Market Overview
Market Research Future (MRFR) confirms that the Digital Healthcare Market 2020 can achieve a stunning growth rate of 26.30% from 2019 to 2025 (analysis period). The market is expected to be worth USD 3,28,887.8 Million by the end of the year 2025.
Growth Boosters and Deterrents
Telemedicine, blockchain electronic health records and artificial intelligence-backed devices are a few significant examples of digital healthcare, with these technologies reshaping the way health care professionals interact with each other and patients. These technologies have also transformed the way data is shared between healthcare providers, helping them to reach informed decisions as to how to proceed with the correct treatment plan to achieve successful outcomes. Innovation has been a key driver of the digital healthcare industry, with the increasing technological advancements leading to better streamlining of work, improved patient outcomes, lower human errors, and reduced costs.
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The total number of smartphone owners crossed the five billion mark by the year 2019 and continues to mount at a rapid pace. Over four billion individuals worldwide, at any given point of time, use the Internet and are increasingly become aware of the benefits that digital healthcare has to offer. Doctors and other healthcare professionals are progressively adopting virtual-reality tools to either boost their medical skills or develop plans for a complicated surgery. Another significant trend in the digital healthcare market is the soaring popularity of the wearable technology. Seeing the escalating adoption of wearables in view of rising health consciousness among people, companies are proactively developing advanced devices that offer up-to-date tracking of high-risk persons to determine the possibility of any major illness or health issue.
Companies expend substantially on exhaustive R&D activities to launch highly innovative digital healthcare software, applications and systems with the aim to boost their global presence. A few other essential strategies they adopt are joint ventures, acquisitions, expansions and collaborations. To illustrate, in February 2021, ZYUS Life Sciences Inc. partnered with HelloMD, a well-known telehealth firm, to offer virtual medical advice to potential patients. This partnership will help ZYUS gain Canadians access, especially with regard to its cannabinoid-based formulations.
Market Segmentation
The digital health market, in terms of technology, has been split into mhealth, telehealthcare, digital health systems and healthcare analytics. mHealth has emerged as a highly preferred digital healthcare technology, given the high internet use, significant number of smartphone users, and the extensive range of apps that cater to all medical needs.
Applications considered in the report are cardiology, neurology, diabetes, sleep apnea, oncology, and others. The cardiology segment will secure the top spot owing to the soaring incidence of lifestyle-related conditions that cause cardiac disease.
Top delivery modes are on-premise and cloud based. Cloud delivery mode facilitates smoother healthcare operations as it provides higher storage and processing capacity.
Primary components studied are services, software and hardware. Escalating use of digital healthcare software such as EHRs, fitness apps and healthcare analytics has enhanced the growth rate of the segment.
Major market end users include pharmaceutical companies, healthcare providers, healthcare payers, and more.
Regional Insight
The American market for digital healthcare is of the biggest size, primarily on account of the large-scale healthcare spending along with the surging adoption of the information technology. The US market is slated to perform well in the following years, thanks to the considerable expenditure on healthcare and the mounting need to curtail these expenses.
Europe could be the second strongest contender in the global market, owing to the rising pressure to bring down the huge healthcare costs coupled with the frequent technological advances in digitization. Players’ efforts to bolster their solution and service portfolio also have a positive impact on the regional market.
Asia Pacific could attain the fastest CAGR in the coming years, with the rapid development in healthcare infrastructure paired with the expanding number of healthcare IT firms in China and India. Increasing funds obtained by the research and development centers, rise in reforms that aim to improve the healthcare infrastructure and the financial assistance provided by the government can warrant bright prospects for the APAC market.
Top Firms
iHealth Lab Inc. (US), Cerner Corporation (US), Allscripts Healthcare LLC (US), General Electric Company (US), AT&T Inc. (US), Athenahealth Inc. (US), EClinicalWorks (US), McKesson Corporation (US), Cisco Systems Inc (US), Qualcomm Technologies Inc. (US), BioTelemetry Inc. (US) and Koninklijke Philips NV (The Netherlands) are some of the top companies in the digital healthcare industry.
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