Status : Published Published On : Apr, 2020 Report Code : VRHC1096 Industry : Healthcare Available Format : Page : 171

Global Digital Health Market – Analysis and Forecast (2019–2025)

Industry Insights by Technology (mHealth [Services, mHealth Apps, Connected Devices], Electronic Health Record {EHR} [On-Premise, Web/Cloud-Based], Healthcare Analytics [Predictive, Prescription, Description], Telemedicine [Teletraining, Teleconsulting, Tele-Education, Telemonitoring, Others]), by End User (Hospitals, Clinics, Individual)

Industry Overview

From USD 111.4 billion in 2019, the global digital health market is predicted to grow to USD 510.4 billion by 2025, registering a CAGR of 29.0% during the forecast period (2020–2025). The global digital health market is growing at a significant rate, due to growing penetration of smartphone and tablet users, and increasing occurrence of chronic and lifestyle associated diseases such as cardiovascular diseases.

Digital Health Market Highlights

Digital health provides efficient care through patient online services and digital diagnostic techniques. A digital diagnostic system, wireless technologies, and electronic health records are some of the digital health technologies which include a variety of data such as medication, patient history, treatment plans, radiology images, allergies, laboratory and test results, and diagnosis.

Market Segmentation

Insight by Technology

By technology, the global digital health market is bifurcated into mhealth, electronic health record (EHR), healthcare analytics, and telemedicine. In 2019, mhealth segment accounted for largest share among all other technologies. The growing preference of medical practitioners, and availability of technologically advanced applications such as apps and wearables are the primary factors responsible for its growth.

mHealth segment is further segmented into services, mhealth apps, and connected devices. In 2019, the connected devices held the largest share, owing to the increased adoption of these devices among consumers.

The EHR segment is further segmented into on premise and web/cloud-based systems. The telemedicine segment is further segmented into teletraining, teleconsulting, tele-education, telemonitoring, and others. Among all the telemedicine segments, telemonitoring segment is anticipated to grow at the fastest rate within the segment. The high growth is attributed to low doctor to patient ratio, particularly in the emerging nations, busy lifestyles and increase in IT infrastructure. Ageing nations such as Japan, Italy and few European countries require home based consultations, this has also contributed to the telemonitoring market.

Industry Dynamics

Industry Trends

The development in cloud computing in healthcare delivery is the trend in the digital health market.

Growth Drivers

The primary factors responsible for the growth of the digital healthcare market are the worldwide increase in the internet penetration with huge upsurge in smart phones and associated healthcare apps, increase in the healthcare technology startups engaged in the development of efficient healthcare delivery systems and emergence of mHealth technologies. The escalating demand for remote patient monitoring services also contributing to the growth of the global digital health market.

In the pandemic like situation such as the outbreak of coronavirus all across the globe, the health systems shall play a pivotal role in containing the viral infection. Doctors are more prone to such human to human communicable viral outbreak. In such scenario adoption of electronic intensive care unit (e-ICU) is likely to drive digital health market. Patients at the remote locations could be readily monitored through such e-ICU models. These e-ICUs offers alarms in case of emergencies and allow medical data evaluations.

Challenges

The factors inhibiting the growth of the global digital health market include huge capital investment, data privacy issues, and dearth medical technologists catering to the development of digital health product and services.

Geographic Overview

Geographically, North America has the largest demand for digital health products and services. In 2019, the region accounted for the largest share among all the regional segments. High share is attributed to its rising occurrence of chronic and lifestyle associated diseases, and favorable government initiatives. Several companies in the region are coming up innovative health care delivery digital models.

The emergence of mHealth technologies and apps facilitate the vital signs monitoring, sleep tracking, and fitness tracking. Developing nations have high adoption of mHealth technologies allowing real time communication between doctor and healthcare providers. These technologies also enable healthcare providers to improve workflow efficiency.

Asia-pacific region is expected to witness highest growth rate over the study period. The consumers of digital products are expected to come from China, and India. Being the biggest consumer nations with low doctor to patient ratio and larger scope of development, owing to surge in the medical infrastructure.

Strong government intent and investments in the global digital health market also favoring its growth.

The Indian government introduced NeHA. The authority is responsible for the development of an integrated health information system in the country, including telemedicine and mobile health applications by collaborating with industry stakeholders.

Moreover, Indian space research organization (ISRO) is deploying telemedicine nodes under its flagship Gramsat scheme. Currently it managed to establish telemedicine network of 225 hospitals connecting 40 super specialty hospitals.

The Chinese firm Tencent has developed an artificial intelligence system named, Xiaoyi. This can help in capturing patient information and in analyzing initial diagnosis.

Competitive Insight

Key players in the digital health market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In January 2016, AT&T signed an agreement with YOFiMeter to enable people with diabetes to wirelessly transmit their blood sugar levels. Qualcomm Incorporated, athenahealth Inc., Cisco Systems Inc., Cerner Corporation, McKesson Corporation, Koninklijke Philips N.V., eClinicalWorks LLC, AT&T Inc., Allscripts Healthcare Solutions Inc., Epic Systems Corporation, and General Electric Company are the key players offering digital health.

Forecast Parameters

  • - Identifying variables and establishing market impact.
  • - Establishing market trends regionally.
  • - Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
  • - Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
  • - Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
  • - Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
  • - Understanding adoption, production, export, import and regulatory framework.

Data Validation

  • - Estimated and forecasted data was validated through industry experts.
  • - Apart from industry experts, data triangulation methods were used for validation.
  • - Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
  • - Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.

Digital Health Market Size

Source: VynZ Research

Digital Health Market Analysis

Source: VynZ Research

Frequently Asked Questions

In 2019, mhealth segment accounted for largest share among all other technologies.
North America has the largest demand for digital health products and services.
By technology, the global digital health market is bifurcated into mhealth, electronic health record (EHR), healthcare analytics, and telemedicine.
Hospital is the major end user for this market.
Qualcomm Incorporated, athenahealth Inc., Cisco Systems Inc., Cerner Corporation, McKesson Corporation, Koninklijke Philips N.V., eClinicalWorks LLC, AT&T Inc., Allscripts Healthcare Solutions Inc., Epic Systems Corporation, and General Electric Company are the major key players offering digital health.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Digital Health Market