The emergency of coronavirus has made a favorable impact on the global digital health market growth in 2020. During the emergency, COVID-19 has put the healthcare industry at a stage of rapid demand for telemedicine, online consultation and remote patient engagement for effective communication between doctors and patients. Also, increasing importance of home healthcare services is directly affecting the demand for digital health services owing to increasing consciousness among the people about the wide spread of the novel coronavirus. These factors are estimated to drive the market growth in the emergency time. Moreover, some of the government bodies are taking several activities to help the enterprises to endure in the crisis.
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For example, in recent times, the Infocomm Media Development Authority and Enterprise Singapore expanded the digitalization support for education and healthcare SMEs to manage the effect of the coronavirus. The learning management systems and tele-consultation solutions plan to offer education & healthcare providers to provide their services remotely. During this crisis, our analysts provide market players support in understanding the effect of COVID19 on the digital health market.
According to new study done by Research Dive, the global digital health market is expected to reach up to $1,045.8 million by 2027 and rising at a CAGR of 33.4% during the estimated time from 2020-2027. The global market is classified into technology, component and region. This study delivers comprehensive insights about drivers, opportunities, restraints, segmentation and top market players in the global market.
Factors affecting the market growth
As per our analysts, increasing trend for incorporation of artificial intelligence, internet of things and big data analytics to advance the digital healthcare is major driving factor for the growth of the market in the forecast years. However, huge implementation costs of the digital health services is predicted to be major restraint for the market growth.
Digital health systems technology and hardware segments held the global market size in previous decades-
Based on technology, the global market has been segmented into telehealthcare, health analytics, mHealth and digital health systems. Among these, digital health systems segment accounted for highest market size in 2019, it was valued at $52.7 billion and is estimated to rise at a healthy rate of 32.9% CAGR in the projected time. This dominance is majorly owing to growing government investments to promote digital health, which will drive the demand for digital health systems. Besides digital health systems, health analytics segment will witness to rise at a faster rate of 34.2% CAGR and is predicted to experience a potential growth in the forecast period.
The global digital health market has been categorized on the basis on component into software, services and hardware. In these, hardware segment generated majority of the digital health market share in the previous years, which was 38.0% and is predicted to account for $366.0 million by the end of 2027. This growth is due to rising geriatric population across the globe is expected to drive the demand for wearable medical devices like ECG monitors, BP monitors and fitness trackers. This factor will propel the market growth in the forecast time period. Services component is expected to grow at a significant rate of 33.9% CAGR during the forecast years. Increasing investments to improve healthcare digital infrastructures in the developed and developing economies is estimated to drive requirement of services to provide most efficient digital platforms.
Digital health market, Regional analysis
In 2019, the global digital health market has commanded by North America region and is predicted to generate a revenue of $360.8 million by the end of 2027. Wide utilization of digital health services across the North America due to swift growth in adoption of smart mobiles along with developments in coverage network systems. This factor is estimated to impel the market growth in the review period. Besides North America, Asia-Pacific will witness to grow at a faster rate of 34.2% CAGR in the forecast years and is predicted to create huge opportunities for market growth in the coming decades. This predicted rise credited to favorable government initiatives to support advancements in healthcare IT and increasing adoption of mHealth services across the Asia-Pacific region.
Top 10 Prominent players operating in the Global Digital Health Market include-
1. Allscripts Healthcare, LLC
3. McKesson Corporation
5. Google Inc.
6. Koninklijke Philips N.V.
7. BioTelemetry, Inc.
8. Honeywell International Inc.
9. Cerner Corporation
10. Telefónica S.A.
Mr. Abhishek Paliwal
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