Enjoy complimentary customisation on priority with our Enterprise License!
The global digital health market is estimated to grow by USD 563.39 billion with a CAGR (Compound Annual Growth Rate) of 25.8% from 2022 to 2027. The growing adoption of data analytics in the healthcare sector is a major driver in the market. Data analytics is revolutionizing healthcare by enhancing efficiency, boosting revenue, and cutting costs. It streamlines patient understanding and health data tracking, aiding in personalized healthcare delivery. Digital health has the potential to revolutionize healthcare delivery by enabling remote patient monitoring, personalized medicine, and data-driven decision making. Cloud-based analytics, including smartphones, tablets, applications, and social media tracking, enable hospitals to optimize services and treatments. This trend, fueled by growing data utilization, is a key driver propelling the market forward.
To learn more about this report, View Report Sample
Technavio has segmented the market into Application (wireless, mobile, EHR, and telehealth), Component (software, services, and hardware), and Geography (North America, Europe, Asia, and Rest of World (ROW). The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
The report includes detail coverage of segmentation by Global, region and country; estimates and forecast (USD Billion) from (2023 to 2027) and historical data from (2017 to 2022).
Market Segmentation |
Global, Region and Country Segment Analysis |
|
Market segments are provided for following regions and countries.
|
Establishing a universal definition is key amidst the vast amounts of big data available, encompassing data sets, processing models, and identifying patterns and trends in health and human behavior.
Predictive analytics and computer analysis play pivotal roles in understanding interactions and acquiring, analyzing, curating, and sharing data. Cloud computing infrastructure facilitates storage, transport, visualization, and updating of data while ensuring information privacy.
Connected health models prioritize personalized care delivery, addressing patients' unique needs through a combination of equipment, services, and interventions informed by health data. eHealth initiatives leverage electronic processes and IT across the entire spectrum of health functions, empowering patients (ePatients) to engage equally in their health and care.
Gamification techniques in smartphone applications enhance user engagement, simplicity, and productivity, influencing recruitment and assessment in the health and fitness sectors.
The market share growth by the wireless health segment will be significant during the forecast period. Wireless health involves the use of wireless technologies in traditional medical activities such as the diagnosis and treatment of diseases. Some of the major wireless technologies used for digital health are 4G, Bluetooth low energy (BLE), and BodyLAN. BodyLAN is a wireless communication system that operates in proximity to the body. This system operates with low power and has a higher speed of data transmission.
Get a glance at the market contribution of various segments View PDF Sample
The wireless health sector has witnessed a steady rise in market share, reaching USD 43.32 billion in 2017 and maintaining growth through 2021. Among the popular wireless technologies in healthcare, wireless radio-frequency identification (RFID) stands out. This technology enables hospitals to monitor the real-time whereabouts of vital equipment like infusion pumps and specialized beds, while also providing updates on their usage status. An example is the Hugs Infant Protection system developed by STANLEY Healthcare, which utilizes the hospital's Wi-Fi network to track the location of infants throughout the facility's coverage area.
For more insights on the market share of various regions Request PDF Sample now!
By 2027, North America is anticipated to make up 43% of the market, according to Technavio analysts, who have provided detailed insights into the regional trends and factors influencing the market's trajectory. With the US leading the way, North America stands as the primary revenue generator, propelled by robust infrastructure and a heightened awareness of technological advancements within the healthcare sector, both of which fuel market growth in the region.
Increase in advancements like mHealth, telehealth, digital therapeutics, telemedicine, healthcare technology, and digitalization, the market is addressing global health challenges, particularly chronic diseases. Developing nations are accessing healthcare solutions more readily through technologies such as machine learning and 5G networks. Organizations like the World Bank are backing initiatives to promote healthcare equity. Innovations like artificial intelligence and wearable devices are transforming healthcare delivery, facilitating remote monitoring and personalized care. The proliferation of digital platforms and apps provides patients with virtual consultations, electronic records, and customized wellness and fitness programs. Additionally, emerging technologies like virtual reality and analytics are enhancing diagnostics and treatment outcomes. This fusion of healthcare and technology is reshaping the industry, offering unprecedented opportunities to enhance patient outcomes and streamline healthcare delivery. Researchers have meticulously analyzed data from 2022 as the baseline year to 2023 as the projected year, presenting key drivers, trends, and challenges for the market.
The market is driven by rising smartphone usage and smart device adoption among adults. Mobile apps meet healthcare requirements, despite concerns about IT breaches and data security with limited budgets. Digital health solutions offer advanced features at affordable costs. Telehealth and digital portals are popular due to patient preference for technology-driven healthcare.
Artificial intelligence and machine learning enhance clinical care, while 5G and IoT expand mHealth options. Wearable devices and robotic caretakers represent innovative technology in health and wellness, shaping the future of patient care.
The global digital health market is poised for significant growth in the forecast period, driven by technological innovations and a surge in M&A activities. Strategic mergers and acquisitions among industry players are fostering the development of advanced products and bolstering profit margins for service providers. These investments take various forms, including capital outflows for new service offerings and acquisitions of complementary service providers. Notable acquisitions include Teladoc's acquisition of California-based InTouch Health in January 2020, aimed at expanding Teladoc's partner network and solidifying its position in the global digital healthcare market. Similarly, in July 2019, Koninklijke Philips NV acquired Medumo, a startup focused on patient tracking and triaging, with the shared goal of enhancing patient navigation. The convergence of telemedicine, healthcare technology, and digitalization is driving transformative changes across the industry, fostering innovation in remote monitoring, artificial intelligence, wearables, and other digital health solutions.
The incorporation of AI in digital health is poised to propel market expansion. AI enhances the intelligence of medical equipment, expediting result dissemination. Healthcare professionals benefit from AI-driven diagnostic charts and insightful analyses, augmenting efficiency. AI serves as a clinical decision-support tool, collaborating with human counterparts to enhance care provision. In radiology, AI streamlines workflows, meeting rising diagnostic imaging demands while averting errors. Notably, AI integration is integral to the R&D efforts of digital health entities like Siemens, laying the groundwork for comprehensive medical image comprehension. The surge in health data utilization and associated analytics further propels market growth.
The global digital health industry faces a significant challenge from open-source service providers. The market is saturated with these vendors offering a diverse array of digital health solutions. By combining products from various open-source vendors, nearly all the functionalities provided by proprietary on-premises and cloud-based digital health solution providers can be achieved. Open-source software offers benefits such as unrestricted innovation, enhanced credibility, and decentralized control. As a result, the market share of proprietary players in the digital health sector is adversely affected by the presence of open-source alternatives.
NHS England is a non-departmental public body of the Department of Health in the UK. The organization uses open-source IT solutions in healthcare to make healthcare services accessible to all. Since the source code of the software is freely available and can be downloaded from GitHub, the software can be altered to suit the local needs of an organization. Healthcare professionals can bridge the gap between the staff and the technology by including more input on software improvements and uses. Leeds Teaching Hospitals, one of the hospital trusts in the UK, is using open-source software to develop EHRs.
Our market analysis reveals a transition within the market lifecycle from the innovator's stage to the laggard's stage. The report highlights the lifecycle progression, particularly focusing on adoption rates across major countries such as the US, China, the UK, Germany, and France. Technavio has incorporated crucial purchase criteria, adoption rates, lifecycle stages, and factors influencing price sensitivity, empowering companies to assess and formulate growth strategies spanning from 2022 to 2027.
Customer Landscape
Businesses are adopting a range of strategies including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and launching new products or services to strengthen their market presence.
Airstrip - The company offers digital health such as Airstrip One.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including :
A comprehensive analysis of vendors has been carried out, encompassing both qualitative and quantitative aspects to assist clients in comprehending the broader business landscape and the strengths and weaknesses of key market players. Qualitative analysis involves categorizing vendors based on their focus areas, including pure play, category-focused, industry-focused, and diversified. Quantitative analysis, on the other hand, categorizes vendors based on their market position, ranging from dominant and leading to strong, tentative, and weak.
The market is witnessing significant growth, driven by industry trend, pricing, and patent analyses. Key stakeholders analyze buying behavior, particularly among the geriatric population facing chronic diseases, fostering demand for patient-centric healthcare solutions on mobile platforms. Despite high deployment costs, small hospitals in emerging countries are adopting digital health solutions, facing interoperability and privacy challenges. Tele-healthcare, mHealth, and digital therapeutics sectors are burgeoning, supported by government policies and investments in AI, machine learning, and IoT technologies like 5G networks. Major players include January Fitbit, AI, and collaborations with entities like the World Bank and Google propel market growth.
In the digital health market, patients and consumers are at the forefront of a revolution driven by technological advancements and government initiatives. With the increasing penetration of digital health solutions, individuals have access to a wide array of mobile applications designed to improve healthcare outcomes. The prevalence of these apps is particularly evident in countries like the Netherlands, where government initiatives support their development and adoption. Advancements in telemedicine, remote monitoring, and personalized healthcare reflect a patient-centric approach that prioritizes convenience and accessibility. As digital health becomes increasingly integrated into healthcare systems globally, its widespread adoption underscores the increasing significance of using technology to improve patient care and overall wellness.
Healthcare Information System Market: - The Global Healthcare Information Software Market size is estimated to grow by USD 8.75 billion at a CAGR of 5.65% between 2023 and 2028.
Our market report projects revenue growth globally, regionally, and at the country level, offering an analysis of the most recent trends and opportunities for growth spanning from 2017 to 2027.
Digital Health Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2022 |
Historical year |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 25.8% |
Market growth 2023-2027 |
USD 563.59 billion |
Market structure |
Fragmented |
YoY growth (%) |
25.04 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 43% |
Key consumer countries |
US, China, UK, Germany, and France |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Agfa Gevaert NV, 3M Co., Cisco Systems Inc., AirStrip Technologies Inc., Allscripts Healthcare Solutions Inc., Koninklijke Philips NV, Alphabet Inc., Apple Inc., Epic Systems Corp., Computer Programs and Systems Inc., Honeywell International Inc., International Business Machines Corp., McKesson Corp., Oracle Corp., Qualcomm Inc., Samsung Electronics Co. Ltd., Siemens AG, Telefonica SA, UnitedHealth Group Inc., and General Electric Co. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Get access to Report Sample PDF !
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.