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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

Digital Health Market Overview

Valued at $101.4 billion in 2019, the global digital health market is projected to advance with a CAGR of 21.8% during the forecast period (2020–2030). The growth of the industry is expected to be propelled by the increasing penetration of smartphones and tablets, growing need for remote patient monitoring services, innovative applications of mobile health (mHealth) technologies, increasing demand for advanced healthcare information systems, and government support for these solutions.

Moreover, the ongoing COVID-19 pandemic is expected to drive the digital health market growth in the coming years. Due to the pandemic, governments in different countries have been taking measures to limit various activities, to control the spread of the disease. This has restricted people from physically visiting healthcare centers, unless it is absolutely necessary. Such changing consumer behavior, coupled with government restrictions, has led to an increasing demand for digital health solutions.

Digital Health Market

Segmentation Analysis

mHealth Technology Is Projected To hold Largest Market Share in 2030

In 2019, the digital health market was led by mHealth, when segmented on the basis of technology. Furthermore, the category is projected to continue dominating the industry in the forecast period. The domination of the category is credited to the technology’s ability to spread awareness and information faster, to a large population. Furthermore, it also helps identify the medical condition of patients in a distant location, by simply listing the symptoms on the app, after which it provides the diagnosis. Moreover, among the varied mHealth products and services, the connected devices category dominated the market in 2019.

Individuals To Exhibit Fastest Growth during Forecast Period

The fastest growth during the forecast period is expected from the individual category, when the digital health market is segmented based on end user. This would primarily be due to the surge in the adoption of IT solutions amongst the population. IT allows for offering the correct information to the correct individuals, at the right time. Moreover, it also helps in tracking, manipulating, storing, and distributing information from the data gathered, to the appropriate person, as and when required.

Geographical Outlook

North America To Generate Highest Revenue in Industry

North America dominated the digital health market during the historical period (2014–2019), and it is expected to remain the dominant market during the forecast period. This is mainly attributed to the increase in the awareness about these technologies, through various workshops and conferences in the U.S., growth in the geriatric population, and rise in the government support to enhance the healthcare delivery systems in the region.

Furthermore, in Canada, an increase in the adoption of digital health systems, including electronic health records (EHR), in healthcare settings is being observed. This is primarily due to the fact that the country’s 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 that aims at accelerating the adoption of digital health solutions.

Asia-Pacific (APAC) Is Projected To Exhibit Fastest Growth in Industry

Globally, APAC is projected to advance with the highest rate in the digital health market during the forecast period. This is buoyed by the rising geriatric population and surging occurrence of chronic diseases. Additionally, the rising life expectancy is likely to increase the IT investments in the healthcare industry in the region. Furthermore, the improving healthcare infrastructure, increasing adoption of smartphones, and rising government support, in the form of investments and grants, have fueled the growth of the digital health industry in the region.

Digital Health Market

Trends & Drivers

Growing Applications of Cloud Computing in Digital Health Are Major Market Trend

One of the major trends being observed in the digital health market is the increasing applications of cloud computing in healthcare settings. 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 users. These resources include clinical applications, such as pharmacy orders and physician enquiries; and non-clinical applications, including revenue cycle management and patient billing.

Digital Health Market

Increasing Penetration of Smartphones and Tablets

Over the last five years, the number of mobile applications for smartphones and tablets has increased exponentially. According to a press release by the European Union (EU), in 2019, mobile phones or smartphones were the most frequently used devices to access the internet. Moreover, in 2019, there were around 3.2 billion smartphone users across the world, which was a substantial increase from around 2.5 billion in 2016. As telecommunication technologies are advancing over time, people are adopting the latest mHealth applications. There are dozens of mobile applications for health and fitness, which help people in monitoring their health status. Thus, the rising penetration of mobile devices and healthcare apps is expected to propel the growth of the digital health market.

Growing Need for Remote Patient Monitoring Services

The growing geriatric population, increasing prevalence of chronic diseases, and lack of primary healthcare facilities in the remote areas of developing nations are increasing the demand for remote patient monitoring services, globally, which, in turn, is driving the growth of the digital health market. According to the United Nations Department of Economic and Social Affairs (UNDESA)’s World Population Ageing 2019 report, the percentage of individuals aged above 60 years in Europe would be 36.6% of the total population by 2050, compared to 20.3% in 2000. The geriatric population is more prone to illnesses, due to its low immunity level and high recovery time, owing to which aged people require the utmost care. mHealth apps and services play a major role in providing healthcare services to elderly people in remote locations.

Growing mHealth Adoption

The innovative applications of mHealth technologies are another major driver for the digital health market. mHealth is the practice of delivering healthcare services with the help of mobile devices, such as smartphones, laptops, tablets, and personal digital assistants (PDAs), through wireless networks. The growing geriatric population, increasing burden of chronic diseases, rising healthcare costs, easy accessibility of at-home healthcare services, and supportive healthcare regulatory norms are fueling the adoption of mHealth technologies, globally.

Government Support for Digital Health Solutions

The increasing support from government organizations is playing a pivotal role in the growth of the digital health market. Several government organizations are providing support, in the form of funding and initiatives, for the implementation of digital solutions in healthcare facilities. For instance, in June 2018, the EU proposed an investment of $10.3 billion (EUR 9.2 billion) for the period 2021–2027 to create the Digital Europe program, in order to establish a regulatory framework that would fit the digital age. The program would cover various sectors, including healthcare.

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

 

Increasing Demand for Advanced Healthcare Information Systems

The growing demand for an advanced healthcare information system is also driving the growth of the digital health market. Digital health technologies, such as EHR, telehealth, and mHealth, help in offering services related to diagnosis, treatment, care, and rehabilitation. This improves the communication between patients and healthcare providers, which further reduces medication errors and leads to better coordinated care. Moreover, an integrated digital health system helps improve the healthcare quality, by computerizing patient safety practices, enhancing clinical decision making, and reducing the rational burden of practitioners.

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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