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Digital Health Market Research Report: By Technology (Mobile Health, Electronic Health Record, Telemedicine, Healthcare Analytics), End User (Hospitals, Clinics, Individuals) - Global Industry Analysis and Growth Forecast to 2030

  • Published: August 2020
  • Report Code: LS10495
  • Available Format: PDF
  • Pages: 298

Market Outlook

The digital health market value was $101.4 billion in 2019, and the market is expected to grow at a CAGR of 21.8% from 2020 to 2030. The market is being driven by the surging usage of tablets and smartphones, burgeoning demand for remote patient monitoring services, emergence of innovative mobile health (mHealth) applications, soaring requirement for advanced healthcare information systems, and implementation of supportive government policies regarding these solutions.

The ongoing COVID-19 pandemic is propelling the expansion of the digital health industry. Because of the pandemic, the governments of several countries have announced lockdowns and taken other strong measures to limit public gatherings and the movement of people from one place to another. This has, in turn, made it rather difficult for people to visit healthcare centers, unless absolutely necessary. Thus, these government restrictions and the growing public awareness about the infection are fueling the popularity of digital health solutions.

Digital Health Market Outlook

mHealth Technology Predicted To Dominate Market till 2030

The mHealth technology category had the largest share in 2019, and this trend is predicted to continue in the forthcoming years. This will be because of the ability of the technology to raise public awareness about various diseases and their treatment procedures faster than the other technologies in the digital health market. Moreover, this technology helps medical practitioners identify the patient’s medical condition from a distant location, by simply seeing the symptoms on the application. Out of the various mHealth products and services, the market was dominated by the connected devices category in 2019.

Individuals Predicted to Demonstrate Fastest Growth in Future

The individuals category is predicted to exhibit the fastest growth in the market from 2020 to 2030, under the end user segment. This will be mainly because of the surging adoption of IT solutions by people all over the world. With these solutions, the delivery of correct information to the concerned individuals becomes possible. Moreover, these solutions help in manipulating, tracking, and storing information from the collected data and distributing it to the appropriate individuals, when and as required.

North America Set To Dominate Industry in Coming Years

From 2014 to 2019, the market was dominated by North America, and this situation will not change till 2030. The main factors driving the expansion of the industry in North America are the growing public awareness about digital health technologies via various conferences and workshops, especially in the U.S., surging geriatric population, and increasing enactment of government policies and measures for improving the operations of healthcare delivery systems in the region.

Similarly, the digital health market is witnessing a rapid advance in Canada because of the sharp surge in the adoption of electronic health records (EHR) in the healthcare facilities in the country. This is mainly because the territories and provinces of the country are actively focusing on developing their own electronic information systems. Provincial governments are receiving strong support from Canada Health Infoway, which is a non-profit organization aiming at propelling the demand for digital health solutions in the country.

Asia-Pacific (APAC) Expected To Exhibit Fastest Market Growth

Across the globe, the market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region during 2020–2030. This is ascribed to the increasing geriatric population and growing incidence of chronic diseases in the region. In addition, the increasing life expectancy is predicted to fuel IT investments in the healthcare sector, which will, in turn, propel the advance of the market for digital health solutions in the region. Furthermore, the soaring usage of smartphones, increasing government support, primarily in the form of grants and investments, and rapidly improving medical infrastructure are driving the expansion of the market in this region.

Digital Health Market Regional Analysis

Surging Adoption of Cloud Computing in Digital Health Prominent Market Trend

The soaring adoption of cloud computing solutions in healthcare settings is one of the biggest trends currently being witnessed in the digital health market. Because of the rapid advancements in storage and processing technologies, computing resources are becoming more powerful, easily available, and more affordable than before. This is subsequently fueling the development of cloud computing, which is a new computing model in which the resources, including both clinical applications, such as physician enquiries and pharmacy orders, and non-clinical applications, such as patient billing and revenue cycle management, are provided to users on demand, via the internet.

Digital Health Market Growth Drivers

Mushrooming Usage of Tablets and Smartphones Raising Digital Health Adoption Rate

Across the globe, the number of tablet and smartphone users has increased significantly over the past five years. the number of smartphone users around the world grew from nearly 2.5 billion in 2016 to around 3.2 billion in 2019, thereby causing a sharp surge in the industry revenue. Moreover, as per a European Union (EU) press release, smartphones or mobile phones were the most heavily used devices for accessing the internet in 2019. With rapid advancements in communication technologies, the demand for mHealth applications, including applications for fitness and health, is growing sharply across the globe.

Increasing Demand for Remote Patient Monitoring Services another Strong Market Driver 

The rising incidence of chronic diseases, lack of proper healthcare facilities, and rapidly surging population of geriatric people are propelling the digital health market by pushing up the requirement for remote patient monitoring services. As per the World Population Ageing 2019 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the share of people aged above 65 years in Europe will rise from 20.3% of the total population to 36.6% from 2000 to 2050. As geriatric people are vulnerable to diseases because of their low immunity levels and high recovery time, their growing population is positively impacting the demand for patient care. This is propelling the requirement for digital health solutions because mHealth is a big help in providing medical treatment and healthcare to patients living in remote areas.

Ballooning mHealth Adoption Most Significant Reason for Market Growth

The increasing applications of mHealth is another important factor driving the progress of the market for digital health. mHealth is the practice of providing healthcare services with the help of tablets, smartphones, laptops, personal digital assistants (PDAs), and various other mobile devices, via a wireless network. The surging geriatric population, increasing occurrence rate of chronic diseases, soaring healthcare costs, easy accessibility of various at-home healthcare services, and implementation of favorable digital healthcare policies are powering the usage of mHealth technologies across the globe.

Strong Government Support Driving Adoption of Digital Health Technologies

Another key factor aiding the progress of the digital health market is the numerous efforts being taken around the world to make the concept popular. Many government organizations around the world are implementing policies and taking strong measures, such as the provision of funds, for supporting the adoption of digital healthcare solutions. For example, the EU announced an investment worth $10.3 billion (EUR 9.2 billion) for the period 2021–2027 for creating the Digital Europe program, to set up a regulatory framework that would facilitate the adoption of digital solutions in various operations, including those of the healthcare sector.

Soaring Requirement for Advanced Healthcare Information Systems Boosting Market Players’ Revenue

The surging popularity of advanced healthcare information systems is another major factor responsible for the boom in the market for digital health. Digital health technologies, such as telehealth, mHealth, and EHR, assist in providing treatment, diagnosis, rehabilitation, and care. These services improve the communication between healthcare providers and patients, thereby reducing the chances of medication errors, which, in turn, leads to improved patient outcomes. Moreover, the usage of digital health systems massively improves the overall quality of healthcare, by enhancing the clinical decision-making process, computerizing various patient safety practices, and reducing the burden on healthcare practitioners.

Digital Health Market Report Coverage
Report Attribute Details
Historical Years 2014-2019
Forecast Years 2020-2030
Base Year (2019) Market Size $101.4 Billion
Forecast Period (2020-2030) CAGR 21.8%
Report Coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Impact of COVID-19, Companies’ Strategic Developments, Product Benchmarking, Company Profiling
Market Size by Segments By Technology; By End User; By Region
Market Size of Geographies U.S., Canada, Germany, France, Italy, U.K., Spain, Russia, Poland, Japan, China, India, South Korea, Australia, Brazil, Mexico, Saudi Arabia, South Africa, U.A.E.
Secondary Sources and References (Partial List) Association of Healthcare Providers, Health Information Standards Professional Committee, National Digital Health Authority, Organization for Economic Co-operation and Development, U.S. Department of Health and Human Services, United Nations Department of Economic and Social Affairs, World Health Organization

 

Market Players Are Entering into Partnerships to Counter Competition

The global digital health market is fragmented in nature, with the presence of players such as Qualcomm Incorporated, Cerner Corporation, eClinicalWorks LLC, Epic Systems Corporation, and McKesson Corporation.

In recent years, players in the digital health industry have entered into collaborations and partnerships, in order to attain a competitive edge. For instance:

  • In July 2020, Allscripts Healthcare Solutions Inc. and Microsoft Corporation extended their strategic partnership for five years, to expand the development and delivery of cloud-based health IT solutions.
  • In February 2020, Cerner Corporation and Intermountain Healthcare announced a multiyear expansion of their longstanding partnership to improve the safety, quality, and experience of healthcare for patients and caregivers.
  • In October 2019, McKesson Corporation and Augmedix Inc. expanded their collaboration, with the purpose of creating greater efficiencies for healthcare providers, by enhancing the doctor–patient relationship. Under the partnership, McKesson Corporation is providing Augmedix’s EHR charting services to specialty practices, with the aim for providers to spend less time on data entry and more time on patient care.

Some of Key Players in Digital Health Market Include

  • Qualcomm Incorporated
  • Cerner Corporation
  • eClinicalWorks LLC
  • Epic Systems Corporation
  • McKesson Corporation
  • athenahealth Inc.
  • Allscripts Healthcare Solutions Inc.
  • General Electric Company
  • Koninklijke Philips N.V.
  • AT&T Inc.
  • Cisco Systems Inc.

Digital Health Market Size Breakdown by Segment

The digital health market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.

Based on Technology

  • Mobile Health (mHealth)
    • Connected devices
    • mHealth apps
    • Services
  • Electronic Health Record (EHR)
    • Web/cloud-based
    • On-premises
  • Telemedicine
    • Teleconsulting
    • Telemonitoring
    • Tele-education
    • Teletraining
  • Healthcare Analytics
    • Descriptive
    • Predictive
    • Prescriptive

Based on End User

  • Hospitals
  • Clinics
  • Individuals

Geographical Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia
  • Asia-Pacific (APAC)
    • Japan
    • China
    • India
    • Australia
    • South Korea
  • Latin America (LATAM)
    • Brazil
    • Mexico
  • Middle East & Africa (MEA)
    • Saudi Arabia
    • South Africa
    • U.A.E
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