Digital Health Market worth USD 48.6 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Digital health Market by Product and Service (mHealth, eHealth), by Component (Software, Hardware, and Services), by End User (Healthcare Providers, Payers, Healthcare Consumers, Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global digital health market was valued at USD 145 million in 2020 to USD 767 billion by 2027, at a CAGR of 17.9% from 2021 to 2027. Increase in the number of internet users and a surge in demand for remote patient monitoring services are the major factors that drive the global digital health market. Moreover, the growth in the prevalence of hypertension significantly contributes to the market growth because digital health devices, such as blood pressure monitors, are used to monitor vital signs for early diagnosis and proper treatment of patients. The rise in demand for early disease diagnosis for effective treatment acts as a key driving force of the global market. Furthermore, governments are taking multiple initiatives to support healthcare information systems, expected to boost the market growth. Moreover, in 2020, Amazon launched Amazon HealthLake, a health insurance portability and accountability act (HIPAA)-an eligible service for healthcare and life science organizations. It allows the healthcare organization to store, index, tag, query, and use machine earning to analyze data at a petabyte-scale in the cloud. On the contrary, advancements in technology for digital health in emerging nations are anticipated to provide lucrative opportunities for market expansion.

Global Digital Health Market Segmentation

The overall digital health market has been segmented into the product, component, end user, and region.

• By Product and Service (mHealth, eHealth)
• By Component (Software, Hardware, and Services)
• By End User (Healthcare Providers, Payers, Healthcare Consumers, Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Software, by component, is estimated to hold the largest market share during the forecast period

Based on the component, the global digital health market has been segmented into software, hardware, and services. In 2020, the software accounted for the largest market share of 46.132% in the global digital health market and having a CAGR of 13.9% during the forecast period.

The increasing demand for accurate and timely information procurement is the key factor for the market's growth. For instance, in February 2021, Capital Health, a regional leader for providing quality patient care, launched new electronic health records to enhance patient care. The new electronic health record supports doctors, nurses, and staff in documenting and accessing critical patient information, making treatment decisions, and ensuring safety. Moreover, in June 2021, Max Healthcare, one of the largest healthcare providers in India, collaborated with My Healthcare to launch an artificial intelligence-powered device to monitor blood pressure, blood sugar level, heart rate, and ECG. Thus, the surge in demand for efficient management of organization workflow, the shift of consumers towards value-based care, and the rise in initiatives by private and public companies for the development of healthcare information and technology propel the growth of the market.

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North America accounts for the largest market share during the forecast period in the digital health market

Based on the regions, the global digital health market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America was accounted for the highest market share of 43.09% in the global digital health market. It was anticipated to maintain its dominance throughout the forecast period, followed by Europe and the Asia Pacific.

An increase in technological advancement, development in the healthcare sector, the surge in healthcare costs, and the increase in the geriatric population are the key factors for the market's growth. North America is the top manufacturing hub for digital health devices & services, such as variable devices, mHealth, telehealth & telemedicine, which drives the regional digital health market growth. According to the U.S. Census Bureau, in 2019, it was reported that more than 54 million people are above the age of 65 years. The geriatric population is more prone to chronic diseases, such as diabetes and hypertension, due to aging effects, which surge the need for digital health and boost the market's growth. For instance, in 2020, Sensyne Health, the clinical AI technology company, launched GDm-Health in the U.S. to provide remote monitoring solutions for diabetic patients in pregnancy. Moreover, an increase in the cost of healthcare systems and a surge in demand for digital health devices and services, which are available at affordable prices, drive the market's growth.

Some of the major companies that operate in the global digital health market are Allscripts Healthcare Solution, Inc., Cerner Corporation, Cisco Systems, eCLINICALWORKS, General Electric Company, Koninklijke Philips N.V., Honeywell International Inc., Mckesson Corporation, Siemens Healthcare AG, and Qualcomm Technologies, Inc.

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