Digital Health Market - Forecast(2020 - 2025)

Report Code: HCR 0644 Report Format: PDF + Excel (Delivery in 48 Hrs)

Overview

Digital Health Market size is $129.29 billion in 2018, growing at a CAGR of 23.40 % during the forecast period 2019-2024 and the market is forecast to reach $456.5 billion by 2024. Increasing adoption of smartphones and tablets by healthcare professionals and rising development of IT in healthcare along with favorable government regulations are the major factors driving the growth of the market. Increasing adoption of electronic intensive care unit (E-ICU) models in the healthcare industry demand will further enhance the overall market demand of digital health systems during the forecast period.

Key Takeaways

  • North America dominates the Digital Health Market owing to high technological adoption and favorable government initiatives to the healthcare industry.
  • Increasing penetration of smartphones and smart wearable devices for personalized medicine and initiatives by the government organizations and healthcare communities to create awareness about the use of digital health is likely to aid in the market growth.
  • Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the Digital Health Market will be provided in the report.
  • High capital cost along with the installation of advanced systems in developing countries will create hurdles for the digital health market.

Technology - Segment Analysis

mHealth(mobile health) held the largest share in the digital health market in 2018 and will grow at a CAGR of 18.4% during the forecast period 2019-2024.This is mainly owing to the factors such as rising adoption of mHealth technologies among physicians and patients, increasing trend of preventive healthcare, and rising funding for mHealth startups. Growing need for improving workflow efficiency in hospitals and other healthcare centers is also propelling the demand for mHealth services in healthcare administration. The high growth for this segment can also be attributed to the rising adoption of wearables and apps to monitor health of patients. Wearables such as pulse oximeters, blood glucose monitors, sleep apnea monitors have wide range applications including disease tracking, treatment and diagnosis, point of care diagnostic, remote data collection & remote monitoring. Digital Health systems is estimated to be the fastest growing segment during the forecast period 2019-2024, owing to rising government initiatives to promote digital health and  increase in the demand for electronic health record (EHR) system.

Component - Segment Analysis

Services holds a major share in the digital health market in 2018 and is estimated to grow at a CAGR of 13.06% during the forecast period 2019-2024. The amount of data has been steadily increasing since the introduction of IT in healthcare; data storage and maintenance costs have increased over the past few years. In fact, there is a lack of skilled IT professionals in healthcare organizations to manage this huge amount of data. As a result, the rising costs, together with the lack of qualified personnel, forced most institutions to opt for the maintenance. With the emergence and introduction of cloud-based technology in healthcare, the share of the services segment has risen up significantly and support services provided by the healthcare IT companies.

Geography - Segment Analysis

North America dominated the digital health market share with more than 38.6%, followed by Europe. High technological adoption along with favorable government initiatives such as investment in electronic medical records (EMR) are some of the factors driving the growth of the market. Implementation of HITECH Act and HIPAA Act and promoting the use of electronic health data will foster market growth in the region. Rise in the prevalence of chronic diseases, and increase in geriatric population will also support the growth of the market. Europe is also having a significant share in the digital health market owing to the rising demand for the innovative technologies and systems for the effective management of chronic ailments such as diabetes, orthopedics, cancer and favorable government initiatives such as implementation of e-Health law that aims at creation of electronic health card and setting up infrastructure for telemedicine.

However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period. This is owing to the increasing penetration of smartphones and smart wearable devices and rising adoption of mHealth services among the healthcare practitioners. The growing joint ventures for digital health solutions and government initiatives to create awareness about digital health are also some of the factors contributing to the growth of digital health market. The rapid increase in aging population, rising incidence of chronic disease, and high medical errors are expected to fuel the growth of the digital health market in this region.

Drivers – Digital Health Market

  • Technological Advancements in Healthcare

The key factors driving the growth of the digital health sector are rapidly changing technology across healthcare IT, including cloud-based storage systems coupled with booming adoption of smartphones, laptops and tablets by healthcare providers and hospitals. Increasing healthcare IT innovation along with supporting regulations has facilitated the adoption of various healthcare technologies such as electronic medical records (EHR) and remote monitoring sensors, and wearable which is driving the growth of the market.

  • Initiatives by government associations and increasing venture capitalists funding in start-ups.

Initiatives by the government organization and healthcare communities to create awareness about the use of digital health and easier government regulations for the adoption of various healthcare IT solutions will boost the market. Raising venture capital and funding from healthcare providers to the start-ups that provide such services will further fuel the market growth.

Challenges – Digital Health Market

  • High cost of devices & security concerns

High capital cost and installations of technologically advanced systems will hamper the market growth. Rising security concerns for data such as cyber-attacks and unauthorized access to information technology (IT) systems can also hinder digital health market growth in the coming years.

Digital Health Industry Outlook

Product launches, merger & acquisitions and R&D activities are key strategies adopted by players in the digital health market. In 2018, the market of digital health is consolidated by the top ten players. Digital Health top 10 companies are AllScripts Healthcare Solutions, Inc., Biotelemetry, Inc., eClinicalWorks, iHealth Lab, Inc., LifeWatch AG, McKesson Corporation, Koninklijke Philips N.V., AT & T, Cerner Corporation, Cisco Systems, Athenahealth Inc., Qualcomm Inc. among others.

Acquisitions/Product Launches

  • In March 2018, Allscripts launched Avenel, which is a mobile-first, cloud based EHR that uses machine learning to reduce time in clinical documentation and works more like an app.
  • In April 2018, Commonwealth Medical Association launched the Commonwealth Center For digital health for promoting digital health in the commonwealth nations.
  • In October 2018, the collaboration of Hifinite and Indie Health announced the proposed plan to launch a hiCare 3.0 telehealth and remote monitoring platform at connected healthcare conference.
  • In March 2019, TriNetX, a data analysis company, in clinical trials raised and estimated US $40 M with an aim to expand the company’s operations across Asia Pacific region.

Digital Health Market Research Scope:

The base year of the study is 2018, with forecast done up to 2024. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Digital Health Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. 

1. Digital Health Market- Market Overview
    1.1  Definitions and Scope
2. Digital Health Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by technology
    2.3 Key trends by component
    2.4 Key trends by delivery mode
    2.5 Key trends segmented by geography
3. Digital Health Market – Market Landscape
    3.1  Market Share Analysis- Key Companies
    3.2  Product Benchmarking- Key Companies
    3.3  Financial Analysis - Key Companies
    3.4  Patent Analysis - Key Companies
    3.5  Pricing Analysis
4. Digital Health Market- Startup companies Scenario Premium Premium
    4.1 Key startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Shares
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Digital Health Market- Industry Market Entry Scenario Premium Premium
    5.1  Regulatory Framework Overview
    5.2  New Business and Ease of Doing business index
    5.3  Case Studies of successful ventures
6. Digital Health Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes 
7. Digital Health Market- Strategic Analysis
    7.1  Value Chain Analysis
    7.2  Opportunities Analysis
    7.3  Market Life Cycle
8. Digital Health Market – By Technology (Market Size -$Million/$Billion)
    8.1  Tele-healthcare 
        8.1.1 Telecare
                8.1.1.1 Activity monitoring
                8.1.1.2 Remote medication management
        8.1.2 Telehealth 
                8.1.2.1 LTC Monitoring
                8.1.2.2 Video Consultation
    8.2  mHealth
        8.2.1 Wearables
        8.2.2 Glucose Monitors
        8.2.3 Pulse Oximeters
        8.2.4 BP Monitors
        8.2.5 Neurological Monitors
        8.2.6 Sleep Apnea Monitors
        8.2.7 Activity Trackers/Actigraphs
        8.2.8 mHealth Apps
                8.2.8.1 Medical apps
                8.2.8.2 Fitness apps
    8.3  Health analytics
    8.4  Digital Health Systems
        8.4.1 Electronic Health Records 
        8.4.2 E-Prescribing Systems
9. Digital Health Market  – By Component (Market Size -$Million/$Billion)
    9.1  Hardware
    9.2  Software
    9.3  Service
10. Digital Health Market  – By Delivery Mode (Market Size -$Million/$Billion)
    10.1  On-premise
    10.2  Cloud
11. Digital Health Market -  By Geography (Market Size -$Million/$Billion)
    11.1  North America
        11.1.1 U.S
        11.1.2 Canada
        11.1.3 Mexico
    11.2  Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Spain
        11.2.6 Rest of Europe
    11.3  Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 South Korea
        11.3.4 India
        11.3.5 Australia & New Zealand
        11.3.6 Rest of APAC
    11.4  Rest of the World
        11.4.1 Middle East
        11.4.2 Africa
        11.4.3 South America
12. Digital Health Market – Entropy
13. Digital Health Market - Industry / Segment Competition landscape Premium Premium
    13.1 Market Share Analysis
        13.1.1  Market Share by Country- Key companies
        13.1.2  Market Share by Region- Key companies
        13.1.3  Market Share at global level- Key companies
        13.1.4  Best Practices for companies
14. Digital Health Market - Key Company List by Country Premium Premium
15. Digital Health Market Company Analysis
    15.1 Company Revenue, Products, M&A, Developments
    15.2 Company 1
    15.3 Company 2
    15.4 Company 3
    15.5 Company 4
    15.6 Company 5
    15.7 Company 6
    15.8 Company 7
    15.9 Company 8
    15.10 Company 9
    15.11 Company 10 and more
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