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Digital Health Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Jun 2021
  • Pages: 120
  • SKU: IRTNTR40912
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The digital health market share is expected to increase by USD 207.34 billion from 2019 to 2024, and the market’s growth momentum will accelerate at a CAGR of 20.16%.

This digital health market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers digital health market segmentations by application (wireless health, mobile health, EHR, and telehealth) and geographic (North America, Europe, APAC, and South America). The digital health market report also offers information on several market vendors, including Alphabet Inc., Apple Inc., Cisco Systems Inc., General Electric Co., International Business Machines Corp., Koninklijke Philips N V, McKesson Corp., Qualcomm Inc., Samsung Electronics Co. Ltd., and Siemens Healthineers AG among others.

What will the Digital Health Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Digital Health Market Size for the Forecast Period and Other Important Statistics

 

Digital Health Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increase in the number of m&a activities in the market is notably driving the digital health market growth, although factors such as threat of open-source service providers may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the digital health industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Digital Health Market Driver

One of the key factors driving the digital health market growth is the increase in the number of M&A activities in the market. The global digital health market is expected to grow during the forecast period, owing to the increase in technological innovations and M&A activities. Strategic M&A activities among the vendors support the development of efficient products and increase the profit margin of the service providers. Investments are carried out in the form of either capital outflow to develop new service offerings or the acquisitions of other service providers. For instance, in April 2019, the company, which is a women s health group, completed the acquisition of Pacify, a telehealth company that focuses on virtual perinatal care for new and expectant moms and parents. Through this business strategy, both companies aim to offer obstetrics and gynecology services and provide relationship-driven and technologically advanced products.

Key Digital Health Market Trend

Use of AI in digital health is the major trend influencing the digital health market growth. AI helps make the output of medical equipment smarter and publishing the results quicker. Medical professionals get more efficient diagnosis charts and informed insights by using AI. AI can serve as a clinical decision-support tool and can work along with human interference to provide better care with increased efficiency. For instance, in the radiology department, AI is capable of providing radiologists with tools to meet the growing demand for diagnostic imaging. AI algorithms make clinical workflows quicker and prevent diagnostic errors. AI is a major part of R&D for several digital health vendors such as Siemens. It is expected that the use of AI will create the base for comprehensive medical image understanding. Moreover, in the healthcare industry, cloud-based applications and analytics solutions are very popular, especially in North America and Europe. Most of the healthcare details (critical information of patients) are stored in data warehouses and later used for analyses to get the details of patients' history.

Key Digital Health Market Challenge

Threat of open-source service providers is one of the key challenges hindering digital health market growth. The global digital health market is flooded with the presence of open-source vendors that provide a wide range of digital health solutions. A combination of multiple products from several open-source vendors can offer almost all the functionalities provided by proprietary on-premises and cloud-based digital health solution providers. Open-source software provides features such as unconstrained innovations, better credibility, and decentralized control. This has a negative impact on the market share of the proprietary players in the digital health market. 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. 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.

This digital health market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global digital health market as a part of the global healthcare technology market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the digital health market during the forecast period.

Who are the Major Digital Health Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Alphabet Inc.
  • Apple Inc.
  • Cisco Systems Inc.
  • General Electric Co.
  • International Business Machines Corp.
  • Koninklijke Philips N V
  • McKesson Corp.
  • Qualcomm Inc.
  • Samsung Electronics Co. Ltd.
  • Siemens Healthineers AG

 

This statistical study of the digital health market encompasses successful business strategies deployed by the key vendors. The digital health market is concentrated and the vendors are deploying growth strategies such as product launches and business expansions to compete in the market.

Product Insights and News

  • Alphabet Inc. - It provides platform for developing healthcare interoperability resources, an application programming interface based digital services.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The digital health market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Digital Health Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the digital health market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Digital Health Market?

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46% of the market’s growth will originate from North America during the forecast period. US is the key market for digital health in North America. Market growth in this region will be faster than the growth of the market in Europe and South America regions.

Better infrastructure and the awareness of technological advances in the healthcare industry will facilitate the digital health market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 outbreak in North America increased the demand for digital health in 2020. The increasing number of cases in the region raised the workload on healthcare professionals. Hence, healthcare providers widely adopted digital health technologies such as EHR and telehealth to contain the workload and follow social distancing measures. In addition, the increasing internet penetration rate and the need for effective methods for acquiring information about hospitals and the availability of medicines are likely to boost market growth during the forecast period in the region.

What are the Revenue-generating Application Segments in the Digital Health Market?

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The digital health market share growth by the wireless health 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 illnesses. Wireless radio-frequency identification (RFID) technology is another popular wireless technology used in the healthcare industry, thereby driving the demand of this segment.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the digital health market size and actionable market insights on post COVID-19 impact on each segment.

 

Digital Health Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 20.16%

Market growth 2020-2024

$ 207.34 billion

Market structure

Concentrated

YoY growth (%)

18.98

Regional analysis

North America, Europe, APAC, and South America

Performing market contribution

North America at 46%

Key consumer countries

US, UK, China, Japan, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Alphabet Inc., Apple Inc., Cisco Systems Inc., General Electric Co., International Business Machines Corp., Koninklijke Philips N V, McKesson Corp., Qualcomm Inc., Samsung Electronics Co. Ltd., and Siemens Healthineers AG

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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.

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What are the Key Data Covered in this Digital Health Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive digital health market growth during the next five years
  • Precise estimation of the digital health market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the digital health industry across North America, Europe, APAC, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of digital health market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Five Forces Summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Application

    • Market segments
    • Comparison by Application
    • Wireless health - Market size and forecast 2020-2025
    • Mobile health - Market size and forecast 2020-2025
    • EHR - Market size and forecast 2020-2025
    • Telehealth - Market size and forecast 2020-2025
    • Market opportunity by Application

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • Asia - Market size and forecast 2020-2025
      • ROW - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Alphabet Inc.
      • Apple Inc.
      • Cisco Systems Inc.
      • General Electric Co.
      • International Business Machines Corp.
      • Koninklijke Philips NV
      • McKesson Corp.
      • Qualcomm Inc.
      • Samsung Electronics Co. Ltd.
      • Siemens Healthineers AG

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your FREE sample now!
      The digital health market market growth will increase by $$ 207.34 bn during 2021-2024.
      The digital health market market is expected to grow at a CAGR of 20.16% during 2021-2024.
      Technavio has segmented the digital health market market by application (Wireless health, Mobile health, EHR, and Telehealth) and geographic (North America, Europe, APAC, South America, MEA, North America, Europe, APAC, and South America).
      Alphabet Inc., Apple Inc., Cisco Systems Inc., General Electric Co., International Business Machines Corp., Koninklijke Philips N V, McKesson Corp., Qualcomm Inc., Samsung Electronics Co. Ltd., Siemens Healthineers AG are a few of the key vendors in the digital health market market.
      North America will register the highest growth rate of 46% among the other regions. Therefore, the digital health market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the digital health market market growth are:
      • Increase in the number of M&A activities in the market
      • Use of AI in digital health
      The digital health market market vendors should focus on grabbing business opportunities from the wireless health segment as it accounted for the largest market share in the base year.
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