The global digital health market size was USD 97.78 Billion in 2020 and is expected to register a CAGR of 16.4% during the forecast period.
NEW YORK, WASHINGTON, UNITED STATES, July 5, 2022 /EINPresswire.com/ — The global digital health market size is expected to reach USD 328.48 Billion in 2028 and register a CAGR of 16.4% over the forecast period, according to the latest report by Reports and Data. Increasing preference towards personalized medicines and adoption of mHealth technology are some key factors expected to continue to drive market revenue growth over the forecast period. In addition, increasing adoption of blockchain technology, Artificial Intelligence (AI), and virtual reality is expected to contribute significantly to revenue growth of the market going ahead.
Rapid digitalization of healthcare delivery is accelerating development of precision medicine. The advent of digital technologies such as telehealth or eHealth tools are enabling healthcare professionals to provide individualized or personalized diagnosis and treatment plans for patients. Personalized care optimize therapeutic benefit or diagnostic efficiency by targeting or tailoring an individual patient’s needs on the basis of their biomarker, phenotypic, genetic makeup, and psychological characteristics. This is leading to better treatment outcomes, reducing healthcare costs, and improving efficiency of care, which is expected to drive revenue growth of the market.
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Increasing demand for wearable medical devices and rise in number of connected devices or wireless technologies is facilitating steady adoption of m-health technology. Rapid penetration of mobile technologies and increasing technological advancements in telecommunications with the advent of 5G offering high speeds of data transmission along with cheaper and more advanced handsets are transforming the way health care information and services are accessed, managed, and delivered. With increasing accessibility to mobile technologies, personalization and citizen-focused public health and medical care is gaining more prominence and governments of various countries are considering mHealth as a complementary strategy for strengthening health systems and achieving health related Millennium Development Goals mainly in developing countries. This is expected to propel growth of the market.
Digital Therapeutics (DTx) is a sub-set of digital health that delivers evidence-based therapeutic interventions to patients and is mainly driven by advanced software programs for preventing, managing, and treating various medical conditions or diseases. Majority of biopharmaceutical and biotechnology companies are focusing on developing new platform-based ecosystems or business models to incorporate digital therapeutic solutions into their business models and drive awareness, engagement, and adoption among stakeholders. This is expected to boost revenue growth of the digital health market in the near future.
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However, concerns associated with data privacy and security is expected to restrain market growth to a certain extent over the forecast period.
The report also covers SWOT examination and Porter’s Five Forces analysis to offer details about leading players. The key players in the market are focusing on developing new strategies such as mergers and acquisition, joint ventures, new product launches, agreements, and partnerships to retain their market position and expand their product base.
Leading companies operating in the market and profiled in the report include:
Koninklijke Philips N.V
Siemens Healthineers AG
Epic Systems Corporation
GE Healthcare Inc.
Qualcomm technologies Inc
Cisco Systems Inc
Some Key Highlights From the Report:
In July 2021, Cerner Corporation announced strategic partnership with Baystate Health for developing a digital health platform and integrate financing and care delivery system for providing a more consumer focused approach. Through this partnership, Cerner will provide their technology platform to Baystate for improving patient access to personalized care, advance care delivery and improve patient care.
Software segment revenue is expected to expand at a rapid CAGR over the forecast period owing to rising need for facilitating easy and timely procurement and sharing of patient medical information and increasing implementation of healthcare software for improving clinical outcomes, efficiency and organizational workflow, reducing medical expenditure, and for automating various administrative tasks.
Mobile Health (mHealth) segment is expected to account for largest revenue share over the forecast period owing to increasing demand for wireless devices such as fitness trackers, smart watches, and wrist bands, growing demand for home care services, rising investment on m-health start-ups, and increasing adoption of IoT technology.
Hospitals & clinics segment is expected to lead in terms of revenue share owing to increasing adoption of digital health care system for managing increasing volume of patient data, improving clinical efficiency and performance, and increasing adoption of wireless health technology or connected medical devices to improve patient experience, support patient care, and streamline business operations.
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North America is expected to account for largest revenue share over the forecast period, attributed to increasing size of targeted population, increasing implementation of healthcare information technology solutions, growing usage of wireless sensors and mobile health apps, and increasing development of advanced and innovative technologies.
For the purpose of this report, Reports and Data has segmented the digital health market based on component, technology, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
Technology Outlook (Revenue, USD Billion; 2018-2028)
Mobile Health (mHealth)
Digital Health Systems
Electronics Health Record (EHR)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
Hospitals & Clinics
Regional Outlook (Revenue, USD Billion; 2018–2028)
Middle East & Africa
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