DUBLIN, May 06, 2022--(BUSINESS WIRE)--The "Digital Health - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Digital Health Market to Reach $456.9 Billion by 2026
The global market for Digital Health estimated at US$152.5 Billion in the year 2020, is projected to reach a revised size of US$456.9 Billion by 2026, growing at a CAGR of 18.8% over the analysis period.
Innovations in technology to reduce human errors improve patient prognosis and overall quality patient care, leading to digital health growth. The growing adoption of telemedicine, increasing aging population and rising occurrence of chronic diseases have fueled the demand for digital health technology globally. The Covid-19 pandemic and the conditions thereon have resulted in the rapid adoption of various digital health technologies. In addition to the older technologies, newer technologies such as healthcare apps have been gaining rapid adoption.
mHealth, one of the segments analyzed in the report, is projected to record a 16.6% CAGR and reach US$253.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Digital Health Systems segment is readjusted to a revised 20.5% CAGR for the next 7-year period.
mHealth Segment holds the largest share, owing to the factors including increasing adoption of mHealth technologies among medical professionals, increasing preventive healthcare trends, and increased funding for mHealth start-ups. The demand is further fueled because of the increasing demand for efficient workflow and healthcare centers.
Digital Health systems are anticipated to witness strong growth due to increasing government initiatives to endorse digital health and growth in the demand for electronic health record systems.
The U.S. Market is Estimated at $80.2 Billion in 2021, While China is Forecast to Reach $47.1 Billion by 2026
The Digital Health market in the U.S. is estimated at US$80.2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$47.1 Billion by the year 2026 trailing a CAGR of 22.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.2% and 17.2% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 16.2% CAGR. The US dominates the market growth led by high healthcare spending, government initiatives, including funding in EMR, adoption of high technologies and the adoption of healthcare information technology. Further, the usage of telemedicine and mHealth applications is on rise across the nation.
Other factors driving market growth include implementing HITECH and HIPAA Acts, encouraging the usage of electronic health data, and rise in incidence of chronic diseases, and growth in the aged population. Europe is another major market for digital health led by increasing pressure to cut increasing healthcare costs, improved healthcare solutions, and innovative technologies.
Increased usage of mHealth, continuous improvement in healthcare infrastructure, countries such as India and China turning into medical tourism hubs, government initiatives for raising awareness about digital health, growing incidence of chronic disease, and increase in aging population propel growth in the Asia-Pacific region.
Healthcare Analytics Segment to Reach $47.1 Billion by 2026
Healthcare analytics is an important application of technology that manages a large amount of data related to patients and hospitals. In the global Healthcare Analytics segment, USA, Canada, Japan, China and Europe will drive the 18.4% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$13.3 Billion in the year 2020 will reach a projected size of US$43.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.9 Billion by the year 2026.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Influencer Market Insights
Impact of Covid-19 and a Looming Global Recession
Digital Healthcare Gains Spotlight Amid COVID-19 Pandemic
Digital Technologies Gaining Adoption Amid COVID-19
List of COVID-19 Contact Tracing Apps
Digital Penetration Aids in Controlling COVID-19
Telemedicine Adoption Reaches New Heights Amid the Pandemic
Mobile Health Apps Gain Interest Amid the Pandemic
Digital Health: An Introduction
mHealth: Holds the Largest Share
Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 115 Featured)
AirStrip Technologies LP
Allscripts Healthcare Solutions Inc
Aruba Networks, Inc.
AT&T Communications, LLC
Capsule Technologies, Inc
Cisco Systems, Inc
Honeywell International Inc
iHealth Lab Inc
Koninklijke Philips N.V.
QUALCOMM TECHNOLOGIES, INC
Siemens Healthineers AG
3. MARKET TRENDS & DRIVERS
Remote Monitoring of Patients and Telemedicine to become Mainstream
Percentage of Individuals Interested in Using Telehealth Amid the Pandemic: 2019 Vs 2020
Growing Role of Telemedicine Apps During COVID-19 Pandemic
COVID-19 Augments Demand for Health Analytics
Digital Health Leverages Predictive Analytics
Introduction of 5G to Speed up Market Penetration
AI and Chatbots Make Significant Contribution to Triage Patients
Robots Provide Patientcare Releasing the Burden on Medical staff Amid the Pandemic
Wearable Gadgets Bring in Healthcare Disruption
Partnering with Technology Majors to Spur Innovation
Impact of Digital Technology on Radiology Sector
mHealth Care: A Prominent Trend in Digital Healthcare Market
Rise in Integration of AI in Mobile Health Apps
Patient Generated Health Data: An Important Resource for Medical Training and Research
Cloud Computing: An Expanding Paradigm
Artificial Intelligence to Play a Significant Role in Improving Clinical Outcomes
The Internet of Things (IoT) to Increase Accessibility
Need to Improve Transparency to Drive Blockchain Technology Adoption
Augmented Reality Transforms Medical Treatment
Prominence of Big Data in Mobile Health Applications
Eminence of Cloud-based apps in the Mobile Health Care Industry
Inclination of Young Consumers Towards Digital Health Technology: Opportunity in Store
Faster Processing of Payments through Mobile Payment Apps Encourage Use of MHealth Apps
Surgeons Use Video-Conferencing as an Educational Tool
Rising Healthcare Costs Drive Significance of Digital Health
Chronic Diseases Management and Associated Costs Drive Medical Apps Adoption
Ballooning Global Population Offers Significant Growth Opportunities
Shortage of Medical Professionals: Mobile Medical Apps Come to the Rescue
ISSUES AND CHALLENGES
Protecting Patient Integrity and Building Trust: A Major Challenge
Cyber Security, and Maintaining Regulatory Compliance
Recruiting, Training, and Retaining the Best Talent
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/ddv5md
View source version on businesswire.com: https://www.businesswire.com/news/home/20220506005190/en/
Laura Wood, Senior Press Manager
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