutions that combines Cisco’s unified computing system (UCS) integrated infrastructure with NetApp data services assisting organizations by accelerating app delivery and transition to a hybrid cloud.

Furthermore, in April 2018, Koninklijke Philips N.V. and Digital Health China introduced SHINEFLY, a tele-radiology application and services platform, which offers customizable, scalable cloud-based solution for image management to store, view, retrieve, and analyze medical images, remotely. The platform includes advanced clinical applications for neurology, cardiology, and oncology. Some of the other key players in the digital health industry are Qualcomm Incorporated, Cerner Corporation, eClinicalWorks LLC, Epic Systems Corporation, Allscripts Healthcare Solutions Inc., McKesson Corporation, athenahealth Inc., General Electric Company, and AT&T Inc.