Digital Health Market Trends
The global digital health market size is expected to reach USD 295.4 billion by 2028 and is projected to expand at a CAGR of 15.1% over the forecast period, according to a new report by Grand View Research, Inc. Rising smartphone penetration & integration of advanced technologies, such as the internet of things (IoT) & artificial intelligence (AI), and increasing implementation of mHealth technologies for self-management of chronic diseases, such as diabetes, are some of the major factors driving the market. In addition, increasing demand for enhancing workflow efficiency in clinics, hospitals, and other healthcare centers is further boosting the demand for mHealth services thereby, aiding the market growth.
Moreover, ongoing technological advancements for developing advanced digital solutions coupled with a growing number of favorable initiatives by the government & private sectors are contributing to the overall market growth. For instance, as per the data published in 2017, researchers at the University of Illinois have developed a camera to improve the diagnostic features of smartphones. In 2020, the mHealth technology type segment accounted for the highest revenue share. A rise in the number of health apps has significantly contributed to the segment growth in recent years. As per the data published by the My Health Apps blog in May 2018, a total of 325,000 health, fitness, and medical apps were available in 2017.
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Digital Health Market Report Highlights
· The mHealth technology segment dominated the global market in 2020 owing to the increasing penetration of smartphones and rising number of strategic alliances among mobile operators & mHealth startups.
· The services component segment accounted for the highest revenue share of the global market in 2020
· North America was the leading regional market in 2020 owing to rise in the geriatric population and awareness regarding health & fitness among consumers
· High internet and smartphones penetration along with growing usage of medical/health-related apps is one of the key factors responsible for the market growth in North America
· However, APAC is expected to register the fastest CAGR from 2021 to 2028 due to the rising usage of tablets, smartphones, and other mobile platforms
· The rising geriatric population in countries, such as India and China, and the growing burden of chronic conditions are further boosting the demand for mHealth technologies in the region
Key Companies & Market Share Insights
Mergers & acquisitions and strategic alliances with other industry participants and increasing R&D in the area of mHealth technologies are some of the initiatives being undertaken by key companies to increase their market share. For instance, in June 2018, Medidata, a cloud storage and data analytics company, acquired Shyft Analytics for USD 195.0 million. The acquisition helped the company in jointly developing data platforms that can be used in processes ranging from the beginning of the drug development phase to its commercialization. Some of the key companies in the global digital health market are Cerner Corporation, Allscripts, Apple, Inc., Telefónica S.A., Mckesson Corporation, Epic Systems Corporation, QSI Management, LLC, AT&T, Vodafone Group, AirStrip Technologies, Google, Inc., Samsung Electronics Co., Ltd., HiMS, Orange, Qualcomm Technologies, Inc., Softserve, MQure, Computer Programs and Systems, Inc., Vocera Communications, IBM Corporation, CISCO Systems, Inc.
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