The increasing requirement for remote patient monitoring services, growing support from the government regarding digital health solutions, increasing number of tablet and smartphone users, growing demand for advanced healthcare information systems, and innovations in applications of mobile health (mHealth) technologies are the major growth drivers for the global digital health market. Due to these factors, the industry is projected to be valued at $884.1 billion by 2030, growing with a CAGR of 21.8% during the forecast period (2020–2030).
Moreover, the COVID-19 pandemic has had a positive impact on the digital health market. All the affected countries across the world have taken wide-ranging measures, including lockdowns and social distancing, to control the transmission of the infection. As a result of such measures, various healthcare services are being delivered digitally, to prevent human contact. Outpatient hospital care and primary care have long held the promise that they can largely be carried out digitally, but the emergence of the pandemic has significantly scaled up the process of digital transformation. This has rapidly led to the maturing of the digital health industry.
mHealth Technology To Exhibit Fastest Growth in Market during Forecast Period
In terms of technology, the digital health market is classified into mHealth, electronic health record (EHR), telemedicine, and healthcare analytics. Among these, the mHealth category is expected to advance with the highest growth rate during the forecast period, to retain its market domination. This is because mHealth technologies help healthcare organizations reduce medical costs and provide effective remote patient monitoring, so patients do not need to visit healthcare facilities for regular check-ups. Moreover, mHealth technologies assist in disease and wellness management, which has increased their adoption rate.
Furthermore, on the basis of end user, the digital health market is categorized into hospitals, clinics, and individuals. Among them, the demand for digital health services has been the highest in hospitals, which are further projected to remain the highest-revenue-generating category in the forecast period. This is majorly because of the high adoption rate of various digital health solutions in a large number of hospitals, for providing effective care to a wide patient base.
Geographically, North America dominated the digital health market in the historical period (2014–2019), and it is projected to remain the largest market in the forecast period. This is mainly attributable to the improvements in the healthcare infrastructure, surge in the adoption of digital health solutions, increase in healthcare spending, and initiatives being taken by various government associations for the implementation of digital health technologies in healthcare facilities. The internet of things (IoT) and other such technologies require an established information and communication technology (ICT) infrastructure, which is present in the region that helps in the growth of the digital health industry.
Partnership Is Strongest Strategic Measure Taken by Players in Industry
Players in the digital health market are entering into partnerships and agreements, to fight competition. For instance, in June 2020, Qualcomm Incorporated (Qualcomm Technologies Inc.) entered into a partnership with Infinite Computer Solutions, to enable the widespread adoption of smart city solutions and deliver IoT as a service (IoTaaS) for plug-and-play deployment.
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Similarly, in October 2019, Cerner Corporation entered into a partnership with ResMed Inc., to aid healthcare providers in making more-informed treatment decisions, control costs, and deliver seamless care across health systems to the home. Furthermore, the collaboration intends to develop connected health networks, to improve out-of-hospital-care transition and chronic disease management.
Some of the major players operating in the global digital health market are 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., and Cisco Systems Inc.