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Digital Health Market Size - By Technology (Telehealthcare (Telecare, Telehealth), mHealth(Wearables, Apps)), by Component(Hardware, Software, Service) & Region - Forecasts by - 2023 - 2033

  • PUBLISHED ON
  • 1970-01-01
  • NO OF PAGES
  • 238
  • CATEGORY
  • Healthcare & Life Sciences

Digital Health Market- Description

Digital health is referred to as the utilization of communication and information technologies in the healthcare sector to facilitate the management of chronic diseases from remote locations. It is broadly a multidisciplinary concept facilitating the intersection between healthcare and technology. It includes digital categories such as health information technology (IT), mobile health (mHealth), telehealth & telemedicine, personalized medicine, and wearables. The digital health technology helps users to efficiently access health related information which in turn aids in clinical decision making, patient safety, and continuity of care. This sector involves various stakeholders which include researchers & scientists, clinicians, health device manufacturers along with other experts from engineering, public health, social sciences, data management, and health economics domain.

IMG1

Source: WMR


Digital Health Market- Overview

The global digital health market was worth USD 145,884.3 million in 2022, and is anticipated to record a CAGR of 17.9% over the forecast duration 2023-2033, thereby accumulating USD 767,718.9 million by the end of the analysis timeline.

The primary factors fuelling Digital Health Market growth are escalating demand for remote monitoring services, increase in funding and investments from private and government entities for mHealth start-ups, and surging prevalence of chronic diseases. However, security concerns related to patient data and high capital expenditure and maintenance requirement associated with digital health technology is likely to impede Digital Health Market progression in the ensuing years.

The increasing prevalence of chronic diseases such as diabetes, heart disease, and cancer is driving the demand for digital health solutions that can improve the management and monitoring of these conditions. As the global population continues to age, there is a growing demand for healthcare services. Digital health solutions are increasingly being used to address the healthcare needs of the elderly, including remote monitoring and telemedicine services.

IMG2

Source: WMR


Digital Health Market- Key Trends

·         Rising usage of smart phones and other mobile applications will aid market expansion:

Smartphones has emerged as one of the highly adopted technologies devices across the globe. There has been a steep rise in the use of smart phones and other phone applications by physicians and other healthcare providers, which in turn has surged the practice of digital health. The usage of mHealth applications and other services enables efficient communication between patients and healthcare experts from any location and also allows users to monitor their state of health and medical schedules easily, which is further adding traction to Digital Health Market growth.


·         Increase in geriatric population will positively sway Digital Health Market dynamics:

The surge in aging population across the globe is expected to bolster the demand for digital health technology. This is credited to the fact that the geriatric population is prone to chronic diseases and need constant medical attention and also it is difficult for them to visit physicians frequently. Therefore, the usage of healthcare applications enables their caregivers to connect with healthcare experts and further monitor or track their state of health.


Digital Health Market- Segmental Analysis

By Technology

·         Telehealthcare

o   Telecare

o   Activity monitoring

o   Remote medication management

o   Telehealth

o   LTC monitoring

o   Video consultation

o   mHealth

·         Wearables

o   BP Monitor

o   Glucose meter

o   Pulse oximeter

o   Sleep apnea monitors

o   Neurological monitors

o   Others

o   Apps

·         Medical apps

o   Fitness apps

o   Health analytics

o   Digital health systems

o   Electronic health records

o   E-prescribing systems

The mHealth segment is poised to register notable gain over the forecast period ascribing to escalating demand for remote monitoring services, rising smartphone penetration, and surging prevalence of hypertension. mHealth, or mobile health, refers to the use of mobile devices, such as smartphones and tablets, to support healthcare services and promote health and wellness. This can include a wide range of applications, from patient monitoring and remote consultations to medication reminders and fitness tracking.

By Component

·         Hardware

·         Software

·         Service

The software segment is slated to capture a significant revenue share over 2022-2030 due to advancements in healthcare IT, high demand for medical cost reduction, and rising needs for organized data and workflow in the healthcare sector.

IMG3

Source: WMR


Digital Health Market- Regional Assessment

Considering the geographical ambit,

·         North America

·         Asia Pacific

·         Europe

·         Latin America

are the major benefactors to Digital Health Market expansion. Among these, North America captured a significant market share in 2020 and is anticipated to showcase similar growth trends over the forecast period. This is attributable to surging prevalence of chronic ailments, widespread adoption of smart devices, and presence of prominent industry players. Furthermore, Asia Pacific is projected to amplify with a substantial CAGR over the stipulated timeline owing to surge in aging population, increase in internet users, and high demand for remote monitoring services.


Digital Health Market- Competitive Hierarchy

Major players constituting the competitive landscape of this business sphere are Cerner Corporation, Allscripts Healthcare Solution, Inc., Siemens Healthcare AG, Qualcomm Technologies, Inc., Mckesson Corporation, Koninklijke Philips NV, Cisco Systems, Inc., Honeywell International, Inc., and eClinicalWorks., 3DHISTECH, Apollo Enterprise Imaging, Konfoong Biotech International Co., Ltd, XIFIN, Inc, Akoya Biosciences, Corista, Indica Labs, Kanteron Systems, AirStrip Technologies, Google, Inc., Samsung Electronics Co., Ltd. and others. Notably, Philips in February 2021, acquired major US based remote cardiac diagnostics and monitoring technology provider BioTelemetry, Inc. This decision was aimed at assisting Philips to amplify its business portfolio and customer base.


Report scope

Digital Health Market- Historical Years- 2020-2021

Digital Health Market- Forecast years- 2023-2033

Digital Health Market 2022- USD 145,884.3 million

Digital Health Projected Market 2033- USD 767,718.9 million

Digital Health Market CAGR- 17.9%

Key segments covered-


by Technology (Teleheathcare, mHealth, and apps)

by Component (Hardware, Software, and Service)

Key regions and countries reported-


North America (U.S. and Canada)

Asia Pacific (India, Japan, South Korea, Australia, and China)

Middle East & Africa (GCC, South Africa, and Egypt)

Europe (U.K., France, Germany, Spain, and Italy)

Latin America (Brazil and Mexico)

Major players profiled- Cerner Corporation, Allscripts Healthcare Solution, Inc., Siemens Healthcare AG, Qualcomm Technologies, Inc., Mckesson Corporation, Koninklijke Philips NV, Cisco Systems, Inc., Honeywell International, Inc., and eClinicalWorks, 

3DHISTECH, Apollo Enterprise Imaging, Konfoong Biotech International Co., Ltd, XIFIN, Inc, Akoya Biosciences, Corista, Indica Labs, Kanteron Systems, AirStrip Technologies, Google, Inc., Samsung Electronics Co., Ltd. and others. 

1. Global Digital Health Market Introduction and Market Overview

1.1. Objective of the Market Research Study

1.2. Digital Health Market Definition & Description

1.3. Research Data Parameters & Reporting Timelines

1.3.1. Historical Data Reporting Years – 2020 to 2021

1.3.2. Projected Data Reporting Years – 2022 to 2033

1.3.3. Reporting Data Parameters – Value (US$ Million)

1.4. Global Digital Health Market Scope and Market Estimation

1.4.1. Global Digital Health Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)

1.4.2. Global Digital Health Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033

1.5. Digital Health Market Segmentation

1.5.1. Technology of Global Digital Health Market

1.5.2. Component of Global Digital Health Market

1.5.3. Key Regions of Global Digital Health Market


2. Global Digital Health Market - Executive Summary

2.1. Global Digital Health Market – Summary & Snapshot

2.2. Global Digital Health Market, By Technology (US$ Million)

2.3. Global Digital Health Market, By Component (US$ Million)

2.4. Global Digital Health Market, By Geography (US$ Million)

2.5. Global Digital Health Market Outlook & Future Opportunities


3. Digital Health Market Trends, Outlook, and Factors Analysis

3.1. Global Digital Health Market Industry Development Trends under COVID-19 Outbreak

3.1.1. Global COVID-19 Status Overview

3.1.2. Influence of COVID-19 Outbreak on Global Digital Health Market Industry Development

3.1.3. Pre & Post COVID-19 Trends and Scenarios

3.2. Digital Health Market Dynamics (Growth Impacting Factors & Rationales)

3.2.1. Drivers

3.2.1.1. Some o the main reasons for growth in global digital health market are growing demand for remote monitoring services, mHealth startup, increase in adoption of technology in healthcare sector.

3.2.2. Restraints

3.2.2.1. Prices of digital healthcare equipment may not be affordable for every class of society. Accuracy can also alter the growth of digital health market.

3.2.3. Opportunities

3.2.3.1. The use of smartphones in the healthcare sector has been on a tremendous rise and is expected to grow further. Physicians are adopting smartphones, tablets and other mobile platforms for better digital health practices.

3.2.4. Impact Analysis of Drivers and Restraints

3.3. Ecosystem/ Value Chain Analysis

3.4. Porter’s Five Forces Analysis

3.5. SWOT Analysis

3.6. PEST Analysis

3.7. Average Selling Prices and Pricing Trends Analysis of Digital Health Market

3.8. Technological Roadmap

3.9. Key Investment Pockets of Digital Health Market

3.9.1. By Technology

3.9.2. By Component

3.9.3. By Regions


4. Global Digital Health Market: Estimates & Historic Trend Analysis (2020 to 2021)

4.1. Global Digital Health Market, 2020 – 2021 (US$ Million)

4.2. Global Digital Health Market, By Technology, 2020 To 2021 (US$ Million)

4.3. Global Digital Health Market, By Component, 2020 To 2021 (US$ Million)

4.4. Global Digital Health Market, By Region, 2020 To 2021 (US$ Million)


5. Global Digital Health Market Estimates & Forecast Trend Analysis, by Technology

5.1. Global Digital Health Market Share (%) Estimates and Forecasts, by Technology, 2022 & 2033

5.2. Global Digital Health Market Revenue (US$ Million) Estimates and Forecasts, by Technology, 2022 to 2033

5.2.1. Telehealthcare

5.2.1.1. Telecare

5.2.1.1.1. Activity monitoring

5.2.1.1.2. Remote medication management

5.2.1.2. Telehealth

5.2.1.2.1. LTC monitoring

5.2.1.2.2. Video consultation

5.2.2. mHealth

5.2.2.1. Wearables

5.2.2.1.1. BP Monitor

5.2.2.1.2. Glucose meter

5.2.2.1.3. Pulse oximeter

5.2.2.1.4. Sleep apnea monitors

5.2.2.1.5. Neurological monitors

5.2.2.1.6. Others

5.2.2.2. Apps

5.2.2.2.1. Medical apps

5.2.2.2.2. Fitness apps

5.2.2.2.3. Health analytics

5.2.2.2.4. Digital health systems

5.2.2.2.4.1. Electronic health records

5.2.2.2.4.2. E-prescribing systems


6. Global Digital Health Market Estimates & Forecast Trend Analysis, by Component

6.1. Global Digital Health Market Share (%) Estimates and Forecasts, By Component, 2022 & 2033

6.2. Global Digital Health Market Revenue (US$ Million) Estimates and Forecasts, by Component, 2022 to 2033

6.2.1. Hardware

6.2.2. Software

6.2.3. Service


7. Global Digital Health Market Analysis and Forecast, by Region

7.1. Global Digital Health Market Share (%) Estimates and Forecasts, By Region, 2022 & 2033

7.2. Global Digital Health Market Revenue (US$ Million) Estimates and Forecasts, By Region, 2022 To 2033

7.2.1. North America

7.2.2. Europe

7.2.3. Asia Pacific

7.2.4. Middle East and Africa

7.2.5. Latin America


8. North America Digital Health Market: Estimates & Forecast Trend Analysis

8.1. North America Digital Health Market Assessments & Key Findings

8.2. North America Digital Health Market Share (%) Estimates and Forecasts, 2022 & 2033

8.3. North America Digital Health Market Size Estimates and Forecast (US$ Million) (2022 To 2033)

8.3.1. By Technology

8.3.2. By Component

8.3.3. By Major Country

8.3.3.1. The U.S.

8.3.3.2. Canada


9. Europe Digital Health Market: Estimates & Forecast Trend Analysis

9.1. Europe Digital Health Market Assessments & Key Findings

9.2. Europe Digital Health Market Share (%) Estimates and Forecasts, 2022 & 2033

9.3. Europe Digital Health Market Size Estimates and Forecast (US$ Million) (2022 to 2033)

9.3.1. By Technology

9.3.2. By Component

9.3.3. By Major Country

9.3.3.1. Germany

9.3.3.2. The U.K.

9.3.3.3. France

9.3.3.4. Italy

9.3.3.5. Spain

9.3.3.6. Rest of Europe (includes all other European countries)


10. Asia Pacific Digital Health Market: Estimates & Forecast Trend Analysis

10.1. Asia Pacific Digital Health Market Assessments & Key Findings

10.2. Asia Pacific Digital Health Market Share (%) Estimates and Forecasts, 2022 & 2033

10.3. Asia Pacific Digital Health Market Size Estimates and Forecast (US$ Million) (2022 To 2033)

10.3.1. By Technology

10.3.2. By Component

10.3.3. By Major Country

10.3.3.1. China

10.3.3.2. Japan

10.3.3.3. India

10.3.3.4. ASEAN

10.3.3.5. South Korea

10.3.3.6. Rest of Asia Pacific (includes all other Asia Pacific countries)


11. Middle East & Africa Digital Health Market: Estimates & Forecast Trend Analysis

11.1. Middle East & Africa Digital Health Market Assessments & Key Findings

11.2. Middle East & Africa Digital Health Market Share (%) Estimates and Forecasts, 2022 & 2033

11.3. Middle East & Africa Digital Health Market Size Estimates and Forecast (US$ Million) (2022 To 2033)

11.3.1. By Technology

11.3.2. By Component

11.3.3. By Major Country

11.3.3.1. GCC

11.3.3.2. South Africa

11.3.3.3. Egypt

11.3.3.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)


12. Latin America Digital Health Market: Estimates & Forecast Trend Analysis

12.1. Latin America Market Assessments & Key Findings

12.2. Latin America Digital Health Market Share (%) Estimates and Forecasts, 2022 & 2033

12.3. Latin America Digital Health Market Size Estimates and Forecast (US$ Million) (2022 to 2033)

12.3.1. By Technology

12.3.2. By Component

12.3.3. By Major Country

12.3.3.1. Brazil

12.3.3.2. Mexico

12.3.3.3. Rest of Latin America (includes all other Latin America countries)


13. Competitive Landscape

13.1. Digital Health Market Revenue Share Analysis (%), By Major Players (2021)

13.2. Digital Health Market Competition Matrix, By Leading Players

13.3. Digital Health List of Emerging, Prominent and Leading Players

13.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, Etc.


14. Company Profiles

14.1. Allscripts Healthcare Solution, Inc.

14.1.1. Company Overview & Insights

14.1.2. Financial Performance

14.1.3. Product / Service Portfolio

14.1.4. Geographical Footprint & Share

14.1.5. Strategic Initiatives & Key Developments

*Similar details would be provided for all the players mentioned below

14.2. Cerner Corporation

14.3. Cisco systems

14.4. eCLINICALWORKS

14.5. General Electric company

14.6. Koninklijke Philips N.V

14.7. Honeywell International Inc.

14.8. Mckesson Corporation

14.9. Siemans Healthcare AG

14.10. Qualcomm technologies, Inc.

14.11. Koninklijke Philips N.V.

14.12. 3DHISTECH

14.13. Apollo Enterprise Imaging

14.14. Konfoong Biotech International Co., Ltd

14.15. XIFIN, Inc

14.16. Akoya Biosciences

14.17. Corista

14.18. Indica Labs

14.19. Kanteron Systems

14.20. AirStrip Technologies

14.21. Google, Inc.

14.22. Samsung Electronics Co., Ltd.

14.23. Others


15. Assumptions and Research Methodology

15.1. Data Mining

15.2. Secondary Research

15.3. Primary Research

15.4. Subject Matter Expert Advice

15.5. Quality Check

15.6. Final Review

15.7. Data Triangulation

15.8. Bottom-Up Approach

15.9. Top Down Approach

15.10. Research Flow

15.11. Key Insights from Industry Experts

15.12. Data Technologys

15.13. Assumptions

15.14. Limitations


16. Conclusions and Recommendations

16.1. Key Research Findings and Conclusion

16.2. Key Insights & Recommendations from Analysts

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.


Frequently Asked Questions

What is the market size and growth projections?

The global digital health market was worth USD 145,884.3 million in 2022, and is anticipated to record a CAGR of 17.9% over the forecast duration 2023-2033, thereby accumulating USD 767,718.9 million by the end of the analysis timeline.

What are the trends shaping various markets?

Smartphones has emerged as one of the highly adopted technologies devices across the globe. There has been a steep rise in the use of smart phones and other phone applications by physicians and other healthcare providers, which in turn has surged the practice of digital health.

Who are the key competitors of market Players?

Some of the major players operating within the market are Cerner Corporation, Allscripts Healthcare Solution, Inc., Siemens Healthcare AG, Qualcomm Technologies, Inc., Mckesson Corporation, Koninklijke Philips NV, Cisco Systems, Inc., Honeywell International, Inc., and eClinicalWorks,

What are the top performing segments, and countries / regions of each of the markets?

the major benefactors to Digital Health Market expansion. Among these, North America captured a significant market share in 2020 and is anticipated to showcase similar growth trends over the forecast period.

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