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Valued at $73.1 billion in 2017, the global digital health market is projected to reach $223.7 billion by 2023, progressing at a CAGR of 21.1% during the forecast period (2018–2023).
The market in the Asia-Pacific (APAC) region is predicted to witness the fastest growth, mainly attributable to the rising geriatric population and surging occurrence of different chronic diseases.
Factors Governing Digital Health Market
One of the most prominent trends in the digital health market is that digital healthcare companies are actively involved in partnerships, collaboration, and agreements, to offer medical centers advanced digital healthcare solutions, primarily focused on accelerating and streamlining the process of technology management and providing better hospital and outpatient services. For instance, in March 2018, Centrus Health, a network of hospitals, including Shawnee Mission Health, North Kansas City Hospital, the University of Kansas Health System, and independent physicians facilitated by the Kansas City Metropolitan Physician Association, planned to use Cerner Corporation’s technological tools and analytical capabilities to create a population health management program.
Furthermore, the innovative and advanced applications of mobile health (mHealth) technologies are set to drive the digital health market forward. mHealth is the practice of delivering healthcare services with the help of mobile devices, such as cell phones, laptops, tablets, and personal digital assistants (PDAs), through wireless networks. The factors fueling the popularity of mHealth technologies include the increasing prevalence of chronic diseases, rising geriatric population, growing popularity of at-home services, rising healthcare costs, and supportive healthcare regulatory norms. Moreover, several mHealth applications are available for disease and wellness management, which has increased their adoption rate.
Patient-centric electronic health record (EHR) systems are becoming increasingly popular worldwide, since they do not require a fixed set of guidelines and provide an entire range of solutions as per the need of the patient and family preference, thereby offering the digital health market lucrative opportunities. For instance, in March 2018, Fitbit Inc. launched a smartwatch, Ionic, with more-advanced health features, such as a blood oxygen sensor, heart rate monitor, and the ability to be paired with blood glucose monitors.
Digital Health Market Segmentation Analysis
The digital health market was led by the mHealth technology, which is projected to hold the largest share by 2023. This is attributed to the swift adoption of mHealth solutions across the globe.
The individuals end-user category has been assessed to witness the fastest growth during the forecast period. This is largely due to an increase in the penetration of solutions based on information technology among the population.
|Market Size by Segments||Technology, End User|
|Market Size of Geographies||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.|
|Market Players||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.|
Geographical Analysis of Digital Health Market
Globally, North America accounted for the largest share in the digital health market in 2017, primarily due to the increasing government support to enhance the healthcare delivery systems in the region, growing geriatric population, and rising awareness about various digital health technologies, through various workshops and conferences, primarily in the U.S. Moreover, in Canada, provinces and territories are actively involved in the development of their own electronic information systems, with the support of Canada Health Infoway, a non-profit organization aimed at accelerating the adoption of digital health solutions.
The APAC region is likely to witness the fastest digital health market growth in the coming years, cumulatively led by a surge in the prevalence of chronic diseases and rising geriatric population. In addition, the increasing life expectancy is likely to increase the IT investments in the healthcare industry of the region.
Competitive Landscape of Digital Health Market
The digital health market is consolidated in nature, and the major players include Qualcomm Incorporated, eClinicalWorks LLC, McKesson Corporation, Allscripts Healthcare Solutions Inc., Koninklijke Philips N.V., AT&T Inc., Cerner Corporation, Epic Systems Corporation, athenahealth Inc., General Electric Company, and Cisco Systems Inc. Companies including eClinicalWorks LLC, Cerner Corporation, and Koninklijke Philips N.V. provide all types of digital health solutions. For instance, HealtheEDW and HealtheAnalytics are the health analytics solutions provided by Cerner Corporation. Similarly, Koninklijke Philips N.V. has a telehealth portfolio for homes as well as hospitals, which provides complex care management, chronic disease management, and readmission management solutions.
Recent Strategic Developments of Digital Health Market Players
In recent years, the major players operating in the global digital health market have taken several strategic measures, including mergers and acquisitions. For instance, in April 2018, Allscripts Healthcare LLC closed the previously announced sale of its OneContent business to Hyland Software Inc., a provider of content solutions to the healthcare and numerous other industries. Allscripts Healthcare LLC had acquired the OneContent business in late 2017, through the acquisition of McKesson’s Enterprise Information Solutions (EIS) portfolio.
Similarly, in December 2017, Koninklijke Philips N.V. acquired Forcare B.V., an innovator of open-standard-based interoperability software solutions. Forcare B.V. and its team provides highly complementary capabilities for Koninklijke Philips N.V. and enables the latter to deliver more effective, seamlessly integrated informatics solutions that improve clinical workflow, enhance patient care and optimize enterprise management. Financial details of the transaction were not disclosed.
Digital Health Market Size Breakdown by Segment
The digital health market report offers comprehensive market segmentation analysis along with market estimation for the period 2013–2023.
Based on Technology
Based on End User